【冠通期货研究报告】 油粕日报：偏强震荡 发布日期：2026 年 1 月 8 日 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 执业资格证书编号：F03095187/Z0022441 豆粕：布交所预计阿根廷大部分农业带将迎来强降雨，未来几天土壤湿度将 有所上升，有利于处于关键生长阶段的大豆和玉米作物。罗交所预测阿根廷 25/26 玉米产量将创下记录达 6100 万吨，大豆将达 4700 万吨。 市场再度有流言传出，称已经开完会决定年前抛储进口大豆，盘面 01-03 合约溢价明显回落 ，不过流言仍未得到证实，暂时无公告发布。 近月合约明显受到政策端的影响，由于后期进口大豆货权过于集中，而抛储 时间表处于晦暗不明的状态，在具体进口大豆抛储时间表公布前，豆粕预估偏强 运行。后续需要关注抛储政策端引导。 油脂：印尼能源部周四公布的数据显示，印尼在 2025 年棕榈油生物柴油的 消费量为 1420 万千升，比上一年增长 7.6%。此前，印尼实施了一项名为 B40 的 40%生物柴油掺混强制令。印度尼西亚是全球最大的棕榈油出口国，计划今年将 生物柴油掺混比例提高到 50%，这 ...

农产品日报（2026 年 1 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一，玉米先跌后涨。主力 2603 合约受小麦竞价销售利空政策影响，开盘跳空 | | | | 下行，其后期价企稳日内表现震荡反弹。现货市场中，玉米报价持稳，现货成交 | | | | 清淡。目前，东北地区玉米价格基本维持平稳，北港价格窄幅下调。产区农户目 | | | | 前仍存在惜售情绪，市场上量偏慢，贸易商收购不积极，维持难买难卖局面。华 | | | | 北地区玉米价格整体稳定，少数企业价格窄幅下调，主流价格保持不变。深加工 | | | 玉米 | 企业库存尚可，采购压力不大。基层贸易商库存较去年同期相比偏低，收购意愿 | 震荡下行 | | | 尚可，随着干粮增加和春节临近，预计基层玉米购销活跃度逐渐增加。销区市场 | | | | 玉米价格稳定。元旦假期成交清淡，港口贸易商报价无变化，下游企业按需补库， | | | | 整体市场购销不活跃。技术上，玉米主力 2603 合约周线图表在短期均线的密集 | | | | 成交处企稳，期价呈现震荡表现。中期，谷物市场政策利空影响持续， ...

我农产品日报（2025 年 12 月 5 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 本周，玉米近月 2601 合约领涨，远期合约跟涨。1 月合约减仓，资金向 3 月和 | | | | 5 月合约转移，近月期价领涨、远期跟涨，期价以上涨打破震荡局面，价格恢复上 | | | | 行。近期中储粮哈尔滨库收购价格较高，对黑龙江产区价格直接形成支撑，黑龙 | | | | 江部分产区报价至 2100 元/吨以上。期货上涨，北港报价也有所上调。 山东深 | | | | 加工企业早间剩余车辆维持高位，部分企业继续窄幅 6-20 元/吨。河北、河南深 | | | | 加工企业价格保持稳定。贸易商收购价格保持坚挺，未跟随深加工企业价格频繁 | 震荡上涨 | | | 变动。当前华北玉米基层购销活跃度不强，供需维持动态平衡。 销区市场玉米 | | | | 价格继续窄幅上调。期货盘面继续上行，部分港口现货库存偏少，港口贸易商报 | | | | 价坚挺。饲料企业高价采买意愿不强，销售利润偏低，市场购销活跃度一般。技 | | | | 术上，现货玉米报价延续强势表现，期价结束 ...

农产品日报（2025 年 12 月 3 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，玉米近月 2601 合约减仓，资金向 3 月和 5 月合约转移，期价延续震荡表 待涨的情绪较为明显。华北地区深加工企业玉米价格偏弱运行，特别是山东地区， | 震荡 | | | 现。今日东北玉米价格表现仍偏强，粮点低价难上量，目前走货情况也显一般， | | | | 产区贸易商及烘干塔收购积极性一般；基层农户目前售粮积极性一般，基层惜售 | | | 玉米 | 深加工企业到货车辆维持高位，多数企业下调 6-20 元/吨，基层粮点玉米价格整 | | | | 体维持稳定。河南个别深加工上调。河北维持稳定。当前基层农户惜售情绪依然 | | | | 存在，基层收购量未有明显增加，终端需求刚性采购为主，随着气温降低，深加 | | | | 工企业建库意愿或会有所增加。技术上，现货玉米报价延续强势表现，期价震荡 | | | | 调整。12 月警惕玉米期、现报价持续调整，短多注意设置动态止盈。 | | | | 周二，CBOT 大豆收跌，因缺乏支持性消息，且预期南美大豆将丰收。周二美国 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Corn**: This week, the corn futures and spot prices increased in tandem. Affected by the rising port quotations, the corn futures price continued to rise. The main 2601 contract of corn increased with a reduction in positions, and due to favorable policy expectations, the corn futures and spot prices rebounded jointly. It is recommended to continue participating in short - term long positions [1]. - **Soybean Meal**: On Thursday, CBOT soybeans reached a 17 - month high. Analysts expect the USDA to lower the US soybean harvest forecast. The domestic soybean meal continued its oscillating and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - **Oils**: On Thursday, BMD palm oil rose. The domestic rapeseed oil continued to rise, while palm oil showed weak growth. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Thursday, egg futures prices continued to correct. The spot egg prices continued to oscillate. Before February next year, the new supply will continue to decline. If the production capacity is eliminated at an accelerated pace, consider going long at low prices; otherwise, treat it with a wide - range oscillation mindset [1]. - **Pigs**: On Thursday, the near - and far - month contracts of live pigs rebounded jointly. The spot pig prices continued to be weak. The far - month 2609 contract of live pigs is expected to continue to oscillate and strengthen, and attention should be paid to the pressure of the 40 - day moving average on the weekly line [2]. 3. Summary According to Relevant Catalogs 3.1 Market Information - **Brazilian Soybeans**: The CONAB monthly report predicts that the soybean production in Brazil in the 2025/26 season will reach 177.6016 million tons, a year - on - year increase of 6.1199 million tons or 3.6%. The sown area is expected to reach 49.0634 million hectares, a year - on - year increase of 1.7169 million hectares or 3.6%. The yield per unit area is expected to be 3.62 tons per hectare, a year - on - year decrease of 2.0 kg per hectare or 0.1% [2]. - **Winter Wheat Sowing**: As of November 12, the sowing of winter wheat across the country has reached 75%. In the Huang - Huai - Hai region, it has exceeded 75%. By province, the sowing progress in Henan is nearly 70%, in Shandong it has exceeded 80%, in Anhui it is nearly 70%, in Jiangsu it is 55%, in Shaanxi it has exceeded 85%, and in Shanxi it is 85% [3]. - **Sino - US Agricultural Trade**: China will continue to maintain an open and cooperative attitude and deepen mutually beneficial cooperation with global trading partners in agricultural product trade [3]. 3.2 Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [5][6][9][11]. - **Contract Basis**: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [14][17][18][23]. 3.3 Research Team Members - **Wang Na**: The director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams at DCE. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' Best Futures Analyst selection for many years [27]. - **Hou Xueling**: A soybean analyst at Everbright Futures, with more than a decade of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant selections for many years [27]. - **Kong Hailan**: A researcher in the egg and live pig industries at Everbright Futures Research Institute. She has participated in many media interviews [27].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn: The corn futures price showed a weak and volatile performance. New grain listings increased in the spot market, and the supply pressure in Jilin was transmitted to the ports, causing the prices at northern ports to decline under pressure. Prices in different regions of North China were differentiated, and prices in the sales areas were generally weak. The corn main 2601 contract rebounded under pressure, and there was a long - term bearish expectation [1]. - Soybean Meal: CBOT soybeans hit a 15 - month high on Thursday. After the China - US economic and trade consultations in Kuala Lumpur, there were expectations of increased demand. Domestic soybean meal followed the upward trend of the external market, but the market trading was sluggish. The strategy was to think in a slightly bullish and volatile way [1]. - Oils: BMD palm oil rebounded after four consecutive days of decline. The Indonesian Palm Oil Association expected the 2025 palm oil production to increase by 10% year - on - year to 56 million tons. In August, Indonesia's inventory decreased by 1% to 2.54 million tons. Domestically, palm oil declined more than soybean oil and rapeseed oil. Short - term participation was recommended, waiting for long - position entry opportunities [1]. - Eggs: The egg futures fluctuated and adjusted on Thursday, with the main 2512 contract slightly down 0.25%. The spot prices were mostly stable, with individual fluctuations. The short - term supply pressure and supply improvement were in a game, and the rebound height was expected to be limited [1]. - Pigs: The main 2601 contract of live pigs closed with a long negative line on Thursday, and the futures price returned to the shock mode. The spot prices in production and sales areas were running strongly, but the price increases in Shandong and Hebei slowed down. Although it was expected that the prices of live pigs and pork would stop falling and rebound in the fourth quarter, the supply pressure still loomed over the market, and the futures price was expected to resume a slow decline after the rebound ended [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - The European Central Bank kept the interest rate at 2% on Thursday, while the Federal Reserve cut the interest rate by 25 basis points earlier [3]. - In September 2025, Canada's rapeseed crushing volume was 1,007,389 tons, an increase of 16.07% from the previous month and 7.97% from the same period last year [3]. - The estimated soybean production in the 2025/26 season in Brazil's Paraná state was 21.96 million tons, higher than the September forecast [3]. - China made its first soybean purchase from the US in this harvesting season [3]. 3.2 Variety Spreads - **Contract Spreads**: There were charts showing the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [5][6][10][14]. - **Contract Basis**: There were charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [13][16][17][22]. 3.3 Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with rich experience and many honors. Her futures trading consultation qualification number is Z0001262 [26]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over a decade of futures trading experience and multiple awards. Her futures trading consultation qualification number is Z0013637 [26]. - Kong Hailan is a researcher of eggs and live pigs at Everbright Futures Research Institute, with a master's degree in economics. Her futures trading consultation qualification number is Z0013544 [26].

Group 1: Investment Ratings for Different Agricultural Products - Corn: The rating is "Oscillating Downward" [1] - Soybean Meal: The rating is "Oscillating" [1] - Oils and Fats: The rating is "Declining" [1] - Eggs: The rating is "Oscillating" [1] - Pigs: The rating is "Oscillating" [2] Group 2: Core Views of the Report - Corn: On Wednesday, the main corn 2601 contract closed with a small negative line after opening flat, showing an oscillating performance. The supply of new grain in the spot market has increased, and the supply pressure of corn in Jilin has been transmitted to the ports, causing the prices at northern ports to decline under pressure. The prices in North China are running steadily with a slight upward trend. The prices in the sales areas are mainly weak. The downstream feed enterprises are mostly waiting and watching, and the port traders are actively selling. Technically, the main 2601 contract is under pressure to rebound, and the long - term outlook is bearish [1]. - Soybean Meal: On Wednesday, CBOT soybeans remained flat. The market is optimistic about the demand outlook and is concerned about the trade situation and the US government shutdown. Domestically, soybean meal is oscillating narrowly, and the funds are cautious. There are many rumors about US soybean purchases, and the results of the Sino - US leaders' talks should be closely watched. The spot price of soybean meal has followed the increase, but the market trading is sluggish [1]. - Oils and Fats: On Wednesday, BMD palm oil fell for the fourth consecutive day and the second consecutive month, following the decline of the surrounding markets. The expected over - production in Indonesia has also depressed the market. Domestically, palm oil continued to decline and stopped falling at night. Soybean oil and rapeseed oil are relatively strong. Attention should be paid to the implementation of US and Indonesian biodiesel policies and the tariff adjustments between the US and Malaysia [1]. - Eggs: On Wednesday, the egg futures continued to rebound, with the main 2512 contract rising 2.13%. The spot price of eggs continued to decline slightly. There is a game between short - term supply pressure and supply improvement, and the rebound height is expected to be limited. The future egg price trend depends on the changes in the farmers' willingness to replenish and cull the flocks [1]. - Pigs: On Wednesday, the main 2601 contract of live pigs closed with a small positive line close to a doji, and the futures price was blocked from rising and moved down in the range. The spot prices in production and sales areas are running strongly, but the price increase in Shandong and Hebei has slowed down. The Ministry of Agriculture and Rural Affairs expects the prices of live pigs and pork to stop falling and rebound in the fourth quarter. However, due to the continuous policy of controlling the breeding sows and reducing the inventory and the supply pressure, it is expected that the futures price will return to a slow decline after the rebound [2]. Group 3: Market Information - Brazil's 2025/26 soybean production is expected to be 177 million tons, a 3% increase from the previous year. The export volume is expected to be 111 million tons, basically the same as the previous year. The planting area is expected to reach 48.8 million hectares, a 2% increase from the previous year [3]. - The US government shutdown has lasted for nearly a month, and there seems to be a change. There is a possibility of a compromise on the temporary appropriation bill next week [3]. - The Argentine oilseed workers' union may resume the strike next week as they are still far from reaching a salary agreement with the employers [3]. - Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns [3]. - China has made its first purchase of US soybeans this harvest season, and the Chinese Foreign Ministry has not given a specific comment [4]. Group 4: Variety Spreads 4.1 Contract Spreads - The spreads include those of corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, soybean oil 1 - 5, palm oil 1 - 5, eggs 1 - 5, and live pigs 1 - 5 [6][7][11][15] 4.2 Contract Basis - The basis includes those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [14][17][18][23] Group 5: Research Team Members - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won many awards and has rich experience in leading the team [27]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures experience and has won many awards [27]. - Kong Hailan, a researcher of eggs and live pigs at Everbright Futures Research Institute, has participated in many research projects and has been interviewed by many media [27].

Report Industry Investment Rating - The investment ratings for different agricultural product varieties are as follows: corn - oscillatory; soybean meal - oscillatory; oils - rising (with an oscillatory strategy); eggs - oscillatory; and pigs - oscillatory [1][2] Core Viewpoints - Corn prices showed mixed trends this week. The North Port prices were under pressure recently, while the prices in North China were stable to slightly stronger. Given the expected corn harvest this year, there is a possibility that corn futures prices may reach new lows [1] - CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market remains ample, and the demand side is cautious in purchasing [1] - BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Summary by Relevant Catalogs Research Views - **Corn**: This week, corn prices showed mixed trends. The main 2601 contract on Thursday opened slightly lower and then rebounded. Affected by the adjustment of futures prices near the weekend, the North Port quotes were under pressure. In North China, the corn prices continued to be stable to slightly stronger. Considering the expected corn harvest this year, the market generally expects the corn futures prices to reach new lows [1] - **Soybean Meal**: CBOT soybeans rose to a one - month high on Thursday. Domestic protein meal increased with reduced positions, and the soybean meal rose by over 2%. The supply of soybean and rapeseed meal in the spot market is ample, and the demand side is cautious in purchasing. The slow procurement of soybeans by oil mills from December to January provides strong cost support for soybean meal [1] - **Oils**: BMD palm oil closed higher on Thursday. Domestic palm oil futures prices declined following the foreign market, while soybean oil and rapeseed oil fluctuated slightly. The improvement in the spot trading volume of soybean oil and the rigid demand for palm oil and rapeseed oil were observed. It is necessary to closely monitor the Sino - US talks and the Fed meeting [1] - **Eggs**: Egg futures rebounded from a low level on Thursday. Spot egg prices showed a pattern of mostly stable with a few increases in the production areas, and the purchasing costs in the sales areas were mostly stable with a few increases. The future egg price trend depends on the changes in farmers' willingness to replenish and cull the flock [1] - **Pigs**: On Thursday, the main hog futures contract oscillated and formed a doji star. After the National Day, hog prices declined rapidly, and the expectation of a technical rebound increased. Although the expansion of the price difference between standard and fat hogs and the entry of second - fattening operations have alleviated the short - term supply pressure to some extent, the oversupply situation remains the main factor influencing prices [2] Market Information - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held in Beijing from October 20 to 23, 2025. The session proposed to build a strong domestic market and accelerate the construction of a new development pattern [2][3] - The main economic and social development goals for the "15th Five - Year Plan" period were put forward, aiming to achieve a significant leap in China's economic, technological, national defense, and comprehensive national strength and international influence by 2035 [3] - Chinese Vice - Premier He Lifeng will lead a delegation to Malaysia from October 24 to 27 for economic and trade consultations with the US [3] - The EU agreed to impose new sanctions on Russia due to the Russia - Ukraine conflict and expanded the scope of sanctions to include 12 Chinese companies and 3 Indian companies. China strongly opposes these sanctions and has lodged solemn representations with the EU [3] Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of various agricultural product contracts, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [4][5][6] - **Contract Basis**: The report shows the basis of various agricultural product contracts, such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [12][13][16] Research Team Members - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute. She has won the "Best Agricultural Product Analyst" title in multiple analyst selection competitions and has led her team to achieve excellent results [26] - Hou Xueling is an analyst of soybeans at Everbright Futures. She has rich experience and has won many industry awards [26] - Kong Hailan is a researcher of eggs and pigs at Everbright Futures Research Institute. She has participated in many research projects and has been interviewed by mainstream media [26]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Corn is expected to decline in a volatile manner. New grain harvest pressure, price drops in Heilongjiang, and slow harvest in Shandong due to rain contribute to the bearish outlook. The 11 - month contract hit a new low, and the medium - term weak expectation remains unchanged [1]. - Soybean meal is expected to move sideways. Weak demand, advancing US soybean harvest, and Argentina's tariff cancellation on grain exports affect the market. Domestic two - meal prices fluctuated, and short - term participation is recommended [1]. - Oils are expected to move sideways. BMD palm oil ended a two - day decline due to strong surrounding markets and positive export data. Domestic oils are divided, with rapeseed oil being strong and soybean and palm oils being weak. Short - term participation is advised [1]. - Eggs are expected to move sideways. Futures prices declined, and spot prices were mostly stable. Supply continues to pressure egg prices, and the boost from peak - season demand is limited. Light - position participation is recommended, and attention should be paid to supply and market sentiment changes [1]. - Pigs are expected to move sideways. Futures prices fluctuated, and spot prices stabilized with partial rebounds. Supply is abundant, and short - term rebounds are limited. Attention should be paid to the support from demand and policies as temperatures drop [2]. Group 3: Summary by Related Catalogs Market Information - Malaysia's palm oil export data from different institutions shows mixed results. SGS data indicates a 16.1% decrease in exports from September 1 - 20 compared to the previous month, while Amspec shows an 8.3% increase. Production from September 1 - 20 decreased by 7.89% compared to the previous month [3]. - The national pig - feed ratio this week is 5.12, a 1.54% decline. Pig farmers are expected to have a loss of - 106.13 yuan per head. Supply increased this week, and demand was limited. Next week, the decline in pig prices may slow, but losses are expected to increase [3]. - On September 22, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" increased. The average prices of pork, eggs, and white - striped chickens in the national agricultural product wholesale market also rose compared to last Friday [3]. - On September 22, Argentina temporarily cancelled export taxes on soybeans, its derivatives, corn, and wheat until October 31 or until exports reach $7 billion to increase foreign exchange supply [4]. Variety Spreads - Contract spreads and contract basis are presented for various agricultural products such as corn, soybean, oil, egg, and pig, but no specific analysis of these spreads is provided in the text [5][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market for various agricultural products is in a state of oscillation. Corn, soybean meal, oils, eggs, and pigs are all expected to show an oscillatory trend [1][2]. - For corn, the market is affected by factors such as the increase in new grain listings and the transition of old - grain prices to new - grain prices. In the short - term, the 11 - month contract is expected to continue to adjust, and in the medium - term, it is judged to be weak due to expected high yields and lower costs [1]. - Regarding soybean meal, the international market has changes in supply and demand expectations, and the domestic market has sufficient spot goods and stable import costs. Without significant driving factors, the price will oscillate, and short - term participation is recommended [1]. - In the case of oils, the international market has a negative impact on prices, but there are also some positive factors such as potential bio - diesel policy changes. The market is currently oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - For eggs, the spot price has a certain increase, but the rebound is limited. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - For pigs, the futures price is oscillating strongly, while the spot price is weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3. Summary by Related Catalogs 3.1 Research Views - **Corn**: The main 2511 contract of corn decreased in position and price on Wednesday. The trading enthusiasm of both long and short sides has cooled. As the listing volume of new corn in western Liaoning increases, the price returns to range fluctuations. The old grain in the Northeast is still strong, and the price in North China is weakly stable. The price in the sales area has a local increase. Technically, the 11 - month contract is expected to continue to adjust in the short - term and be weak in the medium - term [1]. - **Soybean Meal**: CBOT soybeans fell on Wednesday. Analysts expect a decrease in US soybean yield, export, and inventory. The strengthening of US soybean oil is due to potential bio - diesel policy changes. The domestic spot price of soybean meal oscillates, and short - term participation is recommended [1]. - **Oils**: BMD palm oil fell for the second consecutive day due to the decline of related oils and weak exports. The MPOB August supply - demand report is slightly bearish. The domestic oil futures price is weak. The market is oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - **Eggs**: The main 2510 and 2511 contracts of eggs showed a weak trend on Wednesday. The spot price increased slightly. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - **Pigs**: The pig futures price oscillated strongly on Wednesday, while the spot price was weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3.2 Market Information - Malaysia's sustainable palm oil certification (MSPO) has been recognized by the EU, which helps relevant enterprises comply with EU deforestation regulations [3]. - The export volume of Malaysian palm oil from September 1 - 10 decreased compared with the same period last month, with a decrease of 1.2% - 8.4% according to different survey agencies [3]. - The MPOB August supply - demand report shows that the inventory of Malaysian palm oil increased by 4.18% to 2.2 million tons, the production increased by 2.35% to 1.86 million tons, and the export decreased by 0.29% to 1.32 million tons [3]. - In the 36th week of 2025 (September 1 - 5), the average weekly price of lean - type white - striped pork in 16 provinces and municipalities increased by 2.0% month - on - month, decreased by 29.7% year - on - year, and the decline narrowed by 0.8 percentage points compared with the previous week. The price first rose and then fell during the week [4]. - The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission plan to hold a symposium on pig production capacity regulation on September 16, inviting 25 enterprises to participate [5]. 3.3 Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads is provided [6][7][8][12][14][15][16][18][19][25]