热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 蛋白粕： （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 周三，CBOT大豆上涨，因美元走弱。阿根廷天气担忧也支撑市场。不过巴西大豆收割初期，令市场承 压。阿根廷正在遭遇高温干旱天气，威胁作物产量。产区天气高温，急需降雨，但是天气预报预计直到 2月才能有望迎来显著缓解。市场关注 美豆出口销售报告，预计美豆单周净销售40-190万吨。巴西全国 谷物出口商协会表示，巴西1月大豆出口料为323万吨，低于早先预期的379万吨。同时市场关注阿根廷 的干燥天气。国内方面，蛋白粕偏强震荡。大宗商品普涨，节前备货需求释放给盘面提振力量。不过买 油卖粕套利资金限制了蛋白粕的涨幅。节前蛋白粕基差坚挺，59反套，盘面震荡偏强思路。策略上，双 卖策略。 油脂： （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 周三，BMD棕榈油上涨，跟随周边市场走高。但马币限制涨幅。1月减产和出口强劲的预期支撑。加菜 籽上涨，跟随美豆油走高，美国原油上涨及美国可再生燃料、生物柴油政策一直支撑美豆油价格，间接 利好加菜籽。高频数据显 ...

商 品 研 究 焦炭：一轮提涨落地，区间震荡 焦煤：区间震荡 【基本面跟踪】 焦煤焦炭基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | JM2605 | 1134.5 | 18 | 1.6% | | | | 12605 | 1684 | 16 | 1.0% | | 期货价格 | | | 昨日成交(手) | 昨日持仓(手) | 持仓变动(手) | | | | JM2605 | 714203 | 498910 | -14256 | | | | 12605 | 13284 | 38137 | -292 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) | | | | 临汾低硫主焦 吕梁低硫主焦 | 1640 1483 | 1640 1483 | 0 0 | | | 焦煤 | 吕梁瘦主焦煤 | 1243 | 1243 | 0 | | | | 吕梁中硫肥煤 | 1400 | 1400 | 0 | | 现货价格 | | 金泉蒙5精煤自提价 | 1234 | 1234 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 联系方式：010-56711796 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 29 日星期四 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 昨日锰硅主力合约 SM2603 收于 1130.5 元/吨，环比日盘开盘下跌 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 29 日星期四 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周三夜盘主力合约期货 BZ2603 价格上涨 81 元至 6148 元/吨，华东主流地区现货价 格 6020 元/吨（环比+70），山东地区现货价格 5957 元/吨（环比+16）。持仓方面， 多头增加 1493 手至 2.26 万手，空头减少 889 手至 2.67 万手。 【重要资讯】 | | -- ...

Morning session notice 早盘提示 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 01 月 29 日星期四 研究员： 王子健 从业资格：F03087965 交易咨询资格：Z0019551 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 ICE3 月合约结算价 63.73 跌 10 点，5 月 65.46 涨 1 点，7 月 67.10 涨 9 点；成交 约 6.5 万手。 | | --- | --- | --- | --- | | | | | 郑棉总成交 766247 持仓 1131663。结算价 5 月 14755，9 月 14870，1 月 15270。 【重要资讯】 1、1 月 23 日新疆巴州区域机采棉 3129B 含杂 2.5%以内对应 2605 合约疆内库销 售基差在 1030-1080 元/吨,提货价在 15730-15780 元/吨，较昨日上涨 100 元/吨 | | | | | 左右。 | | | | | 2 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材早报：矛盾有限，期钢延续窄幅震荡 市场信息： 1、 美联储宣布将联邦基金利率目标区间维持在3.5%至3.75%之间，符合市场普遍预期。 2、 国家统计局数据显示，2025 年，中国粗钢产量96081 万吨，同比下降4.4%；生铁产量 83604万吨，同比下降3.0%；钢材产量144612万吨，同比增长 3.1%。国家统计局数据显示，2025年钢铁行业实现利润总额1098.3亿元，同比增长299.2%；煤炭开采和洗选业实现利润总额3520.0亿元，同比下降41.8%。 海关总署数据显示，2025 年我国累计出口钢材11901.9 万吨，同比增长7.5%，创历史新高。 3、 1月28日，河北、天津地区部分钢厂对焦炭采购价格进行首轮上调，湿熄焦上调50元/吨，干熄焦上调55元/吨，2026年1月30日零点执行。 4、 1月28日，全国主港铁矿石成交89.70万吨，环比增10.8%；237家主流贸易商建筑钢材成交6.56万吨，环比减1.1%。 5、 上周，247家钢厂高炉炼铁产能利用率85.51%，环比上周增加0.03个百分点 ；钢厂盈利率40.6 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures**: The closing price of the BR main contract on January 28th was 13,265, with a daily change of 220 and a weekly change not fully legible; the holding volume was 76,340, a daily decrease of 3,155 and a weekly decrease of 20,342; the trading volume was 514,932, a daily decrease of 234,887 and a weekly increase of 332,175; the warrant quantity was 28,220, a daily increase of 100 and a weekly increase of 1,300; the virtual - real ratio was 13.53, a daily decrease of 1 and a weekly decrease of 4; the butadiene rubber basis was -315, a daily decrease of 70 and a weekly increase of 105; the styrene - butadiene basis was -72 (illegible in original data), a daily decrease of 220 and a weekly increase of 5; the 02 - 03 spread was -75, a daily decrease of 35 and a weekly increase of 5; the 03 - 04 spread was 10, a daily decrease of 5 and a weekly increase of 30; the RU - BR spread was 3,095, a daily decrease of 65 and a weekly decrease of 485; the NR - BR spread was -75, a daily decrease of 115 and a weekly decrease of 540 [4] - **Spot**: The Shandong market price was 12,950, a daily increase of 150 and a weekly increase of 1,100; the Transfar market price was 12,900, a daily increase of 150 and a weekly increase of 1,050; the Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,000; the CFR Northeast Asia price was 1,520, with no daily change and no weekly change; the CFR Southeast Asia price was 1,785, a daily increase of 35 and a weekly increase of 35 [4] - **Profit**: The spot processing profit was 15, a daily increase of 380 and a weekly increase of 616; the import profit was 271, a daily increase of 149 and a weekly increase of 1,117; the export profit was 511, a daily increase of 113 and a weekly decrease of 729 [4] BD (Butadiene) - **Spot**: The Shandong market price was 10,525, a daily decrease of 225 and a weekly increase of 475; the Jiangsu market price was 10,450, a daily decrease of 250 and a weekly increase of 600; the Yangzi ex - factory price was 10,600, a daily decrease of 200 and a weekly increase of 700; the CFR China price was 1,270, with no daily change and a weekly increase of 90 [4] - **Profit**: The carbon four extraction profit was not fully available in the data; the import profit was 319, a daily decrease of 250 and a weekly decrease of 95; the export profit was -1,035, a daily increase of 774 and a weekly change not fully legible; the styrene - butadiene production profit was 180 (illegible in original data), a daily increase of 350 and a weekly increase of 438; the ABS production profit data was not fully available; the SBS production profit was -1,130, a daily increase of 140 and a weekly decrease of 135 [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Northeast low - protein soybean prices are stable, supply is tightening, high - protein soybeans are in short supply. With 100% bid - ask success rate of 24099 tons of CGSCC soybeans, soybeans are expected to continue a strong and volatile trend [1] - In the corn market, farmers in Northeast China are more willing to sell after the twelfth lunar month. Feed and deep - processing plants have pre - holiday stocking needs, but with sufficient inventory, the market is cautious. Corn is expected to fluctuate widely before the Spring Festival, and buying on dips can be considered if there is a significant decline [1] - In the first half of 2026, the inventory of laying hens will decline monthly, with significant drops in March and April and a narrowing decline in May. Due to a marginal improvement in inventory, excessive short - selling is not recommended [2] - At the end of 2025, the inventory of breeding sows decreased by 2.9%, and the inventory of live pigs increased by 0.5%. The supply of live pigs around the Spring Festival is expected to be large, and the near - term and spot prices are unlikely to rise continuously. The far - term market depends on recent capacity reduction and the number of breeding sows [2][3] Summary by Related Categories Soybean - Northeast low - protein soybean prices are stable, high - protein soybeans are in short supply, with some 39% protein soybeans at around 2.2 yuan per catty. The 100% bid - ask success rate of 24099 tons of CGSCC soybeans shows market demand support, and soybeans are expected to be strongly volatile [1] Corn - In Northeast China, farmers' willingness to sell increases after the twelfth lunar month, and feed and deep - processing plants have pre - holiday stocking needs. However, with sufficient inventory (more than 30 days), the market is cautious. Corn is expected to fluctuate widely before the Spring Festival, and buying on dips can be considered for significant drops [1] Egg - From chicken - chick replenishment data, the inventory of laying hens will decline monthly in H1 2026, with significant drops in March and April due to low replenishment and accelerated old - hen culling. The decline narrows in May. Due to a marginal improvement in inventory, excessive short - selling is not recommended [2] Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and 101.6% of the normal level; the number of live pigs sold was 719.73 million, an increase of 17.16 million or 2.4%, and the inventory of live pigs was 429.67 million, an increase of 2.24 million or 0.5%. The supply around the Spring Festival is large, and near - term and spot prices are unlikely to rise continuously. The far - term market depends on recent capacity reduction and the number of breeding sows [2][3]

研究所 农产品研发报告 花生日报 2026 年 1 月 28 日 | 期货从业证号： | | 第一部分 | 数据 | | --- | --- | --- | --- | | F03107370 | | 花生数据日报 | | | 投资咨询证号： | | 期货盘面 | | | Z0018389 | 期货 | | | | | PK604 | | | 研究员：刘大勇 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2026/1/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7984 | 18 | 0.23% | 15,379 | -44.44% | 41,548 | 5.70% | | PK610 | | 8246 | 18 | 0.22% | 68 | -59.28% | 2,740 | - ...

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the recent drought in Argentina, the supply pressure has weakened, and it is expected that U.S. corn will oscillate strongly at the bottom. The supply of corn in North China has increased, and the spot price of corn is stable, while that in Northeast China is relatively stable. Farmers' reluctance to sell has begun to ease, and the spot price will remain relatively stable in the short term. The purchase price at northern ports is weak today. The price of wheat in North China is strong, and the price difference between corn in Northeast and North China is widening. Recently, the market has been trading on the increased grain sales in North China before the Spring Festival, and there is still selling pressure on corn in Northeast China later. The rebound space for corn spot is limited, and there is room for a decline in the March corn contract. The short - term outlook for the March starch contract is a weak oscillation [4][6][8]. Summary by Directory Part I: Data - **Futures Market Data**: For corn futures contracts C2601, C2605, and C2509, the closing prices are 2255, 2279, and 2297 respectively, with price changes of 4, - 3, and - 1, and price change rates of 0.18%, - 0.13%, and - 0.04%. For corn starch futures contracts CS2601, CS2605, and CS2509, the closing prices are 2588, 2610, and 2623 respectively, with price changes of 3, 2, and 6, and price change rates of 0.12%, 0.08%, and 0.23% [2]. - **Spot and Basis Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiajie, and Zhucheng Xingmao are 2160, 2220, and 2328 respectively, with price changes of 0. The basis values range from - 137 to 153. The spot prices of corn starch in different regions such as Longfeng, COFCO, and Yihai (Heilongjiang) are 2730, 2700, and 2700 respectively, with price changes of 0. The basis values range from 90 to 290 [2]. - **Spread Data**: For corn inter - delivery spreads like C01 - C05, C05 - C09, and C09 - C01, the spreads are - 24, - 18, and 42 respectively, with price changes of 7, - 2, and - 5. For corn starch inter - delivery spreads like CS01 - CS05, CS05 - CS09, and CS09 - CS01, the spreads are - 22, - 13, and 35 respectively, with price changes of 1, - 4, and 3. For cross - variety spreads like CS09 - C09, CS01 - C01, and CS05 - C05, the spreads are 326, 333, and 331 respectively, with price changes of 7, - 1, and 5 [2]. Part II: Market Analysis - **Corn**: The drought in Argentina has led to a bottom - rebound of U.S. corn, but it is still oscillating at the bottom due to global supply pressure. The import profit of foreign corn is rising. The northern port's flat - hatch price has declined, while the spot price in the Northeast corn - producing area is stable. The supply of corn in North China has decreased, and the spot price is strong. The price difference between Northeast and North China corn has narrowed. Wheat and corn are still being auctioned. The price of wheat in North China is strong, and the price difference between wheat and corn is large, which makes corn more cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The supply of corn in the Northeast is still low, and the price is strong. Farmers' reluctance to sell has weakened, and the port inventory is low. The purchase price at northern ports is weak today. The price of the March contract has continued to decline, and the basis of the spot price has strengthened [4][6]. - **Corn Starch**: The number of trucks arriving at Shandong deep - processing plants has increased, and the spot price of corn in Shandong is stable. The spot price of corn starch in Shandong is around 2770 yuan, and that in the Northeast is stable. The inventory of corn starch has decreased this week, with the manufacturer's inventory at 102.8 million tons, a decrease of 4.1 million tons from last week, a monthly decline of 6.7%, and a year - on - year decline of 8.0%. The price of starch mainly depends on the price of corn and downstream stocking. The by - product prices are still strong, much higher than last year, and the spot price difference between corn and starch is at a low level. Corn prices in North China and the Northeast are stable in the short term. Due to the end of pre - Spring Festival stocking, the spot price of starch is weak, and enterprises are still in the red. The March starch contract has followed the decline of corn, but the short - term decline space is limited, and it is expected to oscillate weakly in the short term [7]. Part III: Trading Strategies - **Unilateral Trading**: The March U.S. corn contract has support at 420 cents per bushel. Consider establishing long positions in the July and May corn contracts [9]. - **Arbitrage Trading**: Hold off on trading for now [10]. Part IV: Corn Options - **Option Strategy**: Adopt a short - term cumulative put option strategy and conduct rolling operations [11]. Part V: Related Attachments - The attachments include six figures: the northern port's corn flat - hatch price, the basis of the May corn contract, the May - September spread of corn, the May - September spread of corn starch, the basis of the May corn starch contract, and the spread of the May corn starch contract [14][15][19].