光大期货：2月10日农产品日报

Group 1: Soybean Meal - CBOT soybean ended a four-day rise due to ongoing soybean harvesting in Brazil and profit-taking after last week's gains [2][9] - Brazil's soybean harvest is at 16%, compared to 15% during the same period last year [2][9] - Domestic soybean meal market is experiencing fluctuations with high import costs supporting prices, while ample domestic supply increases inventory pressure [2][9] Group 2: Palm Oil - BMD palm oil prices increased, following the upward trend in surrounding markets, as traders await the MPOB report [10] - January palm oil inventory in Malaysia is expected to decrease to 2.91 million tons, a 4.64% month-on-month reduction [10] - Palm oil production is projected to decline by 12% to 1.61 million tons, while exports increased by 14.9% to 1.79 million tons [10] Group 3: Live Pig - Live pig futures showed weak fluctuations, with the near-month contract 2603 continuing to decline, closing down 0.52% at 11,565 yuan/ton [11] - The average daily price of live pigs in China was 11.66 yuan/kg, a decrease of 0.3 yuan/kg week-on-week [11] - Supply is currently abundant, leading to downward pressure on pig prices, with seasonal demand expected to recover post-Chinese New Year [11] Group 4: Eggs - Egg futures experienced slight adjustments, with the main contract 2603 closing up 0.17% at 2,909 yuan/500 kg [12] - The national average egg price was 3.42 yuan/jin, a slight increase of 0.01 yuan/jin week-on-week [12] - As the Chinese New Year approaches, downstream purchasing activity is subdued, and some regions have halted pricing [12] Group 5: Corn - Corn prices showed narrow fluctuations, with the March contract transitioning to May, and market activity declining ahead of the Chinese New Year [13] - Prices in Northeast China remained stable, with farmers showing low enthusiasm for selling [13] - Overall, corn prices are expected to maintain a narrow fluctuation pattern before the holiday, with limited potential for significant volatility [13]