农产品日报-20260213

Report Investment Ratings - Buy: Soybean, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, eggs [1] Core Views - The soybean market is expected to be optimistic, with the price of auctioned soybeans on the policy side rising and the spill - over effect of strong foreign soybean prices [2]. - The soybean, palm, and rapeseed oil markets show a pattern of strong meal and weak oil before the holiday, with a reduction in positions. The price of US soybeans is likely to rise, while the Malaysian palm oil price is weak in the short - term. The price of US soybean oil is likely to be supported, and the price of rapeseed oil is suppressed by policies [3]. - The domestic bean market rebounds with reduced positions, and the US soybean is in a relatively high - level volatile and strong pattern. The USDA February report is neutral to slightly bearish, but the expectation of China's purchase of US soybeans boosts US soybean exports. The import of Canadian rapeseed is also boosted [5]. - The prices at Beigang ports and Northeast purchasing enterprises for corn are flat. The number of vehicles at Shandong corn deep - processing enterprises decreases normally. The US corn is in a weak and volatile state, and the Dalian corn futures may fluctuate more after the Spring Festival [6]. - The live pig market is weakly falling with reduced positions. The price stabilizes slightly due to pre - holiday stocking demand, but there may be large supply pressure after the Spring Festival [7]. - The egg market rebounds with reduced pre - holiday funds. The opening price after the Spring Festival should be noted, and there may be a long - buying opportunity after the basis of the first - half - year contract narrows [8]. Sector - by - Sector Summaries Soybean - The soybean market has increased positions and risen strongly. The spot market is lightly traded. The strong auction price and the spill - over effect of foreign soybean prices support the market. The pressure on the US soybean supply - demand balance sheet in the 26/27 season is expected to decrease [2]. Soybean Oil, Palm Oil and Rapeseed Oil - Before the holiday, the oil market shows a pattern of strong meal and weak oil with reduced positions. The US soybean price is likely to rise. The Malaysian palm oil price is short - term weak, and the US soybean oil price is likely to be supported. The rapeseed oil price is suppressed by policies [3]. Soybean and Bean Meal, Rapeseed Meal - The domestic bean market rebounds with reduced positions. The US soybean is in a relatively high - level volatile and strong pattern. The USDA February report is neutral to slightly bearish, but the expectation of China's purchase of US soybeans boosts US soybean exports. The import of Canadian rapeseed is also boosted [5]. Corn - The prices at Beigang ports and Northeast purchasing enterprises for corn are flat. The number of vehicles at Shandong corn deep - processing enterprises decreases normally. The US corn is in a weak and volatile state, and the Dalian corn futures may fluctuate more after the Spring Festival [6]. Live Pigs - The live pig market is weakly falling with reduced positions. The price stabilizes slightly due to pre - holiday stocking demand, but there may be large supply pressure after the Spring Festival [7]. Eggs - The egg market rebounds with reduced pre - holiday funds. The opening price after the Spring Festival should be noted, and there may be a long - buying opportunity after the basis of the first - half - year contract narrows [8]