1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - **Short - term Volatility**: The prices of soybean meal and rapeseed meal are expected to be volatile in the short term. For soybean meal, the supply in the domestic market is sufficient, and the price is under pressure. The rainfall in Argentina in February needs to be monitored. For rapeseed meal, the supply situation is expected to improve, but it lacks positive drivers in the off - season [1]. - **Short - term Consolidation**: Palm oil, soybean oil, and rapeseed oil are in a short - term consolidation phase. Palm oil may face inventory pressure, and the impact of imports and market trends in Malaysia needs to be concerned. Soybean oil is in a de - stocking stage, but the supply is relatively abundant. Rapeseed oil supply tension has been alleviated, but attention should be paid to the risk of basis support weakening [1]. - **Oscillatory Adjustment**: Cotton is in an oscillatory adjustment state. The outer - disk price has an impact on the domestic market, and the demand is in the off - season, with weak upward drive before the Spring Festival. However, there is a relatively strong expectation in the medium and long term [1]. - **Pressured Operation**: The spot performance of red dates is flat, but the futures price may fluctuate. High - inventory de - stocking may drive a short - term rebound, but the overall pattern is under pressure [1]. - **Oscillatory Weakness**: The price of live pigs is expected to be oscillatory and weak. In the context of supply - demand balance before the Spring Festival, there may be a short - term price rebound in some areas, but it lacks a sustainable basis. Near - month contracts are prone to fall, while far - month contracts lack a basis for upward trends but have opportunities for phased long - positions [1]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal - **Market Conditions**: The futures price of soybean meal closed at 2729 yuan/ton, down 0.22% from the previous day. The national average spot price was 3154 yuan/ton, down 0.16%. The soybean crushing profit has decreased, and the basis of some contracts has increased [2]. - **Supply and Demand**: Argentina's soybean - producing areas may receive rainfall to relieve drought. Brazil's soybean harvest progress is much faster than last year, and new supplies are entering the market. In the domestic market, if there are new US soybean purchase orders, the government will continue to put them into the market through auctions. Facing the arrival of more cost - effective South American soybeans, low - price auctions are the most effective way to release reserves. The expected sufficient supply of soybeans in the domestic market puts pressure on the spot and futures prices of soybean meal [1]. 3.2 Rapeseed Meal - **Market Conditions**: The futures price of rapeseed meal closed at 2238 yuan/ton, down 0.04% from the previous day. The national average spot price was 2556.32 yuan/ton, down 0.25%. The rapeseed spot pressing profit has decreased [4]. - **Supply and Demand**: The first batch of Australian rapeseeds has entered the pressing process, and the rapeseed meal inventory of coastal oil mills has broken the previous zero state. The continuous purchase of Canadian rapeseeds has improved the supply situation of domestic rapeseeds and rapeseed meal. In the off - season of consumption, rapeseed meal lacks positive drivers [1][6]. 3.3 Palm Oil - **Market Conditions**: The futures price of palm oil closed at 9014 yuan/ton, down 0.13% from the previous day. The national average price was 9020 yuan/ton, down 0.66%. The import cost has decreased, and the weekly commercial inventory has increased [7]. - **Supply and Demand**: The production of Malaysian palm oil from February 1 - 5 increased by 7.65% month - on - month, which is bearish. In the domestic market, the large import volume of palm oil in February may lead to short - term inventory pressure. The active quotation of foreign merchants and the significant repair of import profits may affect the domestic purchase and the market [1][9]. 3.4 Cotton - **Market Conditions**: The futures price of the main cotton contract (CF2605) remained unchanged at 14580 yuan/ton. The spot price of CCIndex (3218B) was 15967 yuan/ton, down 0.36%. The national commercial inventory decreased to 552.72 tons [10]. - **Supply and Demand**: Internationally, Brazil and Turkey are expected to reduce cotton production. In the domestic market, new cotton processing is basically completed, and the raw material inventory is being de - stocked, but the de - stocking speed is relatively moderate. The import has increased, but the demand is in the off - season, and the upward drive before the Spring Festival is weak. In the medium and long term, there is a relatively strong expectation due to planting compression and inventory replenishment [1][11][12]. 3.5 Red Dates - **Market Conditions**: The futures price of the main red date contract (CJ2605) was 8725 yuan/ton, up 0.35% from the previous day. The spot prices in various regions remained stable. The inventory of 36 sample enterprises decreased to 11888 tons [14]. - **Supply and Demand**: The supply of red dates is stable, and the market price is flat. With the peak of new product listing and the arrival of the consumption season, the futures price fluctuates. High - inventory de - stocking may drive a short - term rebound, but the overall supply - demand pattern is loose [1][15]. 3.6 Live Pigs - **Market Conditions**: The futures price of the main live pig contract (lh2605) was 11565 yuan/ton, down 0.52% from the previous day. The national average slaughter price was 11740 yuan/ton, down 2.65%. The inventory and slaughter volume of sample enterprises decreased [17]. - **Supply and Demand**: In the supply side, the January slaughter plan of breeding enterprises was slightly over - completed, and the February plan is expected to decrease, but the daily slaughter pressure may increase. The de - stocking of breeding sows is not as expected, which is not conducive to the far - month contracts. In the demand side, the slaughter start - up rate has increased, and the market is in a situation of supply - demand balance before the Spring Festival. The overall profit is still above 0 yuan/head, which is not conducive to further capacity reduction [1][18].