光大期货：2月26日农产品日报

Group 1: Protein Meal - CBOT soybean reached a three-month high due to increased market expectations for U.S. sales to China, supported by China's restrained response to recent tariff measures and the end of the Chinese holiday [2][8] - The U.S. EPA is set to submit a new biofuel blending proposal to the White House, which may be finalized by the end of March [2][8] - Domestic protein meal prices rose, influenced by increased import costs and the extension of customs inspection policies until May [2][8] Group 2: Oils - BMD palm oil experienced a slight decline for the fourth consecutive day, following a weak trend in surrounding markets [3][9] - High-frequency data indicated a 12.1%-16.1% decrease in Malaysian palm oil exports from February 1-25 [3][9] - Domestic oil prices continued to rise, with soybean oil outperforming canola oil and palm oil, supported by the extended customs inspection policy [3][9] Group 3: Live Pigs - Live pig futures rebounded from low levels, with the main contract closing up 1.78% at 11,465 yuan/ton [4][6] - The average price of live pigs in China was 10.74 yuan/kg, down 0.16 yuan/kg week-on-week, with prices in various regions continuing to decline [4][6] - Short-term demand from the back-to-school season may provide some support for pig prices, although a significant rebound is unlikely [4][6] Group 4: Eggs - Egg futures showed a slight increase of 0.46%, closing at 3,268 yuan/500 kg [10] - The national average egg price was 2.85 yuan/lb, with a slight week-on-week increase [10] - Demand from the back-to-school season is expected to stabilize egg prices, but overall supply remains ample, leading to a likely continuation of weak market conditions [10] Group 5: Corn - Corn futures saw an increase in open interest, with the main contract's holdings rising by over 80,000 contracts [5][11] - Post-holiday, corn spot prices have increased, with northern port prices slightly higher than before the holiday [5][11] - The market remains inactive, but some enterprises have continued to raise prices by 10 yuan/ton, indicating a steady upward trend [5][11]