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[Caixin Futures: Agricultural products sector generally under pressure, oil prices surged but then retreated] ⑴ US soybean oil saw five consecutive days of gains overnight, but gains were quickly reversed in electronic trading during Beijing time. Domestic oil prices collectively surged but then retreated, with rapeseed oil falling below the 10,000 yuan mark. ⑵ Soybean oil and palm oil saw declines as positions were reduced. The EPA's proposal to transfer exemptions for small refineries to large ones remains uncertain, prolonging the biofuel policy debate. ⑶ Post-holiday crude palm oil prices rebounded amidst a decline in crude oil prices, narrowing intraday gains. Guangzhou 24-degree spot prices fell 30 yuan to 9,380 yuan. ⑷ Sluggish stocking during the two holidays weakened the upward momentum of palm oil prices. Technically, the 9,330-9,400 yuan range provides support, and long positions can be entered after a pullback and stabilization. ⑸ Soybean supply is not a major issue in the fourth quarter, but a gap may exist in the first quarter of next year, supporting the premium trend for the deferred month. ⑹ Soybean meal prices weakened as auctioned soybean reserves entered the crushing market, and progress in tariff and trade negotiations affected short-term sentiment. 7. Future market trends require careful attention to policy releases and the volume of reserve soybean auctions. Short-term momentum is insufficient, so a wait-and-see approach is recommended. 8. Speculative sentiment is high for new-season corn. North Port inventories are lower year-over-year, while Northeast China corn opening prices have increased year-over-year. 9. New-season spring corn is expected to see a brief period of strength before weakening, so a small position can be considered for short-term trading. 10. The Ministry of Agriculture and Rural Affairs continues to hold symposiums with pig producers to discuss capacity control measures, which is bullish for pig prices in the long-term. 11. Increasing supply remains the primary concern. Next week, downstream companies may begin stocking up for the two major holidays, which may temporarily support pig prices. 12. Egg holdings are significantly higher than during the same period, but have recently shown a downward trend. Spot prices saw significant gains before the holiday, but futures rebounded only slightly. With continued long-term supply increases, a bearish outlook is maintained.