Soybean: DCE No. 1 soybean futures remained soft last week, supported by low domestic soybean stocks and drought concerns, but pressured by weaker CBOT soybeans and state reserve auctions. CBOT soybean futures price extended its weakness on abundant South American supply and strong U.S. soybean planting progress, with limited support from localized drought risks.
Edible Oil: Tthe international vegetable oils market rebounded strongly last week on extending geopolitical conflicts and weather talks. The core variable was the expectation of rapeseed production shortfalls due to unfavorable weather in major producing countries. This, together with higher crude oil prices and persistent geopolitical risks, drove the market higher.
Hog: Hog prices moved slightly lower amid ample supply and weak demand, with the industry remaining in deep losses. Mysteel expects the mainstream price range to remain at Yuan 9.5-9.7/kg this week.
Grain: Corn prices fell due to poor demand, adequate downstream inventories, and competition from new-season wheat and brown rice. Wheat prices, pressured by fresh harvest supply and off-season flour demand, accelerated their decline to align with new-crop levels.
Cotton: The market remained rangebound with commercial inventories declining, though caution over U.S. tariffs and cautious mill restocking capped upside. Cotton yarn prices ran weakly in the off-season. The mills offered discounts to promote sales, while their operating rates recovered after the holiday in Xinjiang.
