1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Meal**: Be vigilant about the risk of weakening. Overnight soybean meal closed down. This week, focus on the solution to the issue of Brazilian soybean imports, the subsequent trend of crude oil, the US soybean planting area at the end of the month, and the final content of US biodiesel [1][4]. - **Rapeseed Meal**: Follow the trend of soybean meal. After the tariff policy is officially implemented, the market has a clear expectation of the arrival rhythm of imported rapeseed. It is generally expected that Canadian rapeseed will reach a peak of concentrated arrivals starting from April. The expected supply pressure restricts the performance of rapeseed meal, and its trend is weaker than that of soybean meal [1][7]. - **Palm Oil**: Short - term volatility intensifies. Although domestic palm oil followed the decline of crude oil overnight, the export data of Malaysian palm oil in the first 20 days of this month increased month - on - month. With production cuts, there is a large expectation of inventory reduction in March, and the fundamentals are temporarily bullish. However, since the palm oil production in Southeast Asia may enter the recovery stage in April, the market is cautious about being bullish [1][10]. - **Soybean Oil**: Short - term volatility intensifies. Although soybean oil followed the decline of crude oil overnight, the domestic soybean oil inventory is still in the stage of phased inventory reduction in March. Supported by the biodiesel expectation in the US soybean oil market and the poor export of Brazilian soybeans, soybean oil shows high - level volatility. Be cautious about being bullish and chasing long positions [1]. - **Rapeseed Oil**: Short - term volatility intensifies. Overnight rapeseed oil followed the decline of crude oil. The low inventory and low year - on - year import of rapeseed support the price of near - month rapeseed oil to a certain extent [1]. - **Cotton**: It is in a state of shock adjustment. The US cotton is expected to run strongly in the short term. In China, the basis of cotton spot is still high, and the downstream order and startup situation are good, which support the bottom of cotton prices. After the recent adjustment stabilizes, continue to pay attention to the opportunity of buying at low prices [1][14]. - **Red Dates**: It runs under pressure. The trading sentiment in the Zhengzhou red date market has strengthened under the influence of the external market, and the inflow of funds has increased. However, due to the loose supply - demand pattern in the off - season, the inventory reduction progress is slow, and rising temperatures will further curb jujube consumption. Be vigilant about the valuation retracement when the sentiment cools down [1][16]. - **Live Pigs**: It runs weakly. The loss of fattening pigs has intensified recently, and piglets are also facing the pressure of losses. Although the slow de - stocking of sows may accelerate, the high supply base of live pigs this year remains unchanged. The demand is in the traditional off - season, and the slaughter volume support is limited. The futures market is still under pressure in the short term. Pay attention to the short - term second - fattening sentiment and the de - stocking intensity of large farms [1][19]. 3. Summary According to Relevant Catalogs 3.1 Soybean Meal - **Price Data**: The futures price of the main contract of soybean meal closed at 3007 yuan/ton, down 22 yuan or 0.73% from the previous day. The national average spot price was 3389.71 yuan/ton, down 15.72 yuan or 0.46% [2]. - **Inventory Data**: As of March 20, 2026, the national port soybean inventory was 5.131 million tons, a decrease of 358,000 tons from last week; the national soybean inventory was 5.1157 million tons, a decrease of 370,400 tons or 6.75% from last week, and an increase of 2.5977 million tons or 103.17% from last year; the soybean meal inventory was 670,500 tons, an increase of 43,200 tons or 6.89% from last week, and a decrease of 78,700 tons or 10.50% from last year [3]. 3.2 Rapeseed Meal - **Price Data**: The futures price of the main contract of rapeseed meal closed at 2399 yuan/ton, down 24 yuan or 0.99% from the previous day. The national average spot price was 2663.16 yuan/ton, down 30 yuan or 1.11% [5]. - **Inventory Data**: As of March 20, the coastal area's main oil - mill rapeseed inventory was 128,000 tons, a decrease of 23,000 tons from last week; the rapeseed meal inventory was 24,000 tons, an increase of 4000 tons from last week; the unexecuted contract was 70,000 tons, a decrease of 6000 tons from last week [7]. 3.3 Palm Oil - **Price Data**: The futures price of the main contract of palm oil closed at 9942 yuan/ton, up 224 yuan or 2.31% from the previous day. The national average price was 9918 yuan/ton, up 170 yuan or 1.74% [8]. - **Inventory Data**: As of March 20, 2026, the national key - area palm oil commercial inventory was 808,200 tons, a decrease of 33,800 tons or 4.01% from last week, and an increase of 419,900 tons or 108.14% from last year [10]. 3.4 Cotton - **Price Data**: The futures price of the main contract CF2605 was 15,280 yuan/ton, up 65 yuan or 0.43% from the previous day. The CCIndex (3218B) spot price was 16,592 yuan/ton, down 57 yuan or 0.34% [11]. - **Supply and Demand Data**: In Brazil, the estimated cotton output in the fiscal year 2025/26 is 3.7951 million tons, a year - on - year decrease of 6.9%. In Pakistan, the export volume of cotton yarn in February 2026 was about 30,900 tons, a month - on - month increase of 1.5% and a year - on - year increase of 57%. In China, the import of cotton from January to February was 370,000 tons, a year - on - year increase of 41.0%; the import of cotton yarn was about 290,000 tons, a year - on - year increase of 80,000 tons or 40.2%. The downstream "Golden March and Silver April" order demand is good, and the startup performance has continued to strengthen this week [12][13]. 3.5 Red Dates - **Price Data**: The futures price of the main contract CJ2605 was 8840 yuan/ton, up 15 yuan or 0.17% from the previous day. The spot price of Kashgar general - grade red dates was 6 yuan/kg, unchanged from the previous day [15]. - **Inventory Data**: According to Mysteel's agricultural product research data, the physical inventory of 36 sample points this week was 11,700 tons, a decrease of 160 tons from last week, and 612 tons higher than the same period [16]. 3.6 Live Pigs - **Price Data**: The futures price of the main contract Ih2605 was 9980 yuan/ton, down 240 yuan or - 2.35% from the previous day. The national average slaughter price of live pigs was 9690 yuan/ton, down 180 yuan or - 1.82% [17]. - **Supply and Demand Data**: As of the 20th of this month, the daily slaughter volume remained at a high level but showed a marginal slowdown, and the slaughter weight increased compared with last week. The terminal consumption has entered the off - season, and the downstream market's trading activity is insufficient. The slaughter enterprises mainly purchase on - demand due to their own losses [18].