《农产品》日报-20260112

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views Apple - The trading atmosphere in the national apple market has warmed up, with increased market activity. High - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits, such as citrus, have price advantages and squeeze the apple market. The inventory of ordinary apples is under pressure. Due to low inventory and a low rate of high - quality apples, the futures market has been oscillating upwards recently, and the delivery profit has been repaired. Attention should be paid to the de - stocking progress [1][5]. Red Dates - Affected by the warming sentiment in the commodity market, the futures market has rebounded and the basis has converged. The purchase in the production areas is basically over, and processing enterprises are actively arranging production and accelerating the shipment rhythm. New and old stocks are being supplied to the market. Currently, downstream buyers are purchasing as needed, and the number of buyers inspecting goods has increased, but there has been no significant improvement in transactions. The process of generating new - season warehouse receipts has accelerated. In the context of strong supply and weak demand, the rebound of red date futures is expected to be limited. Attention should be paid to pre - Spring Festival stocking and actual de - stocking progress [8]. Sugar - Internationally, the market's focus has shifted to Brazil's 26/27 sugar - cane crushing season starting in April. Since December, rainfall in most major producing areas in the central - southern region has exceeded the average, which is beneficial for the growth of sugar - cane in the 26/27 season and has improved the production outlook. The market initially expects the sugar - cane yield per unit area to increase by about 3% year - on - year. In India, production is strong, with cumulative sugar production reaching 11.83 million tons as of the end of December, a 24% year - on - year increase. However, due to the lack of price competitiveness, the current export progress is slow. In Thailand, the sugar - cane crushing season is progressing slowly. Domestically, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. As the Spring Festival approaches, downstream enterprises still have a certain scale of procurement demand, which can support prices. However, considering the current situation of increased production, market participants are generally cautious. It is expected that sugar prices will maintain a low - level oscillating trend [9]. Cotton - The drought index in the US cotton - producing areas continues to rise, in line with the expectations of a weak La Nina winter. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, and the positive factors in the industrial fundamentals have been fully priced in. The widening gap between domestic and foreign cotton prices will gradually allow imported cotton to enter the market with a 40% tariff, and the unfavorable factors for Zhengzhou cotton are gradually increasing. Overall, the upward trend remains unchanged. In the short term, cotton prices may enter an adjustment phase. Attention should be paid to the support level around the 14,100 - 14,300 moving average [11]. Oils and Fats - After the release of the USDA monthly report at the beginning of the week, the uncertainty makes it unlikely for funds to continue to go long on CBOT soybeans. Moreover, as Brazilian soybeans are about to be on the market, even if CBOT soybeans rise, they will likely correct later. The market is waiting for guidance from the USDA report. If the report causes CBOT soybeans to rise, the March contract of CBOT soybeans will test the resistance at 50 cents. Malaysian palm oil futures have been oscillating upwards, waiting for the MPOB supply - demand report next Monday. The international oil market has been boosted by the more than 3% increase in the US crude oil futures price and the follow - up rise of US soybeans, which is beneficial for the domestic vegetable oil market. The negative impact of the news of the Canadian Prime Minister's visit to China has been basically digested, and short - selling funds have taken profits and left the market. The rapeseed oil futures have rebounded above 9,000 yuan. Before the release of key information such as the US agricultural supply - demand report, Malaysian palm oil inventory data, and possible policy changes after the China - Canada meeting, the futures market is expected to maintain a wide - range oscillating pattern. In the spot market, the wait - and - see sentiment is still strong, and downstream buyers are replenishing stocks in small quantities as needed. Spot prices fluctuate with the market, and the basis quotation continues to be high [12]. Eggs - On the supply side, the recent increase in egg prices has improved breeding profitability, leading to a decrease in farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly compared with the previous period. However, due to the influence of weather, the egg weight has increased rapidly, resulting in a significant shortage of small and medium - sized eggs compared with large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the current market supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and their procurement volume is continuously increasing. In addition, as the Spring Festival approaches, the festival stocking plans of all links in the terminal consumer market have been gradually launched, and the willingness to purchase at low prices has increased. However, there has been no significant change in the procurement intensity of household consumption. The current increase in demand is mainly reflected in the inventory turnover of the trading link. In the coming week, pre - Spring Festival stocking will still be the core driving force for market demand growth. After the recent price increase, the market has short - term digestion pressure and may experience a slight decline. However, the positive support factors in the market are clear, and it is expected that after a short - term adjustment, there may still be a slight increase. Attention should be paid to the resistance level around the previous high of 3,100 [13]. Corn - On the supply side, in the Northeast region, the price is strongly supported by the price - holding attitude of grass - roots farmers and the rigid - demand stocking of some downstream enterprises. In the North China region, the supply can meet the needs of enterprises, and the supply - demand is relatively balanced, with prices oscillating within a narrow range. If the supply increases before the Spring Festival, prices may weaken. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their profits are slightly in the red, and they are less willing to accept high - priced corn. Feed enterprises have sufficient inventories and mainly replenish stocks on a rolling basis. On the policy side, the targeted auction of imported corn continues, and although there is a premium, it has cooled down. The policy - based corn supply is currently limited, and attention should be paid to its subsequent intensity. In general, the strong price - holding sentiment and the rigid - demand stocking intention of downstream enterprises support the corn price. However, the profit losses of downstream enterprises limit their acceptance of high prices, and the continuous policy - based supply suppresses the upward momentum of corn prices. Attention should be paid to the resistance level around 2,270, as well as changes in farmers' selling attitudes and policy - based supply [16]. Live Pigs - The spot price has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the north has decreased, while the demand in the south has dropped significantly, and purchasing power is weak, suppressing the spot price. Recently, there has been some restocking for secondary fattening in some areas, but due to the relatively high current pig price, the overall enthusiasm is limited. However, the average weight of the存栏 has been increasing, and the subsequent market supply is expected to increase. The market is betting on pre - Spring Festival consumption, but it is expected that pigs will be slaughtered gradually in mid - to - late January. Coupled with the expected increase in supply from large - scale farms, the overall supply in January will be relatively loose, and there is limited room for further upward movement in the futures market. It is recommended to short at high prices [18][19]. Meal - The US soybeans are strongly influenced by funds and sentiment. The market is looking forward to the USDA supply - demand report on Monday, which may provide new trading guidance. In China, the speed of soybean purchases is relatively fast, and the supply will be continuously supplemented by US soybeans and reserve auctions. The visit of Canada to China has brought positive signals, and there is an expectation of improved China - Canada relations, which has led to a significant decline in domestic rapeseed prices and dragged down the soybean meal market. The domestic spot market remains in a loose pattern, with high inventories of soybeans and soybean meal. There are also many expectations of auctions recently, which also put pressure on the market. Although the expected arrival volume in the first quarter is low, the arrival rhythm is uncertain. The downside of soybean meal is limited, and the upside is mainly affected by policy factors. In the short term, the market sentiment is relatively optimistic, and the futures market will maintain a range - bound oscillation [21]. Summary by Related Catalogs Apple - Futures Market: The price of the apple 2605 (main contract) increased by 158 yuan/ton to 9,689 yuan/ton, a rise of 1.66%. The price of the apple 2610 contract increased by 21 yuan/ton to 8,472 yuan/ton, a rise of 0.25%. The futures open interest increased by 23,520 lots to 156,793 lots, a rise of 17.65% [1]. - Spot Market: The arrival volume at several fruit wholesale markets has increased, with the arrival volume at Chalong Fruit Wholesale Market increasing by 40%, Jiangmen Fruit Wholesale Market by 37.5%, and Xiaqiao Fruit Wholesale Market by 33.33%. The national cold - storage inventory decreased by 126,600 tons to 7.209 million tons, a decline of 1.73% [1]. - Profit: The factory - warehouse delivery profit increased by 121 yuan/ton to 457 yuan/ton, a rise of 36.01% [1]. Red Dates - Futures Market: The price of the red date 2605 (main contract) increased by 75 yuan/ton to 9,150 yuan/ton, a rise of 0.83%. The open interest increased by 4,234 lots to 154,819 lots, a rise of 2.81% [8]. - Spot Market: The price of Cangzhou's extra - grade red dates increased by 50 yuan/ton to 9,520 yuan/ton, a rise of 0.53%. The basis of extra - grade red dates in Cangzhou relative to the main contract increased by 205 yuan/ton to - 230 yuan/ton, a rise of 87.80% [8]. Sugar - Futures Market: The price of sugar 2605 increased by 9 yuan/ton to 5,288 yuan/ton, a rise of 0.17%. The open interest of the main contract increased by 3,135 lots to 432,813 lots, a rise of 0.73% [9]. - Spot Market: The price in Nanning remained unchanged at 5,370 yuan/ton. The basis in Nanning decreased by 9 yuan/ton to 82 yuan/ton, a decline of 9.89% [9]. - Industry Situation: The cumulative national sugar production decreased by 317,900 tons to 1.05 million tons, a decline of 23.24%. The cumulative national sugar sales decreased by 259,000 tons to 350,000 tons, a decline of 42.53% [9]. Cotton - Futures Market: The price of cotton 2605 decreased by 65 yuan/ton to 14,675 yuan/ton, a decline of 0.44%. The open interest of the main contract decreased by 13,905 lots to 848,986 lots, a decline of 1.61% [11]. - Spot Market: The arrival price of Xinjiang cotton of grade 3128B decreased by 67 yuan/ton to 15,671 yuan/ton, a decline of 0.43% [11]. - Industry Situation: The commercial inventory increased by 1.1011 million tons to 5.784 million tons, a rise of 23.5%. The export of textile yarns, fabrics, and related products increased by 10.09 percentage points year - on - year to 0.98% [11]. Oils and Fats - Soybean Oil: The price of first - grade soybean oil in Jiangsu increased by 30 yuan/ton to 8,520 yuan/ton, a rise of 0.35%. The basis of the Y2605 contract decreased by 20 yuan/ton to 526 yuan/ton, a decline of 3.66% [12]. - Palm Oil: The price of 24 - degree palm oil in Guangdong increased by 60 yuan/ton to 8,680 yuan/ton, a rise of 0.70%. The basis of the P2605 contract decreased by 2 yuan/ton to - 2 yuan/ton, a decline of 125% [12]. - Rapeseed Oil: The price of third - grade rapeseed oil in Jiangsu increased by 100 yuan/ton to 9,800 yuan/ton, a rise of 1.03%. The basis of the OI2605 contract increased by 14 yuan/ton to 758 yuan/ton, a rise of 1.88% [12]. Eggs - Futures Market: The price of the egg 03 contract increased by 31 yuan/500KG to 3,040 yuan/500KG, a rise of 1.03%. The price of the egg 04 contract increased by 39 yuan/500KG to 3,316 yuan/500KG, a rise of 1.19% [13]. - Spot Market: The price of eggs in the production areas remained unchanged at 3.25 yuan/jin. The price of egg - laying chicken chicks increased by 0.10 yuan/feather to 2.90 yuan/feather, a rise of 3.57% [13]. Corn - Futures Market: The price of corn 2603 decreased by 3 yuan/ton to 2,263 yuan/ton, a decline of 0.13%. The open interest increased by 21,598 lots to 1,969,700 lots, a rise of 1.11% [16]. - Spot Market: The FOB price at Jinzhou Port increased by 10 yuan/ton to 2,330 yuan/ton, a rise of 0.43%. The basis increased by 13 yuan/ton to 67 yuan/ton, a rise of 24.07% [16]. Live Pigs - Futures Market: The price of the live - pig 2605 contract decreased by 60 yuan/ton to 1,120 yuan/ton, a decline of 5.08%. The open interest of the main contract decreased by 2,847 lots to 168,424 lots, a decline of 1.66% [18]. - Spot Market: The daily slaughter volume of sample slaughterhouses increased by 903 to 226,460, a rise of 0.40%. The price of piglets increased by 1.0 yuan/head to 16.50 yuan/head, a rise of 6.45% [19]. Meal - Soybean Meal: The price of soybean meal in Jiangsu remained unchanged at 3,150 yuan/ton. The price of the M2605 contract increased by 4 yuan/ton to 2,786 yuan/ton, a rise of 0.14%. The basis decreased by 4 yuan/ton to 364 yuan/ton, a decline of 1.09% [21]. - Rapeseed Meal: The price of rapeseed meal in Jiangsu decreased by 20 yuan/ton to 2,420 yuan/ton, a decline of 0.82%. The price of the RM2605 contract decreased by 20 yuan/ton to 2,338 yuan/ton, a decline of 0.85%. The basis remained unchanged at 82 yuan/ton [21].