Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The soybean auction restart can increase market supply, but the volume is limited, and the market procurement is rational. The soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans [1]. - The driving force of corn price weakens after continuous rise, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. - The high egg inventory restricts the rapid rise of egg prices. However, the number of newly - laid hens will decrease significantly in March - April 2026, and the egg inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. - The pig market is likely to repeatedly bottom out in the first half of the year. The short - term supply pressure is difficult to reduce, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction. The far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [3][4]. Summary by Related Content Soybean - Since March, the auctions of other market entities have restarted, but the trading volume is limited. The 41% protein price of 5037 yuan/ton is basically the same as the market price, indicating rational market procurement [1]. - Due to the resumption of Brazilian soybean shipments and the delay of Trump's visit to China, the soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans, which may put pressure on the price [1]. Corn - The remaining grain in the northeast region is less than 30%. As the corn price rises to a high level, the willingness of growers to sell grain increases, and the market supply of grain has increased. Feed enterprises mainly make rigid replenishment, while deep - processing enterprises continue to purchase due to the recovery of the startup rate, and some enterprises have slightly adjusted the purchase price [1]. - There are rumors that the release of over - aged rice is about to be implemented, which may suppress the corn price [1]. - After continuous rise, the driving force of corn price weakens, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. Egg - In late February 2026, the national laying hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid rise of egg prices [2]. - The number of newly - laid hens in March - April 2026 will decrease significantly, and the laying hen inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. Pig - In the first half of the year, the pig market is likely to repeatedly bottom out along the path of "loss - capacity reduction - rebound - hoarding - price reduction - loss". The short - term supply pressure is difficult to reduce [3]. - In March, the pig price has fallen below 10.5 yuan/kg, and the losses of both breeding modes have exceeded 200 yuan/head. The supply in March - April may increase, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction [3][4]. - Although a third - party institution predicts a slight reduction in the inventory of reproductive sows in February, the far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [4].

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Views - The short - term supply of soybeans is tight, but the price decline space is limited, and attention should be paid to the arrival of imported soybeans and the release of state - reserved soybeans [1]. - Corn may experience short - term price adjustments after continuous rises, but the adjustment range is limited, and it is advisable to consider replenishing stocks or buying on dips [1]. - The short - term supply and demand of eggs are still loose, but the inventory is expected to decline significantly in March, and a low - buying strategy is recommended [2]. - The pig market is likely to repeatedly bottom out in the first half of the year, and the price may remain at 10.0 - 11.0 yuan/kg. The market is in the process of capacity reduction, and the far - month contracts may have some support but are still in the bottom - grinding stage [3][4]. 3. Summary by Related Catalogs Soybeans - The price of Northeast soybeans has risen rapidly. Some large customers in the terminal market have sold the stored grains in the producing areas, increasing the remaining grains in the producing areas [1]. - The short - term supply is tight as the arrival of imported soybeans is expected in April. The high - premium policy auction today strengthened the market's perception of tight supply [1]. - Due to Brazil resuming soybean shipments and the disappointment of the expected growth in US soybean demand, the soybean price has fallen from its high, but the decline space is limited [1]. Corn - Last week, the price of Shandong corn approached 2500 yuan/ton with no trading volume increase. This week, with the significant increase in supply, the price turned from rising to falling [1]. - The demand for corn will gradually weaken in the later stage, and the game between capital and the industry will intensify. After continuous rises, the driving force for corn price increase has weakened, and short - term price adjustment may occur, but the adjustment range is limited [1]. Eggs - As of the end of February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid and substantial increase in egg prices [2]. - The number of newly laid hens will significantly decrease from March to April 2026, and the national laying - hen inventory will enter a significant decline channel from April to May [2]. - The sharp rise in feed raw materials has squeezed the profit of laying hens, which will accelerate the industry's capacity clearance. Although the short - term supply and demand are still loose, the inventory is expected to decline in March [2]. Pigs - In the first half of the year, the pig market is likely to repeatedly bottom out along the path of "loss - capacity reduction - rebound - hoarding - price cut - loss" due to the lack of a substantial supply gap and demand growth [3]. - In March, as the pig price fell below 10.5 yuan/kg, the losses of both breeding models exceeded 200 yuan per head [3]. - From March to April, the slaughter volume may gradually increase, but the average slaughter weight remains above 125 kg, and the oversupply situation is difficult to reverse in the short term. The pig price may remain at 10.0 - 11.0 yuan/kg, and the continuous losses will accelerate the capacity reduction [3]. - The short - term demand for pigs is still weak, and the feed cost is rising, which worsens the breeding profit and drives short - term capacity clearance. The far - month contracts may have some support, but the supply - demand pattern will not change until the official data shows a significant decline [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The domestic soybean market is expected to remain strong, and it is advisable to go long at low prices [1]. - The corn fundamentals are still strong, and it is recommended to replenish stocks or buy on dips [1]. - For eggs, with potential reduction in the laying - hen inventory, there is an upward possibility, and a low - long strategy is suggested [2]. - The pig market is in an oscillating bottom - grinding stage, with short - term capacity clearance, and the far - month contracts may have some support [3]. Summary by Related Catalogs Soybean - Northeast soybean spot prices are stable, with tight supply of high - quality soybeans and strong prices [1]. - There is limited remaining soybean grain at the grass - roots level, and farmers are reluctant to sell at low prices. Post - festival restocking demand from traders supports high soybean prices [1]. - The key factors for a price inflection point are the resumption of state reserve auctions and an increase in imported soybeans. March prices may rise, and the inflection point may occur in early April [1]. Corn - Northeast deep - processing enterprises and some direct - storage depots have raised corn purchase prices, and the spot market price remains strong [1]. - The number of price - increasing enterprises has decreased, and attention should be paid to the listing rhythm of grass - roots grain sources [1]. Eggs - In late February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts egg price increases [2]. - The number of newly - laid hens will decrease significantly from March to April 2026, and the laying - hen inventory will decline from April to May [2]. - Rising feed costs squeeze profits, accelerating industry capacity clearance. With further capacity compression, egg prices may rise [2]. Pigs - In March, the average daily pig slaughter volume of national sample breeding enterprises increased both month - on - month and year - on - year [2]. - After the Spring Festival, there was an abundant supply of pigs for slaughter, and the narrowing price difference between fat and standard pigs reduced the pressure - barring phenomenon [2]. - Pig spot prices remain weak due to low demand, and rising feed costs worsen breeding profits, forcing short - term capacity clearance [3]. - Third - party institutions predict a slight reduction in the sow inventory in February, and far - month contracts may have some support, but the supply - demand pattern remains loose [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The industry is in a critical game period between short - term price pressure and long - term capacity clearance. Policy regulation and the culling of reproductive sows from March to May will determine the future market trend. The near - term is expected to be mainly in a state of bottom - grinding oscillation [4] - For various products in the breeding industry chain, the overall suggestion is a low - buying strategy Summary by Product Soybean - The domestic soybean spot market price is trending strongly. Northeast farmers are reluctant to sell and ask for high prices. The low supply of beans at the grass - roots level and the high - level operation of Douyi support the price. Large trading entities like COFCO are purchasing, but the market trading is cautious. The domestic soybean market is expected to remain strong, and a low - buying strategy is advisable [1] Corn - The domestic corn market shows a simultaneous rise in futures and spot prices. The purchase prices in the main production areas of North China and Northeast China have reached new highs. With less than 30% of the grass - roots grain remaining and low enterprise and port inventories, the market sentiment is bullish. Deep - processing enterprises are raising prices to ensure the operation rate. The recent increase in the amount of corn on the market due to improved farmers' selling enthusiasm and the rise in crude oil prices are positive factors. A low - buying strategy is recommended, and it is advisable to replenish stocks or buy on dips [1] Egg - In February, the inventory of laying hens was 1.296 billion, an increase of 8 million compared to January. The age structure of laying hens is getting older. Although the supply is currently relatively loose, the downside is limited, and the price is expected to be stable with a slight upward trend in the future. A low - buying strategy is recommended [2] Pig - As of the end of December 2025, the national inventory of reproductive sows was 39.61 million, 101.6% of the normal level. In January 2026, it slightly decreased to 39.58 million, still above the regulatory red line. The pig supply in the first half of 2026 is under pressure. The state's purchase of 10,000 tons of pork indicates an oversupply situation, and further purchases are expected. The relevant departments may further reduce the inventory of reproductive sows to 36.5 million [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - The domestic soybean market is expected to remain strong, and it is advisable to go long at low prices [1] - The corn market is strong, but there are obvious resistances above. It is recommended to go long at low prices and consider positive replenishment or buying if there is a pullback [1] - Although the egg supply is currently in a loose stage, it is expected to be stable and slightly stronger later, and it is recommended to adopt a low - long strategy [2] - The pig market is under pressure in the first half of 2026, and subsequent storage purchases may continue to delay the surplus pressure. The industry is in a key game period, and the near - term is expected to fluctuate at the bottom [3][4] Group 3: Summary by Related Catalogs Soybean - Recent domestic soybean spot prices have risen steadily, with some areas showing small increases. High - protein soybeans in Heilongjiang are priced at 2.3 - 2.45 yuan per catty, and the prices in sales areas also fluctuate. The market is expected to remain strong [1] Corn - After the Spring Festival, the corn market is bullish, but there are resistances such as increased import grain arrivals, rumors of brown rice auctions, and weak downstream demand. The rise in crude oil is beneficial to ethanol enterprises and indirectly drives corn up. It is recommended to go long at low prices [1] Egg - In February, the inventory of laying hens was 1.296 billion, with an increase of 8 million compared to January. The age structure of laying hens is getting older. Although the supply is currently loose, it is expected to be stable and slightly stronger later [2] Pig - As of the end of December 2025, the national sow inventory was 39.61 million, and it slightly decreased to 39.58 million in January 2026, still above the regulatory red line. The pig market in the first half of 2026 faces pressure, and the government may further adjust the sow inventory [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean price has reached its low point and will show an oscillating upward trend in the future [1] - The short - term low of corn may fluctuate, but the downward space is limited, and one can consider replenishing stocks or buying when it falls [2] - Egg prices may remain weakly oscillating around the opening price in the short term, and more upward drivers require further clarity on chicken culling [2] - The pig industry is in a key game period between short - term price pressure and long - term capacity clearance, and the subsequent policy regulation and the de - stocking of sows from March to May will play a decisive role in the future market trend [4] Summary by Related Catalogs Soybean - The soybean market is currently stable. Some grain depots have basically completed their purchases, and imported soybeans have risen. It is in the peak consumption and restocking season, with accelerated market supply circulation and concentrated demand. However, the supply - demand relationship is increasingly unequal, and there is no specific improvement direction in the short term [1] Corn - In the Northeast region, some deep - processing enterprises have resumed purchases, and some have raised purchase prices. After the holiday, the number of arriving vehicles at the port has increased but is still at a low level, with a small price increase. In the Shandong market, as the deep - processing enterprises gradually resume operation, the demand for corn has increased, but the supply is average, leading to a continuous small increase in prices. With the increase in supply, some enterprises have adjusted prices [1] - The short - term low of corn may fluctuate, but since the stage of maximum supply pressure has passed, the downward space is limited, and one can consider replenishing stocks or buying when it falls [2] Egg - Currently, all links have a certain inventory accumulation, and downstream demand is in the initial stage of recovery. Egg prices may remain weakly oscillating around the opening price in the short term, and all parties will mainly focus on digesting inventory. In February, the number of culled chickens may be greater than the supply of newly - laid hens, so the inventory of laying hens may decline to some extent, but the absolute value is still high, with limited support for prices. The driving force of the slight decline in inventory has been basically exhausted, and more upward drivers for eggs need further clarity on chicken culling [2] Pig - Official data shows that the inventory of breeding sows in December was 39.61 million, a month - on - month decrease of 0.29 million, and the trend of capacity reduction continues. The inventory of breeding sows in sample enterprises in January increased to 6.7123 million, an increase of 0.0353 million, indicating that large - scale farms slightly replenished at the low level. The survival rate of piglets dropped to 93.73%, a decrease of 0.41 percentage points, which may be affected by winter diseases and pose potential pressure on the supply of piglets in spring. In January, the inventory of live pigs decreased to 56.5446 million, a decrease of 0.3085 million, and the monthly slaughter volume was 13.149 million, a month - on - month decrease of 0.5704 million, in line with the seasonal characteristic of the slowdown in slaughter rhythm during the Spring Festival. The slaughter weight did not change much, and the supply structure did not have extreme adjustments [3] - The industry is in a key game period between short - term price pressure and long - term capacity clearance. Although the far - month contracts have risen significantly today, the sustainability of this rise still requires the cooperation of near - month de - stocking. The subsequent policy regulation and the de - stocking of sows from March to May will play a decisive role in the future market trend [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The industry is in a critical game period between short - term price pressure and long - term capacity clearance. The sustainability of the far - month contract rise requires near - month inventory reduction, and the policy regulation and the culling of reproductive sows from March to May will be decisive for the future market trend [3] 3. Summary by Related Categories Soybean - Before the Spring Festival, the spot price of soybeans in the Northeast production area rose strongly, with the price of 39% protein commercial beans in some areas exceeding 2.3 yuan per catty. The remaining soybean inventory at the grass - roots level is low, and soybean trade is expected to fully resume after the Lantern Festival. After the holiday, market players have a general need to replenish stocks, so the price of domestic soybeans is still supported in the short term. However, the short - term over - rise of the soybean futures before the festival has led to a negative basis with the spot, which restricts the increase to some extent. Pay attention to the auction announcement of state - reserve imported soybeans next week. Overall, the low point of soybean prices has passed, and the subsequent trend will be more of an oscillating upward one [1] Corn - The Shandong and North China markets have seen a pre - emptive rise. Affected by the slow recovery of logistics after the festival and the incomplete start of grass - roots grain sales, the arrival volume of deep - processing enterprises has remained low, with only more than a hundred vehicles arriving in Shandong in the morning. Enterprises have to raise prices to ensure daily production and replenish post - holiday inventory. In the short term, the low point of corn prices may still fluctuate, but since the stage of the greatest supply pressure has passed, the downside space is relatively limited. If there is a decline and adjustment, it is advisable to consider actively replenishing stocks or buying [1] Egg - Currently, the inventory at all links has accumulated to a certain extent, while the downstream demand is in the early stage of recovery. In the short term, the egg price may remain weakly fluctuating near the opening price, and all parties will mainly focus on digesting inventory. From the supply side, the number of culled laying hens in February may be greater than the supply of newly - laid hens, so the inventory of laying hens in production may decline to a certain extent, but the absolute value is still at a high level, providing limited support for prices. Since the pricing difference of contracts after March has been obvious, the driving force of this slight decline in inventory has been basically exhausted, and further clarity on culling hens is needed for eggs to have more upward - driving forces [2] Pig - Official data shows that the inventory of reproductive sows in December was 39.61 million, a month - on - month decrease of 0.29 million, continuing the trend of capacity reduction; while the inventory of reproductive sows in sample enterprises of Zhuochuang increased to 6.7123 million in January, an increase of 0.0353 million, indicating that large - scale farms have slightly replenished at the low level. The survival rate of piglets has dropped to 93.73%, a decrease of 0.41 percentage points, possibly affected by winter diseases, posing a potential pressure on the supply of piglets in spring. In terms of slaughter supply, the pig inventory in January decreased to 56.5446 million, a decrease of 0.3085 million; the monthly slaughter volume was 13.149 million, a month - on - month decrease of 0.5704 million, which is in line with the seasonal characteristic of the slowdown in slaughter during the Spring Festival holiday. The slaughter weight has not changed much, and the supply structure has not undergone extreme adjustments [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic soybean price is expected to be supported in the short term, but the post - holiday futures price may have a limited adjustment. The short - term low of corn may fluctuate, but the downward space is limited. Egg prices may fluctuate weakly near the opening price in the short term, and the short - term supply and demand of eggs have no obvious driving force. The short - term oversupply situation of live pigs is difficult to fundamentally change, and the industry is in a key game period of short - term price pressure and long - term capacity clearance [1][2] Summary by Related Content Soybean - During the long holiday, the domestic soybean market was stagnant, and the purchase price of domestic soybeans remained stable. On February 23, the purchase price of 39% protein soybeans in Northeast China was 4180 - 4280 yuan/ton, the same as before the holiday. After the holiday, there is a replenishment demand, which is expected to support the price. However, due to the short - term over - rise of soybean futures before the holiday, there is a negative basis with the spot, and there was an adjustment after the holiday, but the adjustment range is limited [1] Corn - As the Spring Festival holiday is coming to an end, the corn market is still in a state of stagnation, but some deep - processing enterprises in some areas have started to resume work and signaled price increases. Most deep - processing enterprises are still cautious, and some plan to reduce prices for purchases after the temperature rises. The short - term low of corn may fluctuate, but the downward space is limited, and it is advisable to consider replenishment or buying on dips [1] Egg - Currently, the inventory of all links has accumulated, and the downstream demand is in the initial stage of recovery. The egg price may fluctuate weakly near the opening price in the short term, and all parties will mainly focus on digesting inventory. The number of laying hens may decline in February, but the absolute value is still high, and the support for prices is limited. The short - term supply and demand have no obvious driving force, and it is regarded as a shock for the time being [2] Live Pig - At the end of January 2026, the national inventory of fertile sows was 39.62 million, with a month - on - month increase of 0.27% and a year - on - year increase of 0.06%, equivalent to 101.6% of the normal inventory, still at the upper limit of the green control range. The short - term oversupply situation is difficult to change fundamentally. The industry is in a key game period, and the current capacity clearance progress is slow. The growth trend of commercial pig supply is expected to continue until the first half of 2026 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The cyclical bottom of soybean has emerged, with limited subsequent decline space, and it is expected to continue the volatile trend [1] - Corn is expected to be in a wide - range volatile state before the Spring Festival, and buying at dips can be considered if there is a significant decline [2] - The continuous promotion of capacity reduction will be the core theme of the egg supply side in 2026. The in - production laying hen inventory is expected to decline year - on - year in the second quarter, and it is not recommended to be overly bearish in the short term [2] - The darkest time for live pigs around the Spring Festival is being realized, and subsequent attention should be paid to the regulation of reproductive sows to construct the far - month supply - demand balance sheet [4] Group 3: Summary by Commodity Soybean - Low - protein soybean prices in the Northeast are stable, with limited grassroots inventory and strong price - holding psychology. High - protein soybean supply is tight with a high - quality - high - price feature, and some 39% protein content commodity beans are around 2.2 yuan/jin [1] - On February 2nd, 60,608 tons of 2022 reserve soybeans were auctioned and all were sold, but the auction did not warm up the overall market, and the acceptance of high prices is still weak. Most traders are digesting inventory and fulfilling previous contracts [1] Corn - As the Spring Festival approaches, the corn spot market is approaching the end of trading. Downstream enterprises have basically completed stocking, and deep - processing enterprises are starting shutdown maintenance [2] - This year, the demand for corn in Northeast China is strong, and the grain - selling progress is faster than the same period. However, recent temperature rises and the approaching Spring Festival have increased the enthusiasm of grassroots farmers to sell grain, leading to an increase in corn listings and a continuous decline in prices [2] Egg - Based on the 4 - month cycle from chick sales to in - production inventory, the low - replenishment situation since the second quarter of 2025 will be concentrated in 2026. The in - production laying hen inventory is expected to turn from an increase to a decrease year - on - year in the second quarter, and may fall below 1.3 billion in the middle of the year [2] - The Spring Festival stocking is coming to an end, and the egg futures price has dropped significantly. Attention should be paid to the supply - side reduction performance before the Spring Festival. There is no obvious short - term driver, and it is not recommended to be overly bearish [2] Live Pig - At the end of 2025, the inventory of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%, which is 101.6% of the normal reserve. The national live pig slaughter in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. The national live pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% [3] - From late January to early February, as the pre - holiday slaughter window narrows, concentrated slaughter may drive pig prices further down. Although farmers are resistant to price drops and there are weather disturbances, they can only slow down the decline rate [3][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged with limited room for subsequent decline, and soybeans are expected to continue in a volatile trend. Corn is expected to experience wide - range fluctuations before the Spring Festival, and it can still be considered for buying on dips if there is a significant decline [1]. - The national egg market prices have stabilized in many places but are still falling locally. There is no obvious short - term driver, and excessive bearishness is not recommended. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows to construct a supply - demand balance sheet for the far - month [2][3]. 3. Summary by Related Categories Soybeans - Low - protein soybeans in the Northeast region have stable prices, with limited grassroots inventory and strong price - holding mentality. High - protein soybeans are in short supply, with high - quality products commanding higher prices, and some 39% protein - content commodity beans are priced around 2.2 yuan per catty [1]. - On February 2nd, 60,608 tons of 2022 - produced reserve soybeans were auctioned in places like Jiayin, Shangzhi, and Hulunbuir, all of which were sold at an average price of 4,297.6 yuan per ton and a maximum premium of 310 yuan per ton. However, the high - price acceptance in the overall market remains weak [1]. Corn - The Northeast corn market has entered a small peak of pre - festival grain sales. With increased supply and decreased demand, the price trend is weak. In Shandong, the grain sales progress has exceeded 50%. The market supply increment is limited, and the price is slightly stronger. Corn is expected to fluctuate widely before the festival, and buying on dips can be considered in case of a large decline [1]. Eggs - Egg prices in the national market have stabilized in many places but are still falling locally. The inventory days in the production link in February are estimated to average about 2.50 days, with the monthly inventory center significantly higher than that in January, which will have a phased impact on prices. There is no obvious short - term driver, and excessive bearishness is not recommended [2]. Pigs - At the end of 2025, the number of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%. The number of live pigs slaughtered in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. At the end of 2025, the live pig inventory was 429.67 million, an increase of 2.24 million or 0.5% [2]. - From late January to early February, as the pre - festival slaughter window narrows, concentrated slaughter may drive pig prices further down. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows [2][3].