1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Short - term Bullish and Volatile**: Soybean meal, rapeseed meal, palm oil, soybean oil, and rapeseed oil are expected to have short - term bullish and volatile trends. For example, soybean meal is affected by crude oil and US biodiesel policies; rapeseed meal is influenced by low inventory and soybean meal trends; palm oil follows crude oil price increases; soybean oil benefits from international positive factors; and rapeseed oil is supported by international crude oil and ICE rapeseed futures [1][4][7][9]. - **Bullish and Volatile with Large Fluctuations**: Cotton is expected to have a bullish and volatile trend with large fluctuations. Internationally, the US cotton is affected by the US - Iran conflict but may strengthen due to production expectations and export performance. Domestically, it faces short - term callback pressure but is expected to strengthen later due to production reduction expectations and demand [1][11][12][13]. - **Under Pressure**: Red dates are under pressure. Although the trading sentiment in the Zhengzhou red date market is strengthened by external factors, the off - season supply - demand pattern restricts price increases [1][16]. - **Beware of Rebounds**: Live pigs' short - term prices are under pressure. The supply side has a large inventory and slow de - stocking, while the demand side is in the off - season. However, long - term contracts may have opportunities if they decline significantly, and attention should be paid to the impact of production reduction rumors on long - term sentiment [1][18][19]. 3. Summary by Variety Soybean Meal - **Price Changes**: The futures price of the main contract rose from 3054 yuan/ton to 3128 yuan/ton, a 2.42% increase; the national average spot price rose from 3401.14 yuan/ton to 3438.86 yuan/ton, a 1.11% increase [3]. - **Market News**: As of the week ending March 5, 2025/2026 US soybean exports and exports to China had different changes. Market rumors suggest that the US EPA will set the 2026 biomass diesel blending obligation (RVO) at 5.4 billion gallons, much higher than the 2025 mandatory blending volume of 3.35 billion gallons [4]. - **Outlook**: Short - term bullish and volatile. Pay attention to the US - Iran situation, the implementation of US biodiesel policies, and the outlook for US soybean planting areas. Be cautious when chasing long positions and manage positions and risks well [1][4]. Rapeseed Meal - **Price Changes**: The futures price of the main contract rose from 2492 yuan/ton to 2591 yuan/ton, a 3.97% increase; the national average spot price rose from 2702.63 yuan/ton to 2832.63 yuan/ton, a 4.81% increase [5]. - **Market News**: As of the week ending March 8, Canadian rapeseed exports decreased by 44.1% to 113,500 tons, and the cumulative exports from August 1, 2025, to March 8, 2026, decreased by 27.5% year - on - year. The commercial inventory was 1.4705 million tons. Domestic rapeseed will arrive in March and later, but the quantity is lower than last year [7]. - **Outlook**: Short - term bullish and volatile. Pay attention to domestic rapeseed meal inventory accumulation, crude oil trends, and soybean meal trends [1][7]. Palm Oil - **Price Changes**: The futures price of the main contract rose from 9684 yuan/ton to 9768 yuan/ton, a 0.87% increase; the national average price rose from 9753 yuan/ton to 9803 yuan/ton, a 0.51% increase [8]. - **Market News**: In 2025, Indonesia's crude palm oil production increased by 7.3% year - on - year to 51.66 million tons, and the inventory at the end of the year decreased by 25% month - on - month. In February 2026, India's palm oil imports increased by about 11% [9]. - **Outlook**: Short - term bullish, treat it as a short - term event - driven market. Pay attention to Indonesia's B50 policy, crude oil trends, and the subsequent export performance of Malaysian palm oil with high inventory [1][9]. Cotton - **Price Changes**: The main contract CF2605 decreased from 15545 yuan/ton to 15415 yuan/ton, a 0.84% decrease; the US cotton main contract rose from 65.14 cents/pound to 65.85 cents/pound, a 1.09% increase. The spot CCIndex (3218B) rose from 16848 yuan/ton to 16877 yuan/ton, a 0.17% increase [10]. - **Market News**: In the USDA's March supply - demand balance sheet, global cotton production increased by 246,000 tons, consumption decreased by 139,000 tons, and the inventory - to - consumption ratio increased by 1.15%. In China, production and consumption increased, and the monthly inventory - to - consumption ratio decreased by 1.18% [11]. - **Outlook**: The US cotton is expected to be bullish and volatile with large fluctuations in the short term. The domestic market faces short - term callback pressure but is expected to strengthen later. Pay attention to the implementation of the target price subsidy policy and import and export situations [1][11][12][13]. Red Dates - **Price Changes**: The futures price of the main contract CJ2605 rose from 9080 yuan/ton to 9095 yuan/ton, a 0.17% increase. The spot prices of various regions remained stable [14]. - **Market News**: The downstream market has started trading, and the overall spot price is stable. The inventory of 36 sample points decreased by 117 tons this week but was 805 tons higher than the same period last year. The demand is weak due to rising temperatures [16]. - **Outlook**: Under pressure. Be cautious about the rebound height and watch out for valuation retracement when the sentiment cools down [1][16]. Live Pigs - **Price Changes**: The futures price of the main contract LH2605 rose from 11130 yuan/ton to 11150 yuan/ton, a 0.18% increase; the national average slaughter price rose from 10040 yuan/ton to 10070 yuan/ton, a 0.30% increase [17]. - **Market News**: As of March 10, the overall completion of the planned slaughter of key provincial breeding enterprises was 33.00%. The number of piglets born in February increased by 43,000 to 5.7804 million. The inventory of breeding sows decreased slightly. The terminal consumption is in the off - season, and the slaughter volume and demand are limited [18]. - **Outlook**: The short - term price is under pressure. Pay attention to short - term secondary fattening entry. The long - term contract may have opportunities for phased long - position allocation if it declines significantly. Also, focus on the impact of production reduction rumors on long - term sentiment [1][18][19].