Group 1 - The core viewpoint of the articles indicates that the third round of indirect negotiations between the US and Iran has concluded with both sides reporting "good progress," and further discussions are scheduled for the following week [1][2] - The US demands the dismantling of Iran's key nuclear facilities and the transfer of remaining enriched uranium to the US, which Iran has rejected, asserting that uranium enrichment activities will continue as needed [1][2] - The negotiations are described as one of the most serious and longest nuclear talks to date, with both sides achieving a "deep understanding" but still facing disagreements on certain issues [2] Group 2 - The US continues to apply military pressure on Iran, with significant troop deployments in the Middle East, including the arrival of the USS Ford aircraft carrier, which is seen as a critical component of US military strategy in the region [2][3] - Reports suggest that President Trump is considering limited military strikes against Iran's missile launch sites and nuclear facilities as a warning, while some officials advocate for Israel to lead any military action against Iran [3] - Despite the ongoing negotiations, the risk of conflict between the US and Iran is perceived to be increasing due to the military buildup in the region [3]

斡旋方称美伊第三轮间接谈判取得"显著进展" 中新社北京2月27日电 综合消息：伊朗与美国第三轮间接谈判当地时间26日在瑞士日内瓦举行。谈判未 达成协议。斡旋方代表阿曼外交大臣巴德尔表示，本轮谈判取得"显著进展"，新一轮谈判预计下周举 行。 巴德尔当地时间26日晚在社交媒体表示，美伊双方代表各自向本国政府汇报后，谈判将尽快恢复，"技 术层面的讨论"将于下周在奥地利首都维也纳举行。 阿拉格齐说，各方认真探讨了包括核问题和制裁问题等各项议题，在一些问题上达成理解，但在某些领 域仍存在分歧。伊美技术团队计划于3月2日在奥地利首都维也纳开始技术讨论并进行相关审查，下一轮 谈判预计于一周内举行。 阿拉格齐还表示，伊方在本轮谈判中已明确要求解除对伊制裁。 据路透社报道，美方谈判团队尚未就本轮谈判结果发表评论。美国阿克西奥斯新闻网站26日援引一位美 国高级官员的话称，谈判"富有成效"，但未提供更多细节。该报道同时援引一位消息人士的话称，威特 科夫和库什纳对伊方当天上午所提出的立场表示失望，尚不清楚美方在结束下午的谈判后是否改变看 法。 《以色列时报》援引以色列第12频道电视台报道称，美方要求伊方拆除其主要核设施并将所有剩余浓 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The main contradiction in the current market is anchored to the US - Iran situation. Although the negotiation progress is slow, there are differences in the market's view on the evolution of the conflict, so oil prices are fluctuating repeatedly, waiting for further guidance from market news [1]. - For fuel oil, the supply of low - sulfur fuel oil has marginally improved, and the high - sulfur supply has decreased. The short - term market still focuses on the impact of the latest developments in the US - Iran situation on the crude oil and fuel oil markets [2]. - For asphalt, the supply in the northern region remains relatively low, and refineries are mainly accumulating inventory. The short - term market still focuses on the impact of the latest developments in the US - Iran situation on the raw material market [2]. - For polyester, PX and PTA are expected to be strongly volatile under cost support, while ethylene glycol is expected to be weakly volatile under high - inventory pressure after the festival, but its supply - demand pattern may improve in March [4]. - For rubber, due to the firm raw material price in the low - production season and the increasing concern about production, the rubber price is expected to be strongly volatile [6]. - For methanol, affected by the gas restriction in Iran, the import volume is expected to gradually decline. The MTO device load in the Yangtze River Delta region is not high currently but is expected to recover after the Spring Festival. The subsequent port will enter the de - stocking stage, but the continued tension in the US - Iran situation will cause the methanol price to fluctuate significantly [6]. - For polyolefins, the post - festival demand recovery is slow, and due to the pre - festival downstream restocking, the short - term market trading activity is not high, and there is a certain pressure for further upward movement [6]. - For polyvinyl chloride, the post - festival supply maintains a slow - increasing trend, and the downstream demand support is limited. It is expected that the PVC price will maintain a bottom - level fluctuation [7]. 3. Summary According to Relevant Catalogs 3.1 Research Views | Variety | Closing Price and Change on Thursday | Key Information | View | | --- | --- | --- | --- | | Crude Oil | WTI April contract closed down $0.21 to $65.21/barrel, a decrease of 0.32%; Brent April contract closed down $0.1 to $70.75/barrel, a decrease of 0.14%; SC2604 closed at 489.8 yuan/barrel, up 3.6 yuan/barrel, an increase of 0.74% | US - Iran nuclear negotiations are ongoing, and the cost of chartering super - large oil tankers from the Middle East to China has exceeded $200,000 per day for the first time since 2020 | Volatility [1] | | Fuel Oil | FU2605 closed down 0.34% at 2943 yuan/ton; LU2605 closed down 1.18% at 3436 yuan/ton | Singapore's on - land fuel oil inventory increased by 0.5%, and Fujeirah's fuel oil inventory decreased by 6.22%. The supply of low - sulfur and high - sulfur fuel oil has changed | Volatility [2] | | Asphalt | BU2604 closed down 0.5% at 3358 yuan/ton | The supply in the north is low, and refineries are accumulating inventory. The production of main refineries in the south is intermittent | Volatility [2] | | Polyester | TA605 closed down 0.98% at 5260 yuan/ton; EG2605 closed down 1.25% at 3700 yuan/ton; PX605 closed down 0.67% at 7382 yuan/ton | An ethylene glycol device is expected to restart, and the downstream recovery time is around the Lantern Festival | Volatility [4] | | Rubber | RU2605 fell 115 yuan/ton to 17125 yuan/ton; NR fell 125 yuan/ton to 13855 yuan/ton; BR fell 345 yuan/ton to 12700 yuan/ton | Vietnam's natural rubber exports in January increased by 5% year - on - year, but exports to China decreased by 42% year - on - year. The operating load of domestic tire enterprises has increased | Volatility [4][6] | | Methanol | The spot price in Taicang is 2197 yuan/ton, and the price in Inner Mongolia is 1830 yuan/ton | Affected by the gas restriction in Iran, the import volume is expected to decline, and the MTO device load in the Yangtze River Delta region is expected to recover after the Spring Festival | Volatility [6] | | Polyolefins | The mainstream price of East China wire drawing is 6600 - 6700 yuan/ton | The post - festival demand recovery is slow, and the downstream restocked in advance | Volatility [6] | | Polyvinyl Chloride | The price in the East China market is stable, and the price in the South China market has increased | The post - festival supply is slowly increasing, and the downstream demand has been overdrawn | Volatility [7] | 3.2 Daily Data Monitoring - The report provides the basis price data of various energy - chemical varieties on February 26, 2026, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The US and Iran ended the third round of nuclear negotiations in Geneva, and the mediation party Oman said that the talks had made progress. Iran refused to transfer its enriched uranium abroad and demanded that the US lift sanctions [10]. - The EU sanctions envoy said that the EU needs to coordinate its plan to impose a comprehensive maritime service ban on Russia's seaborne crude oil exports with other G7 countries [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical varieties from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [12][14][16][18][22] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy - chemical varieties, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [27][28][30][32] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy - chemical varieties, including fuel oil, PTA, ethylene glycol, PP, LLDPE, etc. [33][35][39][41][43][45] - **4.4 Inter - variety Spreads**: It presents the spread and ratio charts of different varieties, such as the spread between domestic and foreign crude oil, the spread between high - and low - sulfur fuel oil, the ratio of fuel oil to asphalt, etc. [48][50][51][55] - **4.5 Production Profits**: The report shows the production profit charts of LLDPE, PP, etc. [59] 3.5 Research Team Introduction - **Zhong Meiyan**: Deputy Director of Everbright Futures Research Institute, with more than ten years of experience in futures derivatives market research, has won many awards [62]. - **Du Bingqin**: Director of Energy and Chemical Research at Everbright Futures Research Institute, with in - depth research on the energy industry chain, has won many awards [63]. - **Di Yilin**: Rubber and polyester analyst at Everbright Futures Research Institute, has won many awards and is mainly engaged in the research of related futures varieties [64]. - **Peng Haibo**: Analyst of methanol, propylene, pure benzene, polyolefins, and PVC at Everbright Futures Research Institute, with rich experience in energy - chemical spot - futures trading [65].

知情官员称，美军参谋长联席会议主席丹·凯恩也出席了简报会。此前，特朗普已下令在中东地区大规 模增兵，并正考虑是否对伊朗发起军事行动。 此次简报正值美伊第三轮核谈判结束之际。美方一名高级官员称谈判"积极"，但未透露更多细节。伊朗 外长阿拉格齐表示，双方在部分议题上达成理解，但仍存在分歧，下一轮谈判将于下周举行，并将在维 也纳展开技术层面磋商。 当地时间2月26日，美国中央司令部司令布拉德·库珀上将当天向特朗普总统汇报针对伊朗的军事行动选 项。美军中央司令部司令是美军在中东地区级别最高的军事指挥官。这是自去年12月伊朗危机升级以 来，库珀首次向特朗普作相关简报。 美国副总统万斯当天则表示，即便特朗普考虑对伊朗采取军事打击行动，也"绝无可能"让美国陷入一场 持续多年的中东战争。万斯称，他本人一直是"对外国军事干预持怀疑态度的人"，并强调任何可能的军 事行动都将是有限、可控的，不会演变为长期冲突。（央视记者 刘旭） ...

行业 聚烯烃日报 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 日期 2026 年 2 月 27 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位： ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The current precious metal prices are in a sideways consolidation. The uncertainty of Trump's tariff plan, the tense situation of the third round of US - Iran nuclear negotiations, and the solid fundamentals support the prices. However, the statements of Fed officials and the market's expectation of the US maintaining short - term interest rates unchanged pose resistance. The prices are likely to remain in a high - level oscillation in the future. The strategy is to stay on the sidelines for now. The reference operating range for the main contract of Shanghai Gold is 1130 - 1200 yuan/gram, and for the main contract of Shanghai Silver is 22000 - 23000 yuan/kilogram [2][4] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Shanghai Gold fell 0.25% to 1146.04 yuan/gram, and Shanghai Silver fell 1.88% to 22219.00 yuan/kilogram. COMEX Gold fell 0.36% to 5207.60 US dollars/ounce, and COMEX Silver fell 2.54% to 89.30 US dollars/ounce. The 10 - year US Treasury yield was reported at 4.02%, and the US dollar index was reported at 97.77 [2] 3.2 Fundamental Analysis - The current precious metal fundamentals are still strong. COMEX continues the de - stocking trend. The de - stocking intensity of silver has increased, with the total inventory at 11217.13 tons (-37.49 tons), and the gold inventory has decreased for two consecutive days, currently at 1045.93 tons (-2.29 tons). In 2026, the global silver gap is expected to reach 67 million ounces, showing a supply shortage for six consecutive years. The rigid industrial demand in the fields of AI data centers, electric vehicles, and semiconductor manufacturing further strengthens the support for silver prices. In 2026, the global central bank's gold purchase volume is expected to reach 755 tons, which is lower than the previous peak but still much higher than the average level of 400 - 500 tons per year before 2022, providing support for the gold price [3] 3.3 Strategy Suggestion - Keep a wait - and - see attitude for now. The reference operating range for the main contract of Shanghai Gold is 1130 - 1200 yuan/gram, and for the main contract of Shanghai Silver is 22000 - 23000 yuan/kilogram [4] 3.4 Data Summary - A large amount of data on gold and silver, including closing prices, trading volumes, open interests, inventories, and precipitation funds of different trading platforms (COMEX, LBMA, SHFE, etc.), as well as the daily changes, daily price changes, and historical quantiles of these data are provided [7]

Group 1: Middle East Tensions - Intense clashes occurred between Pakistan and Afghanistan along their border, with Pakistan claiming to have killed 36 Afghan armed personnel, while Afghanistan reported 55 Pakistani soldiers killed [3][19][20] - The conflict escalated with Pakistan conducting airstrikes in response to Afghan military actions, which included capturing 15 Pakistani military outposts [20] - The border region has seen intermittent fighting since October 2022, despite previous ceasefire agreements mediated by Qatar and Turkey [5][20] Group 2: Iran-US Negotiations - Iran's Foreign Minister announced significant progress in the third round of indirect negotiations with the US, with technical discussions scheduled to continue in Vienna [6][21] - Iran insists on retaining its right to peaceful nuclear technology and demands the lifting of US sanctions, while the US may require the dismantling of key nuclear facilities [7][22] - The negotiations are crucial for regional stability and have implications for global oil markets [10][26] Group 3: Military Deployments - Satellite images revealed the deployment of 11 US F-22 stealth fighters to Israel, marking a significant military presence in the region [8][23] - The F-22s are advanced aircraft with capabilities for both air-to-air and air-to-ground combat, valued at over $15 billion for the deployed units [9][25] Group 4: Cotton Market Trends - The global cotton market is experiencing a recovery, with prices rising after a period of low volatility, driven by improved macroeconomic conditions and demand expectations [12][28] - The USDA has projected a decrease in global cotton production and ending stocks for the 2026/2027 season, indicating a tightening supply-demand balance [13][29] - Domestic textile production is rebounding, with operating rates in Xinjiang's textile enterprises reaching 85%-90%, further supporting cotton prices [14][30]

新华社德黑兰2月26日电（记者 沙达提 陈霄）伊朗外交部长阿拉格齐26日表示，当天在瑞士日内瓦 与美国代表举行的第三轮间接谈判取得"良好进展"，双方与各自政府磋商后，新一轮谈判预计于下周举 行。 据伊朗迈赫尔通讯社报道，阿拉格齐当天在谈判结束后向媒体表示，此轮谈判是迄今最严肃、持续 时间最长的核谈判之一。双方达成"深入理解"，但在某些领域仍然存在分歧。他强调，伊美"在一些关 键议题上更接近达成共识"。 他说，双方技术团队计划于3月2日在奥地利首都维也纳开始技术讨论并进行相关审查，下一轮谈判 预计于一周内举行。 阿拉格齐还说，伊方在第三轮间接谈判中明确要求解除对伊朗的制裁。 此次伊美第三轮间接谈判在阿曼驻日内瓦外交代表机构举行，继续由阿曼居中传话。阿拉格齐率领 伊朗代表团参加谈判，美方谈判代表是美国总统特朗普的特使威特科夫和女婿库什纳。谈判历经两个阶 段，中间休会数小时。 此前，伊朗和美国于本月6日、17日相继在阿曼首都马斯喀特和日内瓦举行两轮间接谈判。 ...

伊朗与美国第三轮间接谈判2月26日在瑞士日内瓦举行。在美国重兵压境、冲突似"一触即发"的背景 下，美伊展开"关键一谈"。 二是设立多方参与和监督的民用铀浓缩区域联营体。去年5月曾有媒体披露，美伊就建立一个由双方及 地区国家等参与的民用铀浓缩区域联营体作出了初步讨论，但就是否选址在伊朗境内存在分歧。由于去 年6月美国和以色列袭击伊朗，美伊谈判中断。专家认为，这一选项可以在承认伊朗铀浓缩权利的同 时，将其纳入国际核查和地区监督之下。 三是向美国企业开放投资伊朗石油业的机会。伊朗负责经济事务的副外长甘巴里本月中旬曾表示，如果 给予美国从伊朗油气领域获利的机会，伊美有望达成协议。据报道，伊美在本月早些时候的谈判中已讨 论此事。 不过，伊朗继续强调两条"红线"：伊方和平利用核能的权利不可剥夺，导弹能力不容谈判。地区专家认 为，对于伊朗来说，在相关问题上妥协将动摇国家安全根基，这比"遭受美国打击更加危险"。 谈判前夕，伊朗方面表示"协议触手可及"，美方官员也称对谈判"抱有希望"。伊朗有哪些谈判筹码？双 方谈成的机会有多大？ 伊朗有何谈判筹码 伊朗外长阿拉格齐24日说，伊美拥有"达成一项前所未有协议的历史性机遇"，"达成协 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report Core Viewpoints - On February 24, after the holiday, commodities had a collective positive start. The vegetable oil sector gapped up and continued to rise, while the double - meal sector opened high and then declined, trading on the upcoming pressure of a bumper Brazilian soybean harvest [1][3] - For the oil market, there are both long and short factors. The external market has positive factors, but the domestic market has a traditional demand off - season. The supply of different oils has different situations, and the overall rise of rapeseed oil is restricted [3] - For the double - meal market, the overall trend is weak. Due to sufficient pre - holiday stockpiling, large inventories, and the approaching pressure of a Brazilian bumper harvest, the double - meal is expected to maintain a narrow - range oscillation pattern in the medium term [4] Group 3: Summary by Related Categories 1. Vegetable Oil Sector (Three Oils) a. Market Quotes - On February 24, the main contract Y2605 of soybean oil closed at 8140 yuan/ton, with a daily increase of 1.07% and an increase of 5115 lots in positions; the second - main contract Y2609 closed at 8070 yuan/ton, with a daily increase of 1.08% and a decrease of 956 lots in positions [1] - The main contract P2605 of palm oil closed at 8824 yuan/ton, with a daily increase of 1.45% and a decrease of 314 lots in positions; the second - main contract P2609 closed at 8814 yuan/ton, with a daily increase of 1.36% and a decrease of 2204 lots in positions [1] - The main contract OI2605 of rapeseed oil closed at 9200 yuan/ton, with a daily increase of 1.79% and an increase of 14141 lots in positions; the second - main contract OI2609 closed at 9171 yuan/ton, with a daily increase of 1.79% and an increase of 1834 lots in positions [1] b. Important Information - U.S. oil closed down 1% as Iran prepared to reach an agreement with the U.S. before the nuclear negotiations later this week [1] - The U.S. and India reached a temporary trade agreement framework. India will cancel or reduce tariffs on U.S. industrial products, food, and agricultural products, and the U.S. will reduce the so - called reciprocal tariff rate on Indian goods from 25% to 18% [1] - The U.S. government is expected to finalize the biofuel blending ratio quota for 2026 in early March. The U.S. EPA is considering setting the biodiesel usage in 2026 between 5.2 and 5.6 billion gallons [1] - From February 1 - 20, Malaysia's palm oil exports were 863,358 tons, a decrease of 8.9% compared to the same period in January. Exports to China increased from 19,000 tons to 40,000 tons [1] - Indian buyers have locked in large - scale soybean oil purchases from South America from April - July 2026, at 150,000 tons per month [1] - From February 1 - 20, Malaysia's palm oil production decreased by 22.24% month - on - month, with the fresh fruit bunch (FFB) yield decreasing by 23.82% and the oil extraction rate (OER) increasing by 0.3% [1] - As of the end of the 7th week in 2026, the total inventory of the three major edible oils in China was 1.9679 million tons, with a weekly decrease of 28,800 tons, a month - on - month decrease of 1.44%, and a year - on - year decrease of 6.56% [1] c. Spot Market - As of February 24, the average spot price of soybean oil in Zhangjiagang was 8580 yuan/ton, a month - on - month increase of 100 yuan/ton; the basis was 440 yuan/ton, a month - on - month increase of 14 yuan/ton [3] - The average spot price of palm oil in Guangdong was 8930 yuan/ton, a month - on - month increase of 150 yuan/ton; the basis was 106 yuan/ton, a month - on - month increase of 24 yuan/ton. The import profit of palm oil was - 428.09 yuan/ton [3] - The spot price of Grade 4 rapeseed oil in Jiangsu was 9980 yuan/ton, a month - on - month increase of 210 yuan/ton; the basis was 780 yuan/ton, a month - on - month increase of 48 yuan/ton [3] d. Market Logic - Externally, the U.S. - Iran dispute persists, international crude oil futures remain strong, and the U.S. soybean export outlook and domestic biodiesel policy are positive for U.S. soybean oil. Malaysian palm oil is boosted by international crude oil and U.S. soybean oil but is dragged down by poor domestic export data and the upcoming seasonal production recovery period [3] - Domestically, after the replenishment of traders, the traditional demand off - season arrives. If reserve soybeans are not auctioned, the soybean oil inventory will continue to decline; if a large amount of reserve soybeans are auctioned, the supply will be sufficient, and the basis will be under pressure. Palm oil follows the overseas vegetable oil trend, and the supply shortage of rapeseed oil is expected to ease [3] e. Trading Strategy - For single - sided trading, continue to hold existing long positions in oils, and buy a small amount of new long positions on pullbacks. Provide support and resistance levels for different contracts [3] 2. Double - Meal Sector a. Market Quotes - On February 24, the main contract M2605 of soybean meal closed at a certain price (not fully provided), with a daily decrease of 0.68% and an increase of 23,675 lots in positions; the second - main contract M2609 closed at 2890 yuan/ton, with a daily decrease of 0.55% and an increase of 2703 lots in positions [3] - The main contract RM2605 of rapeseed meal closed at 2290 yuan/ton, with a daily decrease of 0.82% and an increase of 22,835 lots in positions; the second - main contract RM2609 closed at 2342 yuan/ton, with a daily decrease of 0.26% and a decrease of 2119 lots in positions [3] b. Important Information - The U.S. Department of Agriculture's February soybean supply - demand report was overall bearish. Brazil's production and global soybean inventory were slightly increased, but U.S. soybean exports increased by 8 million tons, pushing up U.S. soybean futures prices [3] - Brazil's soybean production in the 2025/2026 season is expected to be 180 million tons, and Argentina's is expected to be 48.5 million tons [4] - The global soybean inventory is 125.51 million tons, higher than expected. Brazil's soybean exports in January 2026 are estimated to be 3.79 million tons, a 238% increase from the same period last year [4] - As of last Thursday, the soybean harvesting progress of Brazilian farmers in the 2025/2026 season was 30%, 9% higher than the previous week but behind the same period last year [4] - As of the end of the 8th week in 2026, the total inventory of imported soybeans in China was 5.8012 million tons, an increase of 151,500 tons from last week; the domestic soybean meal inventory was 863,900 tons, a decrease of 11,400 tons from last week; the domestic imported rapeseed inventory was 222,000 tons, an increase of 58,000 tons from last week [4] c. Spot Market - As of February 24, the spot price of soybean meal was 3155 yuan/ton, a month - on - month increase of 8 yuan/ton; the basis was 3118 yuan/ton, a month - on - month decrease of 17 yuan/ton; the basis of the main contract was 299 yuan/ton, a month - on - month increase of 19 yuan/ton [4] - The spot price of rapeseed meal was 2463 yuan/ton, a month - on - month decrease of 87 yuan/ton; the basis was 2505 yuan/ton, a month - on - month decrease of 7 yuan/ton; the basis of the main contract was 130 yuan/ton, a month - on - month increase of 19 yuan/ton [4] d. Pressing Profit and Cost - The March futures pressing profit of U.S. soybeans was - 552 yuan/ton, and the spot pressing profit was - 218 yuan/ton; the March futures pressing profit of Brazilian soybeans was - 98 yuan/ton, and the spot pressing profit was 236 yuan/ton [4] - The arrival cost of U.S. Gulf soybeans in March at Zhangjiagang with normal tariffs was 4119 yuan/ton, and that of Brazilian soybeans was 3687 yuan/ton [4] e. Market Logic - Externally, the U.S. soybean trade outlook is improving, pushing up U.S. soybean futures prices. Domestically, for soybean meal, oil mills are gradually resuming production and digesting previous inventories, and the near - month basis is firm; for rapeseed meal, the terminal has rigid demand for replenishment, and the basis is adjusted within a narrow range. The overall protein sector is weak due to sufficient pre - holiday stockpiling, large inventories, and the approaching Brazilian bumper harvest pressure [4] f. Trading Strategy - Liquidate existing long positions in double - meal and enter a small amount of new short positions. The double - meal is expected to maintain an oscillating pattern in the medium term, and provide support and resistance levels for different contracts [4]