Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overnight US soybeans closed slightly higher, and the Dalian soybean meal futures are expected to fluctuate. The soybean No.1 spot is gradually entering the holiday mode, and the futures price will fluctuate [2][4]. - The callback range of corn futures prices is limited [2][7]. - The sugar futures prices will be sorted in a narrow range [2][10]. - The cotton futures prices are expected to maintain a volatile trend before the holiday [2][15]. - The egg futures prices will be adjusted in a volatile manner [2][21]. - The peak season for live pigs is not prosperous, and the release of the "backlog" has begun [2][25]. - The peanut futures prices will fluctuate [2][30]. Summary by Related Catalogs 1. Soybean Meal and Soybean No.1 - Fundamentals: The closing prices of DCE soybean No.1 2605 and DCE soybean meal 2605 in the day - session were 4378 yuan/ton (-12, -0.27%) and 2735 yuan/ton (+5, +0.18%) respectively. The overnight CBOT soybean 03 closed at 1114.75 cents/bushel (+2.5, +0.22%). The spot prices of soybean meal in different regions had different changes [4]. - News: The US President said that China will increase soybean purchases, and the US Department of Agriculture will release the January supply - demand report on February 10. Analysts predict the US and global soybean ending stocks. The Brazilian soybean exports in January decreased compared with December but increased compared with last January. The Argentine soybean crop good - to - excellent rate decreased compared with a week ago but was higher than the same period last year [6]. - Trend Intensity: The trend intensity of soybean meal and soybean No.1 is 0 [6]. 2. Corn - Fundamentals: The closing prices of C2603 and C2605 were 2274 yuan/ton (+0.31%) and 2279 yuan/ton (+0.22%) respectively. The trading volume and positions of different contracts had different changes. The basis of the main 03 contract was 61 yuan/ton, and the 03 - 05 inter - period spread was - 5 yuan/ton [7]. - News: The northern corn bulk shipping and containerized shipping prices in ports had different changes. The prices of imported sorghum and barley from different origins and time periods were also provided [8]. - Trend Intensity: The trend intensity of corn is 0 [9]. 3. Sugar - Fundamentals: The raw sugar price was 14.11 cents/pound (-0.16), the mainstream spot price was 5300 yuan/ton (+10), and the futures main - contract price was 5228 yuan/ton (+4). The 15 - spread was 46 yuan/ton (+31), and the 59 - spread was - 11 yuan/ton (-8) [10]. - News: In the 25/26 sugar - making season, the Indian sugar production increased year - on - year, the Brazilian sugar exports decreased year - on - year, and the Chinese sugar imports increased in December. The CAOC predicted China's sugar production, consumption, and imports. The ISO predicted the global sugar supply surplus. The production data of Brazil, India, and Thailand were also provided [10][11][12]. - Trend Intensity: The trend intensity of sugar is 0 [13]. 4. Cotton - Fundamentals: The closing prices of CF2605 and CY2605 were 14580 yuan/ton (-0.21%) and 20405 yuan/ton (-0.20%) respectively. The trading volume and positions of different contracts had different changes. The spot prices of cotton in different regions also had different changes [16]. - News: The cotton spot basis was generally stable. The cotton yarn quotation was stable, and the pre - holiday trading atmosphere was light. The ICE cotton futures continued to fall due to the rapid increase in warehouse receipts [17]. - Trend Intensity: The trend intensity of cotton is 1 [18]. 5. Eggs - Fundamentals: The closing prices of egg2603 and egg2604 were 2904 yuan/500kg (-0.34%) and 3165 yuan/500kg (+0.32%) respectively. The 3 - 4 spread was - 261 yuan/500kg, and the 4 - 9 spread was - 714 yuan/500kg. The spot prices of eggs in different regions and the prices of related feed and livestock had different changes [22]. - Trend Intensity: The trend intensity of eggs is 0 [23]. 6. Live Pigs - Fundamentals: The spot prices of live pigs in Henan, Sichuan, and Guangdong were 12430 yuan/ton (-450), 11650 yuan/ton (0), and 11860 yuan/ton (-200) respectively. The closing prices of different futures contracts also decreased year - on - year. The trading volume and positions of different contracts decreased. The basis and inter - period spreads of different contracts also had different changes [26]. - News: Some companies registered warehouse receipts for March contracts [27]. - Trend Intensity: The trend intensity of live pigs is - 2 [28]. 7. Peanuts - Fundamentals: The spot prices of peanuts in different regions were stable. The closing prices of PK603 and PK605 were 8054 yuan/ton (+0.07%) and 7918 yuan/ton (-0.03%) respectively. The trading volume and positions of different contracts had different changes. The basis of different varieties and the 03 - 05 inter - period spread were also provided [30]. - News: The peanut spot prices in different regions were stable, and the pre - holiday trading was basically ending in some areas [31]. - Trend Intensity: The trend intensity of peanuts is 0 [32].
国泰君安期货商品研究晨报：农产品-20260209