Deere & Company (NYSE:DE) Q1 2026 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsChris Seibert - Manager, Investor CommunicationsJosh Beal - Director of Investor RelationsJosh Jepsen - Chief Financial OfficerRyan Campbell - President, Worldwide Construction, Forestry, and Power SystemsConference Call ParticipantsAngel Castillo - AnalystChad Dillard - AnalystDavid Raso - AnalystEvan McCall - AnalystJairam Nathan - AnalystJamie Cook - Research AnalystKristen Owen - AnalystMike Shlisky - Analy ...

Deere & Company (NYSE:DE) Q1 2026 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsChris Seibert - Manager, Investor CommunicationsJosh Beal - Director of Investor RelationsJosh Jepsen - Chief Financial OfficerRyan Campbell - President, Worldwide Construction, Forestry, and Power SystemsConference Call ParticipantsAngel Castillo - AnalystChad Dillard - AnalystDavid Raso - AnalystEvan McCall - AnalystJairam Nathan - AnalystJamie Cook - Research AnalystKristen Owen - AnalystMike Shlisky - Analy ...

Company Developments - Corteva's board approved a plan to split the company into two independent publicly traded entities, expected to be completed in the second half of 2026. "New Corteva" will focus on crop protection (including biopesticides), while "SpinCo" will concentrate on seeds and emerging technologies such as gene editing and biofuels [2] Product Development Progress - The company plans to launch the biostimulant seed treatment Lumidapt Valta LS in the U.S. market for the 2026 planting season, which has completed the regulatory approval phase and aims to enhance crop yields [3] Performance Strategy - Corteva provided preliminary performance outlook for 2026, expecting a midpoint of $4.18 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), reflecting the company's confidence in its growth potential [4] Strategic Initiatives - Corteva has established a multi-year collaboration with Profluent Bio to leverage AI technologies, such as the OpenCRISPR-1 genome editing tool, to accelerate the development of resilient and high-yield crop varieties, which may drive long-term innovation [5]

Morning session notice 研究员： 刘锦 从业资格：F0276812 交易咨询资格：Z0011862 联系方式：13633849418 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 2025 年 2 月 12 日星期周四 | 8、截止到 | 2026 年第 6 周末，国内三大食用油库存总量为 198.42 万吨，周度下降 0.97 万吨，环比下降 0.49%，同比下降 4.12%。其中豆油库存为 109.80 万吨，周度 | | --- | --- | | 增加 | 0.68 万吨，环比增加 0.62%，同比增加 10.16%；食用棕油库存为 64.32 万吨， | | 周度增加 | 0.39 万吨，环比增加 0.61%，同比增加 52.38%；菜油库存为 24.30 万吨， | | 周度下降 | 2.04 万吨，环比下降 7.74%，同比下降 62.66%。 | | 现货方面：截止 | 2 月 11 日，张家港豆油现货均价 8510 元/吨，环比下跌 50 元/吨；基差 | | 400 | 元/吨，环比下跌 62 元/吨；广东棕榈 ...

研究员：张盼盼 期货从业证号：F03119783 投资咨询证号：Z0022908 目录 油脂周报：油脂仍受政策端扰动，关注下周两大月报 第一部分 周度核心要点分析及策略推荐 第二部分 周度数据追踪 GALAXY FUTURES 1 内容摘要 n 近期核心事件&行情回顾： 1.三大预估机构预计马棕1月产量环比减少12-14%至160万吨左右，出口变现有所好转至142万吨，库存或将去库至290 万吨左右。 2.美国财政部本周发布了45Z税收抵免拟议规则，新规中将生物燃料的生产原料定为美国、加拿大、墨西哥地区，还取消 了间接土地利用变化惩罚等。此外，周三中美领导人通话传言中国将本季美豆采购承诺增至2000万吨。 3.近期油脂受贸易及政策预期等因素影响较多，经历了前期快速上涨，近日上涨乏力有所回落。马棕1月或将减产去库， 但高基数下马棕库存或持续维持偏高水平，不过马来和印尼库存有所分化，两国合计库存仍不算宽松。美国生柴预期向好 将利好美豆油消费需求等，对豆油存在潜在利多。不过豆油整体上没有一个比较突出的核心矛盾点，市场传中国将本季美 豆采购承诺增至2000万吨，且新一轮拍储或在节后进行，豆油供应压力可能后移，也将制约 ...

中期看涨， 等待回调择机做多 油脂月报 2026/02/06 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 月度评估及策略推荐 04 利润库存 02 期现市场 05 成本端 03 供给端 06 需求端 01 月度评估及策略推荐 月度评估及策略推荐 ◆ 行业信息：(1)据南马来西亚棕榈油公会（SPPOMMA）的数据显示，2026年1月1-31日，南马来西亚棕榈油产量环比减少13.08%，其中鲜果串 单产环比减少13.78%，出油率（OER）增长0.16%。（2）据船运调查机构ITS和AmSpec发布的数据显示，1月份马来西亚棕榈油出口量分别环 比增长14.9%和17.9%。（3）据市场前瞻预估，2026年1月马来西亚棕榈油产量为162万吨，环比前一个月减少21万吨，出口142万吨，环比前 一个月增加10万吨，库存为289万吨，环比前一个月减少16万吨。（4）美国财政部2月3日发布了生物燃料税收抵免的最新指导意见，此举受 到市场的欢迎，认为这为生物燃料生产商提供了更清晰的指引，公开听证会 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Short - term decline in soybean meal**: Good crushing margins and sufficient domestic supply put pressure on the soybean meal market. Attention should be paid to the rainfall in Argentina's soybean - growing areas in February [1][4]. - **Short - term adjustment in rapeseed meal**: The end of the consumption season and the influence of soybean meal lead to a short - term downward trend. Focus on the progress of rapeseed procurement and Sino - Canadian and US - Canadian trade [1][8]. - **Short - term adjustment in palm oil**: Although the export and production data in January are positive, there is a risk of inventory accumulation. Buying enthusiasm is weak, so be cautious when chasing long positions. Monitor the estimated inventory in January and the situation in the US - Iran relationship [1][11]. - **Short - term adjustment in soybean oil**: The 45Z proposed rule boosts market sentiment, but be cautious when chasing long positions before the Spring Festival. Look for short - term long opportunities after a pull - back. Pay attention to the palm oil market and the weather in Argentina [1]. - **Short - term adjustment in rapeseed oil**: The supply shortage in South China has been alleviated, and the spot basis is stable. The downstream procurement enthusiasm is weakening. Follow the import of Canadian rapeseed and Sino - Canadian and US - Canadian trade [1]. - **Oscillatory adjustment in cotton**: The US cotton market is under pressure, and the domestic market has a slow inventory - reduction speed. The consumption is in the off - season, and the upward drive before the festival is weak. In the long - term, there is a strong expectation under the background of planting reduction and inventory replenishment [1][15]. - **Pressured operation in red dates**: The spot market is flat, but the futures market fluctuates with the peak of new product listing and the consumption season. High - inventory reduction may drive a short - term rebound, but the overall situation is under pressure [1][18]. - **Oscillatory and weak in live pigs**: In the context of supply - demand prosperity in February, there may be short - term price rebounds in some areas, but they lack a sustainable basis. Near - month contracts are prone to decline, and far - month contracts lack an upward trend basis but have short - term long - allocation opportunities [1][20]. 3. Summary by Variety Soybean Meal - **Price and Market**: The futures price of soybean meal closed at 2723 yuan/ton, down 0.15% from the previous day. The national average spot price was 3159.43 yuan/ton, down 0.29%. The soybean crushing profit showed a mixed trend [2]. - **Industry News**: The US Treasury issued the 45Z proposed rule. The US soybean crushing volume in December reached a historical second - high level. The expected soybean output in Argentina for 2025/26 is 4800 tons, and Brazil's output is expected to be a record 1.79 billion tons [3]. Rapeseed Meal - **Price and Market**: The futures price of rapeseed meal closed at 2247 yuan/ton, down 0.09% from the previous day. The national average spot price remained unchanged. The rapeseed crushing profit improved [5]. - **Industry News**: Coastal oil - mill rapeseed meal inventory broke the zero state, and China has completed the customs clearance of Australian rapeseed and ordered Canadian rapeseed [8]. Palm Oil - **Price and Market**: The futures price of palm oil closed at 9138 yuan/ton, up 0.48% from the previous day. The national average price increased by 0.44%. The import cost rose, and the inventory decreased [9]. - **Industry News**: Malaysian palm oil export and production data in January were positive, but there is a risk of inventory accumulation [11]. Cotton - **Price and Market**: The futures prices of different cotton contracts showed different trends. The spot price of CCIndex (3218B) increased slightly. The spinning profit decreased, and the demand of spinning and weaving enterprises weakened [12]. - **Industry News**: Brazil and Turkey are expected to reduce cotton production. In China, new - cotton processing is basically completed, and the inventory is starting to decline, but the demand is in the off - season [13][14][15]. Red Dates - **Price and Market**: The futures prices of red dates contracts declined slightly. The spot prices remained stable. The inventory of 36 sample enterprises decreased [16]. - **Industry News**: The spot market is stable, and the high - inventory reduction may drive a short - term rebound [17][18]. Live Pigs - **Price and Market**: The futures prices of different live - pig contracts showed different trends. The national average slaughter price decreased. The inventory of sample enterprises decreased slightly, and the slaughter volume increased [19]. - **Industry News**: In January, the supply plan was slightly over - completed. In February, the supply plan will decrease, but the daily - average supply pressure may increase. The demand is in the pre - festival peak season, but the profit is not conducive to further capacity reduction [20].

口商获得了多达10船加拿大油菜籽船货，预计将在2月至4月间装运，每船约为6.5万吨。当下市场预期仍维持菜系进口或将恢复。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9243 | 28 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2247 | -2 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 65 | -15 菜粕月间价差(5-9)(日,元/吨) | -45 | -7 | | | 主力合约持仓量:菜油(日,手) | 285243 | -120 主力合约持仓量:菜粕(日,手) | 926083 | 3682 | | | 期货前20名持仓:净买单量:菜油(日,手) | -13908 | 643 期货前20名持仓:净买单量:菜粕(日,手) | -246685 | -17508 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽( ...

点 击 蓝 字 关 注 我 们 本文全文共 4039 字，阅读全文约需 13 分钟 目录 国内新闻 1.2026年中央一号文件:支持新能源汽车、智能家电、绿色建材下乡等 2.八部门印发《汽车数据出境安全指引（2026版）》 3.浙江:拟科学布局人形机器人、 生物制造、清洁氢、商业航空等未来产业 4.武汉经开区设立10亿元基金 加速汽车产业数字化转型 5.小鹏汽车内部调整整合自动驾驶与智能座舱 6.商汤绝影与东风发布首个生成式智驾系统 7.经纬恒润与中兴微电子签署战略合作协议 8.宁德时代与云南签署全面战略协议 覆盖绿色能源与交通 国外新闻 1.印度汽车业1月实现国内销量历史新高 2.采埃孚与宝马签署乘用车传动系统长期供应协议 3.丰田汽车将在巴西设立生物燃料实验室 4.Stellantis加码意大利产能：多款新车投产 商用车 1. 比亚迪商用车完成2025黑河极寒测试 2. 九识智能将在2026年上半年进入"无图"阶段 3. 远程智芯科技600V高压钠电系统黑河冬标收官 4. 《甘肃省零碳园区建设方案》印发 国内新闻 1 2026年中央一号文件:支持新能源汽车、智能家电、绿色建材下乡等 时间:2026.2.4 ...

农产品日报（2026 年 2 月 4 日） 一、研究观点 | 品种 | 点评 周二，玉米近月 2603 合约继续减仓，日持仓减少 5.8 万手，5 月合约持仓增加 2 | 观点 | | --- | --- | --- | | | 万手，玉米加权合约持仓下降 3.5 万张，玉米近、远月合约期价先跌后涨。周初 华北地区玉米价格稳中偏强运行，延续周末上涨的趋势，但上涨动力不足。山东 深加工企业早间剩余车辆 500 台以上，深加工企业全天卸货量尚可，部分库存较 | | | | 低企业继续上调 6-20 元/吨。随着春节临近，农户售粮意愿增加，但目前基层粮 | | | 玉米 | 点仍然未出现明显上量的情况，农户整体售粮节奏相对平均。销区市场玉米价格 | 震荡偏弱 | | | 主流小幅下跌。周末北港价格下跌，叠加期货盘面偏弱，销区港口贸易商报价松 | | | | 动。下游饲料需求一般，市场成交偏淡。技术上，玉米 3 月合约在 2300 整数关 | | | | 口遇阻回落，多头资金减仓离场，期价调整。受现货和近月合约调整因素影响， | | | | 玉米 5、7 月合约跳空下行。此前获利多单止盈离场后，5、7 月合约短空参与 ...