1. Report Industry Investment Ratings - **Macro Finance**: Bullish on stock indices in the medium to long term, suggesting buying on dips; expecting treasury bonds to trade in a range [1][5] - **Black Building Materials**: Short - term trading for coking coal; range trading for rebar; buying on dips for glass [1][7] - **Non - ferrous Metals**: Reducing trading positions for general traders before the holiday for copper, increasing hedging coverage; strengthening observation for aluminum; observing for nickel; range trading for tin, gold, and silver; expecting lithium carbonate to trade in a range [1][9] - **Energy and Chemicals**: Range trading for PVC, styrene, rubber, urea, and methanol; temporarily observing for caustic soda and soda ash; expecting polyolefins to trade weakly [1][15] - **Cotton Textile Industry Chain**: Expecting cotton and cotton yarn to adjust in a range; expecting apples and jujubes to trade in a range [1][25] - **Agriculture and Animal Husbandry**: Partially taking profits on short positions in hogs before the year, adopting a rolling short strategy on rebounds; reducing positions in eggs before the holiday, avoiding short - chasing; being cautious about chasing highs in corn, suggesting hedging on rebounds for grain - holding entities; observing the performance of the M2605 contract at 2700 for soybean meal, shorting on highs [1][27] - **Oils and Fats**: High - level oscillation, suggesting buying on dips, paying attention to position risks before the holiday [3][32] 2. Core Views - The report provides investment suggestions for various futures products based on their fundamentals, market trends, and macro - economic factors. It takes into account factors such as supply and demand, inventory, cost, and policy to analyze the price trends of different futures and gives corresponding trading strategies [1][5][9] 3. Summary by Directory Macro Finance - **Stock Indices**: In the medium to long term, they are bullish, and investors can buy on dips. Before the holiday, they may trade in a range, and it is advisable to hold positions lightly and focus on defense [1][5] - **Treasury Bonds**: They are expected to trade in a range. Although the overall price level shows a mild recovery, the bond market's reaction to price data is limited. After the holiday, there are uncertainties regarding important meetings and bond supply [5] Black Building Materials - **Coking Coal**: Short - term trading is recommended as the coal market shows short - term fluctuations, but the sustainability of the price increase is limited [1][7] - **Rebar**: It is expected to trade in a range. The futures price is undervalued, but the demand has declined, and the inventory is accumulating. It is advisable to trade lightly before the holiday [7] - **Glass**: Buying on dips is recommended. Although there are supply and demand constraints, the futures price has fallen to a relatively low level, and there may be variables before the contract expires [7][8] Non - ferrous Metals - **Copper**: It is expected to trade in a range. The recent sharp decline is mainly due to macro - level panic. Although the supply is tight, the demand is weakening, and the inventory is increasing. General traders are advised to reduce positions, while hedgers are advised to increase hedging coverage [9] - **Aluminum**: It is expected to trade at a high level. The supply is increasing, but the demand is weakening. It is advisable to strengthen observation and reduce positions before the holiday [10] - **Nickel**: It is expected to trade in a range. Although the nickel ore supply is strong, the fundamentals are weak. It is recommended to observe [12] - **Tin**: It is expected to trade in a range. The supply of tin ore is tight, and the downstream demand is stable. It is recommended to trade in a range and pay attention to supply and demand changes [13][14] - **Silver and Gold**: They are expected to trade in a range. The market is affected by factors such as the nomination of the Fed chairman and economic data. The medium - term price center is rising, and short - term adjustment is expected. It is recommended to trade in a range [14][15] - **Lithium Carbonate**: It is expected to trade in a range. The supply is increasing, and the demand is in the off - season. It is necessary to pay attention to the impact of mine - end disturbances [15] Energy and Chemicals - **PVC**: It is expected to trade in a wide range at a low level. The supply is high, the demand is weak, but the valuation is low. It is necessary to pay attention to policies and cost factors [15][17] - **Caustic Soda**: It is expected to trade at a low level. The demand is weak, and the supply pressure is high. It is recommended to observe [17] - **Styrene**: It is expected to trade in a range. The inventory is expected to decrease, but the valuation is high. It is necessary to be cautious about chasing highs [19] - **Rubber**: It is expected to trade in a range. The supply is in the off - season, and the demand is weak before the holiday. It is necessary to pay attention to inventory and downstream consumption [19][20] - **Urea**: It is expected to trade in a range. The supply is increasing, the demand is stable, and the inventory is at a low level. It is recommended to trade in the range of 1730 - 1830 [20] - **Methanol**: It is expected to trade in a range. The supply is decreasing, the demand is weak, and the price is affected by geopolitical and port factors [21] - **Polyolefins**: They are expected to trade weakly. The supply is high, the demand is weak, and the inventory is accumulating. It is recommended to short on highs [22][24] - **Soda Ash**: It is recommended to observe. The supply is in surplus, but the cost support is strong, and the downward space may be limited [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: They are expected to adjust in a range. Although the long - term outlook is optimistic, the short - term is under pressure from the internal - external price difference [25] - **Apples**: They are expected to trade in a range. The market is stable during the Spring Festival stocking period, and the trading volume of different grades of fruits varies [25] - **Jujubes**: They are expected to trade in a range. The acquisition price in the production area is based on quality [27] Agriculture and Animal Husbandry - **Hogs**: They are expected to build a bottom in a range. Before the year, partial profit - taking on short positions is recommended, and a rolling short strategy on rebounds can be adopted. In the long - term, the supply is expected to increase in the first half of the year, and the price may be under pressure [27] - **Eggs**: They are expected to rebound from a low level. Before the holiday, the position should be reduced, and short - chasing should be avoided. It is advisable to hedge on rebounds for the 05 and 06 contracts [29] - **Corn**: The price increase is limited. In the short - term, it is necessary to be cautious about chasing highs, and grain - holding entities can hedge on rebounds. In the long - term, the supply - demand pattern is relatively loose [30][31] - **Soybean Meal**: It is expected to trade in a range at a low level. The M2605 contract should pay attention to the support at 2700, and short positions can be established on highs [31] Oils and Fats - They are expected to oscillate at a high level. The fundamentals of the three major oils are mixed, with soybean oil expected to be relatively strong, and palm oil and rapeseed oil relatively weak. It is recommended to buy on dips and pay attention to position risks before the holiday [32][37]

1. Report Industry Investment Rating - Corn: Interval [1] - Pig: Interval [1] - Egg: Wait-and-see [3] 2. Core Views - **Corn**: Short - term, near the Spring Festival, the spot market is lightly traded with narrow - range fluctuations; medium - term, there is still demand for building inventories after the Spring Festival, maintaining a wide - range trading idea; long - term, it follows the pricing logic of substitution + planting cost, and policy orientation should be focused on [1] - **Pig**: Short - term, near the holiday, the supply is abundant and consumption support weakens, with continuous supply pressure; medium - term, supply will increase before March and ease from April; long - term, supply pressure exists before August, but the far - month contract expectations shift due to the lower - than - expected decline in sow inventory at the end of 2025 [1][3] - **Egg**: Short - term, near the Spring Festival, most areas stop quoting, and there is still an expectation of post - festival spot price decline; medium - term, the decline in egg - laying hen inventory is limited, and the supply pressure is postponed; long - term, the continuous increase in egg - laying hen farming scale may limit the price increase space, waiting for the process of capacity reduction driven by over - culling [3] 3. Summary by Directory Corn **Market Review** - The night - session of corn futures rose first and then fell yesterday. As of the night - session close, the main 2605 contract rose 0.13% to 2322 yuan/ton [1] **Important Information** - Near the holiday, spot purchases and sales are light, and some enterprises stop purchasing. The purchase price of deep - processing enterprises fluctuates slightly. The purchase price in Northeast China is 2169 yuan/ton, unchanged from the previous day; the average purchase price in North China is 2311 yuan/ton, up 2 yuan/ton from the previous day [1] - The prices at north - south ports are stable. The purchase price of second - grade corn with 15% moisture at Jinzhou Port is 2280 - 2300 yuan/ton, and the transaction price at Shekou Port is 2420 yuan/ton, both unchanged from the previous day [1] - As of February 12, the number of corn futures warehouse receipts increased by 5000 lots from the previous trading day, with a cumulative total of 88570 lots [1] - In the 6th week, the grain - selling progress in Northeast China is 68% (65% last week, 59% average in the past three years); in North China, it is 57% (55% last week, 56% average in the past three years) [1] **Market Logic** - Short - term, near the Spring Festival, the spot market is lightly traded with narrow - range fluctuations; medium - term, there is still demand for building inventories after the Spring Festival, maintaining a wide - range trading idea; long - term, it follows the pricing logic of substitution + planting cost, and policy orientation should be focused on [1] **Trading Strategy** - Medium - term, maintain a wide - range trading idea and do not chase long. For the 2603 contract, the short - term support is 2250 - 2260, and the short - term pressure is 2310 - 2320; for the 2605 contract, the short - term support is 2260 - 2270, and the short - term pressure is 2330. Near the Spring Festival, it is recommended to hold a light or empty position to avoid holiday risks [1] Pig **Market Review** - The pig futures fluctuated strongly yesterday. The main 2605 contract rose 0.13% to 11540 yuan/ton [1] **Important Information** - The pig price fluctuates slightly. The national average pig price is 11.47 yuan/kg, up 0.06 yuan/kg from the previous day. It is expected that the pig price will be stable tomorrow morning in different regions [1] - At the end of December, the number of fertile sows is 39.61 million, a year - on - year decrease of 2.9%, 101.6% of the normal inventory [1] - From January to September 2025, the number of new - born piglets increased month - on - month (only decreased in July), corresponding to an increasing trend in the number of pig slaughter before March this year; from October to December 2025, the number of new - born piglets decreased for three consecutive months, by 1%, 0.8%, and 1.2% respectively, corresponding to a relief in supply pressure from April [1] - As of February 12, the average slaughter weight of pigs is 124.11 kg, a decrease of 0.16 kg from the previous week [1] - On February 12, the price difference between fat and standard pigs is 0.52 yuan/jin, unchanged from the previous day [1] - On February 12, the number of pig futures warehouse receipts increased by 300 lots from the previous day, with a total of 1027 lots [1] - On February 6, the Ministry of Agriculture and Rural Affairs issued an implementation opinion, mentioning to strengthen the comprehensive regulation of pig production capacity and promote market supply - demand matching [1][3] **Market Logic** - Short - term, near the holiday, the supply is abundant and consumption support weakens, with continuous supply pressure; medium - term, supply will increase before March and ease from April; long - term, supply pressure exists before August, but the far - month contract expectations shift due to the lower - than - expected decline in sow inventory at the end of 2025 [1][3] **Trading Strategy** - Last week, it was continuously suggested that short positions in near - month contracts enter the profit - taking area, and short positions in far - month contracts test the lower support. For the 2603 contract, the support at 10500 has been verified, and the pressure is 11000; for the 2605 contract, the support at 11500 has been verified, and the pressure is 11750; for the 2607 contract, the support at 12000 has been verified, and the pressure is 12400; for the 2609 contract, the support at 13000 has been verified, and the pressure is 13300 - 13400. Near the Spring Festival, it is recommended to hold a light or empty position to avoid holiday risks [3] Egg **Market Review** - The egg futures strengthened across the board yesterday. The main 2604 contract rose 1.56% to 3200 yuan/500KG [3] **Important Information** - Near the holiday, the trading volume in the main production areas has been shrinking. The egg quotation and related data have been suspended and are expected to resume on February 24 [3] - As of February 12, the weekly culling age of old hens is 497 days, an increase of 2 days from the previous week [3] - In January, the number of laying hens in production is about 1.342 billion, a month - on - month decrease of 0.15% and a year - on - year increase of 4.11%. The theoretical estimated number of laying hens in February is 1.331 billion [3] **Market Logic** - Short - term, near the Spring Festival, most areas stop quoting, and there is still an expectation of post - festival spot price decline; medium - term, the decline in egg - laying hen inventory is limited, and the supply pressure is postponed; long - term, the continuous increase in egg - laying hen farming scale may limit the price increase space, waiting for the process of capacity reduction driven by over - culling [3] **Trading Strategy** - Last week, it was continuously suggested that short positions in the early stage of the 2603 contract enter the profit - taking area. This week, it is recommended to wait and see, focusing on the culling and molting rhythm around the Spring Festival. For the 2603 contract, the support is 2880 - 2900; for the 2604 contract, the support is 3100 - 3120; for the 2605 contract, the support is 3300 - 3350; for the 2606 contract, the support is 3200; for the 2607 contract, the support is 3400 - 3450. Near the Spring Festival, it is recommended to hold a light or empty position to avoid holiday risks [3]

Group 1: Report Information - Report Title: "粕类日报 2026 年 2 月 12 日" [1] - Researcher: Chen Jiezheng [2] Group 2: Price Information Futures and Spot Basis - For soybean meal, the closing prices of contracts 01, 05, and 09 are 2962, 2790, and 2898 respectively, with increases of 12, 17, and 10. Spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao are 380, 270, 280, and 290 respectively [3]. - For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2263, 2303, and 2349 respectively, with increases of 10, 15, and 19. Spot basis in Nantong, Guangdong, and Guangxi are 227, 147, and 37 respectively [3]. Monthly Spreads - For soybean meal, the 15 - spread is 172 (down 5 from yesterday), 59 - spread is -108 (up 7), and 91 - spread is -64 (down 2) [3]. - For rapeseed meal, the 15 - spread is -40 (down 5 from yesterday), 59 - spread is -46 (down 4), and 91 - spread is 86 (up 9) [3]. Cross - Variety Spreads - The current soybean - rapeseed 01 spread is 699, and 09 spread is 549. The current oil - meal ratio 01 is 2.710 [3]. Spot Spreads - The current soybean meal - rapeseed meal spread is 540 (down 13 from yesterday), rapeseed meal - sunflower meal spread is 210 (up 10), and soybean meal - sunflower meal spread is 820 (up 17) [3]. Soybean Pressing Profits - Pressing profits from Brazilian soybeans vary by shipping date, with significant changes compared to the previous day, e.g., for April shipment, the change in pressing profit is -35.02 [8]. Group 3: Market Conditions International - The US soybean market is bullish, mainly due to improved exports. The monthly supply - demand report's bearish impact is limited. The South American market is firm, less affected by the US soybean increase. The international soybean market is relatively loose in supply, with price pressure still existing [3][4]. Domestic - The domestic soybean meal market is bullish, driven by short - covering. The rapeseed meal market is also bullish, with significant position - reducing and price increases. The soybean - rapeseed meal spread is narrowing [3]. Group 4: Fundamental Analysis International - US soybean carry - over stocks remain at around 350 million bushels, higher than market expectations. South American supply is increasing, with Brazil's new crop growing well and harvest progressing smoothly. Argentina's old - crop soybean production is large, with increased pressing and exports [4]. Domestic - As of February 6, the actual soybean crushing volume of oil mills is 2.484 million tons, with an operating rate of 68.33%. Soybean inventory is 5.6704 million tons, down 10.77% from last week. Rapeseed and rapeseed meal inventories are low, with supply pressure still existing [5]. Group 5: Logic Analysis - The US soybean is bullish due to macro - factors, but high - price export sustainability is limited. International market uncertainty lies in weather. The domestic soybean meal market is bullish, but supply uncertainty remains. The rapeseed meal market is also bullish, affected by soybean meal and position - reducing. The soybean - rapeseed meal spread will be volatile [6]. Group 6: Trading Strategies - Unilateral trading: Hold off on trading. - Arbitrage: Hold off on trading. - Options: Mainly use the strategy of selling wide straddles. [7]

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1. Report Industry Investment Rating - The investment rating for the iron ore in the black building materials industry is "oscillation" [1] 2. Core View of the Report - Iron ore prices declined on Wednesday and in the night session. The market is affected by factors such as the production and sales of new - energy vehicles, real - estate sales, CPI data, and changes in futures trading rules. Before the holiday, iron ore shipments, arrivals, and port transactions all decreased, and it is expected that the strong support level for the main iron ore contract before the holiday is 750. It is recommended to hold a light position or be out of the market [1] 3. Summary by Related Catalog Market Review - Iron ore closed down on Wednesday and in the night session [1] Important Information - In January 2026, the production and sales of new - energy vehicles in China increased by 2.5% and 0.1% year - on - year respectively [1] - The total sales of 16 key real - estate enterprises in January 2026 were 70.263 billion yuan, a year - on - year decrease of 12.8% and a month - on - month decrease of 50.9% [1] - In January 2026, the national consumer price index (CPI) increased by 0.2% year - on - year and 0.2% month - on - month [1] - Since the settlement on February 12, 2026, the daily price limit of iron ore futures contracts has been adjusted to 11%, and the trading margin level has been adjusted to 13%; the daily price limit of coke futures contracts has been adjusted to 10%, and the trading margin level remains unchanged; the daily price limit of coking coal futures contracts has been adjusted to 10%, and the trading margin level has been adjusted to 14% [1] - On February 11, the transaction volume of iron ore at major ports across the country was 237,500 tons, a month - on - month decrease of 57.2% [1] Market Logic - Near the holiday, the molten iron output changed little. The shipments and arrivals of iron ore in this period both decreased, and the port iron ore transactions decreased [1] Trading Strategy - It is expected that the 750 level will still be a strong support for the main iron ore contract before the holiday. Near the holiday, it is recommended to hold a light position or be out of the market [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures showed a narrow - range consolidation. The prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, the market focuses on the expectation of supply improvement, and the impact of macro factors on commodities has increased. In the short - term, polyolefins follow cost fluctuations. Currently, the driving force of polyolefin spot is relatively limited, and the market pays more attention to the driving rhythm of macro factors. With the long holiday approaching, positions need to be gradually controlled [2] Group 3: Summary by Relevant Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 6854, 6787, and 6836 respectively, with price increases of 15, 12, and 10 and percentage increases of 0.22%, 0.18%, and 0.15% respectively. For PP, the previous day's closing prices for January, May, and September contracts were 6681, 6693, and 6721 respectively, with price increases of 10, 5, and 14 and percentage increases of 0.15%, 0.07%, and 0.21% respectively [2] - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 340, 278339, and 19923 respectively. For PP, the trading volumes for January, May, and September contracts were 113, 246301, and 17871 respectively [2] - **Open Interest**: The open interests of LL for January, May, and September contracts were 1028, 503917, and 69430 respectively, with changes of 254, - 8697, and - 461 respectively. For PP, the open interests for January, May, and September contracts were 2685, 486837, and 111586 respectively, with changes of 12, - 1731, and - 1024 respectively [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were 67, - 49, and - 18 respectively, compared with previous values of 64, - 51, and - 13. For PP, the current spreads of January - May, May - September, and September - January were - 12, - 28, and 40 respectively, compared with previous values of - 17, - 19, and 36 [2] Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2250 yuan/ton, 6440 yuan/ton, 632 dollars/ton, 5600 yuan/ton, 6490 yuan/ton, and 8700 yuan/ton respectively, with some remaining the same as the previous values [2] - **Mid - stream**: The current price ranges of LL in the East China, North China, and South China markets were 6600 - 7000 yuan/ton, 6500 - 6900 yuan/ton, and 6800 - 7050 yuan/ton respectively. For PP, the price ranges in the East China, North China, and South China markets were 6500 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6600 - 6800 yuan/ton respectively, with some remaining the same as the previous values [2] News - On Wednesday (February 11), the settlement price of West Texas Intermediate crude oil futures for March 2026 on the New York Mercantile Exchange was $64.63 per barrel, up $0.67 or 1.05% from the previous trading day, with a trading range of $64.15 - $65.83. The settlement price of Brent crude oil futures for April 2026 on the London Intercontinental Exchange was $69.40 per barrel, up $0.60 or 0.87% from the previous trading day, with a trading range of $69 - $70.72 [2]

Morning session notice 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 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 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 02 月 12 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】 | | --- | --- | --- | --- | | | | | 郑棉总成交 348681 持仓 104259 ...

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 2 月 12 日星期四 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | 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 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。 | 黑色建材 | 钢材 | 降 震荡 | 钢材: 【行情复盘】 周三螺纹热卷收跌。夜盘收跌。 【重要资讯】 1、中汽协：1 月份我国新能源汽车产销同比分别增长 2.5%和 0.1%。 2、据 Mysteel 统计，16 家重点房企 2026 年 1 月销售额合计 7 ...

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 2 月 12 日星期四 Morning session notice 早盘提示 | | | | 黑色建材 | 铁矿 | 震荡 | 铁矿: 【行情复盘】 周三铁矿收跌。夜盘收跌。 【重要资讯】 1、中汽协：1 月份我国新能源汽车产销同比分别增长 2.5%和 0.1%。 2、据 Mysteel 统计，16 家重点房企 2026 年 1 月销售额合计 702.63 亿元，同比下 降 12.8%，环比下降 50.9%。 3、2026 年 1 月份，全国居民消费价格同比上涨 0.2%。其中，城市上涨 0.2%，农村 上涨 0.1%；食品价格下降 0.7%，非食品价格上涨 0.4%；消费品价格上涨 0.3%，服 务价格上涨 0.1%。1 月份，全国居民消费价格环比上涨 0.2%。其中，城市上涨 0.2%， 农村上涨 0.2%；食品价格持平，非食品价格上涨 0.2%；消费品价格上涨 0.2%，服 | | --- | --- | --- | --- | | | | | 务价格上涨 0.2%。 | | | | | 4、大 ...

Group 1: Corn Market - The corn May contract closed at 2316 CNY/ton, with a daily increase of 1.58%. The increase in warehouse receipts by 23,130 contracts reflects a bullish sentiment due to factors like warming temperatures and grain sales progress [4][17] - Downstream demand is weak, with deep processing enterprises issuing notices to stop or reduce purchases, and feed companies primarily executing previous contracts [5][18] - Market focus post-holiday will be on whether the northeastern grain supply increases significantly with rising temperatures and the actual demand elasticity of corporate inventories [6][19] - It is expected that the corn March contract will fluctuate within the range of 2250–2275 CNY/ton before the holiday, with directional choices pending further verification of supply and demand post-holiday [7][20] Group 2: Soybean Meal Market - The US-India trade agreement has improved export expectations for US soybean oil, and there is an increase in Chinese purchases of US soybeans, leading to a positive outlook for the 2025/26 US soybean demand [8][21] - Reports indicate that excessive rainfall in northern Mato Grosso, Brazil, has led to a decline in soybean quality, forcing farmers to sell at discounted prices, which may benefit crushing profits [8][21] - The upward trend in US soybeans is expected to support the valuation of domestic soybean meal, while potential weather risks in Argentina may cause fluctuations in the foreign market during the Spring Festival [8][21] Group 3: Egg Market - As the Spring Festival approaches, spot prices across channels have paused, and the March contract's discount reflects market anticipation of high inventory and weak seasonal demand [10][23] - The current price of the March contract largely reflects support near the cost line, with limited further downside unless inventory pressure exceeds expectations or demand recovery is particularly slow [10][23] Group 4: Pork Market - The average price of live pigs in major production areas is approximately 11.49 CNY/kg, with increased outflow activity observed. Prices are under pressure after a seasonal rebound before the Spring Festival [12][25] - The planned outflow for February is 22.92 million heads, a decrease of 17.73% compared to January, with a daily average increase of 21.44% due to fewer sales days in February [12][25] - Despite potential fluctuations as the Spring Festival approaches, the futures market has adequately priced in expectations for near-term contracts [12][25]