1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The current agricultural product futures market maintains a structurally differentiated market. Oils, fats, sugar, and cotton show strong trends, while meal and pork are relatively weak, and corn and other varieties fluctuate within a range. Technical and driving force dimensions further verify the strong performance of cotton and sugar, the high position of oils, and the weakness of meal. It is recommended to hold long positions in oils, sugar, cotton, and soybean meal 09 contracts, and exit long positions in rapeseed meal 09 contracts [2]. - The overall strategy is a "long - trend strategy for agricultural products driven by energy", focusing on the trend opportunities of the three strong sectors of oils, sugar, and cotton [21]. 3. Summary According to the Directory 3.1 Market Analysis - **Global Market Logic**: The core logic of the global market is dominated by the escalation of the Middle East geopolitical conflict and the hawkish policy expectations of major global central banks, forming a transmission chain of "rising oil prices → stagflation concerns → rising US dollar and US Treasury yields → pressure on US stocks and gold, rising VIX". Global asset prices fluctuate violently, with both safe - haven and stagflation trading [8]. - **Agricultural Product Futures Market Logic**: The recent operation logic of the agricultural product futures market mainly revolves around the Middle East geopolitical conflict pushing up crude oil and energy premiums, the positive expectations of the US biodiesel policy, supply disturbances of South American soybeans, and the increase in the operating rate of domestic oil mills, forming a pattern of strong oils and weak meal. Domestic corn fluctuates due to the reduction of remaining grain and support from feed demand. Pigs are in the cycle bottom - grinding stage of high supply, off - season consumption, and deep losses. Cotton strengthens due to the expected tight global supply - demand balance and continued peak - season demand, and sugar fluctuates strongly driven by Brazil's ethanol blending preference and rising energy costs [8]. 3.2 Agricultural Product Futures Supply - Demand Pattern - **Structural Differentiation**: The current agricultural product futures market shows obvious structural differentiation, with no overall unilateral market. Most varieties are in a neutral range, and only cotton and sugar show a bullish trend. Soybean meal and pork are relatively bearish, while soybeans, palm oil, rapeseed oil, corn, eggs, and peanuts have no clear unilateral drivers and their prices will fluctuate within a range [14]. - **Supply - Demand Analysis of Each Variety**: The report provides a supply - demand pattern table for each variety, including factors such as supply, demand, inventory, import, external market, weather/policy, and gives a comprehensive judgment and strength score [15]. 3.3 Agricultural Product Futures Strategy Signals - **Strength - Weakness Differentiation**: As of March 27, 2026, the agricultural product futures market shows obvious strength - weakness differentiation. Oils are generally in a high - level range, meal and peanuts are weak, and cotton, sugar, and eggs show strong signals. Eggs are in a significant upward trend, cotton and sugar have resonance between basis and futures prices with sufficient upward momentum. Rapeseed meal shows a downward trend, and peanuts have low futures prices and volatility. Soybean meal shows a weak near - month contract and a neutral far - month contract. The futures prices of oils are generally in the high - level range of 77% - 94% and fluctuate within a range recently. Pigs are weak but at a low price, and signals of bottom - stabilization on the disk need to be noted [18]. 3.4 Strategy Recommendation - **Long - Position Holding**: Hold long positions in oils (soybean oil, palm oil, rapeseed oil 09 contracts), sugar 09 contracts, cotton 09 contracts, and soybean meal M09 contracts, and exit long positions in rapeseed meal RM09 contracts. The core logic is that the Middle East geopolitical conflict pushes up crude oil to a high level, and the US biodiesel policy is implemented, combined with the industrial fundamentals of each variety [21]. 3.5 Driving Force Schematic Diagram - **Quadrant Differentiation**: The current agricultural product futures show an obvious quadrant differentiation pattern. Soybean meal, soybean oil, rapeseed oil, sugar, and eggs have upward driving forces with resonance between supply - demand and valuation, which are the directions for long - position allocation. Cotton, rapeseed meal, and corn starch have strong support on the valuation side but lack clear bullish factors on the supply - demand side, and their prices are mainly driven by valuation repair. Palm oil is deeply pressured on the valuation side, and pigs and peanuts are in the double - bottom range of supply - demand and valuation, with overall price pressure, mainly for waiting and seeing or short - selling on rallies. Corn is in a neutral range in both supply - demand and valuation, and its price will fluctuate within a range [24].