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1. Report Industry Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it gives individual ratings for each commodity: - Bullish: Cotton (★★), indicating a relatively strong bullish view [1]. - Bearish: None explicitly marked as strongly bearish. - Neutral or Mixed: Bean meal (★), Rapeseed meal (★), Palm oil (★), Soybean oil (★), Rapeseed oil (★), Red dates (★), and Live pigs (★★) with various degrees of neutral or mixed expectations [1]. 2. Core Views of the Report - Bean Meal: Expected to be bullish and volatile. The US biofuel production outlook is clear, and the US EPA is expected to finalize new biofuel blending mandates by the end of March. The US not raising tariffs on Chinese goods eases market concerns, leading to a rise in overnight US soybeans. Domestic bean meal opened slightly higher and closed up. Future attention should be paid to the yield and quality of South American soybeans [1][3]. - Rapeseed Meal: Expected to be short - term volatile. Spot available supply is tight, and imported rapeseed meal is mostly quoted for the March - May far - month. The lack of immediate - delivery spot supply leads to light market trading. Low inventory restricts the downside space. With the Canadian rapeseed anti - dumping final ruling on March 9 yet to be announced, rapeseed meal is expected to follow the trend of bean meal. Yesterday, the spot price of rapeseed meal fell significantly, dragging down the futures price [1][6]. - Palm Oil: Expected to be in a range - bound consolidation. Malaysian palm oil export data this month is weak, and due to high domestic palm oil purchases in February, the price closed down and remained weak. However, the optimistic expectation of US bio - diesel and domestic far - month procurement demand may limit the downside space. Attention should be paid to the subsequent export and production data of the Malaysian market [1][8]. - Soybean Oil: Expected to be in a range - bound consolidation. The US EPA will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule is expected to be finalized by the end of March. US soybean oil prices rose. Domestic soybean oil showed resistance compared to other oils. Attention should be paid to the final content of the US bio - diesel policy [1]. - Rapeseed Oil: Expected to be in a range - bound oscillation. Currently in the traditional consumption off - season, downstream procurement willingness is low, and demand support is limited. The basis of rapeseed oil is expected to remain weakly volatile. Future attention should be paid to the basis performance, the rhythm of rapeseed arrivals, and changes in China - Canada trade policies [1]. - Cotton: Expected to be bullish and volatile. The USDA predicts a decrease in global cotton production in 2026/27, along with an oil price rebound and record - high US cotton export sales, leading to a significant rebound in US cotton prices. Although Trump's tariffs briefly suppressed US cotton, the market's assessment of the negative impact is lower than before. In the domestic market, the USDA also gives a preliminary production reduction expectation for the new year. After the holiday, driven by the rebound of foreign cotton and the "Golden March and Silver April" consumption expectation, the price exceeded expectations. In the short term, there is a need to be vigilant about a certain correction risk, and the support of the gap should be noted. The long - term bullish view is maintained [1][12]. - Red Dates: Expected to be under pressure. The overall market trading sentiment is cautious, and trading volume is weak. After the Spring Festival, the supply - demand pattern has become looser. In the short term, the futures price is expected to be suppressed by high inventory. Considering the low valuation, attention should be paid to the support at the previous low. In the medium term, depending on the inventory reduction situation from March to April, attention should be paid to whether there are opportunities for phased repair [1][14]. - Live Pigs: Expected to be weakly volatile. The supply - demand of the live pig market has returned to normal, and the spot market is expected to continue the weak pattern. On the supply side, due to the slow reduction of breeding sows, the pig supply base remains high. After the Spring Festival, the market enters the traditional consumption off - season, and the slaughter end is expected to face significant price pressure. Near - month contracts may still enter the delivery month at a discount, and the futures price is expected to remain under pressure. Medium - and long - term contracts are restricted by the slow reduction of breeding sows, and the industry has not experienced continuous deep losses recently, so there is still a lack of upward momentum. However, considering the actual reduction in supply, if the far - month contracts are significantly pulled down by the spot price, phased long positions can be considered [1][17]. 3. Summaries According to Related Catalogs Bean Meal - Price Data: The futures price of the main contract closed at 2834 yuan/ton, up 3 yuan or 0.11% from the previous day. The national average spot price was 3190.57 yuan/ton, down 2 yuan or - 0.06%. The soybean crushing profit decreased, and the basis of different contracts also changed [2]. - Industry News: Crop experts lowered the forecast of Brazil's 2025/26 soybean production by 1 million tons to 178 million tons due to excessive rainfall in central Brazil and drought in Rio Grande do Sul. The US EPA will submit a new biofuel blending volume authorization proposal, and the market is concerned about whether it will increase the target consumption of biodiesel and renewable diesel [3]. Rapeseed Meal - Price Data: The futures price of the main contract closed at 2296 yuan/ton, down 16 yuan or - 0.69% from the previous day. The national average spot price was 2570.53 yuan/ton, down 37.36 yuan or - 1.43%. The rapeseed crushing profit decreased, and the basis and spreads of different contracts also changed [4]. - Industry News: As of February 25, the total rapeseed meal inventory in major regions decreased by 0.34 tons to 39.39 tons. Spot available supply is tight, and the market trading is light [6]. Palm Oil - Price Data: The futures price of the main contract closed at 8714 yuan/ton, down 134 yuan or - 1.51% from the previous day. The national average price was 8740 yuan/ton, down 120 yuan or - 1.35%. The import cost increased, and the warehouse receipt decreased [7]. - Industry News: From February 1 - 25, 2026, the production of Malaysian palm oil decreased, and the export volume also decreased. The domestic palm oil market is affected by high imports in February [8]. Cotton - Price Data: The futures prices of different contracts showed different trends. The US cotton main - continuous contract rose 0.61 cents or 0.93% to 66.17 cents/pound. The national commercial cotton inventory decreased, and the spinning profit increased [9]. - Industry News: The USDA predicts a 3.9 - million - bale decrease in global cotton production in 2026/27. In the US, the net export signing volume of upland cotton in the 2025/26 season reached a new high. In China, the USDA expects a production reduction in the 2026/27 season, and the post - holiday demand is expected to increase [10][11]. Red Dates - Price Data: The futures prices of different contracts showed different trends. The physical inventory of 36 sample enterprises remained unchanged at 11852 tons [13]. - Industry News: The downstream market has started trading, and the spot price is stable. After the Spring Festival, the market is in the recovery stage, and the supply - demand pattern is loose. The demand is in the off - season, and the price is expected to be stable with a weak trend [14]. Live Pigs - Price Data: The futures prices of different contracts showed different trends. The national average pig slaughter price remained unchanged at 10770 yuan/ton. The inventory and slaughter volume of sample enterprises decreased, and the breeding profit further weakened [15]. - Industry News: On February 26, 2026, the daily slaughter volume of key pig - raising enterprises increased. The number of piglets born in January increased, and the inventory of breeding sows decreased slightly. After the Spring Festival, the market enters the consumption off - season, and the slaughter end is expected to face price pressure [16].