农产品早报-20260212

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Corn prices are expected to fluctuate before the Spring Festival, and in the long - term, import and domestic auction policies should be focused on [2] - Starch prices are supported in the short - term and the downstream consumption rhythm is the key in the long - term [3] - For sugar, the international market may see increased production in the 25/26 season, and the domestic market will face different price trends according to the global sugar surplus situation [4] - Cotton demand is expected to improve, and it is suitable for long - term long positions [5] - Egg prices are affected by the end of pre - holiday stocking and the situation of farmers' chicken culling [14] - Apple prices show that general - quality fruit farmers' goods are stable and weak, while good - quality goods are stable [17] - Pig prices are under pressure in the short - to - medium term, and futures are easily affected by emotions [17] Group 3: Summary by Commodity Corn/Starch - Price Data: From 2026/02/05 to 2026/02/11, the price in Changchun remained at 2180, the price in Weifang increased by 10, the basis decreased by 30, and the processing profit of starch remained at - 83 [2] - Market Analysis: Near the Spring Festival, corn trading is light, and prices are expected to fluctuate. In the long - term, policies are key. For starch, the industry's operating rate declines slightly, and downstream consumption is crucial in the long - term [2][3] Sugar - Price Data: From 2026/02/05 to 2026/02/11, the price in Liuzhou remained at 5370, the basis increased by 12, and the import profit from Thailand and Brazil increased by 79 [4] - Market Analysis: The international market may have increased production, and the domestic market's price is related to the global sugar surplus [4] Cotton - Price Data: From 2026/02/05 to 2026/02/11, the price of 3128 cotton increased by 55, and the number of warehouse receipts + forecasts increased by 171 [19] - Market Analysis: Low initial inventory offsets production increase, and demand is expected to improve [5] Eggs - Price Data: From 2026/02/05 to 2026/02/11, the price in Hebei remained at 3.58, the basis increased by 14, and the price of live pigs decreased by 0.10 [13] - Market Analysis: Pre - holiday stocking ends, and the 05 contract is affected by farmers' chicken culling [14] Apples - Price Data: From 2026/02/05 to 2026/02/11, the price of Shandong 80 first - and second - grade apples remained at 8900, the national inventory decreased by 33, and the Shandong inventory decreased by 101 [16][17] - Market Analysis: Holiday stocking affects inventory reduction, and prices of general - quality and good - quality goods show different trends [17] Pigs - Price Data: From 2026/02/05 to 2026/02/11, the price in Henan Kaifeng increased by 0.20, and the basis increased by 115 [17] - Market Analysis: Spot prices are weak, and there is pressure in the short - to - medium term [17]