农产品日报-20260331

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints Corn - Corn futures' main contract 2605 saw short - sellers reducing positions during price decline, providing short - term support. Northeast and North China corn prices were weak over the weekend, with increased supply. Southern market prices rose, but wheat auctions and substitution reduced corn demand. The futures' main contract faces upward pressure, and short - selling is recommended [1]. Soybean and Soybean Meal - CBOT soybeans were almost flat on Monday, adjusting positions ahead of reports. US soybean acreage is expected to increase to 85.549 million acres, and inventory to 2.063 billion bushels, both negative factors. Domestic protein meal trended higher with a near - weak and far - strong pattern. Pig prices fell, reducing soybean meal consumption, and short - term trading is advised [1]. Palm Oil and Other Oils - BMD palm oil rose due to Indonesia's B50 plan and rising crude oil. High - frequency data showed a 38.4% - 50.6% increase in Malaysian palm oil exports from March 1 - 25. Domestic oil markets followed suit, with palm oil stronger than soybean and rapeseed oil. Short - term long - positions are recommended [1]. Eggs - The main egg futures contract 2605回调 after reaching the upper limit of the shock range, with a daily decline of 1.4%. Spot prices fell slightly. Supply pressure remains, but cost support raises the bottom of futures prices. Short - term trading is recommended, and attention should be paid to inventory data and surrounding commodity prices [2]. Pigs - The main pig futures contract 2605 oscillated at a low level, rising 0.4% daily. Spot prices rose slightly. Supply pressure persists, and prices are likely to remain weak. Attention should be paid to feed costs and surrounding commodity prices [2]. 3. Summary by Directory Market Information - Military actions against Iran will continue for at least three more weeks, and the US may send more warships to the Middle East. China's M2 balance at the end of February was 349.22 trillion yuan, up 9% year - on - year. China will strengthen market supervision. Iron ore inventories at 45 ports increased, and the price increase lacks fundamental support. The US allows the purchase of Russian oil, and China will release fertilizer reserves. Fertilizer and energy prices have risen due to the conflict, and Iraq plans to resume oil exports [3][4]. Variety Spreads - The report presents contract spreads and basis for various agricultural products such as corn, soybean, palm oil, eggs, and pigs, but specific spreads and basis values are not described in detail [5][8][10][13]