花生区间震荡。一方面，旧作花生货源集中，夏季建库成本有所抬升；另一方面，下游处于消费淡季，需求端支撑有限。新季花生整体种 植面积预计略增，且扩种预期已在盘面有所体现，同时主副产区天气暂未出现明显炒作题材。中期来看，现货成本对盘面形成支撑，但种 植面积增加已成为市场共识，后续盘面预期需关注天气及进口相关题材的演变。 上周，易盛农期综指先抑后扬。截至上周五收盘，该指数报收于1176.04点。 图为易盛农期综指日K线 棉花价格偏强震荡。美棉虽有所反弹，但反弹力度逐渐减弱。郑棉近期表现偏强，原因在于旧作棉花库存紧张，投资者做多情绪高涨。在 产业套保盘压制下，未来仍会以震荡偏强运行为主。 白糖维持震荡行情。近期ICE原糖10合约最低下探至15.44美分/磅。一方面，低价刺激需求释放，销区炼厂点价对盘面形成支撑；另一方 面，巴西部分地区糖价低于乙醇价格，市场对糖醇比回落存在预期。本轮内外盘糖价下跌过程中，炼厂采购已完成大半，盘面上方面临套 保压力。综合来看，郑糖难现趋势性行情。 菜粕价格区间偏强震荡。上周菜粕价格先跌后涨。CBOT大豆与加拿大菜籽价格均表现偏弱，内外盘走势明显分化。外围市场，美国大豆 及加拿大菜籽主产区天 ...

Group 1: Cotton Market - Cotton futures prices are experiencing fluctuations as temperatures in Xinjiang rise, with most cotton fields entering the flowering stage, indicating good growth conditions [1] - The ongoing uncertainty regarding US-China tariff policies is causing market volatility, while the downstream textile industry is in a traditional consumption lull, leading to reduced orders and slight inventory accumulation [1] - Cotton prices may face downward pressure in the short term due to demand seasonality, with a support level to watch around 13,000 yuan/ton [1] Group 2: Soybean Meal and Oil Market - Soybean meal prices are rising, but there are still supply pressures, and inventory depletion may be challenging due to a lack of significant increases in aquaculture production [1] - Soybean oil prices are also increasing, supported by strong bottom levels despite a persistent oversupply situation, influenced by international relations and overall oil market trends [1] Group 3: Sugar Market - Sugar futures prices are declining, with Brazil's exports showing a decrease of 2% year-on-year, and India's projected sugar production for the 2025/2026 season estimated at 35 million tons [2] - In Guangxi, sugar sales have increased by 537,100 tons year-on-year, with a sales rate of 71.85%, indicating a positive trend in local sugar consumption [2] - Short-term sugar prices in Zhengzhou are expected to follow external market fluctuations, with a key support level at 5,600 yuan/ton [2] Group 4: Peanut Market - Peanut prices are declining due to weak spot market transactions, with new season prices stabilizing around 4.7 yuan per jin [2] - A significant reduction in import volumes is pushing up imported peanut prices, while peanut oil prices remain stable, indicating a mixed market response [2] Group 5: Overall Market Trends - The Yisheng Agricultural Futures Index showed a rebound last week, closing at 1,155.54 points, ending the previous week's downward trend [3] - The market is expected to continue experiencing wide fluctuations, with the index likely to maintain a volatile operating pattern in the near future [4]

易盛农期综指上周偏弱震荡，截至上周五，该指数报收于1156.17点。 花生方面，区间偏强震荡。随着现货贸易流定价重心从油料转向商品米，上周花生现货行情连续第二周 走强。现货价格短期强势原因在于：第一，油厂本产季收购量已达年度规模，季节性让出定价话语权； 第二，市场调研反馈产地余货及冷库库存均少于上年，随着产地花生入冷库，定价权移交至产地持货 商；第三，本产季花生现货冬春季窄幅震荡，购销长期乏力，贸易商低价惜售情绪浓厚。长期来看，花 生种植面积在各产区分化，整体面积趋势尚未明确，且进口到港补充大概率后延至三四季度，主力合约 2510仍缺乏明确指引。 综上所述，易盛农期综指短期将在当前震荡区间内偏强运行。 棉花方面，窄幅震荡。当前内外棉价走势分化，呈现外弱内强格局。但国内棉花种植仍呈扩产趋势，在 中长期供应偏宽松预期下，国内棉价上方仍面临较大的套保压力，后期走势或趋弱。 （文章来源：期货日报） 白糖方面，偏弱震荡。短期来看，原糖在触及17美分/磅后触发销区国家点价需求，但随后受制于巴西 压榨高峰放量和泰国套保空单的压力。后期市场核心逻辑转向巴西压榨高峰期数据，需观察干旱对巴西 甘蔗单产的具体影响。国内方面，产销衔 ...