农产品早报-20260224

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Corn prices are expected to fluctuate in the short - term, and in the long - term, import and domestic auction policies should be focused on due to the supply gap [1] - Starch prices are supported in the short - term by downstream holiday stocking and inventory reduction, and downstream consumption rhythm is the key in the long - term [2] - 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, while long - term prices may decline if the global sugar surplus intensifies [3] - Cotton demand is expected to improve, and it is suitable for long - term investment as new - season planting area in Xinjiang will decrease [5] - Egg prices stop rising and turn down after pre - holiday stocking. The 05 contract is affected by farmers' chicken culling, and the supply pressure in the second quarter can be mitigated if the price difference between culled chickens and white chickens shrinks [13] - Apple's inventory is decreasing during the holiday, with different price trends for different quality fruits. The market in the sales area has not improved significantly [16] - Pig prices are weak in the short - term. During the pre - holiday period of increased supply and demand, inventory reduction pressure dominates, with medium - term pressure and long - term inflection point support [16] Group 3: Summary by Commodity Corn/Starch - Price Data: From 2026/02/09 to 2026/02/13, corn prices in some regions remained stable, and the import profit increased by 2. Starch's processing profit decreased by 66 [1] - Analysis: Short - term corn prices are supported by downstream pre - holiday restocking, and long - term attention should be paid to policies. Starch prices are supported in the short - term and depend on downstream consumption in the long - term [1][2] Sugar - Price Data: From 2026/02/09 to 2026/02/13, the spot price in Kunming decreased by 5, the base difference increased by 43, and the number of warrants increased by 459 [3] - Analysis: The international market may have increased production, and the domestic market's price is affected by global supply and demand [3] Cotton - Price Data: From 2026/02/09 to 2026/02/13, the price of 3128 cotton decreased by 50, and the 32S spinning profit increased by 68 [18] - Analysis: Cotton demand is expected to improve due to domestic consumption policies and export performance, and new - season planting area will decrease [5] Eggs - Price Data: From 2026/02/09 to 2026/02/13, the base difference decreased by 25, and the price of live pigs increased by 0.14 [12] - Analysis: Egg prices stop rising after pre - holiday stocking, and the 05 contract is affected by chicken culling [13] Apples - Price Data: From 2026/02/09 to 2026/02/13, the national inventory decreased by 92, Shandong inventory decreased by 96, and Shaanxi inventory decreased by 152 [15][16] - Analysis: Apple inventory is decreasing during the holiday, with different price trends for different quality fruits [16] Pigs - Price Data: From 2026/02/09 to 2026/02/13, the base difference increased by 140 [16] - Analysis: Pig prices are weak in the short - term, and inventory reduction pressure dominates during the pre - holiday period [16]