Group 1: Report General Information - The report is an agricultural products morning report released by the agricultural products team of the research center on April 1, 2026 [1][2] Group 2: Corn/Starch Market Data - From March 25 to March 31, 2026, the price in Jinzhou decreased by 10 yuan, the price in Shekou decreased by 10 yuan, the basis decreased by 15 yuan, the trade profit remained unchanged, the import profit increased by 7 yuan, the basis of starch decreased by 8 yuan, and the processing profit increased by 10 yuan [3] Market Analysis - Short - term: The supply of corn is tight, which supports the price, but the increase in the supply of policy wheat and the expected increase in market circulation may suppress the price; for starch, the high price affects sales, but the tight supply of raw materials supports the price, and the slow recovery of downstream consumption may limit price increases [4] - Long - term: For corn, focus on import and domestic auction policies; for starch, focus on downstream consumption rhythm and inventory changes [4] Group 3: Sugar Market Data - From March 25 to March 31, 2026, the price in Liuzhou decreased by 20 yuan, the price in Nanning decreased by 40 yuan, the price in Kunming decreased by 30 yuan, and the basis increased by 23 yuan, while the number of warehouse receipts remained unchanged [5] Market Analysis - International market: The fundamentals are slightly stronger, with India lowering the production forecast and ISO lowering the expected global surplus in the 25/26 sugar - crushing season. Crude oil prices affect raw sugar valuation [5] - Domestic market: After the festival, there are discussions about import policies, the futures market fluctuates strongly. Low - cost imported sugar and high - pressure on the spot market limit the upside [5][6] Group 4: Cotton/Cotton Yarn Market Data - From March 25 to March 31, 2026, the price of 3128 cotton decreased by 110 yuan, the price of imported M - grade US cotton increased by 1, the import profit decreased, the number of warehouse receipts + forecasts increased by 103, the price of Vietnamese yarn decreased by 20, the import profit of Vietnamese yarn increased by 37, and the 32S spinning profit increased by 96 [7] Market Analysis - The low initial inventory offsets most of the increase in production. With the expansion of domestic textile production, good downstream profits, and consumption - promotion policies, cotton demand is expected to improve. The decrease in Xinjiang's planting area in the new season makes cotton suitable for long - term long positions [7] Group 5: Eggs Market Data - From March 25 to March 31, 2026, the price in Shandong decreased by 0.20 yuan, the price in Henan decreased by 0.15 yuan, the price in Hubei decreased by 0.09 yuan, the basis decreased by 51 yuan, the price of white - feather broilers increased by 0.05 yuan, and the price of live pigs decreased by 0.15 yuan [9] Market Analysis - The slowdown in the culling of laying hens may be due to farmers' active delay in culling. The increase in the number of chicks replenished from January to February and the good replenishment sentiment from March to April slow down the process of capacity reduction. However, the increase in feed costs compresses the profit margin of egg - laying hen farming. The market is treated in a reverse - spread pattern [10] Group 6: Apples Market Data - From March 25 to March 31, 2026, the national inventory increased by 7, the Shandong inventory increased by 37, and the Shaanxi inventory increased by 20 [11] Market Analysis - The apple market mainly trades high - quality goods, with stable overall transactions. In the western region, the supply of high - quality goods is limited, and the number of merchants decreases in the second half of the week. In Shandong, the number of merchants looking for high - quality goods increases, and the price of high - quality goods is stable and slightly firm. The sales atmosphere in the sales area is not strong, and there is no obvious backlog in the transit warehouse [11] Group 7: Pigs Market Data - From March 25 to March 31, 2026, the price in Anhui decreased by 0.15 yuan, the price in Jiangsu decreased by 0.15 yuan, and the basis increased by 235 yuan [11] Market Analysis - The spot price rebounded slightly on the weekend. The reduction in supply by some farmers at the end of the month, the replenishment of second - fattening pigs at low prices, and the enhanced sentiment of some retail farmers to hold back sales, but the demand is limited. There is still pressure to reduce production and inventory in the near term, and the low - level fluctuations increase. Pay attention to the evolution of capacity reduction [11]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The market sentiment for soybean meal is strong, and it may rebound and fluctuate. The spot price in the soybean-producing area is stable, and the futures price is strong [1] - The CBOT soybean futures closed lower on March 13 due to pre - weekend long - position profit - taking, but it has risen for six consecutive weeks. If the situation eases over the weekend, prices may fall sharply next week; if the situation escalates and crude oil prices continue to soar, agricultural product prices may rise significantly [3] - Concerns about the quality of Brazilian soybeans may bring opportunities to the US soybean market [3] Summary by Related Catalogs Fundamental Tracking - **Futures Prices**: DCE Soybean No.1 2605 closed at 4973 yuan/ton, up 116 yuan (+2.39%) during the day session and 4966 yuan, up 34 yuan (+0.69%) during the night session; DCE Soybean Meal 2605 closed at 3128 yuan/ton, up 54 yuan (+1.76%) during the day session and 3102 yuan, down 30 yuan (-0.96%) during the night session; CBOT Soybean 05 was at 1223.75 cents/bu, down 3.5 cents (-0.29%); CBOT Soybean Meal 05 was at 322.2 dollars/short ton, up 2 dollars (+0.62%) [1] - **Spot Prices**: In different regions, the spot price of soybean meal (43%) and its basis to the futures contract vary. For example, in Shandong, the price is 3350 - 3400 yuan/ton, and the basis to M2605 ranges from +180 to +340 yuan/ton at different times; in the Northeast, the soybean net - grain purchase price is 4760 yuan/ton [1] - **Volume and Inventory**: The trading volume of soybean meal is 6.55 - 9.54 million tons per day, and the inventory is 73.52 million tons per week [1] Macro and Industry News - On March 13, CBOT soybean futures closed lower due to pre - weekend long - position profit - taking. The previous day, it reached a nearly two - year high driven by soaring crude oil prices [3] - The conflict between the US, Israel, and Iran has lasted for nearly two weeks, and crude oil prices are near a four - year high, which supports agricultural futures [3] - Traders are closely watching the meeting between the US Treasury Secretary and the Chinese Vice - Premier to assess the prospects of the meeting between the US President and the Chinese leader at the end of March. China's demand for US soybeans is a key issue [3] - Some Brazilian soybeans bound for China failed port inspections, raising concerns about Brazilian soybean quality, which may benefit the US soybean market [3] Trend Intensity - The trend intensity of soybean meal is +1, and that of soybean No.1 is +1, indicating a relatively strong trend for both on the day - session's main - contract futures price [3]

Group 1: Overall Report Summary - The report provides market analysis for various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs [1][4][6][10][12][13] Group 2: Corn and Starch Corn - After the Lantern Festival, market trading activities are gradually returning to normal. In the short term, the supply in the front - end trading link is still tight, and the concentrated release of replenishment demand from the consumer end is the core driving force for price increase. The current price fluctuation is mainly due to a temporary supply - demand mismatch. In the medium - to - long term, it is necessary to focus on structural changes, import policies, and domestic reserve auction policies [1] Starch - This week, starch prices continued to rise. In the short term, after the festival, enterprise production has gradually resumed, but the raw material supply is still scarce, and the number of incoming trucks has decreased. With limited raw material supply, deep - processing enterprises are strongly inclined to raise prices, and starch prices will remain strong. In the medium - to - long term, the key support factor for price trends is the change in downstream consumption rhythm, and whether enterprise inventories will continue to decline after the seasonal peak season will be the key factor for future starch pricing [1] Group 3: Sugar - In the international market, the fundamentals have marginally strengthened slightly. India has lowered its estimated sugar production for the 25/26 crushing season, reducing the amount of sugar available for export, and the ISO has lowered its forecast for the global sugar surplus in the 25/26 season. Crude oil prices also affect raw sugar valuation through the sugar - alcohol - oil transmission mechanism. In the domestic market, after the festival, there has been discussion about import policies, and the futures market has shown a volatile and upward trend. Some processing sugar mills have set prices earlier, with lower out - of - quota import costs, but there is significant spot pressure in the industrial sector, and there is hedging pressure above the futures market [4] Group 4: Cotton - The relatively low initial inventory offsets most of the increase in production. The focus is on subsequent consumption. With the expansion of domestic textile production, good downstream profits, frequent domestic consumption - promotion policies, and good export performance, cotton demand is expected to continue to improve. Also, the planting area in Xinjiang is expected to decline in the new season, so cotton is suitable for long - term long positions [6] Group 5: Eggs - The spread between the prices of culled chickens and white chickens has widened, indicating a slowdown in the culling rhythm. The average culling age of culled chickens is around 500 days, corresponding to the high - level chicken replenishment from November - December 2024 to April 2025. The current slowdown in culling is likely an active decision by farmers to delay culling, which means the supply pressure is postponed. Additionally, the feed cost has increased month - on - month, further squeezing the profit margin of egg production. Given the large premium of the 05 and 06 contracts, it is recommended to adopt a reverse - spread strategy [10] Group 6: Apples - This week, the apple market maintains a pattern of strong prices in the west and stable prices in the east. High - quality apples are in better demand than medium - and low - quality ones. In Shaanxi, the supply of high - quality apples is temporarily tight, and merchants' early - stage stocking due to expected future scarcity has pushed up prices. In Shandong, the market is stable, with slow cold - storage trading. In the sales areas, overall sales are slow, with low truck arrivals and low enthusiasm among wholesalers. As of March 11, 2026, the total cold - storage inventory of apples in the main production areas is 4.9972 million tons, a decrease of 278,200 tons from the previous week [13] Group 7: Pigs - Over the weekend, the spot price of pigs fluctuated within a narrow range, with limited change in demand. Some second - fattening activities have started, and some farmers have slightly reduced supply. In the short term, the supply remains abundant. The reduction in production capacity is limited, and there is pressure to release inventory during the off - season. In the medium term, prices are theoretically under pressure, while there is support for a long - term turnaround. As prices fall, it is necessary to pay attention to changes in the slaughter weight of farmers, the expectation of second - fattening entry, and the performance of frozen pork storage. The futures price has a premium, and the low - price level is easily affected by sentiment, so it is necessary to pay attention to the difference between expectations and reality [13]

Group 1: Report Overview - The report is from the Agricultural Products Team of the Research Center, dated March 12, 2026 [2] Group 2: Corn/Starch Data Summary - From March 5 - 11, 2026, in corn, prices in Changchun remained stable, while in Weifang it increased by 10. The basis changed by -14, and trade profit decreased by 10. In starch, prices in Heilongjiang remained stable, and in Weifang increased by 20. The basis changed by -12, and processing profit increased by 13 [3] Core View - Short - term: For corn, post - Lantern Festival, trade activities resumed. Front - end supply is tight, and back - end consumption replenishment drives price up. It's driven by short - term supply - demand mismatch. For starch, raw material cost increase led to price increase. Post - festival production increased, and downstream replenishment supported inventory reduction [4] - Long - term: For corn, focus on import and domestic auction policies due to supply gap. For starch, focus on downstream consumption rhythm and inventory changes after seasonal peak [4] Group 3: Sugar Data Summary - From March 5 - 10, 2026, sugar prices in Liuzhou, Nanning, and Kunming showed fluctuations. The basis and import profit also changed. The number of warehouse receipts had a small change [6] Core View - International: Fundamentals slightly strengthened. India cut 25/26 production estimate, and ISO cut global surplus estimate. Crude oil rise may boost raw sugar price [7] - Domestic: After the festival, there was discussion on import policy. The market was volatile and strong. Some processing plants had low out - of - quota import cost, but there was hedging pressure on the upper side of the market [7] Group 4: Cotton/Cotton Yarn Data Summary - From March 5 - 11, 2026, the price of 3128 cotton increased by 220. The import profit and other data also had corresponding changes [8] Core View - Low initial inventory offset most of the production increase. With expanding textile production, good downstream profits, domestic consumption - promotion policies, and good export performance, cotton demand is expected to improve. New - season Xinjiang planting area may decrease, so cotton is suitable for long - term long position [8] Group 5: Eggs Data Summary - From March 5 - 11, 2026, egg prices in some regions remained stable, and the basis increased by 1 [10] Core View - The gap between culled chicken and white chicken prices widened, indicating slower culling. High - level chicken replenishment peaked in April 2025. Current slow culling may be active delay by farmers, post - poning supply pressure. Feed cost increase compressed egg - laying profit. Considering the basis structure of 05 and 06 contracts, a near - far month reverse spread strategy is recommended [10] Group 6: Apples Data Summary - From March 5 - 11, 2026, apple prices in Shandong and Shaanxi remained stable. National inventory decreased by 9, Shandong inventory increased by 67, and Shaanxi inventory decreased by 10 [16][17] Core View - This week, apple sales in production areas varied. Western areas had better sales, with good - quality apple prices rising in Gansu. Shandong had average sales, with more low - price transactions. In the sales areas, post - festival sales were stable, but the arrival volume decreased and sales slowed down [17] Group 7: Pigs Data Summary - From March 5 - 11, 2026, pig prices in some regions decreased, and the basis increased by 10 [17] Core View - The weekend pig spot market adjusted weakly. Group supply was abundant, social pig farms resisted low prices, and consumption was weak. Capacity reduction was limited, there was inventory pressure in the off - season, and prices were under medium - term pressure. Pay attention to factors like farmers' selling weight, second - fattening entry, and frozen product storage after price decline. Futures had a premium, and prices were easily affected by sentiment [17]

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Neutral [6] Group 2: Core Views - The national pig spot price is stabilizing at a low level with regional differentiation, and the number of regions where the pig price has fallen below 10.0 has decreased. The sentiment improvement is mainly due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2605 contract was 11,130 yuan/ton, a change of - 20.00 yuan/ton (-0.18%) from the previous trading day [1] - Spot: In Henan, the price of outer three - yuan pigs was 10.73 yuan/kg, a change of +0.03 yuan/kg; in Jiangsu, it was 10.82 yuan/kg, a change of +0.08 yuan/kg; in Sichuan, it was 10.26 yuan/kg, with no change [1] - Agricultural product wholesale prices: On March 4, the "Agricultural Product Wholesale Price 200 Index" was 124.67, down 0.98 points; the "Vegetable Basket" product wholesale price index was 126.74, down 1.15 points. The average price of pork was 17.20 yuan/kg, down 0.1%; beef was 66.28 yuan/kg, up 0.3%; mutton was 65.03 yuan/kg, down 0.6%; eggs were 7.54 yuan/kg, down 0.5%; white - striped chicken was 17.29 yuan/kg, down 1.1% [1] Market Analysis - The national pig spot price is stabilizing at a low level, with regional differentiation. The sentiment improvement is due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2604 contract was 3209 yuan/500 kg, a change of +12.00 yuan (+0.38%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.87 yuan/jin, a change of -0.06; in Shandong, it was 2.95 yuan/jin, a change of -0.10; in Hebei, it was 2.60 yuan/jin, a change of -0.07 [3] - Inventory: On March 4, 2026, the production - link inventory was 1.37 days, an increase of 0.03 days (2.24%); the circulation - link inventory was 1.52 days, an increase of 0.04 days (2.70%) [3] Market Analysis - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Strategy - Neutral [6]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - For corn, in the short - term, the downstream pre - holiday restocking will support the price, and the price will fluctuate without significant rise or fall before the Spring Festival. In the long - term, focus on import and domestic auction policies due to the supply gap [2]. - For starch, in the short - term, downstream holiday stocking and inventory reduction support the enterprise's strong quotation. In the long - term, the key factor for price is the change in downstream consumption rhythm [3]. - For sugar, in the international market, there is an expected increase in production in the 25/26 season. In the domestic market, the short - term supply pressure of raw sugar decreases, and the long - term price may move towards the out - of - quota import cost if the global sugar market surplus intensifies [4]. - For cotton, due to low initial inventory, good downstream profits, consumption - promotion policies, and expected decrease in Xinjiang's planting area, the demand is expected to improve, and it is suitable for long - term investment [6]. - For eggs, after the pre - holiday stocking ends, the spot price stops rising and turns down. The 05 contract price depends on farmers' chicken culling. If the price difference between culled chickens and white chickens shrinks, it can relieve the supply pressure in the second quarter [14]. - For apples, during the holiday, the inventory reduction in production areas accelerates, but the sales area shows no obvious improvement. The price of average - quality fruit farmers' goods is stable and weak, while good - quality goods remain stable [17]. - For pigs, the spot price is weak. During the pre - holiday period of increasing supply and demand, the inventory reduction pressure dominates. The futures price is easily affected by emotions, and factors like the slaughter rhythm, diseases, and policies should be monitored [17]. Group 3: Summary by Commodity Corn/Starch - **Price Data**: From February 12 to February 26, the price in Changchun remained at 2180, while prices in other regions had some changes. The import profit decreased by 12, and the starch processing profit in Heilongjiang remained unchanged, while in Weifang, the base difference increased by 15 [2]. Sugar - **Price Data**: From February 12 to February 26, the spot prices in Liuzhou, Nanning, and Kunming increased by 10, 20, and 20 respectively. The base difference decreased by 27, and the import profit from Thailand and Brazil increased by 72 and 71 respectively. The number of warehouse receipts increased by 771 [4]. Cotton/Cotton Yarn - **Price Data**: From February 12 to February 26, the price of 3128 cotton decreased by 15, the number of warehouse receipts + forecasts increased by 41, the spot price of cotton yarn increased by 50, the import profit of Vietnamese yarn decreased by 4, and the 32S spinning profit increased by 66 [6]. Eggs - **Price Data**: From February 12 to February 26, the prices in production areas remained unchanged, the base difference increased by 24, and the price of live pigs decreased by 0.09 [13]. Apples - **Price Data**: From February 12 to February 26, the spot prices of Shandong 80 first - and second - grade and Shaanxi 70 general - quality apples remained unchanged. The national inventory decreased by 33, and the inventories in Shandong and Shaanxi decreased by 50 each [16][17]. Pigs - **Price Data**: From February 12 to February 26, the prices in production areas increased to varying degrees, and the base difference increased by 170 [17].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Corn prices are expected to fluctuate in the short - term and the focus in the long - term is on import and domestic auction policies due to supply gap [2] - Starch prices are supported in the short - term and the key factor for long - term pricing is downstream consumption rhythm [3] - For sugar, the international market anticipates increased production in the 25/26 season, and the domestic market's price is affected by global supply and demand [4] - Cotton is suitable for long - term long positions as demand is expected to improve and new - season planting area may decline [6] - For eggs, the 05 contract is affected by farmers' chicken culling, and the supply pressure in the second quarter can be alleviated by observing the price difference [13] - Apple prices for general - quality fruit are weakening while good - quality fruit remains stable, with different market situations in production and sales areas [16] - Pig prices are under pressure in the short - term, with supply and demand both increasing before the Spring Festival, and futures are affected by emotions [16] Group 3: Summaries by Commodity Corn/Starch - **Price Data**: In different regions, prices of corn and starch changed from 2026/02/11 to 2026/02/25. For example, the price in Changchun remained 2180, and the processing profit of starch increased by 14 [2] - **Market Analysis**: Near the Spring Festival, corn trade will end soon, and prices are expected to fluctuate. Starch industry's开机率 decreased slightly, and prices are supported in the short - term [2][3] Sugar - **Price Data**: From 2026/02/11 to 2026/02/25, sugar prices in some regions remained stable, and the import profit and other data changed [4] - **Market Analysis**: The international market expects increased production, and the domestic market's price is affected by global supply and demand [4] Cotton - **Price Data**: From 2026/02/11 to 2026/02/25, cotton prices increased by 300, and other relevant data also changed [18] - **Market Analysis**: Low initial inventory offsets production increase, and demand is expected to improve, suitable for long - term long positions [6] Eggs - **Price Data**: From 2026/02/11 to 2026/02/25, egg prices in some regions changed, and the basis and substitute prices also had changes [12] - **Market Analysis**: After the pre - holiday stocking, egg prices stopped rising and started to fall, and the 05 contract is affected by chicken culling [13] Apples - **Price Data**: From 2026/02/11 to 2026/02/25, apple prices remained stable, and inventory decreased [15][16] - **Market Analysis**: Apple de - stocking accelerated during the holiday, and prices of general - quality fruit are weakening while good - quality fruit remains stable [16] Pigs - **Price Data**: From 2026/02/11 to 2026/02/25, pig prices in different regions decreased, and the basis decreased by 350 [16] - **Market Analysis**: Pig prices are weak before the Spring Festival, with supply and demand both increasing, and futures are affected by emotions [16]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Corn prices are expected to fluctuate in the short - term, and in the long - term, import and domestic auction policies should be focused on due to the supply gap [1] - Starch prices are supported in the short - term by downstream holiday stocking and inventory reduction, and downstream consumption rhythm is the key in the long - term [2] - For sugar, the international market may see increased production in the 25/26 season, and the domestic market's short - term pricing refers to domestic sugar, while long - term prices may decline if the global sugar surplus intensifies [3] - Cotton demand is expected to improve, and it is suitable for long - term investment as new - season planting area in Xinjiang will decrease [5] - Egg prices stop rising and turn down after pre - holiday stocking. The 05 contract is affected by farmers' chicken culling, and the supply pressure in the second quarter can be mitigated if the price difference between culled chickens and white chickens shrinks [13] - Apple's inventory is decreasing during the holiday, with different price trends for different quality fruits. The market in the sales area has not improved significantly [16] - Pig prices are weak in the short - term. During the pre - holiday period of increased supply and demand, inventory reduction pressure dominates, with medium - term pressure and long - term inflection point support [16] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2026/02/09 to 2026/02/13, corn prices in some regions remained stable, and the import profit increased by 2. Starch's processing profit decreased by 66 [1] - **Analysis**: Short - term corn prices are supported by downstream pre - holiday restocking, and long - term attention should be paid to policies. Starch prices are supported in the short - term and depend on downstream consumption in the long - term [1][2] Sugar - **Price Data**: From 2026/02/09 to 2026/02/13, the spot price in Kunming decreased by 5, the base difference increased by 43, and the number of warrants increased by 459 [3] - **Analysis**: The international market may have increased production, and the domestic market's price is affected by global supply and demand [3] Cotton - **Price Data**: From 2026/02/09 to 2026/02/13, the price of 3128 cotton decreased by 50, and the 32S spinning profit increased by 68 [18] - **Analysis**: Cotton demand is expected to improve due to domestic consumption policies and export performance, and new - season planting area will decrease [5] Eggs - **Price Data**: From 2026/02/09 to 2026/02/13, the base difference decreased by 25, and the price of live pigs increased by 0.14 [12] - **Analysis**: Egg prices stop rising after pre - holiday stocking, and the 05 contract is affected by chicken culling [13] Apples - **Price Data**: From 2026/02/09 to 2026/02/13, the national inventory decreased by 92, Shandong inventory decreased by 96, and Shaanxi inventory decreased by 152 [15][16] - **Analysis**: Apple inventory is decreasing during the holiday, with different price trends for different quality fruits [16] Pigs - **Price Data**: From 2026/02/09 to 2026/02/13, the base difference increased by 140 [16] - **Analysis**: Pig prices are weak in the short - term, and inventory reduction pressure dominates during the pre - holiday period [16]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Corn prices are expected to fluctuate before the Spring Festival, and in the long - term, import and domestic auction policies should be focused on [2] - Starch prices are supported in the short - term and the downstream consumption rhythm is the key in the long - term [3] - For sugar, the international market may see increased production in the 25/26 season, and the domestic market will face different price trends according to the global sugar surplus situation [4] - Cotton demand is expected to improve, and it is suitable for long - term long positions [5] - Egg prices are affected by the end of pre - holiday stocking and the situation of farmers' chicken culling [14] - Apple prices show that general - quality fruit farmers' goods are stable and weak, while good - quality goods are stable [17] - Pig prices are under pressure in the short - to - medium term, and futures are easily affected by emotions [17] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2026/02/05 to 2026/02/11, the price in Changchun remained at 2180, the price in Weifang increased by 10, the basis decreased by 30, and the processing profit of starch remained at - 83 [2] - **Market Analysis**: Near the Spring Festival, corn trading is light, and prices are expected to fluctuate. In the long - term, policies are key. For starch, the industry's operating rate declines slightly, and downstream consumption is crucial in the long - term [2][3] Sugar - **Price Data**: From 2026/02/05 to 2026/02/11, the price in Liuzhou remained at 5370, the basis increased by 12, and the import profit from Thailand and Brazil increased by 79 [4] - **Market Analysis**: The international market may have increased production, and the domestic market's price is related to the global sugar surplus [4] Cotton - **Price Data**: From 2026/02/05 to 2026/02/11, the price of 3128 cotton increased by 55, and the number of warehouse receipts + forecasts increased by 171 [19] - **Market Analysis**: Low initial inventory offsets production increase, and demand is expected to improve [5] Eggs - **Price Data**: From 2026/02/05 to 2026/02/11, the price in Hebei remained at 3.58, the basis increased by 14, and the price of live pigs decreased by 0.10 [13] - **Market Analysis**: Pre - holiday stocking ends, and the 05 contract is affected by farmers' chicken culling [14] Apples - **Price Data**: From 2026/02/05 to 2026/02/11, the price of Shandong 80 first - and second - grade apples remained at 8900, the national inventory decreased by 33, and the Shandong inventory decreased by 101 [16][17] - **Market Analysis**: Holiday stocking affects inventory reduction, and prices of general - quality and good - quality goods show different trends [17] Pigs - **Price Data**: From 2026/02/05 to 2026/02/11, the price in Henan Kaifeng increased by 0.20, and the basis increased by 115 [17] - **Market Analysis**: Spot prices are weak, and there is pressure in the short - to - medium term [17]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - **Corn**: The price of corn futures stopped falling and rose on Tuesday due to the increase in soybean prices. Before the Spring Festival, the trading activity in the corn market was low, with prices remaining stable in the Northeast. The price of corn in the selling area adjusted slightly. Before the Spring Festival, the corn price will maintain a narrow - range shock pattern, with a low possibility of significant fluctuations. The view is "oscillating weakly" [1]. - **Soybean Meal**: On Tuesday, CBOT soybeans closed higher, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil after the US - India agreement. In the domestic market, soybean meal was mainly oscillating, with light trading. The view is "oscillating" [1]. - **Oils and Fats**: On Tuesday, BMD palm oil fell, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The view is "oscillating" [1]. - **Eggs**: On Tuesday, egg futures oscillated. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. The view is "oscillating" [1]. - **Pigs**: On Tuesday, hog futures continued to be weak. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. The view is "oscillating" [1][2] 3. Summary by Relevant Catalogs Research Viewpoints - **Corn**: Affected by the rise in soybean prices, the corn futures price stopped falling and rose on Tuesday. Before the Spring Festival, the 3 - month contract positions were transferred to the 5 - month contract. The spot market was waiting for the guidance of the futures market. The trading in the Northeast corn market was basically over, and the price was stable. The deep - processing enterprises in the Northeast stopped purchasing during the Spring Festival. The price in the selling area adjusted slightly, and downstream feed enterprises were cautious. The price will maintain a narrow - range shock before the Spring Festival [1]. - **Soybean Meal**: CBOT soybeans closed higher on Tuesday, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil. In the domestic market, the import cost increased, but the supply was sufficient, and the inventory pressure increased. The strategy is to participate in the short - term and exit the 5 - 9 reverse spread [1]. - **Oils and Fats**: BMD palm oil fell on Tuesday, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The strong rise of precious metals and the improvement of the commodity atmosphere drove up the price of oils and fats, but the loose supply and weak demand limited the increase. The operation should be short - term [1]. - **Eggs**: Egg futures oscillated on Tuesday. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. As the spot price declined, if the breeding profit continued to decline, it would be beneficial to the reduction of production capacity. It is recommended to wait and see and pay attention to the changes in the willingness of the breeding end to eliminate and replenish [1]. - **Pigs**: Hog futures continued to be weak on Tuesday. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. It is necessary to pay attention to the impact of the production capacity reduction progress on the forward contracts [1][2] Market Information - On February 9, the "Agricultural Product Wholesale Price 200 Index" was 129.51, down 0.25 points from last Friday. The "Vegetable Basket" product wholesale price index was 132.33, down 0.29 points from last Friday. As of 14:00 on the day, the average price of pork in the national agricultural product wholesale market was 18.34 yuan/kg, unchanged from last Friday; beef was 66.08 yuan/kg, down 0.6% from last Friday; mutton was 64.51 yuan/kg, up 0.1% from last Friday; eggs were 8.39 yuan/kg, down 1.4% from last Friday; white - striped chicken was 17.18 yuan/kg, down 1.3% from last Friday [3]. - Many soybean crushing plants began to shut down for the Spring Festival holiday from last Friday, and most of them concentrated from the 9th to the 12th, and will resume operation from the 24th to the 26th after the Spring Festival. Feed and breeding enterprises have stocked up in advance, and the market trading is light. Although the开机率 will decline after the plants shut down, the supply of soybean meal will continue to increase due to sufficient soybeans in the plants and limited demand after stocking up, which will make the soybean meal price continue to decline weakly [3]. Variety Spreads - **Contract Spreads**: The report provides charts of 5 - 9 spreads for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [5][7][8][11] - **Contract Basis**: The report provides charts of the basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [14][17][19][24]