Protein Meals: On Wednesday, CBOT soybeans closed higher, with crop tour results intensifying concerns over uneven yields across the U.S. Midwest. Additionally, record soybean crush demand provided further market support. On the second day of the field survey, scouts reported that soybean pod counts in Indiana and Nebraska fell below benchmark levels, while the first day's findings showed pod counts in Kansas, Ohio, and South Dakota trailing both last year's figures and the three-year average, heightening market anxiety over production prospects. Domestically, the oilseed complex followed overseas gains, with cash prices rising in tandem. Transaction prices moved higher, but trading volumes slowed. The market is closely monitoring the field survey results, with a yield outlook expected on Friday. Amid weather-driven speculation, soybean meal is likely to maintain a firm, range-bound trend.

Oils and Fats: On Wednesday, BMD palm oil advanced, tracking strength in the broader market. Canadian canola closed higher, buoyed by export demand and firmer soybeans. Data indicated that robust export activity helped absorb rapeseed inventories. Geopolitical factors kept crude oil trading firm, lending support to the edible oils complex. Field research has injected additional weather premium into the oilseed market, further underpinning prices. Attention remains on U.S. soybean and Canadian canola production estimates, as well as high-frequency Malaysian palm oil export and output data. Domestically, oils continued their firm trajectory. A broad rally in commodities fueled strong bullish sentiment. Expectations that U.S. soybean yields may fall short of projections, coupled with reinforced forecasts of reduced domestic soybean production, drove the oilseed sector to take the lead in gains. Cash demand improved slightly, with rapeseed oil facing the heaviest supply pressure, while soybean oil and palm oil also saw elevated supply levels. In the near term, oils may struggle to escape a pattern of weak nearby contracts versus stronger deferred ones. Going forward, watch shipping conditions in the Strait of Hormuz and trends in edible oil consumption.

Live Hogs: On Wednesday, futures pulled back in choppy trading, with the main November 2611 contract closing down 1.52% at 12,315 yuan per ton. In the cash market, according to Zhuochuang data, the national average hog price was 11.34 yuan per kg, up 0.04 yuan from the prior day. In the benchmark delivery region of Henan, the average price was 11.46 yuan per kg, down 0.1 yuan. Prices fell in Sichuan and Liaoning, held steady in Shandong, and rose in Guangdong. Northern regions saw increased slaughter supply, but demand weakened under the weight of high prices, with some areas beginning to show signs of decline. Southern regions continued to push prices higher, with increases outpacing declines, ultimately nudging the national average slightly upward. Overall market supply remains ample, and after the sustained rally in cash prices, downstream buying appetite has waned, prompting spot prices to stabilize with localized pullbacks. Influenced by cash market moves, futures retreated after hitting a cyclical high.

Eggs: On Wednesday, the main October 2610 contract surged in early trading before quickly reversing, closing with a long upper shadow, down 1.68% at 3,813 yuan per 500 kg. In the cash market, per Zhuochuang data, the national average egg price was 5.17 yuan per jin, flat from the previous day. Among producing areas, Ningjin powdered-shell eggs were quoted at 5 yuan per jin, and Heishan brown-shell eggs at 4.9 yuan per jin, both unchanged. In consuming regions, Puxi brown-shell eggs held at 5.35 yuan per jin, and Guangzhou brown-shell eggs also at 5.35 yuan per jin, steady. As cash prices have climbed to relatively high levels, downstream acceptance has weakened, with most buyers purchasing on an as-needed basis. Prices across wholesale markets in consuming regions were largely stable, with only isolated adjustments. Seasonally, we are now in peak demand, and cash egg prices continue to show strength, while futures remain in a wide-ranging consolidation. Monitor cash price movements and shifts in market sentiment.

Corn: On Wednesday, corn extended its rebound, with the main November 2611 contract rising on increased open interest. This week, corn has followed the broader commodity complex higher, as renewed interest in the agricultural sector, fueled by El Ni帽o-related production cut expectations, has driven synchronized price gains across multiple commodities. In the northeast, corn shipments remain slow, with lackluster trading activity and no significant price adjustments. Tuesday night saw notable futures gains, and Wednesday morning, northern port corn purchase prices followed futures upward. In northern China, corn prices were broadly stable, with only minor adjustments. On the supply side, trade inventories remain higher year-on-year, and with spring corn harvest expectations looming, traders are staging shipments based on mill pricing schedules. Downstream buyers are purchasing on a need-only basis, and while deep-processing utilization has ticked up, the increase is insufficient to support price gains. In consuming regions, corn market prices held at low, steady levels, lacking directional momentum. Traders are offering concessions to move product, while feed mills stick to just-in-time purchasing, keeping plant inventories at low-to-medium levels with no active stockpiling intentions. Near-term, corn in consuming regions is likely to remain range-bound at low levels. Overall, the August USDA report was bullish, with U.S. corn leading gains and pulling wheat higher. In the domestic grain market, substitute supplies remain ample, and corn weighted contract open interest first declined then rose. Continue to monitor the impact of El Ni帽o weather on the agricultural complex in the near term.

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