1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Corn**: The corn market showed a trend of falling first and then rising on Tuesday. The price of Northeast spot remained stable except for a slight decline in the price of North Port at the beginning of the week. The price of North China corn continued to rise, but the pace of increase slowed down. The price of the corn market in the sales area remained stable. The overall supply - demand situation of the market remained unchanged compared with the previous period. The corn main 2605 contract fell below the 2400 - yuan integer mark. After the profitable long positions in the corn market left, it was recommended to continue to pay attention to the impact of policy trends on the grain market. The view on corn is "oscillation" [1]. - **Soybean and Soybean Meal**: CBOT soybeans closed higher on Tuesday, supported by the strengthening of crude oil prices. The US government planned to release the final bio - fuel blending quota before the end of March, which increased the market's expectation of an increase in the demand for raw materials such as soybean oil. Brazil's Anec said that Brazil planned to export 16.32 million tons of soybeans in March, slightly lower than the previous estimate. The domestic protein meal was strong. The view on soybean meal is "rising" [1]. - **Fats and Oils**: BMD palm oil fell on Tuesday, ending a four - day winning streak. The market was suppressed by the decline in soybean oil futures and the uncertainty of several key policies in Indonesia. The shipping data showed that the export of palm oil in Malaysia from March 1 - 15 increased by 43.5% - 56.9% month - on - month. Domestic fats and oils fell first and then rose. The view on fats and oils is "rising" [1]. - **Eggs**: The egg futures corrected on Tuesday, and the main 2605 contract closed down 1.66%. The spot price of eggs remained stable in most areas. The main contract fell after rising to the upper limit of the range, and it was recommended to maintain the idea of range oscillation and pay attention to supply and market sentiment changes. The view on eggs is "oscillation" [2]. - **Pigs**: The pig futures continued to fall on Tuesday, and the main 2605 contract closed down 1.06%. The spot price of pigs continued to decline. The breeding side had a strong willingness to sell, but a weak willingness to cut prices. The current demand was in the off - season, and the terminal demand was still weak. The pig price was likely to continue the weak pattern before the supply pressure was effectively relieved. The view on pigs is "oscillation and weakening" [2]. 3. Summary by Relevant Catalogs Market Information - **Military and Geopolitical Information**: Israel's military operations against Iran will last at least three more weeks, and there are still thousands of targets to be attacked. The US Pentagon is considering sending more warships to the Middle East to escort oil tankers passing through the Strait of Hormuz. The US Treasury issued a 30 - day license allowing countries to buy Russian oil and oil products stranded at sea [3]. - **Economic Data**: At the end of February, the balance of broad money (M2) was 349.22 trillion yuan, a year - on - year increase of 9% [3]. - **Regulatory Information**: In March, the China Securities Regulatory Commission emphasized strengthening the bottom - line thinking and monitoring and supervision of the linkage between domestic and foreign, futures and spot markets in 2026 [3]. - **Commodity Market Information**: The total inventory of imported iron ore in 45 ports in China increased by 696,600 tons compared with the previous period, and the daily port clearance volume increased by 68,200 tons. The price increase of iron ore at the end of February was mainly due to emotional and technical repairs, lacking fundamental support. The international fertilizer supply chain was affected by the conflict between the US, Israel and Iran, and the price of the urea futures contract on the Chicago Mercantile Exchange rose by more than 20% compared with before the attack. Iraq was ready to resume oil exports through the Ceyhan pipeline, but the Kurdish region refused to resume exports. Due to the near - stagnation of transportation in the Strait of Hormuz, Bahrain Aluminium started a phased shutdown. The methanol inventory in East China ports decreased by 72,000 tons compared with March 5 [3][4]. - **Agricultural Information**: The relevant national departments decided to organize the early release of the 2025/2026 national fertilizer commercial reserve to meet the needs of agricultural production during the spring plowing period [4]. Variety Spreads - **Contract Spreads**: The report presents the 5 - 9 spreads of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [7][8][10][11]. - **Contract Basis**: The report shows the basis of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [14][16][20][22]. Research Team Introduction - The agricultural product research team of Everbright Futures includes Wang Na, the director of agricultural product research, Hou Xueling, a soybean analyst, and Kong Hailan, a researcher in the egg and pig industries. They have rich experience and many honors in the field of futures research [26].

Core Viewpoint - The article emphasizes the importance of ensuring sufficient supply of fertilizers for the autumn and winter planting season, highlighting the efforts made by various production bases and the introduction of digital platforms for efficient procurement [2][9]. Group 1: Fertilizer Production and Supply - The Qinghai Mangya Daluotai potassium fertilizer production base is experiencing peak production despite harsh winter conditions, with operations continuing at an elevation of nearly 3000 meters [3]. - The production line at the China Supply and Marketing Group's Yantai Wuzhoufeng base is engaged in "compound production," which involves precise formulation of fertilizers based on different crops and soil conditions [5][7]. - The daily shipping volume of potassium fertilizer from the Qinghai base is approximately 2000 tons, facilitated by a multi-modal transport system that includes rail, road, and water [6]. Group 2: Fertilizer Demand and Procurement - The China National Supply and Marketing Cooperative anticipates purchasing an additional 12 million tons of fertilizers by the end of November to meet agricultural needs for the autumn and winter planting [9]. - The online auction platform for agricultural supplies was launched on November 14, introducing a digital approach to enhance the efficiency of fertilizer procurement [9][15]. - The "national fertilizer commercial reserve" system is designed to address the seasonal discrepancies in fertilizer production and usage, ensuring that fertilizers are stored and released as needed during peak agricultural seasons [20][21]. Group 3: Logistics and Distribution - The establishment of a centralized online auction platform allows for more efficient procurement processes, replacing traditional one-on-one negotiations with a competitive bidding system [21]. - The logistics network in Hunan province includes real-time monitoring of the status of 75 national fertilizer storage facilities, ensuring timely delivery to farmers [24]. - The supply chain is further enhanced by mobile service vehicles that deliver fertilizers directly to farmers, reducing transportation costs and improving accessibility [25][30]. Group 4: Collaborative Efforts in Agriculture - Over 4600 agricultural supply enterprises and numerous service centers are collaborating to meet various agricultural production needs during the autumn and winter planting season [35].

Core Viewpoint - The article highlights the critical supply situation of agricultural fertilizers during the autumn and winter planting season, emphasizing the efforts made by production facilities to ensure adequate supply for farmers across the country [1][8]. Group 1: Fertilizer Production and Supply - The Qinghai Mangya Dalan Beach potash fertilizer production base is experiencing a peak production period to meet the demands of the autumn and winter planting season, despite harsh winter conditions [1]. - The production line at the base operates continuously, with a daily dispatch volume exceeding 2,000 tons [4]. - The overall fertilizer supply for the autumn and winter planting season is secure, with a reported fertilizer production of 48.713 million tons in the first three quarters of the year [8]. Group 2: Digital Transformation in Fertilizer Procurement - The "National Agricultural Material Supply Online Platform" has been launched to facilitate digital auctions for fertilizer procurement, enhancing efficiency compared to traditional negotiation methods [10][14]. - The first digital auction on November 14 successfully procured 39,000 tons of fertilizer, with prices meeting expectations [12]. - The online auction system allows for a reverse auction model where buyers publish procurement needs, and sellers bid to offer lower prices [10][12]. Group 3: Logistics and Distribution - The logistics system for fertilizer distribution includes a multi-modal transport approach, utilizing road, rail, and waterway transport to ensure timely delivery to various regions [3]. - The establishment of a national fertilizer commercial reserve aims to balance the seasonal demand and supply of fertilizers, ensuring that adequate supplies are available during peak usage periods [15]. - Local supply cooperatives are actively involved in the last-mile delivery of fertilizers to farmers, with real-time tracking of inventory and logistics to ensure timely service [17][19]. Group 4: Support for Farmers - The agricultural supply system includes over 4,600 fertilizer enterprises and numerous service centers that provide technical support and emergency services to farmers [22]. - Initiatives such as mobile drying machines and portable testing equipment are being deployed to assist farmers directly in the fields [19]. - Special services, such as "anti-rainy season fertilizer cabinets," are being established to meet farmers' needs promptly [21].