Report Industry Investment Ratings - **Beans 1**: ☆☆☆ [1] - **Soybean Meal**: ★★★ [1] - **Soybean Oil**: ★★★ [1] - **Palm Oil**: ★★★ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ☆☆☆ [1] - **Corn**: ☆☆☆ [1] - **Live Pigs**: ★☆☆ [1] - **Eggs**: ☆☆☆ [1] Core Views - The market is affected by concentrated geopolitical and macro - risk events with unclear directions, and the macro - situation's influence on overall commodities needs attention [2][4] - Different agricultural products have different market trends and influencing factors, and short - term trends are mainly in a state of shock, with some products having potential downward pressure [2][3][4][6][7][8][9] Summary by Category Beans 1 - Policy - end soybean auctions increase marginal supply, with all 60,608 tons of planned auctions sold at an average price of 4,298 yuan/ton, a premium of 210 - 310 yuan/ton [2] - Affected by macro factors, volatility increases, and short - term attention should be paid to policies and market sentiment [2] Soybeans & Soybean Meal - US soybeans rose and then fell, and the main contract of Dalian soybean meal M2605 fell 1.05% [3] - In late January, the domestic soybean crushing volume reached 2.3 million tons, and the soybean meal inventory rose to about 900,000 tons. In February, the crushing volume is expected to drop to 5.2 million tons, and the inventory may drop to about 650,000 tons [3] - Attention should be paid to the Brazilian soybean harvest, and short - term US soybeans and Dalian soybean meal may continue to be in a weak bottom - shock pattern [3] Soybean Oil & Palm Oil - Affected by geopolitical and macro - risk events and the approaching Spring Festival, they are expected to be in a shock pattern in the short term, and attention should be paid to the overall commodity atmosphere [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed oil is strong and the meal is weak. The Australian seed crushing and rapeseed imports are the focus. The first - quarter Australian seed arrival and crushing will ease the supply tension [6] - Attention should be paid to the new dynamics of Sino - Canadian and US - Canadian economic and trade relations. The short - term rapeseed products are expected to be in a shock pattern [6] Corn - The main corn contract C2603 continues to fluctuate. The national grain sales progress is nearly 60%, and the spot prices in the Northeast and North ports are falling [7] - The downstream enterprises' Spring Festival stocking is basically over, and the trading is dull. The short - term Dalian corn futures are expected to be in a weak shock pattern [7] Live Pigs - The live pig futures are running weakly, and the spot prices are mainly falling. The slaughter rhythm is accelerating, and the second - fattening pigs still need to be slaughtered [8] - In the medium and long term, due to the increasing slaughter pressure, the pig price is expected to have a low point in the first half of next year [8] Eggs - The egg futures are fluctuating, and the spot prices are falling. The egg price is expected to be weak after the Spring Festival [9] - The chicken - chick replenishment in January shows a recovery, and the egg price in the first half of 2026 has the power to repair upwards. The futures trading strategy is to wait for the spot low point and then configure long positions [9]