1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - This week, the main contracts of soybeans, soybean meal, and soybean oil all declined. The decline of the main soybean contract was 3.28%, the main soybean meal contract was 3.16%, and the main soybean oil contract was 0.71%. [5][7][8] - For soybeans, as the weather warms up, storage becomes difficult, but farmers still hold on to their stocks. Traders are less willing to buy due to lack of confidence in the market. Downstream enterprises have sufficient inventories and are cautious in purchasing. [5] - For soybean meal and soybeans, although the improvement of the Argentine soybean crop rating and the recovery of Brazilian exports suppress prices, geopolitical crises support prices. The domestic spot market has improved, and the market expects a possible tightening of imported soybean supplies in March - April. [6][7] - For soybean oil, the domestic supply - demand pattern is still loose. Price increases are mainly driven by external costs, but high prices suppress terminal demand. [8] 3. Summary According to Relevant Catalogs 3.1 Weekly Highlights Summary - **Soybeans**: This week, the main 2605 contract of soybeans fell by 3.28%. As the weather warms up, storage becomes difficult, and geopolitical uncertainties add pressure. Traders are less active in purchasing, and downstream enterprises have sufficient inventories and are cautious in purchasing. [5] - **Soybean Meal**: This week, the main 2605 contract of soybean meal fell by 3.16%. Geopolitical factors and South American weather affect prices. The domestic spot market has improved, and there is a short - term release of terminal procurement demand. [7] - **Soybean Oil**: This week, the main 2605 contract of soybean oil fell by 0.71%. There are speculations about the US bio - fuel policy. The domestic supply - demand pattern is loose, and high prices suppress terminal demand. [8] 3.2 Futures Market Situation - **Price Changes**: The main 2605 contracts of soybeans, soybean meal, and soybean oil all declined this week, with declines of 3.28%, 3.16%, and 0.71% respectively. [12][19][25] - **Spread**: As of March 19, the 05 - 09 spread of soybean meal was 33 yuan/ton, and the 5 - 9 spread of soybean oil was 86 yuan/ton. [31][34] - **Net Positions and Warehouse Receipts**: As of March 19, the net position of the top 20 in soybean futures was - 19,500 lots, and the warehouse receipts of the main soybean contract were 22,437 lots; the net position of the top 20 in soybean meal futures was - 558,979 lots, and the warehouse receipts of the main soybean meal contract were 36,728 lots; the net position of the top 20 in soybean oil futures was - 136,063 lots, and the warehouse receipts of the main soybean oil contract were 25,342 lots. [39][44][50] 3.3 Spot Market Situation - **Soybeans**: As of March 19, the spot price of third - grade domestic soybeans in Harbin was 4,400 yuan/ton, unchanged from last week, and the basis of the main soybean contract was - 396 yuan/ton. [54] - **Soybean Meal**: As of March 19, the spot price of soybean meal in Zhangjiagang was 3,350 yuan/ton, a decrease of 10 yuan/ton from last week, and the basis of the main soybean meal contract was 318 yuan/ton. [60] - **Soybean Oil**: As of March 19, the spot price of first - grade soybean oil in Zhangjiagang was 8,900 yuan/ton, unchanged from last week, and the basis of the main soybean oil contract was 284 yuan/ton, an increase of 16 yuan/ton from last week. [66] - **Imported Soybean Premium**: As of March 19, the FOB premium of US Gulf soybeans in April was 97 cents/bushel, a decrease of 18 cents/bushel from last week; the FOB premium of Argentine soybeans in April was - 31 cents/bushel, a decrease of 51 cents/bushel from last week; the FOB premium of Brazilian soybeans in April was - 10 cents/bushel, an increase of 19 cents/bushel from last week. [70] - **Imported Soybean Arrival Cost**: As of March 19, the arrival cost of US soybeans was 4,516.65 yuan/ton, a decrease of 896.05 yuan/ton from last week; the arrival cost of South American soybeans was 3,835.14 yuan/ton, a decrease of 72.9 yuan/ton from last week; the difference in arrival cost between the two was 681.51 yuan/ton, a decrease of 823.15 yuan/ton from last week. [75] 3.4 Industry Situation - **Weather**: In the United States, the drought situation in soybean - producing areas has slightly eased compared with last week but is worse than the same period last year. In Brazil, there are sporadic showers in some areas, and the temperature in some areas is higher than normal. [78][82] - **Upstream Supply**: In 2025/26, the expected output of US soybeans is 11,598.9 million tons, unchanged from last month, and the inventory is 951.6 million tons, a decrease of 0.1 million tons from last month; the expected output of Brazilian soybeans is 18,000 million tons, unchanged from last month, and the inventory is 3,791 million tons, unchanged from last month; the expected output of Argentine soybeans is 4,800 million tons, a decrease of 50 million tons from last month, and the inventory is 2,291.9 million tons, unchanged from last month. [86][90][94] - **Domestic Situation**: In the 11th week of 2026, the soybean inventory of major domestic oil mills was 5.4861 million tons, a decrease of 4.20% from last week and an increase of 73.17% from the same period last year; the soybean meal inventory was 627,300 tons, a decrease of 17.51% from last week and a decrease of 8.16% from the same period last year; the national commercial inventory of soybean oil was 1.0834 million tons, a decrease of 0.97% from last week and an increase of 2.12% from the same period last year. The actual soybean crushing volume of domestic oil mills in the 11th week was 1.9694 million tons, an increase of 136,400 tons from the previous week, and the actual startup rate was 54.23%. In February 2026, the soybean import volume was 5.976 million tons, a decrease of 595,000 tons from January. The estimated soybean arrival volume in March 2026 was 7.051 million tons, an increase of 36.17% from last month and 37.61% from the same period last year. As of March 19, the spot crushing profit of domestic soybeans in Heilongjiang was - 49.7 yuan/ton, a decrease of 53.9 yuan/ton from last week, and the gross profit of Brazilian soybeans on the March shipping schedule was 115 yuan/ton, an increase of 37 yuan/ton from last week. [108][111][114][119][122][125][128] - **Substitute Situation**: As of March 19, the price of palm oil in Guangdong was 9,750 yuan/ton, a decrease of 90 yuan/ton from last week; the price of rapeseed oil in Fujian was 10,230 yuan/ton, an increase of 10 yuan/ton from last week. The spot and futures spreads of soybean - palm oil and rapeseed - palm oil have narrowed, while the spot and futures spreads of rapeseed - soybean oil have widened. The average price of rapeseed meal was 2,693.16 yuan/ton, a decrease of 139.47 yuan/ton from last week; the difference between soybean meal and rapeseed meal was 657 yuan/ton, an increase of 1,294 yuan/ton from last week; the ratio of soybean meal to rapeseed meal was 1.24, an increase of 0.03 from last week. The ratio of soybean oil to soybean meal was 2.83, unchanged from last week. [133][136][140][143] - **Transaction Situation**: As of March 13, the total transaction volume of soybean meal was 828,100 tons, an increase of 391,000 tons from last week; the total transaction volume of soybean oil was 234,200 tons, an increase of 159,300 tons from last week. [148] - **Downstream Situation**: As of March 19, the price of live pigs (external ternary) in Beijing was 10.12 yuan/kg, unchanged from last week; the price of piglets was 23.34 yuan/kg, a decrease of 1.3 yuan/kg from last week. As of February 11, the pig - raising profit was - 134.06 yuan/head, a decrease of 34.74 yuan/head from last week; as of March 20, the poultry - raising profit was - 0.32 yuan/head, an increase of 0.01 yuan/head from last week. As of December 2025, the monthly output of feed was 30.086 million tons, a month - on - month increase of 1.03% and a year - on - year increase of 5.8%. In February, the inventory of breeding sows in 123 large - scale farms was 5.0204 million heads, a slight month - on - month decrease of 0.01% and a year - on - year decrease of 0.48%; the inventory of commercial pigs was 37.3205 million heads, a month - on - month increase of 1.79% and a year - on - year increase of 5.57%. [152][157][160][165] 3.5 Options Market - No specific analysis content is provided, only a chart of the historical volatility of at - the - money options of the soybean meal contract is shown. [166]

Report Industry Investment Ratings - No information provided in the reports. Core Views Oils and Fats - Malaysian palm oil futures are expected to seek support at 4,500 ringgit, and domestic palm oil may decline to 9,500 yuan. US biodiesel policy is awaited, and domestic soybean oil may oscillate above 8,500 yuan. Vegetable oil market has positive factors, and rapeseed oil needs to watch for capital movements. [1] Cotton - ICE cotton futures are under pressure from a stronger dollar. US cotton is expected to maintain a volatile and upward trend. Domestic cotton has a bearish factor realized, and short - term prices will remain high and volatile. [2] Sugar - ICE raw sugar futures reached a seven - week high. Global sugar supply surplus is expected to narrow. Domestic sugar prices are supported but limited by weak sales data and increased imports, and will maintain high - level volatility. [4] Red Dates - In the off - season, the inventory reduction pressure is large. Red date futures prices are expected to oscillate and bottom out. [5][9] Apples - The apple spot market shows structural differentiation. Cold - storage inventory is at a historical low, supporting the futures price. Attention should be paid to Qingming replenishment, ordinary fruit de - stocking, and weather changes. [13][17] Corn - Corn prices in the Northeast are stable, and those in North China are steady. Demand from ports and deep - processing enterprises is recovering, but feed enterprises' demand is weak. Corn prices will remain high and volatile. [20][22] Meal - The US soybean market is回调, but the decline is limited. Domestic soybean meal is expected to maintain high - level volatility, waiting for the planting intention report. [24] Pigs - Slaughter volume is increasing, but the supply is large. The market is waiting for a lower entry point. Futures and spot prices are expected to continue to bottom out. [27] Eggs - Egg supply may decline slightly, and demand is average. Egg prices will maintain a low - level volatile pattern. [29] Summary by Industry Oils and Fats - **Price Changes**: On March 18, compared with March 17, soybean oil spot price decreased by 0.23%, futures price decreased by 1.20%, and basis increased by 40.78%. Palm oil spot price decreased by 1.62%, futures price decreased by 2.63%, and basis increased by 134.21%. Rapeseed oil spot price decreased by 0.60%, futures price decreased by 0.54%, and basis decreased by 2.02%. [1] Cotton - **Futures Market**: Cotton 2605 decreased by 1.74%, and 2609 decreased by 1.61%. The 5 - 9 spread decreased by 26.67%. The main contract's open interest decreased by 7.98%. [2] - **Spot Market**: Xinjiang arrival price and CC Index 3128B increased, while FC Index M 1% increased significantly. The basis of 3128B - 05 and 3128B - 09 increased. [2] - **Industry Situation**: Commercial inventory decreased by 100%, industrial inventory increased by 14.5%, and imports increased by 49.5%. [2] Sugar - **Futures Market**: Sugar 2605 decreased by 1.17%, and 2609 decreased by 1.21%. The 5 - 9 spread increased by 10.00%. The main contract's open interest decreased by 7.00%. [4] - **Spot Market**: Nanning and Kunming spot prices decreased, and the basis increased. Imported sugar prices increased. [4] - **Industry Situation**: National sugar production decreased by 4.69%, sales decreased by 27.39%, and industrial inventory increased by 17.03%. [4] Red Dates - **Futures Market**: Red date 2605 decreased by 2.55%, 2607 decreased by 2.61%, and 2609 decreased by 2.50%. The 5 - 7 spread increased by 5.41%, and the 5 - 9 spread increased by 1.33%. The open interest decreased by 6.05%. [5] - **Spot Market**: Cangzhou spot prices remained stable, and the basis increased. [5] Apples - **Futures Market**: Apple 2605 increased by 0.03%, and 2610 increased by 0.24%. The 5 - 10 spread decreased by 1.33%. The open interest increased by 1.59%. [13] - **Spot Market**: The basis decreased by 6.35%. [13] - **Industry Situation**: National cold - storage inventory decreased by 5.27%. [13] Corn - **Corn**: The 2605 price decreased by 0.17%, the basis increased by 16.67%, and the 5 - 9 spread remained unchanged. The north - south trade profit decreased by 34.48%. [20] - **Corn Starch**: The 2605 price decreased by 0.33%, the basis increased by 386.00%, and the 5 - 9 spread remained unchanged. [20] Meal - **Soybean Meal**: The spot price increased by 0.30%, the futures price decreased by 1.11%, and the basis increased by 17.60%. The import crushing profit decreased by 23.3%. [24] - **Rapeseed Meal**: The spot price decreased by 0.75%, the futures price decreased by 1.69%, and the basis increased by 11.28%. The import crushing profit decreased by 75.34%. [24] Pigs - **Futures Market**: The main contract basis increased by 706.25%, the 2605 price decreased by 2.06%, and the 3 - 5 spread decreased by 76.70%. The open interest increased by 1.13%. [27] - **Spot Market**: Spot prices in various regions decreased slightly. [27] - **Industry Situation**: Slaughter volume increased by 0.80%, the white - striped pork price decreased by 3.01%, and the self - breeding profit decreased by 18.98%. [27] Eggs - **Futures Market**: The 04 contract increased by 0.65%, and the 05 contract increased by 0.53%. The 4 - 5 spread increased by 2.34%. [29] - **Spot Market**: The egg - producing area price increased by 1.80%, the egg - chick price remained unchanged, and the culled - hen price increased by 5.26%. [29] - **Industry Situation**: The egg - to - feed ratio decreased by 9.00%, and the breeding profit decreased by 249.92%. [29]

Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Oils and Fats - Malaysian palm oil futures are expected to seek support at 4,500 ringgit, and domestic palm oil may decline to 9,500 yuan. US biodiesel policy is awaited, and domestic soybean oil may fluctuate slightly above 8,500 yuan. Vegetable oil market has positive factors, and rapeseed oil needs to watch for capital flow and spot market conditions [1]. Cotton - ICE cotton futures are affected by the strong US dollar. US cotton is expected to be volatile and strong. In China, the issuance of processing trade quotas has been implemented, and cotton prices are expected to be highly volatile in the short term [2]. Sugar - ICE raw sugar futures have reached a seven - week high. The global sugar supply surplus in the 26/27 season is expected to narrow. In China, sugar prices are supported by policies but limited by weak sales data and increased imports, and are expected to be highly volatile [4]. Red Dates - In the off - season, the inventory pressure is high, and the red date futures price is expected to bottom out in a volatile manner [5][9]. Apples - The apple spot market is structurally differentiated. The cold - storage inventory is at a low level, which supports the futures price. Attention should be paid to holiday replenishment, ordinary fruit de - stocking, and weather changes [13][17]. Corn and Corn Starch - Corn prices in the Northeast are stable, and those in North China are stable. The demand side has mixed performance, and corn prices are expected to be high and volatile. Corn starch prices are affected by corn prices [20][22]. Meal - The US soybean market is under pressure but supported by oil prices. Domestic soybean meal is expected to be highly volatile, waiting for the planting intention report [24]. Pigs - The slaughter volume has increased, but the supply is large, and the demand is in the off - season. Futures and spot prices are expected to continue to bottom out, and there may be further declines in the near - month contracts [27]. Eggs - The egg supply may decline slightly, and the demand is average. Egg prices are expected to be low and volatile [29]. Summary by Related Catalogs Oils and Fats - **Price Changes**: On March 18, compared with March 17, soybean oil spot price in Jiangsu decreased by 0.23%, futures price decreased by 1.20%, and the basis increased by 40.78%. Palm oil spot price in Guangdong decreased by 1.62%, futures price decreased by 2.63%, and the basis increased by 134.21%. Rapeseed oil spot price in Jiangsu decreased by 0.60%, futures price decreased by 0.54%, and the basis decreased by 2.02% [1]. - **Market Analysis**: Malaysian palm oil is affected by crude oil, and domestic palm oil is under pressure. US biodiesel policy affects soybean oil, and vegetable oil market positive factors affect rapeseed oil [1]. Cotton - **Price Changes**: On March 19, compared with the previous value, cotton 2605 decreased by 1.74%, cotton 2609 decreased by 1.61%, and the 5 - 9 spread decreased by 26.67%. The main contract's open interest decreased by 7.98% [2]. - **Market Analysis**: ICE cotton is affected by the US dollar, and the issuance of Chinese processing trade quotas has an impact on the market. The off - season demand and high cotton prices affect the market sentiment [2]. Sugar - **Price Changes**: On March 19, compared with the previous value, sugar 2605 decreased by 1.17%, sugar 2609 decreased by 1.21%, and the 5 - 9 spread increased by 10.00%. The main contract's open interest decreased by 7.00% [4]. - **Market Analysis**: ICE raw sugar is affected by oil prices and market speculation. In China, the increase in planting area and rainfall affects production, and sales data and imports affect prices [4]. Red Dates - **Price Changes**: On March 19, compared with the previous value, red date 2605 decreased by 2.55%, red date 2607 decreased by 2.61%, red date 2609 decreased by 2.50%. The open interest decreased by 6.05% [5]. - **Market Analysis**: In the off - season, the inventory pressure is high, and the market sentiment is weak [5][9]. Apples - **Price Changes**: On March 19, compared with the previous value, apple 2605 increased by 0.03%, apple 2610 increased by 0.24%, and the 5 - 10 spread decreased by 1.33%. The open interest increased by 1.59% [13]. - **Market Analysis**: The spot market is structurally differentiated, and the cold - storage inventory is at a low level, which supports the futures price [13][17]. Corn and Corn Starch - **Price Changes**: On March 19, compared with the previous value, corn 2605 decreased by 0.17%, the basis increased by 16.67%, and the 5 - 9 spread remained unchanged. Corn starch 2605 decreased by 0.33%, and the basis increased by 386.00% [20]. - **Market Analysis**: Corn prices in the Northeast and North China are stable, and the demand side has mixed performance. Corn starch prices are affected by corn prices [20][22]. Meal - **Price Changes**: On March 19, compared with the previous value, soybean meal spot price in Jiangsu increased by 0.30%, futures price decreased by 1.11%, and the basis increased by 17.60%. Rapeseed meal spot price in Jiangsu decreased by 0.75%, futures price decreased by 1.69%, and the basis increased by 11.28% [24]. - **Market Analysis**: The US soybean market is under pressure but supported by oil prices. Domestic soybean meal is affected by cost and supply concerns [24]. Pigs - **Price Changes**: On March 19, compared with the previous value, the main contract's basis increased by 706.25%, pig 2605 decreased by 2.06%, pig 2603 decreased by 6.04%, and the 3 - 5 spread decreased by 76.70%. The main contract's open interest increased by 1.13% [27]. - **Market Analysis**: The slaughter volume has increased, but the supply is large, and the demand is in the off - season. The market is concerned about secondary fattening and frozen product storage [27]. Eggs - **Price Changes**: On March 19, compared with the previous value, egg 04 increased by 0.65%, egg 05 increased by 0.53%, and the 4 - 5 spread increased by 2.34%. The egg - feed ratio decreased by 9.00%, and the breeding profit decreased by 249.92% [29]. - **Market Analysis**: The egg supply may decline slightly, and the demand is average. The market is waiting for the Qingming Festival to boost prices [29].