软商品日报 2026/03/02 | 2026-03-02 | 收盘价 | 日涨跌幅 | 周涨跌幅 | 2026-03-02 | 收盘价 | 日涨跌 | 周涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | SR01 | 5480 | 0.29% | 2.60% | SR01-05 | 140 | 0 | 10 | | SR03 | 5305 | 0.42% | 1.76% | SR05-09 | -11 | 0 | 0 | | SR05 | 5345 | 0.39% | 2.57% | SR09-01 | -129 | 0 | -10 | | SR07 | 5353 | 0.39% | 2.5% | SR01-03 | 181 | 0 | 53 | | SR09 | 5353 | 0.34% | 2.51% | SR03-05 | -41 | 0 | -43 | | SR11 | 5369 | 0.39% | 2.56% | SR05-07 | -8 | 0 | 2 | | SB | 13.92 | -0.29% | -0.64% | SR07- ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The soybean meal market is expected to maintain a strong and volatile trend before the release of imported soybeans from state reserves next week, supported by the strong US soybean exports, lower-than-expected Brazilian shipments in February, and the dry weather in Argentina [1]. - The oil market is cautiously optimistic, with limited downside space and the upside rebound height depending on policy guidance. Attention should be paid to the US - Iran negotiations in the next two days, which may affect the crude oil and oil markets [2]. Summaries by Related Catalogs Soybean Meal - The 2025/26 soybean harvest rate in Brazil's Paraná state has reached 37%, with an estimated production of 22.12 million tons. The harvest progress is behind last year but normal compared to this year. The area of harvested soybeans is 2.16 million hectares out of the 5.77 million hectares planted [1]. - In Argentina, rainfall has been sporadic and insufficient to relieve drought, and crop ratings may decline, which is worrying for corn and soybean yields [1]. - US soybean exports are strong, and the lower - than - expected Brazilian shipments in February may lead to a decrease in arrivals in April. The dry weather in Argentina also supports the market's strong trend [1]. Oils - Indian buyers have cancelled 65,000 - 75,000 tons of South American soybean oil shipments, and it may expand to 100,000 - 120,000 tons in the next few days to lock in price - difference profits [2]. - The US EPA has sent a final biofuel quota regulation to the White House for review, which may have a significant impact on corn and soybean demand, biofuel production profits, and retail fuel prices [2]. - US soybean oil is supported by biofuel policies, while Malaysian palm oil is in a stage of weak supply and demand. The inventory in February is expected to decline again, but the large original inventory will suppress the near - month rebound height [2].

研究所 农产品研发报告 粕类日报 2026 年 2 月 26 日 【粕类日报】天气影响增加 盘面高位震荡 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2026/2/26 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3008 | 1 9 | 天津 | 330 | 350 | -20 | | 东莞 | 0 5 | 2834 | 3 | | 240 | 240 | 0 | | 张家港 | 0 9 | 2951 | 1 5 | | 220 | 230 | -10 | | | | | | 日照 | 240 | 250 | -10 | | 菜粕 | 0 1 | 2295 | 2 | 南通 | 214 | 248 | -3 ...

Summary of Agricultural Products Conference Call Industry Overview - The conference call focused on the agricultural products industry in China, particularly corn and sugar markets, as well as related commodities like palm oil and cotton. Key Points on Corn Market - **Record Corn Production**: In 2025, China's corn production reached a historical high of approximately 288 million to 305 million tons, benefiting from favorable weather and improved planting techniques [5][1]. - **Supply and Demand Dynamics**: Despite the high production, demand has slightly decreased due to a decline in pig and poultry stocks and poor profitability in deep processing enterprises, leading to an improved supply-demand situation for corn [5][1]. - **Import Reduction**: Since October 2024, corn imports have significantly decreased, with only 1.8 million tons imported in the 2025 fiscal year, indicating a move towards self-sufficiency [6][7]. - **Market Volatility**: Northeast traders are holding back on sales, leading to potential market pressure as weather changes could cause spoilage, particularly around the Lantern Festival [9][10]. - **Price Trends**: Corn prices are currently high at around 2,300 yuan per ton, but short-term weather factors may cause fluctuations [10][11]. Sugar Market Insights - **Production and Sales Pressure**: The new sugar season has seen a decrease in production to about 6.89 million tons, with sales lagging behind, resulting in increased inventory levels [14][15]. - **Import Surge**: Sugar imports rose significantly to 4.9 million tons in 2025 due to low international prices, although overall sugar consumption has not seen a corresponding increase [15][16]. - **Price Stability**: Sugar prices have struggled to break through 5,300 yuan per ton, reflecting the sales challenges faced by sugar factories [14][15]. Palm Oil Market Dynamics - **Dependence on Imports**: China's palm oil consumption is entirely reliant on imports from Malaysia and Indonesia, with increasing demand driven by biodiesel policies [17][18]. - **Price Outlook**: Palm oil prices are expected to rise due to stable demand and limited new planting areas, although global supply remains ample [18][23]. Cotton Market Trends - **Production Levels**: Cotton production in China is near historical highs, with demand gradually recovering, particularly post-sanctions on Xinjiang cotton [19][20]. - **Price Stability**: Cotton prices have shown a steady increase, with expectations for further growth due to improved demand and potential reductions in planting areas [19][20]. Additional Insights - **Impact of Oil Prices**: Rising crude oil prices are expected to directly influence agricultural product prices, particularly sugar and palm oil, due to their energy attributes [21][22]. - **Future Planting Trends**: In Xinjiang, policy changes are leading to increased corn planting at the expense of cotton, indicating a significant shift in crop production strategies [24][1]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the agricultural products market in China.

证券研究报告 | 2026年02月23日 2026年02月24日 美国农业部（USDA）月度供需报告数据分析专题 优于大市 美国 2026 年牛价景气预计维持，基于南美丰产再上调全球大豆期末库存 种植链农产品：底部盘整，等待上行。 1）玉米：全球产量预估环比调增，供需格局维持宽松。USDA2 月供需报告 预计 25/26 产季全球期末库销比环比调减 0.17pcts，中国期末库销比未 作调整。目前国内玉米价格已处于历史周期底部位置，中长期供需平衡 趋于收紧，后续预计价格底部支撑较强。 2）大豆：价格处于历史低位，静待周期底部反转。USDA2 月供需报告预计 25/26 产季全球期末库销比环比调增 0.15pcts 至 29.55%。近期国内豆 粕价格表现震荡企稳，短期，进口成本对大豆及豆粕现货价格仍有较好 支撑，中长期，2026 年 3 月后巴西大豆将陆续上量，关注后续南美天气 扰动、贸易与生物燃料政策的潜在催化。 3）小麦：国内小麦供应充足，预计后续底部震荡。USDA2 月供需报告预计 全球供给维持充裕，最终25/26 产季全球期末库销比环比调减 0.10pcts。 中国小麦 25/26 年度期末库销比未作 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For sugar, the current raw sugar price has fallen below the support level of the Brazilian ethanol conversion price. After the northern hemisphere gradually finishes the sugar - cane crushing season in February and the negative impact of increased production is mostly realized, the international sugar price may rebound. In China, the supply of imported sugar is gradually decreasing, and the short - term downward space is limited. It is advisable to wait and see for now [2]. - For cotton, the U.S. Supreme Court's ruling on the illegal tariff policy and the high single - week export of U.S. cotton from February 5th to 12th led to a sharp rebound in U.S. cotton prices. However, Trump's decision to raise the global import tariff from 10% to 15% on February 21st is negative for cotton prices. In the medium - to - long term, with the reduction of the new - year planting area and positive macro - expectations, cotton prices still have room to rise. Attention should be paid to the resumption of production in the downstream industry chain after the Spring Festival [7]. - For soybeans, the expectation of China's increased purchase of U.S. soybeans has pushed up the CBOT soybean price. For China, on one hand, the long - term supply pressure increases, and on the other hand, the rising U.S. soybean price raises the import cost. It is expected that the price of protein meal will continue to fluctuate in the short term [9]. - For oils and fats, driven by the bio - diesel policies of various countries, the consumption growth of oils and fats this year is greater than the production growth rate. The medium - term outlook for oil and fat prices is positive. It is recommended to wait for a pullback and then go long [14]. - For eggs, after the Spring Festival, the opening price is neutral, the overall inventory accumulation is limited, and the market sales are average. The supply side needs to pay attention to the scale of molting and cold - storage egg purchases. It is expected that the short - term spot price decline is limited. The near - month futures contract may form a bottom after a low - opening. It is advisable to wait and see or conduct short - term trading and wait for the accumulation of contradictions. For the far - end contract, under the background that the production capacity decline is less than expected, attention should be paid to the valuation pressure [17]. - For pigs, before the Spring Festival, farmers actively sold pigs, resulting in a significant decrease in the average weight and a low inventory in散户 pens. After the Spring Festival, the reluctance to sell due to losses still exists, and the high price difference between fat and standard pigs may lead to secondary fattening and inventory - building behaviors. The decline of the spot price is limited, which may support the near - month futures contract to fluctuate. It is recommended to wait and see in the short term and wait for the further accumulation and fermentation of contradictions [20]. Summary by Category Sugar - **Market Information**: As of the week of February 18th, the number of ships waiting to load sugar in Brazilian ports decreased from 53 to 43, and the quantity of sugar waiting to be loaded decreased from 1.83 million tons to 1.577 million tons. StoneX predicts a global sugar surplus of 2.9 million tons in the 2025/26 season. As of January 31, 2026, India's sugar production reached 19.305 million tons, a year - on - year increase of 16.8%. In January 2026, China produced 3.21 million tons of sugar, and the cumulative production in the 2025/26 season was 6.89 million tons, a year - on - year decrease of 602,000 tons. The cumulative sales volume was 2.7 million tons, and the cumulative sales - to - production ratio was 39.1% [2]. Cotton - **Market Information**: From February 5th to 12th, the U.S. exported 106,800 tons of cotton in the current year, with a cumulative export of 1.9899 million tons, a year - on - year decrease of 142,900 tons. The spinning mill's operating rate as of February 6th was 60.5%, a 3.7 - percentage - point decrease from the previous week. The national commercial cotton inventory was 5.53 million tons, a decrease of 120,000 tons from the previous week. The predicted global cotton production in 2025/26 is 26 million tons, a decrease of 80,000 tons from the December prediction and an increase of 200,000 tons from the previous year [4]. Soybeans - **Market Information**: From February 5th to 12th, the U.S. exported 800,000 tons of soybeans, with a cumulative export of 35.37 million tons in the current year, a year - on - year decrease of 7.63 million tons. As of February 14th, the soybean harvest rate in Brazil was 24.7%, 0.8 percentage points lower than the same period last year and 2.4 percentage points lower than the five - year average. From January 30th to February 6th, the domestic sample soybean arrival volume was 1.56 million tons, a decrease of 260,000 tons from the previous week [8]. Oils and Fats - **Market Information**: Indonesia plans to increase its palm oil exports to the U.S. to 3 million tons in the next two years. The tariff between the U.S. and Indonesia has been reduced from 32% to 19%. In January 2026, Malaysia's palm oil production was 1.58 million tons, a decrease of 250,000 tons from the previous month but an increase of 340,000 tons from the same period last year. The export volume was 1.48 million tons, an increase of 160,000 tons from the previous month and 320,000 tons from the same period last year [11]. Eggs - **Market Information**: After the Spring Festival, the opening price of eggs was neutral. For example, the price of large - sized eggs in Heishan was 2.8 yuan per catty, a decrease of 0.3 yuan per catty from before the festival. The inventory accumulation was not large, the market sales were average, and there was a reluctance to sell at low prices. It is expected that the short - term egg price will be stable, with a slight upward trend in some areas [16]. Pigs - **Market Information**: After the Spring Festival, the mainstream pig price decreased, which was in line with expectations. In the north, the demand from slaughterhouses was limited, the supply was sufficient, and the price decline was large. In the south, the local pig slaughter volume had not fully recovered, and the price decline was smaller than that in the north. After continuous price cuts in some areas, farmers were reluctant to sell, and with the increase in the number of slaughterhouses resuming work, the demand improved. In the short term, the decline of the pig price in the north may narrow, while the supply in the south continues to increase, and the pig price may continue to fall [19].

Group 1: Report Information - Report Title: "粕类日报 2026 年 2 月 12 日" [1] - Researcher: Chen Jiezheng [2] Group 2: Price Information Futures and Spot Basis - For soybean meal, the closing prices of contracts 01, 05, and 09 are 2962, 2790, and 2898 respectively, with increases of 12, 17, and 10. Spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao are 380, 270, 280, and 290 respectively [3]. - For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2263, 2303, and 2349 respectively, with increases of 10, 15, and 19. Spot basis in Nantong, Guangdong, and Guangxi are 227, 147, and 37 respectively [3]. Monthly Spreads - For soybean meal, the 15 - spread is 172 (down 5 from yesterday), 59 - spread is -108 (up 7), and 91 - spread is -64 (down 2) [3]. - For rapeseed meal, the 15 - spread is -40 (down 5 from yesterday), 59 - spread is -46 (down 4), and 91 - spread is 86 (up 9) [3]. Cross - Variety Spreads - The current soybean - rapeseed 01 spread is 699, and 09 spread is 549. The current oil - meal ratio 01 is 2.710 [3]. Spot Spreads - The current soybean meal - rapeseed meal spread is 540 (down 13 from yesterday), rapeseed meal - sunflower meal spread is 210 (up 10), and soybean meal - sunflower meal spread is 820 (up 17) [3]. Soybean Pressing Profits - Pressing profits from Brazilian soybeans vary by shipping date, with significant changes compared to the previous day, e.g., for April shipment, the change in pressing profit is -35.02 [8]. Group 3: Market Conditions International - The US soybean market is bullish, mainly due to improved exports. The monthly supply - demand report's bearish impact is limited. The South American market is firm, less affected by the US soybean increase. The international soybean market is relatively loose in supply, with price pressure still existing [3][4]. Domestic - The domestic soybean meal market is bullish, driven by short - covering. The rapeseed meal market is also bullish, with significant position - reducing and price increases. The soybean - rapeseed meal spread is narrowing [3]. Group 4: Fundamental Analysis International - US soybean carry - over stocks remain at around 350 million bushels, higher than market expectations. South American supply is increasing, with Brazil's new crop growing well and harvest progressing smoothly. Argentina's old - crop soybean production is large, with increased pressing and exports [4]. Domestic - As of February 6, the actual soybean crushing volume of oil mills is 2.484 million tons, with an operating rate of 68.33%. Soybean inventory is 5.6704 million tons, down 10.77% from last week. Rapeseed and rapeseed meal inventories are low, with supply pressure still existing [5]. Group 5: Logic Analysis - The US soybean is bullish due to macro - factors, but high - price export sustainability is limited. International market uncertainty lies in weather. The domestic soybean meal market is bullish, but supply uncertainty remains. The rapeseed meal market is also bullish, affected by soybean meal and position - reducing. The soybean - rapeseed meal spread will be volatile [6]. Group 6: Trading Strategies - Unilateral trading: Hold off on trading. - Arbitrage: Hold off on trading. - Options: Mainly use the strategy of selling wide straddles. [7]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The agricultural market shows a mixed trend, with different commodities having various outlooks such as oscillation, oscillation - weakening, and oscillation - strengthening [1][6][7]. - For different commodities: - Oils: Narrow - range oscillation, with multiple factors affecting supply and demand, and a suggestion to consider buying hedging strategies at low - callback levels [6]. - Protein meals: Domestic double meals oscillate mainly, with international factors supporting US soybeans and domestic factors affecting the market [1][7]. - Corn: Oscillates, with industry news and emotions affecting futures, and attention to post - holiday trading and inventory replenishment rhythms [8]. - Pigs: Oscillates weakly, with supply - demand being loose, and different trends in the short, medium, and long - term [9]. - Natural rubber: Oscillates, with attention to previous high resistance, and the market influenced by capital and fundamentals [11][12]. - Synthetic rubber: Oscillates upward following natural rubber, with the mid - term bullish logic remaining unchanged [13]. - Cotton: Oscillates strongly in the medium - long term, waiting for new driving forces in the short term [14]. - Sugar: Oscillates weakly in the medium - long term, with a downward driving force due to expected oversupply [16]. - Pulp: Oscillates, with weak supply - demand before the Spring Festival and expected improvement after the festival [17]. - Double - gum paper: Oscillates weakly, with the market in a low - level oscillation during the holiday [18]. - Logs: Oscillates, with the spot being stable and the market in a range - bound operation [20]. 3. Summary by Relevant Catalogs 3.1. Market Quotes and Views 3.1.1. Oils - **View**: Oils show narrow - range oscillation. The US Department of Agriculture's February report adjusted relevant data, and the market is affected by factors such as demand expectations, biodiesel policies, and export performance. It is recommended to pay attention to buying hedging strategies at low - callback levels [6]. - **Logic**: Futures are affected by capital emotions, and the industrial end has different supply - demand situations for different oils. For example, soybeans have relatively sufficient supply, and palm oil has inventory and export issues [6]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil all oscillate [6]. 3.1.2. Protein Meals - **View**: Optimistic emotions support US soybeans, and domestic double meals oscillate mainly [1][7]. - **Logic**: Internationally, the USDA's February supply - demand report is bearish, but the market has optimistic export expectations and the US biodiesel plan boosts US soybean oil. Domestically, factors such as pre - holiday capital flight, logistics stagnation, and expected post - holiday cost reduction affect the market [1][7]. - **Outlook**: Both soybean meal and rapeseed meal oscillate [1][7]. 3.1.3. Corn - **View**: Industry news disturbs the market, and corn increases positions and rises [8]. - **Logic**: Futures are affected by industry news and emotions, while the spot market is gradually entering the holiday, with stable prices and low trading volume. Attention should be paid to factors such as grain sales progress, policy grain auctions, and wheat conditions [8]. - **Outlook**: Oscillation, with attention to post - holiday trading and inventory replenishment rhythms [8]. 3.1.4. Pigs - **View**: Supply - demand is loose, and spot prices continue to weaken [9]. - **Logic**: In terms of supply, there are different situations in the short, medium, and long - term; demand shows an increase in slaughter volume; inventory shows a continuous decrease in average pig weight. The price is expected to weaken in the short - term and is affected by different production capacities in different periods [9]. - **Outlook**: Oscillation - weakening, with a potential bottom - out and recovery in the second half of 2026 [9]. 3.1.5. Natural Rubber - **View**: Pay attention to previous high resistance [11][12]. - **Logic**: The rubber price runs strongly, mainly driven by capital emotions. The short - term support is effective, and the overall is in a bullish trend. The current trading logic is mainly affected by the macro - environment, with relatively weak fundamentals but good expectations [11][12]. - **Outlook**: Oscillation, with limited fundamental variables and increasing capital attention [12]. 3.1.6. Synthetic Rubber - **View**: Follow natural rubber to oscillate upward [13]. - **Logic**: The BR market follows natural rubber to rise slightly, and the mid - term core logic is the expectation of tight supply of butadiene in the first half of 2026. The raw material market is affected by factors such as export news and downstream demand [13]. - **Outlook**: Mid - term oscillation - strengthening, with a need for adjustment in the short - term due to rapid price increase [13]. 3.1.7. Cotton - **View**: Cotton price rebounds [14]. - **Logic**: Before the Spring Festival, the fundamentals have no obvious driving force, and the cotton price is expected to oscillate within a range. After the festival, with the arrival of the traditional peak season, the terminal demand may drive the price to rise. In the medium - long term, the supply - demand is expected to be in tight balance, and the planting area in Xinjiang may decrease [14]. - **Outlook**: Oscillation - strengthening, with a suggestion to buy on dips [14]. 3.1.8. Sugar - **View**: Sugar price oscillates weakly in the medium - long term [16]. - **Logic**: The global sugar market is expected to have oversupply in the 25/26 crushing season, with major producing countries expected to increase production. The supply increase puts pressure on the price [16]. - **Outlook**: Oscillation - weakening, with a suggestion to short on rebounds [16]. 3.1.9. Pulp - **View**: Spot prices are almost stagnant, and futures fluctuate independently [17]. - **Logic**: Before the Spring Festival, the supply - demand is weak, with low demand from the terminal and downstream. After the festival, the seasonal recovery of demand may bring marginal benefits. The valuation support has weakened, and the downward space is limited [17]. - **Outlook**: Oscillation, with weak supply - demand before the festival and expected improvement after the festival [17]. 3.1.10. Double - gum Paper - **View**: Factories enter the holiday, and the market maintains low - level oscillation [18]. - **Logic**: Before the Spring Festival, the trading in the double - gum paper market ends, with stable spot prices and low - level oscillation. The industry is affected by factors such as production line operation, downstream consumption, and market demand [18]. - **Outlook**: Oscillation - weakening, with the market expected to be stagnant during the holiday and attention to the post - holiday consumption recovery [18]. 3.1.11. Logs - **View**: Spot prices are stable, and the market operates within a range [20]. - **Logic**: Before the Spring Festival, the log market trading is basically stagnant, with stable spot prices and range - bound oscillation. The market is affected by factors such as news, valuation, supply, and delivery [20]. - **Outlook**: Oscillation, with the market having no new driving force in the short - term and maintaining range - bound operation [20]. 3.2. Commodity Index - On February 11, 2026, the comprehensive index, special index (including the commodity index, commodity 20 index, and industrial product index), and plate index (agricultural product index) of CITIC Futures all showed certain changes. For example, the comprehensive index increased by 0.32%, the commodity 20 index increased by 0.27%, the industrial product index increased by 0.41%, and the agricultural product index increased by 0.34% on that day [179][180].

1. Report's Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The USDA's February supply - demand report shows stable data for the US 2025/26 soybean year, while Brazil's soybean production estimate has increased, and global soybean production and ending stocks are also expected to rise. Malaysia's palm oil inventory decreased in January due to strong exports despite lower production, and the decline is expected to continue. Global rapeseed, rapeseed oil, and rapeseed meal production and ending stocks are projected to increase in the 2025/26 year [1] 3. Summary by Related Catalogs 3.1 2025/26 US Soybean Information - The USDA's February report estimates the US 2025/26 soybean production at 4.262 billion bushels, exports at 1.575 billion bushels, and ending stocks at 350 million bushels, all unchanged from January estimates [1] 3.2 2025/26 Global Soybean Information - Brazil's 2025/26 soybean production estimate is 180 million tons (up from 178 million tons in January), with exports estimated at 114 million tons (unchanged from January). Argentina's production is estimated at 48.5 million tons and exports at 8.25 million tons, both unchanged from January. Global 2025/26 soybean production estimate is 428.18 million tons (up from 425.68 million tons in January), and ending stocks are estimated at 125.51 million tons (up from 124.41 million tons in January) [1] 3.3 Brazil's Soybean Harvest and Export - As of the week of February 7, 2026, Brazil's 2025/26 soybean harvest rate was 17.4%, up from 11.2% the previous week, compared to 14.8% the previous year and a five - year average of 18.7%. Anec predicts Brazil's February soybean exports to reach 1.171 million tons (up from the previous week's forecast of 1.142 million tons) and February soybean meal exports to reach 193,000 tons (up from 163,000 tons) [1] 3.4 Malaysia's Palm Oil Information - ITS data shows Malaysia's February 1 - 10 palm oil exports decreased 10.5% month - on - month; AmSpec data shows a 14.3% decrease. MPOB data shows Malaysia's January palm oil inventory decreased 7.72% to 2.82 million tons (the lowest since October 2025), production decreased 13.78% to 1.58 million tons (the lowest since March 2025), and exports increased 11.44% to 1.48 million tons (the highest since October 2025) [1] 3.5 Global Rapeseed and Related Products in 2025/26 - Global 2025/26 rapeseed production is expected to be 95.022 million tons (up 9.024 million tons year - on - year), ending stocks at 12.104 million tons (up 2.215 million tons). Rapeseed oil production is expected to be 35.68 million tons (up 1.511 million tons), ending stocks at 3.237 million tons (up 0.029 million tons). Rapeseed meal production is expected to be 50.952 million tons (up 1.884 million tons), ending stocks at 1.518 million tons (up 0.079 million tons). Canada's 2025/26 rapeseed exports are expected to be 7.6 million tons (down 1.731 million tons), rapeseed oil exports at 3.525 million tons (up 0.185 million tons), and rapeseed meal exports at 5.85 million tons (up 0.051 million tons) [1] 3.6 Spot Prices - Spot prices for various products from February 4 - 10, 2026, are provided, including prices for soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [4] 3.7 Others - The report also mentions protein meal basis, grease basis, and grease and oilseed futures spreads, but no specific data is provided [5][7][10]

投资咨询业务资格:证监许可【2012】31号 数据日报 国贸期货研究院 农产品研究中心 黄同岚 投资咨询号: Z0021658 从业资格号:F03110419 2026/2/10 | 指标 | | 2月9日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | == | == | ----- 18/19 | == | - 24/25 | == 25/26 | | | 大连 | 451 | 6 | 2500 2000 1000 | == | ====== 22/23 | == | | | | | | 天津 | 431 | -14 | 1500 | | | | | | | | | 日照 | 321 | | | | | | | | | | 43%豆粕现货基差 | 张家港 | 351 | -14 | -500 | | | | | | | | (对主力合约) | | | | | 05/21 06/21 07/22 08/22 09/22 10/2 ...