《农产品》日报-20260129

1. Report Industry Investment Ratings No relevant information provided in the reports. 2. Core Views of the Reports Oils and Fats Industry - Palm oil: Market will focus on inventory impact on the market. If inventory decline is less than expected, Malaysian palm oil may end its rally and face downward pressure. It maintains a near - strong, far - weak pattern. - Soybean oil: Market speculates on potential policy announcements that could boost export demand. Domestic downstream demand is weak due to rapid price increases. - Rapeseed oil: Influenced by strong external markets, domestic prices maintain an upward trend [1]. Cotton Industry - ICE US cotton maintains a low - level震荡 pattern. Domestic cotton prices are expected to be 震荡 - strong in the short term, supported by high cotton consumption in the downstream and the expected adjustment of planting area in 2026 [2]. Sugar Industry - ICE raw sugar maintains a 震荡 pattern. Brazil's sugar production in late December decreased year - on - year, but the cumulative production increased. Thailand's sugar - crushing season is slow. Domestic sugar prices are weak, but cost and market sentiment provide some support [3]. Jujube Industry - The jujube spot market has weak trading, with prices stabilizing. Some traders offer discounts, and small factories stop production, supporting prices. The futures market is in a low - valuation range, and attention should be paid to pre - Spring Festival trading and inventory [5]. Apple Industry - Driven by pre - holiday demand, market sentiment improves, but the inventory reduction progress is slow. High prices and competition from other fruits may suppress consumption. Attention should be paid to post - holiday inventory [7]. Corn Industry - In the short term, the corn fundamental situation changes little, with support at the bottom and pressure at the top. Prices are stable, and attention should be paid to enterprise stocking and policy [9]. Pig Industry - The spot price of pigs is 震荡 - weak, with increasing supply. The futures price is also weak. The market is expected to remain in a bottom - range 震荡 pattern [11]. Meal Industry - US soybeans have strong support. The domestic spot market is loose, with high inventory. The market is expected to be 震荡 before the festival, and attention should be paid to macro - sentiment [16]. Egg Industry - Egg prices have risen, leading to profitability in egg - chicken farming. Supply is stable, but demand may weaken as pre - holiday stocking nears completion. Attention should be paid to the digestion of high - price eggs [19]. 3. Summary According to Relevant Catalogs Oils and Fats Industry - Prices: On January 28, soybean oil, palm oil, and rapeseed oil prices had varying degrees of change. For example, the price of soybean oil in Jiangsu increased by 70 yuan to 8670 yuan, with a growth rate of 0.81% [1]. - Spreads: The spreads between different varieties and contracts also changed, such as the soybean - palm oil spread and the inter - monthly spreads of each variety [1]. - Inventory: The inventory of palm oil, soybean oil, and rapeseed oil in China showed different trends [1]. Cotton Industry - Futures Market: On January 29, the prices of cotton 2605 and 2609 increased, and the ICE US cotton price also rose [2]. - Spot Market: The prices of Xinjiang - arrival cotton and CC Index decreased slightly [2]. - Industrial Situation: The inventory of some regions decreased, while the industrial inventory and some import - related inventories increased [2]. Sugar Industry - Futures Market: The prices of sugar 2605 and 2609 rose slightly, and the ICE raw sugar price also increased [3]. - Spot Market: The prices in Nanning and Kunming remained unchanged, and the basis decreased [3]. - Industrial Situation: The cumulative production and sales of sugar in the country and Guangxi decreased year - on - year, while the industrial inventory increased [3]. Jujube Industry - Futures Market: The prices of jujube 2605, 2607, and 2609 had small changes, and the spreads between contracts also changed [5]. - Spot Market: The prices of Cangzhou's special - grade, first - grade, and second - grade jujubes had different trends, and the basis changed [5]. - Inventory: The number of warehouse receipts and effective forecasts decreased slightly [5]. Apple Industry - Futures Market: The prices of apple 2605 and 2610 increased, and the basis decreased [7]. - Spot Market: The arrival volume of fruit wholesale markets increased, and the national cold - storage inventory decreased [7]. - Profit: The disk profit decreased [7]. Corn Industry - Futures Market: The price of corn 2603 decreased, and the basis and spreads also changed [9]. - Spot Market: The prices of Jinzhou Port and Shekou Port had different trends, and the import profit increased [9]. - Inventory: The inventory of corn starch and corn had different trends, and the number of warehouse receipts increased [9]. Pig Industry - Futures Market: The prices of pig 2605 and 2603 had small changes, and the spreads between contracts decreased [11]. - Spot Market: The spot prices in different regions decreased, and the slaughter volume and white - strip price increased [11]. Meal Industry - Prices: The prices of soybean meal, rapeseed meal, and soybeans in different regions and contracts had different trends [16]. - Spreads: The spreads between different varieties and contracts, such as the soybean - rapeseed meal spread and the inter - monthly spreads, changed [16]. - Inventory: The inventory of soybeans and soybean meal decreased, but the absolute inventory was still high [16]. Egg Industry - Futures Market: The prices of egg 03 and 04 contracts had different trends, and the basis increased [19]. - Spot Market: The prices of eggs, egg - chicken seedlings, and culled chickens increased, and the egg - feed ratio also increased [19]. - Supply and Demand: Egg production is stable, and demand may weaken as pre - holiday stocking nears completion [19].