Group 1: Overnight Market Information - As of the week ending February 5, US soybean export sales are estimated to increase by 30 - 120 tons net, with 30 - 110 tons for the 2025 - 26 season and 0 - 10 tons for the 2026 - 27 season [1] - US soybean meal export sales are estimated to increase by 20 - 45 tons net for the 2025 - 26 season, and 0 tons for the 2026 - 27 season [1] - US soybean oil export sales are estimated to decrease by 1 to increase by 1.6 tons net for the 2025 - 26 season, and 0 tons for the 2026 - 27 season [1] Group 2: Production Forecasts - The Rosario Grain Exchange in Argentina has raised its forecast for the 2025/26 soybean production to 48 million tons, an increase of 1 million tons from the previous estimate [1] - SPPOMA data shows that Malaysia's palm oil production from February 1 - 10, 2026, decreased by 7.58% month - on - month, with a 9.16% decrease in fresh fruit bunch yield and a 0.30% increase in oil extraction rate [1] - CIMB Securities expects Malaysia's palm oil inventory to decline slightly by 1% to 2.78 million tons in February [1] - GAPKI officials predict that Indonesia's crude palm oil production will increase by 2% - 3% in 2026 after an 8% increase in 2025 to 51.98 million tons [1] - Julian McGill of Glenauk Economics says that palm oil production growth will slow in 2026, with Indonesia's production expected to increase by 600,000 tons and Malaysia's to drop to 19.7 million tons [1] Group 3: Price and Basis Information - The table shows the spot prices of bean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 5 - 11, 2026 [7] - There are mentions of protein meal basis and grease basis, but no specific data is provided [8] - There is a mention of grease and oil futures price spread, but no specific data is provided [11] - There is a mention of grease import profit, but no specific data is provided [13]

玉米：临近春节假期，市场成交逐步转淡，贸易行为预计在下周逐步结束。短期看，市场流通粮源逐步减少的情况下，下游节前补库将继续对 玉米价格形成支撑，预计节前现货难有大涨大跌行情出现，价格震荡运行。中长期来看，需重点关注结构变化，今年粮源依旧存在供应缺口的 情况下，重点关注未来进口政策和国内拍储政策变化。 淀粉：临近春节，部分企业陆续停机检修，行业整体开机率小幅下滑。短期看，在下游节日备货预期和库存去化的背景下，支撑企业报价维持 偏强的态势。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，季节性旺季过后，企业库存是否会持续去化将成为未 来淀粉定价的关键因素。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2026/02/05 5360 5300 5150 136 356 532 14719 2026/02/06 - 5300 5150 - - - 14719 2026/02/09 5360 5310 5155 99 345 521 14719 2026/02/10 5370 5330 5175 92 425 601 14719 2026/02/11 53 ...

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints - For sugar, after the northern hemisphere finishes squeezing in February and the negative impact of increased production is mostly realized, international sugar prices may rebound. Currently, the supply of imported sugar in China is gradually decreasing, and with sugar prices at a low level, the short - term downward space may be limited. It is advisable to wait and see for now [2][3][4]. - For cotton, the February USDA monthly supply - demand report is neutral. After the Spring Festival, focus on the downstream startup rate and the new cotton target price policy that may be announced in March or April. Try to go long at the lower edge of the oscillation range [6][9][10]. - For protein meal, the expectation of China increasing soybean purchases from the US has pushed up the CBOT soybean price. For China, on one hand, the long - term supply pressure increases, and on the other hand, the import cost rises. It is expected that the short - term protein meal price will continue to oscillate [12][13][14]. - For oils, driven by biodiesel policies in various countries, the increase in consumption of oils this year is greater than the production growth rate. Oils prices are bullish in the medium term. It is recommended to wait for a pullback to go long [16][19][20]. - For eggs, the market is in the inventory accumulation period around the Spring Festival. With weak demand and high inventory, the spot price is likely to fall. The near - month contracts may still have a premium to be squeezed out, so maintain a high - shorting思路. The far - end contracts will re - trade the capacity reduction logic after the spot price turns, but the implementation path is still uncertain [22][23]. - For pigs, the basic supply is large and the live - animal inventory is accumulating. The spot and near - term expectations are pessimistic. The near - term may still be under pressure, so maintain a strategy of selling on rallies. The long - term may have support after following the decline, considering factors such as the high fat - to - standard price difference, seasonal support, and the expectation of consumption recovery [25][26]. 3. Summary by Commodity Sugar Domestic - On Wednesday, the quotation of Guangxi sugar - making groups was 5300 - 5400 yuan/ton, unchanged from the previous trading day. In January 2026, China produced 263,000 tons of sugar. The cumulative sugar production in the 2025/26 crushing season was 3.21 million tons, a year - on - year increase of 120,000 tons. As of the end of January, the national cumulative sugar production was 6.89 million tons, a year - on - year decrease of 600,000 tons. In January, the single - month sugar sales were 1.13 million tons, a year - on - year decrease of 100,000 tons. The cumulative sales - to - production ratio was 39.1%, a year - on - year decrease of 10.75 percentage points. The industrial inventory was 4.19 million tons, a year - on - year increase of 430,000 tons. In December 2025, China imported 580,000 tons of sugar, a year - on - year increase of 190,000 tons. The cumulative sugar imports in 2025 were 4.92 million tons, a year - on - year increase of 570,000 tons. As of the end of December in the 2025/26 crushing season, China's cumulative sugar imports were 1.77 million tons, a year - on - year increase of 310,000 tons. In December, China imported a total of 69,700 tons of syrup and premixed powder, and the cumulative imports in 2025 were 1.1888 million tons [2]. Foreign - According to UNICA data, as of the first half of January in the 2025/26 crushing season, the cumulative sugar production in the central - southern region of Brazil was 40.23 million tons, a year - on - year increase of 345,000 tons. According to data released by Brazilian shipping agency Williams, as of the week of February 4, the quantity of sugar waiting to be shipped at Brazilian ports was 1.56 million tons, a decrease of 220,000 tons from the previous week. As of the end of January 2026 in the 2025/26 crushing season, India's cumulative sugar production was 19.5 million tons, a year - on - year increase of 2.97 million tons; Thailand's cumulative sugar production was 480,000 tons, a year - on - year decrease of 46,000 tons [3]. Cotton Domestic - On Wednesday, the China Cotton Price Index (CCIndex) 3128B was reported at 16,029 yuan/ton, an increase of 41 yuan/ton from the previous trading day. As of February 6, the spinning mill startup rate was 60.5%, a decrease of 3.7 percentage points from the previous week; the national commercial cotton inventory was 5.52 million tons, a decrease of 120,000 tons from the previous week. In December 2025, China imported 180,000 tons of cotton, a year - on - year increase of 40,000 tons; the cumulative cotton imports in the 2025/26 season were 560,000 tons, a year - on - year decrease of 70,000 tons. In December 2025, China imported 170,000 tons of cotton yarn, a year - on - year increase of 20,000 tons; the cumulative cotton yarn imports in the 2025/26 season were 720,000 tons, a year - on - year increase of 110,000 tons [6]. Foreign - From January 22 to January 29, the US current - year cotton export sales were 51,800 tons, and the cumulative export sales were 1.7722 million tons, a year - on - year decrease of 194,900 tons; among them, the export to China in that week was 8800 tons, and the cumulative export to China was 97,400 tons, a year - on - year decrease of 66,000 tons. The February USDA monthly supply - demand report was neutral. The February forecast for the 2025/26 global cotton production was 26.1 million tons, an increase of 100,000 tons from the January forecast and an increase of 300,000 tons from the previous year. The increase in production forecast came from China, with a February forecast of 7.62 million tons, an increase of 100,000 tons from the January forecast. The global consumption forecast was 25.85 million tons, a decrease of 40,000 tons from the January forecast and a decrease of 50,000 tons from the previous year. The global ending inventory forecast was 16.35 million tons, an increase of 130,000 tons from the January forecast and an increase of 290,000 tons from the previous year. The global inventory - to - consumption ratio forecast was 62.27%, an increase of 0.63 percentage points from the January forecast and an increase of 1.25 percentage points from the previous year. The US export volume forecast was reduced by 40,000 tons to 2.61 million tons compared with the January forecast, while the forecasts for China, Brazil, and India changed little [6][9]. Protein Meal Domestic - On Wednesday, the spot price of soybean meal in Dongguan was reported at 3060 yuan/ton, unchanged from the previous trading day; the spot price of rapeseed meal in Huangpu was reported at 2480 yuan/ton, an increase of 40 yuan/ton from the previous trading day. As of February 6, the arrival volume of domestic sample soybeans was 1.56 million tons, a decrease of 260,000 tons from the previous week; the port inventory of sample soybeans was 5.91 million tons, a decrease of 800,000 tons from the previous week and a year - on - year decrease of 1.6 million tons; the inventory of soybean meal in sample oil mills was 900,000 tons, an increase of 40,000 tons from the previous week and a year - on - year increase of 516,000 tons [12]. Foreign - The February USDA monthly supply - demand report was neutral. The February forecast for global soybean production was 428 million tons, an increase of 2.5 million tons from the January forecast and an increase of 1 million tons from the previous year; the global soybean consumption forecast was 424 million tons, an increase of 1.6 million tons from the January forecast and an increase of 11.24 million tons from the previous year; the global soybean ending inventory forecast was 125 million tons, an increase of 1.11 million tons from the January forecast and an increase of 2.12 million tons from the previous year; the global soybean inventory - to - consumption ratio forecast was 29.55%, an increase of 0.15 percentage points from the January forecast and a decrease of 0.29 percentage points from the previous year. The production forecasts for the US and Argentina remained unchanged, while the production forecast for Brazil was increased by 2 million tons to 180 million tons compared with January. The US soybean export volume and China's soybean import volume forecasts remained unchanged. From January 22 to January 29, the US exported 440,000 tons of soybeans, and the current - year cumulative export of soybeans was 34.29 million tons, a year - on - year decrease of 8.27 million tons; among them, the export of soybeans to China in that week was 230,000 tons, and the current - year cumulative export of soybeans to China was 9.89 million tons, a year - on - year decrease of 10.33 million tons [13]. Oils Domestic - On Wednesday, the spot price of first - grade soybean oil in Zhangjiagang was reported at 8540 yuan/ton, a decrease of 50 yuan/ton from the previous trading day; the spot price of 24 - degree palm oil in Guangdong was reported at 8950 yuan/ton, a decrease of 100 yuan/ton from the previous trading day; the spot price of rapeseed oil in Jiangsu was reported at 9920 yuan/ton, a decrease of 50 yuan/ton from the previous trading day. As of February 6, the inventory of the three major oils in domestic sample data was 1.92 million tons, an increase of 30,000 tons from the previous week and a decrease of 30,000 tons compared with the same period last year. Among them, the sample palm oil inventory was 726,700 tons, an increase of 25,300 tons from the previous week and an increase of 264,900 tons compared with the same period last year; the sample soybean oil inventory was 960,000 tons, an increase of 13,000 tons from the previous week and an increase of 73,400 tons compared with the same period last year; the sample rapeseed oil inventory was 240,000 tons, a decrease of 6000 tons from the previous week and a decrease of 369,800 tons compared with the same period last year [16]. Foreign - According to data released by MPOB, Malaysia's palm oil production in January was 1.58 million tons, a decrease of 250,000 tons from the previous month and an increase of 340,000 tons compared with the same period last year; the export volume in January was 1.48 million tons, an increase of 160,000 tons from the previous month and an increase of 320,000 tons compared with the same period last year; the inventory in January was 2.82 million tons, a decrease of 230,000 tons from the previous month and an increase of 1.24 million tons compared with the same period last year. According to data from ITS, from February 1 to 10, 2026, Malaysia's palm oil export volume was 451,000 tons, a 10.5% decrease compared with the same period in January; according to AmSpec's data, the palm oil export volume from February 1 - 10 was 399,000 tons, a 14.2% decrease compared with the same period in January. According to Indonesian customs data, Indonesia exported 2.79 million tons of palm oil in January, an increase of 1.36 million tons from the previous month and an increase of 900,000 tons year - on - year. According to USDA data, the February forecast for Malaysia's palm oil production in the 2025/26 season was 20.2 million tons, an increase of 500,000 tons from the January forecast; the production forecast for Indonesia remained unchanged at 46.7 million tons. The US soybean oil consumption forecast remained unchanged, and the Canadian rapeseed production forecast remained unchanged [17][19]. Eggs - Yesterday, the egg prices in most parts of the country were stable, while a few areas saw a decline. The average price in the main production areas dropped 0.04 yuan to 3.29 yuan/jin. The price in Xinji dropped 0.06 yuan to 2.67 yuan/jin, and the price in Guantao dropped 0.06 yuan to 2.78 yuan/jin. The price in Dongguan remained stable at 3.15 yuan/jin. The supply of goods was stable. As the Spring Festival approached, the market demand continued to weaken, and the market trading activity decreased. It is expected that most egg prices in the country may stop reporting today, and some prices may remain stable or decline [22]. Pigs - Yesterday, the domestic pig prices mainly declined, while some areas remained stable or had a small increase. The average price in Henan increased 0.12 yuan to 11.94 yuan/kg, and the average price in Sichuan remained unchanged at 10.8 yuan/kg. In some areas, the pre - festival clearance of pigs by farmers was still ongoing, with active slaughter, which may lead to a decline in pig prices. In some areas, the slaughter volume of farmers was gradually decreasing, which was beneficial to pig prices and may lead to an increase. It is expected that pig prices may show a mixed trend of increase, decrease, and stability today [25].

StoneX预测，今明两年全球可可过剩均将超过20万吨。 周三，国际可可期货价格跌破3800美元关口，创2023年10月以来的最低水平，市场在全球需求疲软与供应增 加之间寻求平衡。 今年以来，这种热带重要经济作物价格累计下跌近40%，成为表现最差的商品品种。值得一提的是，可可在 2025年刚经历了有记录以来最大的年度跌幅，暴跌48.1%。与2024年5月创下的纪录高位相比，跌幅已经达到 70%。 采购意愿低迷导致主要可可生产国出现库存积压。最新数据显示，自去年10月1日本季开始以来，截至2月8 日，科特迪瓦港口可可到货量达126.3万吨，较上一年同期增长4.5%。与此同时，加纳可可局（COCOBOD） 透露，由于加纳可可价格高于其他生产国，国际市场买家正越来越多地放弃采购加纳可可。加纳港口目前积 压约5万吨未售出可可。 供需关系失衡是造成本轮可可价格暴跌的主要因素。 在需求端，欧洲去年第四季度可可研磨量为304470吨，同比下滑8.3%，连续第六个季度下降，且远逊于市场 预期的2.9%跌幅。欧洲市场在全球可可消费中占据重要份额，交易商目前正等待北美和亚洲的相关数据。 大宗商品研究机构StoneX在1月下旬预测 ...

Core Viewpoint - The stock price of Alco (ALCO.OQ) is reported at $40.98 as of February 11, 2026, with a slight recent decline of 0.05% over the past five days, indicating a stable trading environment despite minor fluctuations [1]. Group 1: Stock Performance - As of February 11, 2026, Alco's stock experienced a minor increase of 0.27% in a single day, with a trading volume of approximately $887,400 [1]. - The agricultural sector, to which Alco belongs, has shown a recent increase of 1.29%, outperforming major indices such as the Dow Jones, which rose by 1.25%, and the Nasdaq, which increased by 0.71% [1]. Group 2: Recent Events - In the past week (February 5 to February 12, 2026), Alco has not released any significant announcements or events [2]. - The most recent major update was the disclosure of the Q1 financial report for fiscal year 2026, which ended on December 31, 2025, released on February 4, 2026 [2].

六万吨油菜籽，与其说是一笔寻常的农产品交易，不如说是中加关系解冻的一声春雷。去年十月以来，两国间的大宗贸易几近停摆，而今，协议墨迹未干， 满载希望的货轮便已扬帆起航，其中深意不言自明：生意回来了，关系回暖在望。 在卡尼眼中，如今的美国变得越来越难以预测。其政策如同孩童的脸庞，说变就变，今天签署的协议，明天就可能被撕毁。相比之下，中国所展现出的稳定 性，反倒成了一种稀缺资源。这种对比既辛辣又现实。对于一个国家的领导人而言，寻找一个稳定、守规矩的合作伙伴，远比依靠一个喜怒无常的"大哥"要 稳妥得多。 如果说油菜籽是破冰的信号，那么卡尼在电动汽车关税上的骤变，则堪称一次令人瞠目结舌的"高空跳水"。此前，他还高调宣称要与美国保持一致，对中国 电动汽车征收高达百分之百的惩罚性关税；转眼间，却将税率骤降至区区百分之六点一。这哪里是降税，简直如同给美国的脸上涂抹绿色油彩，赤裸裸地表 明加拿大不愿再在新能源这块诱人的蛋糕上，充当美国的垫脚石。 卡尼态度的转变，在外界看来确实有些"判若两人"。过往，他的一言一行，似乎总要顾及南方邻居的脸色，满口都是虚无缥缈的"价值观"。而这次访华归 来，他如同打通了任督二脉，高声呼喊"商业主导 ...

Core Insights - The average food price in the EU is projected to rise by 2.8% in 2025, with Croatia experiencing a significantly higher inflation rate of 4.5% compared to major economies like France, which has an inflation rate of only 0.7% [1] Group 1: Price Increases by Country - Romania leads with the highest food price increase at 6.7%, while Switzerland is the only country reporting a decrease in food prices at -1.1% [1] Group 2: Specific Food Item Price Changes - Chocolate prices in the EU have increased by an average of 17.8%, with Croatia's increase at 15% [1] - Beef prices have surged by 22%, and frozen vegetable prices have risen by 20%, both approximately double the EU average [1] - Basic agricultural products such as eggs (+8.4%), butter (+8.3%), and fresh milk (+5.7%) have also seen widespread price increases across the EU [1] Group 3: Price Decreases in Certain Items - Olive oil prices have significantly decreased by 22.9%, while sugar and cooking oil have also seen notable price reductions of -11% and -5.4% respectively [1]

Core Viewpoint - The Vietnamese government aims for an export growth target of 15% to 16% by 2026, necessitating exports to reach between $546 billion and $550 billion, with an average monthly export of $45 billion to $46 billion [1][2] Group 1: Export Performance and Challenges - In 2025, Vietnam's total import and export value exceeded $930 billion, marking an 18.2% year-on-year increase, with exports reaching $475 billion, a nearly $70 billion increase [1] - Despite positive outcomes, Vietnam's exports face internal constraints such as reliance on a few major markets, unbalanced structure, low added value, and a significant trade deficit with key markets [1][2] Group 2: Strategic Initiatives for Growth - The Ministry of Industry and Trade plans to focus on production development, increasing export categories, enhancing added value, and transitioning from processing to self-production [2] - Experts suggest leveraging 17 signed free trade agreements to diversify export markets, promoting service exports, and improving national brand building [2] Group 3: Digital Transformation and E-commerce - E-commerce is identified as a new growth area for exports, with online import and export revenue exceeding $4.5 billion, expected to continue growing in the coming years [2]

经济观察网截至2026年2月11日收盘，都乐食品(DOLE.N)股价报收15.66美元，近7日(2月5日至11日)累 计下跌4.34%，区间振幅为5.80%。期间最高价为2月6日的16.57美元，最低价为2月11日的15.62美元。 成交量呈现波动，2月5日和6日成交活跃，但2月11日成交量显著下降，显示交投趋于清淡。同期所属农 产品板块上涨0.96%，美股大盘道琼斯指数下跌0.35%，公司股价表现弱于板块及大盘。 机构观点 2026年2月，机构评级显示5家机构中60%给予"买入或增持"观点，目标均价17.50美元。盈利预测方面， 机构预计2025年第四季度每股收益0.127美元，同比增长64.94%；2025年全年营收预计同比增长 12.45%，增长动力或逐步从价格驱动转向销量驱动。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Insights - The event "Guangdong Goods Go Nationwide, Shantou Products Enter Beijing" was held in Beijing, showcasing over 300 unique products from Shantou, aimed at promoting local goods nationwide [1][2] - The event attracted significant public interest, with a vibrant atmosphere and numerous visitors engaging with Shantou's specialty products [1] Group 1: Event Overview - The event was organized by the Shantou Municipal Government and featured 30 enterprises presenting a variety of local products, including seafood, agricultural goods, jewelry, and intangible cultural heritage [1] - The timing of the event, just before the Spring Festival, contributed to a strong purchasing atmosphere in the venue [1] Group 2: Product Highlights - The "Brilliant Shantou" section showcased jewelry made from natural crystals and various precious materials, drawing considerable attention from attendees [1] - The "Delicious Shantou" section featured fresh fruits like ruby guava and oil kumquat, which were well-received by consumers [1] Group 3: Cultural and Culinary Experience - The "Fun Shantou" area included cultural experiences such as traditional fishing songs and tea grinding, alongside creative products that attracted visitors for photo opportunities [2] - The Olé supermarket's "Seafood Theme Pavilion" displayed a variety of seafood products from Shantou, with an open kitchen that allowed customers to taste the offerings [2] Group 4: Business and Market Impact - The event served as a platform for enhancing communication and cooperation between Beijing and Shantou, increasing the visibility and influence of Shantou's brands [2] - The initiative aimed to deepen regional collaboration and expand market opportunities, showcasing the richness of Shantou's products and cultural heritage [2]