Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Corn prices may rise again after New Year's Day as downstream enters seasonal restocking, and long - term focus is on import and domestic auction policies [3] - Starch prices are expected to strengthen slightly in the future, and long - term focus is on downstream consumption rhythm [3] - Short - term sugar pricing can refer to domestic sugar cost and spot price, and long - term may seek out - of - quota import cost if the global sugar market surplus intensifies [4] - Cotton demand is expected to improve next year, suitable for long - term buying [5] - Egg prices in the second quarter may be favorable if there is a concentrated culling of chickens before Laba [8] - Apple prices are expected to maintain high - level shock in the short term, with a near - strong and far - weak pattern in the medium term [14] - For pigs, there may be a short - term weakening of sentiment, and long - term improvement depends on further production and inventory reduction at the near end [14] Group 3: Corn/Starch Key Data - From 2025/12/30 to 2026/01/07, the price in Shekou decreased by 10, the basis decreased by 26, and the processing profit of starch increased by 8 [2] Market Analysis - Short - term: Market sentiment is weak due to policy, but origin prices are firm. After New Year's Day, downstream restocking may drive prices up [3] - Long - term: Focus on import and domestic auction policies [3] Group 4: Sugar Key Data - From 2025/12/30 to 2026/01/07, the price in Liuzhou increased by 10, the basis decreased by 12, and the import profit from Thailand decreased by 58 [4] Market Analysis - Short - term: Supply pressure of raw sugar decreases, and pricing can refer to domestic cost and spot price [4] - Long - term: If the global surplus intensifies, prices may seek out - of - quota import cost [4] Group 5: Cotton/Cotton Yarn Key Data - From 2025/12/30 to 2026/01/07, the price of 3128 cotton increased by 160, and the 32S spinning profit increased by 7 [5] Market Analysis - Low initial inventory offsets most of the production increase. Demand is expected to improve next year [5] Group 6: Eggs Key Data - From 2025/12/30 to 2026/01/07, the price in Hebei increased by 0.09, and the basis increased by 45 [7] Market Analysis - The inflection point of inventory has appeared. If there is concentrated culling before Laba, it is favorable for egg prices in the second quarter [8] Group 7: Apples Key Data - From 2025/12/30 to 2026/01/07, the 1 - month basis changed by 1.00, the 5 - month basis changed by 31.00, and the 10 - month basis changed by 57.00 [13][14] Market Analysis - Short - term: The price is firm, and the price is expected to maintain high - level shock [14] - Medium - term: Subject to the impact of competing products in the consumption end, with a near - strong and far - weak pattern [14] Group 8: Pigs Key Data - From 2025/12/30 to 2026/01/07, the price in Henan Kaifeng increased by 0.05, and the basis increased by 75 [14] Market Analysis - Short - term: Demand decreases after the New Year's Day holiday, and sentiment weakens [14] - Long - term: Improvement depends on further production and inventory reduction at the near end [14]

Group 1: Report Information - Report Title: Agricultural Products Morning Report [1] - Report Date: December 29, 2025 [1] - Research Team: Agricultural Products Team of the Research Center [1] Group 2: Corn/Starch Price Data - From December 22 to 26, 2025: Changchun corn price remained at 2160; Jinzhou increased by 20 to 2250; Weifang remained at 2250; Shekou decreased by 10 to 2390; Heilongjiang and Weifang starch prices remained at 2750 and 2800 respectively; starch base difference decreased by 30 [2] Market Analysis - Short - term: Corn market sentiment is weak due to policy, but farmers' price - holding limits supply, and post - New Year downstream replenishment may drive up prices; starch de - stocking slows down, but price adjustment is limited, and post - New Year prices may rise slightly [3] - Long - term: Corn should focus on import and storage auction policies; starch should focus on downstream consumption rhythm and inventory de - stocking [3] Group 3: Sugar Price Data - From December 22 to 24, 2025: Liuzhou price remained at 5380 on the 22nd and 23rd, and increased to 5420 on the 24th; Nanning increased by 10 to 5340; Kunming increased to 5240; Liuzhou base difference decreased by 16 [4][5] - From December 25 to 26, 2025: Liuzhou remained at 5420; Nanning increased to 5350; Liuzhou base difference decreased to 135 [20] Market Analysis - Short - term: Reduced supply pressure on raw sugar, and the market price can refer to domestic sugar cost and spot price; short covering drives up the market [6] - Long - term: If the global sugar market surplus intensifies, the price will seek the out - of - quota import cost; pay attention to weather and policy changes [6] Group 4: Cotton/Cotton Yarn Price Data - From December 22 to 26, 2025: 3128 cotton increased by 285 to 15285; Vietnam yarn price remained at 2.53; Vietnam yarn import profit increased by 94 to 1039; 32S spinning profit decreased by 199 to - 639 [10] Market Analysis - Low initial inventory offsets most of the output increase, and future consumption is the key; with expanding textile production, good profits, and favorable tariff policies, long - term long positions are suitable [10] Group 5: Eggs Price Data - From December 22 to 26, 2025: Hebei, Liaoning, Shandong, Henan, and Hubei egg prices remained stable; the base difference increased by 72 to 357 [15] Market Analysis - The inflection point of egg inventory has appeared but the base is still high. The key to inventory decline is the culling rhythm. If culling accelerates, it will benefit the second - quarter egg price [16] Group 6: Apples Price Data - From December 22 to 26, 2025: Shandong 80 first - and second - grade apples remained at 8900; the national inventory decreased by 3; Shandong inventory decreased by 39; Shaanxi inventory decreased by 19 [18][19] Market Analysis - The trading atmosphere in the late - Fuji apple production area is light, and the sales in the sales area are slow. The market is in a high - level shock and is expected to show a near - strong and far - weak pattern [19] Group 7: Pigs Price Data - From December 22 to 25, 2025: Henan Kaifeng increased to 11.78; Hubei Xiangyang increased to 11.65; Shandong Linyi increased to 11.92; Anhui Hefei increased to 12.15; Jiangsu Nantong increased to 12.20 [19] Market Analysis - The weekend spot price increased significantly. There are expectations of both supply and demand increase before the Spring Festival. Pay attention to the slaughter rhythm, diseases, and policies [19]

Core Viewpoint - Algeria's foreign exchange reserves are a crucial indicator of its economic health, projected to exceed $81 billion by 2025, ranking second in Africa after Libya [1] Group 1: Foreign Exchange Reserves - Algeria's foreign exchange reserves are expected to surpass $81 billion by 2025, placing it second in Africa, behind Libya's approximately $92 billion [1] - The reserves are significantly higher than Morocco's $36.3 billion and Tunisia's $9.24 billion, which rank fifth and eighth respectively [1] - The stability of Algeria's reserves is primarily supported by oil and gas export revenues and recent government policies aimed at regulating imports and controlling foreign exchange expenditures [1] Group 2: Economic Indicators - President Tebboune stated in September that the current level of foreign exchange reserves is "acceptable," sufficient to cover 1 year and 5 months to 1 year and a half of import needs [1] - South Africa ranks third in Africa with $62.4 billion in reserves, followed by Nigeria with $41.3 billion, and other countries like Egypt, Angola, Côte d'Ivoire, and Kenya [1] Group 3: Regional Economic Differences - The foreign exchange reserve levels in North African countries are significantly higher than those in many West and East African nations [1] - Variations in foreign reserves are closely linked to global energy prices, structural reform processes, and international market pressures [1] - These differences reflect the diverse economic structures across African regions and indicate the direct impact of import policies and commodity prices on national external assets [1]

Group 1 - The article discusses the importance of sorghum and barley as energy grain feed components, highlighting their protein content comparable to corn and their role as substitutes due to lower prices and significant import volumes [1][3]. - Global sorghum production is approximately 60 million tons, with the United States being the largest producer at 8.73 million tons, followed by Nigeria and Brazil [3][4]. - Global barley production is around 142.5 million tons, with the European Union as the leading producer, contributing 50.4 million tons [4]. Group 2 - China has a high demand for feed, leading to significant imports of sorghum and barley, with projected imports of 7 million tons of sorghum and 9 million tons of barley for the 2024/25 period [5]. - The main sources of sorghum imports for China include the United States (66%), Australia (22%), and Argentina (12%) [5]. - For barley, the primary import sources are Australia (37%), France (15%), and Canada (13%) [5]. Group 3 - The pricing of international sorghum and barley is closely aligned with corn prices, with imports remaining profitable due to lower international corn prices compared to domestic prices [6][7]. - The import volumes of sorghum and barley are influenced by domestic policies, with 2024 expected to see record high imports since 2020 [7]. - The uncertainty in China-US relations may impact sorghum imports, particularly if tariffs are imposed on US goods, while tensions with Australia could lead to anti-dumping investigations on Australian barley [7].