大连商品交易所农产品日报-20260225

Group 1: Report Industry Investment Ratings - Corn: Bullish with a slight upward trend [1] - Soybean Meal: Sideways [1] - Edible Oils: Sideways [1] - Eggs: Sideways [1] - Pigs: Bearish with a downward trend [1][2] Group 2: Core Views of the Report - After the Spring Festival, the spot market for corn raised prices for purchases, with spot prices catching up. The increase in futures and spot prices echoed each other, and market sentiment strengthened. Profitable long positions should be carefully involved [1] - The concerns about the volatile US tariffs on soybeans eased, and the strong domestic demand in the US supported the market. In China, the supply of protein meal was loose, which still suppressed the market. Short - term participation was recommended [1] - The BMD palm oil prices fell for three consecutive days due to the strengthening of the Malaysian ringgit and weak export data. In China, the edible oil market had a good start but then gave back some gains. Short - term trading was the main strategy [1] - After the Spring Festival, the egg futures price was strong in the morning and then weakened in the afternoon. The spot price was weak, and the egg price might continue to operate at a low level. The impact of back - to - school season stocking on the spot price should be monitored in the short term [1] - After the Spring Festival, the pig futures price opened lower and weakened. The spot price continued to fall, dragging down the futures price. The pig futures might continue to be weak in the short term [1][2] Group 3: Summary of Market Information - The US Customs and Border Protection Bureau will stop collecting tariffs imposed under the IEEPA [3] - There is still a risk of the US launching a military strike against Iran [3] - China is evaluating the impact of the US Supreme Court's tariff ruling and urges the US to cancel unilateral tariffs [3] - From February 1 - 20, 2026, the yield, oil extraction rate, and production of Malaysian palm oil changed compared to the same period last month [3] - Goldman Sachs assumes that the Iran issue will not affect oil supply, and the oil market will have a surplus in 2026 [3] - The Trump administration is considering imposing new "national security tariffs" on six industries [4] - Trump is dissatisfied with the limited military options against Iran [4] - From February 16 - 22, 2026, the iron ore arrivals at Chinese ports decreased [4] - Morgan Stanley raised the short - term forecast for Brent crude oil prices but expects them to fall later in the year [4] - UBS reaffirmed its positive stance on gold, with a target price of $6200 per ounce in the coming months [5] - International precious metal futures generally rose due to geopolitical risks and trade concerns [5] Group 4: Summary of Variety Spreads - The report presents contract spreads (5 - 9) and contract basis for various agricultural products such as corn, soybean meal, edible oils, eggs, and pigs, with data sourced from Wind and the Everbright Futures Research Institute [6][7][9][10][13][15][16][19][23][24][25] Group 5: Introduction of the Agricultural Product Research Team - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with rich experience and many honors [27] - Hou Xueling is a soybean analyst at Everbright Futures, with a long - term career in the futures industry and many awards [27] - Kong Hailan is a researcher on eggs and pigs at Everbright Futures, with relevant academic background and practical achievements [27]