1. Report Industry Investment Ratings - Corn: Interval trading [1] - Live pigs: Near - term weak, long - term strong [1] - Eggs: Short - term high - selling in near - month contracts [2] 2. Core Views - Corn: Short - term, rising temperature and policy grain auctions may ease supply - demand tightness and pressure spot prices; long - term, pricing is based on substitution and planting costs, focus on policy [1]. - Live pigs: Short - term, supply exceeds demand in March, pig prices may stay low; mid - term, supply pressure eases from April - June; long - term, supply pressure exists before August, but far - month contract highs are expected to be lower [2]. - Eggs: Mid - short - term, inventory stops falling and rises, egg prices are stable with a slight upward trend, but supply pressure is postponed; long - term, increasing养殖规模 may extend the price bottom period [2]. 3. Summary by Related Catalogs Corn Market Review - Night session on the previous day: Corn futures fluctuated. The main 2605 contract rose 0.08% to 2,383 yuan/ton [1]. Important Information - Deep - processing enterprise purchase prices: Northeast average was 2,258 yuan/ton, unchanged from Friday; North China average was 2,449 yuan/ton, up 37 yuan/ton from Friday [1]. - Port prices: Jinzhou Port purchase price was 2,350 - 2,370 yuan/ton, down 10 yuan/ton from Friday; Shekou Port transaction price was 2,500 yuan/ton, down 10 yuan/ton from Friday [1]. - Wheat - corn spread in Shandong: As of March 16, it was 120 yuan/ton, narrowing 45 yuan/ton from the previous day [1]. - Corn futures warehouse receipts: On March 16, it increased by 3,291 lots to 78,463 lots [1]. - Policy: 500,000 tons of minimum - purchase - price wheat will be auctioned on March 18, and the restriction on flour - processing enterprises participating in the auction is cancelled [1]. Market Logic - Short - term: Rising temperature and policy grain auctions may ease supply - demand tightness and pressure spot prices. - Long - term: Pricing is based on substitution and planting costs, focus on policy. Trading Strategy - Medium - term: Maintain a wide - range trading idea. - Short - term: May face downward pressure. For the 2605 contract, resistance is at 2,400, first support is at 2,350 - 2,370, and second support is at 2,300 - 2,330 [1]. Live Pigs Market Review - The previous day: Near - month contracts of live - pig futures fell below support. The main 2605 contract fell 3.14% to 10,810 yuan/ton [1]. Important Information - Pig prices: On March 16, the national average was 10.11 yuan/kg, up 0.03 yuan/kg from the previous day. On March 17 morning, prices varied by region [1]. - Sow inventory: At the end of December, the inventory of reproductive sows was 39.61 million, down 2.9% year - on - year, 101.6% of the normal level [1]. - Piglet numbers: From January - September 2025, the number increased monthly (except in July). From October - December 2025, it decreased monthly, and in January 2026, it increased 1% [1]. - Pig weight: As of March 12, the average slaughter weight was 125.88 kg, up 0.02 kg from the previous week [1]. - Fat - lean price spread: On March 16, it was 0.32 yuan/jin, unchanged from the previous day [1]. - Live - pig futures warehouse receipts: On March 16, it decreased by 1 lot to 1,132 lots [1]. Market Logic - Short - term: Supply exceeds demand in March, pig prices may stay low. - Mid - term: Supply pressure eases from April - June. - Long - term: Supply pressure exists before August, but far - month contract highs are expected to be lower [2]. Trading Strategy - Maintain a bottom - range trading idea. For the 2605 contract, support is at 10,500, resistance is at 11,000 - 11,200; for the 2607 contract, support is at 12,000, resistance is at 12,300 - 12,400; for the 2609 contract, support is at 13,000, resistance is at 13,300 [2]. Eggs Market Review - The previous day: Egg futures fluctuated. The main 2605 contract fell 0.49% to 3,439 yuan/500KG [2]. Important Information - Egg prices: On March 16, the national average in the main production areas was 3.16 yuan/jin, up 0.05 yuan/jin from the previous day; in the main sales areas, it was 3.34 yuan/jin, unchanged [2]. - Inventory: On March 16, the average production - link inventory was 1.07 days, unchanged; the circulation - link inventory was 1.18 days, up 0.01 days [2]. - Old hen prices: On March 16, the average was 5.32 yuan/jin, slightly up. As of March 12, the weekly culling age was 505 days, up 3 days from the previous week [2]. - Laying - hen inventory: In February, it was about 1.35 billion, up 0.6% month - on - month and 3.37% year - on - year. The theoretical estimate for March is 1.342 billion [2]. Market Logic - Mid - short - term: Inventory stops falling and rises, egg prices are stable with a slight upward trend, but supply pressure is postponed. - Long - term: Increasing养殖规模 may extend the price bottom period [2]. Trading Strategy - Look for short - term high - selling opportunities in near - month contracts. For the 2604 contract, resistance is at 3,290 - 3,300, first support is at 3,250, second support is at 3,200; for the 2605 contract, resistance is at 3,450 - 3,500, first support is at 3,400, second support is at 3,300 - 3,340 [2].

Core Viewpoint - The U.S. military action against Venezuela, including the capture of President Maduro, has significant implications for global oil supply, the dollar's performance, and the potential risks associated with safe-haven assets [1]. Oil Market - Venezuela possesses some of the largest oil reserves globally, but long-term sanctions and insufficient investment have limited its production and export capacity [3]. - The military action and shipping disruptions have heightened market concerns over supply uncertainty, leading to a temporary increase in oil prices [5]. - The price increase primarily reflects a risk premium rather than a change in demand, with short-term volatility expected in the heavy crude oil market due to Venezuela's unique supply characteristics [5]. - In the medium to long term, if stability returns and international capital re-enters to repair oil fields and port facilities, Venezuela's production and exports could recover, potentially increasing global supply and exerting downward pressure on oil prices [5]. Dollar Performance - In the short term, the dollar may strengthen due to increased market demand for safe-haven assets amid geopolitical risks [7]. - Investors typically allocate funds to highly liquid and creditworthy assets, such as the dollar and U.S. Treasury bonds, during such events [7]. - However, the long-term drivers of the dollar's value remain tied to U.S. inflation levels, employment conditions, and monetary policy, with regional events unlikely to fundamentally alter the dollar's core status [7]. Gold Market - The impact on gold is more indirect; while it may receive some short-term support due to its safe-haven attributes, its price is also influenced by interest rate expectations, dollar performance, and asset allocation [9]. - The direct influence of military conflicts on gold prices is limited, with its performance more closely related to actual interest rates, dollar trends, and risk management needs in investment portfolios [9]. - Understanding gold's role in different market environments through systematic learning is more beneficial than reacting impulsively to news [9]. Summary - The U.S. military action against Venezuela is expected to create short-term volatility in oil and gold markets while providing temporary support for the dollar, but these effects are largely driven by market sentiment rather than fundamental changes in supply and demand [9].