1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - In the second quarter, Southeast Asian palm oil enters the seasonal production - increasing cycle, and domestic oil mills'开机率 rebounds. Supply of palm and rapeseed oil will increase significantly, while demand is in the off - season, with weak downstream demand and lack of restocking motivation. Inventory pressure may re - accumulate, and the market will turn to a loose state. The EPA's new bio - fuel regulations have a certain drag on CBOT soybean oil. Rapeseed oil may test the 10,000 - yuan mark and then weaken again [1]. 2.2 Cotton Industry - USDA export sales are stable, and shipment speed is accelerating. The estimated cotton planting area is lower than expected, and the drought in the main producing areas is intensifying. Domestically, the price difference between domestic and foreign cotton is high, and the "Golden March" peak season is ending. Spinning mills' new orders are decreasing, and yarn de - stocking is slowing down. However, the downstream finished product inventory is low, and the cotton price has strong support. Future key variables include downstream orders, new - year planting area, and weather in producing areas [2]. 2.3 Sugar Industry - Energy cost increase and risk perception boost speculative short - covering in the sugar market, supporting raw sugar prices. Thailand plans to use 150,000 tons of raw sugar for ethanol production. Brazil has flexibility in adjusting sugar production and ethanol production. Before geopolitical tensions ease, raw sugar prices may remain high and volatile. Domestically, sugar production is expected to exceed 1.2 million tons, with strong supply and weak demand. Sugar prices are supported by futures prices and are expected to remain high and volatile [4][5]. 2.4 Jujube Industry - Boosted by macro funds, the futures market rebounds slightly. The jujube market is in the off - season, with weak consumption and obvious inventory pressure. Futures warehouse receipts are registered less year - on - year. Short - term futures prices are expected to remain low and volatile. Attention should be paid to the weather in the main producing areas [6]. 2.5 Apple Industry - The apple spot market shows a differentiated situation, with high - quality goods in short supply and firm prices, while ordinary goods in Shandong have inventory pressure. Downstream Qingming Festival stocking is less than expected, and the shipment speed decreases. The market sentiment weakens due to capital outflow. Short - term futures prices are expected to fluctuate and consolidate. Attention should be paid to the impact of the weather in the main producing areas on far - month contracts [10][14]. 2.6 Corn Industry - In the Northeast, the sale of damp corn continues, and prices decline due to the futures price callback. In North China, the number of trucks arriving at deep - processing enterprises increases, and enterprises lower purchase prices. On the demand side, deep - processing inventory is low but there is purchasing intention, and feed enterprises have rigid demand. Wheat substitution is increasing, and policy wheat auctions suppress corn demand. Short - term corn prices will be under pressure, but limited remaining grain and rigid demand will limit the decline. Attention should be paid to the 2330 - 2350 support level and subsequent policy announcements [19]. 2.7 Meal Industry - U.S. soybeans find support at around 1160 cents but lack upward momentum. Domestic soybean meal has fully priced in concerns about local shutdowns and supply continuity. Sentiment has cooled, and spot trading has declined. Overall inventory is not loose, but there is limited speculation. Waiting for the planting intention report on March 31st, there is a short - term negative expectation of increased soybean planting area, but the risk is limited [23]. 2.8 Pig Industry - The futures market is declining, and the spot market remains weak. There is a large volume of pig slaughter, and the slaughter weight is high. In the off - season of demand, downstream procurement recovers slowly. Slaughter volume has increased slightly, but the terminal market has difficulty in circulation, and slaughterhouses are forced to store in warehouses. The entry of second - fattening and frozen product storage is cautious. The spot market is expected to remain weak in April. The futures market is in a backwardation pattern, and attention should be paid to 5 - 7 or 5 - 9 reverse spread opportunities [24]. 2.9 Egg Industry - Supply is stable as the number of laying hens is high, new - laying hens increase, and molting hens resume laying. Demand is boosted by pre - holiday supermarket promotions, but school procurement may stagnate during the holiday. Egg prices are expected to rise slightly and then fluctuate [26]. 3. Summary According to Relevant Catalogs 3.1 Oils and Fats Industry - **Price Changes**: On March 27, compared with March 26, soybean oil spot prices in Jiangsu rose 40 yuan to 8990 yuan, with a 0.45% increase; palm oil spot prices in Guangdong rose 57 yuan to 9603 yuan, with a 0.59% increase; rapeseed oil spot prices in Jiangsu rose 38 yuan to 10306 yuan, with a 0.37% increase [1]. - **Spread Changes**: The soybean oil 05 - 09 spread remained unchanged at 58; the palm oil 05 - 09 spread increased from 4 to 44, with a 1000% increase; the rapeseed oil 05 - 09 spread decreased from 102 to 97, with a 4.9% decrease [1]. - **Inventory and Supply - Demand Analysis**: In the second quarter, palm oil and rapeseed oil supply will increase, while demand is in the off - season, and inventory pressure may re - accumulate [1]. 3.2 Cotton Industry - **Futures Market**: On March 30, compared with the previous value, cotton 2605 rose 0.36% to 12392 yuan/ton, cotton 2609 rose 0.42% to 15530 yuan/ton, and the 5 - 9 spread decreased 8% to - 135 yuan/ton [2]. - **Spot Market**: Xinjiang 3128B arrival price rose 0.34% to 16653 yuan/ton, CC Index: 3128B rose 0.41% to 16814 yuan/ton, and FC Index: M: 1% rose 2.3% to 13472 yuan/ton [2]. - **Industry Situation**: Commercial inventory decreased 100% to 0, industrial inventory increased 14.5% to 102.4 million tons, and import volume decreased 19% to 16.65 [2]. 3.3 Sugar Industry - **Futures Market**: On March 30, compared with the previous value, sugar 2605 rose 0.02% to 5464 yuan/ton, sugar 2609 rose 0.04% to 5487 yuan/ton, and the 5 - 9 spread decreased 4.55% to - 23 yuan/ton [4]. - **Spot Market**: Domestic sugar prices remained unchanged, and Brazilian imported sugar prices (quota - free) increased 1.24% to 5565 yuan/ton [4]. - **Industry Situation**: National sugar production decreased 4.69% to 926 million tons, and sales decreased 27.39% to 345 million tons [4]. 3.4 Jujube Industry - **Futures Market**: On March 30, compared with the previous value, jujube 2605 rose 0.4% to 8870 yuan/ton, jujube 2607 rose 0.28%, and jujube 2609 rose 0.49% to 9220 yuan/ton [6]. - **Spot Market**: Cangzhou's special - grade, first - grade, and second - grade jujube spot prices remained unchanged [6]. - **Inventory**: As of March 27, the inventory of 36 sample points was 11459 tons, a decrease of 81 tons from the previous week [6]. 3.5 Apple Industry - **Futures Market**: On March 30, compared with the previous value, apple 2605 rose 0.21% to 9967 yuan/ton, apple 2610 rose 0.96% to 8767 yuan/ton, and the 5 - 10 spread decreased 4.91% to 1262 yuan/ton [10]. - **Spot Market**: The apple spot market shows a differentiated situation, with high - quality goods in short supply and firm prices, while ordinary goods in Shandong have inventory pressure [14]. - **Inventory**: As of March 26, the national cold - storage inventory was 441.79 million tons, a decrease of 26.62 million tons from the previous value [14]. 3.6 Corn Industry - **Futures Market**: On March 30, compared with the previous value, corn 2605 decreased 0.29% to 2369 yuan/ton, and the 5 - 9 spread decreased 3.45% to - 30 yuan/ton [19]. - **Spot Market**: Jinzhou Port's flat - hatch price decreased 0.42% to 2380 yuan/ton, and Shekou Port's market price decreased 0.4% to 2490 yuan/ton [19]. - **Industry Situation**: In the Northeast, corn prices decline, in North China, deep - processing enterprises lower purchase prices. Demand is affected by wheat substitution and policy wheat auctions [19]. 3.7 Meal Industry - **Futures Market**: On March 30, compared with the previous value, soybean meal 2605 decreased 0.51% to 2937 yuan/ton, rapeseed meal 2605 decreased 1.24% to 2315 yuan/ton [23]. - **Spot Market**: Jiangsu soybean meal spot price decreased 1.22% to 3240 yuan/ton, and Jiangsu rapeseed meal spot price decreased 1.17% to 2540 yuan/ton [23]. - **Spread and Profit**: The soybean meal 05 - 09 spread decreased 10.26% to - 86, and the Brazilian 5 - month ship - period crushing profit increased 12.8% to 256 [23]. 3.8 Pig Industry - **Futures Market**: On March 30, compared with the previous value, pig 2605 rose 1.32% to 9965 yuan/ton, pig 2607 decreased 0.62% to 11180 yuan/ton, and the 5 - 7 spread increased 14.13% to - 1215 yuan/ton [24]. - **Spot Market**: Pig prices in different regions showed mixed trends, with an increase in some regions and a decrease in others [24]. - **Industry Situation**: There is a large volume of pig slaughter, high slaughter weight, slow downstream procurement recovery, and cautious entry of second - fattening and frozen product storage [24]. 3.9 Egg Industry - **Futures Market**: On March 30, compared with the previous value, egg 04 decreased 1.43% to 3418 yuan/500KG, egg 05 decreased 0.28% to 3512 yuan/500KG, and the 4 - 5 spread decreased 41.49% to - 133 [26]. - **Spot Market**: Egg - producing area prices rose 3.02% to 3.38 yuan/jin [26]. - **Industry Situation**: Egg supply is stable, and demand is affected by pre - holiday promotions and school holidays [26].