Soybean: DCE No. 1 soybean (A2609) traded in rangebound with slight downward bias. The contract was supported by depleting old-crop stocks and expected acreage cuts, but capped by cheap imported soybean, off-season demand, and only modest pre-holiday restocking.
Edible Oil: Domestic edible oil prices declined on easing geopolitical risk premiums and lower crude oil prices, plus higher-than-expected Malaysia's palm oil stocks and high domestic palm oil inventories. However, Malaysia's palm oil production fell and its exports rose in early June, while El Niño speculation supports a volatile-but-firm longer-term view.
Hog: National hog prices moved in narrow range-bound. Rains in southern China tightened heavy hog supply, while pre-holiday demand lifted slaughter procurement, but pork price hike lagged. Ample piglet supply and expected post-holiday demand drop point to continued bottom-range fluctuation, with prices hovering at Yuan 9.3-9.5/kg.
Grain: Corn prices fluctuated last week. In Northeast China, sentiment was lifted by corn futures but buyers resisted higher offers; In North China, the supply was squeezed by new-wheat harvest; In major consuming markets, the demand remained soft. Corn market is in a bottoming phase with no clear trend.
Cotton: The bias firmed up, lifted by stronger ICE cotton on improved U.S. cotton export data; domestic commercial cotton stocks fell and basis remained high, but buying waned as prices rose and mill stocks were ample. Downstream, finished goods inventories accumulated. Range-bound trading expected is expected in the near term, awaiting catalysts like reserve auctions and plating progress in Xinjiang.
