农产品早报 研究中心农产品团队 2026/03/03 玉米/淀粉 玉米 淀粉 日期 长春 锦州 潍坊 蛇口 基差 贸易利润 进口盈亏 黑龙江 潍坊 基差 加工利润 2026/02/24 2180 2310 2310 2460 -22 30 312 2750 2860 62 -83 2026/02/25 2180 2320 2310 2460 -22 20 322 2750 2860 52 -69 2026/02/26 2180 2320 2310 2460 -22 20 310 2750 2860 67 -69 2026/02/27 2200 2330 2320 2460 -30 10 310 2750 2860 58 -88 2026/03/02 2200 2350 2320 - -34 - - 2750 2880 61 - 变化 0 20 0 - -4 - - 0 20 3 - 【行情分析】： 玉米：春节假期结束，市场陆续恢复贸易行为，山东地区上量小幅增加，不过物流贸易恢复正常需等到十五以后。短期看，现货供应依旧受 限，流通环节库存压力不大，预计对价格形成强支撑，年后关注上量情况，尤其是华北地区。如果预期 ...

农产品早报 | | | | | | | | | 研究中心农产品团队 2026/03/02 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2026/02/13 | 2180 | 2290 | 2292 | 2450 | -30 | 40 264 | 2750 | 2820 | 57 | -83 | | 2026/02/24 | 2180 | 2310 | 2310 | 2460 | -22 | 30 312 | 2750 | 2860 | 62 | -83 | | 2026/02/25 | 2180 | 2320 | 2310 | 2460 | -22 | 20 322 | 2750 | 2860 | 52 | -69 | | 2026/02/26 | 2180 | 2320 | 2310 | 2460 ...

研究中心农产品团队 2026/02/25 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2026/02/10 | 2180 | 2280 | 2282 | 2430 | -6 | 30 235 | 2750 | 2820 | 148 | -83 | | 2026/02/11 | 2180 | 2280 | 2292 | 2430 | -36 | 30 235 | 2750 | 2820 | 124 | -83 | | 2026/02/12 | 2180 | 2290 | 2292 | 2450 | -30 | 40 262 | 2750 | 2820 | 123 | -83 | | 2026/02/13 | 2180 | 2290 | 2292 | 2450 | -30 | 40 264 | 2750 | 2820 ...

农产品早报 研究中心农产品团队 2026/02/24 玉米/淀粉 玉米 淀粉 日期 长春 锦州 潍坊 蛇口 基差 贸易利润 进口盈亏 黑龙江 潍坊 基差 加工利润 2026/02/09 2180 2280 2282 2420 15 20 208 2750 2820 157 -83 2026/02/10 2180 2280 2282 2430 -6 30 235 2750 2820 148 -83 2026/02/11 2180 2280 2292 2430 -36 30 235 2750 2820 124 -83 2026/02/12 2180 2290 2292 2450 -30 40 262 2750 2820 123 -83 2026/02/13 2180 2290 2292 2450 -30 40 264 2750 2820 57 -83 变化 0 0 0 0 0 0 2 0 0 -66 0 【行情分析】： 玉米：临近春节假期，市场成交逐步转淡，贸易行为预计在下周逐步结束。短期看，市场流通粮源逐步减少的情况下，下游节前补库将继续对 玉米价格形成支撑，预计节前现货难有大涨大跌行情出现，价格震荡运行。中长 ...

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]

研究中心农产品团队 2026/02/10 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2026/02/03 2180 | 2270 | 2288 | 2410 | 3 | 10 295 | 2750 | 2820 | 186 | -70 | | 2026/02/04 2180 | 2270 | 2288 | 2410 | 7 | 10 289 | 2750 | 2820 | 185 | -83 | | 2026/02/05 2180 | 2280 | 2288 | 2410 | 16 | 0 288 | 2750 | 2820 | 178 | -83 | | 2026/02/06 2180 | 2280 | 2288 | 2410 | 6 | 10 272 | 2750 | 2820 | 155 | -83 | | 2026/02/ ...

【行情分析】： 农产品早报 研究中心农产品团队 2026/02/09 玉米/淀粉 玉米 淀粉 日期 长春 锦州 潍坊 蛇口 基差 贸易利润 进口盈亏 黑龙江 潍坊 基差 加工利润 2026/02/02 2180 2280 2300 2420 19 10 294 2750 2820 182 -78 2026/02/03 2180 2270 2288 2410 3 10 295 2750 2820 186 -70 2026/02/04 2180 2270 2288 2410 7 10 289 2750 2820 185 -83 2026/02/05 2180 2280 2288 2410 16 0 288 2750 2820 178 -83 2026/02/06 2180 2280 2288 2410 6 10 272 2750 2820 155 -83 变化 0 0 0 0 -10 10 -16 0 0 -23 0 玉米：临近春节假期，市场成交逐步转淡，贸易行为预计在下周逐步结束。短期看，市场流通粮源逐步减少的情况下，下游节前补库将继续对 玉米价格形成支撑，预计节前现货难有大涨大跌行情出现，价格震荡运行。中长期 ...

| 鸡蛋 | | | 产区 | | | 期现 | | 替代品 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 河北 | 辽宁 | 山东 | 河南 | 湖北 | 基差 | 白羽肉鸡 | 黄羽肉鸡 | 生猪 | | 2026/01/23 | 3.73 | 3.67 | 3.90 | 4.00 | 3.80 | 511 | 3.70 | 3.65 | 18.49 | | 2026/01/26 | 3.73 | 3.67 | 3.90 | 4.00 | 3.84 | 510 | 3.80 | 3.70 | 18.65 | | 2026/01/27 | 3.84 | 3.78 | 4.00 | 4.10 | 3.93 | 580 | 3.80 | 3.70 | 18.66 | | 2026/01/28 | 3.96 | 3.89 | 4.00 | 4.10 | 4.00 | 1197 | 3.85 | 3.70 | 18.72 | | 2026/01/29 | 3.96 | 3.89 | 4.00 | 4.10 | 4.0 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn prices are expected to remain strong in the short - term due to limited supply growth and downstream备货 expectations, and long - term focus should be on import and domestic auction policies [1]. - Starch prices are supported by festival备货 and inventory reduction in the short - term, and long - term price trends depend on downstream consumption rhythm [2]. - For sugar, international production is expected to increase in the 25/26 season, and domestic prices are affected by supply pressure and global market surplus [3]. - Cotton is suitable for long - term long positions as demand is expected to improve and new - season planting area in Xinjiang may decline [3]. - Egg prices have rebounded due to Spring Festival备货, and the second - quarter egg prices are affected by the chicken culling data [4]. - Apple market has a light trading atmosphere, with good - quality apples maintaining stable prices and inventory gradually decreasing [7][8]. - Pig prices are subject to short - term supply - demand mismatches, with medium - term pressure and long - term inflection point support [8]. 3. Summary by Commodity Corn/Starch - **Price Data**: Corn prices in different regions showed slight fluctuations from January 22 - 28, with a 0 - 10 yuan change in some areas. Starch prices in Heilongjiang and Weifang remained stable at 2750 and 2820 yuan respectively [1]. - **Analysis**: Corn prices are expected to be strong in the short - term due to limited supply and downstream备货. Starch prices are supported by festival备货 and inventory reduction in the short - term, and long - term depends on downstream consumption [1][2]. Sugar - **Price Data**: Sugar prices in Liuzhou, Nanning, and Kunming remained stable from January 22 - 28, with a - 19 yuan change in the Liuzhou basis. Import profits from Thailand and Brazil increased by 39 yuan [3]. - **Analysis**: International sugar production is expected to increase in the 25/26 season, and domestic prices are affected by supply pressure and global market surplus [3]. Cotton/Cotton Yarn - **Price Data**: Cotton prices increased by 200 yuan from January 22 - 28. Import profits and other data also showed some changes [3]. - **Analysis**: Cotton demand is expected to improve due to expanding textile production, good downstream profits, and consumption - promoting policies. New - season planting area in Xinjiang may decline, making it suitable for long - term long positions [3]. Eggs - **Price Data**: Egg prices in different producing areas increased from January 22 - 28, with a 0.11 - 0.12 yuan increase in some areas. The basis increased by 617 [4]. - **Analysis**: Egg prices rebounded due to Spring Festival备货, and the second - quarter egg prices are affected by the chicken culling data [4]. Apples - **Price Data**: Apple prices in Shandong and Shaanxi remained stable at 8900 and 4 yuan respectively. National inventory decreased by 33, Shandong inventory by 28, and Shaanxi inventory by 43 [7][8]. - **Analysis**: The apple market has a light trading atmosphere, with good - quality apples maintaining stable prices and inventory gradually decreasing [7][8]. Pigs - **Price Data**: Pig prices in different producing areas showed a - 0.05 - 0.25 yuan change from January 22 - 28, and the basis decreased by 185 [8]. - **Analysis**: Pig prices are subject to short - term supply - demand mismatches, with medium - term pressure and long - term inflection point support [8].

农产品早报 | 鸡蛋 | | | 产区 | | | 期现 | | 替代品 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 河北 | 辽宁 | 山东 | 河南 | 湖北 | 基差 | 白羽肉鸡 | 黄羽肉鸡 | 生猪 | | 2026/01/21 | 3.51 | 3.44 | 3.70 | 3.80 | 3.67 | 440 | 3.70 | 3.65 | 18.50 | | 2026/01/22 | 3.62 | 3.56 | 3.80 | 3.90 | 3.67 | 412 | 3.70 | 3.65 | 18.50 | | 2026/01/23 | 3.73 | 3.67 | 3.90 | 4.00 | 3.80 | 511 | 3.70 | 3.65 | 18.49 | | 2026/01/26 | 3.73 | 3.67 | 3.90 | 4.00 | 3.84 | 510 | 3.80 | 3.70 | 18.65 | | 2026/01/27 | 3.84 | 3.78 | 4.00 | 4.10 ...