棕榈油：美国生柴政策趋近落地，油脂板块情绪回暖豆油：美豆题材不足，反弹高度受限

Report Industry Investment Ratings - No specific industry investment ratings are provided in the given content. Core Views - Palm Oil: The U.S. biofuel policy is approaching implementation, leading to a warming sentiment in the oil and fat sector [2][4]. - Soybean Oil: There are insufficient themes for U.S. soybeans, limiting the rebound height [2][4]. - Soybean Meal: Adopt a wait - and - see approach and await the progress of China - Canada trade consultations [2][8]. - Soybean No.1: Rebound and fluctuate [2][8]. - Corn: Pay attention to the spot market [2][11]. - Sugar: Predominantly operate weakly [2][15]. - Cotton: Continue the adjustment trend [2][20]. - Eggs: Spot market is profitable, but the sentiment for far - month contracts is weakening [2][25]. - Hogs: Demand expectations are priced in advance [2][28]. - Peanuts: Run in a fluctuating manner [2][32]. Summary by Related Catalogs Palm Oil and Soybean Oil - Fundamentals: Palm oil's day - session closing price was 8,578 yuan/ton with a - 1.94% change, and night - session closing price was 8,646 yuan/ton with a 0.79% change; soybean oil's day - session closing price was 7,938 yuan/ton with a - 0.78% change, and night - session closing price was 8,020 yuan/ton with a 1.03% change. Spot prices of palm oil, soybean oil, and rapeseed oil all decreased [4]. - Macro and Industry News: The Trump administration is advancing the biofuel policy, expected to finalize the 2026 biofuel blending quota in early March, with the quota roughly maintained at the current proposal level. The U.S. 2025 December soybean crushing volume was 2.24991 billion bushels, and the soybean oil inventory was 1.642 billion pounds. Brazil's 2025/26 soybean production is expected to reach 1.761244 billion tons, a 2.7% increase year - on - year [5][6]. - Trend Intensity: Palm oil trend intensity is 1, and soybean oil trend intensity is 1 [7]. Soybean Meal and Soybean No.1 - Fundamentals: DCE soybean No.1 2605's day - session closing price was 4333 yuan/ton with a + 0.09% change, and night - session closing price was 4351 yuan/ton with a + 0.65% change; DCE soybean meal 2605's day - session closing price was 2740 yuan/ton with a - 0.33% change, and night - session closing price was 2744 yuan/ton with a - 0.15% change. Spot prices of soybean meal in different regions had different changes [8]. - Macro and Industry News: On January 15, CBOT soybean futures closed higher due to strong export and domestic crushing demand, and the rise in U.S. soybean oil futures. Private exporters reported sales of U.S. soybeans to China and unknown destinations. The Canadian Prime Minister will meet with Chinese leaders, and progress has been made in China - Canada trade consultations [8][10]. - Trend Intensity: Soybean meal trend intensity is 0, and soybean No.1 trend intensity is 0 [10]. Corn - Fundamentals: The day - session closing price of C2603 was 2,295 yuan/ton with a 0.83% change, and night - session closing price was 2,294 yuan/ton with a - 0.04% change; the day - session closing price of C2605 was 2,283 yuan/ton with a 0.31% change, and night - session closing price was 2,283 yuan/ton with a 0.00% change. Spot prices in different regions had different changes [12]. - Macro and Industry News: Northern corn bulk shipping port prices were basically stable, and Guangdong Shekou's bulk shipping price increased by 10 yuan/ton. Northeast deep - processing corn prices were stable with a slight increase, and North China's corn prices rose slightly [13]. - Trend Intensity: Corn trend intensity is 0 [14]. Sugar - Fundamentals: The raw sugar price was 14.57 cents/pound with a - 0.11 change, the mainstream spot price was 5350 yuan/ton with a 0 change, and the futures main contract price was 5280 yuan/ton with a - 19 change [15]. - Macro and Industry News: In the 25/26 sugar - crushing season, India's sugar production increased by 24% year - on - year, Brazil's December exports increased by 2.9% year - on - year, and China's November sugar imports decreased by 90,000 tons. CAOC predicts that China's 25/26 sugar production will be 1.17 billion tons, consumption will be 1.57 billion tons, and imports will be 0.5 billion tons. ISO predicts a 163,000 - ton global sugar supply surplus in the 25/26 season [15][16][17]. - Trend Intensity: Sugar trend intensity is - 1 [18]. Cotton - Fundamentals: CF2605's day - session closing price was 14,675 yuan/ton with a - 0.91% change, and night - session closing price was 14720 yuan/ton with a 0.31% change. Spot prices of cotton in different regions decreased slightly [20]. - Macro and Industry News: Cotton spot trading was average, and the spot sales basis was stable. Pure - cotton yarn prices were stable with a slight decrease, and the trading atmosphere was weak. ICE cotton futures fell slightly due to the strengthening of the U.S. dollar [21]. - Trend Intensity: Cotton trend intensity is 0 [22]. Eggs - Fundamentals: The closing price of egg 2602 was 2,958 yuan/500 kg with a - 0.94% change, and the closing price of egg 2603 was 3,007 yuan/500 kg with a - 0.56% change. Spot prices in different regions had different changes [25]. - Trend Intensity: Egg trend intensity is 0 [26]. Hogs - Fundamentals: Henan's spot price was 13080 yuan/ton, Sichuan's was 12900 yuan/ton, and Guangdong's was 13060 yuan/ton. Futures prices of different contracts had different changes [29]. - Trend Intensity: Hog trend intensity is - 1 [30]. Peanuts - Fundamentals: The closing price of PK603 was 7,836 yuan/ton with a - 0.13% change, and the closing price of PK605 was 7,830 yuan/ton with a - 0.46% change. Spot prices in different regions were stable [32]. - Spot Market Focus: Peanut prices in Henan, Jilin, Liaoning, and Shandong were basically stable, with some regions showing a slight increase [33]. - Trend Intensity: Peanut trend intensity is 0 [34].