Report Industry Investment Ratings The report does not provide an overall industry investment rating. However, it gives specific views on individual futures varieties: - **Bullish**: Palm oil, soybean oil, rapeseed oil [1][8][12] - **Bearish**: Soybean meal, rapeseed meal, red dates [1][3][5] - **Caution for correction**: Cotton [1][12] - **Differentiated performance**: Live pigs [1][17] Core Views - **Soybean Meal**: Short - term decline. The unresolved US - Iran situation restricts the adjustment space, and the market is waiting for next week's important US soybean data report. Pay attention to the final result of Brazilian soybean export quarantine [1][4]. - **Rapeseed Meal**: Short - term decline. The upcoming peak of Canadian rapeseed arrivals in April will bring supply pressure, making it weaker than soybean meal. It is advisable to wait and see [1][5]. - **Palm Oil**: Short - term bullish. The US - Iran situation and increased export data in March indicate de - stocking, but be cautious about long positions as production may recover in April [1][7][8]. - **Soybean Oil**: Short - term bullish, driven by the US - Iran situation, positive expectations for US biodiesel policy, and the palm oil market. However, there is a risk of inventory accumulation after the arrival of Brazilian soybeans in April [1]. - **Rapeseed Oil**: Short - term bullish. The current low inventory provides support, but further upward movement requires the impetus from the crude oil market. Be cautious about long positions in far - month contracts [1]. - **Cotton**: Be vigilant about correction. US cotton is expected to be strong in the short - term, but in China, there is a risk of demand front - loading and high import volumes, which may lead to a correction [1][10][12]. - **Red Dates**: Under pressure. The market trading sentiment is strong due to external factors, but the off - season supply - demand pattern and rising temperature limit the upward drive [1][13][14]. - **Live Pigs**: Differentiated performance. The current double - loss of piglets and fattened pigs may accelerate sow culling, but the high supply base remains. Near - month contracts are under pressure, while far - month contracts may offer opportunities [1][16][17]. Summaries by Variety Soybean Meal - **Price**: The futures price of the main contract closed at 2,937 yuan/ton, down 0.51% from the previous day. The national average spot price was 3,310 yuan/ton, down 0.83% [3]. - **Inventory and Production**: As of March 1, 2026, Argentina's factory soybean inventory was 1.422326 million tons, and the 2 - month soybean crushing volume was 1.988691 million tons [4]. - **Market Outlook**: Short - term weak and volatile, affected by the US - Iran situation and waiting for US soybean data [1][4]. Rapeseed Meal - **Inventory**: As of March 25, 2026, the total inventory of rapeseed meal in major regions was 367,000 tons, a decrease of 38,800 tons from the previous week [5]. - **Price and Trading**: The market price fluctuated, and the spot trading volume on March 27 was zero. The upcoming arrival of Canadian rapeseed in April will bring supply pressure [5]. - **Market Outlook**: Short - term decline, weaker than soybean meal. Pay attention to inventory, crude oil, and soybean meal trends [1][5]. Palm Oil - **Price and Trading**: The futures price of the main contract closed at 9,768 yuan/ton, up 1.60% from the previous day. The national average price was 9,660 yuan/ton, up 0.59% [7]. - **Inventory and Export**: The weekly commercial inventory was 808,200 tons, a decrease of 33,800 tons. Malaysia's palm oil exports from March 1 - 25 increased by 50.42% compared to the same period last month [7][8]. - **Market Outlook**: Short - term bullish, but be cautious about long positions due to potential production recovery in April [1][8]. Cotton - **Price**: The futures price of the main contract CF2605 was 15,395 yuan/ton, down 0.16% from the previous day. The spot price of CCIndex (3218B) was 16,814 yuan/ton, up 0.41% [9]. - **Supply and Demand**: Brazil's cotton production is expected to decrease by 6.9% in 2025/26. In China, the import of cotton and cotton yarn increased in January - February, and the downstream demand is relatively strong, but there is a risk of demand front - loading [10][11][12]. - **Market Outlook**: US cotton is expected to be strong in the short - term, but there is a risk of correction in the Chinese market [1][12]. Red Dates - **Price and Inventory**: The futures price of the main contract CJ2605 was 8,870 yuan/ton, up 0.40% from the previous day. The physical inventory of 36 sample enterprises was 11,459 tons, a decrease of 81 tons from the previous week [13]. - **Market Situation**: The market is in the off - season, and the consumption demand is expected to weaken seasonally. The trading sentiment is cautious [13][14]. - **Market Outlook**: Under pressure, be cautious about the rebound height [1][14]. Live Pigs - **Price and Inventory**: The futures price of the main contract Ih2605 was 9,965 yuan/ton, up 1.32% from the previous day. The national average slaughter price was 9,370 yuan/ton, down 0.32% [15]. - **Supply and Demand**: The supply is high, and the demand is weak. The double - loss of piglets and fattened pigs may accelerate sow culling, but the short - term pressure remains [16][17]. - **Market Outlook**: Near - month contracts are under pressure, while far - month contracts may have opportunities [1][17].