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[Caixin Futures: Palm Oil Fluctuates, Soybean Meal Bearish, Corn Under Pressure, Hog Price Policy Disruptions Increase] ⑴ In agricultural products, palm oil fluctuated, soybean meal and corn traded with a bearish bias, hog prices were affected by policy disruptions, and eggs traded with a slightly stronger bias. ⑵ Regarding palm oil, Indonesia's planned export control framework policy will take effect in January 2027. This policy may increase transaction review and disrupt trade flows. After the announcement, Indonesian domestic palm oil prices fell sharply, coupled with a decline in international crude oil prices, causing edible oils to collectively give back their gains. The current bottom-fishing behavior at the 60-day moving average of edible oils is considered short-term speculation, and the fundamentals do not support a sustained rise in edible oil prices. In the spot market, 24-degree palm oil in Guangdong fell by 80 yuan to 9400 yuan, soybean oil fell by 50 yuan to 8770 yuan, and genetically modified rapeseed oil in Jiangsu fell by 20 yuan to 10080 yuan. ⑶ Regarding soybean meal internationally, the meeting between the Chinese and US leaders did not result in any large-scale purchases. The domestic crushing volume of US soybeans in April was lower than expected, and with a bumper harvest in South America, there is no upward drive for US soybean prices in the short term. Domestically, the pressure from imported soybeans arriving at ports continues to ease, oil mill operating rates are rebounding, and soybean meal inventories continue to accumulate. On the demand side, hog farming is suffering deep losses, and feed companies are mainly replenishing their stocks to meet immediate needs, lacking speculative stockpiling. The supply-demand imbalance remains unchanged, and both futures and spot prices continue to weaken. The recommended strategy is to sell on rallies. Regarding arbitrage, Brazil's record soybean harvest and the expected reduction in US soybean production for the 2026/27 season have created a near-term weak and far-term strong pattern. Furthermore, domestic arrivals are expected to gradually increase in the coming months, leading to continued soybean meal inventory accumulation, presenting an opportunity for reverse arbitrage. In terms of options, out-of-the-money call options can be sold. (4) Regarding corn, the main contract has recently been consolidating at high levels without a clear direction. With the new wheat harvest approaching, some grain traders are clearing their inventories, leading to an increase in corn shipments recently. However, downstream demand remains weak, resulting in overall sluggish market activity. Given the supply-demand imbalance, the fundamentals are bearish. Coupled with recent rumors of rice auctions, corn futures and spot prices are further bearish. Attention should be paid to the subsequent rice auction situation. On the unilateral side, the increased supply of rice through auctions will substitute for corn, making short selling a viable strategy, but the magnitude is expected to be limited. Closely follow the auction policy direction. There are no clear drivers for arbitrage; a wait-and-see approach is recommended. (5) Regarding hogs, on May 19th, the Ministry of Agriculture and Rural Affairs held a video conference to deploy comprehensive regulation of hog production capacity, emphasizing that "all localities must raise their political awareness, strictly implement capacity reduction measures, and promote a reasonable recovery in hog prices," and that "seven working groups will be dispatched to major hog-producing provinces to promote the implementation of various measures." This led to short selling and a rise in the afternoon session. It is recommended to closely monitor the specific implementation path of the adjusted normal stock level of 37.5 million heads.