Group 1 - The domestic futures market for soybean experienced a decline, with the main contract opening at 4134.00 CNY/ton and reaching a high of 4213.00 CNY/ton, reflecting a 1.94% increase [1] - Brazil's National Supply Company (CONAB) forecasts a record soybean production of 177.6 million tons for the 2025/26 season, slightly down from the previous estimate of 177.67 million tons, with planting area adjusted to 4.906 million hectares [1] - Analysts predict that the U.S. soybean crush volume for October may reach a historical high, according to a report from NOPA [1] Group 2 - Nanhua Futures indicates that the soybean spot prices are in a stalemate, remaining stable at high levels, with limited fluctuations in the Northeast production area and a cautious purchasing behavior from buyers [2] - The market is experiencing a lack of upward price momentum due to sufficient prior inventory and a closed price for state reserves limiting downward price movement [2] - The futures market shows a strong upward trend after a period of high-level consolidation, with bullish momentum continuing [2]

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - Brazilian soybean production is expected to continue increasing, and the oil market will fluctuate [1] - Palm oil has been under pressure recently due to inventory build - up expectations, declining exports, and rising production, but the expectation of biodiesel experiments still provides support, and it is not likely to fall sharply in the short term [2] - The passage of the bill by the US House of Representatives and the upcoming USDA report on the 14th will put some pressure on the oil market [2] Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 8752.00 yuan/ton, a change of +8 yuan or +0.09% [1] - The closing price of the soybean oil 2601 contract yesterday was 8316.00 yuan/ton, a change of +28.00 yuan or +0.34% [1] - The closing price of the rapeseed oil 2601 contract yesterday was 9975.00 yuan/ton, a change of +135.00 yuan or +1.37% [1] Spot - The spot price of palm oil in Guangdong was 8650.00 yuan/ton, a change of -30.00 yuan or -0.35%, and the spot basis was P01 - 102.00, a change of -38.00 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8460.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%, and the spot basis was Y01 + 144.00, a change of -18.00 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10330.00 yuan/ton, a change of +140.00 yuan or +1.37%, and the spot basis was OI01 + 355.00, a change of +5.00 yuan [1] Market Information Summary Brazilian Soybean Forecast - The estimated soybean production in Brazil for the 2025/26 season is 177.6016 million tons, an increase of 6.1199 million tons or 3.6% year - on - year [2] - The estimated soybean planting area in Brazil for the 2025/26 season is 49.0634 million hectares, an increase of 1.7169 million hectares or 3.6% year - on - year [2] - The estimated soybean yield in Brazil for the 2025/26 season is 3.62 tons per hectare, a decrease of 2.0 kg per hectare or 0.1% year - on - year [2] International News - The US House of Representatives has enough votes to pass the temporary appropriation bill, which will be submitted to Trump for signature today [2] - Indian palm oil imports in October were 602,381 tons, compared with 833,017 tons in September [2]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Report's Core View - The short - term trend of soybean meal, palm oil, and soybean oil futures prices is expected to be oscillating on the strong side, while the medium - term trend is expected to be oscillating [5][6][7]. 3. Summary According to Related Catalogs Soybean Meal (M) - **Day - to - day View**: Oscillating on the strong side [5] - **Medium - term View**: Oscillating [5] - **Reference View**: Oscillating on the strong side [5] - **Core Logic**: After the US government ended the shutdown, the market anticipates that the USDA monthly supply - demand report may lower the US soybean yield forecast. Irregular rainfall in the Brazilian soybean - growing areas has led to the replanting of some soybeans, adding concerns about global supply. In China, although the near - term soybean arrivals are sufficient and the soybean meal inventory is high, concerns about the far - term supply gap provide medium - and long - term support for soybean prices. In the short term, the soybean meal futures price is driven by cost and the expectation of the USDA report, but the rebound space is limited by the domestic spot market's loose pattern [5]. Palm Oil (P) - **Day - to - day View**: Oscillating on the strong side [7] - **Medium - term View**: Oscillating [7] - **Reference View**: Oscillating on the strong side [7] - **Core Logic**: The favorable biodiesel policy in Indonesia offsets the supply pressure, but the weak exports of Malaysian palm oil and the decline in India's import share still drag down the palm oil futures price. In China, the increase in palm oil purchases and the growing expectation of inventory accumulation mean there is a lack of short - term upward drivers. The palm oil market should focus on the production and sales data of Malaysian palm oil and the progress of Indonesia's biodiesel policy. In the short term, the overall price of edible oils has stopped falling and stabilized, the palm oil futures price is oscillating on the strong side, and the price spread between soybean oil and palm oil is being repaired [7]. Other Information on Time Cycles and Influencing Factors - **Time Cycle Definition**: Short - term refers to within one week, and medium - term refers to two weeks to one month (based on the previous day's night - session closing price) [6] - **Influencing Factors**: For soybean meal 2601, the influencing factors include China's tariffs on the US, import arrival rhythm, oil refinery operation rhythm, and inventory pressure; for soybean oil 2601, they include Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory; for palm 2601, they include the biodiesel attribute, Malaysian palm oil production and exports, Indonesian exports, the tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [6]

Report Overview - Date: November 14, 2025 - Publisher: Guotai Junan Futures 1. Report Industry Investment Ratings - Not provided in the report 2. Core Views - Palm oil: Lacks driving forces and is expected to trade sideways [2][8] - Soybean oil: With the stabilization of US soybeans, the spread between soybean oil and palm oil should continue to widen [2][6] - Soybean meal: Expected to trade in a bullish range, awaiting the USDA supply - demand report [2][13] - Soybean: Expected to trade in a bullish range, awaiting the report [2][13] - Corn: Expected to trade sideways [2][16] - Cotton: Lacks upward driving forces, and the futures price has slightly declined [2][20] - Eggs: Expected to maintain a sideways trend [2][26] - Live pigs: The spread between fat and standard pigs is weakening, and driving forces are emerging [2][28] - Peanuts: Attention should be paid to the spot market [2][32] 3. Summary by Commodity Palm Oil - **Fundamental Data**: Palm oil futures prices showed minor fluctuations, with the main contract closing at 8,752 yuan/ton during the day session, up 0.09%, and 8,712 yuan/ton at night, down 0.46%. Spot prices in Guangdong dropped by 50 yuan/ton to 8,570 yuan/ton [6] - **Macro and Industry News**: Indonesia's palm oil production from January - September was over 43 million tons, up 11% year - on - year, and exports were about 25 million tons, up 13.4% year - on - year. The government is considering expanding oil palm plantations by 600,000 hectares next year and will start B50 biodiesel road tests in early December. India's palm oil imports in October decreased compared to September [7][9][10] - **Trend Intensity**: 0, indicating a neutral trend [12] Soybean Oil - **Fundamental Data**: The main soybean oil contract closed at 8,316 yuan/ton during the day session, up 0.34%, and 8,328 yuan/ton at night, up 0.14%. Spot prices in Guangdong remained unchanged at 8,610 yuan/ton [6] - **Trend Intensity**: 0, indicating a neutral trend [12] Soybean Meal and Soybean - **Fundamental Data**: DCE soybean meal 2601 closed at 3,071 yuan/ton during the day session, up 0.59%, and 3,076 yuan/ton at night, up 0.46%. DCE soybean 2601 closed at 4,129 yuan/ton during the day session, up 0.27%, and 4,168 yuan/ton at night, up 1.12%. Spot basis remained mostly stable [13] - **Macro and Industry News**: CBOT soybean futures closed higher, reaching a 17 - month high. Analysts expect the USDA to lower US soybean production estimates in the upcoming report. The USDA will release the global supply - demand report on Friday [13][15] - **Trend Intensity**: +1 for both soybean meal and soybean, indicating a bullish trend [15] Corn - **Fundamental Data**: The main corn contract C2601 closed at 2,186 yuan/ton during the day session, up 0.37%, and 2,182 yuan/ton at night, down 0.18%. Spot prices in some regions showed slight increases [17] - **Macro and Industry News**: Northern corn port prices and Guangdong蛇口 prices increased slightly, and Northeast deep - processing corn prices strengthened [18] - **Trend Intensity**: 0, indicating a neutral trend [19] Cotton - **Fundamental Data**: CF2601 closed at 13,490 yuan/ton during the day session, down 0.18%, and 13,475 yuan/ton at night, down 0.11%. Spot prices in various regions declined slightly [20] - **Macro and Industry News**: Cotton spot trading weakened, and cotton yarn prices remained stable. ICE cotton futures continued to decline slightly [21] - **Trend Intensity**: 0, indicating a neutral trend [24] Eggs - **Fundamental Data**: Egg futures prices declined, with the 2512 contract closing at 3,040 yuan/500 kilograms, down 1.68%, and the 2601 contract closing at 3,530 yuan/500 kilograms, down 1.86%. Spot prices in some regions remained stable [26] - **Trend Intensity**: 0, indicating a neutral trend [26] Live Pigs - **Fundamental Data**: Futures prices of live pigs showed different degrees of increase, with the 2601 contract closing at 11,795 yuan/ton, up 40 yuan/ton. Spot prices in different regions had different changes [28] - **Market Information**: The national feed output in September was 30.36 million tons, up 3.4% month - on - month and 5% year - on - year [29] - **Trend Intensity**: - 1, indicating a bearish trend [30] Peanuts - **Fundamental Data**: Futures prices of peanuts showed slight increases, with the PK601 contract closing at 7,966 yuan/ton, up 0.71%. Spot prices in some regions increased [32] - **Spot Market Focus**: In Henan, Jilin, Liaoning, and Shandong, the peanut market showed a trend of low supply and relatively strong prices due to farmers' reluctance to sell [33] - **Trend Intensity**: 0, indicating a neutral trend [34]

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides individual outlooks for different agricultural products: - **Oils and Fats**: Expected to be fluctuating upward, with soybean oil, palm oil, and rapeseed oil all showing a bias towards strengthening [4]. - **Protein Meals**: Forecasted to have a fluctuating upward trend, including soybean meal and rapeseed meal [5]. - **Corn and Starch**: Anticipated to be fluctuating strongly in the short - term [6]. - **Hogs**: Predicted to be fluctuating weakly, with a "weak present + strong future" pattern [7]. - **Natural Rubber**: Expected to maintain a bottom - fluctuating and high - elasticity trend [9]. - **Synthetic Rubber**: Suggested to take a short - selling approach when prices are high [13]. - **Cotton**: Forecasted to have a short - term range - bound fluctuation and a long - term upward trend [13]. - **Sugar**: Expected to be fluctuating weakly in the medium - to - long - term and range - bound between 5400 - 5500 yuan/ton in the short - term [15]. - **Pulp**: Anticipated to be fluctuating, with a divergence between futures and spot markets [16]. - **Double - Glued Paper**: Forecasted to have a range - bound fluctuation, with a possible first - rising - then - falling trend [17]. - **Logs**: Expected to be fluctuating weakly at a low level [20]. 2. Core Viewpoints of the Report The report analyzes the market conditions of various agricultural products, including factors such as supply and demand, macro - environment, and industry policies. It provides short - term and medium - to - long - term outlooks for each product, highlighting potential investment opportunities and risks in the agricultural market. 3. Summary by Relevant Catalogs 3.1 Market Conditions and Outlook for Each Product - **Oils and Fats**: The market is affected by factors such as the USDA report, South American weather, and domestic soybean imports. Overall, it is expected to be fluctuating upward, with different trends for soybean oil, palm oil, and rapeseed oil [4]. - **Protein Meals**: Market expectations are that the supply - demand report will be bullish. With the US soybean harvest nearing completion and South American soybean sowing progressing smoothly, soybean meal and rapeseed meal are expected to have a fluctuating upward trend [5]. - **Corn and Starch**: The short - term supply shortage has not been alleviated, and prices are expected to be fluctuating strongly. However, there may be pressure on prices in the fourth quarter due to new grain listings [6][7]. - **Hogs**: The market shows a pattern of near - term weakness and long - term strength. Short - term supply is large, but long - term supply pressure may gradually ease in the second half of 2026 [7]. - **Natural Rubber**: Driven by a strong macro - environment, rubber prices are rising. However, there may be downward pressure on prices without strong expectations or macro - driving forces [9][11]. - **Synthetic Rubber**: The market is rebounding, but due to weak fundamentals and raw material pressure, it is recommended to take a short - selling approach when prices are high [13]. - **Cotton**: After the digestion of previous bullish factors, short - term upward momentum is weak. With increased supply expectations, prices may have a short - term correction, but the cost of new cotton provides support [13]. - **Sugar**: In the international and domestic markets, there is downward pressure on sugar prices in the medium - to - long - term due to expected supply surpluses. In the short - term, it is expected to fluctuate within a certain range [15]. - **Pulp**: The futures market is driven by capital, while the spot market is affected by factors such as weak demand and supply pressure. Overall, it is expected to be fluctuating [16]. - **Double - Glued Paper**: The market may show a first - rising - then - falling trend, with price rebounds in November and potential declines in December and the first quarter of 2026 [17]. - **Logs**: The market is affected by factors such as supply pressure, demand weakness, and inventory trends. Prices are expected to be fluctuating weakly at a low level [20]. 3.2 Key Information and Data - **Sugar**: On November 13, the Zhengzhou Sugar 01 contract closed at 5512 yuan/ton, up 34 yuan/ton from the previous day [1][13][15]. - **Protein Meals**: On November 12, 2025, the international soybean trade premium quotes were: US Gulf soybeans at 238 cents/bushel, down 5 cents/bushel or 2.06% from the previous day; US West soybeans at 225 cents/bushel, down 20 cents/bushel or 8.16%; South American soybeans at 220 cents/bushel, up 3 cents/bushel or 1.38%. On November 13, the average profit of Chinese imported soybean crushing was - 70.4 yuan/ton, up 26.32 yuan/ton or - 27.21% from the previous day [4][5]. - **Corn**: According to Mysteel, the FOB price at Jinzhou Port was 2200 yuan/ton, up 10 yuan/ton from the previous day. The closing price of the main contract was 2177 yuan/ton, up 0.93% [6]. - **Hogs**: On November 13, the price of live hogs (external ternary) in Henan was 11.86 yuan/kg, unchanged from the previous day; the closing price of the live hog futures (active contract) was 11860 yuan/ton, up 0.55% [7]. - **Natural Rubber**: On November 13, the RMB - denominated Thai mixed rubber in Qingdao Free Trade Zone was 14780 yuan/ton, up 80 yuan; the domestic full - latex old rubber was 14850 yuan/ton, up 100 yuan; the spot price of STR20 in the free trade zone was 1860, up 10 [9]. - **Cotton**: On November 13, the Zhengzhou Cotton 01 contract closed at 13490 yuan/ton, up 25 yuan/ton. The number of 24/25 annual warehouse receipts was 2220, down 15; the number of 25/26 annual warehouse receipts was 1960, up 311 [13]. - **Pulp**: According to Zhuochuang Information, the price of Russian softwood pulp in Shandong was 5125 yuan/ton, unchanged; the price of Pacific pulp was 5465 yuan/ton, up 25 yuan; the price of Silver Star pulp was 5565 yuan/ton, up 25 yuan. The price of Shandong Goldfish pulp was 4390 yuan/ton, up 15 yuan [15]. 3.3 Market Influencing Factors - **Macro - environment**: The end of the US government shutdown, the release of US economic data, the Fed's monetary policy, and OPEC's adjustment of global oil demand forecasts all have an impact on the agricultural product market [4][9]. - **Supply and demand**: Supply factors include factors such as planting area, yield, and import volume; demand factors include factors such as consumption and inventory. For example, the expected increase in sugar production in India, Thailand, and Brazil, and the new grain listing of corn all affect market supply; the consumption of soybean meal and the inventory of hogs affect market demand [1][4][5][6][7][13][15]. - **Industry policies**: Policies such as import policies for sugar syrup and pre - mixed powder, and the government's attention to hog production reduction all have an impact on the market [7][15].

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures saw a decline across all major contracts on November 13, with significant drops in various commodities [1] Group 1: Commodity Price Movements - Raw sugar futures decreased by 0.62%, closing at 14.43 cents per pound [1] - Cotton futures fell by 0.35%, ending at 64.58 cents per pound [1] - Cocoa futures experienced a decline of 2.57%, closing at $5,609 per ton [1] - Coffee futures dropped by 1.08%, finishing at 372.60 cents per pound [1]

（文章来源：每日经济新闻） 每经AI快讯，当地时间11月13日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘多数上涨，大 豆期货涨1.08%报1146.00美分/蒲式耳，玉米期货涨1.61%报442.25美分/蒲式耳，小麦期货跌0.18%报 551.50美分/蒲式耳。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed oil market is expected to continue its upward trend due to inventory depletion and overseas bio - fuel policies [1][2]. - The apple market may maintain its strength because of low inventory and tight deliverable supplies [1][3]. - The egg market is likely to keep falling as a result of high hen inventory and weakening demand [1][5]. - The hog market will continue to fluctuate at a low level, with a slight short - term rebound but limited space [7]. - The soybean meal market will run at a high level with short - term strength, suitable for short - term trading [9]. - The corn market is expected to keep rising, supported by policy and downstream restocking [11]. - The jujube market will continue to decline due to new jujube listings and high inventory [13]. - The cotton market is likely to fall as supply increases [15]. - The sugar market is expected to rise, driven by external market trends and domestic supply shortages [17]. 3. Summary by Variety Rapeseed Oil - The rapeseed oil主力 2601 contract has been rising strongly, supported by overseas bio - fuel policies and inventory depletion. As of the end of the 45th week in 2025, domestic imported rapeseed oil inventory was 51.6 million tons, a 10% week - on - week decrease. The strategy is to hold light long positions [2]. Apple - The apple主力 2601 contract reached a new high this year, supported by low inventory. As of November 12, the national apple cold - storage inventory was 764.24 million tons, a year - on - year decrease of 10.59%. The strategy is to hold light long positions with support at 9200 and resistance at 9500 [3]. Egg - The egg主力 2601 contract has been falling sharply, pressured by sufficient supply and weakening demand. The strategy is to hold light short positions with support at 3250 and resistance at 3303 [5]. Hog - The hog主力 2601 contract first declined and then rebounded, continuing to fluctuate at a low level. The strategy is to close short positions, with support at 11690 and resistance at 11970 [7]. Soybean Meal - The soybean meal主力 2601 contract has been rising in a volatile manner, running at a high level. The strategy is short - term trading, with support at 3050 and resistance at 3089 [9]. Corn - The corn主力 2601 contract has been rising strongly, supported by policy and downstream restocking. The strategy is to hold light long positions, with support at 2170 and resistance at 2200 [11]. Jujube - The jujube主力 2601 contract has been falling sharply, pressured by new jujube listings and high inventory. As of the week of November 6, the inventory of 36 sample physical warehouses was 9541 tons, a 2.06% week - on - week increase. The strategy is to hold light short positions, with support at 9150 and resistance at 9360 [13]. Cotton - The cotton主力 2601 contract has been falling in a volatile manner, pressured by increased supply. The strategy is to try light short positions, with support at 13435 and resistance at 13545 [15]. Sugar - The sugar主力 2601 contract has been rising strongly, driven by external market trends and domestic supply shortages. The strategy is to hold light long positions, with support at 5473 and resistance at 5519 [17].

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - **Soybean Meal**: Market sentiment is bullish, but due to the lack of obvious bullish drivers, it is recommended to be cautious when chasing long positions. Technical operations are advised, and attention should be paid to the opportunities of going long on dips. Keep an eye on the USDA report and the soybean planting situation in Brazil [1][3] - **Rapeseed Meal**: Market sentiment is bullish, but the rebound space of the main and near - month contracts may be limited due to the current fundamental factors. Focus on the subsequent progress of China - Canada trade [1][6] - **Palm Oil**: It has temporarily stopped falling and is in a consolidation phase. There is still a risk of inventory accumulation, so it is necessary to be cautious when chasing long positions. Pay attention to the fluctuations in import profits [1][8] - **Soybean Oil**: It is in a short - term rebound. Due to the lack of strong bullish drivers, it is treated as a rebound for the time being. In stage operations, pay attention to the opportunities of going long on dips. Monitor the progress of US biodiesel and China - US trade [1] - **Rapeseed Oil**: It has stopped falling and rebounded in the short term. The zero - start of coastal oil mills, zero inventory of rapeseed, and a significant decline in port inventory have driven up the domestic rapeseed oil price [1] - **Cotton**: It is in a short - term adjustment. The international market is expected to be volatile and bullish in the short term, while the domestic market is digesting the supply pressure of the new season. The consumption of cotton - related products may not be overly pessimistic in the future. Pay attention to the low - buying opportunities within the month and the impact of the USDA supply - demand balance sheet on the domestic market [1][12] - **Red Dates**: It is recommended to be cautiously bearish. The market is expected to be volatile and bearish, but considering the strong basis and possible production cuts, the downside space may be limited for the time being. Short - selling operations should be carried out at high levels based on the changes in the mainstream purchase price and purchase progress [1][15] - **Live Pigs**: Be vigilant about the rebound. The supply pressure in Q4 remains high. It is recommended to short - sell on rebounds for near - month contracts, be vigilant about the rebound risk of the 01 contract, and pay attention to the 03 contract. For arbitrage, focus on the reverse - spread opportunities during the downward repair of the far - month premium [1][18] Summaries According to Relevant Catalogs Soybean Meal - **Price and Spread**: The latest futures price of the main contract is 3059 yuan/ton, up 0.16% from the previous day. The national average spot price is 3097.71 yuan/ton, down 0.21%. The basis and spreads of different contracts have changed to varying degrees [2] - **Inventory and Supply - demand**: As of November 7, 2025, the national port soybean inventory is 1033.4 million tons, an increase of 70.5 million tons from last week. The soybean inventory of 125 oil mills is 761.95 million tons, an increase of 7.20%. The soybean meal inventory is 99.86 million tons, a decrease of 13.39%. The inventory days of domestic feed enterprises are 7.75 days, a decrease of 3.39% [3] Rapeseed Meal - **Price and Spread**: The latest futures price of the main contract is 2494 yuan/ton, down 0.24% from the previous day. The national average spot price is 2588.95 yuan/ton, down 1.09%. The basis and spreads of different contracts have changed [4] - **Inventory and Supply - demand**: As of November 7, the coastal oil mills' rapeseed inventory is 0 million tons, and the rapeseed meal inventory is 0.5 million tons, a decrease of 0.21 million tons. The international rapeseed production has recovered, and the domestic rapeseed meal is in a de - stocking state, but the demand is in the off - season [6] Palm Oil - **Price and Spread**: The latest futures price of the main contract is 8744 yuan/ton, down 0.30% from the previous day. The national average price is 8755 yuan/ton, down 0.68%. The import cost has increased, and the basis and spreads of different contracts have changed [7] - **Inventory and Supply - demand**: As of November 7, 2025, the national key area commercial inventory is 59.73 million tons, an increase of 0.76%. The production in Malaysia in October has increased, and the export data varies. The palm oil is in a state of weakening supply - demand, with a continuous inventory accumulation expectation [8] Cotton - **Price and Spread**: The latest futures price of the main contract is 13515 yuan/ton, down 0.33% from the previous day. The spot price has a slight increase. The basis and spreads of different contracts have changed, and the spinning profit has improved [9] - **Inventory and Supply - demand**: The new cotton harvesting in the US, India, Pakistan, and Brazil is in progress. The domestic new cotton harvesting is nearly completed, the cost is basically locked, the inventory has increased, and the demand is showing signs of improvement [10][11] Red Dates - **Price and Spread**: The latest futures price of the main contract is 9365 yuan/ton, down 1.37% from the previous day. The spot price is relatively stable, the basis has changed, and the profit has decreased [13] - **Inventory and Supply - demand**: The Xinjiang main - producing area is in the concentrated harvesting stage, the inventory has increased, and the downstream demand for new products is weak [15] Live Pigs - **Price and Spread**: The latest futures price of the main contract is 11795 yuan/ton, up 0.34% from the previous day. The spot price has a slight increase, the basis and spreads of different contracts have changed [16] - **Inventory and Supply - demand**: The short - term supply pressure is not prominent, the medium - term supply pressure in Q4 is confirmed, and the long - term capacity reduction needs to be further promoted. The demand is gradually stabilizing, and the slaughter and sales volume have increased [17][18]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Protein Meal**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. - **Oils**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. - **Sugar**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. - **Cotton**: The cotton price is expected to continue to fluctuate in the short term [16]. - **Eggs**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. - **Pigs**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22]. 3. Summary by Related Catalogs Protein Meal - **Market Information**: Overnight, CBOT soybeans rose slightly. Brazilian soybean premiums were stable on Wednesday, and the cost of imported soybeans remained unchanged. The domestic soybean meal spot price was stable, with the East China price at 2,990 yuan/ton. MYSTEEL statistics showed that the domestic port soybean inventory exceeded 10 million tons last week. MYSTEEL predicted that the soybean crushing volume of oil mills this week would be 2.1579 million tons, compared with 1.8057 million tons last week [2]. - **Strategy**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. Oils - **Market Information**: ITS and AMSPEC data showed that the export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month. SPPOMA data showed that the production of Malaysian palm oil in the first 5 days of November increased by 6.8% month - on - month, and the production from November 1 - 10 decreased by 2.16% compared with the same period last month. The 2025/26 annual rapeseed production in Australia is expected to be 6.3 million tons. Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons. On Wednesday, the domestic oil prices showed a differentiated trend [7]. - **Strategy**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the Zhengzhou sugar January contract was 5,478 yuan/ton, a decrease of 2 yuan/ton or 0.04% from the previous trading day. The survey showed that the sugar production in the central and southern regions of Brazil is expected to increase by 7.8% to 1.92 million tons in the second half of October. Datagro lowered its forecast for the global sugar market surplus in the 2025/26 season to 1 million tons [12]. - **Strategy**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the Zhengzhou cotton January contract was 13,515 yuan/ton, a decrease of 45 yuan/ton or 0.33% from the previous trading day. As of the week of November 7, the spinning mill operating rate was 65.4%. On November 11, the purchase index of machine - picked cotton in Xinjiang decreased by 0.02 yuan/kg to 6.23 yuan/kg, and the purchase index of hand - picked cotton decreased by 0.02 yuan/kg to 6.92 yuan/kg [15]. - **Strategy**: The cotton price is expected to continue to fluctuate in the short term [16]. Eggs - **Market Information**: The national egg price was generally stable with a slight decline yesterday. The average price in the main production areas dropped by 0.01 yuan to 2.95 yuan/jin. The supply was stable, the market demand was average, and it is expected that today's egg price will be mainly stable with a few narrow adjustments [18]. - **Strategy**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. Pigs - **Market Information**: The domestic pig price mainly declined yesterday. The average price in Henan dropped by 0.14 yuan to 11.84 yuan/kg, in Sichuan dropped by 0.1 yuan to 11.43 yuan/kg, and in Guangxi dropped by 0.13 yuan to 11.46 yuan/kg. The demand was weak, and it is expected that today's pig price will continue to decline [21]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22].