Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Oils and Fats - Malaysian palm oil futures are expected to seek support at 4,500 ringgit, and domestic palm oil may decline to 9,500 yuan. US biodiesel policy is awaited, and domestic soybean oil may fluctuate slightly above 8,500 yuan. Vegetable oil market has positive factors, and rapeseed oil needs to watch for capital flow and spot market conditions [1]. Cotton - ICE cotton futures are affected by the strong US dollar. US cotton is expected to be volatile and strong. In China, the issuance of processing trade quotas has been implemented, and cotton prices are expected to be highly volatile in the short term [2]. Sugar - ICE raw sugar futures have reached a seven - week high. The global sugar supply surplus in the 26/27 season is expected to narrow. In China, sugar prices are supported by policies but limited by weak sales data and increased imports, and are expected to be highly volatile [4]. Red Dates - In the off - season, the inventory pressure is high, and the red date futures price is expected to bottom out in a volatile manner [5][9]. Apples - The apple spot market is structurally differentiated. The cold - storage inventory is at a low level, which supports the futures price. Attention should be paid to holiday replenishment, ordinary fruit de - stocking, and weather changes [13][17]. Corn and Corn Starch - Corn prices in the Northeast are stable, and those in North China are stable. The demand side has mixed performance, and corn prices are expected to be high and volatile. Corn starch prices are affected by corn prices [20][22]. Meal - The US soybean market is under pressure but supported by oil prices. Domestic soybean meal is expected to be highly volatile, waiting for the planting intention report [24]. Pigs - The slaughter volume has increased, but the supply is large, and the demand is in the off - season. Futures and spot prices are expected to continue to bottom out, and there may be further declines in the near - month contracts [27]. Eggs - The egg supply may decline slightly, and the demand is average. Egg prices are expected to be low and volatile [29]. Summary by Related Catalogs Oils and Fats - Price Changes: On March 18, compared with March 17, soybean oil spot price in Jiangsu decreased by 0.23%, futures price decreased by 1.20%, and the basis increased by 40.78%. Palm oil spot price in Guangdong decreased by 1.62%, futures price decreased by 2.63%, and the basis increased by 134.21%. Rapeseed oil spot price in Jiangsu decreased by 0.60%, futures price decreased by 0.54%, and the basis decreased by 2.02% [1]. - Market Analysis: Malaysian palm oil is affected by crude oil, and domestic palm oil is under pressure. US biodiesel policy affects soybean oil, and vegetable oil market positive factors affect rapeseed oil [1]. Cotton - Price Changes: On March 19, compared with the previous value, cotton 2605 decreased by 1.74%, cotton 2609 decreased by 1.61%, and the 5 - 9 spread decreased by 26.67%. The main contract's open interest decreased by 7.98% [2]. - Market Analysis: ICE cotton is affected by the US dollar, and the issuance of Chinese processing trade quotas has an impact on the market. The off - season demand and high cotton prices affect the market sentiment [2]. Sugar - Price Changes: On March 19, compared with the previous value, sugar 2605 decreased by 1.17%, sugar 2609 decreased by 1.21%, and the 5 - 9 spread increased by 10.00%. The main contract's open interest decreased by 7.00% [4]. - Market Analysis: ICE raw sugar is affected by oil prices and market speculation. In China, the increase in planting area and rainfall affects production, and sales data and imports affect prices [4]. Red Dates - Price Changes: On March 19, compared with the previous value, red date 2605 decreased by 2.55%, red date 2607 decreased by 2.61%, red date 2609 decreased by 2.50%. The open interest decreased by 6.05% [5]. - Market Analysis: In the off - season, the inventory pressure is high, and the market sentiment is weak [5][9]. Apples - Price Changes: On March 19, compared with the previous value, apple 2605 increased by 0.03%, apple 2610 increased by 0.24%, and the 5 - 10 spread decreased by 1.33%. The open interest increased by 1.59% [13]. - Market Analysis: The spot market is structurally differentiated, and the cold - storage inventory is at a low level, which supports the futures price [13][17]. Corn and Corn Starch - Price Changes: On March 19, compared with the previous value, corn 2605 decreased by 0.17%, the basis increased by 16.67%, and the 5 - 9 spread remained unchanged. Corn starch 2605 decreased by 0.33%, and the basis increased by 386.00% [20]. - Market Analysis: Corn prices in the Northeast and North China are stable, and the demand side has mixed performance. Corn starch prices are affected by corn prices [20][22]. Meal - Price Changes: On March 19, compared with the previous value, soybean meal spot price in Jiangsu increased by 0.30%, futures price decreased by 1.11%, and the basis increased by 17.60%. Rapeseed meal spot price in Jiangsu decreased by 0.75%, futures price decreased by 1.69%, and the basis increased by 11.28% [24]. - Market Analysis: The US soybean market is under pressure but supported by oil prices. Domestic soybean meal is affected by cost and supply concerns [24]. Pigs - Price Changes: On March 19, compared with the previous value, the main contract's basis increased by 706.25%, pig 2605 decreased by 2.06%, pig 2603 decreased by 6.04%, and the 3 - 5 spread decreased by 76.70%. The main contract's open interest increased by 1.13% [27]. - Market Analysis: The slaughter volume has increased, but the supply is large, and the demand is in the off - season. The market is concerned about secondary fattening and frozen product storage [27]. Eggs - Price Changes: On March 19, compared with the previous value, egg 04 increased by 0.65%, egg 05 increased by 0.53%, and the 4 - 5 spread increased by 2.34%. The egg - feed ratio decreased by 9.00%, and the breeding profit decreased by 249.92% [29]. - Market Analysis: The egg supply may decline slightly, and the demand is average. The market is waiting for the Qingming Festival to boost prices [29].
油脂产业期现日报-20260319
Guang Fa Qi Huo·2026-03-19 03:01