Oilseeds and Meal: On Tuesday, CBOT soybeans closed lower as market attention focused on demand prospects. Declining crude oil prices fueled bearish sentiment, aided by the resumption of operations on Saudi Arabia's East-West oil pipeline and increased vessel traffic through the Strait of Hormuz, which boosted Saudi crude supply. US soybean meal rose while US soybean oil fell. Argentina's soybean production estimate for the 2026/27 season was raised to 53.6 million tons, with the 2025/26 season output at 50.1 million tons. European Commission data showed EU soybean imports for the 2026/27 season at 2.67 million tons, down from 3.11 million tons last year. In the domestic market, protein meal traded in a range with cautious activity. Ahead of the Mid-Autumn Festival holiday and US-China trade talks being held in the United States, risk aversion increased, with capital mainly flowing out. The market is awaiting the outcome of the Sino-US consultations, focusing on tariffs and purchase plans for agricultural products. Domestic soybean meal supply remains ample, while expectations of higher costs are strong, warranting close attention to capital flows.

Oils and Fats: On Tuesday, BMD palm oil recovered after hitting a five-week low, driven by expectations of rising inventories and weak demand. Shipping data indicated that Malaysia's palm oil exports for September 1-20 fell by 12.8% to 24.7% month-on-month. The market worries that Malaysian palm oil inventories could exceed 3 million tons, potentially approaching historical highs. Current demand remains sluggish, and ample spot supply pressures prices. Domestically, edible oils traded within a range, with palm oil remaining weak while soybean oil and rapeseed oil were firmer. Falling crude oil prices and inventory pressure both domestically and internationally weighed on the market. Participants are monitoring the US-China talks, with expectations leaning optimistic. Palm oil stayed soft due to significant spot pressure, high recent arrivals, and elevated inventory levels. Soybean oil inventories are climbing, and crushers are increasing calls for delivery. Going forward, attention will remain on shipping conditions through the Strait of Hormuz, as well as edible oil consumption and capital movements.

Live Hogs: On Tuesday, live hog futures traded low with a narrow range. The main 2611 contract closed down 0.05% at 10,935 yuan per ton, while far-month contracts rebounded from lows on optimistic expectations of declining production capacity. In the spot market, Zhuochuang data showed China's average daily hog price at 10.52 yuan per kg, down 0.06 yuan per kg from the previous day. In the benchmark delivery area of Henan, the average hog price was 10.8 yuan per kg, down 0.1 yuan per kg. Shandong prices were flat, while Guangdong, Sichuan, and Liaoning saw declines. Slaughterhouse procurement demand increased slightly, but farmers' willingness to sell remained high, keeping the market oversupplied and pushing spot prices lower. In the short term, increased selling enthusiasm pressures nearby contract prices, though it may also help alleviate future oversupply issues, supporting far-month contract rebounds. Attention will focus on changes in farmers' selling intentions and the impact of market supply on spot prices and sentiment.

Eggs: On Tuesday, egg futures rebounded modestly, with the main 2611 contract rising 0.75% to close at 3,885 yuan per 500 kg after oscillating higher during the session. In the spot market, Zhuochuang data showed the national average egg price at 4.98 yuan per jin, down 0.01 yuan from the prior day. Among producing areas, Ningjin's pink-shell eggs were at 4.75 yuan per jin, while Heishan's brown-shell eggs held steady at 4.8 yuan per jin. In consuming areas, Puxi's brown-shell eggs fell 0.11 yuan to 5.09 yuan per jin, while Guangzhou's brown-shell eggs were unchanged at 5.25 yuan per jin. After a pullback in recent days, spot egg prices have stabilized, and the main futures contract saw a slight rebound. As the peak season winds down, traders are becoming more cautious in procurement, posing a risk of spot price corrections during the final stocking phase.

Corn: On Tuesday, corn open interest increased, and the main contract closed with a small bullish candlestick, though the price range shifted lower. Corn arrivals increased in western Liaoning, and shipments to northern ports continued to rise. The overall trend for new crop corn in the northeast remained weak. Corn prices in North China continued to decline as the new corn harvest season brought substantial supply pressure, keeping the market environment loose and prices range-bound with a downward bias. Prices in consuming areas followed the producing regions' adjustments, staying stable to slightly weaker. As new crop supply increases from producing areas, some downstream buyers within trucking distance are purchasing new corn locally to reduce raw material costs. Currently, new North China corn is arriving in East China and Southwest China. In South China ports, however, no significant new crop arrivals have been seen yet, with mostly forward quotations and average transaction volumes. With the new corn crop entering its peak listing period, the corn market is expected to maintain a weak trend amid ample supply conditions.

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