Protein Meals: On Tuesday, CBOT soybeans rose, supported by bargain hunting. Monday's crop report showed that the U.S. soybean good-to-excellent rating was 58%, in line with market expectations; the harvest rate was 17%, below market expectations. The slower harvest pace provided support for the crop. In addition, the market expects the quarterly stocks report to be released at the end of September to be bullish, with estimated stocks at 324 million bushels, below last year's 325 million bushels. Domestically, protein meals were mostly range-bound, with cautious market trading. As the National Day holiday approaches, market participants are cautious, with capital flowing out. Domestic soybean meal supply is ample, while costs remain firm; attention should be paid to capital dynamics.

Oils and Fats: On Tuesday, BMD palm oil fell to a ten-week low, following the weakness of surrounding markets. The market continued to digest inventory pressure. High-frequency data showed that Malaysian palm oil production from September 1-25 increased 18%-21% month-on-month, while exports declined 15% month-on-month. Domestically, oils and fats continued their pattern of falling first and then rising, with rapeseed oil stronger than soybean oil and palm oil. Palm oil arrivals have been high recently, and palm oil inventories are at elevated levels. Soybean oil inventories are climbing, and oil mills are increasingly urging deliveries. Going forward, continued attention should be paid to the Strait of Hormuz shipping situation as well as oils and fats consumption and capital flow conditions.

Live Hogs: On Tuesday, live hog futures rebounded after falling to lows, with the main 2611 contract extending its gains during the session, closing up 2.57% at 10,560 yuan/ton. On the spot side, data showed that yesterday's national average daily hog price was 9.96 yuan/kg, down 0.08 yuan/kg from the previous day. The average hog price in Henan, the benchmark delivery area, was 10.1 yuan/kg, up 0.04 yuan/kg from the previous day, while Guangdong was flat, and Sichuan, Shandong, and Liaoning continued to decline. In most regions, hog slaughter plans were not completed, with a large volume of hogs awaiting slaughter. Farmers were forced to cut prices to move volume, dragging down market conditions. In the short term, under the influence of the supply side, live hogs remained weak. Futures rebounded after hitting historic lows, but before fundamentals improve, live hogs are likely to remain range-bound with a downward bias. Attention should be paid to the impact of supply and demand during the long holiday and changes in related commodity prices on hog prices.

Eggs: On Tuesday, egg futures declined, with the main 2611 contract extending its weakness during the session, closing down 2.89% at 3,698 yuan/500 kg. On the spot side, data showed that yesterday's national egg price was 4.38 yuan/jin, down 0.13 yuan/jin from the previous day. In production areas, Ningjin pink-shell eggs were 4.15 yuan/jin, down 0.1 yuan/jin from the previous day, and Heishan brown-shell eggs were 4.3 yuan/jin, down 0.1 yuan/jin from the previous day. In sales areas, Puxi brown-shell eggs were 4.55 yuan/jin, flat from the previous day, and Guangzhou brown-shell eggs were 4.8 yuan/jin, down 0.1 yuan/jin from the previous day. As the National Day holiday approaches, traders' willingness to stock up is gradually declining, and spot prices continued to weaken. Futures were affected by expectations of post-holiday spot price pullbacks and remained weak. Attention should be paid to the impact of demand changes during the holiday on spot prices, as well as the impact of other market information on egg prices.

Corn: On Tuesday, corn reduced positions and adjusted to close with a doji, with corn futures continuing to show range-bound performance. As the National Day holiday approaches, margin requirements were raised, and commodities reduced positions for adjustment. New grain supply in Northeast China continued to increase, and corn prices in North China also continued to decline. Northeast corn prices currently have no price advantage. Heilongjiang deep-processing enterprises accelerated price cuts, and under the impact of concentrated supply increases, prices are expected to remain weak in the short term. Corn prices in North China continued to fall, but the pace of decline slowed. New corn in North China continued to be listed in concentration, maintaining supply pressure, but prices in some areas rose due to weather and tight grain supply. In the short term, as the harvest and listing of new corn in North China has not yet ended, prices will continue to fluctuate and bottom out, but further significant declines are limited. Corn market prices in sales areas were mainly stable, with some slightly lower. Henan experienced varying degrees of rainfall, affecting certain indicators of new grain, and the market观望 atmosphere is strong. Demand during the holiday has some preparation, but post-holiday demand remains cautious. The core contradiction in short-term corn price trends lies in the game between the supply increase brought by concentrated new grain listings and the demand-side absorption capacity. The overall pattern leans toward a gradual release of supply pressure and relatively limited demand support, and the price center is expected to continue shifting downward.

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