1. Report Industry Investment Ratings - **Three-star (★★★)**: Soybean No. 1, Rapeseed Meal, Corn [1] - **Other Ratings**: The specific meaning of "ななな" and "なな女" and "なな☆" is unclear; according to the star description, white stars represent a relatively balanced short - term long/short trend with poor operability, one star represents a long/short bias with weak operability on the disk, two stars represent a clear long/short trend with the market fermenting on the disk, and three stars represent a clearer long/short trend with a relatively appropriate investment opportunity currently [1][8] 2. Core View of the Report The report analyzes the market conditions of various agricultural products. The ongoing Middle - East situation and energy price fluctuations have a significant impact on agricultural product prices. Factors such as the cost of fertilizers, international shipping prices, and policies of major exporting countries all affect the supply and price of agricultural products. Different agricultural products have different price trends and influencing factors, and investors need to pay attention to short - term market fluctuations and risks [1][2][3] 3. Summary by Related Catalogs Soybean No. 1 - The price of the main soybean No. 1 futures contract fluctuates strongly. The spot price of domestic soybeans follows the futures and rises. Since March, the cost of soybean imports in China has increased. The rise in global natural gas prices has brought risks of fertilizer supply interruption and cost increase for new - season crops. Short - term attention should be paid to the Middle - East situation and energy prices [1] Soybean, Soybean Meal, and Rapeseed Meal - The ongoing US - Iran war has led to high international crude oil prices, driving up the prices of various fertilizers. The blockade of the Strait of Hormuz has pushed up international shipping prices, supporting the price of imported soybeans. However, the relaxation of Brazil's soybean export inspection policy has caused a decline in US soybean and Dalian soybean prices. The National Grain and Oil Information Center expects the domestic soybean crushing volume in March to be about 7.5 million tons. Rapeseed meal prices follow soybean prices with greater price elasticity. Short - term futures prices will follow the war situation and Brazil's shipping situation [2] Soybean Oil, Palm Oil, and Rapeseed Oil - The tense Middle - East situation has increased the cost of agricultural products and improved the marginal demand for biodiesel. Indonesia may restrict palm oil exports. Since March, the cost of soybean imports in China has increased. The narrowing of the price difference between biodiesel and petro - diesel has promoted the rise of vegetable oil prices. The rise in global natural gas prices has brought risks to new - season crops' fertilizers. Short - term attention should be paid to the Middle - East situation and energy prices [3] Corn - The closing prices at Beigang ports have decreased. The number of remaining vehicles at Shandong corn deep - processing enterprises has changed, and the spot purchase price in Shandong has first risen and may then be corrected. The inventory at Beigang ports and in deep - processing enterprises has increased. Attention should be paid to the grain - selling progress in the Northeast, state - reserve auction information, and futures capital trends. After the Middle - East situation stabilizes, Dalian corn futures may return to fundamentals [5] Live Pigs - The near - month contracts of live - pig futures have increased in positions and broken through to the downside. The 05 contract still has a premium over the spot, and the high premium has narrowed. Pig prices are in the process of a second bottom - building. The出栏 weight is at a five - year high, indicating high inventory pressure. The rise in feed raw material prices has expanded breeding losses. The reduction of breeding sows has slowed down. Potential supporting factors include second - round fattening, frozen - meat storage, etc. It is expected that the spot price will remain low for a long time, and long positions in far - month contracts can be considered after the premium narrows [6] Eggs - The elimination age of laying hens has increased, and the price of eliminated hens has strengthened, indicating a slowdown in the elimination rhythm. The chicken - chick replenishment from January to February 2026 has recovered compared to the second half of 2025 but is still slightly lower year - on - year. The spot price of eggs shows signs of rising after the Spring Festival. It is expected that the number of newly - opened laying hens in the first half of 2026 will be small, and the spot price has the basis to strengthen. The futures price has a premium over the spot, and a long - position strategy can be considered at low prices [7]