请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 农产品日报（2026 年 1 月 14 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | | 震荡 | | | 周二，玉米主力 2603 合约先跌后涨，期价继续上行，近月领涨、远期跟涨，3 月合约期价接近 2300 元整数关口，多头情绪占据主导。现货市场方面，受期货 | | | | 上涨影响，玉米现货市场节前备货对期、现报价提供支撑。东北近日有降雪，或 | | | | 影响玉米上量。销区进入节前备货模式，但随着近期拍卖量的增加，销区需求有 | | | | 一定的补给，销区采购需求多样化。周末华北地区玉米价格有涨有跌，主流价格 | | | 玉米 | 保持稳定，深加工企业根据自身到货情况价格窄幅调整。基层购销相对平稳，贸 | | | | 易商对优质玉米建库意愿逐渐增强。下游企业库存同比偏低，但节前备货压力不 | | | | 大。周末销区市场玉米价格主流平稳运行。节前备货刚需支撑，储备粮持续投放、 | | | | 进口玉米及替代品较多，压制价格上涨，市场整体购销活动一般。技术上，玉米 | ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The monthly supply and demand report is bearish, but the domestic spot market is strong. The overall price of the international soybean market is under pressure due to the relatively loose supply - demand situation. The domestic soybean meal spot shows some support in the near - term, but the medium - to - long - term price pressure still exists. The rapeseed meal market is mainly affected by macro factors, with general demand and more supply - side changes [3][4][8]. - For trading strategies, it is recommended to take a short - selling approach for single - side trading, adopt a wait - and - see attitude for arbitrage, and use the strategy of selling wide straddles for options [9]. 3. Summary by Related Content 3.1 Market Quotes - **Futures and Spot Basis**: For soybean meal, the 01 contract closed at 3154 with a rise of 30, and the spot basis in Tianjin increased by 10. For rapeseed meal, the 05 contract closed at 2314 with a decline of 16, and the spot basis in Guangdong decreased by 14. The spread between soybean meal and rapeseed meal slightly decreased, and the monthly spread of soybean meal continued to be strong, while that of rapeseed meal changed little [3]. - **Monthly Spread**: The 15 - spread of soybean meal increased by 59, and the 15 - spread of rapeseed meal increased by 2616. The 59 - spread of soybean meal decreased by 2, and the 59 - spread of rapeseed meal remained unchanged. The 91 - spread of soybean meal decreased by 57, and the 91 - spread of rapeseed meal decreased by 2616 [3]. - **Cross - Variety Futures Spread**: The spread between soybean and rapeseed 01 decreased, and the oil - meal ratio 01 also decreased [3]. - **Spot Spread**: The spread between soybean meal and rapeseed meal decreased by 19, the spread between rapeseed meal and sunflower meal decreased by 20, and the spread between soybean meal and sunflower meal decreased by 9 [3]. 3.2 Fundamental Analysis - **International Market**: The monthly supply and demand report did not boost the US soybean market. The soybean carry - over inventory was raised to 350 million bushels, higher than the market expectation. The quarterly grain inventory data was also bearish. The supply in South America is affected, with good growth of new crops in Brazil and increased exports of old crops. The old - crop production in Argentina is large, and the recent crushing and exports have increased [4]. - **Domestic Market**: The domestic spot market is in a relatively loose supply - demand state. The oil mill operating rate increased, the supply was sufficient, the提货 volume decreased slightly, and the inventory decreased slightly but remained high. The market transaction increased significantly, and the spot was less. The overall demand remained good, and the uncertainty of future supply supported the price. As of January 9, the actual soybean crushing volume of oil mills was 1.7658 million tons, the operating rate was 48.58%, the soybean inventory was 7.1312 million tons, an increase of 0.4% from last week and 17.96% year - on - year. The soybean meal inventory was 1.044 million tons, a decrease of 10.78% from last week and an increase of 72.68% year - on - year. The rapeseed meal demand has gradually weakened, the oil mill operation has basically stopped, the rapeseed supply is low, and the granular rapeseed meal inventory is still at a relatively high level [7]. 3.3 Logic Analysis - **International Market**: The downward pressure on US soybeans has significantly increased. The bearish reports and good yields in South American producing areas are expected to maintain the overall pressure. The short - term dry weather in Brazil has little impact on crop growth, and the harvest is expected to proceed smoothly. The supply - demand situation of the international soybean market is still relatively loose, and the price is expected to be under pressure [8]. - **Domestic Market**: The future soybean arrivals in China will gradually decrease, and there is still great uncertainty on the supply side. The spot market has shown some support recently, driving the near - term disk. In the medium - to - long - term, the supply is still in a relatively loose state, and the price pressure still exists. The recent rapeseed meal is mainly affected by macro factors, with general demand and more supply - side changes. After a large decline in the early stage, it has been stable recently, and the spread has stabilized after continuous expansion. If the rapeseed meal supply does not change much, the spread is expected to narrow as the soybean meal supply tightens [8]. 3.4 Trading Strategies - **Single - side Trading**: It is recommended to take a short - selling approach [9]. - **Arbitrage**: Adopt a wait - and - see attitude [9]. - **Options**: Use the strategy of selling wide straddles [9]. 3.5 Soybean Pressing Profit The soybean pressing profit varies by origin, shipping date, and contract. For example, the Brazilian 2 - month contract has a current disk pressing profit of 99.77 and a spot pressing profit of 228.77, with a profit change of 23.44 compared to yesterday [10].

Report Investment Rating - Not provided in the report Core Viewpoints - The USDA's January supply and demand report had an unexpectedly bearish impact on the soybean market, causing a significant drop in US soybean futures prices and potentially dragging down domestic soybean futures prices. The overall short - term soybean futures prices have weakened due to the lower import cost support [5][6]. - The palm oil market is in a game between potential policy benefits from Indonesia and the high inventory pressure in Malaysia. The short - term palm oil futures price rebound is approaching the upper limit of the range, and the price may fluctuate repeatedly [7]. Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: weak; Reference view: weak [5]. - **Core Logic**: The USDA raised the US 2025/26 soybean production forecast, lowered the US soybean export forecast, and raised the US soybean inventory. It also raised the Brazilian soybean production and export forecasts, leading to an increase in the global soybean ending inventory forecast. These factors put pressure on US soybean futures prices and may drag down domestic soybean futures prices [5][6]. Palm Oil (P) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][7]. - **Core Logic**: The strong palm oil export data in early January in Malaysia effectively offset the neutral impact of the MPOB December report. The market is in a game between the potential policy benefits from Indonesia and the high inventory pressure in Malaysia, and the futures price is approaching the upper limit of the range and may fluctuate [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For sugar, the international sugar price may rebound after the northern hemisphere's harvest in February and the full realization of the increased production's negative impact. The domestic sugar price has limited downside space in the short - term, and it's advisable to wait and see [4]. - For cotton, affected by the expected reduction of cotton planting area in Xinjiang and the better - than - expected downstream operation rate, the price may fluctuate more significantly after reaching a high level. It's recommended to wait for a pullback and then go long [8]. - For protein meal, the bottom of import cost may have emerged, but the upside space requires greater production cuts. With the Canadian Prime Minister's visit to China possibly discussing canola tariffs and large domestic soybean and soybean meal inventories, it's advisable to wait and see in the short - term [12]. - For oils, the current fundamental situation is weak, but the long - term outlook is optimistic. The oil price may be close to the bottom range [15]. - For eggs, the near - month contracts can be shorted on rebounds, and attention should be paid to the pressure on the far - month contracts after over - valuation [18]. - For pigs, in the short - term, the near - month contracts may be strong, but in the medium - term, it's advisable to short on rebounds. For the far - end contracts, it's advisable to buy on dips [21]. 3. Summary by Commodity Sugar - **Market Information**: On Monday, the Zhengzhou sugar futures price fluctuated. The closing price of the May contract was 5285 yuan/ton, down 3 yuan/ton or 0.06% from the previous trading day. The new sugar prices of Guangxi and Yunnan sugar - making groups changed slightly. The Brazilian sugar export volume in December was 291.3 million tons, with an increase of 8 million tons year - on - year and a decrease of 39 million tons month - on - month. The number of ships waiting to load sugar in Brazilian ports increased, and the waiting sugar volume also increased [2][3]. - **Strategy**: Wait for the northern hemisphere's harvest in February and the full realization of the increased production's negative impact. The international sugar price may rebound. The domestic sugar price has limited downside space in the short - term, and it's advisable to wait and see [4]. Cotton - **Market Information**: On Monday, the Zhengzhou cotton futures price fell. The closing price of the May contract was 14625 yuan/ton, down 50 yuan/ton or 0.34% from the previous trading day. The Brazilian cotton export volume in December was 45 million tons, with an increase of 10 million tons year - on - year and 5 million tons month - on - month. The US cotton export sales data showed a year - on - year decrease. The spinning mill's operation rate was 64.7%, and the national cotton commercial inventory was 557 million tons, with an increase of 29 million tons year - on - year [6][7]. - **Strategy**: Affected by the expected reduction of cotton planting area in Xinjiang and the better - than - expected downstream operation rate, the price may fluctuate more significantly after reaching a high level. It's recommended to wait for a pullback and then go long [8]. Protein Meal - **Market Information**: On Monday, the protein meal futures price fluctuated. The closing price of the May soybean meal contract was 2790 yuan/ton, up 4 yuan/ton or 0.14% from the previous trading day, and the May rapeseed meal contract was 2330 yuan/ton, down 8 yuan/ton or 0.34%. The US soybean export volume decreased week - on - week, and the domestic soybean arrival volume and port inventory decreased. The soybean oil mill's operation rate decreased year - on - year, and the soybean meal inventory decreased week - on - week [10][11]. - **Strategy**: The bottom of import cost may have emerged, but the upside space requires greater production cuts. With the Canadian Prime Minister's visit to China possibly discussing canola tariffs and large domestic soybean and soybean meal inventories, it's advisable to wait and see in the short - term [12]. Oils - **Market Information**: On Monday, the oils futures price fluctuated. The Malaysian palm oil inventory increased in December, and the production decreased. The domestic three - major oils inventory was 208 million tons, with an increase of 15.86 million tons year - on - year and a decrease of 7.02 million tons week - on - week [13]. - **Strategy**: The current fundamental situation is weak, but the long - term outlook is optimistic. The oil price may be close to the bottom range [15]. Eggs - **Market Information**: Most regions' egg prices rose yesterday, with normal supply and good downstream demand. It's expected that the egg price may be stable or rise today [17]. - **Strategy**: The near - month contracts can be shorted on rebounds, and attention should be paid to the pressure on the far - month contracts after over - valuation [18]. Pigs - **Market Information**: The domestic pig price showed different trends yesterday. The northern market showed resistance to price drops, and the southern market may have a slight increase [20]. - **Strategy**: In the short - term, the near - month contracts may be strong, but in the medium - term, it's advisable to short on rebounds. For the far - end contracts, it's advisable to buy on dips [21].

Group 1 - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on January 12, with raw sugar futures declining by 0.34% to 14.84 cents per pound [1] - Cotton futures increased by 0.82% to 64.94 cents per pound [1] - Cocoa futures rose by 1.14% to $5406.00 per ton [1] - Coffee futures fell by 0.36% to 356.35 cents per pound [1]

Report Summary 1. Report Title and Date - "粕类日报" dated January 12, 2026 [1] 2. Report Industry Investment Rating - Not provided 3. Core Viewpoints - The supply of meal products still faces pressure, and prices are oscillating. The international soybean market remains relatively loose in supply, with price pressure expected. Domestic spot supply of soybean meal is also relatively loose, while rapeseed meal is expected to move in a sideways pattern [1][3][4][6] 4. Market Conditions Summary 4.1 Futures and Spot Prices - **Soybean Meal Futures**: The closing prices of contracts 01, 05, and 09 were 3124, 2790, and 2886 respectively, with changes of 69, 4, and 10. Spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao increased by 10, while in Nantong it decreased by 2 [3] - **Rapeseed Meal Futures**: The closing prices of contracts 05 and 09 were 2330 and 2394 respectively, with changes of -8 and -4. Spot basis in Guangdong and Guangxi decreased by 2 [3] - **Monthly Spreads**: For soybean meal, the 15 - spread increased by 65, the 59 - spread decreased by 6, and the 91 - spread decreased by 59. For rapeseed meal, the 15 - spread increased by 8, the 59 - spread decreased by 4, and the 91 - spread decreased by 4 [3] - **Cross - Variety Spreads**: The soybean - rapeseed 01 spread increased, and the oil - meal ratio 01 decreased. The spot spread of soybean meal minus rapeseed meal increased by 14, and the spread of rapeseed meal minus sunflower meal decreased by 10 [3] 4.2 Market Trends - The US soybean market showed a slight increase after the release of the monthly supply - demand report. The domestic soybean meal and rapeseed meal markets oscillated slightly. The spread between soybean meal and rapeseed meal continued to rise but is expected to narrow [3] 5. Fundamental Analysis 5.1 International Market - The overall supply - demand of the US soybean market is loose, with downward price pressure. South American supply factors are increasing. Brazil's new - crop sowing progress is accelerating but remains at a low level compared to the same period in history. Brazilian new - crop is expected to be a bumper harvest, with exports likely to increase, but it depends on actual yields. Argentina's old - crop soybean production is relatively large, and its recent exports and crushing have increased [4] 5.2 Domestic Market - The domestic spot market of soybean meal has a relatively loose supply - demand situation. The oil mill operating rate is increasing, supply is sufficient, and inventory is at a high level. As of January 9, the actual soybean crushing volume was 1.7658 million tons, the operating rate was 48.58%, soybean inventory was 7.1312 million tons (a 0.4% increase from last week and a 17.96% increase year - on - year), and soybean meal inventory was 1.044 million tons (a 10.78% decrease from last week and a 72.68% increase year - on - year). The demand for rapeseed meal is gradually weakening, the oil mill operation has basically stopped, and the supply pressure remains [5] 6. Logic Analysis - The US soybean market is oscillating. Brazil's short - term weather has little impact on crop growth, and the pressure of a bumper harvest may continue. The international soybean market supply is loose, and prices are under pressure. Domestic soybean arrivals are expected to decrease, but supply is uncertain. In the long - term, supply is still relatively loose, and prices face pressure. The spread between soybean meal and rapeseed meal is expected to narrow. The monthly spreads of both soybean meal and rapeseed meal are expected to face pressure [6] 7. Trading Strategies - **Unilateral**: Adopt a short - selling strategy - **Arbitrage**: Wait and see - **Options**: Use the strategy of selling wide straddles [7] 8. Soybean Pressing Profit - Pressing profits from Brazilian soybeans vary by shipping date. For February, the spot pressing profit increased by 47.92 compared to yesterday. For March, it increased by 39.38. For April, it increased by 36.55. For May, it increased by 29.26. For June, it increased by 37.85. For July, it increased by 43.59 [8]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 油脂油料：进口大豆拍卖重启 豆类偏弱对待 （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 本周国际油脂油料价格企稳，国内油脂油料价格重心上移。国内走势强于国际市场。 题材上，豆类市场等待1月供需报告指引。美国农业部1月供需报告13日凌晨一点发布，市场预计可能会 下调出口预估，因本市场年度截至1月1日大豆净销售同比减少29%。巴西大豆竞争增加，美豆出口窗口 或将于2月关闭。此外，市场预期美豆单产会调整，范围51.9-53.5蒲/英亩。最终，市场对美豆库存预估 差距非常大，范围2.45亿蒲-3.5亿蒲。此外，美豆季度库存报告也将发布。巴西大豆产量依然偏乐观， 机构陆续上调产量预估。马托格罗索开始收割，天气展望偏乐观，利于收割推进。巴西豆价格更有优 势，出口销售增加。国内油厂海外继续采购大豆，主要采购巴西豆和美豆。进口大豆拍卖重启，13日下 午举行，数量113.9万吨。在进口大豆补充下，国内一季度大豆供应有保证。下周豆类重心预计下移， 尤其是3月合约，震荡偏空思路。基差预计坚挺，月间反套思路。期权端，双卖期权离场。 油脂市 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For sugar, after the northern hemisphere finishes harvesting in February and the bearish impact of increased production is fully realized, international sugar prices may rebound. Currently, the downward space for domestic sugar prices is limited, so it's advisable to wait and see [2][3][4] - For cotton, due to the expected reduction in cotton planting area in Xinjiang and the better - than - expected downstream operation rate, the short - term volatility of Zhengzhou cotton prices may increase after reaching a high level. It is recommended to wait for a correction and then go long [6][8][9] - For protein meal, the bottom of soybean import costs may have emerged, but the upward space requires greater production cuts. With multiple factors at play, it's advisable to wait and see in the short term [11][12][13] - For oils and fats, the current fundamental situation is weak, but the long - term outlook is optimistic, and the prices may be approaching the bottom range [15][16][17] - For eggs, the near - term contracts can be shorted on rebounds, while the far - term contracts may face pressure when the valuation is too high [19][20] - For pigs, in the short term, the near - term contracts may remain strongly volatile, and it's advisable to short on rebounds. In the long term, it's advisable to buy on dips [22][23] 3. Summary by Commodity 3.1 Sugar 3.1.1 Market Information - On Friday, the Zhengzhou sugar futures price fluctuated. The closing price of the May contract was 5,288 yuan/ton, up 9 yuan/ton or 0.17% from the previous trading day. The new - sugar quotes of Guangxi and Yunnan sugar - making groups were flat, and the mainstream quote of processing sugar mills remained unchanged. The basis of Guangxi's spot price to the main Zhengzhou sugar contract was 32 yuan/ton [2] - The Indian government will review sugar mills' export performance after March 31, 2026, and may re - allocate unused quotas. Brazil exported 2.913 million tons of sugar in December, with exports to China reaching 385,300 tons. As of January 7, the number of ships waiting to load sugar in Brazilian ports was 44, and the quantity of sugar waiting to be loaded was 1.5823 million tons [3] 3.1.2 Strategy - Wait for the northern hemisphere to finish harvesting in February. When the bearish impact of increased production is fully realized, international sugar prices may rebound. Currently, the downward space for domestic sugar prices is limited, so temporarily wait and see [4] 3.2 Cotton 3.2.1 Market Information - On Friday, the Zhengzhou cotton futures price continued to decline. The closing price of the May contract was 14,675 yuan/ton, down 65 yuan/ton or 0.44% from the previous trading day. The China Cotton Price Index 3128B was 15,930 yuan/ton, down 62 yuan/ton. The basis was 1,255 yuan/ton [6] - Brazil exported 450,000 tons of raw cotton in December, with 146,000 tons to China. As of January 1, the US cotton export sales in the current year were 1.5425 million tons, with 71,700 tons to China. As of January 9, the spinning mill operating rate was 64.7%, and the national commercial cotton inventory was 5.57 million tons [6][8] 3.2.2 Strategy - Due to the expected reduction in cotton planting area in Xinjiang and the better - than - expected downstream operation rate, the short - term volatility of Zhengzhou cotton prices may increase after reaching a high level. Wait for a correction and then go long [9] 3.3 Protein Meal 3.3.1 Market Information - On Friday, the protein meal futures price fluctuated. The closing price of the May soybean meal contract was 2,786 yuan/ton, up 4 yuan/ton or 0.14%, and the May rapeseed meal contract was 2,338 yuan/ton, down 20 yuan/ton or 0.85%. The basis of soybean meal was 354 yuan/ton, and that of rapeseed meal was 162 yuan/ton [11] - As of January 1, the US exported 880,000 tons of soybeans in the week, with 470,000 tons to China. As of January 2, the domestic sample soybean arrival was 2.25 million tons, and the port inventory was 8.23 million tons. The sample oil mill operating rate was 50.75%, and the soybean meal inventory was 1.06 million tons. The USDA will release relevant reports on January 12, and the Canadian Prime Minister will visit China from January 13 - 17 [12] 3.3.2 Strategy - The bottom of soybean import costs may have emerged, but the upward space requires greater production cuts. With the Canadian Prime Minister's visit and large domestic soybean and soybean meal inventories, the current fundamental situation is weak. However, the inverted soybean crushing profit provides some support. It's advisable to wait and see in the short term [13] 3.4 Oils and Fats 3.4.1 Market Information - On Friday, the oils and fats futures prices rose slightly. The closing price of the May soybean oil contract was 7,994 yuan/ton, up 50 yuan/ton or 0.63%; the May palm oil contract was 8,682 yuan/ton, up 70 yuan/ton or 0.81%; and the May rapeseed oil contract was 9,042 yuan/ton, up 86 yuan/ton or 0.96%. The basis of soybean oil was 526 yuan/ton, palm oil was - 2 yuan/ton, and rapeseed oil was 758 yuan/ton [15] - Indonesia may increase palm oil export taxes. It consumed 14.2 million liters of palm - based biodiesel last year and plans 15.65 million liters this year, with a target of increasing the blending ratio to 50% in the second half of the year. The MPOB will release the December monthly supply - demand report on Monday. As of January 2, the domestic three - major oils and fats inventory was 2.08 million tons [16] 3.4.2 Strategy - The current fundamental situation is weak due to high production, low exports, and high inventory in palm oil - producing areas and relatively high domestic inventory. However, the long - term outlook is optimistic, and the prices may be approaching the bottom range [17] 3.5 Eggs 3.5.1 Market Information - Over the weekend, domestic egg prices rose significantly. The supply is sufficient, with only small eggs in short supply. As the festival approaches, demand has increased, and egg prices may stabilize after rising this week [19] 3.5.2 Strategy - The near - term contracts can be shorted on rebounds due to large supply and expected post - holiday price drops. The far - term contracts may face pressure when the valuation is too high [20] 3.6 Pigs 3.6.1 Market Information - Over the weekend, domestic pig prices mostly rose, with some areas stable or slightly falling. Northeast and South China farmers' price - holding and downstream acceptance led to small price increases, while in East China, increased supply may lead to price stability or slight drops today [22] 3.6.2 Strategy - In the short term, the near - term contracts may remain strongly volatile, and it's advisable to short on rebounds due to large supply expected around the Spring Festival. In the long term, it's advisable to buy on dips as the direction of capacity reduction is clear but the pace is uncertain [23]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Corn**: The corn market shows a bullish trend with the 2603 contract leading the rally. Spot market auctions increase supply, but the overall demand is weak. The price is expected to oscillate, and short - term attention should be paid to the price pressure around 2270 [2]. - **Soybean and Bean Meal**: CBOT soybeans closed lower on Thursday. Domestic bean meal prices are boosted by higher import costs. Brazilian soybean exports in January are expected to reach 240,000 tons, ensuring future supply. Bean meal prices will fluctuate in a limited range, and a double - selling strategy is recommended [2]. - **Fats and Oils**: BMD palm oil prices rose, supported by Indonesia's plan to raise export tariffs but limited by inventory expectations. Domestic fats and oils prices also increased. The market should closely monitor the USDA supply - demand report on January 13th and the visit of the Canadian President in mid - January. An option - selling strategy is suggested [2]. - **Eggs**: The egg futures market is volatile. The spot price is relatively stable, and the market is currently at the bottom of the cycle. Attention should be paid to whether the main contract can break through the long - term moving average [2][3]. - **Pigs**: The pig futures market rebounded and then declined. The spot price shows regional differences, with northern prices falling and southern prices rising. The production capacity is likely to decline in the long - term, but the short - term market will oscillate. A dynamic stop - profit strategy is recommended, and attention should be paid to the technical performance of the long - term moving average of the main contract [3]. 3. Summary by Relevant Catalogs Market Information - Indonesia has set the reference price of crude palm oil in January at $915.64 per ton, with an export tax of $74 per ton and an additional 10% special export tax [4]. - The estimated soybean production in Argentina for the 2025/26 season is reduced by 1% to 46 million tons, with an estimated range of 44.8 - 47.2 million tons [4]. - In late December 2025, among 50 important production materials, 18 saw price increases, 28 decreased, and 4 remained unchanged. The price of live pigs (ternary) increased by 1.7% month - on - month [4]. - In December 2025, Malaysia's palm oil production decreased by 8.07% month - on - month, with a 7.39% decrease in yield per unit and a 0.13% decrease in oil extraction rate [4]. - OPEC+ agreed to maintain stable oil production in Q1 2026. The organization will hold its next meeting on February 1st [5]. Variety Spreads - **Contract Spreads**: The report presents contract spreads such as corn 5 - 9, corn starch 5 - 9, soybean 5 - 9, bean meal 5 - 9, soybean oil 5 - 9, palm oil 5 - 9, egg 5 - 9, and pig 5 - 9 [6][7][8][10][13]. - **Contract Basis**: The report shows the contract basis of corn, corn starch, soybean, bean meal, soybean oil, palm oil, egg, and pig [14][16][18][20][26].

农产品早报 2026-01-09 五矿期货农产品早报 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 王俊 组长、生鲜品研究员 周四郑州白糖期货价格震荡，郑糖 5 月合约收盘价报 5279 元/吨，较前一交易日下跌 2 元/吨，或 0.04%。 现货方面，广西制糖集团新糖报价 5320-5380 元/吨，报价较上个交易日持平；云南制糖集团新糖报价 5180-5230 元/吨，报价较上个交易日持平；加工糖厂主流报价区间 5810 元/吨，报价较上个交易日上涨 0-10 元/吨。广西现货-郑糖主力合约基差 41 元/吨。 杨泽元 软商品、油脂油料研究员 根据印度食品与公共分配部(DFPD)发布的通知，政府将在 2026 年 3 月 31 日后审查糖厂的出口表现，并 可能将未使用的配额重新分配给出口表现更好的糖厂或有意愿的糖厂。据巴西对外贸易秘书处(Secex)公 布的出口数据显示，巴西 12 月出口食糖 291.3 万吨，较去年同期增加 8 ...