农产品早报-20260325

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report Group 2: Core Views - Short - term, corn prices are supported by tight supply but may be suppressed by increased wheat supply and faster grain circulation; long - term, focus on import and storage policies [3] - Short - term, starch prices will be volatile and strong due to tight raw material supply and slow consumption recovery; long - term, focus on downstream consumption rhythm [3] - International sugar fundamentals are slightly stronger, and domestic sugar is affected by import policy discussions and has a bullish trend [4] - Cotton demand is expected to improve, and it is suitable for long - term long positions due to low inventory, good consumption, and reduced planting area [5] - Egg production capacity reduction slows down, and it should be treated as a reverse spread pattern [8] - Apple market trading is stable, with different situations in different regions and normal sales in the market [11] - Pig prices are under pressure due to weak demand and sufficient supply, and attention should be paid to capacity reduction and market sentiment [11] Group 3: Summary by Commodity Corn/Starch - Corn prices in different regions from March 18 - 24: Changchun remained at 2230 (except for missing data later), Jinzhou increased by 5 to 2360, Weifang remained at 2420, and Shekou increased by 10 to 2530. The basis changed from - 22 to - 23, trade profit increased by 5 to 20, and import profit increased by 59 to 320 [2] - Starch prices in Heilongjiang remained at 2900, in Weifang remained at 3050. The basis increased by 53 to 193, and processing profit increased by 4 to - 10 [2] Sugar - Sugar spot prices in Liuzhou decreased by 20 to 5480, in Nanning decreased by 10 to 5460, in Kunming decreased by 10 to 5320. The basis in Liuzhou increased by 4 to 51, and the number of warehouse receipts increased by 520 to 16862 [4] Cotton/Cotton Yarn - Cotton price of 3128 grade decreased by 30 to 16420, and the number of warehouse receipts + forecasts increased by 47 to 12780. The 32S spinning profit increased by 31 to - 771 [5] Eggs - Egg prices in Hebei, Liaoning, Shandong, Henan, and Hubei remained stable. The basis increased by 10 to 260, and the price of substitute pigs increased by 0.02 to 16.03 [7] Apples - Apple spot prices in Shandong 80 first - and second - grade remained at 8900. The national inventory increased by 12, Shandong inventory increased by 72, and Shaanxi inventory increased by 8. The 1 - month basis increased by 110 to 380, the 5 - month basis increased by 49 to - 1172, and the 10 - month basis increased by 155 to 269 [10][11] Pigs - Pig prices in Henan Kaifeng decreased by 0.10 to 9.73, in Hubei Xiangyang decreased by 0.05 to 9.55, in Shandong Linyi decreased by 0.10 to 9.97, in Anhui Hefei decreased by 0.10 to 10.05, in Jiangsu Nantong decreased by 0.10 to 10.20. The basis decreased by 165 to - 315 [11]