Protein Meals: On Wednesday, CBOT soybeans closed slightly higher, supported by robust demand and spillover strength from rising corn and wheat futures. Reports emerged that Russia is considering intensifying strikes on Ukraine, which pushed corn and wheat futures upward. The US Department of Agriculture confirmed private sales of 330,000 tonnes of soybeans to China. Market attention now turns to Thursday's export sales report, with expectations for US soybean net sales ranging between 1.3 million and 3.2 million tonnes. On the domestic front, both soybean meal and rapeseed meal contracts rose with increased open interest, accompanied by significant capital inflows. Concerns over the Black Sea region and higher international soybean prices provided momentum for the domestic market. However, the peak season for soybean arrivals in the third quarter is not yet over, keeping spot supply ample. Downstream purchasing remained subdued, driven mainly by immediate needs. The tug-of-war between near-term and deferred contracts persists, with capital flows being the key focus.

Oils and Fats: On Wednesday, BMD palm oil fell nearly 2% due to weak export sales and worries about rising inventories. Shipping data indicated that Malaysia's palm oil exports for August 1-25 decreased by 11.4% to 20% month-on-month, with the pace of decline accelerating compared to the August 1-20 period. At Indian ports, soybean oil import margins are better than palm oil, raising concerns that palm oil import volumes could be affected. Domestically, vegetable oil prices showed divergence. The domestic market outperformed overseas, with capital mainly flowing out. As the market style shifts and funds adjust positions, vegetable oils are likely to maintain a pattern of weakness in the near term and strength in the far term. Going forward, attention should be paid to the navigation situation in the Strait of Hormuz and vegetable oil consumption.

Live Hogs: On Wednesday, the main live hog contract for November (2611) rebounded sharply in early trading but then pulled back to fluctuate, ending the day up 0.08% at 11,845 yuan per tonne. In the spot market, according to Zhuochuang data, the national average daily live hog price was 10.84 yuan per kilogram yesterday, down 0.18 yuan per kilogram. The benchmark delivery area in Henan saw average prices at 11 yuan per kilogram, down 0.16 yuan per kilogram, with declines also recorded in Guangdong, Sichuan, Liaoning, and Shandong. Scattered farmers are increasing slaughter, and earlier second-fattening hog supplies are also being released intensively. Supply is expected to maintain a growth pace until the end of the month, but downstream demand support is limited, keeping spot hog prices on a weakening trend. The main futures contract has stabilized somewhat after a recent pullback, but it may continue to show weakness until spot prices bottom out. Market attention should be on spot price movements and shifts in market sentiment.

Eggs: On Wednesday, egg futures traded in a volatile range, with the main October contract (2610) closing slightly higher by 0.35% at 3,775 yuan per 500 kilograms. In the spot market, Zhuochuang data showed the national average egg price at 5.26 yuan per jin yesterday, unchanged from the previous day. Among producing areas, Ningjin's pink-shell eggs were at 5.15 yuan per jin, while Heishan's brown-shell eggs were at 5.1 yuan per jin, both flat. In consuming areas, Puxi's brown-shell eggs held at 5.45 yuan per jin, while Guangzhou's brown-shell eggs rose 0.07 yuan to 5.38 yuan per jin. Terminal demand varies by region, with most traders purchasing on a hand-to-mouth basis. Egg prices in consuming markets were mostly stable, with a few declines and isolated increases. Futures prices continue to trade in a range-bound pattern, with the focus on how demand changes affect spot prices and market sentiment.

Corn: On Tuesday, corn continued to see rising open interest, with futures prices moving higher. This week, the weighted corn contract has seen increased positions, and both corn and starch futures have maintained a strong performance. Corn prices in Northeast China are holding steady, with spot circulation relying mainly on trader inventories. Port arrivals remain average, and there is little incentive to build inventories. High-quality, low-toxin dried corn has strong price support, while regular supplies are more flexible in terms of shipments. Traders are cautious in their shipping pace, mostly moving goods on an order-by-order basis. In North China, corn prices have seen limited rebound momentum, as local spring corn enters its peak marketing window and begins to form effective supply. Some deep-processing enterprises have slightly raised their purchasing prices, but adjustments vary among companies, with market buying and selling currently in a relatively balanced state. In consuming areas, corn market quotes have stabilized with a slight uptick, but market sentiment is divided and downstream demand remains weak. Despite signs of a price rebound, downstream enterprises remain very cautious in their procurement due to sluggish terminal consumption and ample substitutes, mostly sticking to demand-based purchasing and low inventory strategies. Overall, capital inflows into the agricultural products sector have increased recently, with commodity futures rising in tandem. Corn prices are being driven higher by capital influence, which is the dominant factor. In the short term, traders should be wary of prices spiking and then pulling back. Going forward, attention should be paid to actual corn transaction volumes and the arrival of new crop supplies, as well as farmers' willingness to sell once the new harvest hits the market.