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[Caixin Futures: Most Agricultural Products Weak, Soybean Meal to be Sell on Rallies] ⑴ Edible Oils: Mainly volatile. Prices of the three major edible oils continued to weaken, with bulls showing a clear tendency to exit at higher levels. The current spot market fundamentals are weak, and themes for distant months are unlikely to continue driving the near-month market. Near-month prices are suppressed by real negative factors, while distant months are supported by policy increases and weather expectations. In the spot market, 24-degree palm oil in Guangdong rose by 110 yuan to 9390 yuan, soybean oil rose by 20 yuan to 8710 yuan, and rapeseed oil rose by 40 yuan to 10060 yuan. ⑵ Soybean Meal: Sell on rallies or enter arbitrage positions. Internationally, the White House announced related purchase commitments, boosting expectations for US soybean exports, but the US soybean planting progress reached 67%, higher than 63% in the same period last year, and favorable weather conditions put some pressure on the rise of US soybean futures. Domestically, the pressure from imported soybeans arriving at ports continues to ease, oil mill operating rates have rebounded, and soybean meal inventories continue to accumulate. On the demand side, pig farming is suffering deep losses, and feed companies are mainly replenishing their inventories to meet immediate needs, and the domestic supply-demand imbalance remains unchanged. Operationally, maintain a short-selling strategy on rallies. (3) Corn: Primarily short-selling on rallies. Recently, the main corn contract has been fluctuating at high levels. 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, and the overall market is sluggish. Given the strong supply and weak demand, the fundamentals are bearish. Coupled with recent rumors of rice auctions, this has further contributed to the bearish trend in corn futures and spot prices. (4) Live pigs: Enter the reverse arbitrage market. The Ministry of Agriculture and Rural Affairs held a video conference on live pig capacity control, emphasizing the strict implementation of capacity reduction measures and the dispatch of working groups to promote their implementation. This led to short selling and price increases in the afternoon session. In the spot market, live pig spot prices have been fluctuating recently. Supply pressure remains, demand is weak, and the pace of capacity reduction is slow. The initial volume of second-stage breeding was relatively large, and there may still be concentrated supply pressure in the future. It is recommended not to maintain naked short positions for the time being. The weak reality of arbitrage continues, coupled with the expectation of capacity reduction policies in the far-month months, so it is advisable to enter the reverse arbitrage market on rallies. (5) Eggs: Mainly observe. Egg spot prices retreated slightly over the weekend. This was partly due to end-user resistance to high prices after a continuous rise, and partly due to low restocking activity at all stages of the supply chain during the rainy season, which also put downward pressure on prices. Looking ahead, the number of laying hens in production may recover in June, and the increase in supply coupled with moderate demand could lead to a price correction. It is recommended to remain on the sidelines for now.