农产品日报（2026 年4 月1日）-20260401

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Corn is expected to be in a narrow - range oscillatory and slightly weak trend in the short term, with limited downward price space. Policy and macro factors are in a game, and short - selling can be considered in the short term. Pay attention to weather, selling rhythm, and policy grain release [1]. - Soybean meal is in an oscillatory state. The cost is the main factor, and short - term participation is recommended [2]. - Oils are in an oscillatory state with an upward - shifted oscillatory range. Short - long participation is recommended [2]. - Eggs are in an oscillatory state. The price is supported by cost, with a lifted bottom. Short - term trading is recommended, and follow - up inventory data and prices of surrounding commodities should be monitored [2]. - Pigs are in an oscillatory state. Before the supply pressure is effectively relieved, the price is likely to remain weak. Pay attention to the impact of feed cost and prices of surrounding commodities [2]. 3. Summary by Relevant Catalogs Research Views - Corn: On Tuesday, corn oscillated. The May contract decreased in price with reduced positions. The northeast corn price continued to decline slightly, and the market atmosphere weakened. The supply in the market is relatively sufficient in the short term, but the downward price space is limited. The price will continue to oscillate narrowly in the short term. Pay attention to weather, selling rhythm, and policy grain release. The price in the sales area is generally weak [1]. - Soybean Meal: On Tuesday, CBOT soybeans rose due to lower - than - expected planting area. The domestic protein meal oscillated downward, with a near - weak and far - strong pattern. The rising import cost helps to push up the price of protein meal. The decline in pig prices and the acceleration of breeding capacity reduction are not conducive to soybean meal consumption. The spot trading is sluggish, and short - term participation is recommended [2]. - Oils: On Tuesday, BMD palm oil rose. Indonesia will implement the B50 policy from July 1. The March export data is good. The domestic oil market rose accordingly. The import cost is the main factor driving the price. The spot price oscillates, and the soybean - palm oil price difference exceeds 1000 yuan/ton, which restrains palm oil consumption. The expected decrease in soybean crushing volume will lead to a decline in soybean oil inventory, and the spot basis is strong. Palm oil is stronger than soybean oil and rapeseed oil. Short - long participation is recommended [2]. - Eggs: On Tuesday, the main egg futures contract 2605 oscillated and closed down 0.38%. The spot price decreased. The egg - laying hen inventory increased in March, and the supply still exerts pressure on the price. The price is supported by cost, and short - term trading is recommended [2]. - Pigs: On Tuesday, pig futures continued to weaken. The spot price was stable with a slight decline. The slaughter volume is average, and the second - fattening replenishment is cautious, which has limited support for the price. Before the supply pressure is relieved, the price is likely to remain weak [2]. Market Information - Trump said the US may end the war with Iran in two to three weeks [3]. - Iran's President said Iran has no intention to start a war and is willing to end it under certain conditions [3]. - China's three ships passed through the Strait of Hormuz [3]. - Indonesia will implement a fuel rationing system and the B50 bio - fuel policy from July 1 [3]. - China's manufacturing PMI in March was 50.4%, up 1.4 percentage points from the previous month, returning to the expansion range [3]. - The predicted US soybean planting area in 2026 is 84.7 million acres, lower than the Reuters' expectation; the wheat planting area is 43.775 million acres, also lower than the expectation [4]. - The central bank will continue to implement a moderately loose monetary policy [4]. - The steel industry PMI in March was 50.6%, up 3.9 percentage points from the previous month, returning to the expansion range [4]. - Some glass production lines are planned for cold repair or stopped operation [4]. - CSPT decided not to set a reference price for spot copper concentrate processing fees in the second quarter of 2026 [4]. - The global battery energy storage cumulative installed capacity is expected to increase by 8 - 17 times from 2024 to 2035 [5]. - International precious metal futures generally rose, while crude oil futures mainly declined [5]. Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, oils, eggs, and pigs, but no specific data analysis is given [6][7][9][10][14][15][17][21][22] Team Member Introduction - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute. She has won many awards and has rich experience [25]. - Hou Xueling is a soybean analyst at Everbright Futures, with over a decade of futures experience and many awards [25]. - Kong Hailan is a researcher on eggs and pigs at Everbright Futures, with relevant research experience and honors [25].