Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on September 12, with raw sugar futures decreasing by 0.06% to 15.81 cents per pound [1] - Cotton futures increased by 0.06% to 66.76 cents per pound [1] - Cocoa futures fell by 0.72% to $7474.00 per ton [1] - Coffee futures rose by 2.89% to 397.25 cents per pound [1]

Report Industry Investment Ratings - **Buy Recommendations**: Soybean (★★★), Soybean Meal (★★★), Soybean Oil (★★★), Palm Oil (★★★), Egg (★★★) [1] - **Sell Recommendations**: None - **Hold Recommendations**: Rapeseed Meal (★☆☆), Rapeseed Oil (★☆☆), Corn (★★★), Live Pig (★★★) [1] Core Viewpoints - The short - term market trends of various agricultural products are mainly volatile, and different products have different driving factors. Market participants need to pay attention to policy, weather, trade results, and other information. For some products, a low - buying strategy can be considered, while for others, a wait - and - see approach is recommended [2][3][4] Summary by Related Catalogs Soybean - The main domestic soybean futures contract rebounded from a low, basically recovering the decline in the first half of the week. The domestic soybean auction on Friday had poor results, with all 36,112 tons up for sale at a base price of 4,100/4,150 yuan/ton failing to sell. The short - term supply exceeds demand, and the market is concerned about future supply pressure due to the expected good harvest this year. Policy and new - crop yield performance should be continuously monitored [2] Soybean & Soybean Meal - As of September 4, the net export sales of US soybeans for the 2025/2026 season were 541,000 tons, down from 818,000 tons the previous week. As of September 9, about 22% of US soybean - growing areas were affected by drought. The USDA will release a September supply - demand report on the early morning of September 13. The market expects a reduction in soybean yield, which is bullish for US soybeans. The short - term market may continue to be volatile and bullish, and a low - buying strategy is recommended [3] Soybean Oil & Palm Oil - Before the US Department of Agriculture's supply - demand report, the market expects a decline in US soybean yield, US soybean exports, and Argentine soybean planting area. Domestic soybean oil and palm oil prices are volatile. In the medium term, palm oil is in a seasonal production - reduction cycle. In the long term, biodiesel policies in Indonesia and the US support industrial demand for vegetable oils, and the aging of palm trees may have a bottom - supporting effect on soybean and palm oils. A low - buying strategy can be considered [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed products declined slightly. The market is waiting for the US agricultural supply - demand report. Canadian rapeseed harvesting is underway, and there is no new progress in China - Canada economic and trade relations. Ukraine's tariff on oilseed exports may affect its exports to the EU. Canadian and Australian rapeseed may expand into the EU market, potentially stabilizing global rapeseed prices. Domestic rapeseed product demand is suppressed, and inventory reduction is slow. The price center of rapeseed futures may move slightly upward [6] Corn - Corn futures were volatile and bearish today. CGC imported about 190,000 tons of corn for auction, with a 34% transaction rate. Shandong's spot supply remains loose, while the spot price at Northeast ports is strong. New - crop corn may be delayed due to heavy rainfall in the Northeast. Corn prices may be volatile and bullish before the new - crop harvest, and Dalian corn futures may be bearish at the bottom after the harvest enthusiasm fades [7] Live Pig - Live pig futures were volatile and adjusted, with an increase in open interest. Spot prices were stable and slightly bullish. In the second half of the year, supply pressure is high due to the continuous realization of previous production capacity. The market is waiting for the results of the live pig production capacity regulation symposium on September 17. The current main - contract futures price has fallen close to the initial level, and a wait - and - see approach is recommended [8] Egg - Egg spot prices continued to rise, while distant - month futures contracts declined significantly, and near - month contracts were supported by the rising spot price. The market is in a seasonal rebound window. The industry has a high inventory problem, and capacity reduction is still needed. The pressure of new - laying hens is expected to decrease by the end of the year, and the peak of this round of production capacity is expected to be reached in the fourth quarter. A long - position strategy can be considered for distant - month contracts next year, and attention should be paid to the exit of short - position funds from near - month contracts [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The upward momentum of corn futures is insufficient, and the price has stopped rising and fallen. It is recommended to wait and see in the short - term. For corn, the USDA crop growth report shows a decline in the excellent - good ratio, increasing the expectation of a production cut. Domestically, the supply is increasing while the short - term purchasing power of downstream enterprises is weak, but the higher opening price of new - season corn has a positive impact on the market mood. For corn starch, the industry's operating rate is low, the inventory pressure has decreased, but the inventory is still high, and the substitution advantage of other starches is squeezing the market demand. It is also recommended to wait and see in the short - term [9][13] 3. Summary of Each Section 3.1. Weekly Highlights Summary - **Corn**: The closing price of the main 2511 contract was 2197 yuan/ton, a decrease of 27 yuan/ton from the previous week. The USDA's crop growth report showed that as of September 7, 2025, the excellent - good ratio of US corn was 68%. Domestically, the supply is increasing, and the short - term purchasing power of downstream enterprises is weak. However, the higher opening price of new - season corn has a positive impact on the market mood. The upward momentum of the futures price is insufficient, and the bulls tend to take profits [8][9][10] - **Corn Starch**: The closing price of the main 2511 contract was 2474 yuan/ton, a decrease of 45 yuan/ton from the previous week. Currently, the raw material corn in the north is in the stage of new - old alternation. Some enterprises have new overhauls, and the industry's operating rate is low. The inventory pressure has decreased, but the inventory is still high, and the substitution of other starches is squeezing the market demand. It is affected by the decline of corn and its own weak demand, and the overall trend is weaker than that of corn [14] 3.2. Spot - Futures Market - **Futures Price and Position Changes**: The 11 - month contract of corn futures fluctuated and closed lower, with a total position of 851,763 lots, a decrease of 63,874 lots from the previous week. The 11 - month contract of corn starch futures fluctuated and closed down, with a total position of 217,054 lots, an increase of 19,202 lots from the previous week [19] - **Top 20 Net Position Changes**: The top 20 net position of corn futures this week was - 44,942, and the net short position decreased compared with last week. The top 20 net position of starch futures was - 47,970, and the net short position increased compared with last week [25] - **Futures Warehouse Receipts**: The registered warehouse receipts of yellow corn were 47,454 lots, and the registered warehouse receipts of corn starch were 9,950 lots [31] - **Spot Price and Basis**: As of September 11, 2025, the average spot price of corn was 2365.49 yuan/ton, and the basis between the 11 - month active contract of corn and the average spot price was + 168 yuan/ton. The spot price of corn starch in Jilin was 2800 yuan/ton, and in Shandong was 2900 yuan/ton, with a stable - to - weak trend this week. The basis between the 11 - month contract of corn starch and the spot price in Changchun, Jilin was 326 yuan/ton [36][41] - **Futures Inter - month Spread**: The 11 - 1 spread of corn was 30 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 13 yuan/ton, also at a medium level in the same period [47] - **Futures Spread**: The spread between the 11 - month contract of starch and corn was 277 yuan/ton. In the 37th week of 2025, the spread between Shandong corn and corn starch was 416 yuan/ton, an increase of 56 yuan/ton from the previous week [55] - **Substitute Spread**: As of September 11, 2025, the average spot price of wheat was 2426 yuan/ton, and that of corn was 2365.49 yuan/ton, with a wheat - corn spread of 60.51 yuan/ton. In the 37th week of 2025, the average spread between tapioca starch and corn starch was 223 yuan/ton, an increase of 11 yuan/ton from the previous week [60] 3.3. Industry Chain Situation - Corn - **Supply Side** - **Port Inventory**: As of September 5, 2025, the domestic trade corn inventory in Guangdong Port was 65.6 tons, a decrease of 7.90 tons from the previous week; the foreign trade inventory was 0 tons, the same as last week. The corn inventory in the four northern ports was 94.5 tons, a decrease of 18.2 tons week - on - week; the shipping volume of the four northern ports was 33.7 tons, an increase of 9.70 tons week - on - week [51] - **Monthly Import Volume**: In July 2025, China's ordinary corn imports were 60,000 tons, a decrease of 1.03 million tons or 94.50% compared with the same period last year, and a decrease of 10,000 tons from the previous month [69] - **Feed Enterprise Inventory**: As of September 11, the average inventory of national feed enterprises was 26.91 days, a decrease of 0.72 days from the previous week, a month - on - month decrease of 2.61%, and a year - on - year decrease of 8.16% [73] - **Demand Side** - **Livestock Inventory**: As of the end of the second quarter of 2025, the pig inventory was 424.47 million, a year - on - year increase of 2.2%. As of the end of July, the inventory of breeding sows was 40.42 million, a decrease of 10,000 from the previous month, 103.6% of the normal reserve of 39 million [77] - **Breeding Profit**: As of September 5, 2025, the breeding profit of self - bred and self - raised pigs was 52.65 yuan/head, and the breeding profit of purchased piglets was - 126.24 yuan/head [81] - **Processing Enterprise Profit**: As of September 11, 2025, the corn starch processing profit in Jilin was - 154 yuan/ton. The corn alcohol processing profit in Henan was - 415 yuan/ton, in Jilin was - 730 yuan/ton, and in Heilongjiang was - 257 yuan/ton [86] 3.4. Industry Chain Situation - Corn Starch - **Supply Side** - **Enterprise Inventory**: As of September 10, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 2.487 million tons, a decrease of 8.26% [90] - **Starch Enterprise Operating Rate and Inventory**: From September 4 to September 10, 2025, the total national corn processing volume was 510,300 tons, a decrease of 5200 tons from the previous week; the weekly national corn starch output was 243,900 tons, a decrease of 2900 tons from the previous week; the weekly operating rate was 47.14%, a decrease of 0.56% from the previous week. As of September 10, the total starch inventory of national corn starch enterprises was 1.226 million tons, a decrease of 39,000 tons from the previous week, a weekly decrease of 3.08%, a monthly decrease of 6.98%, and a year - on - year increase of 40.27% [94] 3.5. Option Market Analysis - As of September 12, the implied volatility of the options corresponding to the main 2511 contract of corn was 9.08%, a decrease of 0.31% from 9.39% in the previous week. The implied volatility fluctuated and decreased this week, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility [97]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [1][3][5] Core Viewpoints - The soybeans market is facing increased supply pressure due to the sporadic listing of new - season early - maturing soybeans in the Northeast region, and there is a downward price expectation. The peanut market has limited supply increase and weak demand, with new peanuts having high moisture content and low willingness from demand - side to stockpile [1][3][4] Summary by Related Catalogs Soybean Market Analysis - **Futures and Spot Data**: The closing price of the soybean 2511 contract was 3945.00 yuan/ton, up 34.00 yuan/ton (+0.87%) from the previous day. The edible soybean spot basis was A11 + 275, down 34 (-32.14%) from the previous day [1] - **Market Information**: New - season soybeans are sporadically listed in the Northeast market. The price of commodity beans is 2 yuan/jin, and the price of sprout beans is 2.2 yuan/jin. The purchase volume is currently small. With the increase in new - grain listing and continuous auction of old - grain from state - reserve warehouses, the price is expected to decline. The prices of standard - grade first - class soybeans in various regions of Heilongjiang remained stable compared to the previous day [1] - **Market Trends**: The soybean futures recovered part of the previous day's decline. The soybean price in the Hubei and Hunan regions stopped falling and stabilized, with increased sales and stable market sentiment. The market is focusing on the purchase price trends of large enterprises such as Xiangyu and CGS in the Heilongjiang region. The overall soybean market is in a wait - and - see state, with some grain merchants reducing prices to clear inventory, while holders of high - quality soybeans have stable attitudes and firm quotes [2] Peanut Market Analysis - **Futures and Spot Data**: The closing price of the peanut 2510 contract was 7786.00 yuan/ton, down 8.00 yuan/ton (-0.10%) from the previous day. The average spot price of peanuts was 8300.00 yuan/ton, down 160.00 yuan/ton (-1.89%) month - on - month. The spot basis was PK10 + 414.00, down 192.00 (-31.68%) month - on - month [3] - **Market Information**: The average price of general - quality peanuts in the national market was 4.23 yuan/jin, basically stable. In Henan, the price of Baisha general - quality peanuts was 4.35 - 4.5 yuan/jin, and the price of 8 - sieve peanuts was 4.85 - 4.9 yuan/jin. In Shandong, the contract purchase price of oil - making peanuts in oil mills was 7800 - 7900 yuan/ton, and the contract purchase price of general - quality peanuts was about 8400 yuan/ton. The trading volume and arrival volume were small, mainly relying on external supply [3] - **Market Trends**: Peanut futures maintained a volatile trend. The supply increase was limited, and the farmers' delivery volume was limited. The listing volume of new peanuts increased in some areas of Hebei, while it remained low in Shandong. The remaining supply in Jiangxi, Hubei and other producing areas was limited, and the quotes of low - moisture new peanuts were firm. However, the market demand was still average, and traders purchased on a need - to - use basis. Due to the high moisture content of new peanuts, demand - side was reluctant to stockpile, and some oil mills made small - quantity purchases [3][4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Corn: In the current new - old crop transition period, the spot market shows weak prices in North Ports and strong prices in production areas, with chaotic and differentiated quotes. Corn futures prices can move up or down. The short - term 11 - month contract has a pressure area at 2180 - 2200, with a short - term adjustment expected and a medium - term bearish outlook due to expected high yields and lower costs [1]. - Soybean and Soybean Meal: CBOT soybeans rose on Thursday. Analysts expect a decrease in US soybean yield, export estimates, and a slight reduction in inventory. Domestic soybean meal prices are mainly oscillating, with stable import costs, sufficient domestic supply, and increased apparent consumption. Short - term participation is recommended [1]. - Oils: BMD palm oil closed higher on Thursday, but weak demand curbed the increase. Canadian rapeseed and US soybean oil also rose. Domestic oil futures prices are oscillating. Strategies include trading volatility or selling put options [1]. - Eggs: Egg futures oscillated on Thursday. Seasonal increases support spot prices, but supply pressure limits the rebound. With the current long - short game, it is recommended to wait and see and focus on market sentiment and supply - side changes [1][2]. - Pigs: Pig futures continued to oscillate on Thursday. Spot prices are generally stable with partial adjustments. The short - term fundamentals are stable, and the market is waiting for policy guidance [2]. Summary by Related Catalogs Market Information - EU Soft Wheat and Corn: The EU's 2025/26 soft wheat production is expected to reach a record high of 136.1 million tons, up 330,000 tons from last month's forecast and 19.8% higher than the previous season. However, EU soft wheat exports are weak due to Russian competition and lack of Chinese imports. The EU's corn production forecast is lowered to 55.7 million tons, a 5.4% decrease from 2024/25 due to adverse weather [3]. - Malaysian Palm Oil: From September 1 - 10, 2025, Malaysian palm oil's yield, oil extraction rate, and production decreased compared to the same period last month [3]. - Imported Soybean Auction: On September 11, the National Grain Trading Center planned to auction 22,524.3 tons of imported soybeans, all of which were sold at an average price of 3801 yuan/ton [4]. Variety Spreads - Contract Spreads: The report provides charts of 1 - 5 spreads for various agricultural products including corn, corn starch, soybeans, soybean meal, eggs, and pigs [5][6][7][11]. - Contract Basis: The report provides charts of the basis for various agricultural products such as corn, corn starch, soybeans, soybean meal, eggs, and pigs [13][14][17][24].

Group 1: Report Industry Investment Ratings - Investment rating for the soybean meal industry: Neutral [3] - Investment rating for the corn industry: Cautiously bearish [5] Group 2: Core Views of the Report - The current growth of US soybeans is good, with a high excellent and good rate. The field survey by Profarmer for the new - season yield is optimistic, but the USDA's adjustment of new - season US soybeans needs continuous attention. In China, the soybean arrival volume is still high, the supply is sufficient, and the soybean meal inventory is over one million tons. Policy news has been frequent this month, and the expected improvement of trade policies will put pressure on Brazilian premiums, weakening the support for soybean meal prices. Attention should be paid to the new - season US soybean production and policy changes [2] - In the domestic corn market, the supply is relatively abundant as new - season grain sources are concentrated in the market, and the remaining old grain of traders is limited. The demand side shows that deep - processing enterprises have relatively low inventory and are ready to purchase new - season corn, while feed enterprises have sufficient inventory and a variety of substitute grains. Attention should be paid to the listing dynamics of new - season corn [4] Group 3: Summary by Related Catalogs Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3088 yuan/ton yesterday, up 22 yuan/ton (+0.72%) from the previous day; the closing price of the rapeseed meal 2601 contract was 2567 yuan/ton, up 34 yuan/ton (+1.34%) from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3030 yuan/ton, down 10 yuan/ton from the previous day, with a spot basis of M01 - 58, down 32 from the previous day; in Jiangsu, it was 2970 yuan/ton, up 10 yuan/ton, with a spot basis of M01 - 118, down 12 from the previous day; in Guangdong, it was 2970 yuan/ton, up 10 yuan/ton, with a spot basis of M01 - 118, down 12 from the previous day; in Fujian, the rapeseed meal spot price was 2680 yuan/ton, up 20 yuan/ton, with a spot basis of RM01 + 113, down 14 from the previous day [1] - Market Information: On September 10, the Buenos Aires Grain Exchange in Argentina said that the soybean planting area in the 2025/26 season is expected to decrease by 4.3% to 17.6 million hectares compared with the previous year [1] Market Analysis - The growth of US soybeans is good, and the new - season yield is expected to be high. In China, the soybean supply is sufficient, and the soybean meal inventory is high. Policy changes may affect the price of soybean meal [2] Strategy - Adopt a neutral strategy [3] Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2202 yuan/ton yesterday, up 5 yuan/ton (+0.23%) from the previous day; the closing price of the corn starch 2511 contract was 2477 yuan/ton, down 11 yuan/ton (-0.44%) from the previous day [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C11 + 108, down 5 from the previous day; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged from the previous day, with a spot basis of CS11 + 123, up 11 from the previous day [3] - Market Information: On September 10, the Rosario Grain Exchange said that if the rainfall is normal during the growth period, the corn production in Argentina in the 2025/26 season may reach a record high of 61 million tons, and the production forecast for the 2024/25 season was raised to 50 million tons. Brazil's corn export in August was slower than last year. From September 1 - 5, the export volume was 1.3 million tons, and the daily average export volume from September so far was 259,489 tons, a year - on - year decrease of 15.1%. The export value reached 260 million US dollars, and the average export price was 199.4 US dollars/ton, a 2.5% increase from the same period last year [3] Market Analysis - In the domestic market, the supply of corn is relatively abundant as new - season grain sources enter the market. The demand side shows different situations for deep - processing enterprises and feed enterprises, and attention should be paid to the listing of new - season corn [4] Strategy - Adopt a cautiously bearish strategy [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soybean import cost is expected to remain weakly stable, and the domestic soybean meal market is likely to enter a destocking phase in September, with soybean meal prices predicted to fluctuate within a range [3][5]. - The central price of oils is supported by multiple factors, and they are expected to show a moderately upward - trending oscillation in the medium term, with a strategy of buying on dips and stabilization [7][10]. - The sugar price is generally bearish, and its downward space depends on the Brazilian sugar production from August to October [13]. - The cotton price is likely to continue oscillating in the short term due to the coexistence of bullish and bearish factors [15][16]. - The egg price may be stable or rise in the short term, but there is a possibility of a decline after a short - term increase, with a suggestion to wait and see and consider short - term long positions on significant declines [18][20]. - The pig price is expected to remain at a low level with minor fluctuations, and the futures market should pay attention to potential rebounds and short - selling opportunities after rebounds [22][23]. 3. Summary by Related Catalogs Soybean/M粕类 - **Important Information**: On Thursday, US soybeans rose slightly, and the domestic soybean meal market was affected by high inventory. The rainfall in the US soybean - producing areas is expected to be low in the next two weeks, and the soybean good - quality rate may decline. The Brazilian soybean premium has rebounded after a decline. The domestic soybean inventory of oil mills has reached a five - year high, and the soybean meal inventory has slightly increased. Last week, 2.3 million tons of soybeans were crushed, and 2.26 million tons are expected to be crushed this week [2][3]. - **Trading Strategy**: Pay attention to the cost performance after the stabilization of the soybean import cost. The domestic soybean meal market is expected to destock in September, and it is recommended to go long at the lower end of the cost range and be cautious about profit margins and supply pressure at the upper end [5]. Oils - **Important Information**: From September 1 - 10, 2025, Malaysia's palm oil exports decreased by 1.2% - 8.43%, and the production decreased by 3.17% compared to the same period last month. The import price of palm oil in China has a larger negative spread. The domestic three major oils oscillated on Thursday, with multiple factors affecting the market [7]. - **Trading Strategy**: The central price of oils is supported, and they are expected to oscillate moderately upward in the medium term. With high current valuations, the strategy is to buy on dips and stabilization [10]. Sugar - **Important Information**: On Thursday, the Zhengzhou sugar futures price continued to rebound. The Brazilian port's sugar - waiting - to - be - shipped quantity decreased slightly. The spot prices of sugar in different regions showed different degrees of increase [12]. - **Trading Strategy**: The sugar price is generally bearish, and its downward space depends on the Brazilian sugar production from August to October [13]. Cotton - **Important Information**: On Thursday, the Zhengzhou cotton futures price continued to oscillate weakly. The开机 rates of spinning and weaving factories increased slightly, and the cotton commercial inventory decreased. The US cotton export signing volume and Brazil's cotton exports to China showed different trends [15]. - **Trading Strategy**: The cotton market has both bullish and bearish factors, and the short - term cotton price is expected to continue oscillating [16]. Eggs - **Important Information**: The national egg price mostly increased, with small inventory and good demand, and the market trading was smooth [18][19]. - **Trading Strategy**: The egg supply is still large, but there are factors limiting the decline. It is recommended to wait and see and consider short - term long positions on significant declines [20]. Pigs - **Important Information**: The domestic pig price showed a mixed trend, with a low - level consolidation state and a high probability of remaining stable [22]. - **Trading Strategy**: The supply in September is bearish, but there are potential supporting factors. The spot price is expected to fluctuate slightly, and the futures market should pay attention to potential rebounds and short - selling opportunities after rebounds [23].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For soybeans/meal, the CBOT soybean index rose slightly while the CBOT meal index declined. With various factors like export sales, NOPA压榨 reports, and Brazilian planting area and yield forecasts, strategies include going long on distant - month contracts of soybean and rapeseed meal, expanding the MRM05 spread, and buying call options [2][3][5]. - For sugar, international sugar is expected to enter a inventory - building phase, with a narrowing supply gap. Domestic sugar has low inventory but large imports. The price is expected to rebound at a low level, and trading strategies involve a slightly bullish short - term outlook for Zhengzhou sugar, staying on the sidelines for spreads, and selling put options [6][9][10]. - For oils, palm oil production and inventory building in Malaysia are expected to slow down, and Indonesian prices are supported. U.S. soybeans have a strong harvest expectation, and domestic soybean oil is in the inventory - building stage. Strategies include buying on dips for short - term trading, staying on the sidelines for spreads and options [12][15][16]. - For corn/corn starch, the CBOT corn futures rebounded. Domestic corn supply is tight, but prices may fall. Trading strategies involve short - term long positions on the 12 - month CBOT corn on dips, staying on the sidelines for the 01 - month contract, and slightly expanding the spread between the 11 - month corn and starch [21][23][24]. - For pigs, the supply pressure has decreased slightly, but there is still some pressure due to high inventory and weight. Strategies include shorting near - month contracts on rallies, conducting LH15 reverse spreads, and buying long - term call options [27][28][29]. - For peanuts, the spot supply is limited, and the market is stable. The 11 - and 01 - month contracts are expected to fluctuate at the bottom, and the 05 - month contract can be lightly long. Stay on the sidelines for spreads and sell pk601 - P - 7600 options [32][34][35]. - For eggs, the supply pressure remains, and demand is expected to increase slightly during festivals. It is recommended to stay on the sidelines for all trading methods [40][42][43]. - For apples, the early - maturing apple quality is poor, and the price is expected to fluctuate in the short term. Stay on the sidelines for spreads and options, and expect short - term fluctuations for new - season apples [44][45][46]. - For cotton - cotton yarn, the new cotton harvest is approaching, with high production and low enthusiasm from ginners. There will be selling hedging pressure, and demand improvement is limited. Strategies include shorting Zhengzhou cotton on rallies, staying on the sidelines for spreads and options [49][52][53]. Summary by Directory Soybeans/Meal - **External Market**: CBOT soybean index rose 0.1% to 1052 cents/bushel, CBOT meal index fell 0.3% to 291.3 dollars/short ton [2]. - **Relevant Information**: U.S. soybean and meal export sales data, NOPA压榨 report forecast, Brazilian soybean planting area and yield forecast, and domestic oil mill soybean and meal inventory data [2][3]. - **Logic Analysis**: Multiple factors affect the market, and there are opportunities for long - term growth [2][3][4]. - **Trading Strategies**: Long on distant - month contracts of soybean and rapeseed meal, expand the MRM05 spread, buy call options [5]. Sugar - **External Market Changes**: ICE U.S. raw sugar and London white sugar prices declined [6]. - **Important Information**: Brazilian port sugar shipping data, fire in Brazilian sugar - cane areas, and Chinese sugar import data [7][8]. - **Logic Analysis**: International sugar is in a supply - increasing phase, and domestic sugar is affected by imports. The price is expected to rebound [9]. - **Trading Strategies**: Slightly bullish short - term outlook for Zhengzhou sugar, stay on the sidelines for spreads, sell put options [10][11]. Oils - **External Market**: CBOT soybean oil and BMD palm oil prices changed slightly [12]. - **Relevant Information**: Malaysian palm oil planting area, U.S. soybean drought situation, and Canadian rapeseed export data [14]. - **Logic Analysis**: Palm oil production and inventory building in Malaysia are expected to slow down, and domestic oil fundamentals vary [15]. - **Trading Strategies**: Buy on dips for short - term trading, stay on the sidelines for spreads and options [16][17][18]. Corn/Corn Starch - **External Market Changes**: CBOT corn futures rebounded [21]. - **Important Information**: CBOT corn and wheat futures prices, domestic corn inventory and consumption data, and corn purchase price [22]. - **Logic Analysis**: U.S. corn has room to rebound, and domestic corn prices may fall [23]. - **Trading Strategies**: Short - term long positions on the 12 - month CBOT corn on dips, stay on the sidelines for the 01 - month contract, slightly expand the spread between the 11 - month corn and starch [24][25]. Pigs - **Relevant Information**: Pig price, piglet and sow price, and agricultural product wholesale price index [27]. - **Logic Analysis**: Supply pressure has decreased slightly but still exists [28]. - **Trading Strategies**: Short near - month contracts on rallies, conduct LH15 reverse spreads, buy long - term call options [29]. Peanuts - **Important Information**: Peanut price, oil mill purchase price, peanut oil and meal price, and peanut inventory [32][33]. - **Logic Analysis**: Spot supply is limited, and the market is stable [34]. - **Trading Strategies**: The 11 - and 01 - month contracts are expected to fluctuate at the bottom, lightly long the 05 - month contract, stay on the sidelines for spreads, sell pk601 - P - 7600 options [35][37][38]. Eggs - **Important Information**: Egg price, in - production laying hen inventory, egg - chick hatchling volume, hen culling data, egg sales volume, and inventory [40][41][42]. - **Logic Analysis**: Supply pressure remains, and demand may increase slightly during festivals [42]. - **Trading Strategies**: Stay on the sidelines for all trading methods [43]. Apples - **Important Information**: Apple cold - storage inventory, export and import data, spot price, and storage profit [44][45]. - **Logic Analysis**: Early - maturing apple quality is poor, and the price is expected to fluctuate [45]. - **Trading Strategies**: Expect short - term fluctuations for new - season apples, stay on the sidelines for spreads and options [46][47][48]. Cotton - Cotton Yarn - **External Market Impact**: ICE U.S. cotton price declined [49]. - **Important Information**: Indian cotton rainfall, U.S. cotton export sales, and domestic cotton spot trading and basis [50][51]. - **Trading Logic**: New cotton harvest is approaching, with high production and limited demand improvement [52]. - **Trading Strategies**: Short Zhengzhou cotton on rallies, stay on the sidelines for spreads and options [53].

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the given reports. 2. Core Views - The probability of the current ENSO neutral climate transitioning to La Nina climate between October and December 2025 has been raised to 71% [2]. - From September 1 - 10, 2025, Malaysian palm oil yield per unit decreased by 2.70% month - on - month, oil extraction rate decreased by 0.09% month - on - month, and production decreased by 3.17% month - on - month [2]. - Protein meal: Night - session soybean and rapeseed meal fluctuated and closed higher. Despite uncertainties in US soybean exports due to Sino - US trade tariffs, lower planting area and poor weather since August are expected to lead to a downward adjustment of US soybean yield per unit. US soybeans have strong support at the bottom with limited downside. In China, the expectation of abundant raw material supply continues, and it is expected to continue narrow - range fluctuations in the short term [2]. - Oils: Night - session oils trended strongly. Malaysia's palm oil production in August was 1.85 million tons, a 2.35% month - on - month increase; exports were 1.32 million tons, a 0.29% month - on - month decrease; and inventory was 2.2 million tons, a 4.18% month - on - month increase. Short - term palm oil prices may be under pressure. US biodiesel policy has a negative impact on soybean oil, but the upcoming USDA report may boost soybean oil futures prices. Attention should be paid to Sino - Canadian trade relations and US biodiesel policy [2]. 3. Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8336, 9330, and 9893 respectively, with price changes of 80, 86, and 123, and percentage changes of 0.97%, 0.93%, and - 3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 3088, 2550, and 8844 respectively, with price changes of 22, - 15, and 26, and percentage changes of 0.72%, - 0.58%, and 0.29% respectively [1]. - **Spreads and Ratios**: The current values of spreads such as Y9 - 1, P9 - 1, and OI9 - 1 were - 68, 116, and 87 respectively, showing changes compared to the previous values. Ratios and spreads like M9 - 1, RM9 - 1, and M - RM09 also had corresponding current and previous values [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4340, 1025, 51, and 286 respectively, with price changes of - 40, - 6, 1, and - 3, and percentage changes of - 0.91%, - 0.53%, 1.17%, and - 1.00% respectively [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of domestic products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil were 8520, 8640, and 9330 respectively, with percentage changes of 0.12%, 0.12%, and - 0.53% respectively. Spot prices of other products also had corresponding changes [1]. - **Basis and Spreads**: Spot basis and spreads such as those between different grades of oils and meals had current and previous values, showing corresponding changes [1]. Import and Profit - **Import Profit**: The current import profits of products such as Malaysian palm oil, US Gulf soybeans, and Brazilian soybeans were - 292, 105, and - 70 respectively, showing changes compared to the previous values [1]. Warehouse Receipts - **Warehouse Receipt Quantities**: The current warehouse receipt quantities of products such as soybean oil, palm oil, and rapeseed oil were 24,544, 639, and 6,953 respectively, with some showing no change compared to the previous values [1].

Group 1: Report Overview - The report is the Baocheng Futures' morning report on beans and oils for September 12, 2025 [1] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - The beans market is still in a game between weak reality and strong expectations. Before the improvement of Sino - US trade relations, the divergence in the prices of domestic and foreign beans futures will continue. Short - term soybean meal futures prices will continue to fluctuate, and the impact of the US Department of Agriculture report should be noted [5] - The pressure on Malaysian palm oil inventory has been released as expected, and the linkage effect of the pressure on Malaysian palm oil prices on domestic palm oil futures prices is evident. After the short - term market pressure is released, there is not a strong driving force for further decline. Palm oil futures prices will still fluctuate around energy attributes and industrial changes, and the short - term rebound of palm oil futures prices will continue [8] Group 4: Summary by Variety Soybean Meal (M) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [5][7] - **Core Logic**: The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] Palm Oil (P) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: Bio - diesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2601) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [7] - **Core Logic**: US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]