Soybean: DCE A2609 settled at Yuan 4,841/tonne, up Yuan 137 week-on-week. Northeast China prices were slightly firm, supported by futures strength, pre-Liqiu restocking, rainfall risks, and high costs. Prices in other regions held steady, with early new beans arriving but off-season demand persisting.
Edible Oil: The performance of three edible oils diverged and moved largely independently of crude. Soybean oil was rangebound on ample supply and off-season demand. Palm oil remained strong, quickly recovering from a neutral-to-bearish MPOB report, underpinned by the B50 policy and El Niño concerns. Rapeseed oil was firm on tight spot supply, though basis showed some softening.
Hog: The national average hog price fell slightly to Yuan 10.3/kg, down Yuan 0.06/kg week-on-week. Supply normalized after an early-month reduction, while sow herds continued to decline in July. Demand remained subdued due to high temperature, keeping the market in weak consolidation.
Grain: The national average corn price fell Yuan 10/tonne WoW to Yuan 2,316/tonne. Persistent selling by traders amid heat damage, high inventories, and spring corn arrivals kept supply ample, while buyers still purchased hand-to-mouth.
Cotton: ZCE cotton futures rose to Yuan 16,150/tonne, supported by falling commercial inventories. However, reserve releases and weak textile demand capped gains, while heat and expectations of product cuts in Xinjiang kept the prices rangebound.
