1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The March USDA report is neutral. Affected by the geopolitical crisis, the short - term crude oil price fluctuates sharply, driving the protein meal price to fluctuate significantly. It is recommended to wait and see in the short term [10]. 3. Summary According to the Directory 3.1. Weekly Assessment and Strategy Recommendation - **Industry Information**: China's soybean imports in February were 5.976 million tons, and the cumulative imports from January to February were 12.547 million tons, a year - on - year decrease of 7.8%. The latest estimates of Brazil's 2025/26 soybean production by AgRural and StoneX were 178 million tons and 177.8 million tons respectively, both lower than the previous forecasts. From February 26 to March 5, the US exported 380,000 tons of soybeans, with a year - on - year decrease of 7.7 million tons in the current - year cumulative exports. The US exported 80,000 tons of soybeans to China during the week, and the cumulative exports to China in the current year were 10.82 million tons, a year - on - year decrease of 10.9 million tons. As of the week of March 6, the domestic sample soybean arrivals in 2026 were 13.92 million tons, a year - on - year increase of 1.54 million tons, and the sample soybean port inventory was 5.79 million tons, a year - on - year increase of 1.79 million tons. The USDA's March forecast for the 2025/26 global soybean production was 427.17 million tons, a decrease of 0.99 million tons from the February forecast [10]. - **Fundamental Assessment**: The multi - empty scores of various indicators are as follows: the multi - empty score of the US soybean 5 - 7 spread is 0; the soybean import crushing profit is +1; the rapeseed import cost is - 1; the soybean and rapeseed meal spread is 0; the international soybean supply is +0.5; the domestic supply is - 0.5; the domestic demand is +1; and other factors (geopolitical crisis) are +1. The short - term suggestion is to wait and see [11]. - **Trading Strategy Suggestion**: Both unilateral and arbitrage strategies suggest waiting and seeing [12]. 3.2. Spot and Futures Market - **Spot Price**: The document provides the spot price trends of soybean meal in Dongguan, Guangdong and rapeseed meal in Huangpu, Guangdong from 2022 to 2026 [21][22]. - **Main Contract Basis**: It shows the basis trends of the soybean meal May contract and the rapeseed meal May contract from 2022 to 2026 [24][25]. - **Inter - month Spread**: The inter - month spreads of soybean meal 5 - 9 and rapeseed meal 5 - 9 from 2022 to 2026 are presented [27][28]. - **Soybean Meal - Rapeseed Meal Spread**: The spreads between the soybean meal May - rapeseed meal May and soybean meal September - rapeseed meal September from 2022 to 2026 are shown [30][31]. 3.3. Supply Side - **US Soybean Planting Progress**: It includes the planting progress, emergence rate, defoliation rate, and good - quality rate of US soybeans from 2021 to 2025 [36][37][39]. - **Weather Conditions**: The precipitation observations of soybeans in Brazil, the US, and Argentina are compared with the same - period averages. The precipitation and temperature anomalies in major soybean - producing areas are also provided [42][44][45]. - **US Soybean Export Progress**: It shows the current - market - year and next - market - year cumulative signing volumes, the current - market - year and next - market - year exports to China, and the US soybean export progress from 2021 to 2026. The monthly import volumes of soybeans and rapeseeds in China are also presented [53][54][56]. - **China's Oil Mill Pressing Situation**: The soybean and rapeseed pressing volumes of major oil mills from 2022 to 2026 are shown [62][63]. - **Brazilian Soybean Export Situation**: The monthly export volumes and exports to China of Brazilian soybeans from 2021 to 2025 are presented. The weekly and cumulative shipments of Brazilian and Argentine soybeans to China from 2022 to 2026 are also provided [65][66][68]. 3.4. Profit and Inventory - **Oilseed Inventory**: The port inventory of soybeans and the inventory of rapeseeds in major oil mills from 2022 to 2026 are shown [76][77]. - **Protein Meal Inventory**: The inventories of soybean meal and rapeseed meal in coastal major oil mills from 2022 to 2026 are presented [79][80]. - **Protein Meal Pressing Profit**: The pressing profits of imported soybeans in Guangdong and imported rapeseeds in coastal areas from 2022 to 2026 are shown [82][83]. 3.5. Demand Side - **Protein Meal Demand**: The cumulative sales volume and apparent consumption of soybean meal in major oil mills from 2022 to 2026 are presented [86]. - **Breeding Profit**: The average profit per head of self - breeding and self - raising pigs and the breeding profit of white - feather broilers from 2022 to 2026 are shown [88][89].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a collection of daily warehouse receipts for various agricultural products, including historical data and current values, as well as their week-on-week and year-on-year changes [1][3][4][5] Summary by Related Catalogs Agricultural Product Warehouse Receipt Data - The report presents the warehouse receipt quantities of multiple agricultural products such as soybean meal, rapeseed meal, soybean oil, palm oil, rapeseed oil, sugar, cotton, live pigs, and corn over different time periods from 2018 to 2026 [3][4] Warehouse Receipt Quantity Changes - The latest values, week-on-week, and year-on-year changes of the warehouse receipt quantities for each agricultural product are provided. For example, the warehouse receipt quantity of soybean meal is 36,982.0 hands, with a -5% week-on-week change and a 2.2% year-on-year change [5]

Core Viewpoint - The article emphasizes that inflation expectations serve as a "macro engine" for commodity markets, with recent geopolitical tensions in the Middle East significantly influencing commodity trends, particularly leading to a surge in oil prices and a renewed focus on inflation trades, which may also heighten the risk of stagflation [2]. Group 1: Commodity Trends - Since January, commodities have shown overall strength with a structural market characterized by significant increases in energy prices, high levels in precious metals, a rebound in agricultural products, and weaker performance in the black commodities sector, reflecting rising supply chain risks and intensified policy negotiations [2]. - The recent geopolitical conflicts have notably increased market attention on agricultural products, leading to heightened speculative activity and a significant rise in implied volatility, with agricultural prices increasingly following oil price movements, indicating that macro-level influences outweigh basic supply-demand fundamentals [2]. Group 2: Correlation Between Oil and Agricultural Products - Historical data shows varying correlations between oil and agricultural products, with imported agricultural products being most affected. From 2016 to present, the correlation between Brent crude oil and agricultural prices, such as U.S. soybean oil, cotton, and corn, has been notably strong, often exceeding 0.67 [3]. Group 3: Oil Market Dynamics - In early March, the oil market experienced a rapid upward pulse due to U.S.-Iran tensions, although prices have since retreated, establishing a higher price baseline. The oilseed market has strengthened due to both commodity market sentiment and the supportive fundamentals of biodiesel, making oilseeds a preferred choice among agricultural products [6]. - The current oil market dynamics differ from the 2022 Russia-Ukraine conflict, as the oil market is now influenced by ongoing geopolitical tensions, with no clear signals for a ceasefire, leading to a gradual increase in oil price baselines [9]. Group 4: Agricultural Costs and Production - The conflict has raised fertilizer and chemical costs significantly, with the USDA estimating a 92% increase in fertilizer costs and a 54% increase in chemical costs for soybean planting in 2022. This cost increase is expected to persist into 2025 and 2026, leading to an overall rise in planting costs by approximately 9% [11]. - The soybean market is currently under pressure due to several years of high production, resulting in relatively low prices. However, the market sentiment is shifting, with the potential for upward price movement due to geopolitical events and changes in trade policies [12]. Group 5: Cotton Market Outlook - The ongoing U.S.-Iran conflict is expected to impact the cotton industry through increased costs across the supply chain, including planting, processing, and transportation. The ICAC predicts a 4% decline in global cotton production, which, combined with geopolitical uncertainties, may lead to increased price volatility [19]. - Short-term cotton prices are expected to remain strong, with potential for further increases if the conflict continues, as rising energy costs and declining production expectations converge [20]. Group 6: Sugar Market Dynamics - The global sugar market is currently in a production increase cycle, but prices are under pressure due to high industrial inventories. However, the market is showing signs of cost support, and geopolitical tensions may indirectly influence sugar prices through the ethanol market [27]. - The conflict has created disruptions in sugar supply chains, particularly affecting refined sugar exports, which may lead to tighter supply and upward price pressure in the sugar market [27]. Group 7: Corn Market Insights - The geopolitical tensions have led to significant uncertainty in logistics and production in the Middle East, driving up oil prices and subsequently impacting grain markets. Despite a generally loose supply-demand balance for corn and wheat, macroeconomic factors are currently dominating market dynamics [34]. - Domestic corn prices have strengthened due to market speculation and concerns over supply gaps, with expectations of continued price increases in the short term [34]. Group 8: Egg and Pork Markets - The fluctuations in oil prices are impacting the egg market primarily through cost channels, as rising feed prices due to increased demand for biofuels are expected to elevate production costs for eggs [42]. - The pork market is experiencing indirect effects from rising feed costs, which could lead to increased production costs and potential supply pressures in the near term [49].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - **Oils and Fats**: The upward trend of oils and fats continues in the short - term, but there is a need to be vigilant about corrections and fundamental divergences. The market is expected to follow the trend of crude oil, and long positions should be held. Key factors such as crude oil price fluctuations, policies of major producing countries, domestic import profits, and arrival volumes need to be closely monitored [8]. - **Corn**: The spot price of corn is expected to be mainly oscillating upward, while the futures price of contracts 2605/07 may also show an upward - oscillating trend, but the continuous upward space is limited. Spot enterprises should focus on rolling replenishment, and futures investors should hold long - term long positions and reduce positions when prices are high [93]. - **Hogs**: The spot price of hogs is expected to be mainly oscillating downward, and the futures price of contracts 05/07 may also show a downward - oscillating trend. Futures investors should hold short positions and reduce positions when prices are low, and breeding enterprises should hold hedging short positions and reduce positions as they sell [134]. - **Soybean Meal**: Soybean meal may show a strong - running trend under the influence of the macro - environment and supply - demand factors, but chasing high prices for entry should be avoided due to the high - yield situation in South America [140]. - **Eggs**: Pay attention to the opportunity to arrange long positions during the peak season in the second half of the year and conduct rolling operations [173]. - **Cotton**: Zhengzhou cotton shows a strong - running trend, but there is a possibility of a short - term correction. The overall upward trend remains unchanged [193]. - **Sugar**: The price of raw sugar is supported by the decline in the sugar - making ratio in Brazil, while the price of Zhengzhou sugar is affected by the rise of domestic commodities following the trend of crude oil. However, the sugar - mill hedging positions may put pressure on the price [220][221]. 3. Summary by Relevant Catalogs Oils and Fats 3.1.1 Market Review and Operation Suggestions - Market trend: Palm oil led the rise in the oils and fats sector, with rapeseed oil and soybean oil following. The market showed a short - term strong trend but retreated from the high level during the week [8]. - Influencing factors: The escalation of the geopolitical conflict in the Middle East pushed up crude oil prices, strengthening the biodiesel attribute of the oils and fats sector. The improvement of biodiesel profits and the expectation of Indonesia's B50 policy also had an impact [9]. - Operation suggestions: Hold long positions and closely monitor factors such as crude oil price fluctuations, policies of major producing countries, domestic import profits, and arrival volumes [8]. 3.1.2 Core Points - **Domestic Spot Changes**: As of March 13, 2025, the price of first - grade soybean oil in East China was 8,960 yuan/ton, up 210 yuan weekly; the price of third - grade rapeseed oil in East China was 10,490 yuan/ton, up 240 yuan weekly; the price of 24 - degree palm oil in South China was 9,840 yuan/ton, up 640 yuan weekly [11]. - **Domestic Inventory of Three Major Oils**: As of the end of the 10th week of 2026, the total inventory of three major edible oils in China was 2.0463 million tons, up 22,700 tons weekly, with a month - on - month increase of 1.12% and a year - on - year decrease of 8.26% [23]. - **Domestic Supply of Oils and Oilseeds**: As of the end of the 10th week, the average operating rate of domestic soybean oil mills was 54.26%, up 29.45% from last week. The total soybean crushing volume of domestic oil mills this week was 1.9968 million tons, up 1.0876 million tons from last week [24][27]. - **Palm Oil Dynamics**: In February 2026, Malaysia's palm oil production was 1.2847 million tons, a month - on - month decrease of 18.55%. Indonesia's palm oil association said that Indonesia's crude palm oil production in 2025 reached 51.66 million tons, a year - on - year increase of 7.3% [36]. - **CFTC Positions**: Speculative funds have increased their net long positions in CBOT soybeans for six consecutive weeks, net - bought in the Chicago soybean oil futures market for four consecutive weeks, and net - bought in the CBOT soybean meal futures market for six consecutive weeks [51]. Corn 3.2.1 Market Review - Spot price: The national corn price continued to be strong this week. The price in the northeast, north China, and sales areas all increased [55]. - Futures price: As of March 12, the main 2605 contract of Dalian closed at 2,396 yuan/ton, up 12 yuan/ton from last week, with a gain of 0.5% [55]. 3.2.2 Fundamental Analysis - **Supply**: The grain - selling progress has accelerated with the rise in temperature, but the overall progress is slower than the same period last year. As of March 6, the inventory in northern ports was 2.19 million tons, a week - on - week increase of 190,000 tons; the inventory in southern ports was 696,000 tons, a week - on - week decrease of 200,000 tons [57][58][60]. - **Domestic Substitutes**: The wheat market was strong this week. The price of corn was 162 yuan/ton lower than that of wheat [61]. - **Imported Substitute Grains**: In December, 800,000 tons of corn and corn flour were imported, a year - on - year increase of 133.1%. The import volume of other grains also showed different trends [63]. - **Feed Demand**: The total output of the national industrial feed in 2025 was 342.253 million tons, a year - on - year increase of 8.6%. The inventory of feed enterprises decreased slightly this week [77][81]. - **Deep - processing Demand**: The operating rate of the corn starch industry continued to increase, and the processing profit of starch enterprises improved. The inventory of deep - processing enterprises continued to decline, but the decline rate narrowed [84][85]. - **Supply - demand Balance Sheet**: In the 2025/26 season, China's corn planting area is expected to be 44,961 thousand hectares, an increase of 220 thousand hectares from the previous year. The total output is expected to increase by 1.24 million tons to 301.24 million tons [89]. 3.2.3 Future Outlook and Strategy - Outlook: The spot price of corn is expected to be mainly oscillating upward, and the futures price of contracts 2605/07 may also show an upward - oscillating trend, but the continuous upward space is limited [93]. - Strategy: Spot enterprises should focus on rolling replenishment, and futures investors should hold long - term long positions and reduce positions when prices are high [93]. Hogs 3.3.1 Market Review - Spot price: The hog market showed a slow - decline trend this week. The average national hog slaughter price was 10.18 yuan/kg, a week - on - week decrease of 3.60% [95]. - Futures price: As of Friday, the main contract LH2605 of hog futures oscillated at a low level, closing at 11,130 yuan/ton, a week - on - week decrease of 30 yuan/ton, with a decline of 0.3% [96]. 3.3.2 Fundamental Overview - **Long - term Supply**: The price of binary sows decreased slightly this week. The number of reproductive sows showed different trends according to different data sources [100][101]. - **Medium - term Supply**: The price of piglets decreased this week. As of February, the inventory of piglets in sample enterprises was 2.3505 million heads, a month - on - month decrease of 0.75%, and a year - on - year increase of 3.62% [111]. - **Short - term Supply**: The inventory of large hogs increased in February. The proportion of large hogs over 140 kg decreased in February. The utilization rate of fattening pens increased [115][116]. - **Current Supply**: The planned slaughter volume of sample enterprises in March was 27.25 million heads, a 25.29% increase from the actual completion in February. The average slaughter weight this week was 128.55 kg, a week - on - week increase of 0.31% [118][119]. - **Import Supply**: In December, 60,000 tons of pork were imported, with the same month - on - month volume and a year - on - year decrease of 30,000 tons. The total imported pork volume in 2025 was 980,000 tons, a year - on - year decrease of 8.4% [124]. - **Secondary Fattening Demand**: Secondary fattening operations gradually started in early March. The cost of secondary fattening decreased this week [131]. - **Slaughter Demand**: The operating rate of slaughter enterprises was 28.53% this week, a week - on - week increase of 1.26 percentage points, and a year - on - year increase of 2.67 percentage points [132]. 3.3.3 Future Outlook - Outlook: The spot price of hogs is expected to be mainly oscillating downward, and the futures price of contracts 05/07 may also show a downward - oscillating trend [134]. - Strategy: Futures investors should hold short positions and reduce positions when prices are low, and breeding enterprises should hold hedging short positions and reduce positions as they sell [134]. Soybean Meal 3.4.1 Weekly Review and Operation Suggestions - Spot price: As of March 13, the coastal soybean meal price ranged from 3,360 to 3,550 yuan/ton, a significant increase from a week ago [138]. - Futures price: The main contract of US soybeans was strong this week. The price of domestic soybean meal also increased, and it may show a strong - running trend, but chasing high prices for entry should be avoided [139][140]. 3.4.2 Core Points - **Soybean Planting**: The new - season US soybean planting area is expected to be about 81.2 million acres, a year - on - year decrease of 7.0%. The Brazilian soybean harvest progress is slow, and the Argentine soybean yield may decrease slightly [141][143]. - **US Soybean Exports**: As of the week of March 5, the weekly shipment volume of US soybeans in the 2025/26 season was about 995,000 tons, and the net sales volume was 457,000 tons [144]. - **Domestic Soybean Import and Crushing**: The import volume of soybeans in January and February was at a relatively low level in the same period of previous years. The operating rate and crushing volume in March are expected to recover to a relatively low level [153][154]. - **Soybean Meal Transaction and Inventory**: As of March 6, the inventory of domestic main oil mills' soybean meal was 718,500 tons, a week - on - week increase of 10%. The future demand mainly depends on the import soybean auction situation [160]. - **Basis and Inter - month Spread**: As of March 12, the basis of the soybean meal 05 contract was about 347.14 yuan, and the 5 - 7 spread was 218 yuan. The basis and 5 - 7 spread are expected to be mainly oscillating upward [166]. - **Domestic Registered Warehouse Receipts**: As of March 12, the number of domestic soybean meal registered warehouse receipts was 36,982 lots, the highest in the same period of history [170]. Eggs 3.5.1 Weekly Review and Operation Suggestions - Spot price: The spot price of eggs rose and then stabilized this week. There may be a seasonal small increase in late March [173]. - Futures price: The main 04 contract oscillated, and the 05 contract was relatively strong. Pay attention to the opportunity to arrange long positions during the peak season in the second half of the year and conduct rolling operations [173]. 3.5.2 Data Summary - **Inventory and Replenishment**: As of the end of February 2026, the monthly inventory of laying hens in the country was about 1.35 billion, a month - on - month increase of 0.60%. The egg - chick hatching volume in February was about 43.3 million, slightly increasing from January but decreasing compared with the same period last year [174]. - **Cost, Income, and Breeding Profit**: The average daily price of large - sized pink - shell eggs was 3.05 yuan/jin, and the average daily price of brown - shell eggs was 3.06 yuan/jin. The feed cost of laying hens was 3.23 yuan/kg. The breeding profit was at a very low level in history [181][182]. - **Culled Hens**: The culling volume increased recently, the culling age fluctuated, and the culled hen price was at a relatively low level in the same period of history [184]. - **Demand, Inventory, and Hog Price**: The egg sales volume was at a relatively low level in the same period of history, the egg inventory was relatively low, and the hog price was at a relatively low level in the same period of history [186]. Cotton 3.6.1 Weekly Review and Operation Suggestions - Market trend: The external market rebounded from a low level, and Zhengzhou cotton oscillated upward. The domestic spot market was relatively active, and the cotton yarn market was booming [191][192]. - Influencing factors: The USDA's March supply - demand report was bearish, but the market focus has shifted to the 2026/27 season. The expected strong El Nino phenomenon and the good export situation support the cotton price, but the upward space is restricted by the import cotton price [193]. - Outlook: Zhengzhou cotton shows a strong - running trend, but there is a possibility of a short - term correction. The overall upward trend remains unchanged [193]. 3.6.2 Core Points - **Situation in Major Cotton - producing Countries**: The USDA's March supply - demand report adjusted the 2025/26 global cotton supply - demand situation. The global cotton output increased by 246,000 tons, and the consumption decreased by 30,000 tons [194]. - **US Cotton Exports**: As of the week of March 5, the net signing volume of US cotton was 59,000 tons, and the shipment volume was 88,000 tons [201]. - **Operation of Textile Enterprises**: As of March 6, the cotton inventory of textile enterprises was 34.6 days, the yarn inventory was 21.0 days, the yarn inventory of textile mills was 11.8 days, and the cotton -坯布 inventory was 36.5 days. The load index of yarn and cotton -坯布 increased [203]. - **Basis and Inter - month Spread**: As of March 12, the basis of the cotton 05 contract was 1,303 yuan, and the 5 - 9 spread was - 50 yuan/ton [215]. - **CFTC Positions and Domestic Registered Warehouse Receipts**: As of March 3, the non - commercial net short position of cotton was 28,097 lots. As of March 12, the total number of domestic cotton registered warehouse receipts was 12,771 lots [217]. Sugar 3.7.1 Weekly Review - Raw sugar: The raw sugar index rebounded and then oscillated, testing the 15 - cent mark. The rise in oil prices led to a decrease in the sugar - making ratio in Brazil, which was positive for raw sugar [220]. - Zhengzhou sugar: The Zhengzhou sugar index rose sharply, breaking through the 5,500 mark. The domestic sugar market is in the production peak season and consumption off - season, but the rise of domestic commodities following the trend of crude oil drove the rise of Zhengzhou sugar [221]. 3.7.2 Core Points - **Spot and Futures Market**: The spot prices in Guangxi, Yunnan, and Shandong increased. The basis expanded, and the 5 - 9 spread weakened [223][228]. - **Warehouse Receipts**: As of March 11, the total number of registered warehouse receipts and effective forecasts of Zhengzhou sugar futures was 17,026 lots, a decrease of 144 lots from last week [226]. - **Brazilian Sugar Production**: In the second half

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The short - term bullish trend of the domestic rapeseed meal market continues, but as this round of price increase is mainly driven by event shocks, once the events ease, a large number of long - position profit - taking orders may emerge. Investors should be vigilant about the risk of high - level liquidation and be cautious when chasing high prices. Low - position long orders can be held with caution [6][81]. - In the international market, the focus next week will be on the new round of Sino - US consultations and the development of the Middle East situation. The continuous rise in international crude oil prices has led to an increase in US soybean oil prices, which in turn supports the upward movement of US soybeans. The market is also paying attention to new changes in US soybean exports. In the short term, CBOT soybeans will operate strongly above 1200 cents per bushel [81]. 3. Summary by Relevant Catalogs 3.1 Protein Meal Market Analysis - **Market Trends**: This week, CBOT soybeans fluctuated upwards, with the main contract above 1200 cents per bushel. The continuous rise in international crude oil prices drove up the price of US soybeans. The USDA report was neutral, with an increase in US soybean crushing offset by an increase in imports, and the inventory remained at 350 million bushels. Affected by this, the main contract of Dalian rapeseed meal rose significantly. The domestic rapeseed meal spot price continued to rise, and the near - month basis was firm [6]. - **US Market - US Soybean Exports**: The US soybean export inspection volume decreased by 24% compared with the previous week but increased by about 3% compared with the same period last year. As of March 5, 2026, the US soybean export inspection volume was 879,190 tons. The total US soybean export inspection volume for the 2025/26 season reached 27,086,903 tons, a year - on - year decrease of 29.6%. The US soybean exports to China (Mainland) in the week ending March 5, 2026, were 411,462 tons [11]. - **South American Market - Brazil and Argentina**: In Brazil, as of March 5, 2026, the 2025/26 Brazilian soybean harvest progress was 51%. In Argentina, recent rainfall has provided much - needed moisture for corn and soybeans in many central and northern production areas, but drought - affected areas still face crop stress, and the sunflower harvest progress has reached 39% [22][23][30]. - **Domestic and International Oilseed Markets**: Analysts expect the 2025/26 US soybean ending inventory to be lowered to 343 million bushels. The average global soybean ending inventory forecast is 125 million tons. In 2026, from January to February, China's soybean imports were 12.55 million tons, a year - on - year decrease of 7.8%. It is expected that China's soybean imports will increase significantly in the next few months [30][31]. - **Soybean - South American Soybean Sowing and Harvest Progress**: As of March 7, 2026, the Brazilian soybean harvest rate was 50.6%. In Argentina, the overall soybean sowing progress was close to completion [31][36][38]. - **Soybean - Port Inventory and Crushing Profit**: This week, the crush margin of Brazilian soybeans on the futures market continued to recover. As of the end of this week, the total inventory of imported soybeans at domestic ports was about 8.3357 million tons, and the theoretical crushable days of port - imported soybeans were 28 days [44]. - **Soybean - Import Cost and Domestic - Foreign Price Difference**: The cost of US Gulf soybeans arriving in May (with additional tariffs) is 4716 yuan/ton, and the cost of Brazilian soybeans arriving in May is 3940 yuan/ton. This week, the Brazilian soybean premium stopped falling and rebounded [47]. - **Rapeseed Meal - Rapeseed Processing Rate and Crush Volume**: As of the end of the 10th week (March 7, 2026), the processing rate of imported rapeseed at domestic main oil mills increased compared with the previous week, but it was still at a nearly stagnant level. The domestic rapeseed processing volume was 24,500 tons this week [60]. - **Rapeseed Meal - Basis Analysis**: This week, the domestic rapeseed meal spot price rose, and the rapeseed meal basis stopped falling and rebounded [58]. - **Oilseed and Oil Product Inter - Variety Arbitrage Relationship**: This week, the oil - meal ratio of soybeans fell from a high level, the oil - meal ratio of rapeseed main contracts fell slightly, and the price difference between soybean meal and rapeseed meal main contracts widened slightly [67]. - **Protein Meal Inter - Month Spread Arbitrage Relationship**: This week, the 5 - 9 spread of soybean meal and rapeseed meal rebounded significantly [72]. 3.2 Future Market Outlook - **Seasonal Analysis**: There are seasonal index charts for US soybeans, US rapeseed meal, Dalian rapeseed meal, and live pigs, but no specific analysis content is provided [75][76][78]. - **Next Week's Market Outlook**: Technically, the short - term and medium - term indicators of soybean meal and rapeseed meal are bullish, while the long - term indicators are intertwined. Fundamentally, in the international market, the focus will be on Sino - US consultations and the Middle East situation. In the domestic market, due to the Middle East situation and Brazilian soybean quality inspection issues, the arrival of imported soybeans in April may be lower than expected, and the supply of rapeseed meal may decrease, which will boost the rapeseed meal market [80][81].

Investment Rating - The report maintains a "Buy" recommendation for the agricultural sector [1] Core Insights - The USDA has adjusted global corn production forecasts upward while lowering global soybean production forecasts [4] - The report highlights stable production and consumption forecasts for corn and soybeans in China, while global wheat production and consumption forecasts have been increased [4] Summary by Sections Corn - Global corn production for the 25/26 year is forecasted at 1.297 billion tons, an increase of 0.12% from the previous month, driven by production increases in Ukraine and Brazil offsetting declines in Argentina [7] - The global corn consumption forecast is adjusted down to 1.300 billion tons, a decrease of 0.06% [7] - The corn stock-to-use ratio is projected to rise to 22.51%, an increase of 0.30 percentage points [7] - In China, corn production is stable at 301 million tons, with consumption also stable at 321 million tons, maintaining a stock-to-use ratio of 56.12% [11] Soybeans - Global soybean production is forecasted at 427.18 million tons, a decrease of 0.23% due to declines in Argentina and Ukraine [19] - The global soybean consumption forecast is lowered to 424.16 million tons, a decrease of 0.14% [19] - The stock-to-use ratio for soybeans is projected to decrease to 29.54%, down by 0.01 percentage points [19] - In China, soybean production is stable at 20.90 million tons, with consumption also stable at 13.29 million tons, maintaining a stock-to-use ratio of 33.40% [25] Wheat - Global wheat production is forecasted at 842.12 million tons, an increase of 0.04%, with consumption rising to 824.80 million tons, an increase of 0.09% [31] - The stock-to-use ratio for wheat is projected to decrease to 33.58%, down by 0.10 percentage points [31] - In China, wheat production is stable at 140.07 million tons, with consumption also stable, maintaining a stock-to-use ratio [35] Rice - Global rice production is forecasted to remain at 541.28 million tons, while consumption is adjusted down to 540.96 million tons [42] - The stock-to-use ratio for rice is projected to rise to 35.41%, an increase of 0.17 percentage points [42] - In China, rice production is stable at 146 million tons, with consumption also stable at 147 million tons, maintaining a stock-to-use ratio of 71.41% [48]

Group 1: Macroeconomic Trends - February US non-farm employment data significantly underperformed market expectations, continuing a slowdown trend since the end of 2025[1] - The unemployment rate has increased but remains within a controllable range, while labor participation rate has slightly decreased after population control adjustments[1] - Recent oil price increases are expected to raise overall US inflation by approximately 0.6 percentage points, complicating future Federal Reserve decisions[1] Group 2: Domestic Economic Environment - Exports in January-February exceeded expectations due to the impact of the Spring Festival, tax rebate policy adjustments, and improved overseas manufacturing sentiment[3] - February's Producer Price Index (PPI) showed a narrowing year-on-year decline, driven by rising prices in the non-ferrous and oil sectors, while downstream prices remain weak[3] - Consumer Price Index (CPI) growth rebounded significantly, with core services performing strongly due to holiday consumption, while core goods faced demand constraints[3] Group 3: Policy and Market Outlook - Strong signals were released during the Two Sessions regarding stable growth, expanding domestic demand, and promoting reforms, with a focus on fiscal and financial collaboration[3] - The geopolitical landscape remains uncertain, potentially affecting market risk appetite and leading to policy adjustments in response to unexpected economic changes[2]

农产品日报 | 2026-03-13 宏观扰动持续，板块整体偏强 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2605合约15545元/吨，较前一日变动+30元/吨，幅度+0.19%。现货方面，3128B棉新疆到 厂价16673元/吨，较前一日变动+190元/吨，现货基差CF05+1128，较前一日变动+160；3128B棉全国均价16848元/ 吨，较前一日变动+180元/吨，现货基差CF05+1303，较前一日变动+150。 近期市场资讯，2月越南棉花进口量10.4万吨，环比（15.2万吨）减少31.6%，同比（17.2万吨）减少39.6%。从当 月主要进口来源情况看，美棉进口量仍占首位，占比约39%；巴西棉其次，占比为25%；澳棉排第三，占比13%。 市场分析 昨日郑棉期价偏强震荡。国际方面，近期中东冲突升级，短期市场面临调整和避险压力。受本年度全球供需格局 整体仍偏宽松影响，美棉暂缺乏持续上涨驱动，近期走势预计受宏观面扰动较大。中长期看，美棉已处于低估值 区间，进一步下跌空间预计有限，26/27年度全球棉市供需格局有望进一步收紧，接下来北半球将进入关键种植期， 面积与天气均存变数，中长期美棉前 ...

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Oil and Fat Industry - The basis quotes of oils are unable to rise due to the upward movement of the futures market and the off - season demand. The price of rapeseed oil may have a chance to reach the 10,000 - yuan mark again if the crude oil futures price continues to rise. The Malaysian palm oil futures are expected to fluctuate within the range of 4500 - 4600 ringgit, and the domestic palm oil futures may face pressure to decline. The CBOT soybean oil may continue to rise in the short - term, and the domestic soybean oil basis quotes are supported [1]. 2.2 Cotton Industry - The ICE cotton futures are slightly down but close to a two - week high. The US cotton export sales have increased week - on - week, and it is expected to maintain a low - level range - bound pattern. The domestic Zhengzhou cotton has回调 after several rises, and the cotton futures' long - position pattern continues [2]. 2.3 Sugar Industry - The ICE raw sugar futures have closed higher. It is expected that the short - term sugar price will remain firm with limited downward adjustment space. The domestic sugar market is expected to maintain a high - level range - bound and slightly stronger trend, but the upward momentum for a significant price increase is limited [3]. 2.4 Jujube Industry - The 25/26 crop season jujube market still has an oversupply pattern. The consumption market is weak, and the inventory pressure is large. The warehouse receipt cost supports the futures price, and attention should be paid to the inventory reduction progress and weather conditions in the producing areas [5]. 2.5 Apple Industry - The apple futures price has fallen from a high level as the market sentiment has cooled. The spot market shows a "strong in the west and weak in the east" pattern. The inventory decline supports the futures price, and attention should be paid to the Tomb - Sweeping Festival replenishment, ordinary fruit inventory reduction, and weather changes [8]. 2.6 Corn and Corn Starch Industry - The corn price is supported by farmers' reluctance to sell and downstream replenishment needs, but the expected increase in supply and substitution limit its upward space, and it will maintain a high - level range - bound pattern [10]. 2.7 Meal Industry - The US soybean is supported by multiple factors but lacks fundamental changes. The domestic basis has strengthened, and the futures market is expected to maintain a high - level range - bound pattern with a strengthening basis [13]. 2.8 Pig Industry - The large - scale pig slaughter and off - season demand suppress the spot price. The secondary fattening enthusiasm is low, and it is expected that the futures and spot prices will continue to bottom out, with the possibility of further decline in the near - term contracts [16]. 2.9 Egg Industry - The supply of laying hens remains stable, and the demand is moderate. The egg price is expected to maintain a low - level range - bound pattern in the short - term [18]. 3. Summary of Each Industry Based on the Content 3.1 Oil and Fat Industry Price Changes - **Soybean oil**: The spot price in Jiangsu is 8950 yuan, up 190 yuan (2.17%) from the previous day; the futures price of Y2605 is 8632 yuan, up 62 yuan (0.72%); the basis is 318 yuan, up 128 yuan (67.37%) [1]. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong is 9753 yuan, up 273 yuan (2.88%); the futures price of P2605 is 9684 yuan, up 158 yuan (1.66%); the basis is - 46 yuan, up 250% [1]. - **Rapeseed oil**: The spot price of third - grade rapeseed oil in Jiangsu is 10232 yuan, down 10 yuan (- 0.10%); the futures price of OI605 is 9769 yuan, down 9 yuan (- 0.09%); the basis is 464 yuan, down 1 yuan (- 0.22%) [1]. Spread Changes - **Inter - month spreads**: The 05 - 09 spread of soybean oil is - 22 yuan, down 19.30%; the 05 - 09 spread of palm oil is 26 yuan, up 46.43%; the 05 - 09 spread of rapeseed oil is - 12 yuan, down 12.82% [1]. - **Cross - variety spreads**: The spot spread between soybean oil and palm oil is - 803 yuan, down 11.53%; the 2605 spread between soybean oil and palm oil is - 1052 yuan, down 10.04%; the spot spread between rapeseed oil and soybean oil is 1282 yuan, down 13.50%; the 2605 spread between rapeseed oil and soybean oil is 1137 yuan, down 5.88% [1]. 2.2 Cotton Industry Futures Market - The price of cotton 2605 is 15545 yuan/ton, up 225 yuan (1.47%); the price of cotton 2609 is 15380 yuan/ton, up 215 yuan (1.40%); the 5 - 9 spread is - 50 yuan/ton, up 10 yuan (16.67%) [2]. Spot Market - The Xinjiang arrival price of 3128B is 16673 yuan/ton, up 190 yuan (1.15%); the CC Index: 3128B is 16848 yuan/ton, up 180 yuan (1.08%); the FC Index:M: 1% is 12647 yuan/ton, up 101 yuan (0.81%) [2]. Industry Situation - The commercial inventory is 547.70 million tons, down 31.17 million tons (- 5.4%); the industrial inventory is 89.40 million tons, up 3.30 million tons (3.8%); the import volume is 17.79 million tons, up 5.89 million tons (49.5%); the bonded area inventory is 47.10 million tons, up 4.20 million tons (9.8%) [2]. 2.3 Sugar Industry Futures Market - The price of sugar 2605 is 5416 yuan/ton, down 1 yuan (- 0.13%); the price of sugar 2609 is 5447 yuan/ton, down 1 yuan (- 0.02%); the 5 - 9 spread is - 31 yuan/ton, down 6 yuan (- 24.00%) [3]. Spot Market - The price in Nanning is 5470 yuan/ton, up 10 yuan (0.18%); the price in Kunming is 5320 yuan/ton, unchanged; the Nanning basis is 54 yuan, up 17 yuan (45.95%); the Kunming basis is - 96 yuan, up 7 yuan (6.80%) [3]. Industry Situation - The cumulative national sugar production is 689.00 million tons, down 60.28 million tons (- 8.05%); the cumulative national sugar sales is 270.00 million tons, down 103.50 million tons (- 27.71%); the cumulative sugar production in Guangxi is 402.90 million tons, down 78.80 million tons (- 16.36%) [3]. 2.4 Jujube Industry Futures Market - The price of jujube 2605 is 9080 yuan/ton, down 60 yuan (- 0.66%); the price of jujube 2607 is 9245 yuan/ton, down 80 yuan (- 0.86%); the price of jujube 2609 is 9535 yuan/ton, down 95 yuan (- 1.00%) [5]. Spot Market - The price of Cangzhou special - grade jujube is 9210 yuan/ton, up 10 yuan (0.11%); the price of Cangzhou first - grade jujube is 7900 yuan/ton, unchanged; the price of Cangzhou second - grade jujube is 6900 yuan/ton, unchanged [5]. 2.5 Apple Industry Futures Market - The price of apple 2605 is 9984 yuan/ton, down 252 yuan (- 2.46%); the price of apple 2610 is 8636 yuan/ton, down 21 yuan (- 0.24%); the 5 - 10 spread is 1348 yuan/ton, down 231 yuan (- 14.63%) [8]. Spot Market - The arrival volume at Chalong Fruit Wholesale Market is 23 vehicles, down 2 vehicles (- 8.00%); the arrival volume at Jiangmen Fruit Wholesale Market is 12 vehicles, down 1 vehicle (- 7.69%); the arrival volume at Xiaqiao Fruit Wholesale Market is 16 vehicles, down 1 vehicle (- 5.88%) [8]. Industry Situation - The national cold - storage inventory is 499.72 million tons, down 27.81 million tons (- 5.27%) [8]. 2.6 Corn and Corn Starch Industry Corn - The price of corn 2605 at Jinzhou Port is 2396 yuan/ton, up 1 yuan (0.04%); the 5 - 9 spread is - 19 yuan/ton, unchanged; the market price at Shekou Port is 2500 yuan/ton, up 10 yuan (0.40%); the import profit is 181 yuan/ton, down 12 yuan (- 6.44%) [10]. Corn Starch - The price of corn starch 2605 is 2723 yuan/ton, up 5 yuan (0.18%); the average price of corn starch is 2917 yuan/ton, up 9 yuan (0.31%); the basis is 194 yuan/ton, up 4 yuan (2.11%) [10]. 2.7 Meal Industry Soybean Meal - The spot price in Jiangsu is 3280 yuan/ton, up 30 yuan (0.92%); the futures price of M2605 is 3054 yuan/ton, down 14 yuan (- 0.46%); the basis is 226 yuan, up 44 yuan (24.18%) [13]. Rapeseed Meal - The spot price in Jiangsu is 2666 yuan/ton, up 40 yuan (1.53%); the futures price of RM2605 is 2492 yuan/ton, up 12 yuan (0.48%); the basis is 168 yuan, up 28 yuan (20.00%) [13]. Spreads - The 05 - 09 spread of soybean meal is - 10 yuan, down 71.43%; the 05 - 09 spread of rapeseed meal is 12 yuan, up 120.00%; the oil - meal ratio of the spot is 2.74, up 0.021 (0.76%); the oil - meal ratio of the main contract is 2.83, up 0.033 (1.19%); the spread between soybean meal and rapeseed meal is 620 yuan, down 10 yuan (- 1.59%); the 2605 spread between soybean meal and rapeseed meal is 562 yuan, down 26 yuan (- 4.42%) [13]. 2.8 Pig Industry Futures Market - The price of the main contract of live pigs 2605 is 11130 yuan/ton, down 40 yuan (- 0.36%); the price of live pigs 2603 is 10180 yuan/ton, up 90 yuan (0.89%); the 3 - 5 spread is - 950 yuan/ton, up 130 yuan (12.04%) [16]. Spot Market - The price in Henan is 10050 yuan/ton, down 150 yuan; the price in Shandong is 10250 yuan/ton, unchanged; the price in Sichuan is 10200 yuan/ton, unchanged; the price in Liaoning is 9900 yuan/ton, down 50 yuan; the price in Guangdong is 10710 yuan/ton, up 200 yuan; the price in Hunan is 10110 yuan/ton, unchanged; the price in Hebei is 10100 yuan/ton, up 50 yuan [16]. Industry Situation - The daily slaughter volume of sample points is 165,965 heads, up 1547 heads (0.94%); the weekly white - strip price is 17.94 yuan/kg, down 0.54 yuan (- 2.92%); the weekly piglet price is 27.44 yuan/kg, unchanged; the weekly sow price is 32.46 yuan/kg, down 0.01 yuan (- 0.03%); the weekly slaughter weight is 128.55 kg, up 0.4 kg (0.31%); the weekly self - breeding profit is - 238 yuan/head, down 78.3 yuan (- 49.06%); the weekly purchased - piglet breeding profit is - 58.7 yuan/head, down 79.7 yuan (- 382.72%); the monthly fertile sow inventory is 39610,000 heads, down 290,000 heads (- 0.73%) [16]. 2.9 Egg Industry Futures Market - The price of the egg 04 contract is 3271 yuan/500KG, up 30 yuan (0.93%); the price of the egg 05 contract is 3457 yuan/500KG, up 19 yuan (0.55%); the 4 - 5 spread is - 186 yuan/500KG, up 11 yuan (5.58%) [18]. Spot Market - The egg - producing area price is 3.11 yuan/jin, unchanged; the basis is - 342 yuan/500KG, down 19 yuan (- 5.87%) [18]. Industry Situation - The price of egg - laying chicken chicks is 3.50 yuan/feather, up 0.20 yuan (6.06%); the price of culled chickens is 4.94 yuan/jin, up 0.51 yuan (11.39%); the egg - feed ratio is 2.63, down 0.26 (- 9.00%); the breeding profit is - 16.02 yuan/feather, down 6.41 yuan (- 249.92%) [18].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Geopolitical risks, such as the US - Iran conflict, are having a significant impact on the global financial and commodity markets, leading to increased price volatility and uncertainty [9][10][11][12]. - The domestic market shows certain resilience, but the equity market is still affected by global inflation expectations and geopolitical risks. The bond market may benefit from the expectation of future monetary easing [14][15]. - Different commodity sectors have different trends. For example, energy - related commodities are strongly affected by geopolitical factors, while some agricultural products are influenced by supply - demand relationships and seasonal factors [42][43][30][31]. Summary by Directory Macro Information - The 4th Session of the 14th National People's Congress concluded, approving important reports and passing relevant laws [9]. - The US will launch trade investigations on 16 major trading partners, which may lead to new tariffs. China opposes such political manipulation, and the EU may respond firmly [9]. - Iran's Supreme Leader stated that Iran will not give up revenge and may take strategic measures such as blocking the Strait of Hormuz. Iran's Deputy Foreign Minister said that some ships are allowed to pass through the strait [9]. - International oil prices soared on March 12. The US plans to issue a temporary exemption for the Jones Act to ease the fuel supply pressure. The US Energy Secretary said that the oil price is unlikely to rise to $200 [10]. - The central bank will continue to implement a moderately loose monetary policy to create a suitable monetary and financial environment for economic development [10]. - More than 10 trillion in inter - bank deposits may see an interest rate cut, and the market interest rate pricing self - regulatory mechanism requires banks to strengthen self - management [10]. - The Ministry of Justice will focus on optimizing the business environment and accelerating legislation in areas such as artificial intelligence and low - altitude economy [10]. - The Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption took joint action against a case of corruption and insider trading, with 8 people arrested [10]. - Baidu launched a mobile app, and Tencent is developing an independent AI model [11]. - There are risks in the application of OpenClaw, and the semiconductor industry is facing a new round of price increases [11]. - The US initial jobless claims decreased slightly, and the trade deficit narrowed in January. The IEA significantly lowered the global crude oil supply and demand growth expectations [11][12]. - Two foreign oil tankers were attacked in Iraqi waters, and all Iraqi oil terminals suspended operations [12]. Macro Finance Stock Index Futures - The A - share market fluctuated lower. The strategy is to focus on short - term risk defense. The domestic equity market may be more resilient than overseas, but geopolitical risks may suppress market performance [14]. Treasury Bond Futures - Consider waiting for the inflation expectation to ferment and then betting on future monetary easing. The priority of odds may be higher than the direction [15]. Black Coal and Coke - The prices of coking coal and coke may fluctuate in the short term. In the medium term, the supply - demand pattern is expected to remain in a wide - range oscillation [15][16]. Ferroalloys - The absolute prices of ferrosilicon and manganese silicon are relatively high. Short - term strategies are to short on rallies for manganese silicon and short in intraday trading for ferrosilicon, while being wary of unexpected price increases [17]. Soda Ash and Glass - For soda ash, focus on the supply stability of leading enterprises and new production capacity. For glass, pay attention to the actual changes in production lines and the recovery of demand. Currently, it is advisable to wait and see [18]. Non - ferrous Metals and New Materials Copper - Due to geopolitical tensions, inflation pressure, and high inventory, copper prices will oscillate in the short term. Pay attention to inventory changes and macro factors [20]. Zinc - Domestic zinc inventories continue to increase, and the consumption end is weak. Zinc prices are expected to be weak in the short term, and an oscillatory and bearish approach is recommended [21][22]. Lead - Lead inventories are increasing. After taking profit on previous short positions, wait for the price to rise and then short again [23][25]. Lithium Carbonate - In the short term, lithium carbonate may oscillate weakly, but there is support in the medium - long term. Pay attention to buying opportunities during the correction [27]. Industrial Silicon and Polysilicon - Industrial silicon will oscillate, and continue to pay attention to selling wide - straddle options. Polysilicon will oscillate weakly, and it is advisable to wait and see for now [28]. Agricultural Products Cotton - The cotton market is affected by the "Golden March and Silver April" demand and geopolitical factors. It is expected to run strongly at a high level. Pay attention to the actual planting situation in Xinjiang [30][31]. Sugar - The sugar price may rebound with pressure and oscillate at a high level. There are differences in the prediction of global sugar supply, and the domestic sugar market has seasonal production pressure [32][33][34]. Eggs - The spot price of eggs may rise in March, but the supply pressure is large. The futures market may enter a pattern of near - term weakness and long - term strength [35][36][37]. Apples - High - quality apple sources may continue to be strong, and the futures market may also be strong. The market shows a structural differentiation pattern [38]. Corn - Be cautious about chasing high prices. Consider rolling 5 - 7 reverse spreads. Pay attention to new - season wheat production and policy grain releases [39]. Pigs - The spot price of pigs is under pressure, and the futures market is expected to oscillate at a low level [40]. Energy and Chemicals Crude Oil - The US - Iran conflict continues, and the supply of crude oil is at risk. The market pricing may be insufficient, and oil prices have risen significantly [42][43]. Fuel Oil - Fuel oil will follow the oil price and enter a high - level fluctuation. Focus on the resumption of navigation in the Strait of Hormuz [44]. Plastics - Due to the unstable situation in the Middle East, polyolefin prices may be slightly supported in the short term, and the long - term trend depends on the end of the war [44][45]. Rubber - Be cautious in taking unilateral positions. Pay attention to narrowing the price spreads and selling put options at low prices [46]. Synthetic Rubber - The price is mainly driven by the cost side and may maintain high volatility in the short term. Overall, it is advisable to wait and see [47]. Methanol - The short - term price is affected by geopolitical factors. If the war eases, the price may continue to correct. Long - term supply - demand conditions are expected to improve, but there is uncertainty [48]. Caustic Soda - The price is affected by supply - side production cuts and export increases, as well as insufficient domestic demand and high futures premiums. Pay attention to market rhythm [49]. Asphalt - The demand for asphalt is in the off - season, and the price follows the oil price. Focus on the navigation situation in the Strait of Hormuz [50]. PVC - PVC may continue to be strong due to upstream production cuts. The key factor is the continuity and scope of upstream ethylene production cuts [50][51][52]. Polyester Industry Chain - The supply contraction expectation is the main trading logic. Keep a cautious and bullish attitude, and pay attention to device maintenance and demand recovery [53]. Liquefied Petroleum Gas (LPG) - The supply of LPG is under risk, but it is expected to remain strong, relatively weaker than crude oil [54]. Pulp - The market is in a state of long - short game. Pay attention to port inventory and product price increases. Consider buying at low prices or using accumulation - purchase strategies [55]. Logs - The demand is warming up, but there is inventory pressure in the short term. Pay attention to the impact of geopolitical conflicts and port inventory [55]. Urea - The urea futures market is highly emotional. It is recommended to maintain a wide - range oscillation strategy [56][57].