乐观情绪支撑美豆，国内双粕震荡为主

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The agricultural market shows a mixed trend, with different commodities having various outlooks such as oscillation, oscillation - weakening, and oscillation - strengthening [1][6][7]. - For different commodities: - Oils: Narrow - range oscillation, with multiple factors affecting supply and demand, and a suggestion to consider buying hedging strategies at low - callback levels [6]. - Protein meals: Domestic double meals oscillate mainly, with international factors supporting US soybeans and domestic factors affecting the market [1][7]. - Corn: Oscillates, with industry news and emotions affecting futures, and attention to post - holiday trading and inventory replenishment rhythms [8]. - Pigs: Oscillates weakly, with supply - demand being loose, and different trends in the short, medium, and long - term [9]. - Natural rubber: Oscillates, with attention to previous high resistance, and the market influenced by capital and fundamentals [11][12]. - Synthetic rubber: Oscillates upward following natural rubber, with the mid - term bullish logic remaining unchanged [13]. - Cotton: Oscillates strongly in the medium - long term, waiting for new driving forces in the short term [14]. - Sugar: Oscillates weakly in the medium - long term, with a downward driving force due to expected oversupply [16]. - Pulp: Oscillates, with weak supply - demand before the Spring Festival and expected improvement after the festival [17]. - Double - gum paper: Oscillates weakly, with the market in a low - level oscillation during the holiday [18]. - Logs: Oscillates, with the spot being stable and the market in a range - bound operation [20]. 3. Summary by Relevant Catalogs 3.1. Market Quotes and Views 3.1.1. Oils - View: Oils show narrow - range oscillation. The US Department of Agriculture's February report adjusted relevant data, and the market is affected by factors such as demand expectations, biodiesel policies, and export performance. It is recommended to pay attention to buying hedging strategies at low - callback levels [6]. - Logic: Futures are affected by capital emotions, and the industrial end has different supply - demand situations for different oils. For example, soybeans have relatively sufficient supply, and palm oil has inventory and export issues [6]. - Outlook: Soybean oil, palm oil, and rapeseed oil all oscillate [6]. 3.1.2. Protein Meals - View: Optimistic emotions support US soybeans, and domestic double meals oscillate mainly [1][7]. - Logic: Internationally, the USDA's February supply - demand report is bearish, but the market has optimistic export expectations and the US biodiesel plan boosts US soybean oil. Domestically, factors such as pre - holiday capital flight, logistics stagnation, and expected post - holiday cost reduction affect the market [1][7]. - Outlook: Both soybean meal and rapeseed meal oscillate [1][7]. 3.1.3. Corn - View: Industry news disturbs the market, and corn increases positions and rises [8]. - Logic: Futures are affected by industry news and emotions, while the spot market is gradually entering the holiday, with stable prices and low trading volume. Attention should be paid to factors such as grain sales progress, policy grain auctions, and wheat conditions [8]. - Outlook: Oscillation, with attention to post - holiday trading and inventory replenishment rhythms [8]. 3.1.4. Pigs - View: Supply - demand is loose, and spot prices continue to weaken [9]. - Logic: In terms of supply, there are different situations in the short, medium, and long - term; demand shows an increase in slaughter volume; inventory shows a continuous decrease in average pig weight. The price is expected to weaken in the short - term and is affected by different production capacities in different periods [9]. - Outlook: Oscillation - weakening, with a potential bottom - out and recovery in the second half of 2026 [9]. 3.1.5. Natural Rubber - View: Pay attention to previous high resistance [11][12]. - Logic: The rubber price runs strongly, mainly driven by capital emotions. The short - term support is effective, and the overall is in a bullish trend. The current trading logic is mainly affected by the macro - environment, with relatively weak fundamentals but good expectations [11][12]. - Outlook: Oscillation, with limited fundamental variables and increasing capital attention [12]. 3.1.6. Synthetic Rubber - View: Follow natural rubber to oscillate upward [13]. - Logic: The BR market follows natural rubber to rise slightly, and the mid - term core logic is the expectation of tight supply of butadiene in the first half of 2026. The raw material market is affected by factors such as export news and downstream demand [13]. - Outlook: Mid - term oscillation - strengthening, with a need for adjustment in the short - term due to rapid price increase [13]. 3.1.7. Cotton - View: Cotton price rebounds [14]. - Logic: Before the Spring Festival, the fundamentals have no obvious driving force, and the cotton price is expected to oscillate within a range. After the festival, with the arrival of the traditional peak season, the terminal demand may drive the price to rise. In the medium - long term, the supply - demand is expected to be in tight balance, and the planting area in Xinjiang may decrease [14]. - Outlook: Oscillation - strengthening, with a suggestion to buy on dips [14]. 3.1.8. Sugar - View: Sugar price oscillates weakly in the medium - long term [16]. - Logic: The global sugar market is expected to have oversupply in the 25/26 crushing season, with major producing countries expected to increase production. The supply increase puts pressure on the price [16]. - Outlook: Oscillation - weakening, with a suggestion to short on rebounds [16]. 3.1.9. Pulp - View: Spot prices are almost stagnant, and futures fluctuate independently [17]. - Logic: Before the Spring Festival, the supply - demand is weak, with low demand from the terminal and downstream. After the festival, the seasonal recovery of demand may bring marginal benefits. The valuation support has weakened, and the downward space is limited [17]. - Outlook: Oscillation, with weak supply - demand before the festival and expected improvement after the festival [17]. 3.1.10. Double - gum Paper - View: Factories enter the holiday, and the market maintains low - level oscillation [18]. - Logic: Before the Spring Festival, the trading in the double - gum paper market ends, with stable spot prices and low - level oscillation. The industry is affected by factors such as production line operation, downstream consumption, and market demand [18]. - Outlook: Oscillation - weakening, with the market expected to be stagnant during the holiday and attention to the post - holiday consumption recovery [18]. 3.1.11. Logs - View: Spot prices are stable, and the market operates within a range [20]. - Logic: Before the Spring Festival, the log market trading is basically stagnant, with stable spot prices and range - bound oscillation. The market is affected by factors such as news, valuation, supply, and delivery [20]. - Outlook: Oscillation, with the market having no new driving force in the short - term and maintaining range - bound operation [20]. 3.2. Commodity Index - On February 11, 2026, the comprehensive index, special index (including the commodity index, commodity 20 index, and industrial product index), and plate index (agricultural product index) of CITIC Futures all showed certain changes. For example, the comprehensive index increased by 0.32%, the commodity 20 index increased by 0.27%, the industrial product index increased by 0.41%, and the agricultural product index increased by 0.34% on that day [179][180].