Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - Corn prices are expected to remain strong in the short term due to tight supply, but may be suppressed by increased wheat supply and rising temperatures. In the long term, import and storage policies should be monitored [3]. - Starch prices are expected to remain volatile and strong in the short term, with downstream consumption being the key factor in the long term [3]. - The fundamentals of the international sugar market are slightly stronger, while the domestic market is affected by import policies and spot pressure [4]. - Cotton demand is expected to continue to improve, and it is suitable for long - term investment due to low inventory and potential reduction in planting area [5]. - Egg production capacity reduction has slowed down, and the market should be treated with a reverse spread pattern [8]. - The apple market is generally stable, with different trends in different regions [9]. - Pig prices have a short - term rebound, but there is still pressure on production and inventory reduction, and attention should be paid to capacity reduction [9]. Group 3: Corn/Starch - **Price Data**: From March 24 to March 30, prices in various regions showed different changes. For example, the price in Changchun remained unchanged, while the price in Jinzhou decreased by 5, and the price in Weifang decreased by 8. The basis of corn increased by 18, and the trade profit decreased by 15 [2]. - **Market Analysis**: In the short term, corn prices are supported by tight supply but may be affected by wheat supply and temperature. Starch prices are affected by high - price sales and raw material supply [3]. Group 4: Sugar - **Price Data**: From March 24 to March 30, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, and the basis increased by 23 [12]. - **Market Analysis**: The international market has a slightly stronger fundamental situation, and the domestic market is affected by import policies and spot pressure [4]. Group 5: Cotton/Cotton Yarn - **Price Data**: From March 24 to March 30, the price of 3128 cotton increased by 20, and the import profit decreased by 22 [5]. - **Market Analysis**: Low initial inventory and potential reduction in planting area, along with good demand, make cotton suitable for long - term investment [5]. Group 6: Eggs - **Price Data**: From March 24 to March 30, egg prices in various regions increased, and the basis increased by 110 [7]. - **Market Analysis**: The slowdown in chicken culling and the increase in replenishment have slowed down the production capacity reduction process, and the market should be treated with a reverse spread pattern [8]. Group 7: Apples - **Price Data**: From March 24 to March 30, the price of Shandong 80 first - and second - grade apples remained unchanged, the national inventory decreased by 10, and the Shandong inventory increased by 104 [9][10]. - **Market Analysis**: The apple market is generally stable, with different trading situations in different regions [9]. Group 8: Pigs - **Price Data**: From March 24 to March 30, pig prices in various regions showed different changes, and the basis decreased by 90 [9]. - **Market Analysis**: Pig prices have a short - term rebound, but there is still pressure on production and inventory reduction, and attention should be paid to capacity reduction [9].

Report Information - Report Title: Agricultural Products Morning Report - Report Date: March 30, 2026 - Research Team: Agricultural Products Team of the Research Center 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Corn: In the short term, the supply of corn remains tight as the grain sources gradually concentrate on traders, supporting the price. However, the increased supply of policy - based wheat and the expected increase in market circulation may suppress the price. In the long term, attention should be paid to import and domestic auction policies due to the supply gap [3]. - Starch: High prices affect starch sales, causing the price to decline. In the short term, tight raw material supply supports price increases, but weak downstream consumption may suppress the price. In the long term, downstream consumption rhythm and inventory changes are crucial for pricing [3]. - Sugar: Internationally, the fundamentals are slightly stronger with India's lower production estimate and ISO's lower global surplus forecast. Crude oil prices also impact the valuation. Domestically, the market is bullish after the festival, but there is hedging pressure [6]. - Cotton: Low initial inventory offsets most of the production increase. With expanding textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve. A decrease in Xinjiang's planting area makes long - term buying suitable [7]. - Eggs: The slowdown in chicken culling may be due to farmers' active delay. The increase in chick - rearing in 1 - 2 months and positive sentiment in 3 - 4 months slow down capacity reduction. Rising feed costs compress profits, and an inverse spread pattern is considered [10]. - Apples: The apple market is stable, with good - quality goods being the main trading items. The demand in the western region is weak, while the demand for good - quality goods in Shandong is increasing. The sales in the sales area are normal [11]. - Pigs: The weekend pig price rebounded slightly. There is still pressure on near - term production and inventory reduction. The market is affected by high supply, and attention should be paid to capacity reduction [11]. 3. Summary by Product Corn/Starch - **Price Data**: From March 23 to 27, the price in Jinzhou decreased by 10, the base difference decreased by 3, and the starch base difference increased by 10 [2]. - **Analysis**: Short - term price support comes from tight supply, but wheat supply and increased circulation may suppress the price. Starch price is affected by raw material supply and downstream consumption [3]. Sugar - **Price Data**: From March 23 to 27, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, and the base difference decreased by 1 [4][5]. - **Analysis**: Internationally, the fundamentals are stronger, and crude oil affects the valuation. Domestically, there is hedging pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 23 to 27, the price of 3128 cotton increased, and the import profit and 32S spinning profit decreased [7]. - **Analysis**: Low initial inventory and good demand prospects make long - term buying suitable [7]. Eggs - **Price Data**: From March 23 to 27, the prices in various producing areas increased, and the base difference increased by 209 [9]. - **Analysis**: Slow culling, increased chick - rearing, and rising feed costs affect the market, with an inverse spread pattern considered [10]. Apples - **Price Data**: From March 23 to 27, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national, Shandong, and Shaanxi inventories decreased [11]. - **Analysis**: The market is stable, with different situations in different regions [11]. Pigs - **Price Data**: From March 23 to 27, the prices in various producing areas decreased, and the base difference decreased by 230 [11]. - **Analysis**: There is short - term price rebound, but long - term pressure from high supply, and attention should be paid to capacity reduction [11].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report Group 2: Core Views - Short - term, corn prices are supported by tight supply but may be suppressed by increased wheat supply and faster grain circulation; long - term, focus on import and storage policies [3] - Short - term, starch prices will be volatile and strong due to tight raw material supply and slow consumption recovery; long - term, focus on downstream consumption rhythm [3] - International sugar fundamentals are slightly stronger, and domestic sugar is affected by import policy discussions and has a bullish trend [4] - Cotton demand is expected to improve, and it is suitable for long - term long positions due to low inventory, good consumption, and reduced planting area [5] - Egg production capacity reduction slows down, and it should be treated as a reverse spread pattern [8] - Apple market trading is stable, with different situations in different regions and normal sales in the market [11] - Pig prices are under pressure due to weak demand and sufficient supply, and attention should be paid to capacity reduction and market sentiment [11] Group 3: Summary by Commodity Corn/Starch - Corn prices in different regions from March 18 - 24: Changchun remained at 2230 (except for missing data later), Jinzhou increased by 5 to 2360, Weifang remained at 2420, and Shekou increased by 10 to 2530. The basis changed from - 22 to - 23, trade profit increased by 5 to 20, and import profit increased by 59 to 320 [2] - Starch prices in Heilongjiang remained at 2900, in Weifang remained at 3050. The basis increased by 53 to 193, and processing profit increased by 4 to - 10 [2] Sugar - Sugar spot prices in Liuzhou decreased by 20 to 5480, in Nanning decreased by 10 to 5460, in Kunming decreased by 10 to 5320. The basis in Liuzhou increased by 4 to 51, and the number of warehouse receipts increased by 520 to 16862 [4] Cotton/Cotton Yarn - Cotton price of 3128 grade decreased by 30 to 16420, and the number of warehouse receipts + forecasts increased by 47 to 12780. The 32S spinning profit increased by 31 to - 771 [5] Eggs - Egg prices in Hebei, Liaoning, Shandong, Henan, and Hubei remained stable. The basis increased by 10 to 260, and the price of substitute pigs increased by 0.02 to 16.03 [7] Apples - Apple spot prices in Shandong 80 first - and second - grade remained at 8900. The national inventory increased by 12, Shandong inventory increased by 72, and Shaanxi inventory increased by 8. The 1 - month basis increased by 110 to 380, the 5 - month basis increased by 49 to - 1172, and the 10 - month basis increased by 155 to 269 [10][11] Pigs - Pig prices in Henan Kaifeng decreased by 0.10 to 9.73, in Hubei Xiangyang decreased by 0.05 to 9.55, in Shandong Linyi decreased by 0.10 to 9.97, in Anhui Hefei decreased by 0.10 to 10.05, in Jiangsu Nantong decreased by 0.10 to 10.20. The basis decreased by 165 to - 315 [11]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - For corn, short - term price is driven by tight front - end supply and concentrated replenishment demand from the consumer end. In the long - term, focus on import and domestic auction policies due to supply gap [2]. - For starch, short - term price remains strong due to limited raw material supply and strong price - holding intention of deep - processing enterprises. In the long - term, downstream consumption rhythm is the key factor [3]. - For sugar, the international market's fundamentals are slightly stronger with India's production cut and ISO's global surplus reduction. The domestic market is volatile and strong, with cost - effective imports and hedging pressure [6]. - For cotton, low initial inventory offsets production increase. With growing textile output, good downstream profits, consumption - promoting policies, and good exports, demand is expected to improve, and it's suitable for long - term long positions [9]. - For eggs, slow culling of hens postpones supply pressure, and rising feed costs compress profits. Suggest an anti - spread strategy for 05 and 06 contracts [13]. - For apples, the market shows a pattern of strong in the west and stable in the east. Good - quality apples in Shaanxi are in short supply, while Shandong's market is stable. Sales in the consumer market are slow [16]. - For pigs, short - term supply is loose, with limited capacity reduction and inventory pressure. Futures are at a premium, and attention should be paid to factors like出栏体重, second - fattening entry, and frozen product storage [16]. Group 3: Summary by Commodity Corn/Starch - **Price Data**: From March 13 - 19, corn prices in Changchun remained at 2230, with a 10 - unit drop in Jinzhou. Starch prices in Heilongjiang stayed at 2900, and in Weifang, it increased by 20 [2]. - **Analysis**: Short - term price is driven by supply - demand mismatch, and long - term focus is on policies. Starch price is strong due to limited raw material supply [2][3]. Sugar - **Price Data**: From March 13 - 19, sugar prices in Liuzhou remained at 5470 - 5500, with minor changes in Nanning and Kunming. Import profits and basis also changed [6]. - **Analysis**: International fundamentals are stronger, and the domestic market is affected by import policies and hedging pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 13 - 19, the price of 3128 cotton decreased by 70, and there were changes in other related indicators [17]. - **Analysis**: Low initial inventory and good demand prospects make cotton suitable for long - term long positions [9]. Eggs - **Price Data**: From March 13 - 19, egg prices in some areas remained stable, with a decrease in basis and changes in substitute prices [13]. - **Analysis**: Slow culling and rising feed costs lead to an anti - spread strategy suggestion [13]. Apples - **Price Data**: From March 13 - 19, the price of Shandong 80 first - and second - grade apples remained at 8900, and there were changes in basis [15][16]. - **Analysis**: The market shows a west - strong and east - stable pattern, with slow sales in the consumer market [16]. Pigs - **Price Data**: From March 13 - 19, pig prices in some areas decreased slightly, and basis increased by 90 [16]. - **Analysis**: Short - term supply is loose, and futures are affected by expectations [16].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - For corn, short - term spot supply is limited, and prices are strongly supported. After the Spring Festival, focus on the volume of supply, especially in North China. In the long - term, pay attention to import and domestic auction policies due to the supply gap [1]. - For starch, in the short - term, prices will remain strong as inventory pressure is low and there is post - festival restocking demand. In the long - term, downstream consumption rhythm is the key factor [2]. - For sugar, internationally, India's production cut and ISO's adjustment of the global surplus expectation, along with strong crude oil, may boost the price. Domestically, the market is discussing import policies, and there is hedging pressure on the upper side of the market [4]. - For cotton, low initial inventory offsets most of the output increase. With expanding textile production, good downstream profits, consumption - promoting policies, and good export performance, demand is expected to improve. New - season planting area in Xinjiang will decline, so it is suitable for long - term long positions [8]. - For eggs, post - festival restocking drives a small price rebound. Current production is in a slight loss, and farmers are delaying chicken culling. Near - month supply pressure is less than last year, but delayed culling will suppress prices during the rainy season. It is recommended to adopt a reverse spread strategy [13]. - For apples, post - Spring Festival sales slowed down, with more packaging and shipping. Fruit farmers' sales are limited, and good - quality fruit prices are stable or firm [15]. - For pigs, weekend spot prices were first stable then weak. In the mid - term, there is supply pressure, and in the long - term, there is a potential inflection point. Pay attention to changes in farmers' selling weight, second - fattening expectations, and frozen product storage [15]. Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2026/02/24 to 2026/03/02, the price in Changchun remained at 2200, while in Jinzhou it increased by 20. The basis decreased by 4, and the processing profit of starch in Weifang increased by 3 [1]. Sugar - **Price Data**: From 2026/02/24 to 2026/03/02, the price in Kunming increased by 10, the basis in Liuzhou decreased by 21, the import profit from Thailand increased by 80, from Brazil increased by 82, and the number of warehouse receipts increased by 201 [4]. Cotton/Cotton Yarn - **Price Data**: From 2026/02/24 to 2026/03/02, the price of 3128 cotton decreased by 95, the import profit of Vietnam yarn increased by 484, and the 32S spinning profit increased by 99 [18]. Eggs - **Price Data**: From 2026/02/24 to 2026/03/02, prices in Hebei, Liaoning, Shandong, and Henan increased, the basis increased by 115, the price of white - feather broilers decreased by 0.08, yellow - feather broilers decreased by 0.15, and pigs decreased by 0.50 [13]. Apples - **Price Data**: From 2026/02/24 to 2026/03/02, the price of Shandong 80 first - and second - grade apples remained at 8900, the national inventory decreased by 154, Shandong inventory decreased by 136, and Shaanxi inventory decreased by 167 [14][15]. Pigs - **Price Data**: From 2026/02/24 to 2026/03/02, prices in various regions decreased, and the basis increased by 165 [15].

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. Group 2: Core Views of the Report - For corn, short - term price is strongly supported by limited supply, and in the long - term, focus on import and domestic auction policies due to supply gap [3] - For starch, short - term price will remain strong with low inventory and downstream restocking, and long - term price depends on downstream consumption rhythm [3] - For sugar, international factors like India's production cut and ISO's forecast adjustment, along with domestic import policy discussions, make the market oscillate strongly, but there is hedging pressure [5] - For cotton, low initial inventory, expanding textile production, good downstream profits, consumption - promotion policies, and reduced planting area in Xinjiang make it suitable for long - term investment [8] - For eggs, near - month contracts won't break last year's lows, but delayed chicken culling will suppress prices in the rainy season, so an anti - arbitrage strategy is recommended [11] - For apples, post - Spring Festival sales are slow, with stable prices for average - quality fruit and firm prices for high - quality fruit [13] - For pigs, post - festival is a consumption off - season, with mid - term supply pressure and long - term turning point support. Focus on factors like出栏体重, second - fattening, and frozen product storage [13] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From 2026/02/13 to 2026/02/27, corn prices in some regions increased slightly, and starch prices remained stable in some regions. Corn's basis changed by - 8, and starch's processing profit changed by - 19 [2] - **Market Analysis**: After the Spring Festival, corn supply is short - term limited, and price may rise if there is no selling pressure. Starch price will remain strong in the short - term and depends on downstream consumption in the long - term [3] Sugar - **Price Data**: From 2026/02/13 to 2026/02/27, sugar prices in some regions increased slightly, basis decreased by 29, and import profit increased by 29 [4] - **Market Analysis**: International factors and domestic import policy discussions affect the market, with hedging pressure on the upper side [5] Cotton/Cotton Yarn - **Price Data**: From 2026/02/13 to 2026/02/27, 3128 cotton price increased and then decreased, with a net decrease of 35, and 32S spinning profit increased by 87 [15] - **Market Analysis**: Low initial inventory and good demand prospects make cotton suitable for long - term investment [8] Eggs - **Price Data**: From 2026/02/13 to 2026/02/27, egg prices in some regions decreased, basis decreased by 21, and substitute prices changed slightly [11] - **Market Analysis**: Post - festival restocking drives a small price rebound. Near - month contracts won't break last year's lows, but delayed culling will suppress prices in the rainy season [11] Apples - **Price Data**: From 2026/02/13 to 2026/02/27, apple prices remained stable, and inventory increased in some regions [12][13] - **Market Analysis**: Post - Spring Festival sales are slow, with stable prices for average - quality fruit and firm prices for high - quality fruit [13] Pigs - **Price Data**: From 2026/02/13 to 2026/02/27, pig prices in some regions decreased, and basis decreased by 90 [13] - **Market Analysis**: Post - festival is a consumption off - season, with mid - term supply pressure and long - term turning point support. Focus on factors like出栏体重, second - fattening, and frozen product storage [13]

Report Industry Investment Rating - Not provided Core Viewpoints - Corn: In the short term, with the reduction of market - circulating grain sources, downstream pre - holiday restocking will support corn prices, and prices are expected to fluctuate. In the long term, focus on import and domestic reserve auction policies due to the supply gap [2]. - Starch: In the short term, downstream holiday stocking expectations and inventory reduction support strong enterprise quotes. In the long term, the key factor for price trends is the change in downstream consumption rhythm [3]. - Sugar: Internationally, the 25/26 sugar - making season in the Northern Hemisphere is expected to have increased production. Domestically, short - term raw sugar supply pressure is reduced, and the disk price can refer to domestic sugar prices. In the long term, if the global sugar market surplus intensifies, the disk price will seek the cost of out - of - quota imports [4]. - Cotton: Low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve, and it is suitable for long - term buying [6]. - Eggs: After the pre - holiday stocking ends, spot prices stop rising and start to fall. The 05 contract price depends on farmers' chicken culling after the decline of near - end spot prices. Also, pay attention to the price difference between culled chickens and white chickens to understand farmers' culling mentality [14]. - Apples: Affected by holiday stocking, the de - stocking in apple - producing areas accelerated this week. The price of general - quality fruit farmers' goods is stable but weak, while good - quality goods remain stable [17]. - Pigs: Weekend spot prices are weak. During the pre - holiday period of increasing supply and demand, de - stocking pressure dominates, with medium - term pressure still existing and long - term inflection point support. Continuously monitor factors that may cause significant expected differences [17]. Grouped by Product Corn/Starch - **Price Data**: From February 10 to 24, corn prices in Changchun remained unchanged, while in other regions they increased (e.g., 20 in Jinzhou, 18 in Weifang, 10 in Shekou). Starch prices in Heilongjiang remained unchanged, and in Weifang increased by 40. The corn basis changed by 8, and the starch basis changed by 5 [2]. - **Market Analysis**: Short - term corn prices are supported by downstream pre - holiday restocking and are expected to fluctuate. Long - term attention should be paid to import and domestic reserve auction policies. For starch, short - term enterprise quotes are strong due to downstream stocking and inventory reduction, and long - term price trends depend on downstream consumption rhythm [2][3]. Sugar - **Price Data**: From February 10 to 24, the spot prices in Liuzhou and Nanning remained unchanged, while in Kunming it decreased by 5. The basis decreased by 18, and the import profit from Thailand and Brazil decreased by 200 and 201 respectively [4]. - **Market Analysis**: Internationally, the 25/26 sugar - making season in the Northern Hemisphere is expected to have increased production. Domestically, short - term raw sugar supply pressure is reduced, and the disk price can refer to domestic sugar prices. In the long term, if the global sugar market surplus intensifies, the disk price will seek the cost of out - of - quota imports [4]. Cotton/Cotton Yarn - **Price Data**: From February 10 to 24, the price of 3128 cotton increased by 415, and the spot price of cotton yarn increased by 200. The import profit of Vietnamese yarn decreased by 168, and the 32S spinning profit decreased by 236 [6]. - **Market Analysis**: Low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve, and it is suitable for long - term buying [6]. Eggs - **Price Data**: From February 10 to 24, egg prices in various producing areas decreased (e.g., - 0.62 in Hebei, - 0.78 in Liaoning). The basis decreased by 280 [13]. - **Market Analysis**: After the pre - holiday stocking ends, spot prices stop rising and start to fall. The 05 contract price depends on farmers' chicken culling after the decline of near - end spot prices. Also, pay attention to the price difference between culled chickens and white chickens to understand farmers' culling mentality [14]. Apples - **Price Data**: From February 10 to 24, the price of Shandong 80 first - and second - grade apples remained unchanged. The national inventory increased by 15, Shandong inventory increased by 130, and Shaanxi inventory increased by 45 [16][17]. - **Market Analysis**: Affected by holiday stocking, the de - stocking in apple - producing areas accelerated this week. The price of general - quality fruit farmers' goods is stable but weak, while good - quality goods remain stable [17]. Pigs - **Price Data**: From February 10 to 24, pig prices in various producing areas decreased (e.g., - 1.40 in Henan Kaifeng). The basis decreased by 1165 [17]. - **Market Analysis**: Weekend spot prices are weak. During the pre - holiday period of increasing supply and demand, de - stocking pressure dominates, with medium - term pressure still existing and long - term inflection point support. Continuously monitor factors that may cause significant expected differences [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 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: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices are expected to fluctuate before the Spring Festival due to reduced market transactions and downstream restocking, while long - term policies need attention [1] - Starch prices are supported in the short - term by downstream holiday stocking and inventory reduction, and long - term price depends on downstream consumption rhythm [2] - For sugar, the international market anticipates increased production in the 25/26 season, and the domestic market's short - term pricing is based on domestic sugar, while long - term it may seek the cost of out - of - quota imports [3] - Cotton demand is expected to improve, and it is suitable for long - term investment due to low initial inventory, expanding textile production, and favorable policies [5] - Egg prices have stopped rising and started to fall after pre - holiday stocking. 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 between culled chickens and white chickens [13] - Apple inventory is decreasing faster during the holiday, with different price trends for different - quality fruits. The sales in the distribution area have 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 still existing and long - term inflection points providing support [16] Group 3: Summary by Commodity Corn/Starch Corn - Price data: From February 6 to February 12, 2026, prices in Changchun remained at 2,180, in Jinzhou increased by 10 to 2,290, in Weifang remained unchanged, and in Shekou increased by 20 to 2,450. The basis, trade profit, and import profit also changed [1] Starch - Price data: From February 6 to February 12, 2026, prices in Heilongjiang remained at 2,750, in Weifang remained at 2,820. The basis decreased by 1, and the processing profit remained unchanged at - 83 [1] Sugar - Price data: From February 6 to February 12, 2026, the price in Liuzhou remained at 5,370 (after the 9th), in Nanning remained unchanged, and in Kunming had no data on the 12th. The basis increased by 12, the import profit from Thailand increased by 32, and from Brazil also increased by 32. The number of warehouse receipts remained at 14,719 [3] Cotton - Price data: From February 6 to February 12, 2026, the 3128 cotton price increased by 75 to 15,840, the import - related data had some changes, and the 32S spinning profit decreased by 79 to - 977 [18] Egg - Price data: From February 6 to February 12, 2026, prices in Hebei decreased by 0.16 to 3.42, in Henan decreased by 0.10 to 3.45. The basis decreased by 230 to 485, and the prices of substitute products remained unchanged [12] Apple - Price data: From February 6 to February 12, 2026, the price of Shandong 80 first - and second - grade apples remained at 8,900, and the price of Shaanxi 70 general - quality apples remained at 4.00. The national inventory decreased by 56 to 531.51, Shandong inventory decreased by 138 to 218.35, and Shaanxi inventory decreased by 60 to 140.40. The 1 - month, 5 - month, and 10 - month bases also changed [15][16] Pig - Price data: From February 6 to February 12, 2026, prices in Henan Kaifeng increased by 0.10 to 12.33, in Hubei Xiangyang decreased by 0.05 to 12.05, in Shandong Linyi increased by 0.20 to 12.27, in Anhui Hefei increased by 0.25 to 12.45, and in Jiangsu Nantong increased by 0.30 to 12.40. The basis increased by 115 to 790 [16]

Group 1: Corn/Starch - The report provides price and profit data for corn and starch from February 3rd to 9th, 2026, including prices in different regions, basis, trade profit, import profit and loss, and processing profit [2] - In the short - term, the downstream pre - holiday restocking will support corn prices, and the spot price is expected to oscillate. In the long - term, attention should be paid to import and domestic auction policies due to the supply gap. For starch, the short - term downstream holiday stocking and inventory reduction support the enterprise's strong quotation, while the long - term price depends on downstream consumption rhythm and post - season inventory changes [3] Group 2: Sugar - The report presents sugar's spot price, basis, import profit, and warehouse receipt data from February 3rd to 9th, 2026 [4] - In the international market, the 25/26 sugar - making season in the Northern Hemisphere is expected to have increased production. The actual realization of the production increase in Thailand needs attention. In the domestic market, the short - term supply pressure of raw sugar decreases, and the long - term price may decline if the global sugar market surplus intensifies [4] Group 3: Cotton - The initial inventory of cotton is relatively low, offsetting most of the production increase. With the expansion of domestic textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve. The planting area in Xinjiang will decrease in the new season, so cotton is suitable for long - term investment [6] Group 4: Eggs - The report gives egg price data in different regions, basis, and prices of substitutes from February 3rd to 9th, 2026 [11] - After the pre - holiday stocking, the egg spot price stops rising and turns down. The 05 contract price depends on the farmers' chicken culling situation. The culling - white chicken price difference can reflect farmers' culling mentality and affect the second - quarter supply [12] Group 5: Apples - The report shows apple's spot price, inventory data, and basis data from February 3rd to 9th, 2026 [14][15] - Affected by holiday stocking, the inventory in apple - producing areas decreases faster. The overall trading volume of fruit farmers' goods is limited. The price of general - quality fruit farmers' goods is stable with a weak trend, while high - quality goods remain stable [15] Group 6: Pigs - The report provides pig price data in different regions and basis from February 3rd to 9th, 2026 [15] - The weekend pig spot price is weak. Near the minor New Year, market stocking starts, but the slaughter increase is limited. The supply of pigs is sufficient. In the short - term, the inventory reduction pressure is dominant, and there is still medium - term pressure, but there is long - term support. Futures are easily affected by emotions, and attention should be paid to factors like the slaughter rhythm, diseases, and policies [15] Group 7: Cotton and Cotton Yarn - The report offers data on cotton and cotton yarn from February 3rd to 9th, 2026, including the price of 3128 cotton, imported M - grade US cotton, import profit, warehouse receipt + forecast, etc. [17]