Protein meal: On Thursday, CBOT soybeans fell due to active harvesting in the Midwest. US soybean meal declined while US soybean oil rose. The weather was mostly dry this week, accelerating harvest progress. Additionally, the market awaited Friday's USDA monthly report. The market expects the USDA to keep soybean yield unchanged at 52.8 bushels per acre. The weekly export sales report is expected to show US soybean sales of 549,400 tonnes for the week, at the lower end of the estimated range of 450,000 to 1.2 million tonnes. Of that, net sales to China were 383,000 tonnes. Domestically, protein meal rose initially before falling back, ultimately closing slightly higher. The market concentrated on digesting bullish news from the holiday period, but given the upcoming supply-demand report, trading sentiment was cautious. Domestic soybean meal supply is ample, while cost strengthening expectations remain high, with attention on capital flows.

Oils and fats: On Thursday, BMD palm oil rose as strong demand from India outweighed concerns over rising inventories. Due to disrupted Black Sea shipping, India purchased 150,000 tonnes of crude palm oil within just three days this week for November and December delivery. The market is focused on Malaysia's budget meeting on Friday, where a proposal to exempt crude palm oil export duties may be introduced. Domestically, oils and fats rose initially before falling back, with rapeseed oil outperforming soybean oil, which outperformed palm oil. Domestic oil and fat inventories remain at high levels, and post-holiday consumption has turned sluggish, with the market watching the supply-demand reports due today and tomorrow. Going forward, continued attention should be paid to shipping conditions through the Strait of Hormuz as well as oil and fat consumption and capital flow dynamics.

Live hogs: After the National Day holiday, live hog futures prices gapped lower under the influence of surrounding commodities. During the holiday, spot hog prices remained persistently weak, with supply pressure continuing to weigh on the market. On the supply side, slaughter rhythms varied across regions; in some areas, farmers held back sales and reduced volumes actively in the early part of the holiday, supporting local hog prices. As the holiday progressed, previously held-back hog supplies were gradually released, combined with large-scale farms resuming post-holiday slaughter plans, and overall national supply was not weak, with incremental slaughter pressure emerging in some regions. On the demand side, affected by population movement and regional consumption differences, some areas saw a temporary demand improvement driven by returning personnel, but terminal consumption in most regions fell short of expectations. Slaughterhouses generally adopted a sell-to-slaughter approach, with limited increases in operating rates, and post-holiday stockpiling provided weak support, making it difficult for overall demand to sustain momentum. During the holiday, hog prices in Northeast China, Hebei-Shandong, and Guangdong-Guangxi regions showed temporary increases. Henan and Anhui first fell then rose, while Sichuan and Chongqing peaked and then weakened. Yunnan in the southwest was relatively resilient, while Jiangsu, Hunan, Xinjiang, Hubei, and Jiangxi came under pressure and weakened, with notable regional differences. However, localized rebounds could not change the national fundamentals, and the sustainability of price increases was insufficient in most regions. The live hog market is expected to maintain a volatile pattern in the short term, with some production areas still facing pullback pressure. Continued tracking of farmer slaughter rhythms, secondary fattening trends, and slaughterhouse operating conditions across regions is needed. Overall, the supply-exceeds-demand imbalance in the live hog market continues to weigh on prices, with hog prices remaining sluggish and range-bound at low levels.

Eggs: On the first trading day after the National Day holiday, near-month egg contracts rebounded slightly. The main 2611 contract opened lower before quickly moving up, then fluctuated and adjusted. By close, it had gained 0.51% for the day, settling at 3,734 yuan per 500 kg. On the spot side, Zhuochuang data showed that yesterday's national egg price was 4.05 yuan per jin, down 0.09 yuan per jin from the previous period. Among production areas, Ningjin pink-shell eggs were 3.85 yuan per jin, down 0.1 yuan per jin, while Heishan brown-shell eggs were 3.9 yuan per jin, unchanged. Among sales areas, Puxi brown-shell eggs were 4.25 yuan per jin, unchanged, and Guangzhou brown-shell eggs were 4.45 yuan per jin, down 0.05 yuan per jin. Post-holiday demand was flat, with most traders purchasing on a need-only basis. Egg prices in most sales markets were stable, with a few declining. After the National Day holiday, trade-side stockpiling will increase in phases, potentially providing a boost to short-term spot prices. Attention should be paid to whether post-holiday restocking can effectively support egg prices.

Corn: After the National Day holiday, corn futures prices gapped lower, with the supply pressure from new grain listings continuing to weigh on the market. Prices closed as a bearish candle with a long lower shadow that day. In Northeast production areas, new corn arrivals gradually increased. Affected by the concentrated listing of new grain, supply pressure emerged, and prices at northern ports came under pressure after increased arrivals. In the short term, attention should be paid to farmer selling rhythms and deep-processing procurement dynamics. Northeast corn prices are expected to remain range-bound with a weak bias. Corn prices in North China were generally weak, with enterprises adjusting flexibly based on their own arrivals. New corn in North China is still in its listing period, with relatively ample supply. In the short term, since the harvest and listing of new corn in North China has not yet ended, prices will continue to fluctuate and bottom out, but as the harvest nears completion, further significant price declines will be limited. Corn market trading activity in sales areas was moderate, gradually becoming more active after the holiday. With the concentrated listing of new-season corn in production areas and increased supply, traders in sales areas are focused on quality and price. Downstream enterprises have begun purchasing new-season corn, with attention on the price relationship between North China corn and Northeast corn. Market quotes are expected to follow production areas in weakening. Overall, the pace of corn listing in production areas is still accelerating, and supply pressure in the corn market continues to weigh on prices. The November contract should be watched for price performance around the 2,150 yuan integer level in the short term.

Disclaimer: The information in this report is sourced from publicly available materials. Our company makes no guarantees regarding the accuracy, reliability, or completeness of this information, nor does it guarantee that the information and suggestions contained herein will not change. We have strived to ensure the objectivity and fairness of the report content, but the views, conclusions, and suggestions herein are for reference only and do not constitute recommendations for any specific products or businesses, nor operational basis or suggestions for related varieties. Investors who make investment decisions based on this information shall bear their own profits and losses, which are unrelated to our company and the authors.