1. Report Industry Investment Ratings - Not provided in the documents 2. Core Views of the Report - **Short - term decline**: For soybean meal, it's expected to decline in the short - term due to factors like the sharp drop in crude oil, inventory accumulation of soybean meal, and potential relaxation of Brazil's soybean weed standards [1]. - **Short - term decline**: Rapeseed meal is also likely to decline in the short - term as it follows the trend of soybean meal and is under pressure from the expected increase in Canadian rapeseed arrivals in April [1][7]. - **Short - term volatile**: Palm oil, soybean oil, and rapeseed oil are expected to be volatile in the short - term. Palm oil has a bullish fundamental outlook in March but faces uncertainties in April. Soybean oil is in a high - level volatile state due to factors like inventory and export issues. Rapeseed oil is supported by low inventory and low import of rapeseed [1]. - **Volatile adjustment**: Cotton is expected to have a volatile adjustment. US cotton may run strongly in the short - term, while domestic cotton has support at the bottom but faces challenges in de - stocking [1][15]. - **Under pressure**: Chinese jujube is under pressure as it is in a slack season with a loose supply - demand pattern and high temperature may further suppress consumption [1][17]. - **Weak operation**: Pig is expected to operate weakly. The current supply is high, and the demand is in the off - season. The market is waiting for further de - stocking through losses [1][20]. 3. Summary by Variety Soybean Meal - **Price data**: The futures price of the main contract dropped from 3007 yuan/ton to 2961 yuan/ton, a decrease of 1.53%. The national average spot price dropped from 3389.71 yuan/ton to 3377.14 yuan/ton, a decrease of 0.37% [2]. - **Market situation**: It declined yesterday. The adjustment space is limited due to cost increases from rising crude oil and the unresolved Brazilian soybean import issue. Key factors to watch include the future trend of crude oil, the US soybean planting area at the end of the month, and the final content of US biodiesel policies [1][4]. Rapeseed Meal - **Price data**: The futures price of the main contract dropped from 2399 yuan/ton to 2365 yuan/ton, a decrease of 1.42%. The national average spot price dropped from 2663.16 yuan/ton to 2623.16 yuan/ton, a decrease of 1.50% [5]. - **Market situation**: It followed soybean meal and declined. The expected increase in Canadian rapeseed arrivals in April will bring supply pressure. It is advisable to wait and see before going long. Key factors to watch include domestic rapeseed meal inventory, crude oil trend, and soybean meal guidance [1][7]. Palm Oil - **Price data**: The futures price of the main contract increased from 9718 yuan/ton to 9942 yuan/ton, an increase of 2.31%. The national average price dropped from 9918 yuan/ton to 9708 yuan/ton, a decrease of 2.12% [8]. - **Market situation**: It followed the drop in crude oil. However, the export data of Malaysian palm oil in the first 20 days of this month increased month - on - month. There is a large expectation of inventory reduction in March, but the market is cautious about going long due to the possible production recovery in Southeast Asia in April. Key factors to watch include the crude oil trend and the Indonesian B50 policy [1][11]. Cotton - **Price data**: The futures price of the main contract CF2605 dropped from 15280 yuan/ton to 15215 yuan/ton, a decrease of 0.43%. The spot price of CCIndex (3218B) increased from 16592 yuan/ton to 16732 yuan/ton, an increase of 0.84% [12]. - **Market situation**: US cotton may run strongly in the short - term due to factors like supply - demand and planting reports. Domestic cotton has support at the bottom due to high basis and good downstream orders. However, the de - stocking progress is affected by external supply and quota impacts. After the recent adjustment stabilizes, it is advisable to look for opportunities to enter the market at low prices. Key factors to watch include geopolitical disturbances, Sino - US consultations, and macro - risk premiums [1][15]. Chinese Jujube - **Price data**: The futures price of the main contract CJ2605 increased from 8860 yuan/ton to 8925 yuan/ton, an increase of 0.73% [16]. - **Market situation**: The trading sentiment of Zhengzhou jujube futures has been strengthened by external factors. However, it is in a slack season with a loose supply - demand pattern, and high temperature will further suppress jujube consumption. It is necessary to be cautious about the rebound height and beware of valuation retracement [1][17]. Pig - **Price data**: The futures price of the main contract Ih2605 increased from 9980 yuan/ton to 10045 yuan/ton, an increase of 0.65%. The national average slaughter price dropped from 9690 yuan/ton to 9600 yuan/ton, a decrease of 0.93% [18]. - **Market situation**: The supply is high, and the demand is in the off - season. The loss of fat pigs has increased recently, and piglets are also facing loss pressure. The market is waiting for further de - stocking through losses. The short - term market is under pressure. Near - month contracts are likely to be under pressure, while the far - month 01 contract may have bottom - entry opportunities or phased reverse - spread configurations [1][20].

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].

Report Industry Investment Ratings No information provided. Core Viewpoints Oils and Fats - Soybean oil may still have potential upside due to the US biodiesel policy, and Dalian soybean oil may continue to rise after breaking through 8,400 [1]. - Palm oil may face downward pressure as the MPOB report is released and concerns about production growth in March increase [1]. - Rapeseed oil futures may be supported by the escalation of the war between the US, Israel, and Iran, and the expected decline in Malaysian palm oil inventories [1]. Cotton - US cotton is expected to remain in a low - level consolidation pattern, and domestic cotton prices may maintain a high - level consolidation in the short term, with strong long - term demand from spinning mills [2]. Sugar - The international sugar price is supported by factors such as the expected reduction in India's production and the decrease in Brazil's sugar - making ratio. Domestic sugar prices are supported by policy expectations and the overall strength of commodities, but the weak sales data in February and the significant increase in inventory may limit the upside [3]. Red Dates - The red date market in the 25/26 production season still has an oversupply situation, with slow inventory reduction. The cost of warehouse receipts supports the futures price [4]. Apples - The apple futures price has fallen from its high due to the cooling market sentiment. The spot market shows a "west - strong, east - weak" pattern, and the low inventory in cold storage supports the futures price [6]. Corn - In the short term, the increase in corn sales and the substitution of wheat may put pressure on corn prices, but the low inventory of downstream enterprises and the need for replenishment will support prices, and the market will remain in a high - level consolidation [9]. Meal - The US soybean price is supported by factors such as the US - Iran conflict, biodiesel expectations, and China's procurement expectations. The domestic meal basis has strengthened, and the futures price is expected to remain in a high - level consolidation [11]. Pigs - The large - scale slaughter of large pigs, the weak demand in the off - season, and the low enthusiasm for secondary fattening may lead to the futures and spot prices continuing to bottom out [14]. Eggs - In the short term, the supply of eggs may decline slightly, and the demand may improve slightly with the approach of the Tomb - Sweeping Festival. The egg price is expected to remain in a low - level consolidation [16]. Summary by Directory Oils and Fats - **Price Changes**: On March 13, the spot price of soybean oil in Jiangsu increased by 0.45% to 8,990, the futures price of Y2605 increased by 0.67% to 8,690, and the basis of Y2605 decreased by 5.66% [1]. - **Supply and Demand Factors**: The US soybean oil futures were supported by rising crude oil prices and optimistic biofuel demand. The palm oil was affected by weak exports and potential production growth in March. Rapeseed oil was affected by the war in the Middle East and the expected decline in Malaysian palm oil inventories [1]. Cotton - **Price Changes**: On March 16, the futures price of cotton 2605 decreased by 0.64% to 15,415, and the price of Xinjiang 3128B cotton at the factory increased by 0.19% to 16,704 [2]. - **Supply and Demand Factors**: The USDA balance sheet adjusted global production and consumption. The domestic market was affected by the issuance of sliding - scale tax quotas, and spinning mills' demand for cotton was strong in the long term [2]. Sugar - **Price Changes**: On March 16, the futures price of sugar 2605 increased by 0.57% to 5,447, and the spot price in Nanning increased by 0.37% to 5,490 [3]. - **Supply and Demand Factors**: The expected reduction in India's production and the decrease in Brazil's sugar - making ratio supported the international sugar price. The domestic sugar market was affected by policy expectations and weak sales data in February [3]. Red Dates - **Price Changes**: On March 16, the futures price of red dates 2605 increased by 0.17% to 9,095, and the spot price of Cangzhou's special - grade red dates remained unchanged at 9,210 [4]. - **Supply and Demand Factors**: The red date market in the 25/26 production season had an oversupply situation, with slow inventory reduction [4]. Apples - **Price Changes**: On March 16, the futures price of apple 2605 increased by 0.14% to 9,998, and the basis decreased by 6.35% to - 1,525 [6]. - **Supply and Demand Factors**: The apple spot market showed a "west - strong, east - weak" pattern, and the inventory in cold storage decreased, which supported the futures price [6]. Corn - **Price Changes**: On March 16, the basis of corn increased by 41.67% to 34, and the price of corn 2605 at Jinzhou Port decreased by 0.42% to 2,386 [9]. - **Supply and Demand Factors**: The supply of corn in the Northeast increased, and the demand from deep - processing enterprises and feed enterprises was affected by wheat substitution. Policy factors also had an impact on the market [9]. Meal - **Price Changes**: On March 16, the spot price of soybean meal in Jiangsu increased by 2.44% to 3,360, and the futures price of M2605 increased by 2.42% to 3,128 [11]. - **Supply and Demand Factors**: The US soybean price was supported by multiple factors, and the domestic meal basis strengthened. The market was also affected by factors such as oil mill shutdowns and import costs [11]. Pigs - **Price Changes**: On March 16, the futures price of live pigs 2605 increased by 0.18% to 11,150, and the spot price in Henan increased by 1% to 10,150 [14]. - **Supply and Demand Factors**: The large - scale slaughter of large pigs, weak demand in the off - season, and low enthusiasm for secondary fattening affected the market [14]. Eggs - **Price Changes**: On March 16, the futures price of egg 04 increased by 0.12% to 3,275, and the spot price of eggs in the producing area decreased by 0.58% to 3.10 [16]. - **Supply and Demand Factors**: The supply of eggs may decline slightly due to factors such as molting and high prices of culled chickens. The demand may improve slightly with the approach of the Tomb - Sweeping Festival [16].

Report Industry Investment Ratings There is no information about industry investment ratings in the provided reports. Core Views of the Report - **Soybean Meal**: Bullish and volatile. The news that the US government plans to re - allocate at least 50% of the exempted biofuel blending obligations to large refineries boosts the market, but the general US soybean export data suppresses the performance of US soybeans. Domestic soybean meal was consolidating at a high level. Attention should be paid to the yield and quality of South American soybeans [2][4]. - **Rapeseed Meal**: Short - term volatile. The adjustment of anti - discrimination measures against Canada and low inventory supply and poor import profit of Canadian rapeseed limit the continuous decline of rapeseed meal. In the off - season of consumption, it is expected to follow the trend of soybean meal, and bullish views should be treated with caution [2][7]. - **Palm Oil**: Consolidating. The weak export data of Malaysian palm oil this month, but the news of US biofuel policy stimulates the sharp rise of overseas oil prices, which boosts the domestic palm oil. However, from the current fundamental data of palm oil, bullish views need to be treated with caution. Attention should be paid to the final export and production data of Malaysian palm oil at the end of the month [2][10]. - **Soybean Oil**: Consolidating. The US government's plan to re - allocate biofuel blending obligations increases the US biofuel blending volume, making US soybean oil rise continuously. Domestic soybean oil rose slightly. Under the stimulation of US biofuel policy, it is treated as a bullish and volatile market. Attention should be paid to the final content of US biofuel policy and rainfall in Argentina [2]. - **Rapeseed Oil**: Range - bound. The adjustment of anti - discrimination measures against Canada is beneficial to improving the supply expectation of rapeseed oil. But the US biofuel stimulates the international oil price to rise. Rapeseed oil rose slightly on Friday. Considering the current traditional off - season of domestic consumption and the expectation of improved supply, bullish and chasing positions should be treated with caution, and the short - term trend is treated as a range - bound market [2]. - **Cotton**: Bullish and volatile. Overseas, due to the expected reduction of global cotton production in 2026/27 by USDA, the rebound of crude oil and the record - high US cotton export sales, US cotton rebounded significantly from a low level. Although Trump's tariffs briefly suppressed US cotton, the market's estimate of the negative impact is significantly lower than before. Domestically, due to the preliminary production reduction expectation of China's new year by USDA, after the festival, it exceeded expectations under the rebound of overseas cotton and the consumption expectation of "Golden March and Silver April". In the short term, there is a need to be vigilant about the callback risk, and pay attention to the support of the gap. The long - term bullish view is maintained [2][14]. - **Red Dates**: Under pressure. The overall trading sentiment in the market is cautious, and the trading volume is significantly weak. After the Spring Festival, when the supply - demand pattern turns loose, the short - term disk is expected to be suppressed by high inventory. Considering the low valuation, attention should be paid to the support at the previous low. In the future, depending on the inventory reduction situation from March to April, attention should be paid to whether there are phased repair opportunities [2][16]. - **Live Pigs**: Bearish and volatile. The supply - demand of the live pig market returns to normal, and the spot market is expected to continue the weak pattern. On the supply side, due to the slow reduction of breeding sows, the supply base of live pigs remains high. Coupled with the traditional off - season of market consumption after the Spring Festival, the slaughter end is expected to face obvious price pressure. The near - month contracts may still enter the delivery month at a discount, and the disk is expected to remain under pressure. The medium - and long - term contracts are restricted by the reduction of breeding sows, and the industry has not experienced continuous deep losses recently, so they are still short of upward momentum. However, considering the actual reduction of the supply side, if the far - month contracts are significantly pulled back by the spot, phased long positions can be considered [2][19]. Summary According to Relevant Catalogs Soybean Meal - **Price Information**: The closing price of the main soybean meal futures contract is 2833 yuan/ton, down 1 yuan or 0.04% from the previous day. The national average spot price is 3177.14 yuan/ton, down 13.43 yuan or 0.42% [3]. - **Supply and Demand Factors**: The US government's plan to re - allocate biofuel blending obligations boosts the market, but the general US soybean export data suppresses the performance. Attention should be paid to the yield and quality of South American soybeans [2][4]. Rapeseed Meal - **Price Information**: The closing price of the main rapeseed meal futures contract is 2287 yuan/ton, down 9 yuan or 0.39% from the previous day. The national average spot price is 2547.37 yuan/ton, down 23.16 yuan or 0.90% [5]. - **Supply and Demand Factors**: The adjustment of anti - discrimination measures against Canada is beneficial to supply. Low inventory and poor import profit limit the decline, but it is in the off - season of consumption and is expected to follow soybean meal [2][7]. Palm Oil - **Price Information**: The closing price of the main palm oil futures contract is 8780 yuan/ton, up 66 yuan or 0.76% from the previous day. The national average price is 8730 yuan/ton, down 10 yuan or 0.11% [8]. - **Supply and Demand Factors**: The export data of Malaysian palm oil is weak this month, but the US biofuel policy stimulates the rise of overseas oil prices. Attention should be paid to the final export and production data of Malaysian palm oil at the end of the month [2][10]. Cotton - **Price Information**: The closing price of the main cotton futures contract (CF2605) is 15395 yuan/ton, up 45 yuan or 0.29% from the previous day. The CCIndex (3218B) spot price is 16631 yuan/ton, down 82 yuan or 0.49% [11]. - **Supply and Demand Factors**: Overseas, global cotton production is expected to decrease, and US cotton export sales are at a record high. Domestically, China's new - year production is expected to decrease, and there is consumption expectation after the festival [2][14]. Red Dates - **Price Information**: The closing price of the main red date futures contract (CJ2605) is 8785 yuan/ton, down 150 yuan or 1.68% from the previous day. The spot prices in various places remain stable [15]. - **Supply and Demand Factors**: The market trading sentiment is cautious, the trading volume is weak, and the inventory is high. Attention should be paid to the inventory reduction situation from March to April [2][16]. Live Pigs - **Price Information**: The closing price of the main live pig futures contract (lh2605) is 11485 yuan/ton, up 90 yuan or 0.79% from the previous day. The national average slaughter price is 10840 yuan/ton, up 70 yuan or 0.65% [17]. - **Supply and Demand Factors**: The supply is high due to the slow reduction of breeding sows, and the demand is in the off - season after the Spring Festival. The slaughter end may face price pressure [2][19].

Report Industry Investment Ratings - No investment ratings provided in the report Core Views - **Short - term shock**: Soybean meal and rapeseed meal are expected to have short - term shock trends. For soybean meal, the increase in US soybean planting area implies an increase in global soybean supply, but the optimistic expectation of US biodiesel policy restricts price adjustment. Rapeseed meal is expected to follow the trend of soybean meal due to low inventory and the pending anti - dumping final ruling of Canadian rapeseed [1][4][7]. - **Shock consolidation**: Palm oil and soybean oil are in a state of shock consolidation. Palm oil is under pressure from weak Malaysian export data and high domestic purchases in February, while soybean oil is influenced by the upcoming US biodiesel policy and the current de - stocking state of domestic inventory [1][8][9]. - **Range shock**: Rapeseed oil is expected to have a large - range shock in the short term, affected by post - holiday consumption and Sino - Canadian trade [1]. - **Shock on the strong side**: Cotton is on a shock - on - the - strong - side trend. The expected reduction in global cotton production by USDA and the rebound of US cotton exports contribute to this. However, short - term callback risks should be noted [1][11][13]. - **Under pressure**: Jujube is under pressure due to high inventory and weak post - holiday consumption. Attention should be paid to the support at the previous low and potential mid - term repair opportunities [1][14][15]. - **Shock on the weak side**: The pig market is expected to be on a shock - on - the - weak - side trend. The slow reduction of sow inventory and the post - holiday consumption off - season lead to pressure on the market, but long - term contracts can be considered for phased long positions if there is a significant callback [1][16][18]. Summary by Variety Soybean Meal - **Production and Weather**: Brazil's soybean production is up, but high rainfall slows down the harvest progress and affects quality. Argentina's crops have improved due to rainfall, but future rainfall will still be below normal. The US is expected to increase soybean planting area by 4.4% to 85 million acres in the new season, increasing global supply [1][3][4]. - **Market Situation**: The domestic soybean meal opened steadily. The main contract price has fallen to a historical low. Due to the lack of clear long - short guidance, it is expected to remain in short - term shock. Attention should be paid to Argentina's rainfall and the final US biodiesel policy in early March [1][4]. - **Price Data**: The futures price of the main contract closed at 2,781 yuan/ton, down 0.68% from the previous day. The national average spot price was 3,167.71 yuan/ton, unchanged from the previous day [2]. Rapeseed Meal - **Inventory and Policy**: Low inventory restricts the downward space of rapeseed meal. The final anti - dumping ruling of Canadian rapeseed on March 9 is yet to be announced. In the off - season of consumption, it is expected to follow the trend of soybean meal [1][7]. - **Price Data**: The futures price of the main contract closed at 2,290 yuan/ton, down 0.82% from the previous day. The national average spot price was 2,594.21 yuan/ton, down 0.36% from the previous day [5]. Palm Oil - **Export and Inventory**: Malaysian palm oil export data is weak, and domestic purchases in February are high, which suppresses the domestic market. It is short - term weak. Attention should be paid to the subsequent export and production data of the Malaysian market [1][8][9]. - **Price Data**: The futures price of the main contract closed at 8,824 yuan/ton, up 1.45% from the previous day. The national average price was 8,880 yuan/ton, up 1.72% from the previous day [8]. Cotton - **Global and Domestic Production**: USDA expects a reduction in global cotton production in 2026/27. In China, due to a decline in both planting area and yield, the production in 2026/27 is also expected to decrease. After the holiday, the market has exceeded expectations under the conditions of external cotton rebound and "Golden March and Silver April" consumption expectations [1][11][13]. - **Price Data**: The price of the main contract CF2605 was 15,285 yuan/ton, up 3.70% from the previous day. The CCIndex (3218B) spot price was 16,070 yuan/ton, down 0.11% from the previous day [10]. Jujube - **Supply and Demand**: The spot price is stable, but the inventory is high, and the post - holiday consumption is weak. The market trading sentiment is cautious, and the volume is weak. In the short term, the market is under pressure. Attention should be paid to the support at the previous low and potential mid - term repair opportunities [1][14][15]. - **Price Data**: The price of the main contract CJ2605 was 8,845 yuan/ton, unchanged from the previous day. The price of Kashgar general - grade jujube was 6 yuan/kg, unchanged from the previous day [14]. Pig - **Supply and Demand**: The supply side has a high base of pig supply due to the slow reduction of sow inventory. After the Spring Festival, the market enters the consumption off - season, and the slaughtering end will face price pressure. The short - term and long - term contracts are under pressure, but long - term contracts can be considered for phased long positions if there is a significant callback [1][16][18]. - **Price Data**: The price of the main contract LH2605 was 11,265 yuan/ton, down 2.04% from the previous day. The national average slaughter price was 11,260 yuan/ton, down 3.43% from the previous day [16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the market trends of various agricultural products including soybean oil, rapeseed oil, palm oil, soybeans, soybean meal, rapeseed meal, corn, corn starch, soybeans, live pigs, and eggs, and provides corresponding operation suggestions based on supply - demand fundamentals, policy expectations, and price trends [3][4][5]. - For most products, it is recommended to consider the market situation before and after the Spring Festival, such as waiting for opportunities to go long after the festival for some products, and adopting a wait - and - see or short - term operation strategy before the festival [3][4][5]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Pre - holiday stocking is ending, and the market is expected to improve after the holiday. Domestic soybean supply is sufficient. | 4300 - 4310 | 4550 - 4600 | Oscillate strongly | Lightly go long | | | Soybean No.2 05 | Pre - holiday stocking is over. The US soybean market is expected to improve, driving up the domestic soybean market. | 3400 - 3420 | 3550 - 3580 | Oscillate strongly | Wait and see | | Oils | Soybean oil 05 | The US biodiesel policy is expected to be favorable, and the prices of US soybeans and soybean oil are strong. China's soybean oil inventory is low. | 7950 - 8000 | 8560 - 8600 | Stabilize and oscillate | Go long when stabilizing | | | Rapeseed oil 05 | Limited contradictions before the holiday. | 8800 - 8810 | 9390 - 9400 | Oscillate | Wait and see | | | Palm oil 05 | MPOB report is positive, but February's high - frequency data is weak. Supply - demand is supported in Q1. | 8860 - 8880 | 9370 - 9400 | Oscillate | Look for buying opportunities after the holiday | | Protein | Soybean meal 05 | Supply is sufficient, pre - holiday stocking is basically over. The US soybean price is expected to rise, which may boost domestic soybean prices. | 2650 - 2680 | 2800 - 2830 | Oscillate strongly | Lightly go long in the short - term | | | Rapeseed meal 05 | Limited fundamental drivers, driven up by the protein sector. | 2190 - 2200 | 2340 - 2350 | Oscillate | Wait and see or operate within a range | | Energy and By - products | Corn 05 | Spring Festival supply - demand mismatch provides support. Short - term price may oscillate strongly. | 2240 - 2250 | 2350 - 2380 | Oscillate strongly | Go long on dips | | | Corn starch 03 | Follow the cost of corn and oscillate strongly. | 2450 - 2460 | 2620 - 2640 | Oscillate strongly | Wait and see | | Livestock | Live pigs 03 | Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. | 11000 - 11300 | 12500 - 12800 | Find the bottom through oscillation | Lightly go long | | | Eggs 05 | Newly - opened production decreases + consumption peak season expectation. | 3300 - 3400 | 3650 - 3700 | Find the bottom through oscillation | Wait and see | [10] 2. Commodity Arbitrage - For most cross - period and cross - variety arbitrage, it is recommended to wait and see, except for the 3 - 5 spread of corn, where it is recommended to sell short at high prices [11][12]. 3. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, protein, energy and by - products, and livestock [13]. Part II: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing margin is zero [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil, as well as their operating rates [17][18]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import duty - paid costs [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch in deep - processing enterprises [19]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market indicators such as production costs, profits, slaughter volume, and inventory [19][20][21][23]. Part III: Fundamental Tracking Charts - It includes a series of charts related to the livestock (live pigs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed (corn, corn starch, rapeseed, soybean meal) sectors to track the market fundamentals [24][25][26][27][28][29][30][31][32][33][34][37][39][40][41][42][45][46][47][48][49][50][51][53][55][56][57][58][59][61][63][64][65][66][68][70][72][73][75][77][79][81][83][88][91][92][93][96][97] Part IV: Options Situation of Feed, Livestock, and Oils - It provides charts related to the options of feed, livestock, and oils, including the historical volatility of various products and the trading volume, open interest, and put - call ratio of corn options [89][92][93][94][96][97] Part V: Warehouse Receipt Situation of Feed, Livestock, and Oils - It provides charts showing the warehouse receipt quantities of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indices [98][99][101][103][105][106][107]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of the domestic and international soybean oil market have no obvious changes. With positive expectations for the US biodiesel policy, the price of soybean oil is expected to rise easily and fall difficultly in the future. It is recommended to consider long - position operations after the price stabilizes [3]. - The supply of rapeseed oil is expected to turn loose, but the decline in the futures price may have certain support. It is advisable to wait and see before the Spring Festival [3]. - The MPOB January report for palm oil is generally bullish, and there is still support for supply and demand in the first quarter. After the festival, attention can be paid to the opportunity of going long on dips [3]. - The February USDA supply - demand report for soybeans is expected to be neutral. The price of domestic beans is expected to fluctuate at a low level before the festival. It is recommended to leave the short - position of soybean meal and wait and see, and temporarily leave the oil - meal ratio arbitrage before the festival [4]. - The supply of rapeseed meal is expected to turn loose, but the decline in the futures price is limited. The price is expected to continue to fluctuate in the short term, and it is recommended to wait and see before the festival [4]. - The price of corn futures is expected to fluctuate in a range in the short term. It is recommended to wait and see or pay attention to the opportunity of going long on the far - month contract on dips. For options, it is recommended to sell out - of - the - money put options [5]. - The price of soybean No.1 may run strongly in the short term, and it is recommended to try long positions with a light position [6]. - The short - term pressure on the spot price of live pigs is relatively large, and the far - month contract has a premium. Conservative investors can hold long positions in the far - month contract, while aggressive investors can wait for the spot pressure to be released and then go long on the 2607 contract at a low price [6]. - The spot price of eggs has dropped significantly, and the futures premium has declined. Conservative investors are advised to wait and see, while aggressive investors can go long on the 04 contract below 3000 points [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: Soybean No.1 05 contract is expected to be adjusted in a shock, and it is recommended to try long positions with a light position; Soybean No.2 05 contract is expected to decline in a shock, and it is recommended to operate bearishly [10]. - **Oils**: Soybean oil 05 contract is expected to stabilize in a shock, and it is recommended to go long after stabilization; Rapeseed oil 05 contract is expected to run in a shock, and it is recommended to wait and see; Palm oil 05 contract is expected to run in a shock, and it is recommended to pay attention to the opportunity of going long on dips [10]. - **Proteins**: Soybean meal 05 contract is expected to decline in a shock, and it is recommended to go short with a light position; Rapeseed meal 05 contract is expected to run in a shock, and it is recommended to turn to waiting and seeing [10]. - **Energy and By - products**: Corn 03 contract and corn starch 03 contract are expected to be sorted out in a shock, and it is recommended to return to waiting and seeing [10]. - **Livestock**: Live pig 03 contract is expected to find the bottom in a shock, and it is recommended to try long positions with a light position; Egg 05 contract is expected to find the bottom in a shock, and it is recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: Most varieties are recommended to wait and see, and the corn 3 - 5 contract is recommended to go short on rallies [11][12]. - **Inter - commodity Arbitrage**: Most varieties are recommended to wait and see, and the 05 rapeseed oil - soybean oil and 05 rapeseed oil - palm oil are recommended to close positions [12]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils, proteins, energy and by - products, and livestock [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil, such as the arrival - at - port premium, CBOT futures prices, CNF prices, and import - arrival - at - port duty - paid prices [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, and peanuts [17][18]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and arrival - at - port duty - paid costs [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch [19]. 3.2.3 Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market data such as breeding costs, profits, and slaughter data [19][20][21][23]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock End**: It includes the closing prices of live pig and egg futures contracts, spot prices, and related price data such as piglets, chicken seedlings, and culled chickens [25][27][28][29][30][31]. - **Oils and Oilseeds**: It includes the production, export, inventory, and trading data of palm oil, soybean oil, and peanuts, as well as the basis and spread data [34][36][38][40][44][47][48]. - **Feed End**: It includes the price, basis, inventory, consumption, and processing profit data of corn, corn starch, rapeseed, and soybean meal [50][53][55][63][65][72][74][76][78][82][86]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It provides the option - related data such as the price difference between soybean meal and rapeseed meal, historical volatility, and option trading volume and open interest of various varieties [89][90][91][92]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It shows the warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [97][99][100][102].

Group 1: Protein Meal - CBOT soybean prices surged due to favorable US biodiesel policies, including a $1 per gallon tax credit for low-carbon transportation fuels [2][10] - Domestic protein meal market is weak, with inventory levels rising and terminal demand decreasing as stocking needs are nearing completion [2][10] - Oil mill operating rates are steadily increasing, contributing to supply pressure in the protein meal market [2][10] Group 2: Oils - BMD palm oil prices fell, following a general decline in commodity prices, but saw a rebound in night trading [3][11] - The US biodiesel policy changes are expected to impact the market, with a focus on the import policies for canola and the pace of inventory reduction in palm oil [3][11] - Domestic oil markets are showing signs of recovery, with palm oil prices trending stronger [3][11] Group 3: Live Pigs - Live pig futures experienced a decline, with a 0.53% drop, closing at 11,160 yuan per ton [5][12] - The average price of live pigs in China decreased to 12.34 yuan per kilogram, with regional variations noted [5][12] - Supply from northern farms is increasing, but limited demand from downstream markets is causing prices to fall [5][12] Group 4: Eggs - Egg futures showed a decline of 0.74%, closing at 2,953 yuan per 500 kilograms [6][13] - The national average egg price fell to 3.65 yuan per jin, with regional prices also decreasing [6][13] - Demand is weakening as the Spring Festival approaches, leading to a continued decline in egg prices [6][13] Group 5: Corn - Corn near-month futures saw a reduction in open interest, with a decrease of 58,000 contracts [7][14] - Prices in North China are stable but lack upward momentum, while farmers are increasingly willing to sell as the Spring Festival nears [7][14] - The market is experiencing a general decline in corn prices, with weak downstream demand affecting transactions [7][14]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The prices of domestic edible oils such as soybean oil, palm oil, and rapeseed oil are affected by international factors like the US biodiesel policy and the production and inventory situation in palm oil - producing areas, as well as domestic supply - demand fundamentals such as pre - holiday stocking and inventory levels. Short - term trends are mostly bullish, but there are also differences among varieties [1][2]. - The prices of feed products like corn, soybean meal, and rapeseed meal are affected by factors such as supply and demand, import and export situations, and policy expectations. The medium - to - long - term price trends are complex, with some products having supply - side pressure and some having support from demand [3][4][5]. - The prices of livestock and poultry products such as live pigs and eggs are influenced by factors such as production capacity, consumption seasons, and feed costs. The market shows a certain degree of volatility, and different trading strategies are recommended for different varieties [5][6]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Category | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Low remaining beans at the grassroots level and pre - holiday stocking by downstream support | 4250 - 4300 | 4420 - 4450 | Sideways adjustment | Temporarily wait and see | | | Soybean No.2 05 | Ample domestic soybean supply and good US soybean biodiesel expectations, with long - and short - term factors intertwined | 3380 - 3400 | 3620 - 3650 | Firm operation | Temporarily wait and see | | | Soybean Oil 05 | Positive expectations for the US biodiesel policy and low domestic soybean oil inventory, short - term firm operation, pay attention to oil - meal arbitrage opportunities | 8100 - 8120 | 8560 - 8600 | Sideways up | Hold long positions | | Oils | Rapeseed Oil 05 | There is still an expectation of increased supply, and the rebound height is limited | 8800 - 8810 | 9400 - 9410 | Sideways operation | Reduce long positions | | | Palm Oil 05 | Multiple factors such as US biodiesel, export season expectations, and Indonesia's cancellation of plantations are favorable | 8770 - 8800 | 9370 - 9400 | Sideways up | Hold long positions | | Protein | Soybean Meal 05 | Positive expectations for the US biodiesel policy, a near - harvest of South American soybeans, and expected ample supply of domestic soybean meal, with long - and short - term factors intertwined and insufficient driving force for continued rise | 2600 - 2650 | 2830 - 2850 | Sideways adjustment | Temporarily wait and see | | | Rapeseed Meal 05 | There is still an expectation of increased supply, the rebound height is limited, and demand remains weak | 2190 - 2200 | 2340 - 2350 | Sideways operation | Temporarily wait and see | | Energy and By - products | Corn 03 | There is still support from the decline in high - quality corn supply. Wheat auctions and China Grain Reserves Corporation's corn rotation have limited pressure on the market, and there is still an expectation of downstream replenishment before the Spring Festival | 2160 - 2170 | 2330 - 2350 | Supported | Bullish thinking | | | Starch 03 | Supported by the cost of corn | 2450 - 2460 | 2620 - 2640 | Supported | Bullish thinking | | Livestock Farming | Live Pigs 03 | Feed prices stop falling and rebound, and the expectation of production capacity reduction intensifies | 11000 - 11300 | 12500 - 12800 | Bottom - seeking in a range | Lightly test long positions | | | Eggs 05 | Decrease in newly - opened production and expectations of a consumption peak season | 3300 - 3400 | 3650 - 3700 | Bottom - seeking in a range | Buy on dips | [9] 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: Most varieties are recommended to wait and see, only corn 3 - 5 is recommended to short on rallies [10][11]. - **Inter - commodity Arbitrage**: For 05 soybean - palm oil, 05 soybean meal - rapeseed meal, and 05 corn - starch, it is recommended to wait and see temporarily; for 05 rapeseed oil - soybean oil and 05 rapeseed oil - palm oil, it is recommended to close positions; for 05 beans oil - meal ratio, it is recommended to consider going long; for 05 rapeseed oil - meal ratio, it is recommended to take a bullish attitude [11]. 3.1.3 Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis and basis changes of various varieties such as soybean, soybean oil, and live pigs [12]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the arrival premium, futures price, CNF price, and arrival duty - paid price [14][15]. - **Weekly Data**: It shows the inventory changes and operating rates of various oilseeds and oils, such as soybean inventory at ports decreased by 1.39 to 840.24, and soybean oil inventory at ports decreased by 4.20 to 89.20 [16][17]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including the CNF price and arrival duty - paid cost [17]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption of corn by deep - processing enterprises was 121.28 million tons, with a month - on - month increase of 1.62 million tons [18]. 3.2.3 Livestock Farming - It includes the daily and weekly data of live pigs and eggs, such as the daily spot price changes of live pigs in different regions and the weekly key data of live pig production, cost, and slaughter [18][19][20]. 3.3 Third Part: Fundamental Tracking Charts - It includes the tracking charts of the livestock - farming end (live pigs and eggs), oilseeds and oils, and feed end, covering price trends, inventory changes, production, and other aspects [21][28][43]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils - It provides charts related to the options of feed, livestock - farming, and oil products, such as the historical volatility of rapeseed meal and rapeseed oil, and the trading volume and open interest of corn options [84]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils - It provides charts showing the warehouse receipt situations of various products such as rapeseed meal, rapeseed oil, and soybean oil [93].

Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, for each variety, it gives a short - term view: - **Bullish**: Soybean meal (short - term shock bullish), Rapeseed meal (stop - falling and rebounding), Palm oil (short - term rise), Soybean oil (short - term rise), Cotton (strong operation), Red dates (short - term rebound opportunity within a bearish trend) - **Bearish**: Live pigs (oscillating weakly) [1] Core Views - **Soybean Meal**: Entering a phased de - stocking period. The market sentiment is bullish due to weather and policy factors, but there is spot hedging pressure. It should be treated bullishly, but be cautious when chasing long positions [1][5]. - **Rapeseed Meal**: Short - term supply is tight, but consumption is in the off - season. The price stopped falling and rebounded. Be cautious when chasing long positions due to potential trade policy changes [1][8]. - **Palm Oil**: Short - term rise. Although production decreased and export data increased, there is still a risk of inventory accumulation in January. Be cautious when chasing long positions [1][11]. - **Soybean Oil**: Short - term rise. The inventory is in a phased de - stocking period, and the fundamentals are bullish, but be cautious when chasing long positions after continuous rises [1]. - **Cotton**: The market is strong. Internationally, there are opportunities for price increases. Domestically, there is short - term support from funds, but the fundamentals are weak. In the long - term, there is a strong expectation [1][15]. - **Red Dates**: The spot market is flat. There may be short - term rebounds due to high - inventory de - stocking, but the overall trend is bearish [1][19]. - **Live Pigs**: Entering the end of January, the pressure on supply increase rises, and the market sentiment weakens. The demand is expected to pick up this week, and the near - term contracts face pressure, while the far - term contracts are also under pressure [1][21]. Summary by Variety Soybean Meal - **Price Data**: The latest futures price of soybean meal is 2782 yuan/ton, up 0.58% from the previous day. The national average spot price is 3196.29 yuan/ton, up 0.04% [3]. - **Industry Data**: As of last Thursday, the 2025/26 soybean harvest progress in Brazil reached 4.9% of the planting area, and the production forecast was raised to 181 million tons. As of January 23, 2026, the U.S. soybean crushing profit was $2.92 per bushel, up 2.82% from the previous week [4]. - **Market Analysis**: The drought in Argentina and the optimistic outlook for U.S. soybean exports to China, along with the U.S. biodiesel policy, make the market sentiment bullish. However, state - reserve sales, pre - stocked feed enterprises, and improved soybean crushing profits will bring spot hedging pressure [1][5]. Rapeseed Meal - **Price Data**: The latest futures price of rapeseed meal is 2297 yuan/ton, up 1.14% from the previous day. The national average spot price is 2612.63 yuan/ton, up 0.47% [6]. - **Industry Data**: As of January 23, the coastal rapeseed inventory was 60,000 tons, the rapeseed meal inventory was 0 tons, and the unexecuted contracts were 0 tons, all unchanged from last week. China has purchased about 650,000 tons of Canadian rapeseed for February - April delivery [8]. - **Market Analysis**: Short - term supply is tight, but consumption is in the off - season. The price rebounded due to potential trade policy changes between the U.S. and Canada and China and Canada. Be cautious when chasing long positions [1][8]. Palm Oil - **Price Data**: The latest futures price of palm oil is 9270 yuan/ton, up 0.35% from the previous day. The national average price is 9260 yuan/ton, up 0.08% [9]. - **Industry Data**: As of January 23, 2026, the national key - area commercial inventory was 742,300 tons, down 0.38 tons from last week. From January 1 - 25, 2026, Malaysian palm oil production decreased by 14.81% month - on - month, and export data varied [11]. - **Market Analysis**: Italy's new biofuel regulations are positive. Although production decreased and exports increased, there is still a risk of inventory accumulation in January. Be cautious when chasing long positions [1][11]. Cotton - **Price Data**: The latest futures prices of different cotton contracts show an upward trend. For example, CF2603 is 15065 yuan/ton, up 3.01% [12]. - **Industry Data**: In Brazil, the 2026 cotton planting area is expected to decrease by 5% to 2.05 million hectares, and the production is expected to be 3.83 million tons, a 10% decrease. In Turkey, the planting area is expected to shrink to 430,000 hectares, and the production will be about 780,000 tons. Domestically, the new cotton processing is basically completed, and the total production is expected to be 7.73 million tons [13][14]. - **Market Analysis**: Internationally, the U.S. cotton market rebounded. Domestically, the inventory pressure is high, the demand is in the off - season, and the price is driven by funds. In the long - term, there is a strong expectation [1][15]. Red Dates - **Price Data**: The futures prices of different red date contracts show small fluctuations. For example, CJ2605 (the main contract) is 8830 yuan/ton, up 0.11% [16]. - **Industry Data**: The inventory of 36 sample enterprises is 14,068 tons, down 347 tons from the previous week, but still higher than the same period [18]. - **Market Analysis**: The spot market is flat. High - inventory de - stocking may lead to short - term rebounds, but the overall trend is bearish [1][19]. Live Pigs - **Price Data**: The latest futures prices of different live pig contracts show a downward trend. For example, Ih2603 (the main contract) is 11270 yuan/ton, down 0.13% [20]. - **Industry Data**: As of January 20, the overall sample - enterprise出栏 progress was slow. The national sample - enterprise pig inventory decreased by 0.22%, and the出栏 increased by 3.80%. The number of fertile sows decreased by 0.73% [20][21]. - **Market Analysis**: At the end of January, the supply pressure increases, and the market sentiment weakens. The demand is expected to pick up this week, and both near - term and far - term contracts face pressure [1][21].