wolfblazemegaways|光大期货：4月11日农产品日报

Protein meal:

WednesdayWolfblazemegawaysCBOT soybeans fell to an one-month low as the market waited for the supply and demand report to be released. Analysts expect the inventory of American beans to rise slightly to 3% from the March forecast.Wolfblazemegaways.1.7 billion pu. Brazil's Conab will also update its crop estimates. The United States Department of Agriculture announced the sale of 254000 tons of soybeans to unknown exports. On the domestic side, the soybean meal fluctuates narrowly, the fundamental news is insipid, and the disk awaits the guidance of the report. The spot price is weak, the grass roots continue to repair, and the spot market trade soybeans to Hong Kong to increase the pressure. Brazilian soybeans are higher, and there is limited space below the cost of soybean imports. Look at the weak soybean meal base difference, look at the weak soybean meal disk. Operationally, wait for the September contract long layout opportunity.

Grease:

BMD palm oil was closed on Wednesday. Shipping data show that exports of horse palm oil increased by 12.7% from April 1 to 10, and exports got off to a good start in April. Malaysia 10-11 coincides with Eid al-Fitr, MPOB monthly report released on the 15th. Stocks of horse palm oil are expected to fall to their lowest level in eight months in March as exports rise. Domestically, oil futures fluctuated higher, led by palm oil. Import costs are still the support of the market, palm oil inside and outside the intensified arrival in Hong Kong, promoting the market to rise to repair. The market is waiting for the results of the USDA supply and demand report in the early hours of Friday and the MPOB report on the 15th. Rapeseed crushing volume declined, imported rapeseed did not meet expectations, leading to a rise in rapeseed oil prices, related price differences to repair. Data show that total oil stocks increased by 1.36% last week, with palm oil having the lowest increase and rapeseed oil stocks declining. In operation, it is short and many ideas.

Live pigs:

On Wednesday, the pig contract fell in recent months, rose in the far month, near strong and far weak. On the same day, pig 2405 and 2407 contracts fell by 2.44% and 1.45% respectively by 0.22%. In the spot market, the average price of three-yuan live pigs outside the country is 15.28 yuan / kg, the lowest price is 14.59 yuan / kg in Yunnan and the highest price is 16.18 yuan / kg in Guangdong. According to the 81 sample slaughtering enterprises monitored by Mysteel, the total slaughtering capacity was 110722, a decrease of 1.32% compared with the previous month. The slaughtering operation rate was 27.13%, down 0.5% from the previous month. The national price of 2-3cm fat thick white strips pork is 19.39yuan / kg. Some of the Whitebar Wholesale Market arrived at 7038 today, an increase of 1005 over yesterday. The national pig price is weak and falling, the pace of fattening at the breeding end is gradually accelerating, the scale of the market is generally receiving orders, the weakness of demand after the festival is becoming more and more obvious, the mood of short-term market promotion is not strong, the second fattening action is slightly slower, and the market of fattening pigs is weakening day by day. pig prices are mainly weak in the short term. Technically, pig futures are far strong, near weak, the stock market fell on the same day, the stock price of the breeding plate fell, and the pig futures price showed a linkage with the stock market.

Eggs:

On Wednesday, the spot of eggs was stable and partially rebounded slightly. Futures fluctuated after opening higher, with the main 2405 contract closing down 0.69% at 3181 yuan / 500kg and September contract down 0.16% at 3833 yuan / 500kg. Zhuochuang data show that yesterday, the national price of eggs was 3.27 yuan / jin, up 0.01 yuan / jin from the previous month. Among them, Ningjin pink shell eggs 3.15 yuan / jin, Montenegro market brown shell eggs 3 yuan / jin, month-on-month level; in the sales area, Puxi brown shell eggs 3.42 yuan / jin, month-on-month level, Guangzhou market brown shell eggs 3.43 yuan / jin, up 0.03 yuan / jin. The terminal demand is flat, the downstream link to inventory is not smooth, the purchase is slightly cautious, the breeding end is homeopathic, but the sales area delivery volume is slightly reduced, the egg price is stable, and there is a slight rebound in some areas. At present, the stock volume is in the historical median level, with the late demand gradually coming out of the off-season, egg prices are likely to rebound. From the current market performance, egg futures have stabilized, it is recommended to do long bargain. At present, it has entered April, the position limit for 2405 contracts has been reduced to 400 hands. It is recommended to pay attention to the long opportunities for 2409 contracts and guard against the risk of a correction in futures caused by changes in market sentiment.

Corn:

On Wednesday, corn was far strong and near weak, and futures prices fluctuated in a narrow range. About 2405 in recent months, due to the close to the delivery month, the position has declined continuously. On Monday, 46800 positions were reduced, 20600 positions were reduced on Tuesday, and 35000 positions were reduced on Wednesday. In May, funds were transferred to July contracts, which increased positions by 12500 lots in July contracts and reduced 17300 positions in corn-weighted contracts. Futures prices adjusted slightly. In terms of fundamentals, rumors about the limited amount of corn imported into the bonded area continue to affect the market, in the new corn sowing period, import rumors control market trading sentiment. In the spot market, because there is not much surplus grain at the grass-roots level, the source of grain is transferred to the trade link, the purchasing mentality of downstream grain enterprises is cautious, and traders do not have many transactions in the near future, but supported by the cost of building a warehouse in the early stage, the mentality of keeping low prices and selling at low prices, and the price of the place of origin tends to operate steadily. As for the port, the morning arrival volume was less than yesterday, and traders were cautious in purchasing and carrying out more contract orders. The price of corn market in North China is stable, narrow and weak. The supply atmosphere in the market is relatively relaxed, and in the case of downward prices, grain merchants have a bad mentality, and some shipments stop losses, which are generally followed by the collection. Deep processing enterprises in front of the arrival of vehicles to maintain a high level, inventory is also in a relatively high position, the mentality is more relaxed, some quotations slightly down. The corn market in the sales area was weakening yesterday. Yesterday, the acquisition and closing prices of Beigang were reduced, the quotations of port trading enterprises in the Yangtze River Estuary and the Pearl River Delta were weak, delivery of goods was dominated by order delivery, and spot transactions and inventories were relatively small. Inland areas are relatively stable, downstream feed enterprises procurement is more cautious, rigid demand replenishment. Technically, the outer plate of wheat and corn continue to digest the pressure of high yield, and the price is low. Domestic policy is expected to influence market sentiment, corn May contract near the delivery month positions will also accelerate consumption, superimposed policy expectations are not clear, corn continuation range volatility performance.

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