【纠错】 【责任编辑:王頔】 新华社音视频部制作 记者：韩佳诺、胡璐 编导：徐宁 ...

【导语】提示：本文为卓创资讯《USDA月度大豆供需报告前瞻及中国豆粕市场展望》专项报告的一部 分内容的节选。卓创资讯目前已上线系列报告：《USDA月度大豆供需报告前瞻及中国豆粕市场展 望》、《USDA月度大豆供需报告解读及中国豆粕市场分析》 7月份国际大豆市场整体变化不大，美豆的丰产预期稳固，中美相关预期稳定，中方仍未恢复对美豆的 采购。供应端看，产区天气整体平稳，难以对产量预估形成影响，而需求端看，美豆销售情况好于预 期，欧盟买兴较强。卓创资讯统计数据显示，2012-2024年的8月报告关于美国大豆的产量以及期末库存 预估环比变化中，产量环比上调8次，下调5次；期末库存环比上调8次，下调4次，持平1次。单从历史 数据看，数据的环比变化整体倾向于丰产增加的方向，因此本次报告预期对于美豆期货价格形成偏中性 偏空影响。 美国目前优良率维持高位运行。美国农业部数据显示，近4周的优良率数据分别为70%、68%、70%、 69%。优良率连续4周维持在70%左右的高位运行，显示出产区持续利于丰产的天气，对产量的丰产预 期形成持续的强化。因此，单从该数据看，市场持续维持丰产预期不变，对平衡表的动态变化持观望态 度，因此对价 ...

相关报告：智研咨询发布的《2025-2031年中国大豆行业市场发展调研及未来前景规划报告》 根据国家统计局公布的数据，农产品（主要用于加工）类别下的大豆（黄豆）2025年7月下旬市场价格 为4421.9元/吨，同比下滑1.94%，环比上涨0.53%，纵观近5年同时期其价格，2022年7月下旬达到最大 值，有5828.6元/吨。 数据来源：国家统计局 ...

相关报告：智研咨询发布的《2025-2031年中国花生行业市场动态分析及投资战略研判报告》 根据国家统计局公布的数据，农产品（主要用于加工）类别下的花生（油料花生米）2025年7月下旬市 场价格为7566.7元/吨，同比下滑10.1%，环比保持一致，纵观近5年同时期其价格，2023年7月下旬达到 最大值，有9900元/吨。 数据来源：国家统计局 ...

本周二（8月12日），大连粳米期货盘中高开低走。截止发稿，粳米主力合约报3613.00元/吨。 市场资讯： 乌克兰副经济部长：乌克兰将2025年谷物作物产量预测从之前的5400万吨上调至5600万吨；将2025年玉 米产量预期从之前的2600万吨上调至2800万吨。 据巴西农业部下属的国家商品供应公司CONAB，截至8月9日，巴西一茬玉米收割率为99.9%，上周为 99.8%，去年同期为100%，五年均值为100%；二茬玉米收割率为83.7%，上周为75.2%，去年同期为 94.7%，五年均值为84.3%。 美国农业部数据显示，截至2025年8月7日当周，美国玉米出口检验量为1491962吨，前一周修正后为 1284746吨，初值为1207642吨。2024年8月8日当周，美国玉米出口检验量为986232吨。本作物年度迄 今，美国玉米出口检验量累计为63127205吨，上一年度同期48943159吨。美国玉米作物年度自9月1日开 始。 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The agricultural product options market shows diversified trends. Oilseeds and oils are in a strong - oscillating pattern, oils, and agricultural by - products maintain an oscillating trend, soft commodities like sugar have a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, soybean No.1 (A2509) closed at 4,078, down 20 (-0.49%), with a trading volume of 6.28 million lots and an open interest of 7.15 million lots; palm oil (P2509) closed at 9,236, up 158 (1.74%), with a trading volume of 56.74 million lots and an open interest of 30.00 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.52, with a change of 0.03, and the open interest PCR is 0.39, with a change of 0.01 [4]. 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For example, the pressure level of soybean No.1 is 4,300, and the support level is 4,050 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 9.165, and the weighted implied volatility is 13.16, with a change of - 0.38 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows that the CNF premium and import cost of Brazilian soybeans are rising, and the weather in the US soybean - growing area may have a positive impact. The soybean No.1 market has formed a pattern of small - range consolidation with upper pressure. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货 volume of soybean meal has decreased slightly, and the basis has increased. The market shows a pattern of weak consolidation and then a rebound. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production and inventory of palm oil are expected to increase. The palm oil market is in a pattern of bullish high - level consolidation. It is recommended to construct a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The trading volume of peanuts has decreased, and the price has declined. The market is in a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish spread strategy of put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The spot price of pigs has declined slightly. The market is in a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish short call + put option combination strategy and a covered strategy for spot hedging [11]. - **Eggs**: The spot price of eggs has declined significantly. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish spread strategy of put options and a bearish short call + put option combination strategy [12]. - **Apples**: The expected output of apples has increased, and the inventory has decreased. The market is in a pattern of continuous recovery with upper pressure. It is recommended to construct a neutral short call + put option combination strategy [12]. - **Jujubes**: The inventory of jujubes has decreased, and the market has improved. The market is in a short - term bullish rebound pattern. It is recommended to construct a bullish spread strategy of call options, a bullish short strangle option combination strategy, and a covered hedging strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market is expected to increase production, and the import policy has tightened. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The import and shipment of US cotton by China are in a certain proportion. The market is in a short - term bearish pattern. It is recommended to construct a bullish short call + put option combination strategy and a covered strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn auction has a certain turnover rate, and the spot price has continued to decline. The market is in a bearish pattern with upper pressure. It is recommended to construct a bearish spread strategy of put options and a bearish short call + put option combination strategy [14].

Core Insights - Hunan's total import and export value reached 307.87 billion yuan in the first seven months of the year, ranking 18th nationwide [1] - Exports amounted to 187.73 billion yuan, while imports were 120.14 billion yuan [1] - In July, Hunan's import and export value was 45.38 billion yuan, showing a growth of 0.9% [1] Group 1: Trade Performance - Changsha's total import and export value was 162.73 billion yuan, growing by 1.5%, accounting for 52.9% of the province's total [2] - The number of enterprises with import and export performance reached 7,258, an increase of 311 from the first half of the year and 592 from the same period last year [1] - The export of electric vehicles saw a significant increase, with July exports reaching 1.81 billion yuan, a growth of 337.2% [2] Group 2: Regional Trade Growth - Hunan's trade with ASEAN, Africa, and the Middle East grew, with respective import and export values of 59.52 billion yuan, 33.89 billion yuan, and 20.42 billion yuan, reflecting growth rates of 17.9%, 11.3%, and 9.7% [1] - Trade with the EU also increased, with a total of 26.95 billion yuan in the first seven months and an 8.2% growth in July [1] - Notably, Malaysia surpassed the United States to become Hunan's second-largest trading partner after Hong Kong [1] Group 3: Product Export Trends - The export of mechanical and electrical products reached 106.46 billion yuan, accounting for 56.7% of total exports, with significant growth in specific categories [2] - Exports of "new three items" (electric vehicles, etc.) grew by 83.5%, while exports of rail transit equipment increased by 47.5% [2] - Agricultural product exports totaled 10.15 billion yuan, indicating a diverse export portfolio [2]

1. Report Industry Investment Ratings No relevant content was found in the provided reports. 2. Core Views of the Reports 2.1 Pig Industry - The current pig spot price is weak, with smooth downstream procurement and normal slaughterhouse deliveries. Local epidemics continue to suppress the market. The market is currently experiencing weak supply and demand. In August, the slaughter volume of large pig farms is expected to recover, and there is also a need to sell the large pigs previously held back by small farmers. Therefore, the short - term pig price is still not optimistic. The spot price is expected to remain in a bottom - oscillating pattern, and the near - month 09 contract faces strong upward pressure. The far - month 01 contract is greatly affected by policies, and blind short - selling is not recommended. However, when the futures market offers good hedging profits, the impact of hedging funds also needs to be considered [2]. 2.2 Meal Industry - Trump's statement that he hopes China will significantly increase its imports of US soybeans has improved the export outlook for US soybeans, leading to a sharp increase in US soybean prices. The recent continuous increase in Brazilian soybean premiums has supported domestic import costs, but the improved outlook for US soybean imports may suppress price increases. Currently, domestic soybean and soybean meal inventories are continuously rising, and short - term supply remains at a high level, keeping the spot price under pressure. In terms of operations, the strengthening support from US soybeans limits the downward space for domestic soybean meal on a single - side basis. However, if domestic supply increases, it may affect the trend of the 2601 contract on the futures market. Considering the relatively strong performance of oils, investors holding long positions should be cautious [7]. 2.3 Oil Industry No clear overall core view was found in the oil industry report, but price changes and related data for various oils such as soybean oil, palm oil, and rapeseed oil are presented. 2.4 Corn Industry - The current channel inventory of corn is relatively tight, and some traders are willing to support prices. The number of trucks arriving at the market remains low, but the spot price is running weakly due to weak market sentiment and the upcoming new grain harvest in some areas. On the demand side, deep - processing enterprises and feed companies mainly purchase based on rigid demand, with inventory continuously decreasing and no obvious boost in consumption, resulting in general purchasing enthusiasm. In the substitution market, wheat prices are strongly supported by the government's minimum purchase price policy. The price difference between corn and wheat is within the substitution range, squeezing the demand for corn. In summary, the tight supply of remaining grain supports the price, but the weak market sentiment persists, and the futures price remains in a low - level oscillation. In the long term, the cost of new - season corn is expected to decrease, and the output may increase steadily, resulting in supply pressure and a potential decline in the futures price. Attention should be paid to the growth of new - season corn [17]. 2.5 Sugar Industry - ISMA predicts that India's sugar production in the 2025/26 crushing season will reach 34.9 million tons, a year - on - year increase of 18%. The strong production signs have caused the raw sugar price to decline slightly. However, it is worth noting that although Brazil's sugarcane crushing is in full swing and the sugar - making ratio is high, the total sugar production has not increased year - on - year. The expectations of high yields in India and Thailand are high, and attention should be paid to the later weather conditions. It is expected that the raw sugar price will have difficulty falling below the previous low in the short term, but considering the overall production increase pattern, a bearish view should be maintained. The increase in imports and the entry of processed sugar into the market have put pressure on prices. The terminal market demand is average, with most purchases being made as needed, and the willingness to stockpile is low. Therefore, the Zhengzhou sugar futures price is expected to remain bearish [22]. 2.6 Cotton Industry - On the supply side, the spot basis is currently firm. There has been a marginal improvement in the downstream industry this week, but the improvement is not significant. There has been a slight increase in sample orders for grey fabrics in some areas, and the sales of cotton yarn have improved slightly after the cotton price stabilized. The inventory of finished products has stopped accumulating, and the operating rate has temporarily stabilized, providing some support for the cotton price. However, the overall confidence in the downstream industry is still insufficient, and expectations are not high. As the new cotton harvest season approaches, the expected increase in the output of new - season cotton will bring some pressure on the long - term supply. In summary, the domestic cotton price may oscillate within a range in the short term and face pressure after the new cotton is listed [23]. 2.7 Egg Industry - Egg prices have reached a phased low, and downstream traders and food factories may replenish their stocks at low prices, increasing the demand for eggs and supporting price increases. However, the high inventory of laying hens ensures sufficient egg supply, and the impact of cold - stored eggs may suppress the price increase. Overall, the egg futures market remains bearish, and attention should be paid to the potential impact of low - level capital fluctuations [26]. 3. Summary According to Related Catalogs 3.1 Pig Industry 3.1.1 Futures Market - The basis of the main contract decreased by 120 yuan/ton to - 565 yuan/ton, a decrease of 26.97%. The price of the main contract increased by 80 yuan/ton to 14,180 yuan/ton, an increase of 0.57%. The position of the main contract increased by 59,598 lots to 59,600 lots, an increase of 1.00% [1]. 3.1.2 Spot Market - Spot prices in various regions showed a downward trend, with price decreases ranging from 50 to 200 yuan/ton [1]. 3.1.3 Slaughter Volume - The daily slaughter volume of sample points increased by 866 to 138,986, an increase of 0.63% [1]. 3.2 Meal Industry 3.2.1 Soybean Meal - The spot price in Jiangsu increased by 20 yuan/ton to 2,940 yuan/ton, an increase of 0.68%. The futures price of M2601 increased by 16 yuan/ton to 3,094 yuan/ton, an increase of 0.52%. The basis of M2601 increased by 4 to - 154, an increase of 2.53%. The spot basis quote in Jiangsu changed from m2509 - 110 to m2509 - 130. The import crushing profit for US Gulf shipments remained unchanged, while that for Brazilian October shipments decreased by 12 to 92, a decrease of 11.5%. The number of warehouse receipts remained unchanged at 10,950 [7]. 3.2.2 Rapeseed Meal - The spot price in Jiangsu increased by 30 yuan/ton to 2,660 yuan/ton, an increase of 1.14%. The futures price of RM2601 increased by 37 yuan/ton to 2,506 yuan/ton, an increase of 1.50%. The basis of RM2601 decreased by 7 to 154, a decrease of 4.35%. The spot basis quote in Guangdong changed from rm09 - 140 to rm09 - 150. The import crushing profit for Canadian November shipments increased by 30 to 369, an increase of 8.85%. The number of warehouse receipts increased by 5,110 to 9,063, an increase of 129.27% [7]. 3.2.3 Soybeans - The spot price of Harbin soybeans remained unchanged at 3,960 yuan/ton. The futures price of the main soybean contract decreased by 42 yuan/ton to 4,067 yuan/ton, a decrease of 1.02%. The basis of the main soybean contract increased by 42 to - 107, an increase of 28.19%. The spot price of imported soybeans in Jiangsu remained unchanged at 3,660 yuan/ton. The futures price of the main soybean - 2 contract decreased by 23 yuan/ton to 3,726 yuan/ton, a decrease of 0.61%. The basis of the main soybean - 2 contract increased by 23 to - 66, an increase of 25.84%. The number of warehouse receipts decreased by 450 to 13,123, a decrease of 3.32% [7]. 3.2.4 Spreads - The soybean meal inter - delivery spread (09 - 01) decreased by 2 to - 49, a decrease of 4.26%. The rapeseed meal inter - delivery spread (09 - 01) decreased by 3 to 267, a decrease of 1.11%. The oil - meal ratio in the spot market decreased by 0.02 to 2.93, a decrease of 0.68%. The oil - meal ratio of the main contract decreased by 0.007 to 2.75, a decrease of 0.26%. The soybean - rapeseed meal spread in the spot market decreased by 10 to 280, a decrease of 3.45%. The soybean - rapeseed meal spread of 2509 decreased by 21 to 588, a decrease of 3.45% [7]. 3.3 Oil Industry 3.3.1 Soybean Oil - The spot price of first - grade soybean oil in Jiangsu remained unchanged at 8,610 yuan/ton. The futures price of Y2601 increased by 56 yuan/ton to 8,456 yuan/ton, an increase of 0.67%. The basis of Y2601 decreased by 56 to 154, a decrease of 26.67%. The spot basis quote in Jiangsu changed from 09 + 180 to 09 + 190. The number of warehouse receipts increased by 1,584 to 21,954, an increase of 7.78% [10]. 3.3.2 Palm Oil - The spot price of 24 - degree palm oil in Guangdong decreased by 50 yuan/ton to 8,980 yuan/ton, a decrease of 0.55%. The futures price of P2509 increased by 238 yuan/ton to 9,218 yuan/ton, an increase of 2.65%. The basis of P2509 decreased by 288 to - 238, a decrease of 576.00%. The spot basis quote in Guangdong remained unchanged at 09 + 100. The import cost for Guangzhou Port in September decreased by 60.1 to 9,297.8, a decrease of 0.64%. The import profit for Guangzhou Port in September increased by 298 to - 80, an increase of 78.89%. The number of warehouse receipts increased by 850 to 1,420, an increase of 149.12% [11]. 3.3.3 Rapeseed Oil - The spot price of fourth - grade rapeseed oil in Jiangsu decreased by 30 yuan/ton to 9,640 yuan/ton, a decrease of 0.31%. The futures price of 01509 increased by 14 yuan/ton to 9,588 yuan/ton, an increase of 0.15%. The basis of 01509 decreased by 44 to 52, a decrease of 45.83%. The spot basis quote in Jiangsu changed from 09 + 80 to 09 + 90. The number of warehouse receipts remained unchanged at 3,487 [12]. 3.3.4 Spreads - The soybean oil inter - delivery spread (09 - 01) increased by 4 to 16, an increase of 33.33%. The palm oil inter - delivery spread (09 - 01) remained unchanged at - 20. The rapeseed oil inter - delivery spread (09 - 01) decreased by 18 to - 5, a decrease of 138.46%. The soybean - palm oil spread in the spot market increased by 50 to - 370, an increase of 11.90%. The soybean - palm oil spread of 2509 decreased by 182 to - 762, a decrease of 31.38%. The rapeseed - soybean oil spread in the spot market decreased by 30 to 1,030, a decrease of 2.83%. The rapeseed - soybean oil spread of 2509 decreased by 42 to 1,132, a decrease of 3.58% [13]. 3.4 Corn Industry 3.4.1 Corn - The price of corn 2509 increased by 7 yuan/ton to 2,262 yuan/ton, an increase of 0.31%. The semi - cabin price in Jinzhou Port remained unchanged at 2,300 yuan/ton. The basis decreased by 7 to 38, a decrease of 15.56%. The 9 - 1 spread of corn increased by 3 to 74, an increase of 4.23%. The bulk grain price in Shekou remained unchanged at 2,390 yuan/ton. The north - south trade profit remained unchanged at 19. The CIF price increased by 2 to 1,928, an increase of 0.11%. The import profit decreased by 2 to 462, a decrease of 0.48%. The number of remaining vehicles at Shandong deep - processing enterprises in the morning increased by 48 to 198, an increase of 32.00%. The position decreased by 4,383 to 1,706,905, a decrease of 0.26%. The number of warehouse receipts decreased by 1,000 to 143,037, a decrease of 0.69% [17]. 3.4.2 Corn Starch - The price of corn starch 2509 remained unchanged at 2,642 yuan/ton. The spot price in Changchun remained unchanged at 2,710 yuan/ton. The spot price in Weifang remained unchanged at 2,950 yuan/ton. The basis remained unchanged at 68. The 9 - 1 spread of corn starch decreased by 8 to 82, a decrease of 8.89%. The spread between the starch and corn futures decreased by 7 to 380, a decrease of 1.81%. The starch production profit in Shandong increased by 5 to - 103, an increase of 4.63%. The position increased by 3,282 to 299,462, an increase of 1.11%. The number of warehouse receipts remained unchanged at 7,450 [17]. 3.5 Sugar Industry 3.5.1 Futures Market - The price of sugar 2601 remained unchanged at 5,573 yuan/ton. The price of sugar 2509 decreased by 2 yuan/ton to 5,678 yuan/ton, a decrease of 0.04%. The price of ICE raw sugar's main contract increased by 0.27 cents/pound to 16.54 cents/pound, an increase of 1.66%. The 1 - 9 spread of sugar increased by 2 to - 105, an increase of 1.87%. The position of the main contract increased by 6,182 to 307,158, an increase of 2.05%. The number of warehouse receipts decreased by 305 to 18,240, a decrease of 1.64%. The number of valid forecasts remained unchanged at 0 [22]. 3.5.2 Spot Market - The spot price in Nanning decreased by 70 yuan/ton to 6,000 yuan/ton, a decrease of 1.16%. The spot price in Kunming remained unchanged at 5,825 yuan/ton. The basis in Nanning decreased by 68 to 282, a decrease of 19.43%. The basis in Kunming increased by 2 to 147, an increase of 1.38%. The import price of Brazilian sugar within the quota decreased by 35 yuan/ton to 4,398 yuan/ton, a decrease of 0.79%. The import price of Brazilian sugar outside the quota decreased by 46 yuan/ton to 5,584 yuan/ton, a decrease of 0.82%. The price difference between imported Brazilian sugar within the quota and the Nanning spot price increased by 35 to - 1,562, an increase of 2.19%. The price difference between imported Brazilian sugar outside the quota and the Nanning spot price increased by 24 to - 376, an increase of 6.00% [22]. 3.5.3 Industry Situation - The cumulative national sugar production increased by 119.89 million tons to 1,1

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - The U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, in line with market expectations, with a decline from the previous week [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a 27% increase in daily average export volume compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached the highest in nearly two years, with a 4.02% month - on - month increase to 2.11 million tons due to strong production [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons, and the previous week's revised volume was 628,110 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, the flowering rate was 91%, and the pod - setting rate was 71% [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a daily average export volume of 462,408.88 tons, a 27% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached 2.11 million tons, a 4.02% month - on - month increase, with production increasing by 7.09% to 1.81 million tons and exports increasing by 3.82% to 1.31 million tons [1]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 5 - 11 are provided [2]. Protein Meal Basis - The report mentions protein meal basis but does not provide specific content [3]. Fat Basis - The report mentions fat basis but does not provide specific content [6]. Fat and Oil Futures Spread - The report mentions fat and oil futures spread but does not provide specific content [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn: In the short - term, with reserve auctions and new - season corn approaching, the market supply increases slightly and prices weaken, but the downside is limited. In the long - term, potential import growth and new - season supply increase may pressure prices [3]. - Starch: In the short - term, it follows raw material price fluctuations, with high inventory and is expected to be weak. In the long - term, high inventory and lower raw material costs lead to a bearish outlook [3]. - Sugar: Internationally, Brazilian supply pressure affects prices, but there may be a rebound. Domestically, large imports will put pressure on the market [6]. - Cotton: It is in a consolidation phase, and if there are no major macro - risks, the downside is limited. Attention should be paid to demand changes [7]. - Eggs: After a price rebound and correction, demand may pick up in mid - August, but high inventory may limit the upside [9]. - Apples: New - season production may be similar to last year. Consumption is in the off - season, and prices are stable [12]. - Pigs: Spot prices rebounded slightly, but demand is not improved. There is medium - term supply pressure, and futures need spot verification [12]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 5 - 11, corn prices in some regions changed slightly, with a maximum decrease of 8 yuan/ton in Weifang. Starch processing profit increased by 22 yuan [2]. - **Market Analysis**: Reserve auctions and new - season corn impact the corn market. Starch is affected by raw material prices and high inventory [3]. Sugar - **Price Data**: From August 5 - 11, sugar prices in major regions decreased, and import profit decreased significantly, with a maximum reduction of 77 yuan [6]. - **Market Analysis**: Brazilian supply and domestic imports influence the sugar market [6]. Cotton - **Price Data**: From August 5 - 11, the price of 3128 cotton increased by 40 yuan, and the number of warehouse receipts + forecasts decreased by 128 [7]. - **Market Analysis**: Cotton is in a waiting phase for demand verification, and the downside is limited under certain conditions [7]. Eggs - **Price Data**: From August 5 - 11, egg prices in major production areas increased, with a maximum increase of 0.22 yuan. The basis increased by 141 [8]. - **Market Analysis**: Egg prices rebounded due to supply - demand factors, then corrected, and may rise again with upcoming festivals, but high inventory is a constraint [9]. Apples - **Price Data**: From August 5 - 11, the price of Shandong 80 first - and second - grade apples remained stable, and the basis for different contracts changed significantly [11][12]. - **Market Analysis**: New - season apples are in the growth stage, and consumption is in the off - season [12]. Pigs - **Price Data**: From August 5 - 11, pig prices in some regions were stable or changed slightly, and the basis increased by 40 [12]. - **Market Analysis**: Spot prices rebounded slightly, but demand is weak. There is medium - term supply pressure and policy expectations [12].