Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report Core Views - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn. In the long - term, the game between farmers and traders will be crucial, and if prices drop significantly, farmers may resist selling, leading to a price rebound [1] - Starch prices are expected to decline in the short - term as raw material prices weaken, and inventory accumulation may further restrict price rebounds. In the long - term, downstream consumption rhythm is key, and a significant price drop may stimulate downstream replenishment [2] - International sugar prices are under pressure due to Brazil's peak - season supply. In the domestic market, imported sugar arrivals and lower processing sugar quotes are pressuring the price [3] - Cotton has entered a consolidation phase, and if there are no major macro - risks, the April low can be seen as a long - term bottom. Attention should be paid to demand changes [5] - Egg prices are expected to remain weak in the short - term due to high supply and seasonal demand decline after the holiday. The acceleration of chicken culling may support prices [9] - Apple's new - season production in the whole country is not expected to differ greatly from last year, but some areas have quality issues due to rainfall. The average opening price is above 3.5 yuan per catty [12] - For pigs, if the near - term pressure continues to be released, it will strengthen the policy expectations for the far - term production capacity inflection point next year. There may be short - term rebounds, but medium - term supply pressure remains. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [12] Group 3: Summary by Commodity Corn - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in蛇口 increased by 30. The basis decreased by 8, trade profit increased by 30, and import profit increased by 31 [1] - **Analysis**: New - season corn has been listed, and short - term prices are weak due to concentrated supply. Long - term prices depend on the game between farmers and traders [1] Starch - **Analysis**: After the holiday, new - season corn listing led to lower raw material purchase prices, but starch price adjustment is limited due to high production costs. Short - term prices may decline, and long - term prices depend on downstream consumption [2] Sugar - **Price Data**: From October 9 - 15, the spot prices in some regions decreased, the basis decreased by 16, and the number of warehouse receipts decreased by 50 [3] - **Analysis**: International market supply pressure from Brazil affects prices, and in the domestic market, imported sugar arrivals and lower quotes are pressuring the price [3] Cotton - **Price Data**: From October 9 - 15, the price of 3128 cotton decreased by 25, and the import profit increased by 9 [14] - **Analysis**: Cotton is in a consolidation phase, and the long - term bottom may be at the April low. Attention should be paid to demand changes [5] Eggs - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in Hubei increased by 0.04. The price of yellow - feather broilers increased by 0.05, and the price of pigs decreased by 0.27 [9] - **Analysis**: Egg prices dropped 12.5% during the holiday, and short - term prices are expected to be weak. Chicken culling rhythm is a key factor [9] Apples - **Price Data**: From October 9 - 14, the spot price of Shandong 80 first - and second - grade apples remained stable, and the basis of different contracts changed [11] - **Analysis**: New - season apples in the western region are being bag - removed, and those in Shandong are delayed due to rain. The national production is similar to last year, but some areas have quality issues [12] Pigs - **Price Data**: From October 9 - 15, prices in some regions increased, and the basis increased by 150 [12] - **Analysis**: Near - term pressure release may strengthen far - term production capacity inflection point expectations. There may be short - term rebounds, but medium - term supply pressure remains [12]

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]

Core Insights - Archer Daniels Midland Company (ADM) is focused on optimizing its organizational and operational structure across Human and Animal Nutrition, managing productivity and innovation while addressing food security, health, and wellbeing trends [1][2] - The company is making targeted investments to bolster growth and differentiation, including plant digitization and decarbonization solutions [4][5] Financial Performance - In Q2 2025, ADM's Nutrition segment saw a 4.5% increase in revenues year over year, with a 5% rise in operating profit, driven by strong growth in Flavors and Animal Nutrition portfolios [3][10] - The Zacks Consensus Estimate for ADM's 2025 earnings per share (EPS) indicates a year-over-year decline of 15.8%, while 2026 shows a growth of 21.3% [11] Strategic Initiatives - ADM is expanding its alternative protein capabilities and adapting to changing consumer nutritional preferences as part of its strategic pillars [2] - The company aims to achieve $500-$750 million in cost savings over the next three to five years through operational improvements and efficiency initiatives [5][10] Market Position - ADM's shares have gained 24.5% year to date, outperforming the industry's growth of 6.7% [8] - The company trades at a forward price-to-earnings ratio of 13.5X, slightly below the industry average of 13.84X [9]