Group 1 - Cotton futures are experiencing gains of 60 to 65 points across most contracts on Wednesday [1] - Crude oil futures have increased by 44 cents per barrel, reaching $60.59, while the US dollar index has risen by $0.057 to $98.510 [1] - There is optimism in the market ahead of the Trump/Xi meeting scheduled for later this evening into Thursday in South Korea [1] Group 2 - The Tuesday online auction from The Seam reported the sale of 3,401 bales at an average price of 61.63 cents per pound [2] - The Cotlook A Index increased by 35 points on October 28, reaching 75.95 cents [2] - ICE certified cotton stocks rose by 500 bales on October 28, bringing the total certified stocks to 18,052 bales [2] - December 25 Cotton is priced at 65.69 cents, up 64 points; March 26 Cotton is at 67.23 cents, up 63 points; May 26 Cotton is at 68.42 cents, up 62 points [2]

Cotton futures are trading with mixed Friday action with contracts up 6 points to 10 points lower at midday. Crude oil futures are up 11 cents/barrel to $61.85 at midday, with the US dollar index up $0.021 to $98.750. The Thursday online auction from The Seam showed 832 bales sold with an average price of 65.00 cents/lb. The Cotlook A Index was back down 55 points on 10/23 at 75.30 cents. ICE certified cotton stocks were steady on October 23, with the certified stocks level at 17,552 bales. More News fro ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - **Soft Commodity Sector** - **Sugar**: Affected by the gasoline price cut in Brazil, the international sugar price dropped, dragging down the Zhengzhou sugar futures. However, after the release of negative sentiment, marginal positive factors supported the sugar price, and the price rebounded slightly after an over - decline. It is recommended to operate within a range, focusing on the battle at the 5400 level [3]. - **Pulp**: In the third quarter, the domestic economic growth slowed down, dragging down the demand for finished paper. The supply of wood pulp remained high, and the demand for finished paper increased in the peak season, but the price increase was weak. It is recommended to operate with a short - bias on rebounds [4]. - **Offset Paper**: The improvement in demand for finished paper is limited, and the supply pressure may increase. Although the cost provides some support, the price increase is limited. It is recommended to short on rebounds [5][6]. - **Cotton**: Internationally, there are concerns about consumption. Domestically, the new cotton production increase is slightly lower than expected, and the Sino - US trade attitude has eased. However, the continuous positive factors are still insufficient, and it is recommended to reduce short positions [7]. - **Fresh Produce and Fruit Sector** - **Apples**: The new - season apples have smaller fruit sizes and a lower high - quality fruit rate, which supports the far - month contract. It is recommended to consider reverse spreads between the 1 - 5 contracts or hold long positions in the May contract cautiously [8]. - **Red Dates**: The futures price of red dates fluctuated. The inventory removal speed slowed down in October, and the terminal replenishment enthusiasm improved. It is recommended that aggressive investors short the 2601 contract at high levels, and cautious investors hold a reverse spread strategy of short 01 and long 05 [9][10]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Produce and Fruit Futures** - **Apple 2605**: Adopt a bullish approach, with a support range of 7900 - 8000 and a pressure range of 9500 - 9600, due to the support from smaller fruit sizes and a lower high - quality fruit rate [18]. - **Red Dates 2601**: Short at high levels, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000, considering the overall market sentiment and the weather impact during the production - forming period [18]. - **Soft Commodity Futures** - **Sugar 2601**: Operate within a range, with a support range of 5350 - 5370 and a pressure range of 5470 - 5500, as the spot price is stable, but there are still bearish drivers [18]. - **Pulp 2601**: Short within the range, with a support range of 4900 - 4900 and a pressure range of 5200 - 5300, because of high supply pressure and weak domestic finished paper prices [18]. - **Offset Paper 2601**: Short on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500, as the price increase is limited by high supply elasticity during the peak season [18]. - **Cotton 2601**: Hold short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700, due to insufficient continuous positive factors [18]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamentals**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [19]. - **Spot Market**: In Shandong, the price of late - maturing bagged Fuji apples was stable, with high - quality goods in short supply. In Shaanxi, the mainstream ordering price was stable, and high - quality goods were mostly pre - ordered. In the sales areas, the arrival volume was low, the sales speed was stable, and the price was stable [19][20]. - **Red Date Market**: The physical inventory of 36 sample points was 9167 tons, a month - on - month decrease of 0.39% and a year - on - year increase of 93.89%. Attention should be paid to the circulation of old - season goods and price changes before the new - season harvest [21]. - **Sugar Market**: On October 22, the settlement price of the ICE raw sugar main contract dropped by 3.05%. Brazil's sugar export volume in the third week of October decreased by 2.68% year - on - year. The domestic spot price of sugar decreased slightly [23]. - **Pulp Market**: Chinese traders counter - offered the price of imported NBSK to $650 per ton, but the sellers refused. The price of broad - leaf pulp increased, and the price of coniferous pulp remained stable and weak. The supply of wood pulp was still high [4][27]. - **Offset Paper Market**: In Shandong, Guangdong, Beijing, and Tianjin, the price of offset paper was stable. The supply increased, and the demand improvement was limited [28][29]. - **Cotton Market**: As of October 20, 2025, the cotton picking progress in Xinjiang was about 67.9%. In August, India's cotton import volume increased by 8.4% month - on - month and 33.9% year - on - year [30]. 3.3 Third Part: Market Review - **Futures Market Review** - **Apple 2601**: The closing price was 8794, a decrease of 0.63% [30][31]. - **Red Dates 2601**: The closing price was 11265, a decrease of 1.01% [30][31]. - **Sugar 2601**: The closing price was 5426, a decrease of 0.22% [31]. - **Pulp 2511**: The closing price was 4854, unchanged [31]. - **Cotton 2601**: The closing price was 13535, a decrease of 0.04% [31]. - **Spot Market Review** - **Apple**: The spot price was 3.75 yuan per catty, unchanged month - on - month and an increase of 0.55 yuan year - on - year [37]. - **Red Dates**: The spot price was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan [37]. - **Sugar**: The spot price was 5750 yuan per ton, a month - on - month decrease of 20 yuan and a year - on - year decrease of 790 yuan [37]. - **Pulp**: The spot price of Shandong Yinxing pulp was 5550 yuan per ton, unchanged month - on - month and a year - on - year decrease of 700 yuan [37]. - **Offset Paper**: The spot price of Taiyang Tianyang offset paper in Tianjin was 4450 yuan per ton, unchanged month - on - month and a year - on - year decrease of 450 yuan [37]. - **Cotton**: The spot price was 14772 yuan per ton, a month - on - month increase of 44 yuan and a year - on - year decrease of 671 yuan [37]. 3.4 Fourth Part: Basis Situation The content mainly presents relevant basis charts, but no specific text summary information is provided. 3.5 Fifth Part: Inter - month Spread Situation - **Apple**: The 1 - 5 spread was - 513, with a month - on - month decrease of 54 and a year - on - year decrease of 123. It is expected to fluctuate and decline, and it is recommended to short at high levels [56]. - **Red Dates**: The 9 - 1 spread was 125, with a month - on - month increase of 150 and a year - on - year decrease of 240. It is expected to fluctuate within a range, and it is recommended to wait and see [56]. - **Sugar**: The 1 - 5 spread was 43, with a month - on - month increase of 1 and a year - on - year increase of 27. It is expected to fluctuate, and it is recommended to wait and see [56]. - **Cotton**: The 1 - 5 spread was - 40, with a month - on - month increase of 20 and a year - on - year increase of 30. It is expected to fluctuate within a range, and it is recommended to short at high levels [56]. 3.6 Sixth Part: Futures Positioning Situation The content mainly presents relevant positioning charts, but no specific text summary information is provided. 3.7 Seventh Part: Futures Warehouse Receipt Situation - **Apple**: The number of warehouse receipts was 0, unchanged month - on - month and year - on - year [89]. - **Red Dates**: The number of warehouse receipts was 0, unchanged month - on - month and year - on - year [89]. - **Sugar**: The number of warehouse receipts was 8313, a month - on - month decrease of 63 and a year - on - year decrease of 1344 [89]. - **Pulp**: The number of warehouse receipts was 226269, a month - on - month decrease of 141 and a year - on - year decrease of 164017 [89]. - **Cotton**: The number of warehouse receipts was 2565, a month - on - month decrease of 14 and a year - on - year decrease of 1109 [89]. 3.8 Eighth Part: Option - related Data The content mainly presents relevant option charts, but no specific text summary information is provided.

Group 1: Harvest Progress and Techniques - In Heilongjiang's Shuangyashan City, over 90% of the autumn grain harvest has been completed, entering the final stages [1] - The harvest in Raohe County has seen an increase in yield, with an average of 1,000 pounds per acre this year, up from 900 pounds last year [3] - In Jixian County, advanced machinery is being used for simultaneous harvesting and land preparation, allowing for a 15-day head start for next spring's planting [5] Group 2: Agricultural Innovations and Automation - The use of deep plowing techniques is being emphasized to improve soil health, with a target plowing depth of over 30 centimeters [7] - In Baoqing County, a corn processing company has implemented an automated grain collection system, reducing the time for grain processing to 15 minutes [9][11] - In Hunan, new harvesting machines have been introduced, reducing grain loss by 2% compared to older models [15] Group 3: Regional Crop Management - In Hunan's Yuanjiang, over 1.9 million acres of late rice are being harvested, with a focus on timely drying and storage [13] - The drying center in Yuanjiang operates 24/7, capable of drying over 1,000 tons of grain daily, benefiting local farmers [17] - In Xinjiang's Turpan, 124,000 acres of cotton are being harvested, with a focus on quality and yield improvements through mechanization [20][26]

农产品早报 研究中心农产品团队 2025/10/16 玉米/淀粉 玉米 淀粉 日期 长春 锦州 潍坊 蛇口 基差 贸易利润 进口盈亏 黑龙江 潍坊 基差 加工利润 2025/10/09 2110 2130 2150 2410 -8 145 290 2750 2850 225 86 2025/10/10 1980 2120 2140 2380 -5 125 262 2750 2850 223 96 2025/10/13 1970 2100 2130 2340 8 105 223 2750 2800 254 126 2025/10/14 1970 2080 2120 2310 -13 90 216 2750 2800 270 - 2025/10/15 1970 2080 2120 2340 -21 120 247 2700 2800 254 - 变化 0 0 0 30 -8 30 31 -50 0 -16 - 【行情分析】： 玉米：新季玉米已陆续上市，国庆期间市场收购价大幅下调。短期来看，受粮源集中上市影响，玉米价格仍将维持弱势。中长期需重点关注产 区农户与贸易商的博弈，当前新季玉米产量增加、种植成本下滑，价格已 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - For corn, in the short - term, with new - season corn approaching and terminal demand weakening, the price is running weakly but the decline is limited due to low inventory levels. In the long - term, the price is expected to decline under the background of increased production and lower costs until consumption improves or there is惜售 sentiment. For starch, in the short - term, as the cost of raw materials decreases, the price of starch is likely to be lowered to reduce inventory. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [3] - For sugar, the international sugar price is under pressure due to the peak - season supply in Brazil. The domestic sugar price is also facing pressure as imported sugar arrives and processing sugar prices are lowered [4] - For cotton, the price has entered a shock phase. If there are no major macro - risk events, the April low can be regarded as the long - term bottom, and the downside space is limited. Attention should be paid to changes in demand [6] - For eggs, the spot price has rebounded due to increased demand and the "buy - on - rising" mentality. High inventory and cold - storage eggs limit the price increase, but the price is unlikely to fall below the feed cost. Post - holiday chicken culling should be monitored [9] - For apples, the new - season output is expected to be similar to last year, with some regional variations. Consumption is in the off - season, and the price is currently stable. Attention should be paid to the final output determination [11] - For pigs, there are policy - related expectations of a production - capacity inflection point next year. However, insufficient capacity reduction still suppresses the medium - term supply. The near - term supply pressure is being released, and the spot price is hitting new lows. Attention should be paid to factors such as the slaughter rhythm, diseases, and policies [15] Group 3: Summary of Each Product Corn/Starch - Price and data: From 2025/09/24 - 2025/09/30, the price in some regions changed, e.g., the price in Jinzhou decreased by 40, the base difference decreased by 24, and the processing profit of starch increased by 40 [2] - Market analysis: Short - term, the price of corn is weakly oscillating due to reduced demand. Starch prices are likely to be lowered to reduce inventory. Long - term, both corn and starch prices are under pressure [3] Sugar - Price and data: From 2025/09/24 - 2025/09/30, the spot price remained unchanged in some regions, the base difference decreased by 14, and the import profit decreased [4] - Market analysis: International supply pressure affects prices, and domestic prices are also under pressure with the arrival of imported sugar [4] Cotton - Price and data: From 2025/09/24 - 2025/09/30, the price of 3128 cotton decreased by 85, the import profit increased by 57, and the number of warehouse receipts decreased by 92 [6] - Market analysis: The price is in a shock phase, and the downside space is limited if there are no major macro - events [6] Eggs - Price and data: From 2025/09/24 - 2025/09/30, the prices in some regions decreased, the base difference decreased by 101, and the prices of substitutes such as chickens and pigs changed slightly [9] - Market analysis: The spot price has rebounded, but high inventory limits the increase, and the price is unlikely to fall below the feed cost [9] Apples - Price and data: From 2025/09/24 - 2025/09/30, the spot price remained stable, and the inventory decreased in some regions [10][11] - Market analysis: The new - season output is expected to be similar to last year, and consumption is in the off - season [11] Pigs - Price and data: From 2025/09/24 - 2025/09/30, the prices in some regions changed slightly, and the base difference decreased by 10 [15] - Market analysis: There are expectations of a production - capacity inflection point next year, but medium - term supply pressure remains, and the spot price is hitting new lows [15]

Cotton futures Bounced off of overnight lows with contracts up 30 to 45 points at the close, as December rallied off a new contract low. The US dollar index is back up $0.276 to $98.560, with crude oil 51 cents/barrel higher. The Seam showed 2,777 bales sold on October 7 at an average price of 61.55 cents/lb. The Cotlook A Index was steady on Tuesday at 76.65 cents. ICE cotton stocks were unchanged on 10/7, with the certified stocks level at 17,891 bales. More News from Barchart Oct 25 Cotton  closed at ...

Cotton futures are trading with 30 to 50 point losses across most contracts on Wednesday. The US dollar index was down another $0.034 on the day to $97.485, with crude oil slipping back 44 cents. Tuesday’s online auction from The Seam showed 942 sales at an average price of 63.62 cents/lb. The Cotlook A Index was down 80 points on September 30 at 76.90 cents. ICE cotton stocks were up 2,417 bales on 9/30, with the certified stocks level at 17,891 bales. USDA’s Adjusted World Price (AWP) was back down 41 p ...

Commodity Prices - Agricultural commodity prices in the grain/oilseed, soft, and animal protein sectors experienced losses in September, with the exception of October lean hog futures, which gained 5.08% [1] - Cooperative weather conditions contributed to lower prices for soybean, corn, and wheat, as indicated in the September WASDE report, which remained bullish on supplies but bearish on prices [6] - Soft commodities saw declines across the board, with cocoa futures leading with a 12.46% price drop, while coffee, cocoa, and orange juice prices remained elevated due to previous price surges [7] - The end of the 2025 grilling season led to lower prices for live and feeder cattle, although beef futures remained near record highs [8] Precious Metals - Gold reached a record high of nearly $3,900 per ounce, marking its eighth consecutive record quarterly peak, despite being the worst-performing precious metal in September [2] - Silver futures saw a significant increase, reaching their highest level since 2011, approaching the $49.82 high from that year and the all-time peak of $50.36 from 1980 [3] - Palladium outperformed silver with a 14.54% gain in September, while platinum futures also surged by 15.62%, reaching their highest price since February 2014 [4] - Precious metals significantly outperformed other commodities in September, with all four trading on the CME's COMEX and NYMEX divisions posting double-digit percentage gains [5] Energy Sector - In September, WTI and Brent futures prices were slightly lower due to increased OPEC+ production and U.S. energy policy, although geopolitical tensions provided some support [9] - Oil products reflected seasonal trends, with gasoline futures showing a marginal gain and heating oil futures posting a more significant increase [10] - Natural gas prices experienced a slight decline of under 1% in September, but are expected to rise as the peak demand season approaches [16] Stock Market and Economic Indicators - The stock market saw gains, with the S&P 500 rising 3.53% and reaching record highs in September, while the U.S. dollar index posted a marginal gain despite concerns over tariffs and rising debt levels [12][13][14] - The Federal Reserve cut the short-term Fed Funds Rate by 25 basis points in September, marking the first rate cut in 2025 [12] Future Outlook - Factors to watch in October include the potential for gold to reach $4,000 and silver's approach to new record highs, while livestock futures remain elevated despite expected price weakness in meats and gasoline [15] - The commodities market is anticipated to experience continued volatility in October and beyond, influenced by geopolitical events and seasonal demand changes [19]

Despite recent trade volatility, cotton prices this year have remained reliably flat and relatively low. In a one-on-one chat with editor-in-chief Peter Sadera at the Sourcing Journal Fall Summit, Cotton Incorporated’s senior economist, corporate strategy and insights Jon Devine pointed out that since January, the per-pound price for cotton has shifted a mere three to four cents. And in contrast to the growing costs tied to tariffs and exchange rates, cotton prices are actually at their lowest point over ...