Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views 1. Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures are oscillating around 4,050 ringgit. After the short - term oscillation, a new breakthrough direction will be chosen. If Malaysian palm oil breaks through 4,200 ringgit, domestic palm oil futures may follow suit [1]. - Soybean oil: The US EPA is expected to finalize the 2026 Renewable Volume Obligations (RVO) in early March. The domestic soybean oil inventory decreased last week, but the Spring Festival stocking is almost over, and the basis quotation has limited fluctuation space [1]. - Rapeseed oil: The improvement in China - Canada trade relations brings hope for rapeseed imports, but it cannot relieve the short - term supply shortage. The rapeseed oil futures and basis are expected to have limited downward space and will maintain a narrow - range oscillation in the short term [1]. 2. Cotton USDA weekly signing reached a high for the year, and the US cotton production was slightly reduced. Zhengzhou cotton has support from cotton consumption demand but is also restricted by factors such as compressed downstream profits and the high domestic - foreign cotton price difference. Short - term cotton prices are expected to continue the adjustment trend [2]. 3. Sugar Internationally, the Brazilian sugar production in late December decreased year - on - year, but the cumulative production increased. India's sugar production is strong, and Thailand's sugar - making season is slow. Domestically, the spot market is in the peak season, but the consumption fails to meet expectations. Sugar prices are expected to maintain a low - level oscillation [3]. 4. Red Dates Affected by weak demand and pessimistic market sentiment, futures prices are under pressure. The Spring Festival peak - season effect is not obvious, and the market is in a state of active de - capacity. The futures market is expected to oscillate weakly in the short term [4]. 5. Apples The procurement in the production areas has started, but the transaction is light, and the price is weakly stable. The inventory in the sales areas is high, and the demand is weak. The futures market is affected by weak demand and cooling capital sentiment, and the futures prices are expected to oscillate weakly [6][9]. 6. Corn The supply of corn in the short term is tight, and the downstream demand for pre - holiday stocking is increasing, which supports the corn price. However, the increasing policy - related corn supply limits the price increase. Corn prices are expected to oscillate at a high level [13]. 7. Pigs The weekend spot pig prices are strong, and the breeding side is reluctant to sell. There is still some second - fattening, but the enthusiasm is limited. The supply - demand game is intensifying. The futures market is mainly trading the post - Spring Festival demand, and the market is expected to oscillate at the bottom [16][17]. 8. Meal The domestic soybean and soybean meal supply is abundant, and the auction suppresses the market. However, the expected arrival volume in the first quarter is low, and there is uncertainty in the arrival rhythm. The soybean meal inventory has started to decline. The soybean meal futures are expected to oscillate, and attention should be paid to the support around 2,700 [20]. 9. Eggs The decline in the laying - hen inventory has slowed down, and the market's overall shipment pressure has been relieved. The Spring Festival stocking is over, and the market is afraid of high prices. The futures prices are expected to oscillate within a range [23]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: On January 15, 2026, the average price of soybeans in Jiangsu decreased by 0.59% compared with the previous day; the price of 24 - degree palm oil in Guangdong decreased by 1.88%; the price of third - grade rapeseed oil in Jiangsu decreased by 0.91%. The prices of related futures contracts also showed different degrees of decline [1]. - **Inventory Changes**: The soybean oil inventory decreased by 68,800 tons last week; the palm oil warehouse receipts decreased by 900; the rapeseed oil warehouse receipts decreased by 80 [1]. - **Spread Changes**: The soybean - palm oil spot spread increased by 39.93%; the rapeseed - soybean oil spot spread decreased by 2.92% [1]. 2. Cotton - **Futures Market**: On January 20, 2026, the cotton 2605 contract decreased by 0.31%, and the cotton 2609 contract decreased by 0.24%. The main contract's open interest decreased by 2.62% [2]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton decreased by 0.49%, and the CC Index: 3128B decreased by 0.32% [2]. - **Industry Situation**: The commercial inventory increased by 23.5%, the import volume increased by 33.3%, the yarn inventory days decreased by 4.6%, and the fabric inventory days increased by 4.4% [2]. 3. Sugar - **Futures Market**: On January 20, 2026, the sugar 2605 contract decreased by 0.27%, and the sugar 2609 contract decreased by 0.13%. The ICE raw sugar main contract increased by 2.74% [3]. - **Spot Market**: The Nanning sugar price decreased by 0.19%, and the Kunming sugar price remained unchanged [3]. - **Industry Situation**: The cumulative national sugar production decreased by 16.43%, the cumulative sales decreased by 37.18%, and the industrial inventory increased by 10.82% [3]. 4. Red Dates - **Futures Market**: On January 20, 2026, the red date 2605 contract decreased by 0.68%, the 2607 contract decreased by 0.67%, and the 2609 contract decreased by 0.60% [4]. - **Spot Market**: The Cangzhou super - grade red date price decreased by 0.74%, and the first - grade red date price decreased by 2.44% [4]. - **Inventory**: The open interest increased by 3.84%, the warehouse receipts increased by 0.83%, and the effective forecasts decreased by 7.69% [4]. 5. Apples - **Futures Market**: On January 20, 2026, the apple 2605 contract decreased by 2.05%, and the 2610 contract decreased by 0.92%. The open interest decreased by 8.03% [6]. - **Spot Market**: The arrival volume at major fruit wholesale markets increased, and the national cold - storage inventory decreased by 2.25% [6]. 6. Corn - **Futures Market**: On January 20, 2026, the corn 2603 contract's basis decreased by 7.25%, and the 3 - 7 spread increased by 50.00%. The open interest increased by 0.45%, and the warehouse receipts increased by 4.61% [13]. - **Spot Market**: The Jinzhou Port FAS price decreased by 0.21%, and the Shekou Port market price remained unchanged [13]. - **Industry Situation**: In the Northeast, the price is strongly supported; in North China, the price has a small increase. The demand side has a certain inventory - building intention [13]. 7. Pigs - **Futures Market**: On January 20, 2026, the main pig futures contract increased by 44.87%, the 2605 contract decreased by 1.73%, and the 2603 contract decreased by 2.30%. The open interest decreased by 4.40%, and the warehouse receipts decreased by 46.87% [16]. - **Spot Market**: The pig prices in various regions showed an upward trend, and the slaughter volume decreased by 0.52% [16]. - **Industry Situation**: The self - breeding profit increased by 164.04%, and the purchased - piglet breeding profit increased by 2193.07%. The fertile sow inventory decreased by 1.12% [16]. 8. Meal - **Futures Market**: On January 20, 2026, the soybean meal 2605 contract remained unchanged, the rapeseed meal 2605 contract decreased by 1.51%, the soybean 1 main contract decreased by 0.07%, and the soybean 2 main contract decreased by 0.15% [20]. - **Spot Market**: The Jiangsu soybean meal price remained unchanged, the Jiangsu rapeseed meal price decreased by 3.39%, the Harbin soybean price remained unchanged, and the Jiangsu imported soybean price remained unchanged [20]. - **Industry Situation**: The domestic soybean and soybean meal supply is abundant, but the expected arrival volume in the first quarter is low [20]. 9. Eggs - **Futures Market**: On January 20, 2026, the egg 03 contract decreased by 1.60%, and the 04 contract decreased by 1.23% [23]. - **Spot Market**: The egg - producing area price increased by 1.71%, the egg - chick price increased by 3.45%, the culled - hen price increased by 7.50%, and the feed - to - egg ratio decreased by 3.42% [23]. - **Industry Situation**: The laying - hen inventory decline has slowed down, and the Spring Festival stocking is over [23].