1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The current agricultural product futures market maintains a structurally differentiated market. Oils, fats, sugar, and cotton show strong trends, while meal and pork are relatively weak, and corn and other varieties fluctuate within a range. Technical and driving force dimensions further verify the strong performance of cotton and sugar, the high position of oils, and the weakness of meal. It is recommended to hold long positions in oils, sugar, cotton, and soybean meal 09 contracts, and exit long positions in rapeseed meal 09 contracts [2]. - The overall strategy is a "long - trend strategy for agricultural products driven by energy", focusing on the trend opportunities of the three strong sectors of oils, sugar, and cotton [21]. 3. Summary According to the Directory 3.1 Market Analysis - **Global Market Logic**: The core logic of the global market is dominated by the escalation of the Middle East geopolitical conflict and the hawkish policy expectations of major global central banks, forming a transmission chain of "rising oil prices → stagflation concerns → rising US dollar and US Treasury yields → pressure on US stocks and gold, rising VIX". Global asset prices fluctuate violently, with both safe - haven and stagflation trading [8]. - **Agricultural Product Futures Market Logic**: The recent operation logic of the agricultural product futures market mainly revolves around the Middle East geopolitical conflict pushing up crude oil and energy premiums, the positive expectations of the US biodiesel policy, supply disturbances of South American soybeans, and the increase in the operating rate of domestic oil mills, forming a pattern of strong oils and weak meal. Domestic corn fluctuates due to the reduction of remaining grain and support from feed demand. Pigs are in the cycle bottom - grinding stage of high supply, off - season consumption, and deep losses. Cotton strengthens due to the expected tight global supply - demand balance and continued peak - season demand, and sugar fluctuates strongly driven by Brazil's ethanol blending preference and rising energy costs [8]. 3.2 Agricultural Product Futures Supply - Demand Pattern - **Structural Differentiation**: The current agricultural product futures market shows obvious structural differentiation, with no overall unilateral market. Most varieties are in a neutral range, and only cotton and sugar show a bullish trend. Soybean meal and pork are relatively bearish, while soybeans, palm oil, rapeseed oil, corn, eggs, and peanuts have no clear unilateral drivers and their prices will fluctuate within a range [14]. - **Supply - Demand Analysis of Each Variety**: The report provides a supply - demand pattern table for each variety, including factors such as supply, demand, inventory, import, external market, weather/policy, and gives a comprehensive judgment and strength score [15]. 3.3 Agricultural Product Futures Strategy Signals - **Strength - Weakness Differentiation**: As of March 27, 2026, the agricultural product futures market shows obvious strength - weakness differentiation. Oils are generally in a high - level range, meal and peanuts are weak, and cotton, sugar, and eggs show strong signals. Eggs are in a significant upward trend, cotton and sugar have resonance between basis and futures prices with sufficient upward momentum. Rapeseed meal shows a downward trend, and peanuts have low futures prices and volatility. Soybean meal shows a weak near - month contract and a neutral far - month contract. The futures prices of oils are generally in the high - level range of 77% - 94% and fluctuate within a range recently. Pigs are weak but at a low price, and signals of bottom - stabilization on the disk need to be noted [18]. 3.4 Strategy Recommendation - **Long - Position Holding**: Hold long positions in oils (soybean oil, palm oil, rapeseed oil 09 contracts), sugar 09 contracts, cotton 09 contracts, and soybean meal M09 contracts, and exit long positions in rapeseed meal RM09 contracts. The core logic is that the Middle East geopolitical conflict pushes up crude oil to a high level, and the US biodiesel policy is implemented, combined with the industrial fundamentals of each variety [21]. 3.5 Driving Force Schematic Diagram - **Quadrant Differentiation**: The current agricultural product futures show an obvious quadrant differentiation pattern. Soybean meal, soybean oil, rapeseed oil, sugar, and eggs have upward driving forces with resonance between supply - demand and valuation, which are the directions for long - position allocation. Cotton, rapeseed meal, and corn starch have strong support on the valuation side but lack clear bullish factors on the supply - demand side, and their prices are mainly driven by valuation repair. Palm oil is deeply pressured on the valuation side, and pigs and peanuts are in the double - bottom range of supply - demand and valuation, with overall price pressure, mainly for waiting and seeing or short - selling on rallies. Corn is in a neutral range in both supply - demand and valuation, and its price will fluctuate within a range [24].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Due to the ongoing Middle - East geopolitical conflicts, the oil and fat market is expected to remain volatile at high levels in the short term. The market is influenced by factors such as geopolitical uncertainties, U.S. biofuel policies, and supply - demand dynamics of palm oil, soybean oil, and rapeseed oil [5][59]. - Malaysia's palm oil (MPOB) may continue to reduce inventory in March, but the inventory will remain at a relatively high level. The supply - demand situation of Indonesian palm oil is also a key factor affecting the market, and the possible implementation of the B50 biofuel policy may increase palm oil consumption [14][25]. - Indian palm oil imports are expected to decline in March, while overall edible oil imports may slightly decrease [38]. - In the domestic market, palm oil, soybean oil, and rapeseed oil inventories are relatively high. The prices of these oils are affected by factors such as geopolitical situations, supply - demand relationships, and import - export conditions [42][43][46]. 3. Summary by Directory 3.1 First Part: Preface Summary 3.1.1 Market Review - In March, the overall oil and fat market showed a significant upward trend. At the beginning of the month, due to the Middle - East geopolitical war, the封锁 of the Strait of Hormuz, and the sharp rise in crude oil prices, the prices of oils and fats also increased. Later, due to factors such as the weakening of crude oil and the adjustments of margin and price limits by the Dalian Commodity Exchange, the prices of oils and fats declined slightly. Subsequently, expectations of U.S. biofuel policies, speculation on Indonesia's B50 biofuel policy, and delayed soybean arrivals led to another increase in prices. Recently, due to the news of U.S. - Iran negotiations, the prices of crude oil and oils and fats have been fluctuating at high levels [4][10]. 3.1.2 Market Outlook - Considering the possible recurrence of geopolitical factors, the short - term oil and fat market is expected to remain volatile at high levels. In terms of fundamentals, Malaysian palm oil may continue to reduce inventory in March but will remain at a relatively high level. Soybean oil is supported by geopolitical factors, positive expectations of U.S. biofuel policies, and delayed soybean arrivals, so it is likely to remain volatile at high levels and is more likely to rise than fall. Rapeseed oil has a relatively low inventory level. Before the arrival of a large amount of Canadian rapeseed and during the ongoing Middle - East geopolitical war, it will follow the overall trend of the oil and fat market and remain volatile at high levels [5]. 3.1.3 Strategy Recommendations - Unilateral trading: Due to the ongoing geopolitical disturbances, the oil and fat market may remain volatile at high levels in the short term. - Arbitrage: Hold a wait - and - see attitude. - Options: Hold a wait - and - see attitude [5]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - In March, the overall oil and fat market showed a significant upward trend, with palm oil rising by more than 9%, rapeseed oil rising by about 7%, and soybean oil rising by about 5%. Similar to the previous description in the preface summary, geopolitical factors, biofuel policies, and supply - demand relationships have affected the price fluctuations of oils and fats. The Y - 9 05 spread has continued to narrow to around - 1200 [10]. 3.2.2 Malaysian Palm Oil - In February, the ending inventory of Malaysian palm oil was 2.7 million tons, a month - on - month decrease of 3.9%. The production decreased by 18.6% to 1.28 million tons, and exports decreased by 22% to 1.13 million tons [13]. - For March, it is estimated that the production of Malaysian palm oil may increase slightly to about 1.35 million tons, and exports are performing well. The inventory may be reduced to around 2.3 million tons, but it will still be at a relatively high level compared to the same period in history. The spot price of Malaysian CPO is oscillating strongly and may continue to decline slightly as the production season approaches. Malaysia has raised the reference price for the export of crude palm oil in April, and the export tax rate has been increased to 9.5% [14][15]. 3.2.3 Indonesian Palm Oil - In 2025, Indonesia's palm oil production was about 56.55 million tons, an increase of 7% year - on - year. Exports were 32.34 million tons, an increase of 9% year - on - year, and domestic consumption was 24.77 million tons, an increase of 4% year - on - year. The carry - over inventory was 2.07 million tons, lower than that at the end of 2024 and at a relatively low level compared to the same period in history [24]. - Recently, the fruit bunch price in North Sumatra has been rising, and the CPO tender price has also increased slightly. As the production season approaches, the CPO spot price may continue to decline slightly but is expected to remain relatively high. The POGO spread has decreased significantly, and the biofuel profit has improved, increasing the expected demand for palm oil in biofuel. The implementation of Indonesia's B40 biofuel policy is going well, and there is speculation about the B50 policy. If the B50 policy is implemented in the second half of this year, the additional consumption of palm oil in the biofuel sector is estimated to be about 2 million tons. It is estimated that the CPO reference price in April may be around $995, and the Tax tax may be increased, which will support the palm oil price to some extent [24][25][26]. 3.2.4 Indian Palm Oil - In February, India's edible oil imports were 1.29 million tons, and the cumulative imports in the 2025/26 fiscal year were 5.17 million tons, higher than the same period last year. Among them, palm oil imports were 0.85 million tons, and the cumulative imports in the 2025/26 fiscal year were 2.76 million tons, higher than the same period last year [37]. - In February, India's port inventory decreased slightly to 0.82 million tons, with palm oil inventory increasing to a relatively high level of 0.53 million tons, while soybean oil and sunflower oil inventories decreased to 0.17 million tons and 0.12 million tons respectively. The apparent consumption in India this year has been at a neutral to slightly high level but has declined compared to the same period last year [37]. - Currently, India has occasional import profits for soybean oil and sunflower oil but poor import profits for palm oil. It is expected that India's palm oil imports will decline in March, and the total edible oil imports may slightly decrease to about 1.16 million tons, slightly higher than the five - year average [38]. 3.2.5 Domestic Oil and Fat Market - **Palm oil**: As of March 20, 2026, the commercial inventory of palm oil in key domestic regions was 808,200 tons, a week - on - week decrease of 33,800 tons, a decrease of 4.01%. The import profit is negative, and the current far - month purchases are relatively small. The spot market trading is weak, and the basis is stable at a low level. Considering the geopolitical factors, palm oil is expected to remain volatile at high levels in the short term. After the delayed arrival of palm oil in China ends, the inventory is expected to start to decline slightly at the end of March, but it will still be relatively high [42]. - **Soybean oil**: From January to February, China's cumulative soybean imports were 12.55 million tons. It is estimated that the imports in March and April will be about 6.7 million tons and 9.5 million tons respectively. As of March 20, 2026, the commercial inventory of soybean oil in key domestic regions was 860,700 tons, a week - on - week decrease of 25,200 tons, a decrease of 2.84%. The basis of soybean oil is stable with a slight decline. The market is concerned about the tightening of customs quarantine for Brazilian soybeans, which may lead to a slowdown in the arrival of Brazilian soybeans. The export of domestic soybean oil is increasing, which has a positive impact on the price. Overall, soybean oil is expected to remain volatile at high levels and is more likely to rise than fall, but the inventory is not expected to be tight, and the far - month basis is expected to decline [43][45]. - **Rapeseed oil**: In February, China's rapeseed crushing was only 32,000 tons. As of March 20, the rapeseed inventory in coastal oil mills was 128,000 tons, a week - on - week decrease of 23,000 tons. The market has been purchasing Canadian rapeseed recently, and it is expected that there will be no shortage of rapeseed before June. As of March 20, the coastal rapeseed oil inventory was 281,000 tons, a week - on - week decrease of 1,000 tons. The spot market trading is light, and the basis of rapeseed oil is stable with a slight decline. The Middle - East geopolitical war has disrupted the transportation of rapeseed oil, and the transportation of Dubai rapeseed oil has been interrupted. In the short term, before the arrival of a large amount of Canadian rapeseed and during the ongoing geopolitical war, rapeseed oil is expected to remain volatile at high levels. However, if the geopolitical situation eases and a large amount of Canadian rapeseed arrives in April, the supply pressure of rapeseed oil will increase [46]. 3.3 Third Part: Future Outlook and Strategy Recommendations - The Middle - East geopolitical war remains the focus of the oil and fat market. Considering the possible recurrence of geopolitical factors, the oil and fat market is expected to remain volatile at high levels in the short term. Malaysian palm oil may continue to reduce inventory in March but will remain at a relatively high level. Soybean oil is supported by geopolitical factors, positive expectations of U.S. biofuel policies, and delayed soybean arrivals, so it is likely to remain volatile at high levels and is more likely to rise than fall. Rapeseed oil has a relatively low inventory level. Before the arrival of a large amount of Canadian rapeseed and during the ongoing Middle - East geopolitical war, it will follow the overall trend of the oil and fat market and remain volatile at high levels. However, if the geopolitical situation eases and a large amount of Canadian rapeseed arrives in April, the supply pressure of rapeseed oil will increase [59].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The South American soybean harvest is expected to be bountiful, so there is no basis for a bull market. However, demand is expected to improve, limiting the downside. Overall, the market is expected to be slightly bullish in a range of 1000 - 1200 cents per bushel [6] 3. Summary According to Relevant Catalogs 3.1 Market Focus - The situation of mutual visits between Chinese and US leaders: Trump's visit to China has been postponed, but if the Middle - East situation eases, another visit may be arranged [2] - The transmission of rising crude oil prices to soybean planting: It directly increases the costs of fertilizers, pesticides, and fuel. A 30% price increase in these three items would raise US soybean costs by about 70 cents and Brazilian soybean costs by 102 cents. Higher fertilizer prices may also prompt some farmers to switch from corn to soybeans [2] - The release rhythm of South American supply pressure: Brazil's soybean harvest is accelerating, and Argentina's precipitation has improved, increasing the supply pressure of spot soybeans in the future [2] - The biodiesel policy: The regulations of the EPA's biodiesel policy will affect the market [2] 3.2 Overall View and Long - Short Logic of US Soybeans - Overall view: Slightly bullish in a range of 1000 - 1200 cents per bushel [6] - Short - side logic: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest progress is accelerating, and the shipping speed has basically returned to normal, increasing global spot pressure; Argentina's weather has improved, which may repair the previously damaged yield [7] - Long - side logic: If Trump visits China, it is expected that an additional 8 million tons of soybeans will be purchased in the current crop year; Argentina's early drought may lead to a reduction in yield; Rising crude oil prices support costs [10] 3.3 Spot and Futures Market Prices - As of March 20, 2026, the price of the US soybean futures continuous contract fell 64 cents per bushel to 1161.25 cents per bushel; the US soybean meal futures continuous contract rose $5.3 per short ton to $328 per short ton; the US soybean oil futures continuous contract fell 1.93 cents per pound to 65.51 cents per pound [9] - As of March 19, 2026, the spot soybean purchase price in Illinois decreased by 56.5 cents per bushel to 1163 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port decreased by 63.25 cents per bushel to 1232 cents per bushel compared to the previous week [9] - As of March 19, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, decreased by 1.71 reais per bag to 100.75 reais per bag compared to the previous week; the spot price at the Paranagua port decreased by 1.49 reais per bag to 129.38 reais per bag compared to the previous week [11] - As of March 18, 2026, the FOB price of Argentine soybeans for May shipment decreased by $22 per ton to $412 per ton; the price for June shipment decreased by $26 per ton to $414 per ton [11] 3.4 Main Producing Area Weather Conditions - Brazil: In the next week, precipitation will be mainly concentrated in the northern and western regions, with slightly less precipitation in the central and southern regions. In the next two weeks, precipitation will still be concentrated in the north and west. Overall, the precipitation in the next two weeks is beneficial for Brazilian soybeans, as less precipitation in the central region is conducive to harvesting and transportation, and the return of precipitation in the south is beneficial for repairing the previously damaged yield [14] - Argentina: Precipitation will be good in the next two weeks, especially in the Buenos Aires and Cordoba production areas, which is beneficial for soybean growth [15] 3.5 US Soybean Demand - As of the week of March 13, 2026, the US soybean export inspection and quarantine volume was 906,500 tons, down from 995,300 tons in the previous week; the net sales in the current crop year were 298,200 tons, down from 456,700 tons in the previous week; the net sales in the next crop year were 6,600 tons, down from 9,500 tons in the previous week; the shipment to China was 545,800 tons, up from 411,400 tons in the previous week. Of the 12 million tons of US soybeans purchased by China, 7.85 million tons have been shipped, and 4.15 million tons remain unshipped [27] - The domestic soybean crushing volume in the US in February was 208.78 million bushels, the highest level for the same period in history, indicating strong domestic demand [28] 3.6 CFTC Positions and Planting Costs - As of March 17, 2026, the net long positions of funds in soybean futures and options were 213,700 contracts, a decrease of 17,100 contracts from the previous week; the net long positions in soybean oil futures and options were 118,400 contracts, an increase of 18,600 contracts from the previous week; the net long positions in soybean meal futures and options were 83,800 contracts, a decrease of 3,200 contracts from the previous week. The net long positions in soybeans decreased significantly [33] - In terms of planting costs, the cost in the US is still high, and the cost in Brazil is lower than that in the US but has also increased compared to the previous year. Before the rise in crude oil prices, the estimated planting cost in the US was 1200 - 1250 cents per bushel, and in Brazil, it was 950 - 1000 cents per bushel. With the current energy cost, it is expected to increase by 5 - 10% on this basis [34]

Group 1: Report Overview - Reported industry: Oil and fats [1] - Report date: March 20, 2026 [2] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market quotes: Dongguan's third - grade rapeseed oil trader quotes: third - grade rapeseed oil 05+120 (5 - 6), first - grade rapeseed oil 05+860; East China soybean oil basis quotes: first - grade soybean oil spot Y05+270, fixed price 8870, far - month prices vary by period; Dongguan palm oil quotes are stable with a slight decline [7] - Market analysis: Night - session crude oil strengthened due to the Middle East situation, and domestic oils stopped falling. Palm oil prices are supported by high energy prices and favorable biodiesel processing profits. For soybean oil, quarantine issues may slow down arrivals from March to April, leading to continued inventory reduction and potential basis price increases. Rapeseed oil's near - term supply shows no significant increase, with difficult spot market pick - up. In the short term, oils will fluctuate at high levels, and prices may correct if the macro situation cools [8] Group 3: Industry News - Palm oil production forecasts: Malaysia's 2025/26 palm oil production is expected to be 19.6 million tons, unchanged from the previous forecast, with an estimated range of 19.1 - 20.1 million tons. Indonesia's 2025/26 palm oil production is expected to be 51 million tons, with an estimated range of 46 - 56 million tons, a decrease of less than 1% from the previous forecast [10] Group 4: Data Overview - Crop production and export data: The 2025/26 Brazilian soybean production forecast remains at 178 million tons, and the Argentine soybean production forecast remains at 47 million tons, with a neutral - to - downward adjustment tendency. In March 2026, Brazil's soybean exports are estimated to be 16.32 million tons, a 3.8% increase from March 2025 [19] - Market impact: The agricultural futures market has not fully felt the impact of the turmoil in the Strait of Hormuz, and the cost of agricultural production inputs has been affected by the fluctuations in oil and gas prices [19]

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The palm oil market is affected by factors such as production, inventory, and policies. The production season is approaching, but there are uncertainties due to last year's drought in some areas and the transfer of plantation management rights in Indonesia. The B50 policy in Indonesia boosts consumption expectations. - The soybean oil market faces pressure from global soybean abundance and the upcoming peak of domestic soybean arrivals, but is supported by US biodiesel policies and domestic de - stocking. - The rapeseed oil market is pressured by global rapeseed abundance and the resumption of Canadian rapeseed imports, and is supported by US biodiesel policies. - In the short term, the Middle East situation has pushed up crude oil prices, and the oil market has followed the increase. However, the current market performance has deviated from the fundamentals. It is not recommended to chase the rise at high prices. Attention should be paid to the US biodiesel final decision and planting intention report at the end of March [82]. 3. Summary by Related Catalogs Palm Oil - **Malaysia**: In February, the production was 1284700 tons, a 18.55% month - on - month decrease, slightly lower than expected; exports were 1127600 tons, a 22.48% month - on - month decrease, lower than expected; inventory was 2704300 tons, a 3.94% month - on - month decrease, higher than the expected 2630000 tons. The production reduction season has ended, and production is expected to increase from March. Last year's low rainfall from May to July may affect production from March to May this year [14]. - **Indonesia**: In 2025, production was 56.906 million tons, a year - on - year increase of 4.144 million tons (7.85%); exports increased by 2.593 million tons (8.78%); domestic consumption increased by 3.68% to 24.738 million tons, with biodiesel consumption increasing by 1.225 million tons to 12.672 million tons; year - end inventory was 2.661 million tons, a 3.26% year - on - year increase. The government's rectification of illegal oil palm plantations may affect production. Similar to Malaysia, last year's low rainfall may also impact production [24]. - **Export Policy**: Indonesia plans to limit the export of palm oil waste and will increase the export levy on crude palm oil from 10% to 12.5% from March 1, 2026 [30]. - **B50 Policy**: Affected by the Middle East situation, the POGO spread has turned negative, and the biodiesel has become profitable. There are plans to implement B50 in the second half of 2026, and the road test is expected to be completed by June [35]. - **Demand**: The international soybean - palm oil price difference has turned negative, which is expected to affect India's import choices in March. China's palm oil imports are expected to decline, and inventory is high, making de - stocking difficult [49]. Soybean Oil - **US**: The February USDA report made little adjustment to the supply data of US soybeans in the 2025/26 season. The 2026 soybean planting area is expected to be 85 million acres, higher than last year and slightly higher than market expectations. Attention should be paid to the quarterly inventory report and planting intention report at the end of March. The final decision on US biodiesel is expected to be announced soon, with the RVO possibly set at 540 million gallons [53][55]. - **South America**: CONAB's February report predicted that the 2025/26 Brazilian soybean planting area would increase by 2.3% year - on - year, with a 1.5% increase in yield per unit area and a 3.8% increase in production. However, due to dry conditions in southern Brazil, some institutions have lowered the production forecast. The 2025/26 Argentine soybean production has been slightly lowered to 48 million tons [67]. - **China**: From January to February, soybean imports decreased by 7.8% year - on - year. The estimated arrivals in March, April, and May are 6.7275 million tons, 9.5 million tons, and 11 million tons respectively. There are rumors that China will purchase an additional 8 million tons of US soybeans. In the first quarter, due to a decrease in raw materials, the operating rate of oil mills declined, and soybean oil inventory has been decreasing [72]. Rapeseed Oil - **China - Canada Trade**: The anti - dumping investigation on Canadian rapeseed has ended, with a 5.9% tariff imposed on Canadian rapeseed, and the 100% tariff on Canadian rapeseed meal has been cancelled, while the tariff on rapeseed oil remains [73]. - **Supply and Demand**: Global rapeseed is in a state of abundance. After the anti - dumping decision, the market judgment has shifted to the import profit - pricing logic. Attention should be paid to the purchase rhythm of Canadian rapeseed and whether the commercial purchase of Australian rapeseed will be liberalized [82].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report predicts that the short - term trend of edible oils may be oscillating and slightly bullish, mainly influenced by the progress of biodiesel policies in various countries, the production and export of palm oil in Southeast Asia, the progress of China's rapeseed imports, and the price of crude oil [5][9] 3. Summary by Relevant Catalogs 3.1 Fundamental Viewpoints - **Soybean oil**: The US biodiesel policy may be finalized by the end of March. The market expects large refineries to make up a certain proportion of the biofuel blending exemption quota, and attention should be paid to the policy trend [5] - **Palm oil**: High - frequency data shows that from March 1 - 10, the export of Malaysian palm oil increased by 37.9% - 45.3% month - on - month, strongly supporting the price of edible oils. Indonesia is accelerating the road test of B50 biodiesel, and its progress needs to be monitored [5] - **Rapeseed oil**: The arrival volume of rapeseed from March to May will increase, and the domestic rapeseed oil inventory will increase in the later period [5] 3.2 Strategy Views and Outlook - **Unilateral trading**: It is recommended that the support level of palm oil 05 be referred to 9200 - 9300; for options, it is recommended to wait and see [7] - **Arbitrage**: It is recommended to wait and see [9] - **Outlook**: Attention should be paid to the biodiesel policies of various countries, the production and export of palm oil in Southeast Asia, the progress of China's rapeseed imports, and the price of crude oil. Overall, edible oils may be oscillating and slightly bullish in the short term [9] 3.3 Futures and Spot Markets - Last week, edible oils rose significantly, mainly affected by the increase in crude oil prices [19] - **Futures price differences between varieties**: The soybean - palm oil price difference and the rapeseed - palm oil price difference are oscillating weakly, and the rapeseed - soybean oil price difference is oscillating widely. It is recommended to wait and see [26] 3.4 Supply Side - **Malaysian palm oil monthly data**: According to the February MPOB report, the production of Malaysian palm oil in February decreased by 18.55% month - on - month, exports decreased by 22.46% month - on - month, and the ending inventory decreased by 3.94% to 2.704 million tons, higher than the market expectation of 2.63 million tons, and the de - stocking amplitude was less than expected [40] - **Domestic soybean and soybean oil imports, crushing volume, and inventory**: Data on China's soybean imports, crushing volume, port inventory, and soybean oil imports are presented through charts [42] - **Domestic rapeseed and rapeseed oil imports, crushing volume, and inventory**: Data on China's rapeseed imports, crushing volume, port inventory, and rapeseed oil imports are presented through charts [50] - **China's palm oil imports**: Data on China's palm oil imports are presented through charts [60] 3.5 Demand Side - Data on the trading volume of domestic rapeseed oil, three major edible oils, soybean oil, and palm oil are presented through charts [65] 3.6 Inventory - **Domestic edible oil inventory**: As of March 6, 2026, the national commercial inventory of soybean oil was 1.094 million tons, a decrease of 0.28 tons from the previous week, a decline of 0.26%, and an increase of 20,200 tons year - on - year, an increase of 1.88%. The commercial inventory of palm oil in key regions was 812,100 tons, an increase of 25,400 tons from the previous week, an increase of 3.23%, and an increase of 399,600 tons compared with 412,500 tons last year, an increase of 96.87%. The total inventory of rapeseed oil in major regions was 434,500 tons, a decrease of 14,000 tons from the previous week [75][79] 3.7 Disk Import Profit - As of March 13, 2026, the disk import profit of 24 - degree palm oil for the April shipment was - 134 yuan/ton [85]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market will generally fluctuate with a slight upward trend, in the range of 1,050 - 1,250 cents per bushel [6] 3. Summary by Directory 3.1 Market Focus - The market's focus lies in four aspects: the outcome of the Sino - US leaders' mutual visits, the impact of rising crude oil prices on planting, the release rhythm of South American supply pressure, and the EPA's biodiesel policy [2] 3.2 Overall View and Long - Short Logic of US Soybeans - **Overall View**: South American bumper harvest means no bull - market basis; demand improvement limits the downside, with an overall slightly upward - trending fluctuation in the range of 1,050 - 1,250 cents per bushel [6] - **Short Logic**: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest is accelerating, maintaining a harvest pattern; Argentina is expected to receive rainfall after a brief drought [7] - **Long Logic**: After China purchases 12 million tons of US soybeans, it will add another 8 million tons of soybeans in this crop year; Argentina's early drought may lead to a downgrade in yield; soaring global crude oil prices may trigger inflation [9] 3.3 Spot and Futures Market Prices - As of March 13, 2026, the price of the US soybean futures continuous contract rose 24.5 cents per bushel to 1,225.25 cents per bushel; the US soybean meal futures continuous contract rose $5.5 per short ton to $322.7 per short ton; the US soybean oil futures continuous contract rose 0.86 cents per pound to 67.44 cents per pound [9] - As of March 12, 2026, the spot soybean purchase price in Illinois rose 21.75 cents per bushel to 1,219.5 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port rose 5.5 cents per bushel to 1,295.25 cents per bushel compared to the previous week [9] - As of March 13, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, rose 0.23 reais per bag to 102.67 reais per bag; the spot price at the Paranagua port fell 0.98 reais per bag to 130.2 reais per bag compared to the previous week [10] - As of March 11, 2026, the FOB price of Argentine soybeans for the May shipment rose $1 per ton to $47 per ton; the price for the June shipment rose $2 per ton to $434 per ton [10] 3.4 Weather Conditions in Main Producing Areas - In the next week, precipitation in Brazil will be mainly concentrated in the central - eastern region, with slightly less precipitation in the southern region, but the situation will improve in the second week. In specific major producing states, Mato Grosso will have slightly more precipitation; South Mato Grosso will have normal precipitation in the next week and less in the second week; Paraná will have less precipitation, which is conducive to harvesting; Rio Grande do Sul will have less precipitation in the next week and the precipitation will gradually return in the second week [13] - In the next two weeks, the main producing areas in Argentina will have good precipitation, especially in the Buenos Aires and Cordoba regions, which is conducive to supplementing the previous water shortage and the growth of soybeans [13] 3.5 US Soybean Demand - According to USDA data, as of the week of March 6, 2026, the US soybean export inspection and quarantine volume was 995,000 tons, compared with 1.119 million tons in the previous week; the net sales in this crop year were 456,700 tons, compared with 383,400 tons in the previous week; the net sales in the next crop year were 9,000 tons, compared with 0 tons in the previous week; the shipment to China was 411,400 tons, compared with 734,600 tons in the previous week [33] 3.6 CFTC Positions and Planting Costs - According to CFTC data, as of March 7, 2026, the net long positions of funds in soybean futures and options were 230,000 contracts, an increase of 16,800 contracts compared to the previous week; the net long positions in soybean oil futures and options were 99,700 contracts, an increase of 33,900 contracts compared to the previous week; the net long positions in soybean meal futures and options were 80,600 contracts, an increase of 18,500 contracts compared to the previous week. From the perspective of fund positions, the operation ideas for soybeans, soybean oil, and soybean meal are all to increase long positions [41] - In terms of planting costs, the cost in the US remains high, while the cost in Brazil is lower than that in the US but has also increased compared to the previous year. According to the latest crude oil price increase, the US planting cost is expected to increase by about 50 cents from the original 1,200 - 1,250 cents per bushel, and Brazil is expected to increase by 70 cents from 950 - 1,000 cents per bushel [43]

1. Report Industry Investment Rating There is no information in the report regarding the industry investment rating. 2. Core Views of the Report - The export sales of US soybeans in the current year have slowed down. Attention should be paid to the progress of the sixth round of China - US trade consultations and Trump's visit to China. Policy uncertainty has increased, and there is a focus on whether China will increase its purchase of US soybeans. The crushing demand for US soybeans is strong, currently higher than the USDA's expected target. Geopolitical conflicts have escalated, leading to a sharp increase in oil prices, which boosts the demand for vegetable oil as bio - fuel. Coupled with the positive bio - diesel policies in the US, US soybean oil has continued to strengthen, and the crushing demand is expected to be adjusted upwards. Attention should be paid to the March USDA report and the end - of - month intended planting area report. The soybean harvest progress in Brazil is expected to exceed 50%, with increased export supply. Although the yield in the southern产区 has been slightly adjusted downwards due to drought, the overall harvest is still expected to be good. In the next two weeks, the cumulative precipitation in the Argentine产区 will be lower than the average, but the crop conditions are generally good, and the yield is estimated to be between 48 - 49 million tons [3][62]. - In China, the procurement of soybeans for the March shipment has basically been completed, and about 80% of the April shipment has been procured. The arrival of soybeans in March is relatively low. After the Spring Festival, due to sufficient downstream inventory, the market trading is relatively light. As the inventory is digested, it is expected that there will be a concentrated restocking boost in March, with a short - term tightening supply - demand expectation. The crushing operation rate of oil mills has returned to normal, and the inventory of soybeans and soybean meal is at a high level compared to the same period. The arrival of Brazilian soybeans in the distant future will also increase, resulting in an increase in medium - term supply [3][63]. - In summary, the strengthening of US soybean oil supports the rise of US soybeans, increasing the import cost. Low - valued agricultural products such as soybean meal have seen an increase in the allocation demand from macro funds, and long - position funds have entered the market. The crushing operation rate of domestic oil mills has recovered, and there may be a concentrated restocking demand downstream, with a short - term tightening supply - demand expectation. However, the arrival of Brazilian soybeans will increase significantly in April, leading to an increase in supply. Under the continuous influence of the US - Iran conflict, it is expected that the Dalian soybean meal will fluctuate and strengthen in March [3][63]. 3. Summary According to the Directory 3.1 Market Review of Soybean Meal - Since February, US soybeans have shown a fluctuating upward trend, and domestic soybean meal has been supported at a low level, continuing to fluctuate as a whole. At the end of February, the May contract of soybean meal rose 66 to 2,833 yuan/ton, an increase of 2.39%. The spot price of soybean meal in South China fell 40 to 3,080 yuan/ton, a decrease of 1.28%. The May contract of CBOT US soybeans rose 92.75 to 1,170 cents/bushel, an increase of 8.61%. In early February, the price of soybean meal fluctuated downward, mainly due to the significant increase in the loading of Brazilian exports, which improved the expectation of tight supply in the distant future in China. The expected good harvest in South America remained unchanged, and the overall supply was expected to be loose. The high inventory of soybean meal in domestic oil mills and sufficient supply suppressed the price. From mid - to late February, soybean meal fluctuated upward. After the Spring Festival in China, the spot market trading was relatively light, mainly driven by the external market. The continuous rise of US soybeans increased the import cost, strengthening the support. In addition, market news reported that the clearance time for imported soybeans was extended, and funds and sentiment boosted the price increase. The external US soybeans generally continued to fluctuate upward. The US President stated that China would additionally purchase 8 million tons of US soybeans this year, and the export prospects were promising. Trump's visit to China at the end of March also led to market expectations of strategic purchases of US soybeans. In addition, the positive bio - diesel policy in the US boosted the crushing demand. Near the end of the month, 50% of the exemptions for small refineries would be redistributed, increasing the demand for bio - diesel fuel, which drove the sharp rise of US soybean oil. Moreover, the drought in the southern part of Brazil and the central part of Argentina in the middle and late February caused concerns and boosted the bullish sentiment [9]. 3.2 International Situation 3.2.1 Global Soybean Supply and Demand - According to the February USDA report, the global soybean production in the 2025/2026 season was 428.18 million tons, an increase of 2.5 million tons compared to the January estimate. The global soybean crushing demand was 368.03 million tons, an increase of 1.6 million tons compared to the January estimate. The global soybean ending inventory in the 2025/2026 season was 125.51 million tons, an increase of 1.1 million tons compared to the previous month, and the stock - to - consumption ratio was 29.55%, indicating a slightly bearish supply [11]. 3.2.2 US Soybean Supply and Demand - The February USDA report on the US soybean balance sheet had a neutral impact. In the 2025/2026 season, the US soybean yield per acre remained at 53 bushels. The crushing demand was 2.57 billion bushels, and the export demand was 1.575 billion bushels, which were the same as the previous month's estimates. The ending inventory was 350 million bushels, and the stock - to - consumption ratio was 8.22% [15]. 3.2.3 US Soybean Crushing Demand - Data from the National Oilseed Processors Association (NOPA) showed that the US soybean crushing volume in January 2026 was 221.564 million bushels, a 1.52% decrease compared to December. The soybean crushing volume in December 2024 was 200.383 million bushels, a 10.6% increase compared to the same period last year. From September 2025 to January 2026, the cumulative US soybean crushing volume was 1.088106 billion bushels, an 11.32% increase compared to the same period last year. The USDA's estimated growth target for the 2025/2026 season was 5.11%. At the end of January 2026, the US soybean oil inventory was 190 million pounds, compared to 168.6 million pounds in the previous month and 127.4 million pounds in the same period last year. Based on the calculation results of the USDA's crushing weekly report, as of the week ending February 27, 2026, the US soybean crushing gross profit (the spread between soybeans, soybean oil, and soybean meal) was $3.04 per bushel, compared to $2.74 per bushel in the previous week. The spot price of 48% protein soybean meal at soybean processing plants in Illinois was $321.92 per short ton, compared to $308.37 per short ton in the previous week. The truck quote for crude soybean oil in Illinois was 60.61 cents per pound, compared to 58.98 cents per pound in the previous week. The average price of No. 1 yellow soybeans was $11.59 per bushel, compared to $11.39 per bushel in the previous week [18]. 3.2.4 US Soybean Export Demand - As of the week ending February 26, 2026, the net export sales of US soybeans in the 2025/2026 season were 383,000 tons, compared to 811,000 tons in the previous week. The cumulative export sales of US soybeans in the 2025/2026 season were 36.03 million tons, with a sales progress of 84.1%, compared to 44.39 million tons in the same period last year, with an overall progress of 87.0%. China's net purchase volume in that week was 153,000 tons. China's cumulative purchase volume this year was 10.82 million tons. Considering the purchases from unknown destinations, China's total purchase of US soybeans this year was 12 million tons [20]. 3.2.5 Brazilian Soybean Situation - The February USDA report showed that the Brazilian soybean production in the 2025/2026 season was increased by 2 million tons to 180 million tons, mainly due to the suitable weather conditions during the growth and development stage of Brazilian soybeans. However, the recent low precipitation in the southern part of Brazil may lead to a decline in crop yields, and continuous attention should be paid to weather changes. The export demand remained at 114 million tons, and the crushing demand was further increased by 1 million tons to 61 million tons. The ending inventory was 37.91 million tons, and the stock - to - consumption ratio was 21.13%. According to official Brazilian export data, the Brazilian soybean export volume in January 2026 was 1.88 million tons, compared to 3.38 million tons in December 2025. The Brazilian soybean export volume in January 2025 was 1.07 million tons, an increase of 810,000 tons compared to the same period last year, and the average over the past five years was 1.45 million tons. In terms of soybean exports to China, the Brazilian soybean export volume to China in January 2026 was 1.07 million tons, compared to 2.61 million tons in December 2025. The export volume to China in January 2025 was 800,000 tons, an increase of 270,000 tons compared to the same period last year, and the average over the past five years was 1.05 million tons. Data from the Brazilian National Association of Grain Exporters showed that the estimated Brazilian soybean export volume in February was 10.69 million tons. Conab data showed that as of February 28, the Brazilian soybean harvest rate was 41.7%, compared to 31.9% the previous week and 48.4% in the same period last year, with a five - year average of 38.4%. The AgRural agricultural consulting company said that the Brazilian soybean production in the 2025/2026 season was expected to reach 178 million tons, a decrease from the previous forecast of 181 million tons due to the loss of yield per acre in Rio Grande do Sul due to drought. The StoneX institution lowered its forecast of Brazilian soybean production in the 2025/2026 season to 177.8 million tons, compared to the previous forecast of 181.6 million tons [23][29][32]. 3.2.6 Argentine Soybean Situation - The February USDA report showed that the Argentine soybean production in the 2025/2026 season remained unchanged at 48.5 million tons, the export demand remained at 8.25 million tons, the crushing demand remained at 41 million tons, the ending inventory was 22.92 million tons, and the stock - to - consumption ratio was 40.60%. According to data from the Buenos Aires Stock Exchange, the Argentine soybean export volume in November 2025 was 2.19 million tons, compared to 1.68 million tons in the previous month. The Argentine soybean export volume in November 2024 was 96,000 tons. From April to November 2025, the cumulative Argentine soybean export volume was 11.3 million tons, an increase of 6.76 million tons compared to the same period last year. The Argentine soybean meal export volume in November 2025 was 2.71 million tons, compared to 2.43 million tons in the previous month. The Argentine soybean meal export volume in November 2024 was 2.38 million tons. From April to November 2025, the cumulative Argentine soybean meal export volume was 19.95 million tons, a decrease of 50,000 tons compared to the same period last year. The Buenos Aires Stock Exchange reported that as of the week ending February 25, 2026, the proportion of normal and excellent crops was 71%, compared to 75% the previous week and 68% in the same period last year. The weather forecast showed that in the next 15 days, the cumulative precipitation in the Argentine产区 would be slightly higher than normal, and the soybean yield estimate would not change much from the previous estimate, ranging from 48 - 50 million tons [34][38][40]. 3.3 Domestic Situation 3.3.1 Imported Soybeans and Other Situations - According to customs data, the Chinese soybean import volume in December 2025 was 8.04 million tons, of which the import volume of Brazilian soybeans was 5.66 million tons, accounting for 70.4%, and the import volume of Argentine soybeans was 1.65 million tons, accounting for 20.5%. The soybean import volume in November was 8.11 million tons, a decrease of 70,000 tons compared to the previous month. The soybean import volume in December 2024 was 7.94 million tons, an increase of 100,000 tons compared to the same period last year, and the average over the past five years was 8.94 million tons. The total Chinese soybean import volume in 2025 was 111.82 million tons, an increase of 6.79 million tons compared to the same period last year. In terms of the ship - buying rhythm, as of the week ending March 3, 2026, the procurement plan for the March shipment was 12 million tons, and 11.59 million tons had been procured, with a completion rate of 96.6%. The procurement plan for the April shipment was 11.5 million tons, and 8.59 million tons had been procured, with a completion rate of 74.7%. The procurement plan for the May shipment was 11.5 million tons, and 4.86 million tons had been procured, with a completion rate of 42.2% [46][47]. 3.3.2 Domestic Oil Mill Inventory - As of the week ending February 27, 2026, the soybean inventory of major oil mills was 5.9669 million tons, an increase of 771,500 tons compared to the previous week and an increase of 1.8129 million tons compared to the same period last year. The soybean meal inventory was 701,200 tons, a decrease of 141,300 tons compared to the previous week and an increase of 71,900 tons compared to the same period last year. The unfulfilled contracts were 2.9152 million tons, a decrease of 243,900 tons compared to the previous week and an increase of 135,800 tons compared to the same period last year. The national port soybean inventory was 6.3 million tons, an increase of 706,000 tons compared to the previous week and an increase of 1.6965 million tons compared to the same period last year. As of the week ending February 27, the national weekly average daily trading volume of soybean meal was 35,640 tons, of which the spot trading volume was 32,040 tons and the forward trading volume was 3,600 tons. The average daily total trading volume in the week before the Spring Festival was 34,860 tons. The weekly average daily pick - up volume of soybean meal was 110,960 tons, compared to 125,180 tons in the week before the Spring Festival. The crushing volume of major oil mills was 588,600 tons, compared to 1.6879 million tons in the week before the Spring Festival. The inventory days of soybean meal in feed enterprises were 9.89 days, compared to 12.59 days in the previous week [49][50]. 3.3.3 Feed and Livestock Farming Situation - The total output of the national industrial feed was 342.253 million tons, an 8.6% increase compared to the previous year. Among them, the output of compound feed was 319.46 million tons, an 8.8% increase; the output of concentrated feed was 13.381 million tons, a 3.4% increase; and the output of additive premixed feed was 7.527 million tons, an 8.3% increase. In terms of different varieties, the output of pig feed was 166.394 million tons, a 15.6% increase; the output of egg - laying poultry feed was 32.82 million tons, a 1.4% increase; the output of meat - poultry feed was 100.977 million tons, a 3.5% increase; the output of ruminant feed was 14.758 million

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The geopolitical conflict between the US and Iran has led to an increase in international oil prices, which has a positive impact on the international oil and fat market. The prices of domestic edible oils such as soybean oil, rapeseed oil, and palm oil have followed the upward trend, but there are risks in the short - term, and investors are advised to take appropriate profit - taking measures. The long - term bullish logic remains unchanged [2][3]. - For soybeans and related products, although the price of CBOT soybeans is strong, the price of domestic soybean meal is affected by the rise in edible oil prices. However, due to cost support, the downside space is limited. The supply of rapeseed meal is expected to be more abundant in the long - term, and the price may continue to fluctuate within a range [4][5]. - The price of corn futures is expected to continue the bottom - building and recovery trend. The domestic corn market is affected by factors such as the reduction of high - quality grain sources and the mismatch between supply and demand, but there is still pressure from farmers' grain sales, so the upside space should be viewed with caution [6]. - The price of live pigs is in a weak shock at a low level. Although there is news of state reserve purchases, the impact is limited. The far - month futures contracts show a premium, and investors can consider different strategies according to their risk preferences [8]. - The egg futures price is in a low - level shock, and the supply pressure has been alleviated to some extent. Investors can choose different trading strategies according to their risk tolerance [8]. Summary According to the Catalog Part One: Sector Strategy Recommendations 1. Market Analysis - **Oilseeds**: The soybean source is concentrated in the middle reaches, and the downstream has a strong replenishment expectation but is resistant to high - priced soybeans. The soybean No. 1 05 contract is expected to fluctuate widely, and it is recommended to wait and see. The soybean No. 2 05 contract is expected to fluctuate, and it is recommended to try long positions with a light position [11]. - **Oils**: The international crude oil price increase has increased market risks, and the soybean oil 05 contract is expected to rise in a fluctuating manner, and long positions should be held cautiously. The rapeseed oil 05 contract and palm oil 05 contract are also expected to rise in a fluctuating manner due to factors such as the expectation of US biodiesel policy and geopolitical conflicts, and long positions should be held cautiously [11]. - **Proteins**: The US soybeans are running strongly, and the domestic soybean meal 05 contract is expected to bottom out and rebound, and it is recommended to go long when it stabilizes. The rapeseed meal 05 contract has a relatively loose supply in the long - term, and it is recommended to wait and see or conduct range operations [11]. - **Energy and By - products**: The corn 05 contract is expected to be strong in the short - term, but the upside space should be viewed with caution, and it is recommended to go long on dips. The corn starch 05 contract follows the cost of corn and is expected to be strong in a fluctuating manner, and it is recommended to go long on dips [11]. - **Livestock**: The live pig 05 contract is expected to find the bottom in a fluctuating manner, and it is recommended to try long positions with a light position. The egg 05 contract is also expected to find the bottom in a fluctuating manner, and it is recommended to wait and see [11]. 2. Commodity Arbitrage - For most varieties' inter - month spreads and inter - commodity spreads, it is recommended to wait and see. For the corn 5 - 9 spread, it is recommended to go short on rallies [12][13]. 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils, proteins, energy and by - products, and livestock [14]. Part Two: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing profit is zero [16][17]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil [18][19]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months, including CNF prices and import duty - paid costs [19]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption of corn by deep - processing enterprises, the inventory of corn by deep - processing enterprises, the operating rate of starch enterprises, the inventory of starch enterprises, and the grain - selling progress of farmers [20]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key weekly data such as breeding costs, profits, and slaughter data [20][21][22][23]. Part Three: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, spot prices, and related prices such as piglet prices, white - strip prices, chicken - seedling prices, and culled - chicken prices [25][27][28][29][31][32][33]. - **Oils and Oilseeds**: - **Palm Oil**: It includes charts of Malaysia's palm oil production, export volume, inventory, import profit, import volume, domestic inventory, trading volume, and price spreads [35][36][38][40][41]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil mill operating rate, domestic soybean oil inventory, trading volume, and price spreads [43][44][45][46]. - **Peanuts**: It includes charts of peanut arrival and shipment volume, peanut crushing profit, peanut operating rate, peanut inventory, and price spreads [48][49][50]. - **Feed**: - **Corn**: It includes charts of corn futures closing prices, spot prices, basis, price spreads, inventory, grain - selling progress, import volume, and processing profit [52][53][54][59][60][62][63]. - **Corn Starch**: It includes charts of corn starch futures closing prices, spot prices, basis, operating rate, inventory, and processing profit [65][67][71]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profit [73][75][77][79][80]. - **Soybean Meal**: It includes charts of US soybean growth indicators, inventory, basis, price spreads, and the ratio of soybean oil to soybean meal [84][87][89][91][93][96]. Part Four: Options Situation of Feed, Livestock, and Oils It provides charts of the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [100][101]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils It provides charts of the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indexes [103][105][106].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The geopolitical conflict between the US and Iran has led to an increase in international oil prices, which in turn has driven up the prices of domestic oils and fats. The positive outlook for biodiesel policies and the strong performance of CBOT soybeans and CBOT soybeans have also contributed to the rise in domestic soybean oil prices [3]. - The final anti - dumping ruling on rapeseed has been announced. Although the far - month supply of rapeseed is expected to be loose, the potential relaxation of US biodiesel policies and the geopolitical situation in the Middle East may have a positive impact on rapeseed oil prices [3]. - The conflict in the Middle East has indirectly affected the palm oil market. Although the high - frequency export data is bearish, the increase in export tariffs in Indonesia in March and the demand during the Indian Ramadan may limit the downside of palm oil prices. In the medium - to - long term, palm oil prices may be more likely to rise [4]. - The price of soybean meal is supported by cost and concerns about supply in March - April. The price of CBOT soybeans is relatively strong, and the supply situation of soybeans in China before May is still a concern, so the downside of soybean meal prices is limited [5][6]. - After the final ruling on rapeseed, the import window for Canadian rapeseed is expected to open, and the far - month supply will gradually become loose. However, the low valuation of rapeseed meal may lead to range - bound fluctuations [6]. - The geopolitical conflict has affected the corn market. Although the high inventory of US corn and the expected decrease in the planting area in the new year have an impact on the market, the short - term price of corn may be strong due to factors such as the shortage of high - quality grain and the mismatch between supply and demand. However, the pressure of farmers' grain sales still exists, so caution is needed when looking at the upside [7]. - The price of soybean No. 1 is in a high - level wide - range shock in the short term, and there is a possibility of a decline in the medium - to - long term due to factors such as the lack of downstream buying enthusiasm [8]. - The price of live pigs has rebounded slightly after the announcement of the state reserve purchase, but the market reaction is flat. The current spot pressure is high, and the far - month contract shows a premium. It is recommended that cautious investors hold long positions in the far - month contract, and aggressive investors can consider buying on dips after the spot pressure is released [9]. - The egg price has adjusted to repair the high premium. The supply pressure has been alleviated to some extent, and the far - month contract shows a premium. Cautious investors are advised to wait and see, while aggressive investors can consider short - term long positions below 3150 points [9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: Soybean No. 1 05 contract is expected to have a wide - range shock, and it is recommended to wait and see; Soybean No. 2 05 contract is expected to be volatile, and it is recommended to try long positions with a light position [12]. - **Oils**: Soybean oil 05 contract is expected to rise in a volatile manner, and it is recommended to hold long positions; Rapeseed oil 05 contract is expected to be strong in a volatile manner, and it is recommended to hold long positions; Palm oil 05 contract is expected to build a bottom in a volatile manner, and it is recommended to hold long positions [12]. - **Proteins**: Soybean meal 05 contract is expected to rebound from the bottom in a volatile manner, and it is recommended to try long positions with a light position; Rapeseed meal 05 contract is expected to have range - bound fluctuations, and it is recommended to wait and see or conduct range operations [12]. - **Energy and By - products**: Corn 05 contract is expected to be strong in a volatile manner, and it is recommended to buy on dips; Corn starch 05 contract is expected to be strong in a volatile manner following the cost of corn, and it is recommended to buy on dips [12]. - **Livestock**: Live pig 05 contract is expected to find the bottom in a volatile manner, and it is recommended to try long positions with a light position; Egg 05 contract is expected to find the bottom in a volatile manner, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - For most of the cross - period and cross - variety arbitrage strategies, it is recommended to wait and see. For the corn 5 - 9 spread, it is recommended to short on rallies [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various commodities, including oilseeds, oils, proteins, energy and by - products, and livestock [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates, such as the arrival premium, CBOT futures prices, CNF prices, and import duty - paid prices [16][17]. - **Weekly Data**: The inventory and开机率 of beans, rapeseeds, palm oil, and peanuts are provided. For example, the port soybean inventory decreased by 8.20, the oil - mill soybean meal inventory decreased by 14.13, and the port soybean oil inventory decreased by 3.20 [18]. 3.2.2 Feed - **Daily Data**: The import cost data of corn from different countries and different months are provided, including CNF prices, import duty - paid costs, and additional tariffs on the US [18]. - **Weekly Data**: The data of corn and corn starch, such as the consumption of deep - processing enterprises, inventory,开机率, and the grain - selling progress of farmers, are provided [19]. 3.2.3 Livestock - The daily and weekly data of live pigs and eggs are provided, including spot prices, price changes, and some key indicators such as the inventory of frozen products, slaughter volume, and production and sales data [19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes the closing prices of live pig and egg futures contracts, spot prices, and some related prices such as piglet prices, white - strip prices, chicken - seedling prices, and chicken - culling prices [24][25][26][27][29][30][31]. - **Oils and Oilseeds**: - **Palm Oil**: It includes the monthly production, export volume, and ending inventory of Malaysian palm oil, as well as the import volume, inventory, and basis of domestic palm oil [33][35][37][38]. - **Soybean Oil**: It includes the US soybean crushing volume, soybean oil inventory, domestic soybean oil mill开机率, inventory, and basis [39][41][42]. - **Peanuts**: It includes the arrival and shipment volume of peanuts in domestic wholesale markets, peanut crushing profit,开工率, inventory, and basis [44][45][46]. - **Feed**: - **Corn**: It includes the closing price, spot price, basis, inventory, and import volume of corn, as well as the consumption and inventory of deep - processing enterprises [48][55][58]. - **Corn Starch**: It includes the closing price, spot price, basis,开机率, and inventory of corn starch [61][62]. - **Rapeseed**: It includes the spot price, basis, inventory, and crushing profit of rapeseed meal and rapeseed oil [68][70][74][75]. - **Soybean Meal**: It includes the growth rate, flowering rate, and pod - setting rate of US soybeans, as well as the inventory, basis, and spread of domestic soybean meal [79][82][84][86][89]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It includes the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [95][96][97]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It includes the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [100][101][102].