Report Industry Investment Ratings - No information provided in the given content Core Views Pig Industry - Spot prices are oscillating weakly, and the overall boost from the Laba Festival is limited. Supply pressure is increasing, and the market is expected to maintain a bottom - range oscillation pattern [2] Meal Industry - US soybeans are showing a strong - side oscillation. The domestic spot market remains loose, but there is limited downward space for soybean meal and rapeseed meal. The market is expected to oscillate before the Spring Festival [5] Oil Industry - Palm oil futures are expected to continue to rise; soybean oil may be boosted by the US biofuel policy; rapeseed oil has been pushed up by capital. The overall market shows different trends [6] Red Date Industry - After the Laba Festival, the spot market's trading enthusiasm will decline. The futures are in a low - valuation range, and attention should be paid to the pre - Spring Festival trading and inventory [8] Apple Industry - The Spring Festival stocking atmosphere has slightly improved, but the inventory reduction is slow. Attention should be paid to the post - festival inventory [16] Corn Industry - Short - term corn remains in a high - level oscillation, supported by pre - festival stocking and restricted by policy releases. The 2,300 pressure level needs to be watched [19] Egg Industry - The egg market supply is stable, and the Spring Festival stocking is nearing the end. Attention should be paid to the terminal's digestion ability, and the egg price may correct [22] Cotton Industry - ICE cotton futures are in a low - level oscillation. Domestic cotton is supported by downstream demand and planting area expectations, and attention should be paid to the support at 14,500 [23] Sugar Industry - International raw sugar is expected to oscillate in the low range of 14 - 15 cents. Domestic sugar prices are expected to maintain a low - level oscillation, supported by cost and the overall commodity atmosphere [27] Summary by Related Catalogs Pig Industry - **Futures Indicators**: The main contract basis remains unchanged; the prices of "Pig 2605", "Pig 2603" and the "Pig 3 - 5 spread" have decreased; the main contract position has increased [2] - **Spot Prices**: The spot prices in most regions have decreased, with only some regions showing an increase [2] - **Spot Indicators**: The daily slaughter volume of sample points has increased slightly; the weekly prices of white strips, piglets, sows and the weekly average slaughter weight have changed little; the weekly self - breeding profit has increased by 486.60% [2] Meal Industry - **Soybean Meal**: The spot price in Jiangsu has increased by 1.30%, the futures price of "M2605" has increased by 0.65%, and the basis has increased by 6.69% [5] - **Rapeseed Meal**: The spot price in Jiangsu has increased by 1.19%, the futures price of "RM2605" has increased by 1.52%, and the basis has decreased by 1.40% [5] - **Soybeans**: The spot prices of soybeans in Harbin and Jiangsu have increased; the futures prices of "Bean 1 main contract" and "Bean 2 main contract" have decreased [5] Oil Industry - **Soybean Oil**: The spot price in Jiangsu has increased by 1.05%, the futures price of "Y2605" has increased by 1.63%, and the basis has decreased by 8.82% [6] - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong has increased by 1.90%, the futures price of "P2605" has increased by 2.04%, and the basis has decreased by 30.00% [6] - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu has increased by 3.62%, the futures price of "OI605" has increased by 3.94%, and the basis has increased by 0.63% [6] Red Date Industry - **Futures Prices**: The prices of "Red Date 2605", "Red Date 2607" and "Red Date 2609" have decreased [8] - **Spot Prices**: The spot prices of Cangzhou's special - grade red dates have decreased slightly, while those of first - grade and second - grade red dates remain unchanged [8] Apple Industry - **Futures Prices**: The price of the "Apple 2605" main contract has decreased by 0.72%, and that of the "Apple 2610" contract has decreased by 0.17% [12] - **Spot Indicators**: The arrivals at several fruit wholesale markets have increased; the national cold - storage inventory has decreased by 3.11% [12] Corn Industry - **Corn**: The price of "Corn 2603" has decreased by 0.30%, the Pingcang price at Jinzhou Port has increased by 0.43%, and the basis has increased by 34.00% [19] - **Corn Starch**: The price of "Corn Starch 2603" has decreased by 0.66%, the average price of corn starch has increased by 0.18%, and the basis has increased by 13.58% [19] Egg Industry - **Futures Prices**: The prices of the "Egg 03" and "Egg 04" contracts have increased [22] - **Spot Prices**: The egg - producing area price and the egg - chick price have increased, and the egg - to - feed ratio and the breeding profit have also improved [22] Cotton Industry - **Futures Market**: The prices of "Cotton 2605" and "Cotton 2609" have decreased, and the ICE US cotton main contract has decreased slightly [23] - **Spot Market**: The Xinjiang arrival price and the CC Index of 3128B have increased, while the FC Index of M: 1% has decreased [23] - **Industry Situation**: The commercial inventory has decreased by 100%, the industrial inventory has increased by 1.5%, and the import volume has increased by 49.5% [23] Sugar Industry - **Futures Market**: The prices of "Sugar 2605" and "Sugar 2609" have decreased, and the ICE raw sugar main contract has decreased by 1.54% [26] - **Spot Market**: The spot prices in Nanning and Kunming have decreased [26] - **Industry Situation**: The national sugar production and sales have decreased year - on - year, and the industrial inventory has increased [26]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views of the Reports - **Oil and Fat Industry**: The potential positive impact of the US biodiesel policy on CBOT soybean oil is countered by the approaching Chinese New Year, which reduces the likelihood of continuous long - position trading. The soybean oil basis may still decline in the short term. Malaysian palm oil may continue to strengthen after a short - term correction. Rapeseed oil is expected to maintain a wide - range oscillation, with limited upside potential in the short term [1]. - **Cotton Industry**: US cotton is in a low - level oscillation. The high cotton consumption due to high - capacity downstream spinning mills in China, along with the expected adjustment of the 2026 planting area, provides strong support for Zhengzhou cotton. Attention should be paid to the support level around 14,500 [2]. - **Sugar Industry**: Internationally, raw sugar is expected to remain in a low - level oscillation between 14 - 15 cents. Domestically, sugar prices are likely to maintain a low - level oscillation, with the approaching end of Chinese New Year stocking and lack of upward drivers, but some support from prices below production cost and a positive commodity market atmosphere [3]. - **Jujube Industry**: With the market focusing on peak - season consumption, the spot price of jujubes is expected to rebound from the bottom, but the upward space is limited by hedging pressure [4]. - **Apple Industry**: As the Chinese New Year stocking period arrives, the market in some apple - producing areas is warming up. The futures price is expected to be slightly stronger due to the low good - fruit rate, low inventory, and some short - position exits [5]. - **Corn and Corn Starch Industry**: In the short term, the tight supply of corn and pre - festival stocking demand support price increases, but the continuous policy - driven corn release and limited high - price transmission restrict the upward space [7]. - **Pig Industry**: The spot price of pigs has strengthened, but the supply pressure is expected to increase after the snow - weather passes. The market is likely to maintain a bottom - range oscillation [10]. - **Meal Industry**: US soybeans are oscillating strongly. The domestic meal market is expected to oscillate, with limited downward space due to factors such as low first - quarter arrival expectations and high - level inventory decline [13]. - **Egg Industry**: The egg supply is stable, and the demand may weaken. As egg prices reach a high level, there is a risk of price correction if the terminal digestion ability is weak [14]. 3. Summary by Relevant Catalogs Oil and Fat Industry - **Futures Prices**: On January 23, 2026, soybean oil futures (Y2605) increased by 0.12%, palm oil futures (P2605) decreased by 0.38%, and rapeseed oil futures (OI2605) decreased by 0.12% [1]. - **Spot Prices**: The average price of soybean oil in Jiangsu decreased by 0.35%, the price of 24 - degree palm oil in Guangdong decreased by 0.22%, and the price of third - grade rapeseed oil in Jiangsu decreased by 0.20% [1]. - **Basis**: The soybean oil basis decreased by 7.75%, the palm oil basis increased by 53.85%, and the rapeseed oil basis remained unchanged [1]. - **Inventory**: The soybean oil inventory in Chinese coastal crushing plants is at a high level since 2022, the palm oil inventory in Chinese ports is slowly decreasing, and the rapeseed oil inventory is decreasing [1]. Cotton Industry - **Futures Prices**: On January 26, 2026, cotton 2605 decreased by 0.24%, cotton 2609 decreased by 0.17%, and ICE US cotton decreased by 0.11% [2]. - **Spot Prices**: The Xinjiang arrival price of 3128B cotton increased by 0.27%, and the CC Index: 3128B increased by 0.20% [2]. - **Inventory and Consumption**: The circular inventory decreased by 100%, the industrial inventory increased by 1.5%, the import volume increased by 49.5%, and the consumption of cotton by downstream spinning mills is high [2]. Sugar Industry - **Futures Prices**: On January 26, 2026, sugar 2605 increased by 0.43%, sugar 2609 increased by 0.33%, and ICE raw sugar decreased by 1.54% [3]. - **Spot Prices**: The price in Nanning increased by 0.19%, and the price in Kunming increased by 0.19% [3]. - **Industry Data**: The cumulative sugar production in China decreased by 16.43%, the cumulative sales decreased by 37.18%, and the industrial inventory increased by 10.82% [3]. Jujube Industry - **Futures Prices**: On January 26, 2026, jujube 2605 increased by 0.63%, jujube 2607 increased by 0.51%, and jujube 2609 increased by 0.44% [4]. - **Spot Prices**: The price of Cangzhou's top - grade jujubes increased by 0.11%, and the prices of first - grade and second - grade jujubes remained unchanged [4]. - **Inventory**: The number of jujube warehouse receipts remained unchanged, and the number of effective forecasts increased by 6.68% [4]. Apple Industry - **Futures Prices**: On January 26, 2026, apple 2605 increased by 0.48%, and apple 2610 increased by 0.63% [5]. - **Spot Prices**: The basis decreased by 3.57% [5]. - **Inventory**: The national cold - storage inventory decreased by 3.11% [5]. Corn and Corn Starch Industry - **Corn**: On January 26, 2026, corn 2603 increased by 0.22%, the basis decreased by 9.09%, and the north - south trade profit increased by 90.91% [7]. - **Corn Starch**: Corn starch 2603 increased by 0.23%, the basis decreased by 3.57%, and the starch - corn 03 spread increased by 0.36% [7]. Pig Industry - **Futures Prices**: On January 26, 2026, the main pig contract increased by 5.31%, pig 2605 decreased by 0.38%, and pig 2603 decreased by 0.30% [10]. - **Spot Prices**: The prices in Henan, Shandong, and other regions showed different changes [10]. - **Industry Data**: The daily slaughter volume increased by 1.79%, and the self - breeding profit increased by 486.60% [10]. Meal Industry - **Soybean Meal**: The price of Jiangsu soybean meal remained unchanged, the futures price (M2605) decreased by 0.61%, and the basis increased by 5.45% [13]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal remained unchanged, the futures price (RM2605) decreased by 0.67%, and the basis increased by 5.56% [13]. - **Soybean**: The price of Harbin soybeans remained unchanged, the futures price of the main soybean contract increased by 0.86%, and the basis decreased by 16.30% [13]. Egg Industry - **Futures Prices**: On January 26, 2026, egg 03 decreased by 1.58%, and egg 04 decreased by 1.15% [14]. - **Spot Prices**: The egg - producing area price increased by 2.87%, and the basis increased by 26.72% [14]. - **Industry Data**: The price of egg - laying chicks increased by 3.33%, the price of culled chickens increased by 3.31%, and the egg - feed ratio increased by 17.36% [14].

1. Report Industry Investment Ratings - The investment rating for the soybean meal market is cautiously bearish [3] - The investment rating for the corn market is neutral [6] 2. Core Views - For the soybean meal market, although the current port inventory is high and the overall supply is sufficient, there are concerns about the arrival of soybeans in the first quarter. With the recent general rise in commodities, the soybean meal price has been strong recently. However, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is the most significant influencing factor. Attention should be paid to the growth of Brazilian soybeans and the USDA report [2] - For the corn market, the inventories of deep - processing and feed enterprises are gradually increasing and they mainly purchase on demand, but the inventory is still lower than the historical average. With the Spring Festival approaching, there will still be some stocking demand in the future. Attention should be paid to spot purchases and sales, imports, and grain auctions [4] 3. Summaries by Related Catalogs 3.1 Market News and Important Data - Soybean Meal - Futures: The soybean meal 2605 contract closed at 2,768 yuan/ton yesterday, up 43 yuan/ton or 1.58% from the previous day; the rapeseed meal 2605 contract closed at 2,250 yuan/ton, up 22 yuan/ton or 0.99% [1] - Spot: In Tianjin, the soybean meal spot price was 3,180 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 412, down 23 from the previous day; in Jiangsu, it was 3,070 yuan/ton, up 20 yuan/ton, with a basis of M05 + 302, down 23; in Guangdong, it was 3,090 yuan/ton, up 30 yuan/ton, with a basis of M05 + 322, down 13. In Fujian, the rapeseed meal spot price was 2,450 yuan/ton, up 20 yuan/ton, with a basis of RM05 + 200, down 2 [1] - Market News: The Brazilian National Association of Grain Exporters expects Brazil's soybean exports in January 2026 to be 3.79 million tons, higher than the previous estimate of 3.73 million tons and a 238% increase from 1.12 million tons in the same period last year [1] 3.2 Market News and Important Data - Corn - Futures: The corn 2603 contract closed at 2,295 yuan/ton yesterday, up 12 yuan/ton or 0.53% from the previous day; the corn starch 2603 contract closed at 2,569 yuan/ton, up 18 yuan/ton or 0.71% [3] - Spot: In Liaoning, the corn spot price was 2,150 yuan/ton, unchanged from the previous day, with a spot basis of C03 + 55, down 7 from the previous day; in Jilin, the corn starch spot price was 2,630 yuan/ton, unchanged, with a basis of CS03 + 61, down 18 [3] - Market News: The Brazilian National Association of Grain Exporters estimates that the exports of soybeans, soybean meal, corn, and wheat in January 2026 will be 9.4 million tons, higher than the previous estimate of 9.17 million tons [3] 3.3 Strategies - For the soybean meal market, the strategy is to be cautiously bearish [3] - For the corn market, the strategy is neutral [6]

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views 1. Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures are oscillating around 4,050 ringgit. After the short - term oscillation, a new breakthrough direction will be chosen. If Malaysian palm oil breaks through 4,200 ringgit, domestic palm oil futures may follow suit [1]. - Soybean oil: The US EPA is expected to finalize the 2026 Renewable Volume Obligations (RVO) in early March. The domestic soybean oil inventory decreased last week, but the Spring Festival stocking is almost over, and the basis quotation has limited fluctuation space [1]. - Rapeseed oil: The improvement in China - Canada trade relations brings hope for rapeseed imports, but it cannot relieve the short - term supply shortage. The rapeseed oil futures and basis are expected to have limited downward space and will maintain a narrow - range oscillation in the short term [1]. 2. Cotton USDA weekly signing reached a high for the year, and the US cotton production was slightly reduced. Zhengzhou cotton has support from cotton consumption demand but is also restricted by factors such as compressed downstream profits and the high domestic - foreign cotton price difference. Short - term cotton prices are expected to continue the adjustment trend [2]. 3. Sugar Internationally, the Brazilian sugar production in late December decreased year - on - year, but the cumulative production increased. India's sugar production is strong, and Thailand's sugar - making season is slow. Domestically, the spot market is in the peak season, but the consumption fails to meet expectations. Sugar prices are expected to maintain a low - level oscillation [3]. 4. Red Dates Affected by weak demand and pessimistic market sentiment, futures prices are under pressure. The Spring Festival peak - season effect is not obvious, and the market is in a state of active de - capacity. The futures market is expected to oscillate weakly in the short term [4]. 5. Apples The procurement in the production areas has started, but the transaction is light, and the price is weakly stable. The inventory in the sales areas is high, and the demand is weak. The futures market is affected by weak demand and cooling capital sentiment, and the futures prices are expected to oscillate weakly [6][9]. 6. Corn The supply of corn in the short term is tight, and the downstream demand for pre - holiday stocking is increasing, which supports the corn price. However, the increasing policy - related corn supply limits the price increase. Corn prices are expected to oscillate at a high level [13]. 7. Pigs The weekend spot pig prices are strong, and the breeding side is reluctant to sell. There is still some second - fattening, but the enthusiasm is limited. The supply - demand game is intensifying. The futures market is mainly trading the post - Spring Festival demand, and the market is expected to oscillate at the bottom [16][17]. 8. Meal The domestic soybean and soybean meal supply is abundant, and the auction suppresses the market. However, the expected arrival volume in the first quarter is low, and there is uncertainty in the arrival rhythm. The soybean meal inventory has started to decline. The soybean meal futures are expected to oscillate, and attention should be paid to the support around 2,700 [20]. 9. Eggs The decline in the laying - hen inventory has slowed down, and the market's overall shipment pressure has been relieved. The Spring Festival stocking is over, and the market is afraid of high prices. The futures prices are expected to oscillate within a range [23]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: On January 15, 2026, the average price of soybeans in Jiangsu decreased by 0.59% compared with the previous day; the price of 24 - degree palm oil in Guangdong decreased by 1.88%; the price of third - grade rapeseed oil in Jiangsu decreased by 0.91%. The prices of related futures contracts also showed different degrees of decline [1]. - **Inventory Changes**: The soybean oil inventory decreased by 68,800 tons last week; the palm oil warehouse receipts decreased by 900; the rapeseed oil warehouse receipts decreased by 80 [1]. - **Spread Changes**: The soybean - palm oil spot spread increased by 39.93%; the rapeseed - soybean oil spot spread decreased by 2.92% [1]. 2. Cotton - **Futures Market**: On January 20, 2026, the cotton 2605 contract decreased by 0.31%, and the cotton 2609 contract decreased by 0.24%. The main contract's open interest decreased by 2.62% [2]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton decreased by 0.49%, and the CC Index: 3128B decreased by 0.32% [2]. - **Industry Situation**: The commercial inventory increased by 23.5%, the import volume increased by 33.3%, the yarn inventory days decreased by 4.6%, and the fabric inventory days increased by 4.4% [2]. 3. Sugar - **Futures Market**: On January 20, 2026, the sugar 2605 contract decreased by 0.27%, and the sugar 2609 contract decreased by 0.13%. The ICE raw sugar main contract increased by 2.74% [3]. - **Spot Market**: The Nanning sugar price decreased by 0.19%, and the Kunming sugar price remained unchanged [3]. - **Industry Situation**: The cumulative national sugar production decreased by 16.43%, the cumulative sales decreased by 37.18%, and the industrial inventory increased by 10.82% [3]. 4. Red Dates - **Futures Market**: On January 20, 2026, the red date 2605 contract decreased by 0.68%, the 2607 contract decreased by 0.67%, and the 2609 contract decreased by 0.60% [4]. - **Spot Market**: The Cangzhou super - grade red date price decreased by 0.74%, and the first - grade red date price decreased by 2.44% [4]. - **Inventory**: The open interest increased by 3.84%, the warehouse receipts increased by 0.83%, and the effective forecasts decreased by 7.69% [4]. 5. Apples - **Futures Market**: On January 20, 2026, the apple 2605 contract decreased by 2.05%, and the 2610 contract decreased by 0.92%. The open interest decreased by 8.03% [6]. - **Spot Market**: The arrival volume at major fruit wholesale markets increased, and the national cold - storage inventory decreased by 2.25% [6]. 6. Corn - **Futures Market**: On January 20, 2026, the corn 2603 contract's basis decreased by 7.25%, and the 3 - 7 spread increased by 50.00%. The open interest increased by 0.45%, and the warehouse receipts increased by 4.61% [13]. - **Spot Market**: The Jinzhou Port FAS price decreased by 0.21%, and the Shekou Port market price remained unchanged [13]. - **Industry Situation**: In the Northeast, the price is strongly supported; in North China, the price has a small increase. The demand side has a certain inventory - building intention [13]. 7. Pigs - **Futures Market**: On January 20, 2026, the main pig futures contract increased by 44.87%, the 2605 contract decreased by 1.73%, and the 2603 contract decreased by 2.30%. The open interest decreased by 4.40%, and the warehouse receipts decreased by 46.87% [16]. - **Spot Market**: The pig prices in various regions showed an upward trend, and the slaughter volume decreased by 0.52% [16]. - **Industry Situation**: The self - breeding profit increased by 164.04%, and the purchased - piglet breeding profit increased by 2193.07%. The fertile sow inventory decreased by 1.12% [16]. 8. Meal - **Futures Market**: On January 20, 2026, the soybean meal 2605 contract remained unchanged, the rapeseed meal 2605 contract decreased by 1.51%, the soybean 1 main contract decreased by 0.07%, and the soybean 2 main contract decreased by 0.15% [20]. - **Spot Market**: The Jiangsu soybean meal price remained unchanged, the Jiangsu rapeseed meal price decreased by 3.39%, the Harbin soybean price remained unchanged, and the Jiangsu imported soybean price remained unchanged [20]. - **Industry Situation**: The domestic soybean and soybean meal supply is abundant, but the expected arrival volume in the first quarter is low [20]. 9. Eggs - **Futures Market**: On January 20, 2026, the egg 03 contract decreased by 1.60%, and the 04 contract decreased by 1.23% [23]. - **Spot Market**: The egg - producing area price increased by 1.71%, the egg - chick price increased by 3.45%, the culled - hen price increased by 7.50%, and the feed - to - egg ratio decreased by 3.42% [23]. - **Industry Situation**: The laying - hen inventory decline has slowed down, and the Spring Festival stocking is over [23].

"贵州鸡蛋作为粤港澳大湾区重要的'菜篮子'产品，深受市场青睐。但随着销售规模扩大和市场价格波 动加剧，当地养殖企业面临稳定产品品质和规避价格风险的双重挑战。与此同时，贵州蛋鸡产业规模化 率已达91.6%，具备对接全国期货市场的产业基础。"陈勇表示。 配对买方、现场质量检验、数字化交割流程……1月15日，凤和祥农业发展有限公司（简称凤和祥）顺 利完成贵州省首单鸡蛋期货交割。从过去因异地交割壁垒而无法有效利用期货工具，到如今在本土完成 从生产、标准化检测、仓单注册到交割的全流程闭环，这场交割不仅实现了贵州鸡蛋期货交割"零的突 破"，更标志着贵州鸡蛋产业与期货市场实现深度融合，为区域农业金融化探索踏出了关键一步。 从"用不上"到"用得好"的贵州实践 长期以来，贵州本土养殖企业参与鸡蛋期货套期保值面临着一道无形的"高墙"。"设立交割库前，我们 参与期货市场面临异地交割壁垒和区域适配缺失两大难题。"凤和祥董事长陈勇回忆。运输成本高昂、 鸡蛋损耗大、交割时效难控，使得套保工具虽在眼前，落地效果却受到一定制约。 改变，始于交割库的设立。作为贵州首家鸡蛋期货交割厂库，凤和祥承担起了"破冰"重任。为确保首单 交割成功，公司进行 ...

Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: The near - month soybean meal is expected to fluctuate strongly, while the far - month contracts remain weak due to the bearish effect of the USDA report and may decline further if South American harvest progresses well. For oils, after the phased bearish factors are exhausted, it is recommended to buy on dips in the medium term [1][2] Group 1: Soybean Meal - On January 14, 2026, US private exporters reported selling 334,000 tons of US soybeans to China for 2025/26 delivery. Since October 30, USDA has confirmed 5.35 million tons of soybean sales to China. China's soybean imports in December 2025 were 8.044 million tons, and 8.107 million tons in November. The total import in 2025 was 111.833 million tons. Private exporters also reported selling 136,000 tons of corn to South Korea for 2025/26 delivery [1] - The market is unclear about the later reserve - release schedule. Recent imported soybean reserve releases were all sold at a premium, indicating a supply gap and strong short - term demand. Near - month soybean meal is expected to fluctuate strongly, and far - month contracts may decline further if South American harvest progresses well [1] Group 2: Oils - According to ITS data, Malaysia's palm oil exports from January 1 - 15, 2026 were 727,440 tons, an 18.64% increase compared to the same period last month. Malaysia set the reference price of crude palm oil for February 2026 at 3,846.84 ringgit per ton, with an export tariff rate of 9.0% [2] - On January 15, 2026, Chinese Foreign Minister Wang Yi met with Canadian Foreign Minister Anand. A dialogue between Chinese and Canadian leaders is expected to discuss Canadian rapeseed imports [2] - Uncertainty about Indonesia's B50 policy led to a slight decline in palm oil. Rapeseed oil fell significantly as the market awaited the China - Canada leaders' meeting. Palm oil also dropped but was supported by the improving export situation in Malaysia. It is recommended to buy on dips after the phased bearish factors are exhausted [2]

Core Viewpoint - The domestic grain market shows significant positive movement, particularly in early indica rice futures, which remain stable at 2500.00 yuan/ton as of the report date [1]. Market Information - As of January 10, Brazil's first corn planting rate reached 89.9%, up from 88.3% the previous week and higher than 87.1% during the same period last year, exceeding the five-year average of 85.7% [1]. - Brazil's corn harvesting rate is at 2.4%, an increase from 0.7% the previous week, and comparable to 2.3% last year, but below the five-year average of 4.2% [1]. - In the United States, 66.67% of major corn-producing areas are expected to experience below-normal temperatures in the next 6-10 days, while 67% anticipate near-normal precipitation levels [1]. U.S. Corn Outlook - The USDA's projections for the 2025/26 U.S. corn season indicate an increase in production, with higher feed and waste usage, while food, seed, and industrial usage are expected to decline, leading to an increase in ending stocks [1]. - As of December 1, 2025, total U.S. corn stocks are reported at 1.33 billion bushels, a 10% increase year-on-year. On-farm stocks are at 870 million bushels, up 14% year-on-year, while off-farm stocks are at 458 million bushels, a 4% increase year-on-year [1]. - Corn consumption is projected at 5.29 billion bushels, compared to 4.58 billion bushels during the same period last year [1].

Group 1 - The core viewpoint of the articles indicates mixed movements in the futures prices of corn, wheat, and soybeans on the Chicago Mercantile Exchange, with soybeans experiencing a slight increase due to rumors of Chinese purchases [1][2] - The most actively traded corn contract for March 2026 closed at $4.46 per bushel, down 0.25 cents or 0.06% from the previous trading day [1] - The March 2026 wheat contract settled at $5.17 per bushel, decreasing by 0.75 cents or 0.14% [1] - The March 2026 soybean contract rose to $10.63 per bushel, gaining 1.25 cents or 0.12% [1] Group 2 - The increase in soybean futures prices is supported by rumors that China will purchase 10-12 ships of U.S. soybeans in April-May [2] - Key factors influencing market sentiment include the projected corn yield for the U.S. in 2025 and whether the USDA will lower its corn yield forecast below 183 bushels per acre [2] - The ending stocks of corn for the 2025-2026 marketing year are expected to exceed 2 billion bushels, prompting market analysts to sell old corn and soybeans following the report release [2] - The U.S. Supreme Court has postponed its ruling on the tariffs under the International Emergency Economic Powers Act (IEEPA) until January 14, which may heighten tensions in the financial markets next week [2]

Group 1: Apple Report Industry Investment Rating Not provided Core View The apple market shows that the number of inquiries in production areas increases, the arrival volume at wholesale markets decreases, and prices are stable. As of January 7, 2026, the cold - storage inventory in the main apple - producing areas is 720.90 million tons, with a slightly faster destocking speed compared to the previous week, but still lower than the same period last year. Affected by last year's weather and the price advantage of citrus, the pressure to clear apple inventory remains high. The futures market has a slight reduction in positions and is in a volatile adjustment phase. Attention should be paid to the Spring Festival stocking situation [1]. Summary by Relevant Catalog - **Futures Market**: The price of the Apple 2605 (main contract) is 9531 yuan/ton, down 0.54% from the previous value; the price of the Apple 2610 contract is 8451 yuan/ton, down 0.27%. The futures position decreases by 7.82% [1]. - **Wholesale Market**: The arrival volume at Chalong Fruit Wholesale Market, Jiangmen Fruit Wholesale Market, and Xiaqiao Fruit Wholesale Market decreases by 58.33%, 55.56%, and 52.00% respectively [1]. - **Inventory and Profit**: The national cold - storage inventory is 720.90 million tons, down 1.73% from the previous value; the factory - warehouse delivery profit is 336 yuan/ton, down 12.50% [1]. Group 2: Red Dates Report Industry Investment Rating Not provided Core View Currently, downstream buyers purchase as needed, the number of buyers inspecting goods increases, and the transaction situation improves. The spot market price stabilizes, and the generation progress of new - season warehouse receipts accelerates. Attention should be paid to the pre - Spring Festival stocking situation and the actual destocking progress. In the short term, there is no obvious driving force in the fundamentals, and the futures price fluctuates and consolidates due to the cooling market sentiment [7]. Summary by Relevant Catalog - **Futures Market**: The price of the Red Dates 2605 (main contract) is 9075 yuan/ton, down 0.82% from the previous value; the position increases by 2.55% [3]. - **Spot Market**: The price of Cangzhou's super - grade red dates is 9470 yuan/ton, down 0.42% from the previous value; the price of first - grade red dates remains unchanged [3]. - **Warehouse Receipts**: The sum of warehouse receipts and valid forecasts is 3110, up 3.39% [3]. Group 3: Oilseeds and Oils Report Industry Investment Rating Not provided Core View - **Palm Oil**: With the release of the MPOB report next week, if there is a positive impact of improved exports in January after the release of negative factors, the Malaysian crude palm oil futures may rise to 4200 - 4250 ringgit. The domestic Dalian palm oil futures market is in a range - bound shock, and its future trend depends on the Malaysian palm oil trend and the pre - holiday stocking demand. Attention should be paid to the support in the range of 8500 - 8600 yuan [9]. - **Soybean Oil**: The recent rise of CBOT soybeans supports CBOT soybean oil. However, due to the uncertainty of the industrial consumption of US soybean oil and the continuous decline of international crude oil, CBOT soybean oil is in a short - term narrow - range shock adjustment. After the adjustment, it may decline due to the upcoming South American soybean harvest. The domestic soybean oil fundamentals are good, but the overall stocking volume this year is lower than last year, and the expected high yield of Brazilian soybeans continues to put pressure on the soybean market. Domestic soybean oil may decline after a short - term shock [9]. - **Rapeseed Oil**: If the trade relationship between China and Canada is repaired, it will help replenish the domestic rapeseed oil inventory. Affected by this negative sentiment, the Zhengzhou rapeseed oil leads the decline in the vegetable oil market. In the short term, attention should be paid to the progress of next week's consultations, and the market is generally regarded as weak [9]. Summary by Relevant Catalog - **Soybean Oil**: The price of the Y2605 contract is 7944 yuan/ton, up 0.35% from the previous value; the basis is 502 yuan/ton, up 8.76% [9]. - **Palm Oil**: The price of the P2605 contract is 8612 yuan/ton, up 0.58% from the previous value; the basis remains unchanged [9]. - **Rapeseed Oil**: The price of the OI605 contract is 8956 yuan/ton, down 1.53% from the previous value; the basis is 744 yuan/ton, down 7.58% [9]. Group 4: Corn and Corn Starch Report Industry Investment Rating Not provided Core View In the corn market, the trading activity in the Northeast is average with stable prices, and in the North China region, there is a sentiment of hoarding, but enterprises are reluctant to raise prices due to losses. On the demand side, deep - processing enterprises need to replenish inventory, but they are restricted by high prices, and feed enterprises mainly replenish inventory on a rolling basis. In terms of policies, the targeted auction of imported corn continues, and the corn bidding sales have started, which will suppress the upward space of corn prices. In the short term, the corn price is firm, but attention should be paid to policy changes [11]. Summary by Relevant Catalog - **Corn**: The price of the Corn 2603 contract is 2266 yuan/ton, up 0.80% from the previous value; the position increases by 2.41% [11]. - **Corn Starch**: The price of the Corn Starch 2603 contract is 2546 yuan/ton, up 0.32% from the previous value; the basis is 167 yuan/ton, down 4.02% [11]. Group 5: Meal Report Industry Investment Rating Not provided Core View The US soybeans are strongly affected by funds and sentiment, and the market is looking forward to the USDA supply - demand report next Monday. With the continuous appreciation of the RMB, the Brazilian crushing margin is improving, and domestic purchasing is accelerating. The visit of Canada to China brings positive signals, and the price of domestic rapeseed meal drops, which drags down the soybean meal market. The domestic spot market remains loose, and the soybean and soybean meal inventories are still at a high level. Although the expected arrival volume in the first quarter is low, the soybean meal price is in a short - term range - bound shock, with the upper limit affected by policies [14]. Summary by Relevant Catalog - **Soybean Meal**: The price of the M2605 contract is 2782 yuan/ton, down 1.03% from the previous value; the basis is 368 yuan/ton, up 19.09% [14]. - **Rapeseed Meal**: The price of the RM2605 contract is 2358 yuan/ton, down 2.52% from the previous value; the basis is 82 yuan/ton, up 15.49% [14]. Group 6: Sugar Report Industry Investment Rating Not provided Core View The Brazilian sugarcane crushing is coming to an end, and the market focus has shifted to the northern hemisphere. India's sugar production in the 2025/26 season has increased significantly. Thailand's sugar production is still lower than the same period last year. It is expected that the price will fluctuate horizontally in the range of 14.5 - 15.5 cents/pound in the short term. In the domestic market, the pre - Spring Festival stocking demand is coming, and the group transactions are good. However, considering that it is the peak season of the sugar - making season, the market is cautious, and the sugar price is expected to fluctuate in a low - level range [16]. Summary by Relevant Catalog - **Futures Market**: The price of the Sugar 2605 contract is 5279 yuan/ton, down 0.04% from the previous value; the position decreases by 2.33% [16]. - **Spot Market**: The price of Nanning's sugar remains unchanged at 5350 yuan/ton; the price of Kunming's sugar is 5230 yuan/ton, up 0.19% from the previous value [16]. - **Industry Situation**: The national sugar production cumulative value is 105 million tons, down 23.24% year - on - year; the sales volume cumulative value is 35 million tons, down 42.53% year - on - year [16]. Group 7: Live Pigs Report Industry Investment Rating Not provided Core View The spot pig price has returned to a volatile pattern. After the New Year's Day, the market demand has declined significantly. The northern pig supply has decreased, but the high price has affected the slaughtering enterprises' purchasing enthusiasm. The southern demand has declined significantly, putting pressure on the spot price. Although there is still some supplementary stocking in the second - fattening market, the overall enthusiasm is weak. The market is betting on the pre - Spring Festival consumption, but it is expected that there will be a large - scale supply in January, and the futures price has limited upward space and may face pressure later [17]. Summary by Relevant Catalog - **Futures Market**: The price of the main live - pig contract is 12200 yuan/ton, down 0.49% from the previous value; the position decreases by 0.08% [17]. - **Spot Market**: The price of live pigs in Henan is 12900 yuan/ton, down 100 yuan/ton from the previous value; the price in Shandong is 13250 yuan/ton, up 100 yuan/ton from the previous value [17]. - **Industry Indicators**: The daily slaughter volume of sample slaughterhouses is 225557, down 0.77% from the previous value; the self - breeding profit per head is - 35 yuan, up 73.41% from the previous value [17]. Group 8: Cotton Report Industry Investment Rating Not provided Core View The ICE cotton futures have declined due to the weekly export sales report and technical pressure. The US cotton export sales have decreased. It is expected that the US cotton will maintain a volatile trend. In the domestic market, processing enterprises are strongly supporting prices, and the basis of cotton enterprises' quotations is strong. The core driving forces are the strong expectation of reduced cotton planting in Xinjiang and downstream inventory replenishment. However, it is restricted by the low cost of foreign cotton and the off - season demand. In the short term, the cotton price is in a bullish pattern, but there may be a callback after continuous price increases [19]. Summary by Relevant Catalog - **Futures Market**: The price of the Cotton 2605 contract is 14740 yuan/ton, down 1.96% from the previous value; the position decreases by 6.76% [19]. - **Spot Market**: The price of Xinjiang's 3128B cotton is 15738 yuan/ton, up 1.05% from the previous value; the price of FC Index:M: 1% is 12599 yuan/ton, down 0.28% from the previous value [19]. - **Industry Situation**: The commercial inventory is 578.47 million tons, up 8.1% month - on - month; the cotton outbound shipment volume is 53.46 million tons, up 22.6% month - on - month [19]. Group 9: Eggs Report Industry Investment Rating Not provided Core View Based on the previous chick sales volume, it is estimated that the laying hens entering the egg - laying period in January are those hatched in September 2025, with a 1.53% month - on - month decrease in chick sales. The number of old hens to be slaughtered in January is expected to be more than the number of new - laying hens, and the laying - hen inventory may continue to decrease, alleviating the supply pressure. After the continuous increase in egg prices, the downstream market is resistant to high - priced goods, and the spot price remains stable with a slight upward trend. The inventory at all levels is low, and with the approaching of the traditional consumption peak season, the downstream stocking demand is emerging. However, considering the relatively loose supply, the main contract is expected to fluctuate at a low level [23]. Summary by Relevant Catalog - **Futures Market**: The price of the Egg 03 contract is 3009 yuan/500KG, down 0.07% from the previous value; the price of the Egg 04 contract is 3277 yuan/500KG, up 0.40% from the previous value [21]. - **Spot Market**: The egg - producing area price is 3.25 yuan/jin, up 0.78% from the previous value; the basis is 238 yuan/500KG, up 12.86% from the previous value [21]. - **Industry Indicators**: The egg - feed ratio is 2.34, down 0.43% from the previous value; the breeding profit is - 26.60 yuan/feather, down 2.82% from the previous value [21].

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating but gives individual outlooks for each agricultural product, including "oscillating and slightly bullish", "oscillating", etc. [2][6][8][11][12][15][16][18][19][21][22] Core Viewpoints - The overall agricultural product market shows a pattern of price fluctuations with both upward and downward pressures. Each product is affected by different supply - demand, policy, and weather factors, resulting in different price trends [2][6][8][11][12][15][16][18][19][21][22] Summary by Variety Corn/Starch - **Viewpoint**: Market sentiment is warming up, and the futures market is rising with increased positions. It is expected to be oscillating and slightly bullish [1][11] - **Logic**: Factors such as corn purchase announcements, premium sales of CGC corn, and restricted participation in old wheat auctions have ignited bullish sentiment. Farmers' selling pressure is less likely to be released intensively. Downstream has built up some inventory, and the impact of policy grain source release is limited [1][11] Protein Meal - **Viewpoint**: The supply - demand report is expected to be bearish, but the spot is firm, and the prices of double meals are falling. It is expected that soybeans, double meals, and rapeseed meal will oscillate [7][8] - **Logic**: Internationally, there are expectations of a South American soybean harvest, and speculative funds are reducing long positions. Domestically, the purchase of US soybeans is slow, and the inventory of feed enterprises is increasing [7][8] Oils and Fats - **Viewpoint**: Affected by supply - side news, the trends of oils and fats are slightly differentiated. It is expected that soybean oil, palm oil, and rapeseed oil will oscillate [6] - **Logic**: Different oils are affected by factors such as supply expectations, cost concerns, and macro - environment. For example, the supply of Canadian rapeseed oil is expected to ease, and the production of palm oil may be disrupted [6] Pigs - **Viewpoint**: The price of pork is fluctuating slightly due to the rotation of pork reserves. It is expected to oscillate [12] - **Logic**: In the short - term, the supply may increase before the Spring Festival, and the demand decreases after the New Year's Day. In the long - term, the supply pressure may gradually weaken after May 2026 [12] Natural Rubber - **Viewpoint**: It may experience a significant short - term adjustment. In the short - term, it is treated as bullish [15] - **Logic**: Affected by the overall commodity market adjustment, although the fundamentals change little, the rubber price may be affected. The supply is increasing seasonally, and the demand is weak after the price rise [15] Synthetic Rubber - **Viewpoint**: The market is strongly bullish, but a correction should be watched out for. It is expected to be oscillating and slightly bullish in the medium - term [16] - **Logic**: The medium - term bullish logic is based on the expected improvement of butadiene fundamentals. The short - term commodity adjustment may affect the upward trend [16] Cotton - **Viewpoint**: The cotton price is correcting with a reduction in positions. It is expected to be oscillating and slightly bullish in the long - term [17][18] - **Logic**: The medium - and long - term price is supported by a tight domestic balance and the expectation of reduced planting area in Xinjiang. However, there is a risk of correction after the recent price increase [18] Sugar - **Viewpoint**: The sugar price is fluctuating slightly. It is expected to be oscillating and bearish in the medium - and long - term [18] - **Logic**: The global and domestic sugar supply is increasing, and there is downward pressure on the price [18] Pulp - **Viewpoint**: Affected by the change in the financial market, the pulp price is weakening. It is expected to oscillate [19] - **Logic**: The supply and demand fundamentals have little change. There are both bullish and bearish factors, and the market is affected by both funds and fundamentals [19] Offset Paper - **Viewpoint**: The market is cooling down, and the market is correcting. It is expected to oscillate [20][21] - **Logic**: There are limited fundamental changes, and the market is affected by market sentiment. The price may be supported in the short - term but may be weak in the long - term due to weak demand [21] Logs - **Viewpoint**: The market is warming up, and the logs are following the strong trend of the black - goods sector. It is expected to oscillate within a range from January to February [22] - **Logic**: The supply pressure will be marginally relieved from January to February. The futures market has certain support and game points [22]