1. Report Industry Investment Rating - The report does not provide an overall industry investment rating. 2. Report's Core View - The overall trend of the agricultural products futures in the commodity market is weak, with most varieties showing a weak - oscillatory pattern. The market situation of each variety is affected by multiple factors, and the future market trend is uncertain, lacking a clear direction [5][6][7][8]. 3. Summary According to Related Catalogs 3.1. Bean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend will depend on Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [5][6]. - **Core Logic**: Driven by the expectation of China resuming soybean purchases from the US, the far - month US soybean contract rose to the $11 mark and then fell back. Before the market direction is determined by details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm, the market is in a game state. In the short term, the cost - driven logic of the bean meal market replaces the supply logic, and the bean meal futures price faces a risk of decline after approaching the upper limit of the oscillatory range [5]. 3.2. Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend is affected by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6][7]. - **Core Logic**: The weakness in the oil market continues, with soybean oil being relatively resistant to decline. The spot price is also falling. The arrival volume of raw soybeans remains high, the oil mill start - up rate continues to increase, and the soybean oil inventory has reached 1.2503 million tons, a year - on - year increase of 10.26%, hitting a new high in the same period in the past five years. On the demand side, catering consumption is weak and downstream procurement is cautious, resulting in a sluggish market. In the process of supply - demand re - balance, the pattern of strong meal and weak oil continues, and the soybean oil futures price will continue to oscillate weakly [7]. 3.3. Palm Oil (P) - **Price Trend**: Short - term view is weak, medium - term view is oscillatory, and intraday view is oscillatory and weak. The future trend is influenced by biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6][8]. - **Core Logic**: The main pressure on the palm oil market comes from the expected 10% year - on - year increase in Indonesia's palm oil production in 2025 to about 56 - 57 million tons, and the weak exports of Malaysian palm oil also drag down the international palm oil futures price. The domestic market is focused on the possible meetings between Chinese, US, and Canadian leaders during the APEC Summit. The palm oil futures price has fallen below the lower limit of the previous oscillatory range and will continue to be weak [8].

Report Overview - The report is the Commodity Research Morning Report - Agricultural Products by Guotai Junan Futures on October 30, 2025, covering various agricultural products including palm oil, soybean oil, etc. [1] 1. Report Industry Investment Ratings - Not provided in the report 2. Core Views - Palm oil: Short - term support, beware of a second decline [2] - Soybean oil: US soybeans rebound, pay attention to the results of China - US negotiations [2] - Soybean meal: Range - bound, waiting for the meeting between Chinese and US leaders [2] - Soybean: Range - bound [2] - Corn: Weakly range - bound [2] - Sugar: Strongly range - bound [2] - Cotton: The rising cost of new cotton supports cotton futures prices [2] - Eggs: Maintain adjustment [2] - Hogs: Spot sentiment declines, waiting for confirmation [2] - Peanuts: Focus on the spot market [2] 3. Summaries by Commodity Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil futures closed at 8,842 yuan/ton (down 1.29% during the day) and 8,826 yuan/ton (down 0.18% at night). Soybean oil futures closed at 8,132 yuan/ton (down 0.61% during the day) and 8,146 yuan/ton (up 0.17% at night). The spot price of palm oil in Guangdong was 8,750 yuan/ton (down 150 yuan), and that of soybean oil in Guangdong was 8,450 yuan/ton (down 100 yuan) [5]. - **Macro and Industry News**: Pakistan may increase the import quota of Indonesian palm oil. As of October 23, the estimated net increase in US soybean export sales for the 2025/26 season is 60 - 160 million tons. Brazil's 2025/26 soybean planting area is expected to reach 48.8 million hectares, with an output of 177 million tons [6][8]. Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2601 closed at 4,113 yuan/ton (+0.51%) during the day and 4,107 yuan/ton (-0.22%) at night. DCE soybean meal 2601 closed at 2,969 yuan/ton (+0.03%) during the day and 2,975 yuan/ton (+0.03%) at night [17]. - **Macro and Industry News**: On October 29, Chinese state - owned enterprises bought three ships of US soybeans. Traders are watching for more Chinese purchases ahead of the China - US leaders' meeting [17][19]. Corn - **Fundamental Data**: The price of C2601 was 2,116 yuan/ton (-0.09%) during the day and remained unchanged at night. The trading volume of C2601 was 374,280 lots (down 100,431 lots), and the open interest was 925,389 lots (up 13,061 lots) [21]. - **Macro and Industry News**: The northern corn bulk shipping port price decreased by 10 - 20 yuan/ton, and the Guangdong Shekou price increased slightly [22]. Sugar - **Fundamental Data**: The raw sugar price was 14.42 cents/pound, the mainstream spot price was 5,730 yuan/ton, and the futures main contract price was 5,494 yuan/ton [24]. - **Macro and Industry News**: Brazil's sugar production in the second half of September increased by 11% year - on - year, but exports decreased. China's sugar imports in September were 550,000 tons (+150,000 tons) [24]. Cotton - **Fundamental Data**: CF2601 closed at 13,620 yuan/ton (+0.41%) during the day and 13,650 yuan/ton (+0.22%) at night. The trading volume of CF2601 was 255,130 lots (up 77,784 lots), and the open interest was 910,968 lots (up 2,065 lots) [28]. - **Macro and Industry News**: The cotton spot trading was average, and the ICE cotton futures rose by more than 1% due to optimistic trade prospects [29]. Eggs - **Fundamental Data**: Egg 2511 closed at 2,912 yuan/500 kg (up 1.22%), and Egg 2601 closed at 3,368 yuan/500 kg (up 1.91%) [32]. - **Macro and Industry News**: Not provided Hogs - **Fundamental Data**: The Henan spot price was 12,580 yuan/ton (down 50 yuan), and the futures price of Hog 2601 was 12,160 yuan/ton (down 170 yuan) [34]. - **Macro and Industry News**: Yuexiu and Yangxiang added delivery warehouses, and the national feed output in September was 30.36 million tons, up 3.4% month - on - month and 5% year - on - year [36] Peanuts - **Fundamental Data**: PK601 closed at 7,822 yuan/ton (up 0.03%). The trading volume of PK601 was 68,448 lots (up 15,637 lots), and the open interest was 175,747 lots (down 3,551 lots) [37]. - **Macro and Industry News**: In the spot market, the supply in most regions is limited, and prices are stable or slightly stronger [38]

Core Insights - The Chicago futures market for corn, wheat, and soybeans showed mixed price movements on October 29, with corn and wheat prices increasing while soybean prices declined [1][2] Group 1: Price Movements - The most actively traded December corn contract closed at $4.34 per bushel, up 2 cents or 0.46% from the previous trading day [1] - The December wheat contract closed at $5.32 per bushel, up 3.25 cents or 0.61% from the previous trading day [1] - The January 2026 soybean contract closed at $10.95 per bushel, down 0.75 cents or 0.07% from the previous trading day [1] Group 2: Market Analysis - The agricultural market has already priced in positive developments regarding trade situations, leading to a decline in soybean prices due to profit-taking [1] - Analysts suggest that unless severe drought occurs in South America, there is limited upside potential for crop prices [2]

Group 1 - The core viewpoint of the news is that the Chicago Board of Trade (CBOT) agricultural futures saw mixed results, with soybean futures declining while corn and wheat futures increased [1] Group 2 - Soybean futures closed down by 0.18% at 1093.25 cents per bushel [1] - Corn futures rose by 0.58% to close at 434.50 cents per bushel [1] - Wheat futures increased by 0.85%, closing at 533.50 cents per bushel [1]

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. However, individual product outlooks are given as follows: - **Oils and Fats**: Expected to continue to fluctuate weakly, with palm oil, rapeseed oil, and soybean oil all showing a weak - fluctuating trend [1][2][6] - **Protein Meal**: Soybean meal is expected to fluctuate upwards, and the 1 - 5 inverse spread of soybean meal is temporarily held, with double - buying of options [7] - **Corn/Starch**: Expected to fluctuate, with short - term short positions held and attention paid to the stop - profit rhythm [9][10] - **Pigs**: Expected to fluctuate, with a "weak reality + strong expectation" pattern, and attention paid to inverse spread strategy opportunities [11] - **Natural Rubber**: Expected to fluctuate and find the bottom [12][13] - **Synthetic Rubber**: Expected to fluctuate at the bottom, with a possibility of hitting a new low this year [14][15] - **Cotton**: Expected to fluctuate strongly in the short term, but attention should be paid to the upper pressure [15] - **Sugar**: Expected to rebound in the short term but remain bearish in the long - term, with a recommendation to short on rebounds [16] - **Pulp**: Expected to fluctuate, with a preference for waiting and seeing [16][17] - **Offset Printing Paper**: Expected to maintain a narrow - range fluctuation, with a single - side strategy of waiting and seeing [17] - **Logs**: Expected to fluctuate weakly in the near term [19][20][21] 2. Core Views of the Report - The report analyzes the market conditions of various agricultural products, including oils and fats, protein meal, corn/starch, pigs, natural and synthetic rubber, cotton, sugar, pulp, offset printing paper, and logs. It considers factors such as macro - environment, industry supply and demand, and trade relations to provide short - term and long - term outlooks for each product, along with corresponding investment strategies [1][6][7] 3. Summary by Relevant Catalogs 3.1 Oils and Fats - **View**: The sentiment is still bearish, and it may continue to fluctuate weakly [1][6] - **Logic**: Macro - environment includes the US government shutdown, Sino - US trade negotiation consensus, expected Fed rate cut, uncertain sanctions on Russia, and expected OPEC+ production increase. From the industrial side, US soybean data is suspended, the US soybean harvest is about 80% complete with a high probability of yield reduction, Brazilian soybean planting progress is 34.4% as of October 25, domestic soybean imports are at a relatively high level, and domestic soybean oil inventory reduction is slow. Malaysian palm oil is likely to accumulate inventory in October, and Indian vegetable oil imports may decline seasonally. Domestic rapeseed oil inventory is expected to stop falling and rise [1][6] - **Outlook**: Palm oil, rapeseed oil, and soybean oil are all expected to fluctuate weakly [2][6] 3.2 Protein Meal - **View**: The spot price increases, and the futures price follows, but the repair of crushing profit may suppress the futures price increase [6][7] - **Logic**: Internationally, Sino - US trade relations dominate the market. US soybean new - crop is on the market, and Brazilian soybean old - crop exports in October are increased. Domestically, in the short term, crushing profit is gradually repaired, and the spot price is raised. In the medium term, attention should be paid to China's soybean purchases, origin weather, and downstream replenishment. In the long term, domestic soybean meal supply is expected to be sufficient in Q4 2025, with a possible small shortage in Q1 2026 [7] - **Outlook**: Soybean meal is expected to fluctuate upwards, and the 1 - 5 inverse spread of soybean meal is temporarily held, with double - buying of options [7] 3.3 Corn/Starch - **View**: The number of trucks arriving in North China has decreased, and the futures price has rebounded slightly [9] - **Logic**: The short - term rebound is due to low inventory of grain - using enterprises, slow harvest progress, and increased purchases by state - owned grain depots. However, there are still downward drivers, such as high yield in Northeast China, potential low - quality grain pressure in North China, and insufficient upward price drivers in the sales area [10] - **Outlook**: It is expected to fluctuate, with short - term short positions held and attention paid to the stop - profit rhythm [10] 3.4 Pigs - **View**: The second - fattening inventory is postponed, and the market sentiment is cautious [11] - **Logic**: In terms of supply, in the short term, the utilization rate of second - fattening pens increases, and the supply pressure in late October is relieved. In the medium term, the supply in Q4 is abundant. In the long term, sow production reduction is expected to accelerate in Q4 2025, and the supply pressure will be relieved in H2 2026. In terms of demand, it is the off - season, and the ratio of meat to pig price is falling. In terms of inventory, the utilization rate of second - fattening pens increases [11] - **Outlook**: It is expected to fluctuate, with a "weak reality + strong expectation" pattern, and attention paid to inverse spread strategy opportunities [11] 3.5 Natural Rubber - **View**: The futures market sentiment is okay, and attention should be paid to the origin situation [12] - **Logic**: It is currently a short - term oversold rebound. For RU, the negative impact of the previous reserve release is digested, and the slow registration of warehouse receipts is the focus of long - position trading. For NR, there is still an expectation of increased supply. The supply pressure is not large for now, and the demand is expected to be stable. Attention should be paid to the sustainability of the increase in trading volume [13] - **Outlook**: Due to high macro - uncertainty, it is expected to fluctuate and find the bottom [13] 3.6 Synthetic Rubber - **View**: The raw material support is weak, and the futures market has weakened significantly [14] - **Logic**: The decline in the BR futures price is mainly due to the sharp drop in the price of raw material butadiene. High production this year is a major pressure, and although downstream demand is increasing, the growth rate is lower than that of production, resulting in high social inventory. The butadiene price has been weak recently [15] - **Outlook**: The fundamental pressure is large, and the raw material is hard to improve. It is expected to fluctuate at the bottom, with a possibility of hitting a new low this year [15] 3.7 Cotton - **View**: The reduction in production and increase in cost strongly support the cotton price [15] - **Logic**: In the acquisition, the acquisition cost in Northern Xinjiang is fixed, and the acquisition price in Southern Xinjiang is rising. In the inspection, the national inspection volume is 144.07 million tons as of October 27. In terms of inventory, the commercial inventory is in the accumulation stage. Macro - factors such as Sino - US economic and trade consultations may affect the cotton price. The upper pressure is around 13,600 - 13,800 yuan/ton, and the lower support is around 13,100 - 13,300 yuan/ton [15] - **Outlook**: It is expected to fluctuate strongly in the short term, but attention should be paid to the upper pressure [15] 3.8 Sugar - **View**: The expected reduction in imports leads to the rebound of Zhengzhou sugar [16] - **Logic**: Internationally, the new sugar - making seasons in the Northern Hemisphere are coming, and major producers are expected to increase production. Brazil's sugar production has passed the peak, and the international sugar supply is relatively loose. In China, sugar imports in September decreased, and the new sugar has not entered the concentrated crushing period. The market is trading on the expectation of a further reduction in syrup and premixed powder imports [16] - **Outlook**: It is expected to rebound in the short term but remain bearish in the long - term, with a recommendation to short on rebounds [16] 3.9 Pulp - **View**: The financial trading atmosphere drives the increase in pulp futures, but the futures - spot divergence remains [16][17] - **Logic**: Fundamentally, the recent data is bearish. The demand for softwood pulp is weak, and there is export pressure from overseas to China. The hardwood pulp is in excess supply. The futures price is close to some spot prices, and it is difficult for the futures to have a premium [17] - **Outlook**: It is expected to fluctuate, with a preference for waiting and seeing [17] 3.10 Offset Printing Paper - **View**: It runs in a narrow - range fluctuation [17] - **Logic**: The supply pressure exists due to stable production of large - scale paper mills and new production capacity in South China. Dealers have shipment pressure, and downstream printing factories have few new orders. The cost support from the upstream wood pulp is weak. Although publishers in the North are starting to bid, the market expectation is pessimistic [17] - **Outlook**: A single - side strategy of waiting and seeing is recommended, and attention should be paid to new driving factors [17] 3.11 Logs - **View**: There is no bullish driver, and it fluctuates at the bottom [19][20][21] - **Logic**: Recently, the futures price has fallen and remained low. The short - term market is affected by the possible cancellation of special port fees and the weakening fundamentals, including concentrated port arrivals, decreased sales of laminated wood, and high inventory. The market sentiment is bearish [20][21] - **Outlook**: The fundamentals are weakening, and the spot price may fall. It is expected to fluctuate weakly in the near term [21]

1. Report Industry Investment Rating - Sugar - Volatile [1] - Cotton - Volatile [1] 2. Core Viewpoints of the Report - Sugar consumption has seasonally recovered due to the demand for summer cold drinks, and recent sugar imports have increased significantly due to the widening price gap between domestic and foreign markets. The impact of rainfall in Inner Mongolia and typhoons in Guangdong and Guangxi on sugar production needs further tracking and evaluation. Sugar prices are under short - term pressure [1][3] - High temperatures and low precipitation in Xinjiang and the Yangtze River Basin in August pose a high risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, there is bottom support for cotton prices. Cotton prices are expected to range between 14,000 - 16,000 yuan [1][3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - **External Market Quotes**: On October 28, 2025, the price of US sugar was 14.39 US dollars, with a decline of 0.55%; the price of US cotton was 65.05 US dollars, with an increase of 0.62% [4] - **Spot Prices**: On October 28, 2025, the spot price of sugar in Nanning was 5,750 yuan, unchanged; in Kunming, it was 5,720 yuan, a decline of 0.09%. The price of cotton index 328 was 3,280 yuan, a decline of 0.02%; the price of Xinjiang cotton was 14,700 yuan, an increase of 0.34% [4] - **Spread**: The spreads of SR01 - 05, SR09 - 01, and SR05 - 09 of sugar were 65.0, - 57.0, and - 8.0 respectively, with changes of 41.30%, 62.86%, and - 27.27%. The spreads of CF01 - 05, CF05 - 09, and CF09 - 01 of cotton were - 5.0, - 155.0, and 160.0 respectively, with changes of - 50.00%, - 3.12%, and - 5.88% [4] - **Import Prices**: On October 28, 2025, the import price of cotton cotlookA was 75.6 US dollars, unchanged [4] - **Profit Margins**: On October 28, 2025, the sugar import profit was 1,770.5 yuan, unchanged [4] - **Options**: The implied volatilities of SR601C5500, SR601P5500, CF601C13600, and CF601P13600 were 0.0757, 0.0751, 0.0734, and 0.0738 respectively [4] - **Inventory Warrants**: On October 28, 2025, the number of Zhengzhou sugar warrants was 7,695, a decline of 1.28%; the number of Zhengzhou cotton warrants was 2,471, a decline of 0.68% [2][4] 3.2 Supply and Demand - **Sugar**: Sugar consumption has seasonally recovered due to the demand for summer cold drinks, and recent sugar imports have increased significantly due to the widening price gap between domestic and foreign markets [1] - **Cotton**: High temperatures and low precipitation in Xinjiang and the Yangtze River Basin in August pose a high risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, there is bottom support for cotton prices [1] 3.3 Conclusion - **Sugar**: In August, excessive rainfall in Inner Mongolia was not conducive to sugar beet sugar accumulation and harvesting, and the sugar factory start - up time was postponed. In late September and early October, typhoons in Guangdong, Guangxi and other major sugarcane - producing areas caused sugarcane lodging. The impact on sugar production needs further tracking and evaluation [3] - **Cotton**: The meteorological conditions during the cotton growth period were suitable, and the yield and quality in some areas were higher than expected. As of October 6, the cotton picking progress in Xinjiang was 24.9%, 0.9 percentage points higher than the same period last year. The opening price of seed cotton was flat or slightly lower year - on - year, and there was a downward risk after the centralized listing. Cotton prices are expected to range between 14,000 - 16,000 yuan [3] 3.4 Strategy Suggestion - It is recommended to mainly adopt a wait - and - see strategy [3]

Report Overview - Date: October 29, 2025 - Report Name: Guotai Junan Futures Commodity Research Morning Report - Agricultural Products Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Palm oil: Slow destocking in producing areas, focus on downside support [2] - Soybean oil: Rebound in US soybeans, decline in the oil - meal ratio [2] - Soybean meal: Strong US soybeans, Dalian soybean meal rebounds and fluctuates [2] - Soybean: Strong and fluctuating [2] - Corn: Fluctuating weakly [2] - Sugar: Weak overseas, strong domestic [2] - Cotton: Higher cost of new cotton supports cotton futures prices [2] - Eggs: Maintaining adjustment [2] - Live pigs: Spot sentiment declines, waiting for confirmation [2] - Peanuts: Focus on the spot market [2] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures prices (day session: 8,958 yuan/ton, -1.56%; night session: 8,824 yuan/ton, -1.50%); soybean oil futures prices (day session: 8,182 yuan/ton, -0.63%; night session: 8,080 yuan/ton, -1.25%). Spot prices, trading volumes, open interests, and spreads of related products are also provided [5]. - **News**: Indonesia's 2025 palm oil production is expected to increase by 10% to about 5,600 million tons, and exports are expected to be 3,000 - 3,100 million tons. In 2026, production is expected to increase by another 5%. In August 2025, Indonesia's palm oil inventory decreased slightly to 2.54 million tons [6][7]. - **Trend Intensity**: Palm oil and soybean oil trend intensities are both -1 [10]. Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2601 futures price (day session: 4,115 yuan/ton, +0.66%; night session: 4,129 yuan/ton, +0.90%); DCE soybean meal 2601 futures price (day session: 2,975 yuan/ton, +1.40%; night session: 2,991 yuan/ton, +0.84%). Spot prices and industry data such as trading volume and inventory are also provided [11]. - **News**: On October 28, CBOT soybean futures hit a 15 - month high due to expectations of a Sino - US trade agreement [11]. - **Trend Intensity**: Soybean meal trend intensity is 0; soybean trend intensity is +1 [13]. Corn - **Fundamentals**: Corn futures prices (C2511: day session 2,109 yuan/ton, +0.38%; night session 2,105 yuan/ton, -0.19%; C2601: day session 2,123 yuan/ton, +0.28%; night session 2,123 yuan/ton, 0.00%). Spot prices, trading volumes, open interests, and spreads are also provided [15]. - **News**: Northern corn bulk shipping port prices decreased by 10 yuan/ton, and Guangdong Shekou prices also decreased by 10 yuan/ton [16]. - **Trend Intensity**: Corn trend intensity is 0 [17]. Sugar - **Fundamentals**: Raw sugar price is 14.37 cents/pound, -0.09; mainstream spot price is 5,730 yuan/ton, 0; futures main contract price is 5,483 yuan/ton, +38. Spreads and basis are also provided [18]. - **News**: Brazil's sugar production in the second half of September increased by 11% year - on - year, and exports decreased. China's sugar imports in September were 550,000 tons (+150,000 tons). The CAOC expects China's 25/26 sugar production to be 11.2 million tons, consumption to be 15.9 million tons, and imports to be 5 million tons [18][19]. - **Trend Intensity**: Sugar trend intensity is 1 [20]. Cotton - **Fundamentals**: CF2601 futures price (day session: 13,565 yuan/ton, 0.00%; night session: 13,575 yuan/ton, 0.07%); CY2601 futures price (day session: 19,765 yuan/ton, -0.03%; night session: 19,785 yuan/ton, 0.10%). Spot prices, trading volumes, open interests, and spreads are also provided [21]. - **News**: Cotton spot trading is mostly sluggish, with some low - basis transactions being better. ICE cotton futures rose slightly due to optimistic expectations of international economic and trade relations [22][23]. - **Trend Intensity**: Cotton trend intensity is 0 [26]. Eggs - **Fundamentals**: Egg futures prices (egg 2511: 2,866 yuan/500 kg, -1.85%; egg 2601: 3,304 yuan/500 kg, -0.12%). Spreads, spot prices, and related industry data are also provided [28]. - **Trend Intensity**: Egg trend intensity is 0 [28]. Live Pigs - **Fundamentals**: Live pig spot prices (Henan: 12,630 yuan/ton; Sichuan: 12,300 yuan/ton; Guangdong: 12,360 yuan/ton). Futures prices, trading volumes, open interests, and spreads are also provided [30]. - **Market Information**: Yuexiu and Yangxiang added delivery warehouses. The national feed output in September was 30.36 million tons, a month - on - month increase of 3.4% and a year - on - year increase of 5% [32]. - **Trend Intensity**: Live pig trend intensity is 0 [31]. Peanuts - **Fundamentals**: Peanut spot prices (Liaoning 308 general: 8,200 yuan/ton; Henan Baisha general: 6,900 yuan/ton, -100; Xingcheng Xiaoriben: 7,900 yuan/ton, +40; Sudan refined rice: 8,650 yuan/ton, 0). Futures prices, trading volumes, open interests, and spreads are also provided [33]. - **Spot Market Focus**: In Henan, peanut prices are chaotic, and supply is not fully released. In Liaoning, farmers are reluctant to sell, and trading is stalemate. In Xingcheng, the market is active [34]. - **Trend Intensity**: Peanut trend intensity is 0 [37].

Group 1 - The core viewpoint of the article highlights the upward trend in agricultural futures at the Chicago Board of Trade (CBOT) on October 28, with all major contracts closing higher [1] Group 2 - Soybean futures increased by 0.78%, closing at 1093.50 cents per bushel [1] - Corn futures rose by 0.70%, ending at 431.75 cents per bushel [1] - Wheat futures saw a gain of 0.81%, closing at 530.25 cents per bushel [1]

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a majority of contracts decline, indicating a bearish trend in the agricultural commodities market [1] Group 1: Futures Performance - Raw sugar futures decreased by 0.48%, closing at 14.39 cents per pound [1] - Cotton futures increased by 0.76%, closing at 65.05 cents per pound [1] - Cocoa futures fell by 2.86%, closing at $6005.00 per ton [1] - Coffee futures slightly declined by 0.13%, closing at 389.60 cents per pound [1]

Report Industry Investment Ratings - **Positive trend prediction**: Soybean No. 1, soybean meal, soybean oil, and palm oil are rated with three stars, indicating a clearer long - term trend and relatively appropriate investment opportunities currently [1]. - **Negative trend prediction**: Rapeseed meal, rapeseed oil, corn, live pigs, and eggs are rated with one star, suggesting a bias towards short - term trends but poor operability on the trading floor [1]. Core Views - The prices of various agricultural products are affected by multiple factors such as trade relations, supply and demand, and policies. Different agricultural products have different price trends and investment suggestions [2][3][4]. Summary by Related Catalogs Soybean No. 1 - The main contract of soybean No. 1 futures rebounded rapidly from the low today, covering the decline of the previous two days and accompanied by an increase in positions. The domestic soybean auction had a premium, with an average transaction price of 3,925 yuan/ton and a premium of 0 - 140 yuan/ton. The transaction rate was 34.49%. The price difference between domestic and imported soybeans stopped falling and rebounded slightly. Short - term attention should be paid to the performance of the imported soybean trade and the policy guidance of domestic soybeans [2]. Soybean & Soybean Meal - Affected by the easing of Sino - US negotiations, US soybeans rose continuously this week, and the 2601 contract of Dalian Commodity Exchange decreased its positions by more than 70,000 lots and rose 1.40% today. The current domestic soybean arrivals are sufficient, the soybean crushing volume is stable, the soybean meal pick - up has increased, and the soybean meal inventory has decreased slightly on a weekly basis. Attention should be paid to the APEC summit at the end of the month. Amid many uncertainties in Sino - US trade, continue to wait and see and look for long - position opportunities after the Sino - US trade issue is resolved [3]. Soybean Oil & Palm Oil - The main contract of US soybeans continued to rise. Although the Brazilian soybean CIF premium fell and the RMB continued to appreciate, the domestic imported soybean cost still increased. The futures market showed a pattern of strong meal and weak oil, and the soybean crushing profit was still in the red. Short - term attention should be paid to the risk of the oil - to - meal ratio correction. In the long run, palm oil is expected to be resilient, and it is recommended to allocate vegetable oils on dips. In the short term, be cautious about the price correction of palm oil due to the pressure in the Malaysian market [4]. Rapeseed Meal & Rapeseed Oil - Domestic rapeseed meal rose significantly, and the rapeseed sector was stronger than its competitors, which was related to market concerns about Sino - Australian relations. The export of Australian rapeseed to China is not yet stable. The Russian rapeseed has been listed for crushing, and its export trade to China is not optimistic. The rapeseed oil price is expected to be under pressure in the short term, while the rapeseed meal price has short - term rebound momentum [6]. Corn - The Dalian corn futures rose 0.28% today. The supply of new corn in the Northeast continues, and the price has risen slightly. The new corn in Jilin may be listed in large quantities again soon, which will suppress the market price. The downstream demand is mainly for rigid procurement. With the possible easing of Sino - US relations, the corn import situation should be continuously monitored. The Dalian corn is expected to continue to run weakly at the bottom [7]. Live Pigs - The live pig futures weakened significantly today, showing a divergence between the futures and spot markets. The spot price continued to rise, with the national average slaughter price reaching 12.5 yuan/kg, up 0.3 yuan. The futures increased positions and declined, with the near - month contract leading the decline. Although the supply pressure is still large, the large price difference between fattening pigs may promote second - round fattening and hog retention, and the pork consumption is expected to improve in the fourth quarter. However, due to the continuous supply pressure, a short - position strategy is recommended after the price rebounds. The pig price is likely to form a double - bottom pattern, and a second bottom may occur in the first half of next year [8]. Eggs - The egg futures failed to continue the previous upward trend, opening lower this morning and oscillating downward throughout the day without filling the gap. The near - month contract led the decline today, and the positions decreased by 10,000 lots. The spot price in Hebei started to fall, with a large decline in the price of small eggs. In the medium term, the industry needs to accelerate the elimination of old hens. The unsold cold - storage eggs are also a potential pressure on the spot market. A short - position strategy is recommended at high prices [9].