1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The overall agricultural market shows a mixed trend, with different commodities having their own characteristics and outlooks. Some commodities are expected to be volatile and bullish, some are volatile and bearish, and some are in a state of shock [1][6][9]. 3. Summary by Relevant Catalogs 3.1 Commodity Market Outlook - **Oils and Fats**: The upward trend of oils and fats continues. Due to the warm macro - environment, positive mid - term fundamental sentiment, and continuous capital inflows, oils and fats futures continued to rise. It is recommended to pay attention to buying hedging after corrections and the arbitrage strategy of going long on palm oil and short on rapeseed oil. The outlook is that soybean oil, palm oil, and rapeseed oil are all volatile and bullish [6][7]. - **Protein Meal**: The reduction of short positions in double meals pushed up the market. At the end of the stocking period, attention should be paid to the upward pressure. Overseas soybean supply is expected to increase, while domestic oil mills' soybean and soybean meal inventories are relatively high, and downstream stocking is coming to an end. The outlook is that soybean meal and rapeseed meal will fluctuate [9]. - **Corn/Starch**: The market stopped falling and fluctuated. Downstream stocking is approaching the end, and the market is in a tight balance. The short - term market has a ceiling and a floor, with limited upward momentum [10][11]. - **Hogs**: Supply and demand are loose, and hog prices are weak. In the short term, there is pressure from concentrated supply before the Spring Festival; in the long term, the supply pressure is expected to ease in the second half of 2026. The outlook is volatile and bearish [12][13]. - **Natural Rubber**: It strongly broke through the previous high, and the rubber price continued to rise. It is mainly driven by the macro - environment, with no significant change in fundamentals. The outlook is that the fundamentals have limited variables, and the market is volatile and bullish [1][16]. - **Synthetic Rubber**: The previous driving force has eased. The BR market mainly followed the rise of natural rubber, and the mid - term core logic is the expectation of tight supply of butadiene in the first half of 2026. The outlook is that it is volatile and bullish in the medium term after short - term adjustment [17][18]. - **Cotton**: The position decreased, but the price was firm. The fundamentals have not changed much recently, and the market is expected to be volatile and bullish in the medium and long term, while the short - term upward height may be limited [18]. - **Sugar**: The sugar price rebounded, and attention should be paid to the upward pressure. The global raw sugar market in the 2025/26 crushing season is likely to have a supply surplus, and the price is expected to be volatile and bearish [19]. - **Pulp**: The fundamentals are weak, and the market is in a horizontal fluctuation. The demand for pulp is decreasing seasonally, and there are more bearish factors. The outlook is volatile and bearish [20][21]. - **Double - offset Paper**: It fluctuates in a narrow range. The market supply pressure exists, the demand is weak, and the market is expected to be volatile and bearish [22][23]. - **Logs**: The external market price is expected to rise, and logs are volatile and bullish. There are marginal positive drivers in the log market, and the market is expected to be volatile and bullish in the short term [25]. 3.2 Commodity Index - **Comprehensive Index**: The commodity index showed an upward trend on January 29, 2026. The comprehensive index, specialty index (including commodity 20 index, industrial products index, PPI commodity index), and the agricultural product index all had positive growth rates [186][187].