Group 1: Report Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View - The market for the three major oils is volatile. Strong stocking demand for the upcoming Lunar New Year and Ramadan celebrations in early 2026, along with floods in Asia that may slow down the picking rhythm, provide some support for the oils. However, the slower - than - expected reduction of soybean oil inventory keeps its price under pressure. Overall, the market is in a volatile state [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 8730.00 yuan/ton, a change of +10 yuan or +0.11% [1] - The closing price of the soybean oil 2601 contract was 8286.00 yuan/ton, a change of - 2.00 yuan or -0.02% [1] - The closing price of the rapeseed oil 2601 contract was 9711.00 yuan/ton, a change of -34.00 yuan or -0.35% [1] Spot - The spot price of palm oil in Guangdong was 8740.00 yuan/ton, a change of +80.00 yuan or +0.92%, with a spot basis of P01 + 10.00, a change of +70.00 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8460.00 yuan/ton, a change of +20.00 yuan/ton or +0.24%, with a spot basis of Y01 + 174.00, a change of +22.00 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 9970.00 yuan/ton, a change of -60.00 yuan or -0.60%, with a spot basis of OI01 + 259.00, a change of -26.00 yuan [1] Group 4: Recent Market News Agricultural Supervision - The Ministry of Agriculture and Rural Affairs has deployed a winter crop seed supervision and inspection across the country, focusing on key crops like corn, rice, soybeans, etc., to ensure the safety of agricultural seeds [2] Argentina's Soybean Forecast - Argentina's 2025/26 soybean production is expected to be 4690 tons, with a forecast range of 4580 - 4810 tons. The sowing is delayed, and the soil moisture in the Pampas planting belt is decreasing [2] - The predicted sowing area is 1670 hectares, higher than the Rosario Exchange's prediction of 1640 hectares but lower than the Buenos Aires Grain Exchange's prediction of 1760 hectares [2] Import Price Changes - Argentina's C&F price of soybean oil (January shipment) is 1198 dollars/ton, up 12 dollars/ton; (March shipment) is 1140 dollars/ton, up 15 dollars/ton [2] - Canada's C&F price of rapeseed oil (January shipment) is 1105 dollars/ton, unchanged; (March shipment) is 1085 dollars/ton, unchanged [2] - Canada's C&F price of rapeseeds (January shipment) is 530 dollars/ton, unchanged; (March shipment) is 539 dollars/ton, down 1 dollar/ton [2] - C&F prices of soybeans from different regions (January shipment): US Gulf at 499 dollars/ton, down 1 dollar/ton; US West at 494 dollars/ton, down 2 dollars/ton; Brazil at 479 dollars/ton, down 3 dollars/ton [2] Import Premium Changes - Import soybean premium quotes: Mexico Gulf (January shipment) at 235 cents/bushel, unchanged; US West Coast (January shipment) at 223 cents/bushel, unchanged; Brazilian ports (January shipment) at 180 cents/bushel, down 5 cents/bushel [2]

Report Overview - Report Date: December 2, 2025 [2] - Reported Industry: Oil and Fat [1] - Researcher Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Soybean oil is expected to trade in a narrow range between 8,000 and 8,400, supported by the cost of imported soybeans, but the upside is limited due to high inventory [8]. - Rapeseed oil is policy - driven, with no new fundamental changes, and the market remains in a situation of weak supply and demand. The 1 - 5 inverse spread of rapeseed oil should be held, and attention should be paid to the customs clearance progress of Australian seeds and the regulatory policies of rapeseed oil reserves [8]. - Palm oil has many influencing factors. Adverse weather in Malaysia and Indonesia, lower - than - expected production growth in November, and possible tax cuts in Indonesia in December may improve exports, providing short - term bullish support. It is expected to trade in a range with resistance around 9,000 [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - P2605 opened at 8,688, closed at 8,688 with a gain of 56 (0.65%), trading volume of 121,026, and open interest of 24,666 with an increase of 2,411 [7]. - P2601 opened at 8,638, closed at 8,652 with a gain of 64 (0.75%), trading volume of 367,522, and open interest of 312,424 with a decrease of 18,937 [7]. - Y2605 opened at 8,020, closed at 8,086 with a gain of 64 (0.80%), trading volume of 135,151, and open interest of 447,922 with an increase of 31,341 [7]. - Y2601 opened at 8,238, closed at 8,288 with a gain of 50 (0.61%), trading volume of 202,373, and open interest of 333,076 with a decrease of 14,314 [7]. - O1605 opened at 9,515, closed at 9,484 with a loss of 38 (- 0.40%), trading volume of 53,411, and open interest of 113,258 with an increase of 3,842 [7]. - Ol601 opened at 9,780, closed at 9,770 with a gain of 5 (0.05%), trading volume of 254,334, and open interest decreased by 4,352 [7]. - **Base Price Information**: - East China third - grade rapeseed oil: 11 - 12 months, OI2601 + 300; 12 - 1 month, OI2601 + 260. East China first - grade rapeseed oil: 11 - 12 months, OI2601 + 430 [7]. - East China first - grade soybean oil basis price: y2601 + 280 in December; y2601 + 290 in January; y2605 + 400 from February to May; y2605 + 250 from June to September [7]. - Palm oil quotes from Guangdong traders were slightly lowered by 10 - 20 yuan/ton [7]. 3.2 Industry News - In Malaysia, the production of palm oil in November decreased by 0.19% month - on - month according to SPPOMA data, with the fresh fruit bunch (FFB) yield per unit area down 2.09% and the oil extraction rate (OER) down 0.36% [10]. - According to ITS, Malaysia's palm oil exports in November were 1,316,455 tons, a 19.7% decrease from October. Exports to China were 129,000 tons, a decrease of 6,000 tons from October [10]. - According to AmSpec Agri, Malaysia's palm oil product exports in November 2025 were 1,263,298 tons, a 15.9% decrease from October [10]. - As of November 26, the sowing progress of Argentina's 2025/26 soybean crop reached 36%, higher than 24.6% a week ago but 9% behind the same period last year and 1% behind the five - year average. Farmers in Santa Fe Province have started the second - season soybean sowing, with a progress of about 2.3%, and the emergence rate of sown soybeans is 23% [10][11]. 3.3 Data Overview - AgroConsult expects Brazil's 2025/26 soybean production to reach a record 178.1 million tons, with the planting area increasing by 2.1% to 48.8 million hectares. Brazil's soybean exports this year will reach 109.1 million tons and are expected to grow by 2.7% to 112 million tons next year [19]. - As of the week of November 23, Canada's rapeseed exports decreased by 65% to 99,500 tons compared with the previous week. From August 1, 2025, to November 23, 2025, Canada's rapeseed exports were 1.9284 million tons, a 47.8% decrease from the same period last year. As of November 23, Canada's commercial rapeseed inventory was 1.3743 million tons [19].

期货交易咨询业务资格：证监许可【2011】1285号 华联期货油脂月报 东南亚遭受洪涝灾害 国内油脂短期或震荡偏强 20251130 邓丹 交易咨询号：Z0011401 从业资格号：F0300922 0769-22111252 审核：段福林 从业资格号：F3048935 交易咨询号：Z0015600 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 基本面观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 ◆ 豆油方面，巴西进入种植末期，阿根廷已经完成36%的大豆播种率，南美大豆种植顺利推进。 ◆ 棕榈油方面，MPOA数据显示，马来西亚11月1-20日棕榈油产量环比增加3.24%；SPPOMA ...

2025年11月30日 国泰君安期货研究周报-农产品 观点与策略 | 棕榈油：短期技术反弹，等待产量拐点确认 | 2 | | --- | --- | | 豆油：美豆驱动有限，区间震荡运行 | 2 | | 豆粕：关注中方采购美豆情况，盘面震荡 | 8 | | 豆一：关注中美贸易情绪，盘面震荡 | 8 | | 玉米：高位震荡 | 13 | | 白糖：窄幅整理 | 19 | | 棉花：短期震荡偏强 | 26 | | 生猪：限仓驱动期现背离，产业逻辑将回归 | 33 | | 花生：关注现货 | 39 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 二 〇 二 五 年 度 2025 年 11 月 30 日 棕榈油：短期技术反弹，等待产量拐点确认 豆油：美豆驱动有限，区间震荡运行 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 报告导读： 上周观点及逻辑： 棕榈油：市场担忧马来四季度产量仍大，同时缺乏 B50 和美豆油的有效需求故事，棕榈油仍维持震荡 运行，但高产边际交易暂时充分，短期超跌后技术反弹支撑，棕榈油 01 合约周涨 0.1 ...

期货方面，昨日收盘棕榈油2601合约8360.00元/吨，环比变化-126元，幅度-1.48%；昨日收盘豆油2601合约8144.00 元/吨，环比变化-24.00元，幅度-0.29%；昨日收盘菜油2601合约9818.00元/吨，环比变化+40.00元，幅度+0.41%。 现货方面，广东地区棕榈油现货价8370.00元/吨，环比变化-80.00元，幅度-0.95%，现货基差P01+10.00，环比变化 +46.00元；天津地区一级豆油现货价格8350.00元/吨，环比变化-10.00元/吨，幅度-0.12%，现货基差Y01+206.00， 环比变化+14.00元；江苏地区四级菜油现货价格10140.00元/吨，环比变化+40.00元，幅度+0.40%，现货基差 OI01+322.00，环比变化+0.00元。 近期市场咨询汇总：11月25日，印尼北苏门答腊省官员表示，该省中塔帕努利地区正受到洪灾影响，从23日开始 的持续强降雨导致多个地点发生洪水和山体滑坡。该官员称，灾害已导致4人死亡。根据北苏门答腊灾害行动中心 收集的数据，分布在7个地区的1902个家庭受到洪灾影响。受灾居民正陆续被疏散到安全地点。印尼气象 ...

证券代码：839979 每日观点 豆油 1.基本面：MPOB报告显示，MPOB月报显示马棕8月产量环比减少9.8%至162万吨，出口环比减少14.74%至 149万吨，月末库存环比减少2.6%至183万吨。报告中性，减产不及预期。目前船调机构显示本月目前马 棕出口数据环比增加4%，后续进入减产季，棕榈油供应上压力减小。中性 2.基差：豆油现货8342，基差198，现货升水期货。偏多 3.库存：9月22日豆油商业库存118万吨，前116万吨，环比+2万吨，同比+11.7% 。偏空 4.盘面：期价运行在20日均线下，20日均线朝下。偏空 5.主力持仓：豆油主力多增。偏多 6.预期：油脂价格震荡整理，国内基本面宽松，国内油脂供应稳定。中美关系僵持，美豆新豆出口受挫， 价格承压。马棕库存偏中性，需求有所好转，印尼B40促进国内消费，26年预计实施B50计划。国内油脂 基本面偏中性，进口库存稳定。豆油Y2601：7900-8300附近区间震荡 油脂早报 2025-11-26投资咨询部 分析师: 王明伟 从业资格号： F0283029 投资咨询号： Z0010442 TEL: 0575-85226759 每日观点 棕榈油 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report - Short - term, the overall trend of oils and fats lacks drivers, with large intraday fluctuations and an overall oscillating state. It is recommended to wait and see or conduct short - term long and short operations within a range [8]. 3. Summary by Directory First Part: Data Analysis - **Spot Prices and Basis**: The closing price of 2601 for soybean oil is 8144, down 24; palm oil is 8360, down 126; and rapeseed oil is 9818, up 40. The basis of soybean oil, palm oil, and rapeseed oil shows different trends in different regions [2]. - **Monthly Spread**: The 1 - 5 monthly spread for soybean oil is 198, down 8; for palm oil is - 82, up 8; and for rapeseed oil is 330, down 26 [2]. - **Cross - Variety Spread**: The 01 - contract Y - P spread is - 216, with a change of 64; OI - Y is 1674, with a change of 102; OI - P is 1458, with a change of 166; the oil - meal ratio is 2.70, down 0.01 [2]. - **Import Profit**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia is 1034, and the FOB price of crude rapeseed oil from Rotterdam is 1082, with corresponding import profit situations [2]. - **Weekly Commercial Inventory**: In the 46th week of 2025, the commercial inventory of soybean oil is 105.3 (last week: 65.3, last year: 118.0), palm oil is 66.7 (last week: 48.3), and rapeseed oil is 38.5 (last week: 43.0, last year: 44.1) [2]. Second Part: Fundamental Analysis - **International Market**: As of the week of November 21, 2025, the U.S. soybean crushing profit is $2.73 per bushel, down 12.2% from the previous week. The average crushing profit in 2024 was $2.44 per bushel, lower than $3.29 in 2023 [4]. - **Domestic Market (P/Y/OI)**: - **Palm Oil**: The futures price closed down by more than 1%. As of November 21, 2025, the commercial inventory was 66.71 tons, up 2.13% from the previous week. The import profit inversion has widened to around - 300. It is recommended to wait and see [4][5]. - **Soybean Oil**: The futures price closed slightly down. The actual crushing volume last week was 233.44 tons, and the inventory was 117.99 tons, up 2.73% from the previous week. It is expected to maintain an oscillating state, and it is recommended to wait and see and consider light - position long after a stable correction [5]. - **Rapeseed Oil**: The futures price closed slightly up. The crushing volume last week was 0 tons, and the inventory was 38.5 tons, down 4.5 tons from the previous week. The import profit inversion has widened to around - 1000. It is recommended to consider going long on OI03 or 05 contracts on dips [6]. Third Part: Trading Strategy - **Single - Side**: Wait and see or conduct short - term long and short operations within a range [8]. - **Arbitrage**: Wait and see [9]. - **Options**: Wait and see [10]. Fourth Part: Related Attachments The report provides multiple charts, including those showing the spot basis of different oils and fats, monthly spreads, and cross - variety spreads from 2016 - 2025 [12][15].

Report Summary 1. Reported Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints of the Report - The vegetable oil sector rebounded from a low level, and the strategy is mainly to conduct band buying. Rapeseed oil is expected to fluctuate in the range of 9400 - 10000, and attention should be paid to the arrival and crushing of Australian seeds and the development of China - Canada relations. There is a chance for a reverse spread between the January and May contracts of rapeseed oil. The current price of soybean oil around 8000 has limited downside space but is suppressed by high inventory in the short term. Palm oil is expected to see a reduction in production and inventory starting from November [8]. - If the increase in bio - fuel consumption squeezes global supply, palm oil prices may soar in the first quarter of next year [11]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - **Market Review**: The table shows the trading information of multiple futures contracts such as P2605, P2601, Y2605, etc., including pre - settlement price, opening price, high price, low price, closing price, change, change rate, trading volume, open interest, and open interest change. For example, the closing price of P2605 is 8796, up 22 or 0.25% [7]. - **Spot Price Basis**: In the East China market, the basis price of first - grade soybean oil and the basis prices of different grades of rapeseed oil in different months are given. In the Guangdong market, the quotes of palm oil traders for different grades are provided [7]. - **Operation Suggestions**: For rapeseed oil, pay attention to the technical support below and the 1 - 5 reverse spread. For soybean oil, there is value in buying at the current price. For palm oil, conduct band buying as it is expected to reduce production and inventory [8]. 3.2行业要闻 - **Palm Oil Export**: From November 1 - 15, Malaysia's palm oil exports were 728,995 tons, a 15.5% decrease compared to the same period in October. Exports to China remained basically the same at 99,000 tons [11]. - **Palm Oil Production Forecast**: Indonesia's palm oil production in 2026 is expected to drop from 49.4 million tons this year to 49 million tons, and Malaysia's production in 2026 is expected to reach 19.5 million tons, lower than this year's estimated 19.86 million tons. The global palm oil production in the 2025/26 season is expected to increase by 1.5 million tons [11]. 3.3数据概览 - Multiple charts are presented, including the spot price of 24 - degree palm oil in South China, the basis change of palm oil, the spot price of third - grade rapeseed oil in East China, the spot price of fourth - grade soybean oil in East China, the basis change of soybean oil, the basis change of rapeseed oil, various price spreads of palm oil futures, the US dollar - RMB exchange rate, and the US dollar - Malaysian ringgit exchange rate. All data sources are from Wind and the Research and Development Department of CCB Futures [15][16][23][24][29][30].

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - Palm oil: Short - term negative factors are fully priced in, and attention should be paid to the inventory reduction process in the producing areas [1]. - Soybean oil: With the stabilization of US soybeans, soybean oil will fluctuate strongly [1]. Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Prices and Trading Volume** - Palm oil主力: Closing price (day session) is 8,680 yuan/ton with a daily increase of 0.42%, and (night session) 8,688 yuan/ton with an increase of 0.09%. Trading volume is 585,987 lots, a decrease of 1,258 lots, and open interest is 419,635 lots, a decrease of 13,845 lots [1]. - Soybean oil主力: Closing price (day session) is 8,282 yuan/ton with a daily increase of 0.31%, and (night session) 8,284 yuan/ton with an increase of 0.02%. Trading volume is 275,749 lots, an increase of 29,309 lots, and open interest is 452,776 lots, a decrease of 6,967 lots [1]. - Rapeseed oil主力: Closing price (day session) is 9,880 yuan/ton with a daily decrease of 0.43%, and (night session) 9,894 yuan/ton with an increase of 0.14%. Trading volume is 251,460 lots, a decrease of 12,202 lots, and open interest is 245,352 lots, a decrease of 3,228 lots [1]. - **Spot Prices and Basis** - Palm oil (24 - degree, Guangdong): Spot price is 8,570 yuan/ton, a decrease of 20 yuan/ton, and basis is - 110 yuan/ton [1]. - First - grade soybean oil (Guangdong): Spot price is 8,640 yuan/ton, unchanged, and basis is 358 yuan/ton [1]. - Fourth - grade imported rapeseed oil (Guangxi): Spot price is 10,310 yuan/ton, a decrease of 50 yuan/ton, and basis is 430 yuan/ton [1]. - **Price Spreads** - Rapeseed - palm oil futures主力 spread: Previous trading day was 1,279 yuan/ton, and the day before was 1,223 yuan/ton [1]. - Soybean - palm oil futures主力 spread: - 398 yuan/ton, compared with - 388 yuan/ton previously [1]. 2. Macro and Industry News - **Palm Oil in Malaysia** - From November 1 - 15, 2025, palm oil yield per unit area increased by 1.82% month - on - month, oil extraction rate increased by 0.43% month - on - month, and production increased by 4.09% month - on - month [2]. - AmSpec: Export volume from November 1 - 15 was 702,692 tons, a 10% decrease compared with the same period last month [3]. - SGS: Estimated export volume from November 1 - 15 was 334,295 tons, a 44.9% decrease compared with the same period last month [5]. - Malaysia set the reference price for palm oil exports in December at 4,206.38 ringgit/ton, with an export tax rate of 10.0%, compared with 4,262.23 ringgit/ton in November [5]. - **US Agriculture** - The USDA corrected the cumulative daily sales announcement. The sale of 130,000 tons of corn to Japan on October 24, 2025, was removed, and the sale of soybeans to China on November 3, 2025, was corrected from 232,000 tons to 132,000 tons [5]. - The USDA did not republish the weekly US crop growth report after the federal government resumed operation [5]. - **US Soybean Crushing** - In October, NOPA member companies crushed 227.647 million bushels of soybeans, a 15.1% increase from September and a 13.9% increase from October 2024, setting a new record. As of October 31, soybean oil inventory reached 1.305 billion pounds, a 5.0% increase from the end of September and a 21.5% increase from the same period last year [6]. - **Brazilian Soybeans** - As of November 15, the soybean sowing rate in Brazil was 69.0%, compared with 58.4% last week, 73.8% last year, and a five - year average of 67.2% [7]. - In the first two weeks of November, Brazil exported 2,302,124.10 tons of soybeans, with an average daily export volume of 230,212.40 tons, a 71% increase compared with the average daily export volume in November last year [7]. - **Ukrainian Crops** - As of November 13, Ukraine harvested 47.937 million tons of grains and legumes on 9.826 million hectares of land, with an average yield of 4.88 tons per hectare. Among them, 4.654 million tons of soybeans were harvested on 1.96 million hectares of land, with an average yield of 2.38 tons per hectare [8]. 3. Trend Intensity - Palm oil trend intensity is 1, and soybean oil trend intensity is 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [9].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - **Palm Oil**: In Malaysia, the expected record - high production in 2025 may pressure the benchmark price, but Indonesia's B85 policy supports the market. Dalian palm oil futures are in an upward - trending oscillation and may continue to strengthen in the short - term, but there is a risk of decline after facing resistance below 9000 yuan [1]. - **Soybean Oil**: The USDA report's less - than - expected reduction in US soybean production led to a decline in CBOT soybeans and soy oil. In China, high inventory and weak downstream demand may cause short - term callbacks in Dalian soybean oil [1]. - **Corn**: Due to factors like farmers' price - holding, logistics issues, and demand from deep - processing and feed sectors, corn has a short - term supply - demand imbalance. The price may rebound but is limited by supply pressure, with attention on the 2200 - 2220 pressure level [3]. - **Sugar**: India's export policy and Brazil's approaching end of the harvest season make the sugar market relatively calm. The price of raw sugar is expected to oscillate around 14 cents/pound, and the domestic sugar market is likely to maintain an oscillating trend next week [7][8]. - **Cotton**: The 11 - month USDA report is bearish for cotton prices. In China, the short - term pressure from new cotton supply and weak downstream demand are offset by the relatively low inventory of spinning enterprises, resulting in short - term price pressure within a range [9]. - **Meal**: The USDA's November report lacks significant positive factors. With high domestic soybean inventory and expected reserve rotation, the meal market is expected to have wide - range oscillations [11]. - **Eggs**: High egg production inventory and weak demand lead to a short - term supply - demand imbalance. Although the decline in egg prices has slowed and the willingness to support prices has increased, the market is expected to remain in a weak, oscillating state this week [15]. - **Pigs**: Weak spot prices and high market supply pressure the price, but there is support at low levels. The overall slow progress of November's planned slaughter may boost the price. The market is in an oscillating pattern, and the 3 - 7 reverse spread strategy can be continued [17]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 14, the spot price in Jiangsu was 8590 yuan/ton, up 0.35% from the previous day; the futures price of Y2601 was 8256 yuan/ton, down 0.72%; the basis was 334 yuan/ton, up 36.89% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8590 yuan/ton, up 0.23%; the futures price of P2601 was 8644 yuan/ton, down 1.23%; the basis was - 54 yuan/ton, up 70.33%. The import cost was 9112.8 yuan/ton, down 0.76%, and the import profit was - 469 yuan/ton, down 8.89% [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 10290 yuan/ton, up 0.29%; the futures price of OI601 was 9923 yuan/ton, down 0.52%; the basis was 367 yuan/ton, up 28.77% [1]. - **Spreads**: The soybean oil 01 - 05 spread was 228 yuan/ton, up 2.70%; the palm oil 01 - 05 spread was - 116 yuan/ton, down 13.73%; the rapeseed oil 01 - 05 spread was 499 yuan/ton, up 1.63%. The spot soybean - palm oil spread was 0 yuan/ton, up 100%; the 2601 soybean - palm oil spread was - 732 yuan/ton, up 3.68%. The spot rapeseed - soybean oil spread was 1700 yuan/ton, unchanged; the 2601 rapeseed - soybean oil spread was 1667 yuan/ton, up 0.48% [1]. 3.2 Corn and Corn Starch - **Corn**: The price of corn 2601 at Jinzhou Port was 2185 - 2210 yuan/ton, with a change of - 0.05% - 0.45%. The basis was 25 yuan/ton, up 78.57%. The 1 - 5 spread was - 67 yuan/ton, up 5.63%. The price at Shekou was 2330 yuan/ton, up 0.43%. The import profit was 301 yuan/ton, up 5.00%. The number of remaining vehicles at Shandong deep - processing enterprises increased by 11.15%. The position was 1859009, down 1.16% [3]. - **Corn Starch**: The price of corn starch 2601 was 2505 yuan/ton, down 0.08%. The spot price in Changchun was 2510 yuan/ton, unchanged; in Weifang, it was 2750 yuan/ton, unchanged. The basis was 5 yuan/ton, up 66.67%. The 1 - 5 spread was - 76 yuan/ton, unchanged. The 01 spread between starch and corn was 320 yuan/ton, down 0.31%. The profit of Shandong starch was 35 yuan/ton, down 2.78%. The position was 301830, down 0.43% [3]. 3.3 Sugar - **Futures Market**: The price of sugar 2601 was 5470 yuan/ton, down 0.76%; the price of sugar 2605 was 5404 yuan/ton, down 0.53%. The price of ICE raw sugar was 14.85 cents/pound, up 2.91%. The 1 - 5 spread was 66 yuan/ton, down 16.46%. The position of the main contract was 370242, down 2.99%. The number of warehouse receipts was 8622, up 11.67%; the effective forecast was 183, down 84.53% [7]. - **Spot Market**: The price in Nanning was 5660 yuan/ton, unchanged; in Kunming, it was 5540 yuan/ton, unchanged. The basis in Nanning was 256 yuan/ton, up 12.78%; in Kunming, it was 136 yuan/ton, up 27.10%. The price of imported Brazilian sugar (within quota) was 3978 yuan/ton, down 1.41%; (outside quota) was 5036 yuan/ton, down 1.47% [7]. - **Industry Situation**: The cumulative national sugar production was 1116.21 tons, up 12.03%; the cumulative sales were 1048.00 tons, up 9.17%. The cumulative sugar production in Guangxi was 646.50 tons, up 4.59%. The monthly sales in Guangxi were 26.66 tons, down 41.20%. The national cumulative sugar sales rate was 93.90%, down 2.60%; in Guangxi, it was 93.90%, up 4.80%. The national industrial inventory was 68.21 tons, down 41.20%; in Guangxi, it was 44.21 tons, up 62.90%; in Yunnan, it was 33.65 tons, up 26.60%. Sugar imports were 55.00 tons, up 37.50% [7]. 3.4 Cotton - **Futures Market**: The price of cotton 2605 was 13470 yuan/ton, down 0.19%; the price of cotton 2601 was 13450 yuan/ton, down 0.30%. The price of ICE US cotton was 64.14 cents/pound, down 0.68%. The 5 - 1 spread was 20 yuan/ton, up 300%. The position of the main contract was 556440, down 1.15%. The number of warehouse receipts was 4401, up 5.29%; the effective forecast was 643, down 26.77% [9]. - **Spot Market**: The arrival price of Xinjiang cotton (3128B) was 14594 yuan/ton, down 0.14%. The CC Index (3128B) was 14806 yuan/ton, down 0.09%. The FC Index (M: 1%) was 12913 yuan/ton, down 0.28%. The spread between 3128B and the 01 contract was 1124 yuan/ton, up 0.45%; between 3128B and the 05 contract was 1144 yuan/ton, up 1.78%. The spread between CC Index (3128B) and FC Index (M: 1%) was 1883 yuan/ton, up 1.23% [9]. - **Industry Situation**: The commercial inventory was 293.06 tons, up 70.4%; imports were 10.00 tons, up 42.9%; the bonded area inventory was 31.10 tons, up 8.0%. The inventory days of yarn were 26.12 days, up 3.5%. The cotton shipping volume out of Xinjiang was 53.46 tons, up 22.6%. The immediate processing profit of spinning enterprises was - 1796.60 yuan/ton, up 0.8%. The retail sales of clothing, footwear, and textiles were 1471.00 billion yuan, up 19.5%. The year - on - year growth rate of clothing, footwear, and textiles was 6.30%, up 34.0%. The year - on - year growth rate of textile yarn, fabric, and product exports was - 9.10%, down 242.1%; the year - on - year growth rate of clothing and clothing accessories exports was - 15.96%, down 100.2% [9]. 3.5 Meal - **Soybean Meal**: The spot price in Jiangsu was 3060 yuan/ton, up 0.33%; the futures price of M2601 was 3092 yuan/ton, up 0.68%; the basis was - 32 yuan/ton, down 52.38%. The import crushing profit of Brazilian ships in February was - 7 yuan/ton, down 800% [11]. - **Rapeseed Meal**: The spot price in Jiangsu was 2500 yuan/ton, unchanged; the futures price of RM2601 was 2490 yuan/ton, down 0.08%; the basis was 10 yuan/ton, up 25.00%. The import crushing profit of Canadian ships in January was 777 yuan/ton, down 3.48% [11]. - **Soybeans**: The spot price of soybeans in Harbin was 3920 yuan/ton, unchanged; the futures price of the main soybean contract was 4215 yuan/ton, up 2.08%; the basis was - 295 yuan/ton, down 41.15%. The spot price of imported soybeans in Jiangsu was 3950 yuan/ton, unchanged; the futures price of the second - grade soybean contract was 3803 yuan/ton, up 0.37%; the basis was 147 yuan/ton, down 8.70% [11]. - **Spreads**: The 01 - 05 spread of soybean meal was 244 yuan/ton, up 11.42%; the 01 - 05 spread of rapeseed meal was 65 yuan/ton, up 3.17%. The spot oil - meal ratio was 2.81, up 0.02%; the main - contract oil - meal ratio was 2.67, down 1.40%. The spot soybean - rapeseed meal spread was 560 yuan/ton, up 1.82%; the 2601 spread was 602 yuan/ton, up 3.97% [11]. 3.6 Eggs - **Futures Market**: The price of the 12 - contract was 3033 yuan/500KG, down 0.23%; the price of the 01 - contract was 3235 yuan/500KG, down 0.92%. The 12 - 01 spread was - 202 yuan/500KG, up 10.22% [15]. - **Spot Market**: The price in egg - producing areas was 2.98 yuan/jin, down 0.34%. The basis was - 51 yuan/500KG, down 6.54% [15]. - **Related Indicators**: The price of egg - laying chicken chicks was 2.80 yuan/feather, unchanged; the price of culled chickens was 4.04 yuan/jin, up 0.25%. The egg - feed ratio was 2.34, down 1.68%. The breeding profit was - 26.52 yuan/feather, down 8.51% [15]. 3.7 Pigs - **Futures Market**: The basis of the main contract was 582 yuan/ton, up 103.57%. The price of the 2605 - contract was 12195 yuan/ton, down 0.33%; the price of the 2601 - contract was 11775 yuan/ton, down 0.72%. The 1 - 5 spread was - 420 yuan/ton, down 12.00%. The position of the main contract was 130675, down 3.05% [17]. - **Spot Market**: The price in Henan was 12060 yuan/ton, up 60.0; in Shandong, it was 12190 yuan/ton, up 140.0; in Sichuan, it was 11340 yuan/ton, down 60.0; in Liaoning, it was 11640 yuan/ton, up 140.0; in Guangdong, it was 12450 yuan/ton, down 160.0; in Hunan, it was 11440 yuan/ton, down 70.0; in Hebei, it was 11970 yuan/ton, up 70.0 [17]. - **Related Indicators**: The daily slaughter volume of sample points was 162927, down 0.74%. The weekly white - strip price was 18.60 yuan, unchanged. The weekly price of piglets was 17.25 yuan/kg, up 1.47%; the weekly price of sows was 32.47 yuan/kg, unchanged. The weekly slaughter weight was 128.48 kg, up 0.14%. The weekly self - breeding profit was - 115 yuan/head, down 28.70%; the weekly purchased - pig breeding profit was - 206 yuan/head, down 17.15%. The monthly number of fertile sows was 40350000, down 0.07% [17].