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[Caixin Futures: Edible Oils Rise and Fall, Overall Under Pressure; Soybean and Palm Oil Weak, Rapeseed Oil Relatively Resilient] ⑴ Edible Oils: The three major domestic edible oils have recently risen and fallen, with the market returning to rationality. The energy attributes of edible oils continue to cool, and the market has moved away from being driven by market sentiment and back to supply and demand fundamentals. Overall, the upward momentum has weakened significantly. On the international market, Friday's USDA report was generally bearish, confirming that the US soybean yield remained at a high of 5.3 kilometres, and that planting area and production were revised upwards. Although export expectations are positive, the positive impact is limited, and there is no extreme weather disturbance in the producing areas. Previously, the rise in US soybeans was only based on purchase rumors and the replenishment of funds brought about by the weakening dollar, without fundamental support. After the positive factors faded, soybean oil and soybean meal lost their upward momentum. The fundamentals of palm oil remain loose, with the Malaysian producing areas in a cycle of increased production and inventory, and the market continues its weak trend. Rapeseed oil has shown relative resilience. Last week, Canadian rapeseed futures surged by more than 5%. Excessive rainfall in the Canadian prairie and a heat wave in the EU have disrupted rapeseed growth, leading to expectations of reduced production, which provides strong support for domestic rapeseed oil. Spot prices showed mixed performance: Guangdong 24-degree palm oil fell 30 yuan to 9130 yuan/ton, soybean oil rose slightly by 10 yuan to 8810 yuan/ton, and Jiangsu genetically modified rapeseed oil fell 20 yuan to 10340 yuan/ton. Overall, the edible oil sector showed mixed performance and was under pressure. The fundamentals of soybean oil and palm oil were bearish, and they were likely to fluctuate weakly in the short term; rapeseed oil remained relatively strong due to favorable overseas weather. (2) Soybean Meal: Improved expectations for US soybean exports coupled with unfavorable weather in producing areas led to higher US soybean prices and increased import costs. Domestic soybean oil and soybean meal futures followed suit, but the spot market was still in the process of accumulating inventory, with relatively high supply pressure. Downstream demand was flat, and the enthusiasm for building inventory was not high. The supply-demand imbalance remained unchanged, and the spot basis remained weak. It is recommended to wait and see and not chase the high prices. (3) Corn: The fundamental loose situation remains unchanged. Traders in producing areas are selling according to market conditions. The new season wheat and imported grains are increasing overall supply pressure. Downstream users mostly maintain a just-in-time purchasing strategy. Under the background of strong supply and weak demand, prices are expected to remain weak and volatile in the short term. The main strategy is to sell on rallies. (4) Hogs: Recently, the second breeding season has cooled down, spot prices have weakened, and the futures market has corrected to confirm the previous logic. The main strategy is to sell on rallies. In the medium to long term, breeding profits may see some recovery, but the space is limited. In terms of month-on-month, due to the decline in sow inventory 10 months ago, the theoretical supply in the second half of the year will decrease month-on-month, but the magnitude will be limited. Coupled with the peak consumption season in the second half of the year and policy guidance to reduce production, breeding profits may see a phased recovery. (5) Eggs: Recently, the overall trend has remained strong. Hot weather has reduced the egg production rate, and farmers are reluctant to sell, resulting in a slight decrease in supply. The peak demand season is from July to September, and terminal sales are smooth. Demand may further increase after entering mid-to-late July. Under the background of weak supply and strong demand, inventory has decreased, and egg prices may still remain strong. It is recommended to buy on dips.