Soybean: DCE No. 1 soybean held at Yuan 4,940-5,060/tonne last week amid slow auctions and downstream players' hand-to-mouth buying, with reduced acreage supporting downside but strong new-crop marketing expectations capping upside.
Edible Oil: Last week, vegetable oils retreated from recent highs, primarily due to easing tensions in the U.S.-Iran conflict, which dragged crude oil prices lower. In addition, the main ZCE rapeseed oil contract entered its final delivery period, easing squeeze sentiment. However, strong bullish flows into agricultural commodities persist given the long-term structural support for the vegetable oil complex, including palm oil production cuts expected under El Niño conditions, persistent tight spot rapeseed oil supply in the near term, and rising U.S. soybean prices underpinning soybean oil. Therefore, barring any actual bearish news, vegetable oils are expected to remain firm.
Hog: Hog prices were flat at Yuan 10.97/kg last week as ample supply and subdued demand weighed, though school reopenings may bring modest support.
Grain: Corn prices inched up 0.22% with Northeast China market firming on futures support, though new-crop pressure points to a stable-to-weak near-term outlook.
Cotton: ZCE cotton was little changed with Xinjiang yield concerns and ICE strength offset by full reserve auction uptake and flat textile demand. Prices are expected to keep rangebound.
