I just reviewed the movements in commodity futures and there are interesting things happening. Palm oil continues with its characteristic volatility, bouncing back but without much strength. I saw that grade 24 in Guangdong dropped to 9,310 yuan, while soybeans increased by 50 yuan. What catches my attention is that with oil prices more stable, vegetable oils have less room to move downward, but they also don’t take off much.

Regarding soybean meal, honestly, it’s complicated. Crude prices rose significantly, which pushed up the costs of imported soybeans. It’s expected that in May, 11.5 million tons will be unloaded, so there’s significant supply pressure. My recommendation is to sell when prices go up; chasing profits here isn’t worth it.

Something similar happened with corn; stocks at northern ports are low compared to last year, but government reserve sales limit how much prices can rise. Industrial demand remains strong, but the livestock sector is weak due to low prices of animal products. Better to wait and see what happens.

In live pigs, I noticed a strong rebound recently, but I think it’s just technical, not a real trend change. They fell a lot earlier and are now recovering a bit, but in the spot market, it barely increased by 0.07 yuan per kilogram. Without changes in supply and demand, this won’t be sustained. Eggs, on the other hand, could have some upward movement. Higher prices for corn and soybean meal are increasing the cost of raising laying hens, but it seems the worst is over. Palm oil and other inputs are also pressuring costs, so the floor is more solid. There’s buying potential on dips, although high stocks will limit how much prices can rise.