| | 油脂产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | | 投资咨询业务资格:证监许可 【2011】1292号 | | | | | | 2026年2月4日 | | | | 王泽辉 | Z0019938 | | 甲海 | | | | | | | | | 2月3日 | 2月2日 | 涨跌 | 涨跌幅 | | 现价 | 江苏均价 | 8460 | 8510 | -50 | -0.59% | | 期价 | Y2605 | 8086 | 8092 | -6 | -0.07% | | 其美 | Y2605 | 374 | 418 | -44 | -10.53% | | 现货基差报价 | 江苏5月 | 05+380 | 05+390 | -10 | - | | 仓車 | | 26460 | 26460 | 0 | 0.00% | | 棕榈油 | | | | | | | | | 2月3日 | 2月2日 | 涨跌 | 涨跌幅 | | 现价 | 广东24度 | 9100 | 9020 | 80 | 0.89% | | 期价 | P2605 | 9094 | 9 ...

Report Industry Investment Ratings No information provided in the given content. Core Views Red Dates - The 2025/26 production season of red dates presents a pattern of "loose supply and stable-to-rising demand". Festival stocking shows periodic characteristics, and consumption may slightly recover under favorable macro - environment. However, low prices have limited stimulus on demand, and explosive growth is unlikely. The stable spot price supports the lower end of the futures price, while the hedging pressure above the futures price is relatively large, and the price oscillates in a low - level range [1]. Apples - In the short term, the futures price is supported by the low good - fruit rate and low inventory. With the approaching of the Spring Festival stocking season, market activity has increased. In the long - term, good - quality apples are in short supply with firm prices, while farmer - sourced apples with high cost - performance are scarce. High prices may suppress consumption, and the price advantage of other fruits (such as citrus) squeezes the apple market, resulting in large inventory pressure for ordinary apples. The futures market oscillates at a high level, with the near - term contracts stronger than the far - term ones [3]. Oils - Palm oil: Concerns about Indonesia's temporary non - implementation of the B50 biodiesel policy and large inventory pressure in Malaysia may suppress the market. In China, the Dalian palm oil futures market maintains a volatile consolidation trend. Attention should be paid to whether it can effectively stand above 8750 yuan. - Soybean oil: The relationship between the US and Iran may affect international crude oil supply and the trend of vegetable oils as biodiesel raw materials. In China, factory soybean oil inventory has decreased, but the supply of soybeans is not short with the successful auction of 114,000 tons of soybeans by CGC. The long and short factors coexist, and the May contract of Dalian soybean oil will continue to oscillate around 8000 yuan in the short term. - Rapeseed oil: Affected by the possible obstruction of Iran's crude oil exports and the nearly 3% jump in US crude oil, the rapeseed oil market reached the 900 - yuan mark in the morning. In the afternoon, it fell back to around 8900 yuan due to Indonesia's decision to raise the palm oil export tax and maintain the B40 policy. The overall market maintains a wide - range oscillation pattern. The upcoming Sino - Canadian talks make the rapeseed market cautious, with significant intraday fluctuations [5]. Corn - In the Northeast, the reluctant - to - sell sentiment is obvious, and the supply volume has no significant change. Downstream enterprises have started pre - holiday stocking, supporting the price to run strongly. In North China, the reluctance to sell high - quality grains is strong, and the number of trucks arriving at deep - processing plants remains low, with prices oscillating in a narrow range. On the demand side, the inventory at northern ports is low without obvious accumulation, deep - processing enterprises (especially in the Northeast) have low inventory and high stocking willingness, while feed enterprises have sufficient inventory and mainly replenish stocks on a rolling basis. On the policy side, the directional auction of imported corn and the competitive sales of corn continue, but the scale is limited and the auctions are highly successful. Overall, the tight supply of corn and the downstream's rigid demand for stocking strongly support the price, but the gradual release of policy - related corn also limits the price increase, and the market maintains a high - level oscillation. Attention should be paid to the change in farmers' selling mentality and policy release [7]. Pigs - The spot price of pigs has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the North has decreased, while the demand in the South has declined significantly, with limited purchasing power, suppressing the spot price. Recently, there has been some second - fattening replenishment in some areas, but the overall enthusiasm is limited due to the current high pig prices. The market is betting on the pre - Spring Festival consumption, but it is expected that there will be a large - scale supply in mid - to - late January, with an expected increase in the supply from large - scale farms. Currently, the basis is strong, and the futures price has the impetus to repair upwards, but there is no obvious positive factor in the fundamentals. It is recommended to short at high levels after the market stabilizes [10]. Sugar - ICE raw sugar futures are falling. Favorable weather in Brazil has accelerated the harvesting progress, and the rainfall in the central - southern region since December is beneficial to the growth of sugarcane in the 2026/27 season, with the initial forecast of a 3% increase in the sugarcane yield per unit area. In India, the production is strong, while in Thailand, the sugar - making season progress is slow due to government bans on burning sugarcane and holiday shutdowns, resulting in a year - on - year decrease in sugar production. The raw sugar price is expected to oscillate weakly within a range. In China, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. With the approaching of the Spring Festival, trading is good due to stocking demand, and enterprises mainly sell at appropriate prices. With the concentrated listing of new sugar, market participants are generally cautious, and the sugar price is expected to oscillate at a low level [13][14]. Meal Products - The USDA slightly increased the US soybean production and decreased the exports, leading to an increase in US soybean inventory and a correction in the market. In the short term, the CBOT main contract has strong support around 1050 cents, and the downward space is limited. In China, the speed of soybean purchases is fast, and the continuous supply of US soybeans and reserve auctions has maintained a loose spot market. The inventory of soybeans and soybean meal remains at a high level, and auctions also suppress the market. The premium of auction transactions is small, and the market is resistant to high prices. However, the expected arrival volume in the first quarter is low, and there is still speculation about customs clearance. The downward space of soybean meal is limited, and the upper limit is mainly affected by the policy. In the short term, the market sentiment is positive, and the futures price oscillates [15]. Eggs - The recent increase in egg prices has improved the breeding profitability, reducing the farmers' willingness to sell laying hens. The number of newly - laying hens has slightly increased, but due to the impact of weather, the egg weight has increased rapidly, resulting in a significant shortage of small - and medium - sized eggs compared to large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the overall supply is still in an oversupply stage. The demand is strongly supported by Spring Festival stocking, with increased procurement in all sectors, and the internal sales in production areas are strong, but transactions in high - price areas are cautious. According to the latest survey data, on January 14, 2026, the production - link inventory in China decreased by 17.78% to 0.37 days, and the circulation - link inventory decreased by 7.94% to 0.58 days. The Spring Festival stocking will continue to drive market demand. However, after the recent price increase, the market faces short - term digestion pressure, and there is a possibility of a slight price correction. Overall, the futures price is expected to oscillate at a low level [17]. Cotton - ICE cotton futures are generally stable. The January USDA report shows that the 2025/26 US cotton supply - demand table in January has a double - decline in production and ending inventory compared to the December report. The drought index in US cotton - growing areas continues to rise, in line with the winter weak La Nina weather, but it is still early for sowing and remains to be observed. USDA export sales have been continuously declining, and export expectations may be lowered. It is expected that US cotton will maintain a low - level oscillation pattern. The public inspection of Xinjiang cotton is progressing faster than previous years, and the commercial inventory is continuously increasing, showing short - term supply pressure. However, cotton enterprises have a strong willingness to hold prices as the inventory reduction speed is fast and the sales pressure is significantly reduced. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, the positive factors in the industrial fundamentals have been fully priced in, and the widening of the domestic - foreign cotton price difference will gradually make it possible to import cotton with a 40% tariff. The negative factors for Zhengzhou cotton are gradually increasing, but overall, the short - term cotton price may enter an adjustment phase [18]. Summaries by Related Catalogs Red Dates - Futures prices: The main contract (red dates 2605) closed at 9130 yuan/ton, up 70 yuan or 0.77% from the previous day. Other contracts also showed different degrees of increase [1]. - Spot prices: The price of Cangzhou's special - grade red dates was 9500 yuan/ton, up 10 yuan or 0.11% [1]. - Basis: The basis of Cangzhou's special - grade red dates against the main contract was - 230 yuan/ton, a significant change [1]. - Inventory: The total of warehouse receipts and effective forecasts was 3483, up 102 or 3.02% [1]. Apples - Futures prices: The main contract (apple 2605) closed at 9934 yuan/ton, up 155 yuan or 1.59% from the previous day [3]. - Market arrivals: The arrivals at several fruit wholesale markets decreased, such as the Chalong Fruit Wholesale Market with a 14.29% decrease [3]. - Inventory: The national cold - storage inventory was 720.90 million tons, down 12.66 million tons or 1.73% [3]. Oils - Soybean oil: The spot price in Jiangsu was 8530 yuan/ton, up 40 yuan or 0.47%. The Y2605 futures price was 7986 yuan/ton, down 8 yuan or - 0.10%. The basis was 544 yuan/ton, up 48 yuan or 9.68% [5]. - Palm oil: The spot price of 24 - degree palm oil in Guangdong was 8858 yuan/ton, up 90 yuan or 0.68%. The P2605 futures price was 8778 yuan/ton, up 54 yuan or 0.62%. The basis was 50 yuan/ton, up 6 yuan or 13.64% [5]. - Rapeseed oil: The spot price of third - grade rapeseed oil in Jiangsu was 9940 yuan/ton, up 40 yuan or 0.40%. The OI605 futures price was 9017 yuan/ton, up 37 yuan or 0.41%. The basis was 923 yuan/ton, up 3 yuan or 0.33% [5]. Corn - Futures prices: The corn 2603 contract closed at 2272 yuan/ton, down 12 yuan or - 0.53% [7]. - Spot prices: The FOB price at Jinzhou Port was 2345 yuan/ton, down 5 yuan or - 0.21% [7]. - Inventory: The number of warehouse receipts was 38762, up 614 or 1.61% [7]. Pigs - Futures prices: The main contract (pigs 2605) closed at 12260 yuan/ton, up 90 yuan or 0.74% [10]. - Spot prices: The price in Henan was 13000 yuan/ton, remaining unchanged [10]. - Inventory: The number of warehouse receipts was 855, remaining unchanged [10]. Sugar - Futures prices: The sugar 2605 contract closed at 5299 yuan/ton, up 46 yuan or 0.88% [13]. - Spot prices: The price in Nanning was 5370 yuan/ton, up 10 yuan or 0.19% [13]. - Inventory: The industrial inventory in the country was 211 million tons, up 20.6 million tons or 10.82% [13]. Meal Products - Soybean meal: The spot price in Jiangsu was 3120 yuan/ton, down 20 yuan or - 0.64%. The M2605 futures price was 2751 yuan/ton, down 10 yuan or - 0.36% [15]. - Rapeseed meal: The spot price in Jiangsu was 2370 yuan/ton, down 20 yuan or - 0.84%. The RM2605 futures price was 2289 yuan/ton, down 25 yuan or - 1.08% [15]. Eggs - Futures prices: The egg 03 contract closed at 3007 yuan/500KG, up 17 yuan or 0.57% [17]. - Spot prices: The price in the egg - producing areas was 3.46 yuan/jin, up 0.01 yuan or 0.40% [17]. - Breeding data: The egg - to - feed ratio was 2.34, up 0.08 or 3.42%, and the breeding profit was - 21.81 yuan/feather, up 4.79 yuan or 18.01% [17]. Cotton - Futures prices: The cotton 2605 contract closed at 14810 yuan/ton, up 50 yuan or 0.34% [18]. - Spot prices: The arrival price of Xinjiang's 3128B cotton at the factory was 15500 yuan/ton, up 217 yuan or 1.40% [18]. - Inventory: The commercial inventory was 578.47 million tons, up 110.11 million tons or 23.5% [18].

Group 1: Report Industry Investment Ratings - No information provided regarding industry investment ratings in the given reports. Group 2: Core Views of the Reports Apple - Short - term, the apple futures market is supported by a low good - fruit rate and low inventory, and market activity increases with the approaching Spring Festival. Long - term, good - quality fruits are in short supply with firm prices, while high prices may suppress consumption, and the market share of ordinary apples is squeezed by other fruits, leading to high inventory pressure. The futures market shows a high - level shock with a near - strong and far - weak price pattern [1]. Red Dates - The current red date market has sufficient supply, with off - grade and finished products arriving at the sales areas. The overall market transaction is weak, and the consumption peak season is lackluster. Recently, the number of futures warehouse receipts has gradually increased. The short - term fundamentals have no obvious driving force, and the futures prices fluctuate within a range [3]. Oils and Fats - Palm oil shows a trend of rising and then falling due to rumors about Indonesia's B50 biodiesel policy. Domestic palm oil may test the support at 8750 yuan. For soybean oil, the US market has a decrease in production but an increase in ending stocks, which is bearish. However, domestic soybean oil fundamentals are improving, but the rise is restricted by USDA and MPOB reports. Rapeseed oil is boosted by the strong performance of related external oils, but its upward momentum is limited due to expected trade - relation easing and global rapeseed harvest. There is a risk of it falling to 8900 yuan, while the spot price remains strong due to low inventory [5]. Corn and Corn Starch - In the corn market, the supply in the Northeast region is still limited, and prices are strong before the Spring Festival. In the North China region, prices fluctuate slightly. The demand side has different inventory strategies for different enterprises, and policy - driven corn auctions are ongoing but with limited scale. Overall, the tight supply of corn and the downstream's need for stocking support prices, but policy - released corn restricts the increase. For corn starch, prices also show certain fluctuations [7]. Sugar - The market's focus is on Brazil's 26/27 sugar - cane season starting in April. ICE raw - sugar futures have a slight increase due to the decline in Brazil's sugar production in the first half of December. The expected increase in the next - season's sugar - cane yield in Brazil and India's strong production, along with Thailand's slow - progress season, lead to a stable and fluctuating raw - sugar price in the range of 14.5 - 15.5 cents per pound. In the domestic market, the sugar price is expected to remain low and fluctuate [10]. Meal Products - USDA slightly raises the US soybean production and lowers exports, causing the US soybean inventory to rise and the market to correct. However, CBOT has strong support at around 1050 cents. In the domestic market, the supply is abundant, and the inventory of soybeans and soybean meal is high, which suppresses the market. But the expected low - level arrival in the first quarter and the uncertainty of arrival time limit the downward space of soybean meal. The market maintains a weak and fluctuating trend in the short term [12]. Cotton - ICE cotton futures are relatively stable, supported by the USDA supply - demand report. The US cotton shows a decrease in both production and ending stocks in January compared to December. The drought index in the US cotton - producing areas is rising, and the export sales are declining, so US cotton is expected to remain in a low - level shock. Zhengzhou cotton has support from textile enterprises' rigid demand, but with increasing unfavorable factors such as compressed profits and expanding price differences between domestic and foreign cotton. The short - term cotton price may enter an adjustment period [14]. Live Pigs - The live - pig spot price has returned to an oscillating pattern. After the New Year's Day, the market demand has significantly declined, with reduced supply in the North and a sharp drop in demand in the South, suppressing the price. Although there is still some second - fattening activity, the enthusiasm is limited. The overall supply in January is expected to be abundant, and the market is expected to be oscillating and bearish [15]. Eggs - The egg supply is in an oversupply stage, with a slight decrease in the number of culled hens and a small increase in newly - laid hens. There is a structural difference in egg sizes. The demand is increasing due to the peak production season of food enterprises and the approaching Spring Festival, but the increase is mainly in the trade - link inventory turnover. After the recent price increase, there may be a short - term adjustment, but there is still a possibility of a small increase, with attention to the pressure level around 3100 [17]. Group 3: Summary by Related Catalogs Apple - Futures prices: Apple 2605 (main contract) rose 1.55%, and Apple 2610 rose 0.81%. The basis decreased by 10.42%, and the 5 - 10 spread increased by 6.96%. - Market arrivals: The arrivals at several major fruit wholesale markets increased, with a 16.67% increase at Chalong Fruit Wholesale Market. - Inventory and profit: The national cold - storage inventory decreased by 1.73%, and the factory - warehouse delivery profit increased [1]. Red Dates - Futures prices: Red date 2605 (main contract) fell 1.09%, and other contracts also showed declines. The 5 - 7 and 5 - 9 spreads decreased. - Spot prices: The prices of different - grade red dates in Cangzhou were relatively stable. The basis of Cangzhou's top - grade and first - grade red dates against the main contract increased. - Inventory: The number of warehouse receipts increased by 5.71%, and the effective forecast decreased by 15.25% [3]. Oils and Fats - Soybean oil: The spot price in Jiangsu increased by 1.18%, the futures price of Y2605 decreased by 0.10%, and the basis increased by 21.77%. The number of warehouse receipts decreased by 0.17%. - Palm oil: The spot price in Guangdong increased by 2.89%, the futures price of P2605 increased by 0.62%, and the basis increased by 264.86%. The number of warehouse receipts decreased by 20.72%. - Rapeseed oil: The spot price in Jiangsu increased by 1.55%, the futures price of OI605 increased by 0.41%, and the basis increased by 15.69%. The number of warehouse receipts increased by 14.40% [5]. Corn and Corn Starch - Corn: The futures price of Corn 2603 decreased by 0.26%, the basis increased by 32.00%, and the 3 - 7 spread increased by 100.00%. The import cost from Brazil decreased by 3.38%, and the import profit increased by 37.80%. - Corn starch: The futures price of Corn Starch 2603 decreased by 0.19%, the basis increased by 8.78%, and the 3 - 7 spread increased by 10.34% [7]. Sugar - Futures market: The futures prices of Sugar 2605 and 2609 decreased, and the ICE raw - sugar main contract decreased by 0.34%. The 5 - 9 spread decreased by 116.67%. - Spot market: The spot prices in Nanning and Kunming were stable. The basis in Nanning increased by 42.67%, and in Kunming, it increased by 58.18%. - Industry situation: The national sugar production and sales decreased year - on - year, and the industrial inventory increased [10]. Meal Products - Soybean meal: The spot price in Jiangsu decreased by 0.32%, the futures price of M2605 decreased by 1.04%, and the basis increased by 5.28%. The Brazilian 2 - month shipping - period crushing profit increased by 40.1%. - Rapeseed meal: The spot price in Jiangsu decreased by 0.42%, the futures price of RM2605 decreased by 0.69%, and the basis increased by 8.57%. The Canadian 3 - month shipping - period crushing profit increased by 2.87% [12]. Cotton - Futures market: The futures prices of Cotton 2605 and 2609 increased, and the ICE US cotton main contract increased by 0.71%. The 5 - 9 spread increased by 8.82%. - Spot market: The Xinjiang arrival price and CC Index 3128B decreased, while the FC Index M 1% increased. The basis differences between 3128B and futures contracts decreased. - Industry situation: The commercial inventory increased by 23.5%, the import volume increased by 33.3%, and the textile - related export and retail data showed certain changes [14]. Live Pigs - Futures market: The futures price of Live Pig 2605 increased slightly, and the 3 - 5 spread increased by 12.79%. The main - contract basis increased by 3.43%. - Spot market: The spot prices in different regions showed slight fluctuations. The sample - point slaughter volume decreased by 1.12%, and the white - strip price increased by 0.92% [15]. Eggs - Futures market: The futures prices of Egg 03 and 04 contracts decreased. The 3 - 4 spread decreased by 2.53%. - Spot market: The egg - producing area price increased by 2.77%, and the basis increased by 36.92%. - Related indicators: The egg - chicken - seedling price, egg - feed ratio, and breeding profit increased, while the culled - chicken price decreased [17].

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views Apple - The trading atmosphere in the national apple market has warmed up, with increased market activity. High - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits, such as citrus, have price advantages and squeeze the apple market. The inventory of ordinary apples is under pressure. Due to low inventory and a low rate of high - quality apples, the futures market has been oscillating upwards recently, and the delivery profit has been repaired. Attention should be paid to the de - stocking progress [1][5]. Red Dates - Affected by the warming sentiment in the commodity market, the futures market has rebounded and the basis has converged. The purchase in the production areas is basically over, and processing enterprises are actively arranging production and accelerating the shipment rhythm. New and old stocks are being supplied to the market. Currently, downstream buyers are purchasing as needed, and the number of buyers inspecting goods has increased, but there has been no significant improvement in transactions. The process of generating new - season warehouse receipts has accelerated. In the context of strong supply and weak demand, the rebound of red date futures is expected to be limited. Attention should be paid to pre - Spring Festival stocking and actual de - stocking progress [8]. Sugar - Internationally, the market's focus has shifted to Brazil's 26/27 sugar - cane crushing season starting in April. Since December, rainfall in most major producing areas in the central - southern region has exceeded the average, which is beneficial for the growth of sugar - cane in the 26/27 season and has improved the production outlook. The market initially expects the sugar - cane yield per unit area to increase by about 3% year - on - year. In India, production is strong, with cumulative sugar production reaching 11.83 million tons as of the end of December, a 24% year - on - year increase. However, due to the lack of price competitiveness, the current export progress is slow. In Thailand, the sugar - cane crushing season is progressing slowly. Domestically, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. As the Spring Festival approaches, downstream enterprises still have a certain scale of procurement demand, which can support prices. However, considering the current situation of increased production, market participants are generally cautious. It is expected that sugar prices will maintain a low - level oscillating trend [9]. Cotton - The drought index in the US cotton - producing areas continues to rise, in line with the expectations of a weak La Nina winter. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, and the positive factors in the industrial fundamentals have been fully priced in. The widening gap between domestic and foreign cotton prices will gradually allow imported cotton to enter the market with a 40% tariff, and the unfavorable factors for Zhengzhou cotton are gradually increasing. Overall, the upward trend remains unchanged. In the short term, cotton prices may enter an adjustment phase. Attention should be paid to the support level around the 14,100 - 14,300 moving average [11]. Oils and Fats - After the release of the USDA monthly report at the beginning of the week, the uncertainty makes it unlikely for funds to continue to go long on CBOT soybeans. Moreover, as Brazilian soybeans are about to be on the market, even if CBOT soybeans rise, they will likely correct later. The market is waiting for guidance from the USDA report. If the report causes CBOT soybeans to rise, the March contract of CBOT soybeans will test the resistance at 50 cents. Malaysian palm oil futures have been oscillating upwards, waiting for the MPOB supply - demand report next Monday. The international oil market has been boosted by the more than 3% increase in the US crude oil futures price and the follow - up rise of US soybeans, which is beneficial for the domestic vegetable oil market. The negative impact of the news of the Canadian Prime Minister's visit to China has been basically digested, and short - selling funds have taken profits and left the market. The rapeseed oil futures have rebounded above 9,000 yuan. Before the release of key information such as the US agricultural supply - demand report, Malaysian palm oil inventory data, and possible policy changes after the China - Canada meeting, the futures market is expected to maintain a wide - range oscillating pattern. In the spot market, the wait - and - see sentiment is still strong, and downstream buyers are replenishing stocks in small quantities as needed. Spot prices fluctuate with the market, and the basis quotation continues to be high [12]. Eggs - On the supply side, the recent increase in egg prices has improved breeding profitability, leading to a decrease in farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly compared with the previous period. However, due to the influence of weather, the egg weight has increased rapidly, resulting in a significant shortage of small and medium - sized eggs compared with large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the current market supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and their procurement volume is continuously increasing. In addition, as the Spring Festival approaches, the festival stocking plans of all links in the terminal consumer market have been gradually launched, and the willingness to purchase at low prices has increased. However, there has been no significant change in the procurement intensity of household consumption. The current increase in demand is mainly reflected in the inventory turnover of the trading link. In the coming week, pre - Spring Festival stocking will still be the core driving force for market demand growth. After the recent price increase, the market has short - term digestion pressure and may experience a slight decline. However, the positive support factors in the market are clear, and it is expected that after a short - term adjustment, there may still be a slight increase. Attention should be paid to the resistance level around the previous high of 3,100 [13]. Corn - On the supply side, in the Northeast region, the price is strongly supported by the price - holding attitude of grass - roots farmers and the rigid - demand stocking of some downstream enterprises. In the North China region, the supply can meet the needs of enterprises, and the supply - demand is relatively balanced, with prices oscillating within a narrow range. If the supply increases before the Spring Festival, prices may weaken. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their profits are slightly in the red, and they are less willing to accept high - priced corn. Feed enterprises have sufficient inventories and mainly replenish stocks on a rolling basis. On the policy side, the targeted auction of imported corn continues, and although there is a premium, it has cooled down. The policy - based corn supply is currently limited, and attention should be paid to its subsequent intensity. In general, the strong price - holding sentiment and the rigid - demand stocking intention of downstream enterprises support the corn price. However, the profit losses of downstream enterprises limit their acceptance of high prices, and the continuous policy - based supply suppresses the upward momentum of corn prices. Attention should be paid to the resistance level around 2,270, as well as changes in farmers' selling attitudes and policy - based supply [16]. Live Pigs - The spot price has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the north has decreased, while the demand in the south has dropped significantly, and purchasing power is weak, suppressing the spot price. Recently, there has been some restocking for secondary fattening in some areas, but due to the relatively high current pig price, the overall enthusiasm is limited. However, the average weight of the存栏 has been increasing, and the subsequent market supply is expected to increase. The market is betting on pre - Spring Festival consumption, but it is expected that pigs will be slaughtered gradually in mid - to - late January. Coupled with the expected increase in supply from large - scale farms, the overall supply in January will be relatively loose, and there is limited room for further upward movement in the futures market. It is recommended to short at high prices [18][19]. Meal - The US soybeans are strongly influenced by funds and sentiment. The market is looking forward to the USDA supply - demand report on Monday, which may provide new trading guidance. In China, the speed of soybean purchases is relatively fast, and the supply will be continuously supplemented by US soybeans and reserve auctions. The visit of Canada to China has brought positive signals, and there is an expectation of improved China - Canada relations, which has led to a significant decline in domestic rapeseed prices and dragged down the soybean meal market. The domestic spot market remains in a loose pattern, with high inventories of soybeans and soybean meal. There are also many expectations of auctions recently, which also put pressure on the market. Although the expected arrival volume in the first quarter is low, the arrival rhythm is uncertain. The downside of soybean meal is limited, and the upside is mainly affected by policy factors. In the short term, the market sentiment is relatively optimistic, and the futures market will maintain a range - bound oscillation [21]. Summary by Related Catalogs Apple - **Futures Market**: The price of the apple 2605 (main contract) increased by 158 yuan/ton to 9,689 yuan/ton, a rise of 1.66%. The price of the apple 2610 contract increased by 21 yuan/ton to 8,472 yuan/ton, a rise of 0.25%. The futures open interest increased by 23,520 lots to 156,793 lots, a rise of 17.65% [1]. - **Spot Market**: The arrival volume at several fruit wholesale markets has increased, with the arrival volume at Chalong Fruit Wholesale Market increasing by 40%, Jiangmen Fruit Wholesale Market by 37.5%, and Xiaqiao Fruit Wholesale Market by 33.33%. The national cold - storage inventory decreased by 126,600 tons to 7.209 million tons, a decline of 1.73% [1]. - **Profit**: The factory - warehouse delivery profit increased by 121 yuan/ton to 457 yuan/ton, a rise of 36.01% [1]. Red Dates - **Futures Market**: The price of the red date 2605 (main contract) increased by 75 yuan/ton to 9,150 yuan/ton, a rise of 0.83%. The open interest increased by 4,234 lots to 154,819 lots, a rise of 2.81% [8]. - **Spot Market**: The price of Cangzhou's extra - grade red dates increased by 50 yuan/ton to 9,520 yuan/ton, a rise of 0.53%. The basis of extra - grade red dates in Cangzhou relative to the main contract increased by 205 yuan/ton to - 230 yuan/ton, a rise of 87.80% [8]. Sugar - **Futures Market**: The price of sugar 2605 increased by 9 yuan/ton to 5,288 yuan/ton, a rise of 0.17%. The open interest of the main contract increased by 3,135 lots to 432,813 lots, a rise of 0.73% [9]. - **Spot Market**: The price in Nanning remained unchanged at 5,370 yuan/ton. The basis in Nanning decreased by 9 yuan/ton to 82 yuan/ton, a decline of 9.89% [9]. - **Industry Situation**: The cumulative national sugar production decreased by 317,900 tons to 1.05 million tons, a decline of 23.24%. The cumulative national sugar sales decreased by 259,000 tons to 350,000 tons, a decline of 42.53% [9]. Cotton - **Futures Market**: The price of cotton 2605 decreased by 65 yuan/ton to 14,675 yuan/ton, a decline of 0.44%. The open interest of the main contract decreased by 13,905 lots to 848,986 lots, a decline of 1.61% [11]. - **Spot Market**: The arrival price of Xinjiang cotton of grade 3128B decreased by 67 yuan/ton to 15,671 yuan/ton, a decline of 0.43% [11]. - **Industry Situation**: The commercial inventory increased by 1.1011 million tons to 5.784 million tons, a rise of 23.5%. The export of textile yarns, fabrics, and related products increased by 10.09 percentage points year - on - year to 0.98% [11]. Oils and Fats - **Soybean Oil**: The price of first - grade soybean oil in Jiangsu increased by 30 yuan/ton to 8,520 yuan/ton, a rise of 0.35%. The basis of the Y2605 contract decreased by 20 yuan/ton to 526 yuan/ton, a decline of 3.66% [12]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong increased by 60 yuan/ton to 8,680 yuan/ton, a rise of 0.70%. The basis of the P2605 contract decreased by 2 yuan/ton to - 2 yuan/ton, a decline of 125% [12]. - **Rapeseed Oil**: The price of third - grade rapeseed oil in Jiangsu increased by 100 yuan/ton to 9,800 yuan/ton, a rise of 1.03%. The basis of the OI2605 contract increased by 14 yuan/ton to 758 yuan/ton, a rise of 1.88% [12]. Eggs - **Futures Market**: The price of the egg 03 contract increased by 31 yuan/500KG to 3,040 yuan/500KG, a rise of 1.03%. The price of the egg 04 contract increased by 39 yuan/500KG to 3,316 yuan/500KG, a rise of 1.19% [13]. - **Spot Market**: The price of eggs in the production areas remained unchanged at 3.25 yuan/jin. The price of egg - laying chicken chicks increased by 0.10 yuan/feather to 2.90 yuan/feather, a rise of 3.57% [13]. Corn - **Futures Market**: The price of corn 2603 decreased by 3 yuan/ton to 2,263 yuan/ton, a decline of 0.13%. The open interest increased by 21,598 lots to 1,969,700 lots, a rise of 1.11% [16]. - **Spot Market**: The FOB price at Jinzhou Port increased by 10 yuan/ton to 2,330 yuan/ton, a rise of 0.43%. The basis increased by 13 yuan/ton to 67 yuan/ton, a rise of 24.07% [16]. Live Pigs - **Futures Market**: The price of the live - pig 2605 contract decreased by 60 yuan/ton to 1,120 yuan/ton, a decline of 5.08%. The open interest of the main contract decreased by 2,847 lots to 168,424 lots, a decline of 1.66% [18]. - **Spot Market**: The daily slaughter volume of sample slaughterhouses increased by 903 to 226,460, a rise of 0.40%. The price of piglets increased by 1.0 yuan/head to 16.50 yuan/head, a rise of 6.45% [19]. Meal - **Soybean Meal**: The price of soybean meal in Jiangsu remained unchanged at 3,150 yuan/ton. The price of the M2605 contract increased by 4 yuan/ton to 2,786 yuan/ton, a rise of 0.14%. The basis decreased by 4 yuan/ton to 364 yuan/ton, a decline of 1.09% [21]. - **Rapeseed Meal**: The price of rapeseed meal in Jiangsu decreased by 20 yuan/ton to 2,420 yuan/ton, a decline of 0.82%. The price of the RM2605 contract decreased by 20 yuan/ton to 2,338 yuan/ton, a decline of 0.85%. The basis remained unchanged at 82 yuan/ton [21].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report The report offers a comprehensive analysis of multiple sectors including financial derivatives, precious metals, shipping, non - ferrous metals, black metals, agricultural products, and energy chemicals. It assesses the market conditions, supply - demand dynamics, and price trends of various commodities, and provides corresponding investment suggestions based on these analyses [2][3][5]. 3. Summary by Directory 3.1 Daily Selections - **Nickel**: Indonesia's plan to cut nickel production in 2026 has boosted market sentiment, but the actual implementation remains uncertain. The short - term reality is weak, and the medium - term fundamentals are loose. The price is expected to be strong in the short term, but the upward space is limited, with the main contract reference range of 126,000 - 135,000 [2]. - **Methanol**: Methanex's production interruption in Chile has led to a price increase. The port is facing inventory accumulation in December, but the supply - demand balance sheet is expected to shift to destocking in the first quarter of the next year. The price in the inland area is expected to fluctuate slightly [3]. - **Iron Ore**: The price is supported by the steel mill's restocking expectation, but the supply is in the off - season. It is expected to be volatile and slightly strong, with the reference range of 770 - 840 [3]. - **Corn**: The upward momentum is insufficient, and the price has fallen after reaching a high. The short - term supply pressure exists, and the price is expected to be mainly short - term, with attention paid to the changes in farmers' selling mentality and policy releases [4]. 3.2 Financial Derivatives 3.2.1 Stock Index Futures - The A - share market shows a structural theme market, with the index oscillating at a high level. The short - term negative factors are exhausted, and the index has rebounded. It is recommended to hold a bull spread combination and sell a small amount of near - month out - of - the - money call options for hedging [5][7]. 3.2.2 Treasury Bond Futures - The bond market sentiment has recovered, but it is still fragile. It is expected to be in a volatile situation in the short term. After the New Year, attention should be paid to the capital flow, central bank's bond - buying, and other factors [8][10]. 3.3 Precious Metals - The Fed's December meeting minutes have a neutral impact. The precious metals market shows a differentiated trend. In the short term, it is recommended to wait and see, and in the medium - to - long - term, investors can consider bargain - hunting after the New Year [11][13]. 3.4 Shipping (Container Shipping Index - Europe Line) - The futures contract is in a consolidation phase, lacking obvious driving forces. It is expected to be in a volatile pattern in the short term [15]. 3.5 Non - Ferrous Metals - **Copper**: The price has corrected, and the spot discount has narrowed. The medium - to - long - term fundamentals are good, but the short - term price is overestimated. It is recommended to take profits on long positions at high prices [16][19]. - **Alumina**: Policy incentives are difficult to reverse the short - term supply - demand situation. The price is expected to fluctuate widely around the cash cost line. It is recommended to wait and see in the short term and short at high prices in the medium term [19][21]. - **Aluminum**: The market is dominated by the game between strong macro expectations and weak fundamentals. It is expected to be in a high - level wide - range oscillation. It is recommended to take profits on long positions at high prices [22][24]. - **Zinc**: The TC decline supports the price. The short - term price is expected to be volatile, with attention paid to import profitability, TC inflection points, and refined zinc inventory changes [27][30]. - **Tin**: The market sentiment has subsided, and the price has fallen sharply. It is recommended to wait and see, paying attention to the macro situation and supply - side recovery [30][35]. - **Nickel**: Driven by news and technical factors, the price has broken through the previous high. The short - term supply is still sufficient, and the price is expected to be strong in the short term, but the upward space is limited [35][37]. - **Stainless Steel**: The market is in a game between strong expectations and weak reality. It is expected to be in a strong - side oscillation, with attention paid to nickel ore news and steel mill production cuts [38][40]. - **Lithium Carbonate**: The end - of - year news has increased, and the price is expected to be in a wide - range oscillation. It is recommended to wait and see [42][44]. - **Polysilicon**: The price is in a high - level oscillation. In January, there is pressure to cut production due to weak demand. It is recommended to wait and see [45][47]. - **Industrial Silicon**: The price is in a low - level oscillation. Attention should be paid to the implementation of production cuts [47][49]. 3.6 Black Metals - **Steel**: The steel price is in a volatile trend. The production cut and inventory reduction support the price, but the weak demand limits the upward space. It is recommended to wait and see [49][51]. - **Iron Ore**: The price is supported by the steel mill's restocking expectation, but the supply is facing the off - season. It is expected to be volatile and slightly strong, with a short - term long - position attempt [52][53]. - **Coking Coal**: The spot price fluctuates, and the futures price has peaked and declined. It is recommended to short at high prices and consider a long - coking - coal short - coke arbitrage [55][59]. - **Coke**: The fourth round of price cuts has been launched. The supply - demand situation has weakened. It is recommended to short at high prices and consider a long - coking - coal short - coke arbitrage [60][64]. - **Ferrosilicon**: Production cuts have alleviated the supply - demand contradiction. The price is expected to be in a range - bound oscillation [65][68]. - **Silicomanganese**: The manganese ore supports the price, but the supply - demand contradiction still exists. The price is expected to be volatile, with interval operations recommended [69][71]. 3.7 Agricultural Products - **Soybean Meal**: The South American soybean harvest expectation suppresses the market. The domestic spot is loose. The short - term price is expected to be volatile, and cautious operation is recommended [72][74]. - **Pig**: The demand supports the market. The spot price is expected to be strong in the short term, and the futures price is expected to be in a strong - side oscillation [75][76]. - **Corn**: The upward momentum is insufficient, and the price has fallen after reaching a high. The short - term supply pressure exists, and the price is expected to be mainly short - term [77][79]. - **Sugar**: The raw sugar price is in a low - level oscillation. The domestic supply pressure restricts the price. It is recommended to short on rebounds [80][82]. - **Cotton**: The ICE cotton futures are in a bottom - level oscillation. The domestic price has reached a new high for the year. The short - term price may correct, and the medium - to - long - term trend is relatively optimistic [83][85]. - **Egg**: The supply is loose, and the demand is weak. The price is expected to be in a low - level oscillation [86][87]. - **Edible Oils**: The palm oil has a short - term upward trend, but the overall oils should not be over - bullish. Different oils have different price trends and risks [88][90]. - **Jujube**: The cost supports the price, but the consumption improvement is limited. Attention should be paid to the delivery situation of the 01 contract and the Spring Festival stocking [91][92]. - **Apple**: The demand is weak, and the price is declining. The short - term market is in a game between scarce delivery fruits and high - inventory ordinary fruits [93]. 3.8 Energy Chemicals - **PX**: The valuation has increased significantly, and the downstream negative feedback is prominent. The short - term price is under pressure. It is recommended to wait and see before the festival and go long at low prices in the medium term [94][95]. - **PTA**: The processing fee has recovered, and the downstream negative feedback is obvious. The short - term price is under pressure. It is recommended to wait and see before the festival and go long at low prices in the medium term [96][97]. - **Short - Fiber**: The supply - demand expectation is weak, and the price follows the raw materials. It is recommended to have the same strategy as PTA and short the processing fee at high prices [98]. - **Bottle Chip**: The cost is strong, and the supply expectation increases. The short - term processing fee will be compressed. It is recommended to have the same strategy as PTA and short the processing fee at high prices [99][101]. - **Ethylene Glycol**: The overseas supply is expected to shrink, but the near - month inventory accumulation expectation remains unchanged. It is recommended to conduct a reverse spread on EG5 - 9 at high prices [102]. - **Pure Benzene**: The supply - demand pattern is weak, and the price driving force is limited. The price is expected to be in a low - level oscillation [103][104]. - **Styrene**: The supply - demand expectation is weak, and the rebound space is limited. It is recommended to short above 6800 and short the processing fee at high prices [105][106]. - **LLDPE**: The basis remains stable, and the transaction is neutral. It is recommended to go long on the 2605 contract in the short term [107]. - **PP**: The supply and demand are both weak, and the price fluctuates slightly. Attention should be paid to the PDH profit expansion [107]. - **Methanol**: Affected by geopolitical factors, the price has strengthened. It is recommended to pay attention to the MTO05 spread contraction [108][109]. - **Caustic Soda**: The futures price has rebounded strongly, and the现货 price has declined steadily. The price is expected to be in a wide - range oscillation [109][110]. - **PVC**: The supply pressure has increased marginally, and the high - price transaction is light. The price is expected to weaken after a rebound [111][112]. - **Soda Ash**: The production rate has declined, and the inventory has decreased. It is recommended to wait and see [113][114]. - **Glass**: Supported by production line cold - repair and improved sales rate, the price is expected to be in a bottom - level oscillation and strengthen [113][115]. - **Natural Rubber**: The market sentiment has subsided, and it is recommended to hold short positions [117]. - **Synthetic Rubber**: The fundamental support is limited, and the price follows the commodity trend. It is expected to be in a wide - range oscillation between 11,200 - 12,000 [118][119].

Group 1: Sugar Investment Rating Not provided Core View The sugar market is expected to remain weak next week due to a lack of positive factors and weak price rebound. The supply outlook is loose, which restricts the rebound of raw sugar prices. The increase in supply has led to a decline in futures prices and a subsequent drop in basis sugar prices. [2] Summary by Directory - **Futures Market**: The prices of sugar futures contracts have generally declined, while the ICE raw sugar主力 has increased slightly. The main contract's open interest has increased, and the number of warehouse receipts and effective forecasts remains unchanged. [2] - **Spot Market**: Spot prices have decreased, and the basis has changed. The price of imported Brazilian sugar has increased, and the spread between imported and domestic sugar has also changed. [2] - **Industry Situation**: The cumulative production and sales of sugar have decreased year - on - year, and the national sales rate has declined, while the sales rate in Guangxi has increased. Industrial inventories in most regions have decreased, except for an increase in Yunnan. Sugar imports have increased. [2] Group 2: Cotton Investment Rating Not provided Core View Internationally, US cotton maintains a volatile market. Domestically, the market expects a decline in Xinjiang's planting area next year, with a long - term optimistic outlook. However, the downstream industry is weak, and cotton prices face some upward pressure. [5] Summary by Directory - **Futures Market**: The price of some cotton futures contracts has declined slightly, and the open interest of the main contract has decreased. The number of warehouse receipts and effective forecasts has increased. [5] - **Spot Market**: Some spot prices have increased, and the basis has also changed. [5] - **Industry Situation**: The shortage has increased, industrial inventories have increased slightly, imports have decreased, and the inventory in bonded areas has decreased. The inventory of the textile industry has decreased year - on - year, and the inventory days of yarn and grey cloth have changed. Cotton outbound shipments have increased, while the processing profit of spinning enterprises has decreased. Retail sales and export volumes in the textile and clothing industries have increased. [5] Group 3: Corn Investment Rating Not provided Core View The current grain sales progress is relatively fast, but the effective market circulation of grain is limited. The price is relatively stable in the short term due to factors such as farmers' reluctance to sell and low terminal inventory, but the supply pressure restricts the upward space of corn prices. [7] Summary by Directory - **Corn**: The price of the corn 2601 contract at Jinzhou Port has declined slightly, and the basis has increased. The 1 - 5 spread remains unchanged. The price at Shekou Port remains stable, and the north - south trade profit remains unchanged. The arrival - at - port duty - paid price has decreased slightly, and the import profit has increased. The number of remaining vehicles at Shandong deep - processing enterprises in the morning has decreased significantly, the open interest has decreased, and the number of warehouse receipts has decreased. [7] - **Corn Starch**: The price of the corn starch 2601 contract has increased slightly, and the spot prices in Changchun and Weifang remain unchanged. The basis has decreased, the 1 - 5 spread has increased, the 01 - contract spread between starch and corn has increased, and the profit of Shandong starch has increased. The open interest has decreased, and the number of warehouse receipts remains unchanged. [7] Group 4: Oils Investment Rating Not provided Core View For palm oil, there is a risk of further decline after breaking through the 4000 - ringgit support. Dalian palm oil futures are in a weak and volatile adjustment. For soybean oil, the potential reduction in US biodiesel production is negative for CBOT soybean oil, but the rebound of BMD palm oil provides some support. The domestic supply is sufficient, and the demand is limited, but the decline in basis quotes may be limited in the short term. [10] Summary by Directory - **Palm Oil**: The price of palm oil has declined, and the basis has changed. The import cost has decreased, and the import profit has increased. The number of warehouse receipts remains unchanged. [10] - **Soybean Oil**: The price of soybean oil remains unchanged, and the basis has increased. The supply of domestic factories is sufficient, and the demand is limited. [10] - **Rapeseed Oil**: The price of rapeseed oil has increased slightly, and the basis has also changed. [10] Group 5: Pigs Investment Rating Not provided Core View The spot price of pigs is stable, and the downward support has increased with the increase in southern curing demand. However, there is great uncertainty in the December - January market due to factors such as the increase in the epidemic and the potential entry of secondary fattening, and the overall supply pressure is still large. [12] Summary by Directory - **Futures Market**: The prices of some pig futures contracts have increased, and the 3 - 5 spread has changed. The open interest of the main contract has increased, and the number of warehouse receipts remains unchanged. [12] - **Spot Market**: Spot prices in different regions have changed, and the slaughter volume of sample points has increased. The weekly prices of pork strips remain unchanged, while the prices of piglets and sows have decreased slightly. The average slaughter weight has decreased slightly, and the breeding profits of self - breeding and purchased pigs have increased. The number of fertile sows has decreased. [12] Group 6: Eggs Investment Rating Not provided Core View The egg market is expected to be in a state of oversupply this week. Egg prices are expected to fluctuate weakly, but the downward space is limited due to insufficient terminal demand. [15] Summary by Directory - **Futures Market**: The prices of egg futures contracts have declined, and the basis has increased. The 1 - 2 spread has decreased. [15] - **Spot Market**: The price of eggs in the producing areas has decreased slightly, the price of egg - laying chicken seedlings has decreased, the price of culled chickens has increased, the egg - to - feed ratio has increased, and the breeding profit has increased. [15] - **Industry Situation**: The number of culled chickens has decreased slightly, and the number of newly - laying hens is still low. The inventory of laying hens is still at a high level, and the inventories at all links in the industry chain need to be digested. The terminal consumption is lower than expected, and the downstream purchasing sentiment has declined. [15] Group 7: Meal Investment Rating Not provided Core View US soybeans lack trading highlights, and the market is not optimistic about the medium - and long - term price of US soybeans. The domestic soybean meal supply is loose, but there is a sentiment of supporting prices in the market, and attention should be paid to the performance of the 1 - 5 positive spread. [17] Summary by Directory - **Soybean Meal**: The spot price of soybean meal has increased, the futures price has increased slightly, and the basis has increased. The import crushing profit has increased, and the number of warehouse receipts remains unchanged. [17] - **Rapeseed Meal**: The spot price of rapeseed meal remains unchanged, the futures price has increased, and the basis has decreased. The import crushing profit has decreased, and the number of warehouse receipts is zero. [17] - **Soybeans**: The spot price of soybeans in Harbin remains unchanged, the futures price has decreased, and the basis has increased. The spot price of imported soybeans in Jiangsu remains unchanged, the futures price has decreased slightly, and the basis has increased. The number of warehouse receipts remains unchanged. [17]

1. Sugar Industry 1.1 Investment Rating No investment rating provided in the report. 1.2 Core Viewpoint The sugar price is expected to remain weak in the coming week due to ample supply prospects, with the futures market price weakening and the basis sugar price following suit. There is a lack of positive factors to drive a price rebound [2]. 1.3 Summary by Directory - **Futures Market**: The prices of sugar 2601 and sugar 2605 decreased by 0.71% and 0.59% respectively. The ICE raw sugar主力 rose by 1.62%. The 1 - 5 spread of sugar decreased by 6.19%. The main contract's open interest increased by 6.51%. The number of warehouse receipts and valid forecasts remained unchanged [2]. - **Spot Market**: The spot prices in Nanning and Kunming decreased by 0.37% and 0.75% respectively. The Nanning basis increased by 9.57%, while the Kunming basis decreased by 12.00%. The prices of imported Brazilian sugar (both within and outside the quota) increased [2]. - **Industry Situation**: The cumulative national sugar production decreased by 23.24%, and the cumulative sales decreased by 42.53%. The cumulative sugar production in Guangxi decreased by 73.87%, and the monthly sales in Guangxi decreased by 68.63%. The national cumulative sales rate decreased by 24.75%, while the cumulative sales rate in Guangxi increased by 20.05%. The national industrial inventory decreased by 7.40%, the industrial inventory in Guangxi decreased by 80.43%, and the industrial inventory in Yunnan increased by 110.00%. Sugar imports increased by 38.89% [2]. 2. Cotton Industry 2.1 Investment Rating No investment rating provided in the report. 2.2 Core Viewpoint The international cotton market maintains a volatile trend, while the domestic cotton market is expected to be optimistic in the medium - to - long - term but faces constraints in the short - term. The cotton price has limited downside space but faces pressure above, with attention paid to the pressure around 14000 - 14100 [5]. 2.3 Summary by Directory - **Futures Market**: The price of cotton 2605 remained unchanged, and the price of cotton 2601 decreased by 0.18%. The ICE US cotton主力 decreased by 0.27%. The 5 - 1 spread of cotton increased by 250.00%. The main contract's open interest decreased by 13.59%. The number of warehouse receipts increased by 4.79%, and the valid forecasts increased by 3.43% [5]. - **Spot Market**: The Xinjiang arrival price of 3128B and the CC Index: 3128B increased, while the FC Index: M: 1% decreased. The basis of 3128B - 01 contract and 3128B - 05 contract increased [5]. - **Industry Situation**: The shortage increased by 28.7%, the industrial inventory increased by 0.9%, the import volume decreased by 10.0%, the bonded area inventory decreased by 1.8%. The textile industry's inventory year - on - year decreased by 66.7%, the yarn inventory days decreased by 0.1%, the grey fabric inventory days increased by 3.9%. The cotton outbound shipping volume increased by 22.6%, the spinning enterprise C32s immediate processing profit decreased by 3.1%. The retail sales of clothing, footwear, and textile products increased by 19.5%, the year - on - year of monthly retail sales increased by 34.0%. The export value of textile yarns, fabrics, and products increased by 9.0%, the year - on - year of monthly export increased by 110.8%. The export value of clothing and clothing accessories increased by 5.4%, and the year - on - year of export increased by 31.5% [5]. 3. Corn and Corn Starch Industry 3.1 Investment Rating No investment rating provided in the report. 3.2 Core Viewpoint In the short - term, the corn price is relatively firm due to farmers' reluctance to sell and low terminal inventory, but the upward space is limited by supply pressure. Attention should be paid to the grain - selling rhythm in the producing areas and the downstream replenishment situation [7]. 3.3 Summary by Directory - **Corn**: The price of corn 2601 in Jinzhou Port decreased by 0.04%, the basis increased by 1.75%, the 1 - 5 spread remained unchanged. The Shekou bulk grain price remained unchanged, the north - south trade profit remained unchanged, the CIF price decreased by 0.13%, and the import profit increased by 1.01%. The number of remaining vehicles in Shandong deep - processing enterprises in the morning decreased by 42.09%. The open interest decreased by 1.05%, and the number of warehouse receipts decreased by 2.30% [7]. - **Corn Starch**: The price of corn starch 2601 increased by 0.12%, the Changchun and Weifang spot prices remained unchanged. The basis decreased by 4.48%, the 1 - 5 spread increased by 3.77%, the starch - corn 01盘面 spread increased by 1.43%. The Shandong starch profit increased by 5.26%. The open interest decreased by 1.00%, and the number of warehouse receipts remained unchanged [7]. 4. Oil and Fat Industry 4.1 Investment Rating No investment rating provided in the report. 4.2 Core Viewpoint Palm oil may continue to weaken, and there is a risk of falling below 4000 ringgit. Dalian palm oil futures maintain a volatile and weak adjustment trend. CBOT soybean oil is mainly in a narrow - range volatile adjustment. The domestic soybean oil supply is sufficient, but the demand is limited. The basis quotation decline may be limited in the short - term [10]. 4.3 Summary by Directory - **Soybean Oil**: The price of Jiangsu first - grade soybean oil remained unchanged, the Y2605 futures price decreased by 0.34%, and the basis increased by 8.43% [10]. - **Palm Oil**: The price of Guangdong 24 - degree palm oil decreased by 1.15%, the P2605 futures price decreased by 0.55%, and the basis decreased by 216.67%. The import cost decreased, and the import profit increased [10]. - **Rapeseed Oil**: The price of Jiangsu third - grade rapeseed oil increased by 0.20%, the OI2605 futures price increased by 0.09%, and the basis increased by 2.74% [10]. - **Spreads**: The soybean - palm oil spread and the rapeseed - soybean oil spread changed to varying degrees [10]. 5. Pig Industry 5.1 Investment Rating No investment rating provided in the report. 5.2 Core Viewpoint The spot pig price is stable, and the downward - support ability is enhanced with the increasing demand for pickling in the south. However, there is great uncertainty in the December - January market. The overall supply pressure is still large, and the price is hard to improve [12]. 5.3 Summary by Directory - **Futures Market**: The main contract basis increased by 31.25%, the price of pig 2605 increased by 0.68%, the price of pig 2603 increased by 0.94%, and the 3 - 5 spread increased by 4.17%. The main contract's open interest increased by 0.89%, and the number of warehouse receipts remained unchanged [12]. - **Spot Market**: The spot prices in different regions changed to varying degrees. The sample - point slaughter volume increased by 1.48%, the daily strip price remained unchanged, the piglet price decreased by 2.94%, the sow price decreased by 0.03%, the slaughter weight decreased by 0.15%, the self - breeding profit increased by 2.59%, the purchased - breeding profit increased by 7.21%, and the fertile sow inventory decreased by 1.12% [12]. 6. Egg Industry 6.1 Investment Rating No investment rating provided in the report. 6.2 Core Viewpoint The egg market is expected to remain in a state of oversupply this week. The egg price is expected to fluctuate weakly, but the downward space is limited [15]. 6.3 Summary by Directory - **Futures Market**: The price of the egg 01 contract decreased by 2.13%, the price of the egg 02 contract decreased by 1.58%, the basis increased by 106.60%, and the 1 - 2 spread decreased by 11.36% [15]. - **Spot Market**: The egg - producing area price decreased by 0.20%, the egg - chick price decreased by 1.75%, the culled - hen price increased by 2.85%, the egg - feed ratio increased by 3.90%, and the breeding profit increased by 20.35% [15]. - **Supply and Demand**: The supply is expected to remain in a state of oversupply. The terminal consumption is less than expected, and the demand side is insufficient. The production - link inventory and the circulation - link inventory remained unchanged compared with the previous day [15]. 7. Meal Industry 7.1 Investment Rating No investment rating provided in the report. 7.2 Core Viewpoint The medium - to - long - term price of US soybeans is not optimistic. The domestic soybean meal supply is loose, and the unilateral trend is suppressed. Attention should be paid to the performance of the 1 - 5 positive spread [17]. 7.3 Summary by Directory - **Soybean Meal**: The Jiangsu soybean meal price increased by 1.31%, the M2605 futures price increased by 0.73%, the basis increased by 6.45%, and the Brazilian 2 - month shipping schedule's import crushing profit increased by 40.9% [17]. - **Rapeseed Meal**: The Jiangsu rapeseed meal price remained unchanged, the RM2605 futures price increased by 1.03%, the basis decreased by 27.59%, and the Canadian 1 - month shipping schedule's import crushing profit decreased by 2.68% [17]. - **Soybeans**: The price of Harbin soybeans remained unchanged, the price of the soybean - one main contract decreased by 0.84%, the basis increased by 15.02%. The price of Jiangsu imported soybeans remained unchanged, the price of the soybean - two main contract decreased by 0.26%, and the basis increased by 7.41% [17]. - **Spreads**: The soybean - meal inter - period spread, the rapeseed - meal inter - period spread, the soybean - to - meal ratio, and the oil - to - meal ratio changed to varying degrees [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall agricultural market shows a complex trend with different products having different outlooks. For example, soybean meal and soybean oil are expected to be weak, while corn is likely to be volatile, and the situation of other products such as rubber, cotton, and sugar also varies [1][6]. - The prices of various agricultural products are affected by multiple factors including international supply - demand, weather, policies, and domestic inventory and consumption situations [1][6]. 3. Summary According to Related Catalogs 3.1 Market Conditions and Outlook of Each Variety 3.1.1 Oils and Fats - **Current Situation**: Affected by factors such as the uncertainty of US soybean demand, the expected increase in South American soybean production, high domestic soybean inventory, and changes in palm oil production and exports, domestic oils and fats are expected to have a slow de - stocking process [5]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are all expected to be weak and volatile. Attention should be paid to the MPOB and USDA supply - demand reports [5]. 3.1.2 Protein Meal - **Current Situation**: Internationally, the market is awaiting the USDA supply - demand report, with pessimistic expectations. Domestically, short - term import soybean auctions will increase supply pressure, and inventory is high. In the medium - term, the procurement progress of imported soybeans in January is 56%, and the expected import of Australian seeds suppresses the performance of rapeseed meal. In the long - term, South American weather determines the price trend of soybean meal [1][6]. - **Outlook**: US soybeans and domestic soybean meal are expected to be weak and volatile. They are expected to seek support at the lower end of the range. Attention should be paid to the guidance of the supply - demand report [2][6]. 3.1.3 Corn/Starch - **Current Situation**: The price of domestic corn shows a differentiated trend. The arrival volume of deep - processing enterprises in the Northeast and North China is low, and the price is strong. The price in the port area has declined due to the futures callback. The news of reserve auctions has affected market sentiment [6][7]. - **Outlook**: The price will be volatile in the short term, and it is recommended to wait and see [7]. 3.1.4 Hogs - **Current Situation**: Affected by macro - sentiment, the futures price has rebounded, but the short - term supply and demand in the spot market are still loose. The supply will be in surplus until April 2026, and is expected to gradually decrease after May 2026 [7]. - **Outlook**: The market is in a pattern of "weak reality + strong expectation". The near - month contracts are likely to be weak, and attention can be paid to the opportunity of reverse spread strategies [8]. 3.1.5 Natural Rubber - **Current Situation**: The market lacks strong driving forces, with weak downstream buying support and a bearish market sentiment. Although overseas supply is increasing seasonally, there is still pressure on raw material prices to decline [9][10]. - **Outlook**: The rubber price is expected to continue the volatile trend, and it is difficult to have a trending market [10]. 3.1.6 Synthetic Rubber - **Current Situation**: The bullish driving force on the disk is insufficient. Although the price of raw material butadiene has rebounded, there is resistance in high - price transactions [11]. - **Outlook**: The disk will maintain a range - bound oscillation [11]. 3.1.7 Cotton - **Current Situation**: The supply of new cotton in Xinjiang is increasing, and the demand is seasonally weak but supported by rigid purchases. The commercial inventory is rising seasonally, and the 01 contract is strong recently but faces pressure above [11]. - **Outlook**: In the short term, pay attention to the pressure at 13,800 - 14,000 yuan/ton. In the long term, the valuation is low, and it is recommended to buy on dips [11]. 3.1.8 Sugar - **Current Situation**: In the medium - and long - term, the global sugar market is expected to be in surplus, and the price is likely to be weak. In the short term, the 01 contract has obvious support below [11][13]. - **Outlook**: In the medium - and long - term, it is expected to be weak and volatile. In the short term, there is support at 5,300 yuan/ton [13]. 3.1.9 Pulp - **Current Situation**: Last week, the pulp futures rose rapidly, and there were some bullish news. However, there is still pressure from hedging at high prices [14]. - **Outlook**: The pulp futures will mainly show a wide - range volatile trend. If it回调s to the previous low, it can be allocated long, and it is recommended to wait and see at high prices [14]. 3.1.10 Offset Printing Paper - **Current Situation**: Affected by the decline in raw material prices, the price of offset printing paper is under pressure. The overall social demand is weak, and paper enterprises may adjust supply and demand by reducing prices or production [15]. - **Outlook**: In the short term, it will be weakly stable [15]. 3.1.11 Logs - **Current Situation**: The supply may be reduced seasonally. The overseas shipping volume is expected to decline, and there are quarantine issues with Japanese cedar. The domestic demand support is insufficient, and the 01 contract has no clear driving force [15][17]. - **Outlook**: The log market will remain in a loose pattern, and attention can be paid to the opportunity of going long on the far - month contracts at low prices [17]. 3.2 Commodity Index - On December 8, 2025, the comprehensive index was 2267.05, down 0.18%; the commodity 20 index was 2588.87, down 0.37%; the industrial products index was 2216.09, down 0.16%; the agricultural products index was 930.18, with a daily decline of 0.22%, a 5 - day decline of 0.40%, a 1 - month decline of 0.65%, and a year - to - date decline of 2.57% [174][176].

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views of the Report - The agricultural market shows a complex and diverse trend, with different varieties having different outlooks. Some are expected to be volatile, some are expected to rise, and some are expected to decline. For example, protein meal is expected to rise, while sugar is expected to be weak in the medium - long term [2][7][17]. - Multiple factors such as international supply and demand, domestic policies, weather conditions, and macro - economic situations affect the prices of agricultural products. For instance, the USDA report, South American weather, and domestic import policies all have an impact on the prices of soybeans and related products [2][6][7]. 3. Summary by Related Catalogs 3.1 Protein Meal - **View**: Overnight US soybeans fell, and double - meal reduced positions and made up for the decline. In the short term, it is expected that the futures and spot prices will rise; in the medium term, attention should be paid to the repair of crushing margins [2][7]. - **Logic**: Internationally, the probability of the Fed cutting interest rates in December is low. The USDA report lowered US soybean production, exports, and ending stocks. US soybean premiums are lower than South American soybeans, and there is no cost - effectiveness. Domestically, the import profit of Chinese soybeans has been repaired, but the import and crushing of the January shipment are still at a loss, and the ship - buying progress is slow. The soybean crushing volume of oil mills is at a high level in the same period in recent years, and the soybean meal inventory of oil mills is seasonally decreasing but still higher than the same period last year [2][7]. - **Outlook**: US soybeans will fluctuate, and Dalian meal will fluctuate and rise. It is recommended to buy at around 3000 - 3050 and hold, without chasing high [3][7]. 3.2 Oils and Fats - **View**: It may fluctuate and consolidate in the near future, and attention should be paid to the production and demand of Malaysian palm oil [6][7]. - **Logic**: The market focuses on US economic data, and the Fed's internal differences in monetary policy have intensified. The USDA report is slightly bearish. South American soybean planting is progressing smoothly. Domestic soybean arrivals are expected to be at a high level, and the de - stocking speed of domestic soybean oil is expected to be slow. The production of Malaysian palm oil has decreased, and exports have declined. The consumption of palm oil in Indonesian biodiesel has increased, and the inventory has remained low. The supply of domestic rapeseed is tight, and the inventory of rapeseed oil has decreased [6]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil will all fluctuate [6]. 3.3 Corn/Starch - **View**: It continues to fluctuate at a high level [7]. - **Logic**: On the supply side, due to the cold weather, farmers are reluctant to sell, and the selling rhythm has slowed down. Although the supply of corn in Jilin has increased, the selling pressure in the Northeast has not been fully realized. On the demand side, the demand for feed grains is concentrated in the Northeast, and the transportation capacity is tight. The wheel - storage of the State Grain Reserve continues, and the auction of imported corn has a high transaction rate [7][8]. - **Outlook**: It is expected to fluctuate strongly. In the short term, wait and see, and pay attention to short - selling opportunities when it rebounds to around 2200 [8][9]. 3.4 Pigs - **View**: The supply pressure continues, and the pig price runs weakly [9]. - **Logic**: In the short term, the planned daily slaughter volume of large - scale farms in November has increased slightly, but the slaughter progress in the first ten days of November is slow, which may lead to increased slaughter pressure at the end of the month. In the medium term, the number of live pigs to be slaughtered in the fourth quarter is expected to increase. In the long term, the production capacity of breeding sows has begun to decline [9]. - **Outlook**: It will fluctuate weakly. The near - term contracts are under high - production - capacity pressure, while the far - term contracts are supported by the expectation of production - capacity reduction. Pay attention to the reverse - arbitrage strategy [9][10]. 3.5 Natural Rubber - **View**: It is waiting for a driving force and fluctuating within a range [11][12]. - **Logic**: The macro - environment is changeable, and there is no obvious directional driving force in the fundamentals. Overseas supply is increasing seasonally, and raw material prices are firm, which supports the price to some extent. The demand has not changed significantly in the near two weeks [12]. - **Outlook**: It may maintain a bottom - fluctuating and highly elastic trend. In the short term, continue to pay attention to expanding the spread between RU and NR [12]. 3.6 Synthetic Rubber - **View**: The disk has temporarily entered a shock - consolidation stage [14][15]. - **Logic**: It follows the fluctuations of natural rubber and the raw material butadiene. The price of butadiene has fallen rapidly and then stabilized. The supply of butadiene is abundant, and the downstream buying sentiment is cautious. After the price of butadiene fell to a low point, some downstream enterprises made up for the inventory, and the market stopped falling and consolidated [15]. - **Outlook**: The fundamentals and raw material pressure are both large. Before the obvious supply - demand contradiction of butadiene appears, the disk is recommended to be shorted when the price is high [15]. 3.7 Cotton - **View**: There is a callback risk in the short term [16][17]. - **Logic**: The USDA November supply - demand forecast report is bearish, and the expected production of cotton in the United States, China, and Brazil has increased. Domestically, the actual purchase volume of seed cotton has exceeded expectations, and the expected production of new cotton in Xinjiang has increased. The previous bullish factors have been digested, and the supply is increasing while the demand is weakening [16]. - **Outlook**: In the short term, the 01 contract has a callback risk; in the long term, the valuation is low, and it will fluctuate strongly [17]. 3.8 Sugar - **View**: The rebound power is weak [17]. - **Logic**: In the medium - long term, the global sugar market is expected to have a surplus supply, and the sugar prices at home and abroad are under downward pressure. In the short term, the export volume of Brazil has decreased, and the domestic import policy is tightened, which provides some support for the domestic market [17]. - **Outlook**: In the medium - long term, it will fluctuate weakly. In the short term, the operating range of sugar prices is 5350 - 5550 yuan/ton. It is recommended to short when the price is high [17]. 3.9 Pulp - **View**: The futures fluctuate at a high level, and the long - dominant pattern remains unchanged [17][18]. - **Logic**: The bullish factors for the previous rise include the increase in the price of packaging paper, the increase in the import cost of broad - leaf pulp, the expected good production and sales of white cardboard and cultural paper, and the possible shortage of delivery warehouse receipts for the 01 contract. The bearish factors include the low total demand for softwood pulp, the slow procurement of downstream enterprises, the disturbance of the warehouse - receipt problem, and the lack of strong growth in downstream and terminal consumption [18]. - **Outlook**: It will fluctuate. The futures market is dominated by funds, and the main force is competing for the warehouse - receipt problem. The pulp futures will mainly fluctuate widely [18]. 3.10 Double - Glue Paper - **View**: Paper enterprises are supporting prices, and the spot price has stopped falling [19]. - **Logic**: In the short term, some paper enterprises still have the intention to support prices, but dealers' inventory is rational. The orders of downstream printing factories have not changed much, and the procurement of raw paper is mainly based on rigid demand. The upstream pulp price has increased slightly, which strengthens the cost support for double - glue paper, but the transmission is general [19]. - **Outlook**: The tender for double - glue paper has been launched one after another, and paper factories are enthusiastic about raising prices. It is expected to fluctuate strongly following the pulp [21]. 3.11 Logs - **View**: There is no obvious contradiction in the fundamentals, and the logs maintain low - level fluctuations [23]. - **Logic**: On the supply side, the shipment from New Zealand will increase in December, and the long - term supply pressure still exists. The purchase intention of traders is suppressed, and the import rhythm depends on the port inventory and international costs. On the demand side, the demand in 2026 is expected to be weak and stable. The inventory will gradually decrease in the short term and increase seasonally in the first quarter of 2026 [23]. - **Outlook**: The fundamentals of logs have no clear contradiction, the spot price is under pressure, and it will fluctuate at a low level recently [23]. 3.12 Commodity Index - **On November 17, 2025**: The comprehensive index of CITIC Futures commodities is not provided in detail. The characteristic index shows that the CITIC Futures Commodity 20 Index is 2555.84, a decrease of 0.42%; the industrial product index is 2228.52, an increase of 0.56%. The agricultural product index is 932.55, with a daily decline of 0.56%, a 5 - day decline of 0.34%, a 1 - month increase of 0.61%, and a year - to - date decline of 2.32% [181][182].

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].