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1. Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, it gives individual ratings for different varieties: - Bullish: Cotton (★★), indicating a relatively strong bullish outlook [1]. - Neutral with a Bullish Bias: Soybean Meal (★), suggesting a slightly bullish trend [1]. - Neutral with a Bearish Bias: Rapeseed Meal (★), Palm Oil (★), and Soybean Oil (★), indicating a neutral stance with a slight bearish tendency [1]. - Bearish: Red Dates (★), and Live Pigs (★★), showing a bearish outlook [1]. 2. Core Views of the Report - Soybean Meal: Expected to have a bullish - oscillating trend. The market has concerns about South American rainfall and US biodiesel policies. Although it rose significantly recently, the short - term boost may not last [1][4]. - Rapeseed Meal: Forecasted to have a short - term oscillating trend. It is expected to follow the soybean meal's trend due to limited spot supply and the pending Canadian rapeseed anti - dumping ruling [1][7]. - Palm Oil: Predicted to have an oscillating and consolidating trend. Weak exports from Malaysia and high domestic purchases in February may suppress the domestic market. Attention should be paid to future export and production data [1][9]. - Soybean Oil: Anticipated to have an oscillating and consolidating trend. The upcoming US biodiesel policy may affect the market. Domestic soybean imports are in a trough, and inventory is decreasing, but the spot trade is average [1]. - Rapeseed Oil: Expected to have a range - bound oscillating trend. Consumption has weakened after the Spring Festival, and supply has improved. Attention should be paid to the basis support and the Canadian rapeseed anti - dumping ruling [1]. - Cotton: Forecasted to have a bullish - oscillating trend. Global production is expected to decrease, and domestic consumption is expected to increase during the "Golden March and Silver April" period. Short - term callback risks should be noted, and a long - term bullish view is maintained [1][13]. - Red Dates: Predicted to be under pressure. After the Spring Festival, the market is in a weak demand period, and high inventory may suppress the price. Attention should be paid to inventory reduction and holiday consumption [1][15]. - Live Pigs: Expected to have a bearish - oscillating trend. Supply is high due to slow reduction of breeding sows, and demand is weak in the post - Spring Festival period. Short - term contracts may be under pressure, but long - term contracts may have short - term long - position opportunities if there is a significant callback [1][18]. 3. Summary by Variety Soybean Meal - Price Data: The futures price of the main contract closed at 2,831 yuan/ton, up 1.80% from the previous day. The national average spot price was 3,192.57 yuan/ton, up 0.78% [2]. - Market Factors: Future rainfall in Argentina is expected to be below normal, and excessive rainfall in Brazil has affected the harvest progress and quality. The concern about US tariffs has cooled, and the US market has recovered. The boost from port clearance is limited [4]. - Industry Outlook: CoBank predicts that the US soybean planting area will reach 86 million acres in 2026, up from 81 million acres in 2025 [3]. Rapeseed Meal - Price Data: The futures price of the main contract closed at 2,312 yuan/ton, up 0.96% from the previous day. The national average spot price was 2,607.89 yuan/ton, up 0.53% [5]. - Market Factors: After the Spring Festival, the market has gradually resumed work, but the spot supply is tight, and most imported rapeseed meal is for distant - month contracts. The inventory is low, and the Canadian rapeseed anti - dumping ruling is pending [7]. Palm Oil - Price Data: The futures price of the main contract closed at 8,848 yuan/ton, up 0.27% from the previous day. The national average price was 8,860 yuan/ton, down 0.23% [8]. - Market Factors: Malaysian palm oil exports in February were weak, and domestic purchases in February were high, which may suppress the domestic market. Attention should be paid to the US biodiesel policy and future Malaysian export and production data [9]. Cotton - Price Data: The futures price of the main contract (CF2605) closed at 15,380 yuan/ton, up 0.62% from the previous day. The US cotton main - continuous contract was at 65.56 cents/pound, up 0.64% [10]. - Market Factors: The USDA predicts a decrease in global cotton production in 2026/27. US cotton exports have reached a new high this year. In China, production is expected to decrease, and consumption is expected to increase during the "Golden March and Silver April" period [11][12][13]. Red Dates - Price Data: The futures price of the main contract (CJ2605) closed at 8,910 yuan/ton, up 0.73% from the previous day. The spot prices in different regions were generally stable [14]. - Market Factors: After the Spring Festival, the market is in a weak demand period, and inventory is high. The supply is sufficient, and demand is weak, so the price is under pressure [15]. Live Pigs - Price Data: The futures price of the main contract (lh2605) closed at 11,465 yuan/ton, up 1.78% from the previous day. The national average slaughter price was 10,770 yuan/ton, down 1.46% [16]. - Market Factors: The supply of live pigs is high due to slow reduction of breeding sows, and demand is weak in the post - Spring Festival period. The slaughter end may put pressure on prices [17][18].