农产品日报（2026 年2 月26日）-20260226

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Corn: The corn market showed an upward trend with increased positions. After the Spring Festival, the spot price of corn rose, and the futures price also continued to rise. The price in the Northeast region increased slightly, and the price in North China was stable with a slight upward trend. Technically, the futures and spot prices resonated after the festival, and long - position holders could continue to hold and observe. The view is that the market is oscillating strongly [1]. - Soybean Meal: CBOT soybeans reached a three - month high on Wednesday. Domestic protein meal followed the upward trend due to rising import costs and the extension of the 25 - day customs inspection policy until May. The strategy is to participate in short - term long positions [1]. - Oils and Fats: BMD palm oil closed slightly lower for the fourth consecutive day, following the weakness of the surrounding market. Domestic oils and fats continued to rise, with soybean oil being stronger than rapeseed oil and palm oil. The strategy is to focus on short - term trading [1]. - Eggs: The egg futures main contract 2604 oscillated and adjusted, and the spot price stabilized. The demand for school - opening season stocking provided some support, but the short - term supply was abundant, and the fundamentals were likely to remain weak. The short - term market oscillated at a high level [1]. - Pigs: The live - hog futures rebounded from a low level. Although the short - term school - opening season stocking might support the price, the probability of a trend - based rebound was low. It is recommended to conduct short - term trading [2]. 3. Summary According to the Directory Research Views - Corn: After the Spring Festival, the corn spot price increased, and the futures price continued to rise. The price in the Northeast and North China regions showed an upward trend. The market was not very active in trading, and long - position holders could continue to hold [1]. - Soybean Meal: CBOT soybeans reached a high, and domestic protein meal followed the upward trend due to factors such as rising import costs and policy extension. Short - term long - position participation is recommended [1]. - Oils and Fats: BMD palm oil declined, while domestic oils and fats rose. The export of Malaysian palm oil decreased, and the price of soybean oil was strong due to the policy. Short - term trading is the main strategy [1]. - Eggs: The egg futures oscillated, and the spot price stabilized. The school - opening season stocking supported the demand, but the short - term supply was abundant, and the fundamentals were weak [1]. - Pigs: The live - hog futures rebounded from a low level. The short - term school - opening season stocking might support the price, but the probability of a trend - based rebound was low. Short - term trading is recommended [2]. Market Information - Canada's Oilseed and Wheat Data: In January 2026, Canada's rapeseed crushing volume decreased by 2.17% month - on - month but increased by 4.24% year - on - year. The production of rapeseed oil and rapeseed meal also had corresponding changes. The 2025/26 market - year Canadian wheat export was faster than the previous year, but the recent weekly export volume decreased due to the priority of rapeseed transportation [3]. - Inventory and Price Information: The inventory of corn starch continued to increase. As of February 25, the total inventory of corn starch enterprises in the country was 119.8 million tons, with a weekly increase of 7.16% and a monthly increase of 16.54%. The export reference price of Ukrainian rapeseed increased, and the production might decline. The export forecast of Russian wheat in the 2025/26 and 2026/27 seasons was adjusted [4]. Variety Spreads - Contract Spreads: There are charts showing the 5 - 9 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live - hogs [6][8][9][12]. - Contract Basis: There are charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live - hogs [15][18][22][23].