Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the short term, the supply in the front - end trading link is tight, and the concentrated release of replenishment demand in the consumer end drives the price up. The current price fluctuation is dominated by short - term supply - demand mismatch. In the long term, pay attention to import and domestic auction policies due to the supply gap [3]. - **Starch**: This week, the increase in raw material costs drives up the starch price. In the short term, both supply and demand are recovering. In the long term, focus on the downstream consumption rhythm and whether the enterprise inventory will continue to decline after the seasonal peak [3]. - **Sugar**: Internationally, the fundamentals are slightly stronger with India's production cut and ISO's reduction of the global surplus forecast. Crude oil price increase may boost the raw sugar price. Domestically, the market is discussing import policies, with low additional - quota import costs and high spot pressure [6]. - **Cotton**: The low initial inventory offsets most of the output increase. With expanding domestic textile production, good downstream profits, and consumption - promoting policies, cotton demand is expected to improve. The reduction of Xinjiang's planting area in the new season makes cotton suitable for long - term investment [7]. - **Eggs**: The slowdown of chicken culling may be an active decision by farmers, which postpones the supply pressure. Rising feed costs compress the profit margin. Considering the basis structure of 05 and 06 contracts, a near - far month reverse spread strategy is recommended [9]. - **Apples**: The shipping situation in apple - producing areas varies, with the west stronger than the east. In the west, the price of high - quality goods rises, while in the east, the overall shipment is average. The sales in the sales area are stable after the festival, but the arrival volume is low and the shipping slows down [11]. - **Pigs**: The spot market is weakly adjusted. Group supply is abundant, consumption is weak, and capacity reduction is limited. Pay attention to factors such as the change of farmers' selling weight, the expectation of second - fattening, and frozen product storage [11]. 3. Summary by Commodity Corn/Starch - **Price Data**: From March 4 to March 10, the price of corn in Changchun remained at 2230, while in other regions, there were slight changes. The basis of corn increased by 14, and the import profit increased by 28. For starch, the price in Heilongjiang increased by 50, and the basis increased by 50, and the processing profit increased by 17 [2]. - **Analysis**: Short - term price increase is due to supply - demand mismatch, and long - term focus is on policies. For starch, short - term supply and demand are both recovering, and long - term focus is on downstream consumption [3]. Sugar - **Price Data**: From March 4 to March 10, the spot prices in Liuzhou, Nanning, and Kunming decreased by 90, 80, and 50 respectively. The basis decreased by 63, and the import profit decreased [5]. - **Analysis**: International fundamentals are stronger, and domestic market is affected by import policy discussions, with high spot pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 4 to March 10, the price of 3128 cotton increased by 5. The import profit and other data also had certain changes [7]. - **Analysis**: Low initial inventory and good demand prospects make cotton suitable for long - term investment [7]. Eggs - **Price Data**: From March 4 to March 10, the egg prices in some regions increased slightly, the basis increased by 105, and the prices of substitutes had some changes [9]. - **Analysis**: Slow chicken culling postpones supply pressure, and a near - far month reverse spread strategy is recommended [9]. Apples - **Price Data**: The spot prices of Shandong 80 first - and second - grade and Shaanxi 70 general goods remained unchanged. The national inventory increased by 22, and the inventories in Shandong and Shaanxi decreased [10][11]. - **Analysis**: Shipping situation varies between the east and the west, and the sales in the sales area are stable but slow [11]. Pigs - **Price Data**: From March 4 to March 10, the prices in some regions decreased slightly, and the basis increased by 20 [11]. - **Analysis**: Spot market is weakly adjusted, and pay attention to factors affecting the price rhythm [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the international market, the lower production estimate in India provides short - term support, but India's domestic supply remains ample and sugar prices are low. Brazil's old - crop production is almost finished, and the sugar - making ratio is a key factor. The raw sugar price may return to around 14 cents per pound due to short - term positive factors [2][19]. - In the domestic market, the fundamental pressure is high. The overall sugar production is in line with expectations, sales in Guangxi are significantly behind, and processed sugar suppresses the market. The estimated sugar imports in January increased year - on - year. Although there is a high expectation of import quota tightening, there is no official confirmation. Zhengzhou sugar may run stronger under policy expectations, but its upside is limited [2][19]. 3. Summary by Relevant Catalogs 3.1 Market Review - In February, the Zhengzhou sugar main contract reached a maximum of 5338 yuan/ton. Despite being in the traditional off - season, positive expectations for import policies and rising overseas markets helped it break through the 5300 yuan/ton resistance [5]. - In February, the international sugar price first declined and then rebounded. The initial supply pressure pushed the price down to a minimum of 13.34 cents per pound, but the downward - adjusted production estimate in India provided short - term support, and the price rebounded to around 14 cents per pound [5]. 3.2 International Market Analysis 3.2.1 Brazil - As of the second half of January in the 2025/26 season, the cumulative cane crushing volume in the central - southern region of Brazil was 60164.4 million tons, a 2.16% year - on - year decrease. The cumulative sugar - making ratio was 50.74%, a 2.6% increase compared to the same period last year. The cumulative sugar production was 4024 million tons, a 0.86% year - on - year increase [7]. - For the 2026/27 season, although the proportion of cane used for sugar production will decrease, the estimated sugar production in the central - southern region of Brazil is still expected to reach 4050 million tons, remaining flat compared to the previous year. The market believes that only when the ethanol - to - sugar price stabilizes above 18 cents per pound will there be a significant impact on the decrease of the sugar - making ratio [7]. 3.2.2 India - As of February 15, 2026, India's sugar production was 2250.6 million tons, higher than 1976.5 million tons in the same period last year. The estimated total sugar production in the 2025/26 season is about 3240 million tons, with about 310 million tons diverted to ethanol production, and the net sugar production is about 2930 million tons (a 12% increase compared to the previous year) [10]. - In Uttar Pradesh, due to variety replacement, the cane yield per unit is lower than the previous estimate, but the sugar production rate has increased year - on - year. In Maharashtra and Karnataka, the sugar production rate is acceptable, but the yield per unit is lower than expected, mainly affected by early cane flowering since January [10]. 3.3 Domestic Market Analysis 3.3.1 Regional Sales - As of January 31, 2026, Yunnan's sugar sales were relatively stable, with cumulative sugar sales of 53.20 million tons, a year - on - year increase of 7.98 million tons, and a sales rate of 54.06%, basically the same as the same period last year. In January, the single - month sugar sales increased significantly year - on - year, and alcohol sales also increased [11]. - In Guangxi, the pressure of both production and sales decline is prominent. The cane crushing volume and sugar production in this season decreased by 309.71 million tons and 78.80 million tons respectively year - on - year. The cumulative sugar sales were 155.06 million tons, a year - on - year decrease of 83.03 million tons, and the sales rate was only 38.49%, a 10.94 - percentage - point year - on - year decline [11]. 3.3.2 Sugar Imports - The market expects that the sugar import volume in January 2026 will reach about 30 million tons, significantly higher than 6 million tons in the same period last year, and most of it is expected to be within the quota or carried over from December for customs clearance. The import data for January and February will be released together on March 18 [15]. - The market has strong expectations for import policies, with a high demand for quota tightening, but there is no official confirmation [16]. 3.4 Conclusion and Operation Suggestions - The report suggests mainly conducting short - term trading of Zhengzhou sugar [3][20].

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].