农产品早报-20260211

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Corn prices are expected to oscillate before the Spring Festival, and in the long - term, focus on import and domestic auction policies due to supply gap [2] - Starch prices are supported in the short - term by downstream holiday stocking and inventory reduction, and long - term price depends on downstream consumption rhythm [3] - For sugar, the international market may see increased production in the 25/26 season, and the domestic market's short - term pricing refers to domestic sugar prices, while long - term it may seek the cost of out - of - quota imports [4] - Cotton is suitable for long - term long positions as demand is expected to improve and new - season planting area in Xinjiang may decline [6] - For eggs, observe the chicken culling situation after the decline of near - end spot prices, and the spread between culled and white chickens [14] - Apple prices of general - quality fruit farmer goods are stable to weak, while good - quality goods remain stable, with varying inventory and sales situations [17] - For pigs, the short - term spot price is weak, with mid - term pressure and long - term inflection point support, and attention should be paid to factors like slaughter rhythm, diseases, and policies [17] Group 3: Summary by Commodity Corn/Starch - Corn: From February 4th to 10th, prices in some regions remained stable, with a 10 - point increase in the price in Shekou. The basis changed by - 21, and trade profit increased by 10. Near the Spring Festival, market trading is light, and prices are expected to oscillate. Long - term focus on import and auction policies [2] - Starch: From February 4th to 10th, prices in Heilongjiang and Weifang remained stable, the basis decreased by 9, and processing profit remained at - 83. Near the Spring Festival, some enterprises shut down for maintenance, and short - term prices are supported by downstream stocking [2][3] Sugar - From February 4th to 10th, prices in Liuzhou, Nanning, and Kunming increased by 10, 20, and 20 respectively. The basis decreased by 7, and import profit increased by 80. The international market may have increased production, and the domestic market's short - and long - term pricing is affected by different factors [4] Cotton - From February 4th to 10th, the price of 3128 cotton increased by 80, and the number of warehouse receipts + forecasts increased by 50. Cotton demand is expected to improve, and it is suitable for long - term long positions [6][19] Eggs - From February 4th to 10th, prices in some producing areas remained stable, the basis increased by 7, and the price of substitutes like pigs decreased by 0.08. Observe chicken culling after the decline of near - end spot prices [13][14] Apples - From February 4th to 10th, the price of Shandong 80 first - and second - grade apples remained at 8900.00. Due to festival stocking, inventory reduction accelerated, and prices of general - quality fruit farmer goods are stable to weak [16][17] Pigs - From February 4th to 10th, prices in some producing areas decreased, and the basis decreased by 155. The short - term spot price is weak, with mid - term pressure and long - term inflection point support [17]