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1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall agricultural market shows a complex trend with different products having different outlooks. For example, soybean meal and soybean oil are expected to be weak, while corn is likely to be volatile, and the situation of other products such as rubber, cotton, and sugar also varies [1][6]. - The prices of various agricultural products are affected by multiple factors including international supply - demand, weather, policies, and domestic inventory and consumption situations [1][6]. 3. Summary According to Related Catalogs 3.1 Market Conditions and Outlook of Each Variety 3.1.1 Oils and Fats - Current Situation: Affected by factors such as the uncertainty of US soybean demand, the expected increase in South American soybean production, high domestic soybean inventory, and changes in palm oil production and exports, domestic oils and fats are expected to have a slow de - stocking process [5]. - Outlook: Soybean oil, palm oil, and rapeseed oil are all expected to be weak and volatile. Attention should be paid to the MPOB and USDA supply - demand reports [5]. 3.1.2 Protein Meal - Current Situation: Internationally, the market is awaiting the USDA supply - demand report, with pessimistic expectations. Domestically, short - term import soybean auctions will increase supply pressure, and inventory is high. In the medium - term, the procurement progress of imported soybeans in January is 56%, and the expected import of Australian seeds suppresses the performance of rapeseed meal. In the long - term, South American weather determines the price trend of soybean meal [1][6]. - Outlook: US soybeans and domestic soybean meal are expected to be weak and volatile. They are expected to seek support at the lower end of the range. Attention should be paid to the guidance of the supply - demand report [2][6]. 3.1.3 Corn/Starch - Current Situation: The price of domestic corn shows a differentiated trend. The arrival volume of deep - processing enterprises in the Northeast and North China is low, and the price is strong. The price in the port area has declined due to the futures callback. The news of reserve auctions has affected market sentiment [6][7]. - Outlook: The price will be volatile in the short term, and it is recommended to wait and see [7]. 3.1.4 Hogs - Current Situation: Affected by macro - sentiment, the futures price has rebounded, but the short - term supply and demand in the spot market are still loose. The supply will be in surplus until April 2026, and is expected to gradually decrease after May 2026 [7]. - Outlook: The market is in a pattern of "weak reality + strong expectation". The near - month contracts are likely to be weak, and attention can be paid to the opportunity of reverse spread strategies [8]. 3.1.5 Natural Rubber - Current Situation: The market lacks strong driving forces, with weak downstream buying support and a bearish market sentiment. Although overseas supply is increasing seasonally, there is still pressure on raw material prices to decline [9][10]. - Outlook: The rubber price is expected to continue the volatile trend, and it is difficult to have a trending market [10]. 3.1.6 Synthetic Rubber - Current Situation: The bullish driving force on the disk is insufficient. Although the price of raw material butadiene has rebounded, there is resistance in high - price transactions [11]. - Outlook: The disk will maintain a range - bound oscillation [11]. 3.1.7 Cotton - Current Situation: The supply of new cotton in Xinjiang is increasing, and the demand is seasonally weak but supported by rigid purchases. The commercial inventory is rising seasonally, and the 01 contract is strong recently but faces pressure above [11]. - Outlook: In the short term, pay attention to the pressure at 13,800 - 14,000 yuan/ton. In the long term, the valuation is low, and it is recommended to buy on dips [11]. 3.1.8 Sugar - Current Situation: In the medium - and long - term, the global sugar market is expected to be in surplus, and the price is likely to be weak. In the short term, the 01 contract has obvious support below [11][13]. - Outlook: In the medium - and long - term, it is expected to be weak and volatile. In the short term, there is support at 5,300 yuan/ton [13]. 3.1.9 Pulp - Current Situation: Last week, the pulp futures rose rapidly, and there were some bullish news. However, there is still pressure from hedging at high prices [14]. - Outlook: The pulp futures will mainly show a wide - range volatile trend. If it回调s to the previous low, it can be allocated long, and it is recommended to wait and see at high prices [14]. 3.1.10 Offset Printing Paper - Current Situation: Affected by the decline in raw material prices, the price of offset printing paper is under pressure. The overall social demand is weak, and paper enterprises may adjust supply and demand by reducing prices or production [15]. - Outlook: In the short term, it will be weakly stable [15]. 3.1.11 Logs - Current Situation: The supply may be reduced seasonally. The overseas shipping volume is expected to decline, and there are quarantine issues with Japanese cedar. The domestic demand support is insufficient, and the 01 contract has no clear driving force [15][17]. - Outlook: The log market will remain in a loose pattern, and attention can be paid to the opportunity of going long on the far - month contracts at low prices [17]. 3.2 Commodity Index - On December 8, 2025, the comprehensive index was 2267.05, down 0.18%; the commodity 20 index was 2588.87, down 0.37%; the industrial products index was 2216.09, down 0.16%; the agricultural products index was 930.18, with a daily decline of 0.22%, a 5 - day decline of 0.40%, a 1 - month decline of 0.65%, and a year - to - date decline of 2.57% [174][176].