Soybean: DCE No. 1 soybeans fluctuated at high levels, while CBOT soybeans have retreated from highs. The core market contradiction has shifted to the tug-of-war between North American weather and South American bumper harvests.
Edible Oil: The international vegetable oils market experienced sharp volatility, with price direction driven primarily by geopolitics and policy expectations. Crude oil and geopolitical risks, together with Indonesia's export policy, were the core variables driving oil price increases.
Hog: Last week, the national average hog slaughter price recorded Yuan 9.53/kg, down 0.63% week-on-week. Amid stable supply and yet-to-revive demand, hog prices remained generally soft. It is expected that prices will continue to trade in a range this week, with some room for a modest recovery in the average price.
Grain: The average corn price stood at Yuan 2,381/tonne last week, down Yuan 6/tonne. Prices in Northeast China remained stable as traders, with prices near their cost line, were cautious in selling. In North China, prices rose first and then fell. Specially, early-week rainfall affected arrivals, prompting processors to raise purchase prices, but prices later declined as supply recovered. Wheat substitution continued to increase, further squeezing feed demand for corn.
Cotton: China's cotton prices hovered high last week, with ZCE cotton around Yuan 16,000 /tonne and ICE cotton falling on a stronger dollar and weather concerns. Spot demand weakened as mills' orders missed expectations.
