1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The macro - economic data shows a mixed picture, with some indicators like GDP growth and consumption having positive trends, while others such as exports face challenges. The monetary policy has space but its marginal efficiency is declining, and there is a need to shift the macro - control approach from over - reliance on investment to promoting consumption and benefiting people's livelihoods. The bond market may have opportunities from December this year to early next year, and the stock market shows certain upward momentum [1][2][16][29]. 3. Summary According to Relevant Catalogs 3.1 Macro Data - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. In October 2025, the manufacturing PMI was 49%, lower than the previous value of 49.8% and the same - period value of 50.1%. The non - manufacturing PMI for business activities was 50.1%, slightly up from 50% in the previous period but down from 50.2% last year. Social financing scale increment in October was 814.9 billion yuan, significantly lower than 3529.6 billion yuan in the previous month but higher than 1412 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The cumulative social financing scale increment in the first ten months was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year. At the end of October, the year - on - year growth rates of social financing stock and M2 were 8.5% and 8.2% respectively, both down 0.2 percentage points month - on - month. The 10 - month economic data indicates that offline consumption, infrastructure construction, and industrial production are showing positive trends [2]. 3.2.2 Metals - On November 13, international precious metal futures generally fell. Uncertainty about economic data and the Fed's policy stance affected the market. Gold futures had a large inflow of funds, and the trading volume increased significantly. The inventory of some metals changed, with zinc and aluminum inventories increasing, and lead and copper inventories decreasing [4][5]. 3.2.3 Coal, Coke, Steel, and Minerals - In Liaodong, a large - scale gold deposit, the Dadonggou Gold Mine, was discovered, with a proven gold metal content of 1444.49 tons [8]. 3.2.4 Energy and Chemicals - The "Management Measures" aim to rationalize the investment and construction mechanism of oil and gas pipeline infrastructure. On November 13, the price of US crude oil futures rose. The IEA raised the forecast for global crude oil demand growth in 2025, and concerns about supply tightening also supported the price [9]. 3.2.5 Agricultural Products - In October, the US soybean crushing volume reached a record high, while Brazil's coffee exports decreased. China plans to purchase US soybeans, and Indonesia's palm oil exports may decline in 2026 due to the B50 plan [12][13]. 3.3 Financial News Compilation 3.3.1 Open Market - On November 13, the central bank conducted 190 billion yuan of 7 - day reverse repurchase operations, with a net investment of 9.72 billion yuan [15]. 3.3.2 Key News - The social financing scale and M2 growth rates decreased month - on - month. The US government ended its 43 - day shutdown. China's economic fundamentals are solid, with consumption showing a good trend, especially in lower - tier cities. Some companies have bond - related issues, and overseas credit ratings of some companies have changed [16][18][22]. 3.3.3 Bond Market Summary - The Chinese bond market weakened, with most bond yields rising slightly. The yields of US and European bonds also increased. Some institutions issued bonds, and their yields and subscription multiples are provided [23][27]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies mostly rose [28]. 3.3.5 Research Report Highlights - Different research institutions have different views on the bond market. CICC believes that the social financing scale may continue to decline, and bond allocation is favorable for interest rate decline. Yangtze River believes that the probability of a comprehensive reserve requirement ratio cut is low, and the interest rate cut window may open from the fourth quarter of this year to the first quarter of next year. Xingzheng suggests a defensive strategy for US bonds [29]. 3.4 Stock Market Key News - The China Securities Regulatory Commission's chairman exchanged views on capital market cooperation with French and Brazilian regulatory authorities. A - shares and the Hong Kong stock market rose, with different sectors performing differently [32][33].

Core Insights - The article highlights the successful export of canned citrus products by Zhejiang Fengdao Food Co., Ltd., driven by a bountiful harvest and strong overseas demand [1][2] - The company specializes in the production of canned oranges, peaches, and mixed fruit, with significant sales in markets such as the United States, Japan, and Canada [1] - The customs department plays a crucial role in ensuring the quality and stability of the supply chain for these canned products, implementing a comprehensive regulatory system [1][2] Group 1 - The production facility of Zhejiang Fengdao Food Co., Ltd. is operating at full capacity due to increased orders, with a reported 8% year-on-year growth in canned fruit exports for the first three quarters [1] - The company emphasizes the advantages of canned products, including long-term storage at room temperature and the ability to preserve the fresh fruit flavor, appealing to a wide consumer demographic [1] - The customs department has established a "green channel" for expedited export processes, ensuring zero delays in customs clearance, which is vital for capturing international market opportunities [2] Group 2 - Canned citrus products are described as not only a nostalgic treat but also a means of supporting rural economic development, referred to as the "golden fruit" [2] - Zhejiang's specialty agricultural products, particularly canned fruit, are becoming an important representation of "Chinese flavor" in the global market [2] - The customs department plans to enhance support for companies by promoting the development of healthier product lines, such as low-sugar and sugar-free options, to improve the quality and efficiency of agricultural exports [2]

免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 9195 | -170 主力合约持仓量:红枣(日,手) | 149997 | -1595 | | | 期货前20名持仓:净买单量:红枣(日,手) | -12083 | -981 仓单数量:红枣(日,张) | 0 | 0 | | | 有效仓单预报:红枣:小计(日,张) | 0 | 0 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 7.35 | 0 河北一级灰枣批发价格(日,元/斤) | 4.5 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 6.4 | 0 河南一级灰枣批发价格(日,元/斤) | 4.55 | -0.05 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 6.2 | 0 河南红枣特级价格(元/公斤) | 10.2 | -0.1 | | | 河北红枣特级价格(元/公斤) | 9.96 | -0.02 广东红枣特级价格(日,元/公斤 ...

Core Insights - The agricultural processing sector saw a slight increase of 0.34% on November 13, with *ST Zhongji leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Agricultural Processing Sector Performance - *ST Zhongji closed at 4.15, with a rise of 5.06% and a trading volume of 235,200 shares, amounting to approximately 96.99 million yuan [1] - Other notable performers included *ST Jiawo, which rose by 4.99% to 12.20, and Guanyishi Co., which increased by 3.23% to 9.27 [1] - The sector experienced a net outflow of 504 million yuan from main funds, while retail investors contributed a net inflow of 372 million yuan [2][3] Fund Flow Analysis - Main funds showed a net outflow in several companies, including Guanyishi Co. with a net outflow of 14.98 million yuan and *ST Jiawo with a net outflow of 3.11 million yuan [3] - Retail investors had a positive net inflow in companies like Guanyishi Co. and *ST Zhongji, indicating a mixed sentiment among different investor types [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation. Although the recent Sino - US relations have eased and the price has rebounded, the production remains high. The import profit of foreign corn is falling, and the Brazilian import price in December is 2156 yuan. [4] - The spot price of domestic corn is relatively strong in the short - term. The northern port closing price has risen, the supply in North China has decreased, and the downstream feed enterprises have low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The inventory of corn starch has decreased this week. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited. [7] - For trading strategies, the US corn may continue to adjust the yield per unit downward, but it is expected to increase production, remaining in a narrow - range oscillation. The 01 corn rebound space is limited, and it is advisable to wait and see for 05 and 01 corn. One can try to shrink the spread between 01 corn and starch when it is high. [8][9] - For option strategies, a short - term cumulative put strategy with rolling operations is recommended. [11] 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2186, up 9 (0.41%), with a trading volume of 540,710 (up 18.39%) and an open interest of 957,369 (down 0.61%); C2605 closed at 2257, up 6 (0.27%), with a trading volume of 58,889 (up 38.10%) and an open interest of 275,208 (up 4.37%); C2509 closed at 2282, up 3 (0.13%), with a trading volume of 3,043 (up 27.59%) and an open interest of 15,950 (down 0.57%). For corn starch futures, CS2601 closed at 2507, up 17 (0.68%), with a trading volume of 109,742 (up 33.81%) and an open interest of 236,760 (up 0.70%); CS2605 closed at 2583, up 6 (0.23%), with a trading volume of 570 (up 41.58%) and an open interest of 5,988 (down 0.93%); CS2509 closed at 2628, up 3 (0.11%), with a trading volume of 47 (up 34.29%) and an open interest of 533 (up 2.50%) [2]. - **Spot and Basis**: Corn spot prices in different regions showed different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some prices rising. The basis of corn and starch in different regions was also provided. For example, the basis of corn in Qinggang was - 322, and the basis of starch in Longfeng was 67 [2]. - **Spreads**: Corn inter - period spreads (e.g., C01 - C05 was - 71, up 3), starch inter - period spreads (e.g., CS01 - CS05 was - 76, up 11), and cross - variety spreads (e.g., CS09 - C09 was 346, unchanged) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn market is oscillating narrowly. The import profit of foreign corn is falling. The spot price of domestic corn is relatively strong in the short - term, with the northern port closing price rising, the supply in North China decreasing, and the downstream feed enterprises having low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited [7]. 3.3 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations. Information on option contracts such as C2605 - P - 2160.DCE and C2601 - P - 2080.DCE, including the underlying asset price, closing price, and change in implied volatility, was provided [11]. 3.4 Related Attachments Graphs such as the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract were presented, showing the price trends of different periods [13][15][19].

Core Insights - The article discusses the initiatives taken by Raoping County to enhance rural e-commerce development through government guidance and association leadership [1][2] - A three-year action plan for high-quality rural e-commerce development has been implemented, focusing on resource integration and providing comprehensive services [1] - The county has established a service system consisting of 112 e-commerce service institutions to connect farmers with quality product channels [2] Group 1 - Raoping County has launched a three-year action plan for rural e-commerce, integrating supply chains and providing one-stop services such as training and live-streaming incubation [1] - The county is creating a dual-platform exhibition to showcase local specialties like tea, seafood, and lychee, facilitating partnerships between enterprises and farmers [1] - The county emphasizes deep processing and product development, nurturing leading enterprises in seafood processing and exporting products to over 30 countries [1] Group 2 - A service system with 112 e-commerce service institutions has been established to connect farmers with e-commerce associations, providing a one-stop service for product commercialization [2] - The county has implemented a logistics model to efficiently connect southern e-commerce sales resources with northern high-quality agricultural products, supported by 360 logistics stations [2] - Significant projects like the 175 million yuan cold chain logistics industrial park aim to enhance the commercialization of agricultural products and ensure a continuous cold chain from production to market [2] Group 3 - The county has trained over 200 local e-commerce talents and provided nearly 1,000 training sessions this year, promoting entrepreneurship among new farmers [2] - Policy support includes tax reductions, entrepreneurial loans, and the establishment of legal service teams to assist rural e-commerce businesses [2] - The county has served over 1,000 enterprises through legal service initiatives, including the creation of a legal risk prevention manual for rural e-commerce [2]

Core Insights - Jiamusi City has achieved a record high grain production of 233.6 billion jin in the previous year, with an increase of nearly 1.3 billion jin compared to 2020, and is expected to set new records this year due to favorable agricultural conditions [1][3] Agricultural Development - The city has implemented the "Four Doubles" project, creating 10,000 demonstration fields and upgrading nearly 4 million acres of dry land with advanced seeding technology [3] - A total of 10.38 million acres of high-standard farmland have been established, accounting for 66.8% of the city's permanent basic farmland [3] - The area of national-level green food raw material standardized production bases has reached 15.6 million acres, representing 53% of the city's sown area, the highest among city-level regions in the country [3] Industry Integration - The number of large-scale agricultural product processing enterprises has increased to 265, up by 95 since 2020, with 130 leading agricultural industrialization enterprises at the city level [4] - Jiamusi has established the largest cranberry production base in Asia and the largest perilla product supply base in the country, along with the largest sturgeon industry park in Northeast China [4] - The brand value of Jiamusi rice has surpassed 21.29 billion yuan, with 15 geographical indication products cultivated [4] Rural Development - The city has created 112 demonstration villages, with over 6.658 million acres of farmland under large-scale management [4] - The per capita disposable income of farmers reached 20,801 yuan last year, an increase of 5,168 yuan compared to 2020 [4] - Infrastructure improvements in rural areas have significantly enhanced public services in education, healthcare, and elderly care [4]

Group 1 - The core viewpoint of the news is that the Chicago Board of Trade (CBOT) soybean oil futures prices are experiencing fluctuations, with a slight decline observed in recent trading sessions [1][2]. Group 2 - On November 13, CBOT soybean oil futures opened at 50.93 cents per pound and are currently at 50.81 cents per pound, reflecting a decrease of 0.14% [1]. - The trading session on November 12 saw soybean oil futures open at 51.30 cents, reach a high of 51.63 cents, and close at 50.94 cents, marking a decline of 0.29% [2]. - Argentine soybean oil prices for December shipment decreased by $13 per ton to $1,131, while February shipment prices fell by $1 per ton to $1,137 [2]. - The national first-class soybean oil trading volume on November 12 was 19,000 tons, which is a 52.50% decrease compared to the previous trading day [2]. - Port delivery prices for imported soybean oil also saw a decline, with Tianjin port prices at 9,650 yuan per ton, down by 50 yuan; Jiangsu Zhangjiagang at 9,650 yuan per ton, down by 50 yuan; and Guangdong Huangpu at 9,650 yuan per ton, down by 50 yuan [2].

Report Summary 1) Report Industry Investment Ratings - The report does not explicitly provide overall industry investment ratings. However, it gives outlooks for various commodities, including "看多" (bullish) for copper, nickel, stainless steel, and soybeans, and "震荡" (sideways) for most other commodities such as aluminum, zinc, gold, silver, etc. [1] 2) Core Views - The A-share market is currently in a relatively vacuous macro environment, lacking a clear upward trend. It is in a sideways movement, accumulating momentum for the next upward move. With policy support and ample macro - liquidity, the stock index has strong downside support. [1] - The bond futures are favored by the asset shortage and weak economy, but the central bank's short - term interest rate risk warning restricts the upside. [1] - For commodities, different factors affect their prices. For example, high copper prices suppress downstream demand, but the increasing acceptance of copper prices by downstream and improved macro sentiment may lead to a stronger copper price. [1] 3) Summary by Commodity Categories Macro - Financial - The A - share market is in a sideways trend, accumulating energy for an upward move. With policy and liquidity support, the downside of the stock index is limited. Asset shortage and weak economy are favorable for bond futures, but short - term interest rate risk warnings restrict the upside. [1] Non - Ferrous Metals - **Copper**: High copper prices suppress downstream demand, but the increasing acceptance of copper prices by downstream and improved macro sentiment may lead to a stronger copper price. [1] - **Aluminum**: Limited industrial drivers recently, but improved macro sentiment leads to a stronger aluminum price. [1] - **Alumina**: With production still having a small profit, domestic alumina production capacity is continuously released, resulting in a double - increase in production and inventory, and a weak fundamental pattern. [1] - **Zinc**: There is still a risk of a squeeze in LME zinc, and the zinc price is expected to remain high. However, due to the domestic supply surplus, caution is needed when chasing high prices. [1] - **Nickel**: The US Senate's progress on ending the government shutdown causes fluctuations in market risk appetite. Indonesia restricts nickel - related smelting project approvals. The nickel price may fluctuate in the short term, and high inventory pressure should be watched out for. [1] - **Stainless Steel**: The price of raw material ferronickel weakens, and the social inventory of stainless steel decreases slightly. Steel mills' production in November decreases. The stainless steel futures are looking for a bottom in a sideways movement. [1] - **Tin**: The raw material end has not recovered, and the new demand is expected to be good. It is recommended to pay attention to buying opportunities on dips in the medium - to - long term. [1] Precious Metals and New Energy - **Gold**: Supported by the dual - liquidity easing expectations of the US fiscal and monetary policies, but there are still differences within the Fed regarding a December interest rate cut. The gold price may fluctuate in a high - level range. [1] - **Silver**: Boosted by liquidity, the silver price may be stronger in the short term. [1] - **Industrial Silicon**: Northwest production capacity is recovering, and the impact of the dry season is weakening. Polysilicon production in November is decreasing. [1] - **Polysilicon**: There is an expectation of production capacity reduction in the long term, and the terminal installation in the fourth quarter is increasing marginally. [1] - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong, but there is high hedging pressure. [1] Steel and Iron - **Rebar**: There are concerns about potential weakening of industrial demand in the off - season. After the macro sentiment is realized, attention should be paid to the upward pressure on prices. [1] - **Hot Rolled Coil**: The off - season effect is not obvious, but the industrial structure is still loose. Attention should be paid to the upward pressure on prices after the macro sentiment is realized. [1] - **Iron Ore**: The near - month contract is restricted by production cuts, but the far - month contract still has upward potential due to good commodity sentiment. [1] - **Coking Coal and Coke**: Coking coal is struggling at the previous high. Coke's price includes the expectation of five rounds of price increases, but the steel - coking game is intense. It is recommended to wait and see in the short term and go long at low levels in the medium - to - long term. [1] Agricultural Products - **Palm Oil**: A 4% production cut in Malaysia in early November fails to drive inventory reduction, and the domestic supply in the fourth quarter is relatively loose. [1] - **Soybean Oil**: China's commitment to purchase US soybeans has no substantial impact on soybean oil, and the domestic inventory is decreasing. It is recommended to be long in arbitrage. [1] - **Cotton**: The new domestic cotton harvest is expected to be good, and the purchase price supports the cost of lint. The downstream demand is weak, but there is rigid restocking demand. The cotton market is currently in a situation of "having support but no driver". [1] - **Sugar**: The global sugar supply changes from shortage to surplus, and the domestic new - crop supply pressure increases year - on - year. The Zhengzhou sugar price is expected to follow the decline of the raw sugar price. [1] - **Corn**: The short - term market has a strong willingness to purchase high - quality corn, and the spot price is firm. The upward movement of the futures price lacks strong drivers before the supply pressure is fully released. [1] - **Soybeans**: The domestic soybean purchase and crushing profit is poor, and the purchase progress for the 12 - 1 ship is slow. The domestic futures are expected to follow the US market and move sideways and strongly before the USDA report. [1] Energy and Chemicals - **Crude Oil**: OPEC+ plans to maintain a small increase in production in December. The short - term geopolitical situation cools down, and the market sentiment eases. [1] - **Fuel Oil**: Similar to crude oil, affected by OPEC+ production plans, geopolitical situation, and market sentiment. [1] - **Asphalt**: The raw material cost has strong support, the futures - spot price difference is low, and the commodity market sentiment is positive. [1] - **Natural Rubber**: The cost of butadiene provides insufficient support, the synthetic rubber supply is loose, and the price has stopped falling recently. [1] - **PTA**: Gasoline profit and low benzene price support PX. Overseas and domestic device problems lead to a decline in PTA production. [1] - **Ethylene Glycol**: The ethylene glycol price follows the decline of the crude oil price, and the coal - based cost support strengthens slightly. [1] - **Short Fiber**: The short - fiber price closely follows the cost due to the support of PX and the strengthening of the basis. [1] - **Benzene and Styrene**: The Asian benzene price is weak, the US benzene price rises, and the number of styrene overhauls increases. [1] - **Urea**: The export sentiment eases, the domestic demand is insufficient, but there is support from anti -内卷 policies and the cost end. [1] - **PP**: New production capacity is released, the overhaul intensity weakens, and the downstream improvement is less than expected. [1] - **PVC**: The market returns to fundamentals, the number of overhauls increases slightly, but demand weakens. [1] - **Caustic Soda**: Guangxi alumina starts delivery, the subsequent overhaul concentration decreases, the caustic soda inventory decreases, and there is a risk of a squeeze in the near - month contract. [1] - **LPG**: The international oil and gas fundamentals are loose, the CP/FEI price weakens, and the domestic LPG fundamentals are stable. [1] Shipping - **Container Shipping to Europe**: The macro - positive sentiment is gradually digested, the peak - season price increase expectation is priced in advance, and the shipping capacity supply in November is relatively loose. [1]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Malaysian BMD crude palm oil futures are in low - level volatile consolidation, with a potential upward rebound but also a risk of technical decline due to concerns about export slowdown and high seasonal production. In China, there is a possibility of a short - term breakthrough to fill the gap around 8,950 yuan. - Before the USDA monthly report, the upside of CBOT soybean oil is limited. In China, recent factory soybean oil inventory reduction boosts the basis quote, but overall market demand is limited as it is not the stocking season [1]. 2.2 Pork - Spot prices are weak, and supply is normal. The overall slaughter plan completion is fast. Based on the planned November slaughter volume, the slow progress may boost November pig prices. The market is in a range - bound pattern, and when prices fall to previous lows, second - round fattening may increase. The 3 - 7 spread reverse arbitrage can be held [3]. 2.3 Meal - The market is waiting for the USDA monthly report. There is an expectation of a decrease in soybean yield, and three US soybean importers have resumed licenses, strengthening the support for US soybeans. However, China's 13% tariff on US soybeans affects export. In China, high soybean inventory and reserve rotation expectations suppress the market. The soybean meal market is expected to be in a narrow - range shock [7]. 2.4 Corn - In the Northeast, prices rise with the increase in northern port prices and state reserve purchases. In North China, price - holding sentiment is strong, and deep - processing enterprises raise prices to purchase. Although there is selling pressure due to concentrated supply, prices are also supported by costs and policies. In the short term, the reduction in corn supply leads to a rebound in the futures market, but the rebound is limited [9]. 2.5 Sugar - After short - covering, raw sugar rebounded from around 14 cents/pound. Heavy rainfall in Brazil may affect sugarcane crushing. India plans to export 150 tons of sugar, but exports are uncertain. In China, due to import quotas, the opening of the sugar - pressing season in Guangxi may be postponed, and prices are expected to fluctuate [14][15]. 2.6 Cotton - The US cotton market is in low - level volatile consolidation. China's cancellation of additional tariffs on US agricultural products restores some confidence in US cotton purchases, but global high yields limit the market. In China, the Zhengzhou cotton market faces hedging pressure but also has cost support. The overall demand is weak, and short - term prices are expected to fluctuate within a range [16]. 2.7 Eggs - The inventory of laying hens in November is expected to remain high, and egg supply pressure persists. Consumption is weak, and the market is in an inventory digestion period. Current egg prices are at a bottom - range, supported by farmers' reluctance to sell and traders' potential bargain - hunting [18]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 12, the spot price in Jiangsu was 8,560 yuan, up 0.12% from the previous day; the futures price of Y2601 was 8,288 yuan, up 0.61%; the basis was 272 yuan, down 12.82%. Warehouse receipts decreased by 1.44% [1]. - **Palm Oil**: The spot price in Guangdong was 8,620 yuan, up 0.12%; the futures price of P2601 was 8,744 yuan, down 0.30%; the basis was - 124 yuan, up 22.50%. The import cost decreased by 0.59%, and the import profit increased by 6.07% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10,110 yuan, up 0.80%; the futures price of OI601 was 9,840 yuan, up 0.66%; the basis was 270 yuan, up 5.88% [1]. 3.2 Pork - **Futures**: The basis of the main contract decreased by 71.79%. The prices of live hog 2605 and 2601 increased by 0.58% and 0.34% respectively. The 1 - 5 spread decreased by 9.68%, and the main contract positions decreased by 4.52% [3]. - **Spot**: Spot prices in most regions decreased. The daily slaughter volume increased by 1.04%, the weekly white - striped pork price decreased by 0.53%, the weekly piglet price decreased by 15.00%, and the monthly breeding sow inventory decreased by 0.07% [3]. 3.3 Meal - **Soybean Meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%; the futures price of M2601 was 3,028 yuan, up 0.16%; the basis decreased by 250.00%. The import crushing profit from Brazil increased by 36.4% [7]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,500 yuan, down 1.19%; the futures price of RM2601 was 2,494 yuan, down 0.24%; the basis decreased by 80.00%. The import crushing profit from Canada remained unchanged [7]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract increased by 0.36%, and the basis decreased by 7.81%. The spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean No. 2 contract increased by 0.16%, and the basis decreased by 3.23% [7]. 3.4 Corn - **Corn**: The price of corn 2601 remained unchanged, the Pingcang price in Jinzhou Port increased by 0.46%, the basis increased by 333.33%, the 1 - 5 spread increased by 3.90%, and the import profit increased by 3.69% [9]. - **Corn Starch**: The price of corn starch 2601 remained unchanged, and the basis remained unchanged [9]. 3.5 Sugar - **Futures**: The price of sugar 2601 decreased by 0.04%, the price of ICE raw sugar increased by 2.03%, and the 1 - 5 spread decreased by 2.90% [14]. - **Spot**: The spot price in Nanning remained unchanged, and the price in Kunming decreased by 0.27%. The national cumulative sugar production increased by 12.03%, the cumulative sales increased by 9.17%, and the industrial inventory decreased by 41.20% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 decreased by 0.26%, the price of cotton 2601 decreased by 0.33%, the price of ICE US cotton increased by 1.39%, and the 5 - 1 spread increased [16]. - **Spot**: The Xinjiang arrival price and CC Index increased slightly, and the FC Index decreased by 0.53%. The commercial inventory increased by 70.4%, the industrial inventory increased by 9.7%, and the import volume increased by 42.9% [16]. 3.7 Eggs - **Futures**: The prices of egg contracts 12 and 01 decreased by 2.82% and 1.51% respectively. The basis increased by 55.82%, and the 12 - 01 spread decreased by 17.19% [18]. - **Spot**: The egg - producing area price decreased by 0.29%, the egg - chick price remained unchanged, the culled - hen price decreased by 1.95%, and the breeding profit decreased by 8.51% [18].