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]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of Each Report Soybean, Meal, and Related Products - Argentina restarted export taxes, but China has purchased multiple shipments of Argentine soybeans. US soybeans lack substantial positive factors, with high yields and limited Chinese demand, expected to fluctuate in a low - range. Domestic soybean meal supply is abundant, with high soybean and oil - mill soybean meal inventories. The basis is difficult to improve under supply pressure. The increase in Argentine soybean purchases eases the year - end and Q1 2026 gap, and the 1 - 5 spread of soybean meal may continue to weaken [2]. Pork - The market supply rhythm is continuously recovering. Near the Double Festival, the demand for large - weight pig slaughter has increased, resulting in both supply and demand growth. Spot quotes are chaotic, and price drops have widened in some areas. In the medium term, demand is slowly recovering, but supply has clearly recovered, and demand is weak. Pay attention to the adjustment of retail farmers' pig weights after the National Day. The futures market is cautious about speculating on expectations, market confidence is weak, and long - term bullish funds have withdrawn. The market is expected to fluctuate sideways and follow the spot market with small fluctuations [4]. Edible Oils - For palm oil, due to the release of end - of - month fundamental data and concerns about year - end inventory growth, crude palm oil futures may fall below 4400 ringgit and continue to decline. There is a possibility of seeking support at 4200 ringgit after breaking through the annual support at 4350 ringgit. In the domestic market, there is a risk of domestic palm oil futures following the downward trend of Malaysian palm oil, especially a potential catch - up decline after the National Day holiday. For soybean oil, the concentrated harvest of US soybeans and weak exports may lead to a decline in CBOT soybeans, which will drag down CBOT soybean oil. Domestically, pre - holiday stocking has ended, and the market is quiet. Factory soybean oil production may accumulate during the holiday, and although downstream replenishment after the holiday may ease inventory pressure, soybean oil inventory remains high, which may drag down the spot basis [6]. Corn and Corn Starch - In the Northeast, the supply of new - season corn is increasing, and the opening price is slightly higher than last year, with farmers being more willing to sell. Prices may rebound slightly in the short term but are expected to decline as the harvest progresses. On the demand side, deep - processing and feed enterprises mainly meet their rigid needs and have seasonal replenishment needs. In the short term, the market supply is increasing, and the futures market is expected to fluctuate weakly at a low level. Pay attention to the new - grain purchase rhythm and farmers' selling attitudes [7]. Sugar - In the short term, raw sugar prices are dragged down by rapid Brazilian production and demand before the October contract expiration. There is an oversupply in the trade flow due to high sugar production and inventory during the Brazilian crushing peak. Pay attention to the pressure relief after the decrease in cane crushing volume, the reduction in sugar - making ratio, and the gradual end of the crushing season from September to October. Overall, there are limited positive factors for raw sugar, and it is expected to remain in a weak bottom - sideways pattern, with a reference range of 15 - 17 cents per pound. The new sugar - making season has started in Inner Mongolia and Xinjiang, and new sugar is expected to be on the market this week, putting pressure on the spot market. Domestic market trading sentiment is cautious, and after the Double Festival stocking, the overall trading atmosphere is light. The market is expected to remain weak [11]. Cotton - On the supply side, the willingness to scramble for seed cotton is weak, and new cotton can be hedged at a reasonable price, so there is significant hedging pressure on cotton prices in the medium term. On the demand side, the downstream textile industry has little confidence in the peak season, and demand is weaker than the same period in previous years, providing limited support. Overall, domestic cotton prices may face pressure in the medium term [12]. Eggs - In recent days, traders' risk - aversion has increased, and their purchases in the origin have decreased. Weakening demand may drag down egg prices. Abundant egg supply will also have a negative impact on the egg market. After a slight decline in egg prices, traders may make small - batch replenishments, which may support egg prices. Egg prices are expected to remain sideways at the bottom in the short term but face pressure in the medium term [16]. 3. Summary According to Relevant Catalogs Soybean, Meal, and Related Products - **Prices**: Jiangsu soybean meal spot price is 2940 yuan/ton, unchanged; M2601 futures price is 2933 yuan/ton, down 4 yuan or 0.14%. Jiangsu rapeseed meal spot price is 2500 yuan/ton, down 10 yuan or 0.40%; RM2601 futures price is 2416 yuan/ton, up 11 yuan or 0.46%. Harbin soybean spot price is 3880 yuan/ton, unchanged; soybean No. 1 main - contract futures price is 3938 yuan/ton, up 3 yuan or 0.08% [2]. - **Spreads**: The basis of M2601 is 7 yuan/ton, up 4 yuan or 133.33%. The basis of RM2601 is 84 yuan/ton, down 21 yuan or 20%. The 01 - 05 spread of soybean meal is 190 yuan/ton, up 4 yuan or 2.15%. The 01 - 05 spread of rapeseed meal is 93 yuan/ton, up 15 yuan or 19.23% [2]. Pork - **Futures Indicators**: The main - contract basis is 255, up 280 or 1120%. The price of Live Hogs 2511 is 12295 yuan/ton, down 280 yuan or 2.23%. The price of Live Hogs 2601 is 12785 yuan/ton, down 315 yuan or 2.40% [4]. - **Spot Prices**: Henan spot price is 12550 yuan/ton, unchanged; Shandong is 12850 yuan/ton, up 50 yuan; Sichuan is 12050 yuan/ton, down 150 yuan [4]. - **Industry Indicators**: The daily slaughter volume of sample points is 169930, up 4751 or 2.88%. The weekly white - strip price is 0, down 19.8 or 100%. The weekly self - breeding profit is - 74 yuan/head, down 49.7 or 203.23% [4]. Edible Oils - **Prices**: The spot price of Jiangsu first - grade soybean oil is 8400 yuan/ton, down 70 yuan or 0.83%; Y2601 futures price is 8150 yuan/ton, down 12 yuan or 0.15%. The spot price of Guangdong 24 - degree palm oil is 9110 yuan/ton, down 120 yuan or 1.30%; P2601 futures price is 9234 yuan/ton, down 2 yuan or 0.02% [6]. - **Spreads**: The basis of Y2601 is 250 yuan/ton, down 58 yuan or 18.83%. The basis of P2601 is - 124 yuan/ton, down 118 yuan or 1966.67%. The 01 - 05 spread of soybean oil is 238 yuan/ton, up 2 yuan or 0.85% [6]. Corn and Corn Starch - **Corn**: The price of Corn 2511 is 2159 yuan/ton, down 19 yuan or 0.87%. The basis is 121 yuan/ton, up 19 yuan or 18.63%. The 11 - 3 spread is 10 yuan/ton, down 17 yuan or 62.96% [7]. - **Corn Starch**: The price of Corn Starch 2511 is 2483 yuan/ton, up 3 yuan or 0.12%. The basis is 17 yuan/ton, down 3 yuan or 3.75%. The 11 - 3 spread is 21 yuan/ton, up 5 yuan or 31.25% [7]. Sugar - **Futures Market**: The price of Sugar 2601 is 5479 yuan/ton, up 1 yuan or 0.02%. The price of Sugar 2605 is 5437 yuan/ton, down 5 yuan or 0.09%. The 1 - 5 spread is 42 yuan/ton, up 6 yuan or 16.67% [11]. - **Spot Market**: The Nanning spot price is 5780 yuan/ton, unchanged. The difference between imported Brazilian sugar (in - quota) and Nanning sugar is - 1326 yuan/ton, up 29 yuan or 2.14% [11]. - **Industry Situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons or 12.03%. The cumulative national sugar sales are 1000 million tons, up 114 million tons or 12.87% [11]. Cotton - **Futures Market**: The price of Cotton 2605 is 13540 yuan/ton, down 20 yuan or 0.15%. The price of Cotton 2601 is 13555 yuan/ton, up 15 yuan or 0.11%. The 5 - 1 spread is - 15 yuan/ton, down 35 yuan or 175% [12]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 15024 yuan/ton, down 46 yuan or 0.31%. The difference between CC Index: 3128B and FC Index: M: 1% is 1726 yuan/ton, down 140 yuan or 7.5% [12]. - **Industry Situation**: Commercial inventory is 117.59 million tons, down 30.58 million tons or 20.6%. Industrial inventory is 86.21 million tons, down 3.02 million tons or 3.4% [12]. Eggs - **Futures and Spot Prices**: The price of Egg 11 contract is 3016 yuan/500KG, down 20 yuan or 0.66%. The price of Egg 10 contract is 2918 yuan/500KG, down 22 yuan or 0.75%. The egg - producing area price is 3.44 yuan/jin, down 0.10 yuan or 2.76% [15]. - **Related Indicators**: The egg - to - feed ratio is 2.85, up 0.21 or 7.95%. The breeding profit is 3.20 yuan/feather, up 12.31 yuan or 135.13% [15].

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. Investment Ratings There is no information about the industry investment ratings in the provided reports. 2. Core Views Oils and Fats Industry - Palm oil: Malaysian crude palm oil futures may strengthen due to potential growth in production and exports. Dalian palm oil futures are expected to follow suit if they can effectively stand above the moving average. The overall view is that the near - term contracts are weaker than the far - term ones. - Soybean oil: The negative impact of the US EPA's proposal is almost digested. If the China - US leaders' call involves China's purchase of US soybeans, it will boost the CBOT soybean and soybean oil markets. The domestic market is in the final stage of Mid - Autumn Festival stocking, and the news of soybean oil exports also supports the market [1]. Sugar Industry - The Brazilian sugar production in late August exceeded market expectations, causing the raw sugar price to decline significantly. The domestic sugar market is under pressure due to increased imports in August and the weakening of raw sugar prices, and it is expected to maintain a weak downward trend [3]. Cotton Industry - The mid - term domestic cotton price may face pressure as the willingness to scramble for seed cotton is low, and there is significant hedging pressure. The downstream industry has low confidence in the peak season, and demand is weaker than in previous years [4]. Corn Industry - In the short term, the corn market will maintain low - level fluctuations or may have a slight rebound due to the impact of the new - season listing rhythm and price support. In the medium term, the weak situation remains unchanged, and attention should be paid to the grain - purchasing rhythm and weather conditions [6]. Egg Industry - The egg price is expected to maintain a bottom - range oscillation. The supply is sufficient due to high laying - hen inventory and increased egg production after the weather cools. The approach of National Day and Mid - Autumn Festival may increase demand, but currently, the price is under pressure [10]. Meal Industry - The domestic concern about the fourth - quarter supply of meals is gradually alleviated, with a loose spot market. Although there are many short - term negative factors suppressing soybean meal, there is still a basis for rebound as the supply in January - February next year is not loose, and the uncertainty lies in the China - US negotiation results [13]. Pig Industry - The pig market has increased supply from the breeding end, and the demand recovery is slow. The short - term spot price lacks support, and the near - term contracts are expected to maintain a weak adjustment. Attention should be paid to the 1 - 5 and 3 - 7 spread arbitrage opportunities [15]. 3. Summary by Directory Oils and Fats Industry - Futures and Spot Prices: On September 19, the spot price of first - grade soybean oil in Jiangsu was 8620 yuan/ton, up 0.94% from the previous day; the futures price of Y2601 was 8328 yuan/ton, up 0.53%. The spot price of 24 - degree palm oil in Guangdong was 9300 yuan/ton, up 0.32%; the futures price of P2601 was 9316 yuan/ton, up 0.13%. The spot price of fourth - grade rapeseed oil in Jiangsu was 10180 yuan/ton, up 1.19%; the futures price of OI601 was 10068 yuan/ton, up 0.84% [1]. - Spreads: The soybean - palm oil spot spread was - 680 yuan/ton, up 6.85%; the 2601 contract spread was - 1062 yuan/ton, up 2.21%. The rapeseed - soybean oil spot spread was 1560 yuan/ton, up 2.63%; the 2601 contract spread was 1740 yuan/ton, up 2.35% [1]. Sugar Industry - Futures and Spot Prices: The price of sugar 2601 was 5461 yuan/ton, down 0.24%; the price of sugar 2605 was 5446 yuan/ton, down 0.18%. The ICE raw sugar主力 was 16.18 cents/pound, up 0.31%. The spot price in Nanning was 5830 yuan/ton, down 0.17%; in Kunming, it was 5845 yuan/ton, down 0.09% [3]. - Industry Situation: The cumulative national sugar production was 1116.21 million tons, up 12.03% year - on - year; the cumulative sales were 1000.00 million tons, up 12.87% year - on - year. The Brazilian sugar production in late August was 387.2 million tons, up 18.21% year - on - year [3]. Cotton Industry - Futures and Spot Prices: The price of cotton 2605 was 13705 yuan/ton, down 0.15%; the price of cotton 2601 was 13720 yuan/ton, down 0.33%. The ICE US cotton主力 was 66.30 cents/pound, down 0.93%. The Xinjiang arrival price of 3128B cotton was 15198 yuan/ton, down 0.33% [4]. - Industry Situation: The commercial inventory decreased by 18.6% month - on - month, and the industrial inventory decreased by 3.5% month - on - month. The import volume increased by 40% month - on - month [4]. Corn Industry - Futures and Spot Prices: The price of corn 2511 was 2168 yuan/ton, down 0.41%. The price of corn starch 2511 was 2463 yuan/ton, down 0.32% [6]. - Industry Situation: In the Northeast, the old - season inventory is low, and the new - season listing is slow, which supports the price. In the North China, continuous rainfall affects the corn harvest, and the number of vehicles arriving at deep - processing plants has decreased [6]. Egg Industry - Futures and Spot Prices: The price of the egg 11 - contract was 3112 yuan/500KG, down 0.64%; the price of the egg 10 - contract was 3025 yuan/500KG, down 0.59% [10]. - Industry Situation: The egg - to - feed ratio was 2.50, up 2.88%, and the breeding profit was - 17.89 yuan/feather, up 20.84% [10]. Meal Industry - Futures and Spot Prices: The spot price of soybean meal in Jiangsu was 2950 yuan/ton, unchanged; the price of M2601 was 3014 yuan/ton, up 0.70%. The spot price of rapeseed meal in Jiangsu was 2600 yuan/ton, up 1.17%; the price of RM2601 was 2522 yuan/ton, up 2.11% [13]. - Industry Situation: The USDA September supply - demand report shows an increase in production and a slight increase in the stock - to - sales ratio. The Brazilian premium is strong, which supports the domestic cost [13]. Pig Industry - Futures and Spot Prices: The price of the pig 2511 contract was 12825 yuan/ton, down 0.04%; the price of the pig 2601 contract was 13350 yuan/ton, up 0.15%. The spot price in Henan was 12950 yuan/ton, up 50 yuan/ton [15]. - Industry Situation: The slaughter volume increased by 0.57% day - on - day, and the self - breeding profit decreased by 245.13% week - on - week [15].

Group 1: Overall Information - The reports cover multiple industries including粕类, livestock (pigs), oils, corn, sugar, cotton, and eggs, with data as of September 17, 2025 [1][3][7][8][12][14][17] Group 2: Investment Ratings - No investment ratings are provided in the reports Group 3: Core Views 粕类 - Domestic two - meal decline space is limited due to cost support, and it is expected to operate in the range of 3000 - 3100 in Q4 [1] Pigs - Spot pressure continues to materialize, demand recovery is uncertain, and the futures and spot prices are expected to continue to bottom out [3] Oils - Palm oil futures may strengthen, and soybean oil has a complex situation with more supply currently but potential price support later [7] Corn - Short - term market supply and demand are loose, the market is oscillating weakly, and it remains weak in the medium - term [8] Sugar - The raw sugar price is expected to bottom - oscillate, and the domestic sugar market may stabilize near 5500 but has limited upside [12] Cotton - Short - term domestic cotton prices may oscillate in a range, and face pressure after new cotton is listed [14] Eggs - Egg prices may rise to a high but be suppressed by supply, and there is a risk of a slight decline after the demand fades [18] Group 4: Industry - Specific Summaries 粕类 - For soybean meal, the spot price in Jiangsu is 3030, the futures price of M2601 is 3041, and the basis of M2601 is - 11. The import profit of Brazilian November shipment is 7. For rapeseed meal, the spot price in Jiangsu is 2620, the futures price of RM2601 is 2518, and the basis of RM2601 is 102. The import profit of Canadian November shipment is 866 [1] Pigs - Futures prices such as those of contracts 2511 and 2601 decline slightly, and spot prices in various regions also drop. The slaughter volume increases slightly, and breeding profits decline [3] Oils - For soybean oil, the futures price of Y2601 is 8122. For palm oil, the spot price in Guangdong is 9400, and the futures price of P2601 is 9252. For rapeseed oil, the spot price in Jiangsu is 10060, and the futures price of Ol601 is 9586 [7] Corn - The price of corn 2511 at Jinzhou Port is 2166, and the basis is 144. The price of corn starch 2511 is 2443, and the basis is 117 [8] Sugar - The futures price of sugar 2601 is 5547, and the spot price in Nanning is 5890. The production and sales of sugar increase year - on - year, and the import volume also rises [12] Cotton - The futures price of cotton 2605 is 13860, and the spot price of Xinjiang 3128B is 15214. Industrial and commercial inventories decline, and the import volume increases [14] Eggs - The futures prices of egg contracts 11 and 10 decline, the spot price in the production area rises, and the breeding profit improves [17]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views Sugar - Supply expectations are increasing, making it difficult for raw sugar to rise. However, there is a risk of downward revision of Brazil's sugar production, which provides some support for sugar prices. Overall, raw sugar lacks a driving force and is expected to consolidate in the range of 15 - 17 cents per pound in the short term. The domestic sugar price maintains a wide - range oscillation pattern with limited upside and downside space. The 01 contract is expected to oscillate narrowly around 5500 - 5700 yuan per ton [2]. Meal and Soybean - The expected high yield of US soybeans and the high - level good - quality rate suppress market bullish sentiment. The pattern of strong supply and weak demand of US soybeans suppresses the market. Although the domestic concern about future supply has gradually eased and the spot market is loose, the cost side provides good support. The downward space of domestic meals is limited, and the cost support for domestic meals in the fourth quarter is still strong. The market shows signs of stabilization, and investors can consider going long on dips [4]. Pig - The spot price of pigs has strengthened slightly. The supply of pigs for slaughter has decreased. With the start of school and the cooling of the weather in the north, consumption has been driven to some extent. The market has certain confidence in future demand, and the sentiment of reluctance to sell at low prices has increased. However, there may still be a wave of concentrated slaughter before the Double Festival. The short - term supply tightening boosts the spot price, but the sustainable space is limited. The near - term volatility has intensified. The short - term 11 - contract may have some support, but the upside is limited. It is recommended to operate with caution [6]. Corn - Northeast traders have limited inventory, and the purchase and sales are inactive. They are more concerned about the new - season corn. The price in North China has stopped falling. Affected by rainy weather, the number of vehicles arriving at deep - processing plants in Shandong has decreased significantly. The new - season corn is expected to have a good harvest, and the market expects an increase in production. Starting from late September, the new - season corn will enter the peak listing period, which will put pressure on prices. On the demand side, deep - processing plants and feed enterprises have relatively sufficient inventory, and their purchasing enthusiasm is weak. In the short term, the market is in a rebound and consolidation stage, but the medium - term weak situation remains unchanged. Investors can consider shorting on rebounds [8][10]. Cotton - The upcoming new - cotton purchase situation on the supply side remains to be verified. Before the new cotton is listed, the inventory is still relatively tight. The demand has improved marginally since August, but the improvement in the downstream is not obvious, and the profits of textile enterprises have not improved significantly. The downstream industry lacks confidence in the traditional peak season, but the market still pays attention to whether there will be seasonal orders in September, which still provides some support for cotton prices. Overall, the operating center of cotton prices has risen, but there is no obvious driving force for a significant upward increase. It is expected to maintain a high - level oscillation in the range of 13500 - 14500 yuan per ton [11]. Oil - For palm oil, the import profit of Malaysian palm oil has increased. The Malaysian BMD crude palm oil futures are expected to stop falling and rebound, and the Dalian palm oil futures also have the opportunity to stop falling and rise, and are expected to return above 9500 yuan in the future. For soybean oil, the negative factors such as the possible reduction of US soybean oil industrial consumption and the end of the fuel consumption peak season have been digested by the market. The downside space of the CBOT soybean oil main contract is limited. Although the domestic soybean oil inventory is increasing, due to the start of the demand season, the spot basis quotation may still rise after oscillation [12]. Egg - In terms of supply, the number of newly - opened laying hens in September may be slightly less than that in August. In terms of demand, although there is some support from the Mid - Autumn Festival at the beginning of September, the market demand will weaken as the festival approaches and will decline rapidly after the festival. Overall, egg prices may rebound in early September, but the upside is limited, and a bearish view is maintained [15]. 3. Summary by Related Catalogs Sugar - **Futures Market**: The price of sugar 2601 increased by 0.09% to 260a yuan per ton, and the price of sugar 2509 increased by 0.57% to 5623 yuan per ton. The ICE raw sugar main contract decreased by 0.97% to 16.34 cents per pound. The 1 - 9 spread of sugar decreased by 207.69% to - 14 yuan per ton. The main - contract open interest increased by 0.28% to 358781 lots, and the number of warehouse receipts decreased by 4.29% to 13916 [2]. - **Spot Market**: The price in Nanning decreased by 0.84% to 5910 yuan per ton, and the price in Kunming remained unchanged at 5825 yuan per ton. The Nanning county basis decreased by 22.22% to 287 yuan per ton, and the Kunming basis decreased by 13.68% to 202 yuan per ton. The price of imported Brazilian sugar (within quota) increased by 0.29% to 4552 yuan per ton, and the price of imported Brazilian sugar (out - of - quota) increased by 0.29% to 5786 yuan per ton [2]. - **Industry Situation**: The cumulative national sugar production increased by 12.03% to 1116.21 tons, and the cumulative national sugar sales increased by 15.76% to 955.00 tons. The cumulative sugar production in Guangxi increased by 4.59% to 646.50 tons, and the monthly sugar sales in Guangxi decreased by 37.99% to 35.55 tons. The national cumulative sugar - sales rate increased by 3.36% to 85.60%, and the cumulative sugar - sales rate in Guangxi increased by 3.04% to 85.01%. The national industrial sugar inventory decreased by 10.44% to 96.89 tons, the industrial sugar inventory in Guangxi decreased by 12.23% to 181.97 tons, and the industrial sugar inventory in Yunnan increased by 0.29% to 86.30 tons. Sugar imports increased by 160.00% to 13.00 tons [2]. Meal and Soybean - **Bean Meal**: The spot price in Jiangsu increased by 0.33% to 3050 yuan per ton, the price of the M2601 contract decreased by 0.03% to 3054 yuan per ton. The basis of M2601 increased by 73.33% to - 4 yuan per ton. The basis quotation in Jiangsu remained unchanged at m2601 - 80. The import crushing profit of Brazilian soybeans for October shipment decreased by 62.7% to 19 yuan per ton, and the number of warehouse receipts increased by 18.9% to 15125 [4]. - **Rapeseed Meal**: The spot price in Jiangsu increased by 0.39% to 2600 yuan per ton, the price of the RM2601 contract remained unchanged at 2513 yuan per ton. The basis of RM2601 increased by 12.99% to 87 yuan per ton. The import crushing profit of Canadian rapeseed for November shipment increased by 7.60% to 779 yuan per ton, and the number of warehouse receipts decreased by 5.76% to 6041 [4]. - **Soybean**: The spot price of Harbin soybeans remained unchanged at 3980 yuan per ton, the price of the soybean No. 1 main contract increased by 0.51% to 3965 yuan per ton. The basis of the soybean No. 1 main contract decreased by 57.14% to 15 yuan per ton. The spot price of imported soybeans in Jiangsu remained unchanged at 3800 yuan per ton, the price of the soybean No. 2 main contract decreased by 0.27% to 3724 yuan per ton. The basis of the soybean No. 2 main contract increased by 15.15% to 76 yuan per ton. The number of warehouse receipts decreased by 1.84% to 8855 [4]. - **Spreads**: The 01 - 05 spread of bean meal increased by 2.13% to 240 yuan per ton, the 01 - 05 spread of rapeseed meal increased by 20.22% to 107 yuan per ton. The spot oil - meal ratio decreased by 0.68% to 2.81, and the main - contract oil - meal ratio decreased by 0.09% to 2.73. The spot bean - rapeseed meal spread remained unchanged at 450 yuan per ton, and the 2601 bean - rapeseed meal spread decreased by 0.18% to 541 yuan per ton [4]. Pig - **Futures Indicators**: The basis of the main contract was 360 yuan per ton, the price of the pig 2511 contract was 13625 yuan per ton, and the price of the pig 2601 contract was 13840 yuan per ton. The 11 - 1 spread of pigs was - 215 yuan per ton, the main - contract open interest was 75464 lots, and the number of warehouse receipts was 430 [7]. - **Spot Price**: The price in Henan increased by 450 yuan to 14200 yuan per ton, the price in Shandong increased by 350 yuan to 14200 yuan per ton, the price in a certain place (1166) increased by 300 yuan to 13600 yuan per ton, the price in Liaoning increased by 400 yuan to 13750 yuan per ton, the price in Guangdong increased by 750 yuan to 15590 yuan per ton, the price in Hunan increased by 150 yuan to 13760 yuan per ton, and the price in Hebei increased by 400 yuan to 14200 yuan per ton [6]. - **Spot Indicators**: The daily slaughter volume of sample points decreased by 1.12% to 148354 heads, the weekly white - strip price remained unchanged at 20.05 yuan per kilogram, the weekly piglet price remained unchanged at 26.00 yuan per kilogram, the weekly sow price decreased by 0.03% to 32.51 yuan per kilogram, the weekly slaughter weight increased by 0.13% to 127.98 kilograms, the weekly self - breeding profit decreased by 5.04% to 32 yuan per head, the weekly purchased - pig breeding profit increased by 2.23% to - 148 yuan per head, and the monthly fertile sow inventory decreased by 0.02% to 40420000 heads [6]. Corn - **Corn**: The price of the corn 2511 contract increased by 0.09% to 2193 yuan per ton, the Pingcang price in Jinzhou Port increased by 0.44% to 2280 yuan per ton. The basis increased by 10.13% to 87 yuan per ton, the 11 - 3 spread of corn remained unchanged at - 7 yuan per ton. The bulk - grain price in Shekou increased by 0.42% to 2380 yuan per ton, and the north - south trade profit remained unchanged at 24 yuan per ton. The CIF price decreased by 0.78% to 1926 yuan per ton, and the import profit increased by 5.87% to 454 yuan per ton. The number of remaining vehicles at Shandong deep - processing plants in the morning decreased by 43.68% to 98, the open interest decreased by 1.08% to 1634596 lots, and the number of warehouse receipts decreased by 2.43% to 67737 [8]. - **Corn Starch**: The price of the corn starch 2511 contract decreased by 0.04% to 2500 yuan per ton, the spot price in Changchun remained unchanged at 2660 yuan per ton, and the spot price in Weifang remained unchanged at 2900 yuan per ton. The basis increased by 0.63% to 160 yuan per ton, the 11 - 3 spread of corn starch decreased by 8.11% to - 40 yuan per ton. The starch - corn spread on the futures market decreased by 0.97% to 307 yuan per ton, the starch production profit in Shandong decreased by 10.38% to - 117 yuan per ton. The open interest decreased by 0.42% to 273467 lots, and the number of warehouse receipts remained unchanged at 7450 [8]. Cotton - **Futures Market**: The price of cotton 2509 decreased by 1.41% to 13592 yuan per ton, the price of cotton 2601 decreased by 1.51% to 14025 yuan per ton. The ICE US cotton main contract decreased by 1.11% to 66.53 cents per pound. The 9 - 1 spread of cotton increased by 4.44% to - 430 yuan per ton. The main - contract open interest decreased by 7.44% to 258833 lots, and the number of warehouse receipts decreased by 2.98% to 6320 [11]. - **Spot Market**: The arrival price of Xinjiang cotton (3128B) increased by 0.98% to 15392 yuan per ton, the CC Index (3128B) increased by 0.99% to 15479 yuan per ton, and the FC Index (M: 1%) decreased by 1.16% to 13336 yuan per ton. The basis of 3128B - 01 contract increased by 23.68% to 1797 yuan per ton, the basis of 3128B - 05 contract increased by 36.29% to 1367 yuan per ton, and the difference between CC Index (3128B) and FC Index (M: 1%) increased by 16.72% to 2143 yuan per ton [11]. - **Industry Situation**: The commercial inventory decreased by 16.9% to 182.02 tons, the industrial inventory increased by 2.9% to 92.42 tons. The import volume increased by 66.7% to 5.00 tons, the bonded - area inventory decreased by 4.0% to 28.90 tons. The year - on - year inventory of the textile industry decreased by 125.0% to - 0.20, the inventory days of yarn decreased by 1.6% to 27.23 days, and the inventory days of grey fabric decreased by 2.7% to 35.18 days. The cotton shipping volume out of Xinjiang increased by 22.6% to 53.46 tons, the immediate processing profit of spinning enterprises (C32s) decreased by 8.0% to - 2246.90 yuan per ton. The retail sales of clothing, footwear, hats, and textiles decreased by 24.6% to 961.30 billion yuan, the year - on - year growth rate of retail sales decreased by 5.3% to 1.80%. The export value of textile yarns, fabrics, and products decreased by 3.7% to 116.04 billion US dollars, the year - on - year growth rate of export value increased by 131.7% to 0.52. The export value of clothing and clothing accessories decreased by 0.7% to 151.62 billion US dollars, and the year - on - year growth rate of export value decreased by 176.8% to - 0.61 [11]. Oil - **Soybean Oil**: The spot price in Jiangsu decreased by 0.35% to 8570 yuan per ton, the price of the Y2601 contract decreased by 0.10% to 8390 yuan per ton. The basis decreased by 10.89% to 180 yuan per ton, and the number of warehouse receipts remained unchanged at 15760 [12]. - **Palm Oil**: The spot price in Guangdong decreased by 0.43% to 9280 yuan per ton, the price of the P2601 contract increased by 0.11% to 9330 yuan per ton. The basis decreased to - 50 yuan per

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Viewpoints - The report presents a "volatile" view on various agricultural products including corn, soybean meal, oils, eggs, and pigs, analyzing their market conditions, supply - demand factors, and price trends, and also gives corresponding trading strategies [1][2] 3) Summary by Directory Research Viewpoints - **Corn**: The corn futures market is in a volatile state. The spot price is weak, with the price in Northeast China moving towards the new - grain price and showing a continuous downward trend. The arrival volume of corn at Shandong deep - processing enterprises has increased, and the price has been slightly adjusted downwards. The downstream procurement willingness is weak, and the short - term demand is difficult to recover significantly. Attention should be paid to the price performance of the November contract at the 2150 integer mark [1] - **Soybean Meal**: CBOT soybeans rose due to technical trading, and the US soybean harvest is expected to be good. The domestic soybean meal production has increased and prices have declined. Market expectations of a US soybean purchase agreement and state - reserve soybean auctions are affecting the market. It is recommended to focus on short - term trading and participate in monthly positive spreads [1] - **Oils**: BMD palm oil declined due to profit - taking. The export of Malaysian palm oil from August 1 - 25 increased, while the production decreased. The domestic three major vegetable oils are mainly volatile, with inventory pressure increasing and demand remaining weak. If the spot demand starts, the supply - demand situation is expected to improve, and the basis is estimated to strengthen. It is recommended to participate in short - term long positions and sell put options [1] - **Eggs**: Egg futures are in a low - level volatile adjustment. The spot price has a slight increase, with stable terminal digestion and most traders purchasing as they sell. The supply pressure still affects the spot price, but there is a possibility of a seasonal rebound in egg prices. It is recommended to wait and see and pay attention to changes in terminal demand and market sentiment [1][2] - **Pigs**: Pig futures are weakly volatile. The spot price has declined, with large - scale farms increasing their slaughter volume and supply exceeding market digestion. According to seasonal patterns, there is support for pig prices as demand recovers, but the abundant supply still exerts pressure. It is necessary to pay attention to the reaction of the futures market to spot prices and changes in policies and market sentiment [2] Market Information - As of August 24, EU's 2025/26 imports of soybeans, rapeseed, palm oil, and corn all decreased compared to the same period last year [3] - As of August 26, the national soybean oil port inventory increased by 410,000 tons compared to the previous week [3] - Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude palm kernel oil and refined palm kernel oil from the sales and service tax [3] - From August 1 - 25, 2025, Malaysia's palm oil yield decreased by 3.26% month - on - month, the oil extraction rate increased by 0.4%, and the production decreased by 1.21% [3] Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products such as corn, soybean meal, oils, eggs, and pigs, but no specific analysis of these spreads is given [4][5][6][10][12][13][14][16][18][23]

1. Industry Investment Ratings No information provided regarding industry investment ratings. 2. Core Views Sugar - Brazilian sugarcane yield decline and concerns over lower sugar - making ratios may lead to a downward revision of Brazil's sugar production. The ICE raw sugar is expected to face difficulty in significant short - term drops and may test the 17 - cent/lb resistance level. In China, sugar imports in July are expected to be much higher than the same period last year, but with the price rebound and improved de - stocking in Guangxi, the overall sugar price is supported. Zhengzhou sugar is expected to trade in a range with reduced downward momentum [1]. Cotton - After the cotton price stabilized in early August, the downstream industry has slightly improved. The inventory of cotton yarn products has decreased slightly, and the spinning mills' operation rate has remained stable. The cotton price is supported in the short term, but the expected increase in new - season cotton production may put pressure on the price when new cotton is listed [2]. Eggs - With a large number of laying hens in stock, egg production is generally abundant. Cold - storage eggs are expected to enter the market soon, increasing supply pressure. The downstream digestion speed is average, so egg prices are expected to remain bearish [6]. Pigs - The spot price of live pigs has stabilized, and downstream procurement is smooth. However, farmers' reluctance to sell at low prices and some secondary fattening activities support the price. The supply and demand are both weak. In August, the group - farm slaughter is expected to recover, and there is also an inventory of large pigs from small - scale farmers waiting to be sold. The long - term price outlook is not optimistic. The far - month 01 contract is affected by policies, and with the slowdown in production capacity growth, there is some support at the bottom [7]. Meal - The USDA monthly supply - demand report has supported US soybeans, but the high good - rate of new - season US soybeans and China's non - import of new - season US soybeans still pose upward pressure. After a short - term rally, the meal futures may face difficulties in further climbing. The domestic soybean and meal inventories are rising, and the spot market is under pressure. It is recommended to buy long - term contracts at low prices [11]. Corn - Policy - driven import corn auctions have low trading volumes. On the supply side, the inventory of traders in production areas is low, and the price is weak in the Northeast. In North China, the price rebound is limited due to the upcoming new - season corn. The demand side lacks obvious highlights, and the substitution of wheat also squeezes corn demand. The corn futures are expected to trade weakly in the short term and may face more pressure from the new - season supply in the medium term [13]. Fats and Oils - Palm oil may face downward pressure in the international market but has an upward trend in the domestic Dalian market, with an expected target of 9800 - 10000 yuan. Soybean oil is affected by the potential decline in US soybean oil industrial use and the drop in CBOT soybean prices. In China, the supply of soybean oil is sufficient, and the spot basis quotation may vary with the futures price movement [16]. 3. Summary by Related Catalogs Sugar Futures Market - The price of Sugar 2601 increased by 0.14% to 5672 yuan/ton, while Sugar 2509 decreased by 0.07% to 5736 yuan/ton. The ICE raw sugar主力 dropped by 1.40% to 16.24 cents/lb. The 1 - 9 spread of sugar increased by 15.79% to - 64 yuan/ton. The main - contract open interest rose by 2.34% to 322,832 lots, and the number of warehouse receipts decreased by 1.01% to 16,931 [1]. Spot Market - The prices in Nanning and Kunming remained stable and decreased slightly respectively. The Nanning basis increased by 1.67% to 244 yuan/ton, and the Kunming basis decreased by 0.83% to 119 yuan/ton. The prices of imported Brazilian sugar (both within and outside the quota) increased slightly [1]. Industry Situation - Nationally, the cumulative sugar production increased by 12.03% to 11.1621 million tons, and the cumulative sales increased by 15.76% to 9.55 million tons. The cumulative sales ratio increased by 3.36% to 85.60%. In Guangxi, the cumulative production increased by 4.59% to 6.465 million tons, but the monthly sales decreased by 37.99% to 355,500 tons. The industrial inventory decreased in most regions, and sugar imports increased by 160% to 130,000 tons [1]. Cotton Futures Market - Cotton 2509 decreased by 0.04% to 13,830 yuan/ton, and Cotton 2601 increased by 0.04% to 14,125 yuan/ton. The ICE US cotton主力 rose by 0.53% to 67.84 cents/lb. The 9 - 1 spread decreased by 3.51% to - 295 yuan/ton. The main - contract open interest increased by 1.77% to 486,067 lots, and the number of warehouse receipts decreased by 0.86% to 7,762 [2]. Spot Market - The Xinjiang arrival price and CC Index of 3128B cotton increased slightly, while the FC Index:M: 1% decreased slightly. The basis of 3128B - 01 contract increased by 1.21% to 1,252 yuan/ton [2]. Industry Situation - The commercial inventory decreased by 13.9% to 2.1898 million tons, and the industrial inventory increased by 1.8% to 0.8984 million tons. The import volume increased by 66.7% to 50,000 tons. The inventory in bonded areas decreased by 8.0% to 301,000 tons. The inventory days of yarn and grey cloth decreased, and the cotton outbound shipment increased by 22.6% to 534,600 tons. The processing profit of spinning mills decreased, and the retail sales of clothing and textiles decreased [2]. Eggs Futures and Spot Market - The prices of the 09 and 10 egg contracts decreased by 2.70% and 2.17% respectively. The egg price in the production area increased by 5.47% to 3.31 yuan/jin. The basis increased by 567.84% to 198 yuan/500KG. The 9 - 10 spread decreased by 850.00% to - 15 [5]. Industry Situation - The price of egg - laying chicken chicks decreased by 6.49% to 3.60 yuan/chick, the price of culled chickens decreased by 3.53% to 5.47 yuan/jin, the egg - feed ratio decreased by 7.20% to 2.45, and the breeding profit decreased by 111.23% to - 21.44 yuan/chick [5]. Pigs Futures Market - The prices of the 2511 and 2601 live - pig contracts decreased by 0.90% and 0.46% respectively. The 11 - 1 spread decreased by 21.43% to - 340 yuan/ton. The main - contract open interest increased by 9.79% to 71,193 lots, and the number of warehouse receipts remained unchanged [7]. Spot Market - The spot prices in most regions decreased slightly, with the exception of Guangdong where the price remained stable. The main - contract basis decreased by 9.33% to - 410 yuan/ton [7]. Industry Situation - The daily slaughter volume of sample points decreased by 0.54% to 140,396 heads. The weekly white - strip price, pig -let price, and sow price remained unchanged. The average slaughter weight increased slightly. The self - breeding profit decreased by 36.07% to 29 yuan/head, and the purchased - pig breeding profit decreased by 17.08% to - 157 yuan/head. The monthly inventory of breeding sows increased slightly [7]. Meal Futures and Spot Market - The price of Jiangsu soybean meal remained stable, while the M2601 contract increased by 0.57%. The basis of M2601 decreased by 26.87%. The price of Jiangsu rapeseed meal increased by 1.53%, and the RM2601 contract increased by 1.73%. The basis of RM2601 decreased by 6.25%. The price of Harbin soybeans decreased by 0.25%, and the price of imported soybeans in Jiangsu remained stable [11]. Industry Situation - The soybean and meal inventories in China are rising, and the short - term supply is high due to high arrivals and high operation rates, which suppresses the spot market [11]. Corn Futures and Spot Market - The price of the 2511 corn contract decreased by 0.59%. The basis of Jinzhou Port increased by 2.31%. The 11 - 3 spread decreased by 18.75%. The price of the 2509 corn starch contract decreased by 0.77%, and the basis increased by 20.83% [13]. Industry Situation - Policy - driven import corn auctions have low trading volumes. The supply in production areas is weak in the Northeast and limited by the upcoming new - season corn in North China. The demand side lacks highlights, and wheat substitution squeezes corn demand [13]. Fats and Oils Futures and Spot Market - The price of Jiangsu first - grade soybean oil increased by 0.57%, the Y2601 contract decreased by 0.16%, and the basis increased by 29.36%. The price of Guangdong 24 - degree palm oil increased by 2.90%, the P2601 contract increased by 1.49%, and the basis increased by 138.30%. The price of Jiangsu fourth - grade rapeseed oil increased by 1.31%, the OI601 contract increased by 0.46%, and the basis increased by 91.40% [16]. Industry Situation - Palm oil may face downward pressure in the international market but has an upward trend in the domestic market. Soybean oil is affected by the potential decline in US soybean oil industrial use and the drop in CBOT soybean prices. The supply of soybean oil in China is sufficient [16].