表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 豆一 | A2511 | 3,960 | 0 | 0.00 | 10.55 | 1.73 | 13.76 | 0.10 | | 豆二 | B2511 | 3,637 | 4 | 0.11 | 10.21 | 2.57 | 8.70 | -0.15 | | 豆粕 | M2511 | 2,903 | -6 | -0.21 | 9.03 | 2.94 | 35.21 | -4.75 | | 菜籽粕 | RM2601 | 2,418 | -11 | -0.45 | 20.63 | -1.13 | 35.62 | 0.33 | | 棕榈油 | P2511 | 9,436 | 20 | 0.21 | 0.80 | 0.27 | 1.35 | -0.21 | | 豆油 | Y2511 | 8,370 | 8 ...

| | | | | | | 农产品早报 | | | 研究中心农产品团队 2025/10/10 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/09/25 | 2230 | 2260 | 2264 | 2420 | 95 | 25 | 277 | 2750 | 2850 | 231 | -31 | | 2025/09/26 | 2230 | 2260 | 2264 | 2440 | 82 | 45 | 296 | 2750 | 2850 | 225 | -31 | | 2025/09/29 | 2230 | 2230 | 2264 | 2440 | 71 | 75 | 297 | 2750 | 2850 | 222 | -31 | | 2025/09/30 | 2230 | 2 ...

（文章来源：每日经济新闻） 每经AI快讯，10月9日，国内商品期货收盘，互有涨跌。生猪、液化气跌逾5%，鸡蛋跌超4%，尿素跌 超3%，烧碱、甲醇等跌超2%，淀粉、沥青等跌超1%，花生、PTA等小幅下跌；沪金、沪铜等涨超 4%，豆油、沪镍等涨超2%，红枣、沪锌等涨超1%，SS、焦炭等小幅上涨。 ...

Report Industry Investment Rating Not mentioned in the provided content. Core Viewpoints of the Report The report analyzes various agricultural and related commodity markets, providing short - and long - term outlooks and investment suggestions for each commodity. Overall, the market shows a mixed trend with some commodities expected to be weak, some to be in a range - bound state, and others with potential for short - term rebounds [1][6][8]. Summary by Commodity 1. Livestock - **Pig**: In the short term, the planned pig出栏量 in September increased by 4% month - on - month, and the completion rate was 64.6%. There is still significant pressure at the end of the month. In the medium term, the number of pigs for sale is expected to increase in Q4. In the long term, if the "anti - involution" policy of reducing 1 million sows is implemented, the supply pressure will ease in the second half of 2026. The outlook is weak - side oscillation, and attention should be paid to reverse arbitrage strategies [1][8]. 2. Oils and Fats - **Oils**: The outlook is that soybean oil and palm oil will oscillate, while rapeseed oil will oscillate with a stronger bias. The US soybean harvest is normal, but the good - quality rate is decreasing. The domestic soybean import volume will seasonally decline, and the soybean oil inventory will peak. The palm oil inventory accumulation in September may be limited, and the rapeseed oil inventory will decline. Attention should be paid to trade relations, supply in producing areas, and overseas biodiesel demand [6]. 3. Protein Meals - **Protein Meals**: The outlook is that both soybean meal and rapeseed meal will oscillate. Internationally, the US crop harvest is progressing well, and Brazil's sowing has a record - fast start. Domestically, there is support from pre - holiday stocking, but the inventory pressure is large. The supply of soybean meal is expected to increase in Q4 2025 and Q1 2026. Attention should be paid to the impact of pig "anti - involution" on sentiment [6][7]. 4. Grains - **Corn/Starch**: New grain is gradually coming onto the market. In the short term, there is pressure from the concentrated listing of new grain, but there may be a small rebound before the holiday. In the long term, the market is expected to be short - term bearish and long - term bullish. Attention should be paid to short - selling opportunities [7][8]. 5. Rubbers - **Natural Rubber**: The short - term fundamentals are supportive, and the market is expected to maintain a range - bound state. The market has a strong spot, is de - stocking, and the basis is narrowing. However, there is an expectation of increased supply in Q4. Attention should be paid to raw material prices and domestic social inventory changes [10][11]. - **Synthetic Rubber**: The market will continue to oscillate within a range. There are many device overhauls expected from September to November, and the price is at a low level, so the bearish sentiment has cooled, but there is no continuous upward driving force [12]. 6. Fibers - **Cotton**: The medium - term outlook is weak - side oscillation. The expected increase in Xinjiang's cotton production in the 25/26 season will bring supply pressure. Before the holiday, the price fluctuation will narrow. After the holiday, as new cotton is listed, the downward driving force will increase. Attention should be paid to the seed cotton purchase price and trade negotiations [12]. 7. Sweeteners - **Sugar**: In the short term (around National Day), it will oscillate, and the decline may slow down with a potential for a rebound. In Q4, as new sugar is listed in the Northern Hemisphere, the supply pressure will increase, and the price is expected to be weak - side oscillating. Attention should be paid to production data in Brazil's central - southern region [13][14]. 8. Pulps and Papers - **Pulp**: The market is weak - side oscillating. The downstream paper production peak is coming to an end, and the supply is in an oversupply situation. Although there is support from the delivery price, there is no clear upward logic [16]. - **Double - Glued Paper**: The market is weak - side oscillating. The supply is relatively abundant, the demand is not strong, and there is no clear upward or downward driving force in the short term. The long - term outlook is weak [17]. 9. Logs - **Logs**: The market will oscillate around 800 before the holiday. The spot price is stable, the inventory is being de - stocked, and the fundamentals are marginally improving. However, the delivery situation has a negative impact on the market, and the selling hedging pressure is large [19][20].

淀粉：进入九月后，企业开始降低库存备战新作季，因此开始对原料玉米采取压价操作。短期看，随着收粮成本下探，产业预计顺势调低成品 淀粉报价，以降价换销路的操作降低库存压力。中长期看，成品淀粉库存高企限制企业调价空间，叠加新季原料成本预期下移，因此对淀粉价 格仍维持偏空思路。 | | | | | | | | | | 研究中心农产品团队 2025/09/30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/09/23 | 2230 | 2250 | 2264 | 2420 | 92 | 35 | 286 | 2750 | 2850 | 258 | -51 | | 2025/09/24 | 2230 | 2250 | 2264 | 2400 | 86 | 15 | 258 | 2750 ...

【行情分析】： 玉米：短期看，新季玉米即将上市，企业陆续开始降低对于老玉米的采购需求，终端需求减弱的背景下价格偏弱运行。不过，由于当下整体渠 道、产业库存水平处于低位，所以玉米的跌幅预计也不大，继续维持弱震荡格局。中长期视角，重点关注新季玉米上市后产区售粮积极性。在 新季产量增加与成本下滑的大背景下，价格预计仍将承压下行，直至国内消费出现好转或产区显现惜售情绪，行情才可能迎来转折。 淀粉：进入九月后，企业开始降低库存备战新作季，因此开始对原料玉米采取压价操作。短期看，随着收粮成本下探，产业预计顺势调低成品 淀粉报价，以降价换销路的操作降低库存压力。中长期看，成品淀粉库存高企限制企业调价空间，叠加新季原料成本预期下移，因此对淀粉价 格仍维持偏空思路。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/09/22 5900 5800 5820 448 493 674 10315 2025/09/23 5890 5780 5800 446 366 547 10022 2025/09/24 5890 5780 5800 393 358 539 9854 2025/09 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The report presents a comprehensive overview of the weekly price and volume data of various futures products, including their closing prices, weekly price changes, 20 - day annualized volatility, volatility changes, speculation degrees, trend degrees, and capital changes. It also shows the year - to - date price changes and weekly average position and capital changes of these products, which helps investors understand the market trends and potential investment opportunities in different futures sectors [2][4][14]. 3. Summary by Category 3.1 Commodity Futures - **Precious Metals**: Gold had a closing price of 856.06 with a 20 - day annualized volatility of 3.07% and a volatility change of 14.14%. Silver closed at 10,632.00, with a 20 - day annualized volatility of 6.63% and a volatility change of 23.21% [2]. - **Non - ferrous Metals**: Copper closed at 82,470.00, with a 20 - day annualized volatility of 3.28% and a volatility change of 14.48%. Nickel, aluminum, tin, zinc, and lead also had their respective price and volatility data [2]. - **Black Metals**: Products like iron ore, coke, and coking coal showed significant price changes. For example, iron ore closed at 790.00 with a weekly price change of 17.43% [2]. - **Energy and Chemicals**: Crude oil closed at 491.30 with a weekly price change of 25.02%. Other products such as fuel oil, LPG, and PVC also had their price and volatility information [2]. - **Agricultural Products**: Products like soybeans, cotton, and sugar had different price trends. For instance, soybeans (bean one) closed at 3,935.00 with a weekly price change of 8.95% [2]. 3.2 Financial Futures - IC closed at 7,080.00 with a weekly price change of 1.37% and a 20 - day annualized volatility of 26.69%. IF, IM, IH, T, TS, and TF also had their corresponding price and volatility data [4]. 3.3 Year - to - Date Price Changes - Precious metals like silver and gold had relatively high year - to - date price increases, while some products such as industrial silicon and线材 had significant price decreases [14]. 3.4 Weekly Average Position and Capital Changes - Zinc, copper, lead, nickel, and tin had significant increases in their positions. Copper, silver, gold, apple, and fuel oil attracted more capital attention [16][17][18].

每经AI快讯，9月26日，国内商品期货早盘开盘，互有涨跌。橡胶、NR等跌逾1%，纯碱、热卷等 小幅下跌；沪银、集运欧线等涨超1%，沪锌、淀粉等小幅上涨。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

人民财讯9月26日电，国内期货早盘开盘涨跌不一。橡胶、NR等跌逾1%，纯碱、热卷等小幅下跌；沪 银、集运欧线等涨超1%，沪锌、淀粉等小幅上涨。 ...

研究中心农产品团队 2025/09/26 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/09/19 | 2230 | 2230 | 2264 | 2420 | 62 | 60 | 292 | 2750 | 2850 | 242 | -26 | | 2025/09/22 | 2230 | 2250 | 2264 | 2420 | 103 | 40 | 277 | 2750 | 2850 | 274 | -46 | | 2025/09/23 | 2230 | 2250 | 2264 | 2420 | 92 | 35 | 286 | 2750 | 2850 | 258 | -51 | | 2025/09/24 | 2230 | 2250 | 2264 | 2400 | 86 | 15 | 2 ...