广发期货《农产品》日报-20260327

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Malaysian BMD crude palm oil futures may break through the 4,600 ringgit resistance. Dalian palm oil futures have a chance to continue rising after breaking through the 9,700 yuan resistance. CBOT soybean oil's May contract may reach 70 cents. Domestic soybean oil has a mixed fundamental situation. Rapeseed oil has a chance to rebound, with the upper pressure range at 9,900 - 10,000 yuan [1]. 2.2 Cotton Industry - ICE cotton futures reached an 11 - month high. The US 2026 cotton planting area is expected to decrease. The domestic cotton market is expected to be slightly stronger in the short - term, and attention should be paid to spinning mills' order - receiving and macro news [2]. 2.3 Sugar Industry - ICE raw sugar futures reached a more than five - month high. The domestic sugar market is likely to maintain a high - level shock pattern in the short - term, and attention should be paid to the geopolitical situation in the Middle East and the alleviation of external risks [3]. 2.4 Red Date Industry - The red date market is currently weak both in futures and spot. It is in the low - valuation range and is expected to maintain low - level operation in the short - term [4]. 2.5 Apple Industry - The apple futures price has fallen from a high. The spot market is differentiated. The national cold - storage inventory is at a historical low, which supports the futures price. It is expected to fluctuate and consolidate in the short - term, and attention should be paid to the de - stocking of ordinary apples and weather changes [5]. 2.6 Corn and Corn Starch Industry - Corn prices are supported by limited remaining grain and rigid demand, and suppressed by grain substitution and policy releases. It will maintain a high - level shock in the range of 2,350 - 2,420 yuan/ton [7]. 2.7 Meal Industry - US soybeans have rebounded near 1,160 cents. The domestic soybean meal market has cooled down, and the short - term inventory is not loose. Attention should be paid to the planting intention report at the end of March [10]. 2.8 Pig Industry - The pig market is in a weak pattern. The spot price is expected to continue to bottom out, and the futures market may have opportunities for reverse spreads [12]. 2.9 Egg Industry - The egg supply is relatively loose, and the demand is average. The egg price may face pressure near 3,550 - 3,600 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry - Price Changes: On March 26, the average price of soybean oil in Jiangsu increased by 1.02% to 8,950 yuan/ton; the price of 24 - degree palm oil in Guangdong increased by 1.03% to 9,603 yuan/ton; the price of rapeseed oil in Jiangsu increased by 1.28% to 10,268 yuan/ton [1]. - Spread Changes: The soybean - palm oil spot spread decreased by 1.24%, and the rapeseed - soybean oil spot spread increased by 3.13% [1]. 3.2 Cotton Industry - Futures Market: The price of cotton 2605 increased by 1.35% to 15,420 yuan/ton, and the price of cotton 2609 increased by 1.24% to 12,242 yuan/ton [2]. - Spot Market: The Xinjiang arrival price of 3128B cotton increased by 0.14% to 16,597 yuan/ton, and the CC Index of 3128B increased by 0.20% to 16,745 yuan/ton [2]. - Industry Situation: The small - scale inventory decreased by 100%, the industrial inventory increased by 14.5%, the import volume decreased by 19.0%, and the bonded - area inventory increased by 9.8% [2]. 3.3 Sugar Industry - Futures Market: The price of sugar 2605 increased by 0.63% to 5,463 yuan/ton, and the price of sugar 2609 increased by 0.44% to 5,485 yuan/ton [3]. - Spot Market: The price in Nanning remained unchanged at 5,470 yuan/ton, and the price in Kunming increased by 0.09% to 5,325 yuan/ton [3]. - Industry Situation: The national sugar production decreased by 4.69%, the sales volume decreased by 27.39%, and the industrial inventory increased by 17.03% [3]. 3.4 Red Date Industry - Futures Market: The price of red date 2605 decreased by 0.62% to 8,835 yuan/ton, and the price of red date 2607 decreased by 0.94% to 9,060 yuan/ton [4]. - Spot Market: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained unchanged [4]. - Industry Situation: As of March 27, the inventory of 36 sample points was 11,459 tons, a decrease of 81 tons from last week [4]. 3.5 Apple Industry - Futures Market: The price of apple 2605 decreased by 0.32% to 9,946 yuan/ton, and the price of apple 2610 increased by 0.21% to 8,684 yuan/ton [5]. - Spot Market: The arrival volume of some fruit wholesale markets increased, and the national cold - storage inventory decreased by 5.69% to 441.79 tons as of March 26 [5]. 3.6 Corn and Corn Starch Industry - Corn: The price of corn 2605 remained unchanged at 2,376 yuan/ton, the basis remained unchanged at 14 yuan/ton, and the 5 - 9 spread decreased by 26.09% [7]. - Corn Starch: The price of corn starch 2605 increased by 0.07% to 2,765 yuan/ton, the basis decreased by 2.39% [7]. 3.7 Meal Industry - Soybean Meal: The spot price in Jiangsu remained unchanged at 3,280 yuan/ton, the futures price of M2605 increased by 0.68% to 2,952 yuan/ton, and the basis decreased by 5.75% [10]. - Rapeseed Meal: The spot price in Jiangsu increased by 0.39% to 2,570 yuan/ton, the futures price of RM2605 increased by 0.21% to 2,344 yuan/ton, and the basis increased by 2.26% [10]. 3.8 Pig Industry - Futures Market: The price of the main contract of live pigs 2605 decreased by 1.45% to 9,835 yuan/ton, and the price of live pigs 2607 decreased by 0.53% to 11,250 yuan/ton [12]. - Spot Market: The spot prices in various regions generally decreased, and the sample - point slaughter volume increased by 0.93% [12]. 3.9 Egg Industry - Futures Market: The price of the egg 04 contract increased by 2.64% to 3,418 yuan/500KG, and the price of the egg 05 contract increased by 2.99% to 3,512 yuan/500KG [14]. - Spot Market: The egg - producing area price increased by 0.47% to 3.30 yuan/jin, and the base difference increased by 28.03% [14]. - Industry Situation: The egg - laying hen chick price increased by 2.86% to 3.60 yuan/feather, and the egg - feed ratio decreased by 9.98% [14].