《农产品》日报-20260327

1. Report Industry Investment Ratings No information provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Malaysian BMD crude palm oil futures are expected to break through the 4,600 ringgit resistance, and Dalian palm oil futures may break through the 9,700 yuan resistance [1]. - CBOT soybean oil is expected to reach 70 cents, and domestic soybean oil has both bullish and bearish factors [1]. - Zhengzhou rapeseed oil futures have a chance to rebound, with the upper pressure range at 9,900 - 10,000 yuan [1]. 2.2 Cotton Industry - ICE cotton futures hit an 11 - month high. The domestic cotton market is expected to be oscillating and slightly stronger in the short - term, and attention should be paid to spinning mills' order - receiving and macro - level 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 oscillation in the short - term, and attention should be paid to geopolitical developments in the Middle East and the mitigation of external risk factors [3]. 2.4 Jujube Industry - The jujube market is currently in a state of weak futures and spot prices, and the futures price is expected to remain at a low level in the short - term [4]. 2.5 Apple Industry - The apple futures price has fallen from a high level. The spot market is differentiated. The national cold - storage inventory is at a historical low, which supports the futures price. The market is expected to oscillate 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 oscillating at a high level, with support from limited remaining grain and rigid demand, and suppression from grain substitution and policy releases. The operation range is mainly between 2,350 - 2,420 yuan [7]. 2.7 Meal Industry - US soybeans have rebounded near 1,160 cents. Domestic soybean meal sentiment has cooled, and the market is waiting for the planting intention report at the end of March [10]. 2.8 Pig Industry - The pig market is in a weak state. Spot prices are expected to continue to bottom out, and the futures market is in a reverse - spread pattern. Attention should be paid to the 5 - 7 or 5 - 9 reverse - spread opportunities [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 3.1.1 Price Changes - On March 26, the average price of soybean oil in Jiangsu increased by 1.02% to 8,950 yuan, and the futures price of Y2605 increased by 1.12% to 8,646 yuan [1]. - The price of 24 - degree palm oil in Guangdong increased by 1.03% to 9,603 yuan, and the futures price of P2605 increased by 1.09% to 9,614 yuan [1]. - The price of rapeseed oil in Jiangsu increased by 1.28% to 10,268 yuan, and the futures price of OIROS increased by 1.37% to 9,840 yuan [1]. 3.1.2 Spread Changes - The soybean - palm oil spot spread decreased by 1.24% to - 653 yuan, and the soybean - palm oil futures spread (2605) decreased by 0.83% to - 968 yuan [1]. - The rapeseed - soybean spot spread increased by 3.13% to 1,318 yuan, and the rapeseed - soybean futures spread (2605) increased by 3.20% to 1,194 yuan [1]. 3.2 Cotton Industry 3.2.1 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]. - The 5 - 9 spread of cotton increased by 10.71% to - 125 yuan/ton [2]. 3.2.2 Spot Market - The Xinjiang arrival price of 3128B increased by 0.14% to 16,597 yuan, and the CC Index: 3128B increased by 0.20% to 16,745 yuan [2]. - The FC Index: M: 1% increased by 1.55% to 13,270 yuan [2]. 3.2.3 Industry Situation - The small - scale inventory decreased by 100.0% to 0.00 tons, and the industrial inventory increased by 14.5% to 102.40 tons [2]. - The import volume decreased by 19.0% to 16.65 tons, and the bonded - area inventory increased by 9.8% to 47.10 tons [2]. 3.3 Sugar Industry 3.3.1 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]. - The 5 - 9 spread of sugar increased by 31.25% to - 22 yuan/ton [3]. 3.3.2 Spot Market - The Guoyuan price remained unchanged at 5,470 yuan, and the Nanning price increased by 0.09% to 5,325 yuan [3]. - The import price of Brazilian sugar (within quota) decreased by 1.55% to 4,331 yuan/ton, and the import price of Brazilian sugar (outside quota) decreased by 1.58% to 5,497 yuan/ton [3]. 3.3.3 Industry Situation - The cumulative national sugar production decreased by 4.69% to 926.00 tons, and the cumulative national sugar sales decreased by 27.39% to 345.00 tons [3]. - The cumulative sugar production in Guangxi decreased by 8.36% to 565.13 tons, and the monthly sugar sales in Guangxi increased by 20.16% to 162.23 tons [3]. 3.4 Jujube Industry - The price of jujube 2605 decreased by 0.62% to 8,835 yuan/ton, and the price of jujube 2607 decreased by 0.94% to 9,060 yuan/ton [4]. - The 5 - 7 spread of jujube decreased by 170 yuan to - 140 yuan/ton, and the 5 - 9 spread of jujube increased by 35 yuan to - 340 yuan/ton [4]. 3.5 Apple Industry - 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]. - The 5 - 10 spread of apple decreased by 3.81% to 1,262 yuan/ton [5]. 3.6 Corn and Corn Starch Industry 3.6.1 Corn - The price of corn 2605 remained unchanged at 2,376 yuan/ton, and the basis remained unchanged at 14 yuan [7]. - The 5 - 9 spread of corn decreased by 26.09% to - 29 yuan [7]. 3.6.2 Corn Starch - The price of corn starch 2605 increased by 0.07% to 2,765 yuan/ton, and the basis decreased by 2.39% to 204 yuan [7]. - The 5 - 9 spread of corn starch increased by 41.18% to - 10 yuan [7]. 3.7 Meal Industry 3.7.1 Soybean Meal - The price of Jiangsu soybean meal remained unchanged at 3,280 yuan, and the futures price of M2605 increased by 0.68% to 2,952 yuan [10]. - The basis of M2605 decreased by 5.75% to 328 yuan [10]. 3.7.2 Rapeseed Meal - The price of Jiangsu rapeseed meal increased by 0.39% to 2,570 yuan, and the futures price of RM2605 increased by 0.21% to 2,344 yuan [10]. - The basis of RM2605 increased by 2.26% to 226 yuan [10]. 3.8 Pig Industry 3.8.1 Futures Market - The price of the main pig contract decreased by 1.45% to 9,835 yuan/ton, and the 5 - 7 spread of pigs decreased by 6.39% to - 1,415 yuan [12]. 3.8.2 Spot Market - The spot price in Henan decreased by 150 yuan to 9,500 yuan/ton, and the spot price in Shandong decreased by 100 yuan to 9,700 yuan/ton [12]. 3.8.3 Industry Situation - The daily slaughter volume of sample points increased by 0.93% to 182,741, and the weekly white - strip price decreased by 0.86% to 17.25 yuan [12]. - The weekly piglet price remained unchanged at 26.20 yuan/kg, and the weekly sow price remained unchanged at 32.45 yuan/kg [12]. 3.9 Egg Industry - 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]. - The egg - producing area price increased by 0.47% to 3.30 yuan/jin, and the basis increased by 28.03% to - 116 yuan/500KG [14].