农产品日报-20260318

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Corn: The corn market showed a trend of falling first and then rising on Tuesday. The price of Northeast spot remained stable except for a slight decline in the price of North Port at the beginning of the week. The price of North China corn continued to rise, but the pace of increase slowed down. The price of the corn market in the sales area remained stable. The overall supply - demand situation of the market remained unchanged compared with the previous period. The corn main 2605 contract fell below the 2400 - yuan integer mark. After the profitable long positions in the corn market left, it was recommended to continue to pay attention to the impact of policy trends on the grain market. The view on corn is "oscillation" [1]. - Soybean and Soybean Meal: CBOT soybeans closed higher on Tuesday, supported by the strengthening of crude oil prices. The US government planned to release the final bio - fuel blending quota before the end of March, which increased the market's expectation of an increase in the demand for raw materials such as soybean oil. Brazil's Anec said that Brazil planned to export 16.32 million tons of soybeans in March, slightly lower than the previous estimate. The domestic protein meal was strong. The view on soybean meal is "rising" [1]. - Fats and Oils: BMD palm oil fell on Tuesday, ending a four - day winning streak. The market was suppressed by the decline in soybean oil futures and the uncertainty of several key policies in Indonesia. The shipping data showed that the export of palm oil in Malaysia from March 1 - 15 increased by 43.5% - 56.9% month - on - month. Domestic fats and oils fell first and then rose. The view on fats and oils is "rising" [1]. - Eggs: The egg futures corrected on Tuesday, and the main 2605 contract closed down 1.66%. The spot price of eggs remained stable in most areas. The main contract fell after rising to the upper limit of the range, and it was recommended to maintain the idea of range oscillation and pay attention to supply and market sentiment changes. The view on eggs is "oscillation" [2]. - Pigs: The pig futures continued to fall on Tuesday, and the main 2605 contract closed down 1.06%. The spot price of pigs continued to decline. The breeding side had a strong willingness to sell, but a weak willingness to cut prices. The current demand was in the off - season, and the terminal demand was still weak. The pig price was likely to continue the weak pattern before the supply pressure was effectively relieved. The view on pigs is "oscillation and weakening" [2]. 3. Summary by Relevant Catalogs Market Information - Military and Geopolitical Information: Israel's military operations against Iran will last at least three more weeks, and there are still thousands of targets to be attacked. The US Pentagon is considering sending more warships to the Middle East to escort oil tankers passing through the Strait of Hormuz. The US Treasury issued a 30 - day license allowing countries to buy Russian oil and oil products stranded at sea [3]. - Economic Data: At the end of February, the balance of broad money (M2) was 349.22 trillion yuan, a year - on - year increase of 9% [3]. - Regulatory Information: In March, the China Securities Regulatory Commission emphasized strengthening the bottom - line thinking and monitoring and supervision of the linkage between domestic and foreign, futures and spot markets in 2026 [3]. - Commodity Market Information: The total inventory of imported iron ore in 45 ports in China increased by 696,600 tons compared with the previous period, and the daily port clearance volume increased by 68,200 tons. The price increase of iron ore at the end of February was mainly due to emotional and technical repairs, lacking fundamental support. The international fertilizer supply chain was affected by the conflict between the US, Israel and Iran, and the price of the urea futures contract on the Chicago Mercantile Exchange rose by more than 20% compared with before the attack. Iraq was ready to resume oil exports through the Ceyhan pipeline, but the Kurdish region refused to resume exports. Due to the near - stagnation of transportation in the Strait of Hormuz, Bahrain Aluminium started a phased shutdown. The methanol inventory in East China ports decreased by 72,000 tons compared with March 5 [3][4]. - Agricultural Information: The relevant national departments decided to organize the early release of the 2025/2026 national fertilizer commercial reserve to meet the needs of agricultural production during the spring plowing period [4]. Variety Spreads - Contract Spreads: The report presents the 5 - 9 spreads of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [7][8][10][11]. - Contract Basis: The report shows the basis of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [14][16][20][22]. Research Team Introduction - The agricultural product research team of Everbright Futures includes Wang Na, the director of agricultural product research, Hou Xueling, a soybean analyst, and Kong Hailan, a researcher in the egg and pig industries. They have rich experience and many honors in the field of futures research [26].