农产品早报-20260226

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 the focus in the long - term is on import and domestic auction policies due to supply gap [2] - Starch prices are supported in the short - term and the key factor for long - term pricing is downstream consumption rhythm [3] - For sugar, the international market anticipates increased production in the 25/26 season, and the domestic market's price is affected by global supply and demand [4] - Cotton is suitable for long - term long positions as demand is expected to improve and new - season planting area may decline [6] - For eggs, the 05 contract is affected by farmers' chicken culling, and the supply pressure in the second quarter can be alleviated by observing the price difference [13] - Apple prices for general - quality fruit are weakening while good - quality fruit remains stable, with different market situations in production and sales areas [16] - Pig prices are under pressure in the short - term, with supply and demand both increasing before the Spring Festival, and futures are affected by emotions [16] Group 3: Summaries by Commodity Corn/Starch - Price Data: In different regions, prices of corn and starch changed from 2026/02/11 to 2026/02/25. For example, the price in Changchun remained 2180, and the processing profit of starch increased by 14 [2] - Market Analysis: Near the Spring Festival, corn trade will end soon, and prices are expected to fluctuate. Starch industry's开机率 decreased slightly, and prices are supported in the short - term [2][3] Sugar - Price Data: From 2026/02/11 to 2026/02/25, sugar prices in some regions remained stable, and the import profit and other data changed [4] - Market Analysis: The international market expects increased production, and the domestic market's price is affected by global supply and demand [4] Cotton - Price Data: From 2026/02/11 to 2026/02/25, cotton prices increased by 300, and other relevant data also changed [18] - Market Analysis: Low initial inventory offsets production increase, and demand is expected to improve, suitable for long - term long positions [6] Eggs - Price Data: From 2026/02/11 to 2026/02/25, egg prices in some regions changed, and the basis and substitute prices also had changes [12] - Market Analysis: After the pre - holiday stocking, egg prices stopped rising and started to fall, and the 05 contract is affected by chicken culling [13] Apples - Price Data: From 2026/02/11 to 2026/02/25, apple prices remained stable, and inventory decreased [15][16] - Market Analysis: Apple de - stocking accelerated during the holiday, and prices of general - quality fruit are weakening while good - quality fruit remains stable [16] Pigs - Price Data: From 2026/02/11 to 2026/02/25, pig prices in different regions decreased, and the basis decreased by 350 [16] - Market Analysis: Pig prices are weak before the Spring Festival, with supply and demand both increasing, and futures are affected by emotions [16]