期货市场交易指引 2025 年 08 月 27 日 | 宏观金融 | | | | | --- | --- | --- | --- | | 中长期看好，逢低做多 | ◆股指： | | | | ◆国债： | 保持观望 | | | | 黑色建材 | 区间交易 | | | | ◆焦煤： | 区间交易 | ◆螺纹钢： | | | 09 空头看待 | ◆玻璃： | | | | 有色金属 | | | | | 建议低位适度持多 | ◆铜： | | | | 建议待回落后逢低布局多单 | ◆铝： | | | | 建议观望或逢高做空 | ◆镍： | 区间交易 | | | ◆锡： | 区间交易 | ◆黄金： | | | 区间交易 | ◆白银： | | | | 能源化工 | ◆PVC： | 震荡 | | | ◆纯碱： | 空 01 多 05 套利 | 震荡 | ◆烧碱： | | 震荡 | ◆苯乙烯： | | | | 震荡 | ◆橡胶： | | | | ◆尿素： | 震荡运行 | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | | | 棉纺产业链 | ◆棉花棉纱： 震荡偏强 | | | | 震荡运行 | ◆苹果： | ...

本刊由金信期货研究院撰写 2025/08/27 金信期货日刊 GOLDTRUST FUTURES CO.，LTD 中证1000股指期货上涨，释放这些信号！ 近期，中证1000股指期货涨势明显，引发市场高度关注。这一上涨背后，有着多层面的驱动因素。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 从政策角度来看，政策的大力扶持是重要推动力。央行传递出的宽松货币政策信号，如降准降息预期， 为市场注入了更多流动性，让投资者的风险偏好得以提升。同时，政府对新兴产业的扶持，给予创新补 贴、提供融资便利，而中证1000指数中新兴产业占比较高，众多成分股企业受益，推动指数上行，进而 带动股指期货上涨。 从产业发展层面，当下科技产业变革浪潮中，人工智能、半导体等领域取得突破。中证1000指数覆盖不 少这类领域的企业，产业崛起带动相关成分股股价攀升，成为股指期货上涨的关键动力。 再看资金流向与市场偏好，当前中证1000的市盈率处于历史较低分位，意味着有较大的估值修复空 ...

期货市场交易指引 南华商品指数 2025 年 08 月 25 日 | 宏观金融 | | | --- | --- | | ◆股指： 中长期看好，逢低做多 | | | ◆国债： | 保持观望 | | 黑色建材 | | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 09 空头看待 | | 有色金属 | | | ◆铜： | 区间交易或观望 | | 建议待回落后逢低布局多单 ◆铝： | | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | 能源化工 | | | ◆PVC： | 震荡 | | ◆纯碱： | 09 合约空头持有 | | ◆烧碱： | 震荡 | | ◆苯乙烯： | 震荡 | | ◆橡胶： | 震荡 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | 棉纺产业链 | | | ◆棉花棉纱： 震荡偏强 | | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | 农业畜牧 | | | ◆生猪： | 逢高偏空 | | ◆鸡蛋： ...

文字早评 2025/08/25 星期一 宏观金融类 股指 消息面： 1、工信部：将有序引导算力设施建设 加快突破 GPU 芯片等关键核心技术； 2、《稀土开采和稀土冶炼分离总量调控管理暂行办法》发布，办法规定国家对稀土开采和冶炼分离实 行总量调控管理; 3、光伏行业协会倡议，坚决抵制以低于成本的价格开展恶性竞争，坚决抵制违反市场经济规律和法律 法规盲目扩产增产； 4、美联储主席鲍威尔在杰克逊霍尔全球央行年会上表示，形势表明美国就业下行风险上升。风险平衡 的变化可能构成调整政策的理由。鲍威尔称，美联储对降息持开放态度。 期指基差比例： IF 当月/下月/当季/隔季：0.37%/0.22%/-0.07%/-0.61%； IC 当月/下月/当季/隔季：-0.18%/-0.77%/-1.96%/-3.74%； IM 当月/下月/当季/隔季：-0.19%/-0.83%/-2.31%/-4.44%； IH 当月/下月/当季/隔季：0.46%/0.32%/0.54%/0.63%。 交易逻辑：中央政治局会议强调增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好的势头， 进一步确认了政策对资本市场的呵护态度。近期持续上涨后 ...

| | 未来鸡蛋需求将进入需求旺季，蛋价存在季节性反弹的可能，考虑到供给端的压 | | | --- | --- | --- | | | 力，高点大概率低于去年同期。期货延续下行，期货贴水，市场情绪偏空。关注 | | | | 终端需求变化对现货价格的影响，期货盘面关注市场情绪变化。 | | | | 周四，生猪期货震荡，主力 2511 合约日收跌 0.07%，报收 13765 元/吨。现货方 | | | | 面，卓创数据显示，昨日中国生猪日度均价 13.78 元/公斤，环比持平，基准交割 | | | | 地河南市场生猪均价 13.76 元/公斤，环比跌 0.12 元/公斤，四川平，广东涨，辽 | | | | 宁、山东跌。北方地区出栏量增加，下游有压价空间，猪价下滑；华南市场需求 | | | 生猪 | | 震荡 | | | 恢复，养殖端拉涨，西南局部地区跟涨，支撑南方猪价主线涨。根据季节性规律， | | | | 后市随着各地高位天气消退，需求恢复，叠加反内卷主基调，猪价存在支撑。但 | | | | 供给端充裕，仍对猪价施压。对猪价维持震荡观点，但短期，期货延续弱势震荡。 | | | | 后期持续关注政策及市场情绪变 ...

期货市场交易指引 2025 年 08 月 21 日 | | 宏观金融 | | --- | --- | | ◆股指： | 逢低做多 | | ◆国债： | 保持观望 | | | 黑色建材 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 09 空头看待 | | ◆双焦： | 震荡运行 | | | 有色金属 | | ◆铜： | 区间交易或观望 | | ◆铝： | 建议待回落后逢低布局多单 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | | 能源化工 | | ◆PVC： | 震荡 | | ◆纯碱： | 09 合约空头持有 | | ◆烧碱： | 震荡 | | ◆苯乙烯： | 震荡 | | ◆橡胶： | 震荡 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 宽幅震荡 | | | 棉纺产业链 | | ◆棉花棉纱： 震荡偏强 | | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 逢高偏空 | | ◆鸡蛋： | 逢高偏空 | | ◆ ...

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it gives specific investment ratings for different agricultural product varieties: - Corn: Oscillating downward [1] - Soybean Meal: Rising [1] - Edible Oils: Rising [1] - Eggs: Oscillating downward [1] - Pork: Oscillating [2] 2. Core Viewpoints of the Report - Corn prices are affected by new grain supply pressure and market sentiment, with the 11 - month contract leading the decline and the 1 - month contract potentially rebounding after a sharp drop [1]. - Soybean meal prices are supported by concerns over long - term supply, and the strategy is to maintain a long - only mindset and participate in monthly positive spreads [1]. - Edible oils are in a bullish trend, but short - term fluctuations are affected by external market performance and inventory changes. The strategy is to participate in short - term long positions and sell put options [1]. - Egg prices are currently weak, but there is a possibility of a seasonal rebound in the future, although the peak is likely to be lower than last year [1]. - Pork prices are under supply pressure, but there is a possibility of a low - level rebound with the recovery of demand and the anti - involution trend [2]. 3. Summary by Relevant Catalogs Research Views - **Corn**: On Tuesday, corn prices decreased with increased positions. The 11 - month contract led the decline, and the 1 - month contract adjusted accordingly. Northeast corn prices were weak, while North China prices were strong over the weekend. Shandong Shouguang's deep - processing corn purchase price rose to 2490 yuan/ton on August 18, up 40 yuan/ton from last Friday. The market is waiting for new grain, and the futures price is expected to oscillate weakly [1]. - **Soybean Meal**: On Tuesday, CBOT soybeans fell due to profit - taking, but the reduced autumn harvest forecast provided support. US soybean meal rose, and domestic protein meal was strong during the day but fell at night. The import cost was slightly stronger, and the strategy is to maintain a long - only mindset and participate in monthly positive spreads [1]. - **Edible Oils**: On Tuesday, BMD palm oil closed lower due to profit - taking and weak crude oil. Domestic edible oils were strong during the day but fell at night, led by palm oil. The inventory of the three major domestic vegetable oils increased by 0.98 tons compared to last week. The strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: On Monday, egg futures continued to weaken. The main 2510 contract fell 2.17% to 3113 yuan/500 kg, and the near - month 2509 contract fell 2.7%. The spot price increased slightly. Terminal consumption was stable, and there is a possibility of a seasonal rebound in the future [1]. - **Pork**: On Monday, the main 2511 contract of pork futures weakened in the afternoon, closing down 0.9% at 13820 yuan/ton. The spot price decreased slightly. Supply pressure persists, but there is a possibility of a low - level rebound with demand recovery [2]. Market Information - Brazil's competition management agency CADE plans to investigate the signatories of the "Soybean Moratorium Plan," and the Brazilian National Association of Grain Exporters (ANEC) will appeal [2]. - ProFarmer's crop inspection shows that the expected corn yield per acre in Ohio in 2025 is 185.69 bushels, and in South Dakota is 174.18 bushels. The expected average number of soybean pods in Ohio is 1287.28, and in South Dakota is 1188.45 [3]. - The average soybean crushing rate of domestic oil mills reached 64.64% as of August 16, an increase of 2.08% from last week. The total soybean crushing volume was 241.68 tons, an increase of 7.79 tons from last week. The expected processing volume this week is 247 tons, with a crushing rate of 66.07% [4]. - The soybean crushing profit in Mato Grosso from August 11 - 15 was 392.46 reais/ton, slightly lower than the previous week. The soybean meal price was 1525.17 reais/ton, and the soybean oil price was 6166.27 reais/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, soybean oil, palm oil, eggs, and pork [6][7][11][15] - **Contract Basis**: The report provides charts of the basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pork [14][17][19][24]

Report Investment Ratings - **Macro Finance**: Index futures - bullish on dips; Treasury bonds - hold off [1][6] - **Black Building Materials**: Rebar - range trading; Glass - weakening in a range; Coking coal and coke - range - bound [1][8][9] - **Non - ferrous Metals**: Copper - range trading or hold off; Aluminum - buy on dips after pullbacks; Nickel - hold off or short on rallies; Tin - range trading; Gold - range trading; Silver - range trading [1][12][13] - **Energy and Chemicals**: PVC - weakening in a range; Soda ash - short 09 and long 05 arbitrage; Caustic soda - range - bound; Styrene - range - bound; Rubber - strengthening in a range; Urea - range - bound; Methanol - range - bound; Polyolefins - wide - range weakening [1][19][20] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn - strengthening in a range; Apples - strengthening in a range; Red dates - strengthening in a range [1][35][36] - **Agriculture and Animal Husbandry**: Hogs - short on rallies; Eggs - short on rallies; Corn - range - bound; Soybean meal - range - bound; Oils - strengthening in a range [1][37][38] Core Views - Market conditions are influenced by various factors such as macro - policies, supply - demand fundamentals, and international events. Different futures varieties present different trends and investment opportunities due to their own characteristics and external impacts [6][9][12] Summary by Categories Macro Finance - **Index Futures**: With the T + 0 function, maintain positions, lock in positions when there is a downward trend, and earn profits during the heat - up period. Consider the impacts of international events like China - India and US - Russia - Ukraine meetings [6] - **Treasury Bonds**: Although the bond allocation value is emerging and market sentiment is recovering, it is not recommended to enter the market aggressively due to potential disturbances from the equity market and possible chain - reactions from yield adjustments [6] Black Building Materials - **Rebar**: Futures prices continue to decline. Considering factors like external trade policies, production, and inventory, it is expected to maintain a range - bound pattern. Focus on the [3100 - 3300] range for RB2510 [9] - **Glass**: Futures are in a weakening trend. With inventory pressure and potential policy impacts, the 09 contract is considered weak, and attention should be paid to the 930 - 950 support level [8][9][10] - **Coking Coal and Coke**: Coking coal is in a game between tight supply and weakening demand, and is expected to be range - bound. Coke is supported by low inventory, high demand, and supply disturbances, and is also expected to be range - bound [10][11] Non - ferrous Metals - **Copper**: Affected by macro - data and supply - demand fundamentals, it is expected to be range - bound with a slightly upward trend. The short - term operating range for Shanghai copper is 78000 - 79500 yuan/ton [12][13] - **Aluminum**: Despite short - term negative events, considering the transition from the off - season to the peak season, it is recommended to buy on dips [13][14] - **Nickel**: In the medium - to long - term, the supply is in surplus, and it is recommended to short on rallies moderately [16] - **Tin**: With improving supply and weakening demand in the off - season, it is recommended to conduct range trading, with the reference range for the SH09 contract being 257,000 - 276,000 yuan/ton [17] - **Gold and Silver**: Affected by factors such as US economic data and geopolitical events, they are expected to be range - bound. It is recommended to buy on dips [17][18] Energy and Chemicals - **PVC**: With high supply, uncertain export sustainability, and weak demand, it is expected to be in a weakening range. The 01 contract is temporarily focused on the 4900 - 5000 range [19][20][21] - **Caustic Soda**: With sufficient supply and rigid demand with a slow - down in growth, the 01 contract is expected to be range - bound in the 2550 - 2650 range [21][22] - **Styrene**: With limited fundamental positives and a warm macro - environment, the price is expected to be range - bound in the 7100 - 7400 range [23][24] - **Rubber**: With cost support and inventory reduction, it is expected to be in a strengthening range within the 15200 - 15600 range [25][27] - **Urea**: Affected by supply, demand, and export factors, the 01 contract is under pressure at 1820 - 1850 [28] - **Methanol**: With a slight decline in supply, stable demand from methanol - to - olefins, and weak traditional demand, the price is expected to be in a weakening range [30] - **Polyolefins**: With cost uncertainties and a slow recovery in downstream demand, the L2509 contract is focused on the 7200 - 7500 range, and the PP2509 contract is focused on the 6900 - 7200 range [30][31] - **Soda Ash**: Due to supply increases and potential inventory accumulation, it is recommended to hold short positions on the 09 contract [33] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With improved global supply - demand, a better macro - environment, and expectations of the peak season, the price is expected to strengthen in a range [35] - **Apples**: Based on low inventory and growth impacts, the price is expected to maintain a high - level range - bound pattern [36] - **Red Dates**: With the current growth situation and market conditions, the price is expected to strengthen in a range [36] Agriculture and Animal Husbandry - **Hogs**: With supply pressure and different expectations for different contracts, it is recommended to lock in profits on short positions at low levels, add short positions at pressure levels, and pay attention to the long 05 and short 03 arbitrage [37][38] - **Eggs**: With sufficient short - term supply and uncertain long - term supply, it is recommended to short on rallies for the 10 contract and consider long positions on dips for the 12 and 01 contracts if the elimination process accelerates [38][39][40] - **Corn**: With sufficient supply and suitable growing conditions, the 11 contract is expected to be range - bound. It is recommended to short on rallies or hold the 11 - 1 reverse arbitrage [40] - **Soybean Meal**: With a tightening supply - demand situation for US soybeans and different supply - demand patterns in different periods in China, it is recommended to hold long positions on a rolling basis and reduce positions on rallies [42] - **Oils**: With short - term high - level callback risks and long - term positive factors, it is recommended to buy on dips, take profits on existing long positions, and pay attention to the rapeseed oil 11 - 01 reverse arbitrage [43][44][50]

Report Industry Investment Ratings - **Macro Finance**: Index futures - Bullish on dips; Treasury bonds - Neutral [1][6] - **Black Building Materials**: Rebar - Neutral; Iron ore - Bullish with a bias; Coking coal and coke - Neutral [1][6][7] - **Non - ferrous Metals**: Copper - Neutral; Aluminum - Bullish on dips; Nickel - Bearish on rallies; Tin - Neutral; Gold - Bullish on dips; Silver - Bullish on dips [1][11][12] - **Energy and Chemicals**: PVC - Bearish; Soda ash - Short 09, long 05; Caustic soda - Bullish with a bias; Styrene - Neutral; Rubber - Bullish with a bias; Urea - Neutral; Methanol - Neutral; Polyolefins - Bearish [1][19][21] - **Cotton Textile Industry Chain**: Cotton and cotton yarn - Bullish with a bias; Apples - Bullish with a bias; Jujubes - Bullish with a bias [1][35] - **Agricultural and Livestock**: Pigs - Bearish on rallies; Eggs - Bearish on rallies; Corn - Neutral; Soybean meal - Bullish with limited upside; Oils and fats - Bullish with limited downside [1][37][39] Core Views - The global economic and political situation, including geopolitical events and policy announcements, significantly impacts the futures market. For example, geopolitical talks and central bank policies affect market sentiment and asset prices [6]. - Supply - demand fundamentals play a crucial role in determining the price trends of various commodities. Factors such as production capacity, inventory levels, and consumption demand vary across different industries and influence price movements [20][28]. - Seasonal factors and market expectations, like the "Golden September and Silver October" season in the cotton market and the peak - off - peak seasons in the energy and chemical industries, also affect commodity prices [35]. Summaries by Categories Macro Finance - **Index Futures**: Trump's diplomatic activities and Chinese government's economic policies boost market sentiment. It is recommended to use the T + 0 feature of index futures, hold positions, and lock in profits during downward trends [6]. - **Treasury Bonds**: High - yield bonds may attract insurance funds. The bond market may recover slightly due to potential "looser" liquidity and a slight decline in equity market sentiment [6]. Black Building Materials - **Rebar**: After a sharp decline on Monday, prices are affected by external trade policies and internal supply - demand. It is expected to remain volatile in the short term, with the RB2510 contract in the range of 3100 - 3300 [8]. - **Iron Ore**: With stable supply and strong demand, especially considering the National Day parade expectations, prices are expected to be bullish with a bias, and the 01 contract may face resistance at 840 - 850 [8]. - **Coking Coal and Coke**: Coking coal supply is tight but demand is weakening marginally. Coke supply may be affected by environmental policies, and demand remains strong. Both are expected to be volatile in the short term [9]. Non - ferrous Metals - **Copper**: Affected by macroeconomic data and supply - demand fundamentals, prices are expected to be bullish with a bias, and the short - term operating range of Shanghai copper is 78000 - 79500 yuan/ton [11]. - **Aluminum**: Due to factors such as bauxite supply and production capacity changes, and considering the potential impact of trade policies, it is recommended to take long positions on dips [12]. - **Nickel**: With an overall oversupply in the medium and long term, it is recommended to take short positions on rallies [16]. - **Tin**: Supply is gradually improving, but demand is in the off - season. It is recommended to trade within a range, with the SHFE tin 09 contract in the range of 257,000 - 276,000 yuan/ton [17]. - **Gold and Silver**: Affected by US economic data and geopolitical events, prices are expected to have support at lower levels. It is recommended to take long positions on dips [17][18]. Energy and Chemicals - **PVC**: High supply, uncertain export sustainability, and weak fundamentals suggest a short - term bearish trend, with the 01 contract in the range of 5000 - 5200 [20][21]. - **Soda Ash**: Due to supply - side concerns and inventory trends, it is recommended to short the 09 contract [33]. - **Caustic Soda**: With high supply and stable demand, prices are expected to be bullish with a bias, and the 09 contract may find support at 2500 [22]. - **Styrene**: Affected by cost, supply, and demand factors, prices are expected to be volatile, with the reference range of 7100 - 7400 [24]. - **Rubber**: After a price adjustment, with inventory changes and mixed market signals, it is expected to be bullish with a bias, in the range of 15200 - 15600 [27]. - **Urea**: Supply has increased, demand is mixed, and inventory is rising. Prices are expected to be neutral, with support at 1700 - 1720 and resistance at 1820 - 1850 [28][29]. - **Methanol**: Supply has decreased slightly, demand is mixed, and port inventory is rising. Prices are expected to be neutral and may be slightly bearish [30]. - **Polyolefins**: Affected by cost and demand factors, prices are expected to be bearish, with the L2509 contract in the range of 7200 - 7500 and the PP2509 contract in the range of 6900 - 7200 [31]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Global supply - demand conditions have improved, and with the arrival of the peak season, prices are expected to be bullish with a bias [35]. - **Apples**: With low inventory and growth - related impacts, prices are expected to remain high and volatile [36]. - **Jujubes**: Based on the growth situation and market supply, prices are expected to rise with a bias [36]. Agricultural and Livestock - **Pigs**: Supply pressure remains, but there may be short - term rebounds. It is recommended to take short positions on rallies and consider the long 05, short 03 arbitrage [39]. - **Eggs**: Supply is sufficient in the short term, and it is recommended to take short positions on rallies. If the culling process accelerates, there may be long - entry opportunities for the 12 and 01 contracts [40][41]. - **Corn**: With sufficient supply and expected cost reduction, prices are expected to be volatile, and it is recommended to short on rebounds or hold the 11 - 1 reverse spread [42]. - **Soybean Meal**: US soybean supply - demand is tightening, but domestic supply is abundant in the short term. It is recommended to hold long positions in a rolling manner and reduce positions on rallies [44]. - **Oils and Fats**: Although there are short - term correction risks, the long - term trend is bullish. It is recommended to take long positions on dips and pay attention to the rapeseed oil 11 - 01 reverse spread [50][51].

1. Report Industry Investment Ratings - Corn: Neutral [1] - Soybean Meal: Bullish [1] - Oils: Bullish [1] - Eggs: Neutral [1] - Pigs: Neutral [2] 2. Core Views of the Report - The corn futures market shows a pattern of near - strong and far - weak, with the 9 - month contract approaching the delivery month. The spot market has different price performances in various regions, and the futures price is affected by policies and fundamentals. Short - term attention should be paid to the possible resistance and decline of the 9 - month contract price [1]. - The CBOT soybean closed lower due to export demand concerns. The domestic soybean meal mainly fluctuates, and the strategy is to participate in short - term long positions and hold the 1 - 5 positive spread [1]. - The BMD palm oil closed lower due to profit - taking, and the ICE rapeseed futures also declined. The domestic vegetable oils followed the external market down. The oils market is in a bullish trend, and the strategy is to hold long positions and sell put options [1]. - The egg futures have completed the position transfer. The spot price is mostly stable with individual declines. The short - term fundamentals are weak, but there is a possibility of seasonal price rebound in the future, with the high point likely to be lower than last year [1][2]. - The pig futures main contract fluctuated weakly. The spot price showed a mixed pattern of rise, stability, and decline. The short - term spot price is supported by the strong price - holding intention of breeders, and there is a possibility of a low - level rebound in the future [2]. 3. Summary by Relevant Catalogs Research Views - **Corn**: The 9 - month contract of corn futures has reduced positions and risen this week, with the main funds shifting to forward contracts. The spot price in the Northeast is slightly weak, in the North China it is stable with limited adjustments, and in the sales area it is generally stable with individual port rebounds. Technically, the futures price is in a stalemate after a short - term decline and then stabilizes and rises. There is a need to pay attention to the game between policies and fundamentals [1]. - **Soybean Meal**: The CBOT soybean closed lower. The new US soybean net sales were higher than expected, while the old - crop net sales were negative due to contract cancellations. The Brazilian soybean production is expected to increase. Domestically, the soybean meal fluctuates, and the strategy is short - term long participation and holding the 1 - 5 positive spread [1]. - **Oils**: The BMD palm oil closed lower due to profit - taking, and an Indonesian organization is lobbying to postpone the B50 biodiesel policy. The ICE rapeseed futures declined. The US soybean oil followed the US soybean down. The domestic vegetable oils followed the external market. The oils market is in a bullish trend with rich market themes and high uncertainty [1]. - **Eggs**: The egg futures have completed position transfer. The 2509 contract declined, and the 2510 contract rose slightly. The spot price is mostly stable with individual declines. The short - term fundamentals are weak, but there is a possibility of seasonal price rebound in the future [1][2]. - **Pigs**: The pig futures main contract 2511 declined. The spot price showed a mixed pattern. The short - term spot price is supported by breeders' price - holding intention, and there is a possibility of a low - level rebound in the future [2]. Market Information - India's palm oil and sunflower oil imports in July decreased compared to June, while the total vegetable oil imports increased [3]. - The US 2024/2025 annual soybean and corn export sales as of August 7 were far lower than market expectations [3]. - Brazil's 2024/25 annual soybean production is expected to reach 1.69657 billion tons, and the corn production is expected to be 13.7005 million tons [3]. - The corn planting area in the central crop area of Argentina in the 2025/26 year is expected to increase by 15% - 20% [3]. Variety Spreads - **Contract Spreads**: The report presents the 9 - 1 spreads of corn, corn starch, soybean, soybean meal, soybean oil, palm oil, eggs, and pigs through charts [5][7][8][11]. - **Contract Basis**: The report presents the basis of corn, corn starch, soybean, soybean meal, soybean oil, palm oil, eggs, and pigs through charts [13][17][23][25].