Oilseed and Protein Meal Complex: On Thursday, CBOT soybeans climbed to a two-and-a-half-year high, supported by sustained robust export demand and firmer crude oil futures. The latest US soybean export sales report showed weekly net sales of 2.478 million metric tons, in line with market expectations, including 1.101 million tons sold to China. Meanwhile, the White House is moving to relax biofuel blending mandates for smaller oil refineries. The EPA is currently reviewing 34 such waiver applications, with approvals potentially reaching a scale of 1 billion RINs. Domestically, both soybean meal and rapeseed meal futures rose with increased open interest, with particularly strong capital inflows into soybean meal. Concerns over the Black Sea region, coupled with rising international soybean prices, have provided fresh momentum to the domestic market. However, the peak import arrival season for soybeans in Q3 has not yet passed, keeping physical supply ample. Downstream buying remains muted, driven mainly by immediate needs. With nearby and deferred contracts locked in a tug-of-war, market attention is focused on capital flows and positioning.

Vegetable Oils: BMD palm oil fell for a third consecutive session on Thursday, pressured by weak demand, expectations of higher production, and softer crude oil prices. Shipping data indicated that Malaysian palm oil exports for August 1-25 fell by 11.4% to 20% month-on-month, a wider decline compared to the 1-20 period. While recent rainfall in Malaysia could support local palm oil production, concerns are mounting over potential output losses next year linked to fire hotspots in Indonesia's Kalimantan region. Canadian rapeseed futures rose for a third day, underpinned by production worries. Harvest delays due to weather have meant that fieldwork has yet to begin in Saskatchewan and Alberta, while Manitoba is only 2% complete. Rapeseed demand remains healthy, although the market is also cautious about the US decision to lower its biodiesel blending plan. In China, vegetable oil prices showed divergence. Domestic futures outperformed overseas markets, with significant capital inflows into palm oil. A shift in market style is prompting funds to adjust their positions. The vegetable oil complex is likely to maintain a near-term weak vs. deferred strong pattern. Going forward, attention should remain on shipping conditions through the Strait of Hormuz and downstream consumption trends.

Live Hogs: On Thursday, the dominant hog contract for November 2026 stabilized, trading in a range and closing 0.13% higher at 11,860 yuan per ton. According to Zhuochuang Information, the national average daily hog price was 10.68 yuan/kg, down 0.16 yuan/kg from the previous day. In the benchmark delivery region of Henan, the average price fell 0.14 yuan/kg to 10.86 yuan/kg, with prices in Guangdong, Sichuan, Liaoning, and Shandong also continuing to decline. Breeding farms remain active in marketing hogs, keeping spot prices on a downward correction. However, the resumption of schools is providing a boost to demand, helping futures prices to find a floor and stabilize. Market watchers are now focused on the trajectory of spot hog prices and shifts in market sentiment.

Eggs: On Thursday, the egg futures主力 contract for October 2026 fluctuated during the session, ultimately closing 0.13% lower at 3,770 yuan per 500 kilograms. Physical market data from Zhuochuang showed the national average egg price at 5.2 yuan/jin, down 0.06 yuan/jin. In producing regions, Ningjin powdered shell eggs fell 0.2 yuan to 4.95 yuan/jin, while Heishan brown shell eggs dropped 0.1 yuan to 5 yuan/jin. In consuming regions, Puxi brown shell eggs were unchanged at 5.45 yuan/jin, but Guangzhou brown shell eggs declined 0.13 yuan to 5.25 yuan/jin. The pullback in producing-area prices lowered costs for consuming areas, and with subdued buying interest downstream, spot egg prices have corrected. Futures prices continue to trade in a range, with the focus on how demand changes impact spot prices and how market sentiment evolves.

Corn: This week, corn futures advanced with rising open interest, as capital inflows into the agricultural sector lifted prices across the complex. In northeast China, corn prices remained stable, with physical circulation relying primarily on trader inventories. Port arrivals were moderate, and there was little enthusiasm for building large positions. Sellers of high-quality, low-toxin dry grain showed strong resistance to price cuts, while ordinary supplies were more flexible in pricing. Traders remained cautious in their shipping pace, mostly operating on an order-based model. In north China, the overall rebound in corn prices was limited. Local spring corn is entering its peak harvest window and beginning to create effective supply. Some deep-processing enterprises have slightly raised their purchase prices, though adjustments vary among companies, and market transactions are generally balanced. In the consumption areas, corn market quotes stabilized with a slight uptick, but sentiment is divided and downstream demand remains weak. Despite signs of a price rebound, end-users are maintaining a very cautious procurement stance due to sluggish terminal consumption and ample substitutes, largely sticking to just-in-time purchasing and low inventory strategies. Overall, recent capital inflows into the agricultural sector have driven commodity futures higher in tandem. Corn's price strength is being predominantly influenced by capital flows. For short-term operations, traders should be wary of a potential spike-and-reverse pattern. Looking ahead, the focus will be on actual corn transaction volumes and the pace of new crop arrivals, along with farmers' selling intentions once the new harvest begins.