农产品日报-20260115

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Corn: The market is expected to be volatile. The near - month contracts lead the rise, and the spot market is supported by pre - holiday stocking. However, factors such as reserve grain release, imported corn, and substitutes suppress price increases [2]. - Soybean Meal: The market is in a volatile and bearish trend. Weakness in US soybeans, lower import costs, and expected improvement in China - Canada relations contribute to the decline. A double - selling strategy is recommended [2]. - Edible Oils: The market is volatile. BMD palm oil dropped due to Indonesia's cancellation of the B50 plan, but export demand from major consumer countries limited the decline. A strategy of selling put options is suggested [2]. - Eggs: The market will continue to be in a volatile adjustment pattern. Spot prices are rising, and the narrowing of breeding losses is not conducive to effective capacity reduction in the long - term [2]. - Pigs: The market shows a volatile trend. The futures contract may continue to rebound in the short - term, but high - price acceptance from slaughtering enterprises is low, restricting price increases [3]. 3. Summary by Relevant Catalogs 2. Market Information - Malaysia's palm oil data for December 2026: Production was 1.83 million tons, a 5.46% month - on - month decrease; exports were 1.3165 million tons, an 8.52% month - on - month increase; apparent demand was 331,000 tons, slightly down from the previous month; and inventory was 3.05 million tons. The data was relatively neutral compared to expectations. Production in January - February is expected to decline seasonally, and the high - inventory inflection point may occur. Attention should be paid to the implementation of Indonesia's export LEVY increase and the US RVO policy [4]. 3.1 Contract Spreads - The report presents contract spreads of various agricultural products including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific spread analysis is provided [5][6][8][9][12]. 3.2 Contract Basis - The report shows the contract basis of multiple agricultural products such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, with no detailed basis analysis [14][15][18][20][25].