Group 1: Report Overview - The report is an agricultural product R & D report focusing on cotton and cotton yarn, dated January 7, 2026 [1] Group 2: Market Information Futures Market - CF01 contract closed at 15,200, up 245; CF05 at 15,035, up 180; CF09 at 15,225, up 185; CY01 at 20,250 (unchanged); CY05 at 20,880 (unchanged); CY09 at 20,695 (unchanged) [2] - CF01 trading volume was 10,135 hands, an increase of 672; CF05 was 618,089 hands, an increase of 223,930; CF09 was 73,247 hands, an increase of 40,596; CY01 was 32 hands (unchanged); CY05 was 61 hands (unchanged); CY09 was 1 hand (unchanged) [2] - CF01 open interest was 68,415, a decrease of 8,049; CF05 was 925,465, an increase of 9,611; CF09 was 95,727, an increase of 17,291; CY01 was 378 (unchanged); CY05 was 171 (unchanged); CY09 was 14 (unchanged) [2] Spot Market - CCIndex3128B was 15,784 yuan/ton, up 169; Cot A was 74.70 cents/pound; FCY IndexC33S was 21,059 yuan, up 101; Indian S - 6 was 55,800 (unchanged); polyester staple fiber was 7,450 yuan, up 70; pure polyester yarn T32S was 11,080 (unchanged); viscose staple fiber was 12,730 yuan (unchanged); viscose yarn R30S was 17,320 (unchanged) [2] Spread Market - Cotton inter - month spreads: 1 - 5 spread was 165, up 65; 5 - 9 spread was - 190, down 5; 9 - 1 spread was 25, down 60. Cotton yarn inter - month spreads: 1 - 5 spread was - 630 (unchanged); 5 - 9 spread was 185 (unchanged); 9 - 1 spread was 445 (unchanged) [2] - Cross - product spreads: CY01 - CF01 was 5,050, down 245; CY05 - CF05 was 5,845, down 180; CY09 - CF09 was 5,470, down 185. Internal - external spreads: 1% tariff internal - external cotton spread was 2,900, up 116; sliding - scale internal - external cotton spread was 1,883, up 107; internal - external cotton yarn spread was 241, down 41 [2] Group 3: Market News and Views Cotton Market News - On January 7, 2026, the Xinjiang cotton road transport price index was 0.1789 yuan/ton·km, unchanged from the previous day. Short - term price index is expected to be relatively stable [4] - U.S. upland cotton inspection volume was 259.9 tons, with 85.94% progress, a year - on - year decrease of 11%; Pima cotton inspection volume was 68,500 tons, with 83.3% progress, 22% slower year - on - year. Weekly deliverable ratio was 77.5%, quarterly deliverable ratio was 82.5%, 1.4 percentage points higher year - on - year [4] - As of January 3, Brazil's 2025/26 cotton planting was 31.2% complete, a 6.1 - percentage - point increase from the previous period, 0.1 percentage points faster year - on - year, and 0.3 percentage points slower than the three - year average [4] Trading Logic - The rumored reduction in Xinjiang's cotton planting area in 2026 is being confirmed. Cotton sales progress is fast, and factors like improved Sino - U.S. relations and expansion of Xinjiang textile mills' production capacity support the cotton price. However, due to the rapid rise on Friday, there may be short - term correction risks [5] Trading Strategies - Unilateral: U.S. cotton is expected to trade in a range, while Zhengzhou cotton is expected to be bullish with short - term correction risks [6] - Arbitrage: Hold off on trading [6] - Options: Hold off on trading [8] Cotton Yarn Industry News - In the pure - cotton yarn market, trading was average, with traders and downstream weavers making purchases based on demand. Yarn prices continued to rise, especially for medium - and high - count yarns. Air - spun and low - count yarns lagged in price increases and had higher inventory pressure. Mainland textile mills' operating rates continued to decline, while Xinjiang mills' high operating rates supported cotton consumption. As January approaches the holiday, orders are scarce, and weavers are stocking up, with a high probability of early holidays if the market doesn't improve [8] - The pure - cotton grey fabric market remained weak, with most manufacturers cautious about post - holiday performance. Orders for the new year are few, and the overall trading atmosphere is thin. Weavers are eager to sell, with price increases subject to negotiation based on order volume. The market trend is weaker than last year [8] Group 4: Options Option Data - On November 24, 2025, for CF601C13400.CZC, the underlying contract price was 13,585.00, the closing price was 183.00, up 71.0%, IV was 6.7%, Delta was 0.7924, Gamma was 0.0012, Vega was 8.9763, theoretical leverage was - 2.5396, and actual leverage was 58,823.8 [10] - For CF601P13000.CZC, the underlying contract price was 13,585.00, the closing price was 7.00, down 75.9%, IV was 11.4%, Delta was - 0.0470, Gamma was 0.0000, Vega was 3.0820, theoretical leverage was - 1.2967, and actual leverage was 91,213.6 [10] - For CF601P12400.CZC, the underlying contract price was 13,585.00, the closing price was 2.00, down 83.3%, IV was 17.3%, Delta was - 0.0106, Gamma was 0.0001, Vega was 0.8840, theoretical leverage was - 0.5394, and actual leverage was 72,000.5 [10] Volatility Analysis - The 10 - day HV of cotton the previous day was 6.4492, with a slight increase in volatility. The implied volatility of CF601 - C - 13400 was 6.7%, CF601 - P - 13000 was 11.4%, and CF601 - P - 12400 was 17.8% [10] Option Strategy - The previous day, the PCR of the main Zhengzhou cotton contract's open interest was 0.7339, and the PCR of trading volume was 0.6421. Both call and put trading volumes decreased today. The option strategy is to hold off on trading [11][12] Group 5: Related Attachments - The report includes charts such as the internal - external cotton price spread under 1% tariff, cotton basis for January, May, and September, CY05 - CF05 and CY01 - CF01 spreads, and CF9 - 1 and CF5 - 9 spreads [14][17][21][22]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This season's apple warehouse receipts have high costs due to a low premium fruit rate, strongly supporting the apple futures price. The latest data on January 2nd shows that the cold - storage apple出库量 is 104,700 tons. Although the year - on - year出库量 has decreased, the peak sales season is postponed because this year's Spring Festival is about 3 weeks later than in 2025. The current出库情况 indicates acceptable demand. With low cold - storage inventory (7.3356 million tons on January 2nd, only higher than the 2018/19 period), if the出库量 remains normal, apple supply will be tight later. The 5 - month contract has weakened recently as the market previously expected weak apple demand. However, if the demand stays normal, the 5 - month contract price is likely to rise [5]. 3. Summary by Directory First Part: Market Information - **Spot Prices**: The Fuji apple price index is 109.01, up 0.31 from the next - working - day price. The average wholesale price of 6 fruits is 7.68, down 0.06. Prices of various apple varieties like the Luochuan semi - commercial paper - bagged 70, Qixia first - and second - grade paper - bagged 80 remain unchanged [2]. - **Futures Prices**: AP01 is 10,000, down 100 from yesterday's close; AP05 is 9,614, up 67; AP10 is 8,531, up 81. The spreads such as AP01 - AP05, AP05 - AP10, and AP10 - AP01 have also changed [2]. - **Basis**: The basis of Qixia first - and second - grade 80 against AP01 is - 1,800, up 100; against AP05 is - 1,414, down 67; against AP10 is - 331, down 81 [2]. Second Part: Market News and Views - **Transaction Logic**: High - cost apple warehouse receipts support the futures price. The postponed Spring Festival affects the sales peak. Low cold - storage inventory may lead to supply tightness. The 5 - month contract price may rise if demand is normal [5]. - **Transaction Strategy**: Hold long positions in the 5 - month contract, short the 10 - month contract at high prices. For arbitrage, go long on 5 - month and short on 10 - month contracts. It is recommended to wait and see for options [8]. - **Other Market Information**: As of December 24, 2025, the national main - producing area apple cold - storage inventory is 7.4404 million tons, a week - on - week decrease of 89,400 tons, with a slower de - stocking rate than last year. In November 2025, the fresh apple import volume is 0.25 million tons, a month - on - month decrease of 18.19% and a year - on - year increase of 48.76%; the export volume is about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. Apple prices in the producing areas are stable, and the market is in the Spring Festival stocking stage [7]. Third Part: Relevant Attachments - There are 10 figures including the price of Qixia first - and second - grade paper - bagged 80, the price of Luochuan semi - commercial paper - bagged 70, AP contract main basis, and various contract spreads, as well as apple arrival volume and 6 - fruit prices, national cold - storage apple inventory, and出库量 [11][13][20][23]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In the short - term, the demand side has improved, and the near - month contracts are expected to fluctuate. In the long - term, the supply pressure in the first half of 2026 will ease, and the spot price of eggs is expected to gradually strengthen after the Spring Festival. However, due to the off - season demand in the first half of the year, the increase in the spot price is limited. In the second half of the year, if the first - half egg price is high, the supply pressure will increase; if it is low, the supply will decrease significantly. The second half of the year is the peak consumption season, and the spot price is likely to rise, with the increase depending on the supply situation [8] Group 3: Summary by Relevant Catalogs 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3149, up 45 from the previous close; JD05 closed at 3544, up 8; JD09 closed at 3952, down 9. The 01 - 05 spread was - 395, up 37; 05 - 09 was - 408, up 17; 09 - 01 was 803, down 54. The ratios of 01, 05, and 09 eggs to corn and soybeans also had corresponding changes [2] - **Spot Market**: The main producing area average price was 3.17 yuan/jin, up 0.08 yuan/jin; the main selling area average price was 3.34 yuan/jin, up 0.06 yuan/jin. The national mainstream prices mostly continued to rise, and the prices of eggs in Beijing markets increased by 4 yuan per box. The average price of culled chickens in the main producing areas was 4.05 yuan/jin, up 0.1 yuan/jin [2][4][7] 2. Fundamental Information - **Production and Sales**: The average price of the main producing areas increased by 0.08 yuan/jin, and that of the main selling areas increased by 0.06 yuan/jin. The national mainstream prices mostly rose, and the egg prices in Beijing markets and those in many regions increased. The sales volume of eggs in representative selling areas was at a low level in history [4][5] - **Inventory**: In December, the national in - lay hen inventory was 1.344 billion, a decrease of 80 million from the previous month, an increase of 5% year - on - year, and lower than expected. The monthly hatch of egg - laying chicken seedlings in December was 39.59 million, with little change month - on - month and a 13.9% decrease year - on - year. The weekly average inventory of the production link was 1 day, slightly decreasing; the weekly average inventory of the circulation link was 1.12 days, slightly increasing [5][6] - **Profit**: As of December 18, the weekly average profit per jin of eggs was - 0.17 yuan/jin, slightly recovering; on December 12, the expected profit of egg - laying chicken farming was - 11.65 yuan/feather, a decrease of 0.7 yuan/jin from the previous week. The current profit was 7.66 yuan/feather, an increase of 3.24 yuan from the previous day [2][6] 3. Trading Logic - In the short - term, the demand side has improved, and the near - month contracts are expected to fluctuate. In the long - term, the supply pressure in the first half of 2026 will ease, and the spot price of eggs is expected to gradually strengthen after the Spring Festival. However, due to the off - season demand in the first half of the year, the increase in the spot price is limited. In the second half of the year, if the first - half egg price is high, the supply pressure will increase; if it is low, the supply will decrease significantly. The second half of the year is the peak consumption season, and the spot price is likely to rise, with the increase depending on the supply situation [8] 4. Trading Strategies - **Single - side**: The 2 - month contract is expected to fluctuate in the short - term. Consider building long positions in the 5 - month far - month contract at low prices [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [9]

研究所 农产品研发报告 油脂日报 2026 年 01 月 07 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/1/7 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 各品种地区现货价 品种 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 7958 | 46 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8488 | | | | 8528 | 8358 | | 570 | 0 | 530 | 10 | 400 | -10 | | 棕榈油 | 8562 | 62 | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8532 | | | | 8542 | ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: January 7, 2026 [2] IM Futures Market Summary - The closing price of CSI 1000 was 7,906.42, up 0.53%. The total trading volume of the four IM contracts was 177,522 lots, a decrease of 22,592 lots from the previous day. The total open interest was 371,281 lots, a decrease of 2,026 lots from the previous day. The main contract rose 0.31% to close at 7,760.2 points [4][5]. - The main contract was at a discount of 146.22 points, a decrease of 43.72 points from the previous day. The annualized basis rate was -9.42%. The dividend impacts of the four contracts were 0.29 points, 0.29 points, 0.29 points, and 43.28 points respectively [5]. Main Seats - In IM2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The trading volume of the top five seats was 99,025 lots, a decrease of 4,964 lots from the previous day [19]. - Similar data was provided for IM2602, IM2603, and IM2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [21][23] IF Futures Market Summary - The closing price of the CSI 300 was 4,776.67, down 0.29%. The total trading volume of the four IF contracts was 112,698 lots, a decrease of 23,622 lots from the previous day. The total open interest was 282,763 lots, a decrease of 7,604 lots from the previous day. The main contract fell 0.28% to close at 4,753 points [24][25]. - The main contract was at a discount of 23.67 points, a decrease of 10.98 points from the previous day. The annualized basis rate was -2.49%. The dividend impacts of the four contracts were 4.66 points, 6.88 points, 6.91 points, and 37.91 points respectively [25]. Main Seats - In IF2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and CITIC Construction Investment (on behalf of clients). The trading volume of the top five seats was 33,064 lots, a decrease of 10,090 lots from the previous day [38]. - Similar data was provided for IF2602, IF2603, and IF2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [40][41] IC Futures Market Summary - The closing price of the CSI 500 was 7,875.08, up 0.78%. The total trading volume of the four IC contracts was 149,529 lots, a decrease of 17,874 lots from the previous day. The total open interest was 302,506 lots, a decrease of 888 lots from the previous day. The main contract rose 0.63% to close at 7,802.6 points [43][44]. - The main contract was at a discount of 72.48 points, a decrease of 44.74 points from the previous day. The annualized basis rate was -4.64%. The dividend impacts of the four contracts were 0.56 points, 0.56 points, 0.56 points, and 63.02 points respectively [44]. Main Seats - In IC2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients). The trading volume of the top five seats was 84,953 lots, a decrease of 7,260 lots from the previous day [57]. - Similar data was provided for IC2602, IC2603, and IC2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [59][61] IH Futures Market Summary - The closing price of the SSE 50 was 3,145.12, down 0.43%. The total trading volume of the four IH contracts was 47,545 lots, a decrease of 14,948 lots from the previous day. The total open interest was 90,245 lots, a decrease of 8,228 lots from the previous day. The main contract fell 0.36% to close at 3,143.8 points [63]. - The main contract was at a discount of 1.32 points, a decrease of 4.36 points from the previous day. The annualized basis rate was -0.21%. The dividend impacts of the four contracts were 7.99 points, 7.99 points, 7.99 points, and 26.85 points respectively [64]. Main Seats - In IH2601, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huatai Futures (on behalf of clients). The trading volume of the top five seats was 29,403 lots, a decrease of 8,271 lots from the previous day [74]. - Similar data was provided for IH2602, IH2603, and IH2606 contracts, showing the trading volume, long - position volume, and short - position volume changes of major seats [77][79]

研究所 农产品研发报告 花生日报 2026 年 1 月 7 日 | 期货从业证号： | | | | 第一部分 | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | F03107370 | | | | | 花生数据日报 | | | | 2026/1/7 | | 投资咨询证号： | | | | | 期货盘面 | | | | | | Z0018389 | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | | | PK604 | 8010 | 6 | 0.07% | 42,092 | 16.26% | 37,334 | 14.08% | | 联系方式： | | PK610 | 8310 | 0 | 0.00% | 294 | -29.16% | 2,053 | 6.82% | | :liudayong_qh@chinastck .c | | PK601 | #N/A | #N/A | #N/A | 0 | -100.00% | 1,997 | -9.19% | | ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The short - term steel price will maintain a volatile and slightly stronger trend, but the upward space is limited due to factors such as increased iron - water production and demand pressure. It is recommended to hold long positions and be cautious about chasing up. The impact of subsequent policies on the export side needs to wait and see the actual implementation, and continue to pay attention to macro - news and other factors [5] Group 3: Summary by Relevant Catalogs Market Information (First Part) - Not provided Market Judgement (Second Part) - **Related Prices**: Shanghai Zhongtian rebar is 3290 yuan (+400), Beijing Jingye rebar is 3160 yuan (+30), Shanghai Angang hot - rolled coil is 3320 yuan (+40), and Tianjin Hegang hot - rolled coil is 3160 yuan (+30) [4] - **Trading Strategy** - **Unilateral**: Maintain a volatile and slightly stronger trend, be cautious about chasing up [6] - **Arbitrage**: It is recommended to short the hot - rolled coil to coal ratio at high levels and continue to hold short positions on the hot - rolled coil to rebar spread [7] - **Options**: It is recommended to wait and see [8] - **Important Information** - In December 2025, the global manufacturing PMI was 49.5%, a slight decrease of 0.1 percentage points from the previous month, and has been in the 49% - 50% range for 10 consecutive months. The Asian and African manufacturing PMIs rose, while the European and American manufacturing PMIs declined [10] - From December 1 - 31, 2025, the national passenger car market retail volume was 2.296 million vehicles, a year - on - year decrease of 13% and a month - on - month increase of 3%. The cumulative retail volume this year was 23.779 million vehicles, a year - on - year increase of 4%. The national passenger car manufacturer wholesale volume was 2.759 million vehicles, a year - on - year decrease of 10% and a month - on - month decrease of 8%. The cumulative wholesale volume this year was 29.524 million vehicles, a year - on - year increase of 9% [10] Relevant Attachments (Third Part) - Multiple graphs are provided, including those related to rebar and hot - rolled coil prices, basis, spreads, and profits, with data sources from Galaxy Futures, Mysteel, and Wind [12][19][22]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - The near - month futures market generally follows the spot price trend, with the market opening high and closing low today, while the far - month market remains volatile due to geopolitical conflicts. The subsequent index center is expected to gradually rise [6]. - The shipping demand from December to January is expected to gradually improve, and the supply of shipping capacity has changed slightly. The geopolitical situation may have an impact on fuel costs and the trade pattern, but currently, the impact on shipping routes is limited [7]. Group 3: Summary by Directory 1. Market Analysis and Strategy Recommendation Market Analysis - On January 7, 2026, EC2602 closed at 1,779.1 points, a - 5% decline from the previous day's closing price. On December 26, the SCFI European line quote was $1,690/TEU, a + 10.24% increase month - on - month. The latest SCFIS European line index released by the Shanghai Shipping Exchange on Monday was 1,795.83 points, a + 3% increase month - on - month, slightly lower than expected [6]. - In terms of spot freight rates, MSK has adjusted its prices. Other shipping companies have also set different price ranges for January. The shipping capacity from Shanghai to the five Nordic ports from January to March 2026 is 306,100/271,900/283,300 TEU per week on average, with slight changes at the beginning of the week. The FAL8 route of the OA Alliance will add an 8,500 - TEU ship at the end of January and an empty voyage in February [7]. Strategy Recommendation - Unilateral trading: Consider closing all long positions in EC2602 at high prices and pay attention to the rhythm of the freight rate reaching the peak [8]. - Arbitrage: Wait for opportunities to enter the market at low prices for the 6 - 10 positive spread arbitrage [9]. 2. Industry News - China is considering tightening the export license review of rare earths to Japan, which may have a significant impact on the Japanese economy [10]. - Trump announced that the interim authorities in Venezuela will transfer 30 - 50 million barrels of high - quality, sanctioned crude oil to the United States [10]. - Iran stated that it is ready to respond decisively to any aggression or hostile behavior [11].

铁矿石日报 2025 年 01 月 07 日 研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 839.0 | 826.0 | 13.0 | I01-I05 | 11.0 | 25.0 | -14.0 | | DCE05 | 828.0 | 801.0 | 27.0 | I05-I09 | 23.5 | 21.0 | 2.5 | | DCE09 | 804.5 | 780.0 | 24.5 | I09-I01 | -34.5 | -46.0 | 11.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 809 | 802 | 7 | 879 | 45 | 70 | 91 | | 纽曼粉 | 811 | 804 | 7 | 887 | 53 | 78 | 99 | | 麦克粉 | 812 | 808 | 4 | 896 | 62 | 87 | 108 ...

Group 1: Report Title and Date - The report is titled "Meal Daily Report" and is dated January 7, 2026 [1] Group 2: Researcher Information - The researcher is Chen Jiezheng, with a futures practice certificate number of F3045719 and an investment consulting certificate number of Z0015458. The contact email is chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - For soybean meal, the 01 contract closed at 3171 with a gain of 21, the 05 contract at 2811 with a gain of 35, and the 09 contract at 2888 with a gain of 17. The spot basis in different regions showed various changes. For example, in Tianjin, it rose from 340 to 370 [3] - For rapeseed meal, the 01 contract closed at 2677 with a gain of 40, the 05 contract at 2419 with a gain of 29, and the 09 contract at 2465 with a gain of 28. The spot basis also changed in different regions, like in Nantong, it decreased from 110 to 81 [3] Monthly Spreads - For soybean meal, the 15 spread was 360 (down 14 from yesterday), the 59 spread was -77 (up 18), and the 91 spread was -283 (down 4). For rapeseed meal, the 15 spread was 258 (up 11), the 59 spread was -46 (up 1), and the 91 spread was -212 (down 12) [3] Cross - Variety Futures Spreads - The 01 spread between soybean meal and rapeseed meal was 494 (down from 513 yesterday), and the 09 spread was 423 (down from 434 yesterday). The 01 oil - meal ratio was 2.583 (down from 2.584 yesterday) [3] Spot Spreads - The spread between soybean meal and rapeseed meal was 601 (up 25 from yesterday), the spread between rapeseed meal and sunflower meal was 270 (down 10), and the spread between soybean meal and sunflower meal was 841 (up 5) [3] Group 4: Market Review - The US soybean market continued to rise, possibly supported by recent good exports but with limited overall impact. The domestic soybean meal market also showed significant upward movement, with cost support and concerns about future supply. Rapeseed meal rose following the trend, with limited self - driven positive factors. The spread between soybean meal and rapeseed meal increased, and the monthly spreads of soybean meal and rapeseed meal showed different trends [3] Group 5: Fundamental Analysis International Market - The overall supply - demand of the US soybean market is still relatively loose, with obvious downward price pressure in the follow - up. South America's supply - side influence has increased recently. Brazil's new crop planting progress has accelerated but remains at a relatively low level compared to the historical average. Most institutions predict a bumper harvest for Brazil's new crop, and the export volume is expected to increase significantly, but it still depends on the actual yield. Brazil's old crop has shown good export and crushing performance, with obvious export growth. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly [4] Domestic Market - The domestic spot market is still in a state of relatively loose supply - demand. The oil mill operating rate remains high, the market supply is sufficient, and the提货 volume has increased, while the inventory remains at a high level. Market transactions have recently decreased, and the overall market demand has increased, but there are still uncertainties about future supply. As of January 2, the actual soybean crushing volume of oil mills was 1.7533 million tons, the operating rate was 48.23%, the soybean inventory was 7.1025 million tons (an increase of 0.5581 million tons compared to last week, a growth rate of 8.53%, and an increase of 1.158 million tons year - on - year, a growth rate of 19.48%), and the soybean meal inventory was 1.1702 million tons (an increase of 0.0026 million tons compared to last week, a growth rate of 0.22%, and an increase of 0.4866 million tons year - on - year, a growth rate of 71.18%). The domestic rapeseed meal demand has continued to weaken recently, the oil mill operation has basically stopped, the rapeseed supply remains at a low level, and the granular rapeseed meal inventory remains high, with overall supply pressure still existing [5] Group 6: Logic Analysis - The US soybean market showed a certain rebound after the downward pressure was fully reflected, but the demand support is limited. If the supply side remains at a high level, the overall pressure will still exist. Brazil's short - term weather conditions are good, and the harvest is expected to proceed smoothly, with the pressure of a bumper harvest likely to continue to be reflected. The overall supply - demand of the international soybean market is still relatively loose, and the price is expected to face certain pressure. The recent South American quotes are still firm, and the near - term supply may tighten, which has a certain supporting effect on the price. The domestic soybean arrivals will decrease in the follow - up, and the soybean meal supply may also decrease, providing support for the spot market and driving the recent market. In the medium - to - long - term, the supply is still relatively loose, and the price pressure remains. The recent demand for rapeseed meal is still average, and it showed a downward trend due to the influence of supply - side changes. However, affected by the subsequent improvement of the soybean meal spot market, rapeseed meal also showed a follow - up rebound. As the soybean meal spot market is expected to be stronger in the follow - up, the spread between them is expected to narrow. The monthly spread of soybean meal showed a significant strengthening trend, but its sustainability is expected to be limited under the condition of loose future supply. The monthly spread of rapeseed meal fluctuates slightly, with limited demand support, and the spread is still under pressure due to the previous upward performance [6] Group 7: Trading Strategies - Unilateral: It is recommended to reduce long positions - Arbitrage: Narrow the MRM spread - Options: Sell the wide - straddle strategy [7] Group 8: Soybean Pressing Profit - The report provides the pressing profit data of Brazilian soybeans from February to August 2026, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and the changes in pressing profit compared to yesterday [8]