Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - Internationally, the Trump administration's push for an agreement on national biofuel policy benefits the demand for US soybeans and soybean oil, leading to a rebound of CBOT soybean futures from a low level. Indonesia's plan to launch the B40 policy despite falling crude oil prices, along with the strength of US soybean oil, drives a significant rebound in Malaysian palm oil futures [8]. - Domestically, a large amount of imported soybeans will arrive in the second quarter, increasing the supply pressure of soybean oil. The cost side needs to focus on the progress of US biofuel policies and US soybean planting intentions. The situation of weak supply and demand for domestic palm oil will continue, and the cost side needs to pay attention to the price linkage of exporting countries. There is still pressure on inventory accumulation in the producing areas, so it is not advisable to blindly chase up. The inventory of domestic rapeseed oil continues to grow, but the rapeseed inventory has decreased significantly. The import volume of rapeseed is expected to shrink in March and April, and the threat of trade policies to long - term imports still exists, so it is expected to fluctuate strongly [8]. Summary by Relevant Catalogs Macro and Industry News - As of March 23, 2025, in the 2024/25 season (July - June), the EU imported 5.17 million tons of soybeans from the US, a 1.9% increase from the same period last year, with the share dropping from 55.0% to 52.6%. Brazil, the second - largest supplier, exported 2.91 million tons to the EU, a 10.1% increase, and its share rose from 28.6% to 29.5%. The EU imported 1.14 million tons of soybeans from Ukraine, up from 740,000 tons last year, and the share increased from 8.0% to 11.6%. The EU has imported 9.84 million tons of soybeans so far in the 2024/25 season, a 7% year - on - year increase [2]. - As of March 19, Argentine farmers pre - sold 8.4 million tons of 2024/25 season soybeans, 940,000 tons more than a week ago, compared with 10.53 million tons sold in the same period last year [2]. - Indonesia will raise the reference price of crude palm oil to $961.54 per ton in April, slightly higher than $954.5 per ton in March. Based on this reference price, the palm oil export tax in April will remain unchanged at $124 per ton [2]. - Despite a palm oil production cut in January, Indonesia's palm oil inventory at the end of January increased by 13.98% from the previous month due to exports dropping to a four - month low [3]. - The Trump administration is promoting negotiations between oil giants and biofuel manufacturers to stabilize the implementation of the US Renewable Fuel Standard (RFS), which requires billions of gallons of corn ethanol and other biofuels to be blended into the fuel supply [4]. Fundamental Data Charts - No specific content provided Views and Strategies - Internationally, the Trump administration's action on biofuel policy is positive for the demand of US soybeans and soybean oil, causing a rebound in CBOT soybean futures. Indonesia's B40 policy and the strength of US soybean oil lead to a significant rebound in Malaysian palm oil futures [8]. - Domestically, the large - scale arrival of imported soybeans in the second quarter will increase the supply pressure of soybean oil, and the cost side should focus on US biofuel policies and soybean planting intentions. The weak supply - demand situation of domestic palm oil will continue, and attention should be paid to the price linkage of exporting countries. There is still inventory accumulation pressure in the producing areas, and chasing up is not advisable. The inventory of domestic rapeseed oil is growing, but the rapeseed inventory has decreased significantly. Rapeseed imports are expected to shrink in March and April, and trade policies still pose a threat to long - term imports, so it is expected to fluctuate strongly [8].

豆粕生猪：现货成交低迷 豆粕止跌震荡 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 | | 金口期货 JIDGHI FILTUR | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | 文日 | 昨日 | 张跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 3月28日 | 元/吨 | 2937 | 2942 | -5.00 | -0.17% | | | DCE豆粕: 05 | 3月28日 | 元/吨 | 2813 | 2826 | -13.00 | -0.46% | | | DCE豆粕: 09 | 3月28日 | 元/吨 | 2942 | 2948 | -6.00 | -0.20% | | | CZCE菜籽粕: 01 | 3月28日 | 元/吨 | 2348 | 2369 | -21.00 | -0.89% | | | CZCE菜籽柏: 05 ...

Report Summary 1) Report Industry Investment Rating - Overall, the industry is rated as neutral with a slight downward bias [1] 2) Core View of the Report - The black - series varieties showed mixed trends. The supply - side impact of local steel mill production cuts was limited, while demand was in a slow recovery process. The market was in a state where hot - rolled coils were stronger than rebar, and furnace materials were weaker than finished products. A full - fledged market reversal was yet to be confirmed [1] 3) Summary by Relevant Catalogs Market Overview - On March 27, rebar closed at 3208 yuan/ton, down 0.19%; hot - rolled coils closed at 3381 yuan/ton, down 0.12%; iron ore closed at 789 yuan/ton, up 1.28%; coke in the double - coke category showed strong performance [1] Market Analysis - **Supply Side**: Local steel mill production cuts in some areas had a limited impact on the overall supply - demand pattern, mainly boosting sentiment. In mid - March, the average daily output of key steel enterprises' crude steel was 216600 tons, a 1.6% increase from the previous period. Among the five major steel products, only cold - rolled production decreased slightly, while the rest increased slightly [1] - **Demand Side**: Demand was slowly recovering. As of March 25, the capital availability rate of sample construction sites was 57.87%, a 0.34 - percentage - point increase from the previous week, lower than the same period last year. However, the capital availability rate of housing construction projects was 48.83%, a 1.4% increase from the previous week, better than the same period last year. The national construction steel trading volume on the 24th was 141900 tons, showing a continuous decline in the past two days. The apparent demand for the five major steel products was at a record low for the same period in recent years. Specifically, cold - rolled demand decreased, wire rod demand increased by over 5%, rebar demand increased by 0.96% to 245320 tons, reaching a five - month high, and hot - rolled demand increased by 2.43% to 338690 tons, reaching a four - year high [1] Investment Recommendations - **Iron Ore**: Monitor supply - demand changes and inventory levels, and avoid chasing high prices [1] - **Rebar**: Adopt a short - term oscillatory trading strategy and pay attention to the spread between hot - rolled coils and rebar [1] - **Hot - Rolled Coils**: Adopt a short - term high - level consolidation trading strategy and focus on supply - demand changes [1] - **Double - Coke**: Monitor the post - decline stabilization and oscillatory market or the strength relationship between coke and coking coal [1]

棉花：美棉受油价影响上涨 郑棉弱势震荡 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：棉花期货日度数据监测 | | | 收藏仪 | 截止 3/27 | 車位 元/吨 | 昨日 13635 | �日 13570 | 涨跌量 -65 | 涨跌幅 -0.48% | 月回比 -170 | 电图形 -2325 | 历史位首 25.28% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | CF09 | | | | | | | | | | | | | | 成交量 | 3/27 | ਜੋ | 247173 | 203404 | -43769 | -17.71% | -17642 | 2070 | 56.34% | | | (主力) | 持仓量 | 3/27 | ਦੇ | 561817 | 560207 | -1610 | -0.29% | -113972 | 112415 | 89.71% | | | | 温州仓单 | 3/27 | ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall demand recovery of the steel industry is slower than expected, and the supply - demand pattern is weak. However, under the background of low inventory and destocking, the current supply - demand contradiction is limited. The production cut of Xinjiang steel mills boosts sentiment, and the low - cost rebound also provides some support. A bearish view is maintained before the significant decline of hot metal production [1] Group 3: Summary by Relevant Catalogs Market Overview - On March 26, the black - series varieties showed a weak overall performance but mostly closed in the positive territory. The closing prices and increases of each variety are as follows: rebar closed at 3,209 yuan/ton with a 0.06% increase; hot - rolled coil closed at 3,386 yuan/ton with a 0.12% increase; iron ore's main contract closed at 780 yuan/ton with a 0.19% increase; among coking coal and coke, coke was relatively strong [1] Market Analysis - On March 24, 2025, four steel mills in Xinjiang announced production control and reduction, with a 10% daily reduction in crude steel output. The production cut has a small impact on the overall supply - demand pattern in the region and mainly boosts sentiment [1] - The demand is still in a slow recovery process. As of March 25, the capital availability rate of sample construction sites was 57.87%, up 0.34 percentage points week - on - week, lower than the same period last year. The capital availability rate of housing construction projects was 48.83%, up 1.4% week - on - week, better than last year. The national construction steel trading volume decreased by nearly 10% to 127,800 tons on March 25 compared with the previous day. Although the futures price fluctuations stimulated rigid - demand replenishment, speculative demand decreased. The current average trading volume in 2025 is 97,300 tons, lower than the average in previous years [1] Investment Recommendations - Iron ore: Pay attention to supply - demand changes and inventory levels, and avoid chasing high prices [1] - Rebar: Investors are advised to take a volatile approach in the short term and pay attention to the spread between hot - rolled coil and rebar [1] - Hot - rolled coil: Investors are advised to take a high - level consolidation approach in the short term and pay attention to supply - demand changes [1] - Coking coal and coke: Pay attention to the oscillating market after the price decline stabilizes or the strength relationship between coking coal and coke [1]

棉花：郑棉成交翻倍上涨 美棉受外围拖累下跌 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：棉花期货日度数据监测 | | | | 截止 | 单位 | 昨日 | �日 | 张致色 | 涨跌幅 | 目国际 | 年回服 | 历史位置 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 收盘仪 成公里 | 3/26 3/26 | 元/吨 ਵੇ | 13585 145613 | 13635 247173 | 50 101560 | 0.37% 69.75% | -170 53661 | -2310 -21142 | 26.23% 62.59% | | | CF09 | 持仓量 | 3/26 | ਵੇ | 575559 | 561817 | | -2.39% | -132347 | 106325 | 89.87% | | | (主力) | | | | | | -13742 | | | | | | | | 注册仓单 | 3/26 ...

冯子悦 fengzy@jsfco.com 期货从业资格号：F03111391 投资咨询从业证书号：Z0018581 表 1：油脂期货日度数据监测 | | | 油 | li lik | ■ | 数 据 追 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | 令日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆油主力 | 3月26日 | 元/吨 | 7882.00 | 7872.00 | 10.00 | 0.13% | | | DCE棕榈油主力 | 3月26日 | 元/吨 | 8846.00 | 8812.00 | 34.00 | 0.39% | | | CZCE菜籽油主力 | 3月26日 | 元/吨 | 9143.00 | 9103.00 | 40.00 | 0.44% | | | CBOT大豆主力 | 3月25日 | 美分/蒲式耳 | 1002.25 | 1007.00 | -4.75 | -0.47% | | | CBOT豆油主力 | 3月25日 | 美分/磅 | 42.26 | 42.13 | 0 ...