1. Report's Investment Rating for the Industry - No information provided in the report. 2. Core Viewpoints - Next week (January 19 - 23, 2026), it is expected that the prices of Dalian soybean meal and soybean No. 1 futures may rebound. For soybean meal, the bearish impact of the January USDA report and the progress of China - Canada consultations has been priced in. After these factors are digested and with no further negative news, the price of soybean meal is expected to rebound from low levels. For soybean No. 1, the spot price is stable with a slight upward trend, and the futures price depends on the sentiment of the soybean market [7]. 3. Summary by Related Content 3.1 Price Performance Last Week (January 12 - 16, 2026) - US soybean futures prices first declined and then rose. The decline was due to the bearish USDA report, and the rise was due to Chinese purchases and the increase in US soybean oil prices (as the US may set the 2026 biofuel blending quota in March). From a weekly K - line perspective, in the week of January 16, the main US soybean contract for March 2026 fell 0.61%, and the main US soybean meal contract for March 2026 fell 4.58% [2]. - Domestic soybean meal futures prices were weak, and soybean No. 1 futures prices fluctuated. For soybean meal, it was affected by the bearish January USDA report and the progress of China - Canada trade consultations. For soybean No. 1, it was influenced by the bearish atmosphere in the soybean market, but the stable and slightly strong spot price provided support. From a weekly K - line perspective, in the week of January 16, the main soybean meal contract m2605 fell 2.12%, and the main soybean No. 1 contract a2605 fell 1.23% [2]. 3.2 International Soybean Market Fundamentals Last Week - **Chinese Purchases**: China continued to purchase US soybeans, which was a positive factor. From January 12 to 16, the total number of large - scale orders of US soybeans sold to China, Mexico, and unknown destinations was about 1.4 million tons (mostly for delivery in 2025/26 and a few for 2026/27). For example, on January 13, 168,000 tons were sold to China and 152,400 tons to Mexico; on January 14, 334,000 tons were sold to China; on January 15, 204,000 tons were sold to China and 545,000 tons to unknown destinations [2]. - **US Soybean Export Sales**: In the week of January 8, 2026, US soybean net sales increased month - on - month, which was a moderately positive factor. In terms of shipments, in the 2025/26 season, US soybean exports were about 1.64 million tons, a month - on - month increase of 47% and a year - on - year increase of about 16%; the cumulative exports in the 2025/26 season were about 17.98 million tons, a year - on - year decrease of about 42%. In terms of sales, the weekly net sales of the current season (2025/26) were about 2.06 million tons (880,000 tons in the previous week), and the weekly net sales of the next season (2026/27) were 10,000 tons (0 in the previous week), with a total of about 2.07 million tons (880,000 tons in the previous week). The weekly net sales of US soybeans to China in the current season (2025/26) were about 1.22 million tons (470,000 tons in the previous week), and the cumulative sales were about 8.12 million tons [2]. - **Brazilian Soybean Import Cost**: The import cost of Brazilian soybeans decreased week - on - week, which was a negative factor. As of the week of January 16, the average CNF premium of Brazilian soybeans for February 2026 increased slightly week - on - week, the average import cost decreased week - on - week, and the average crushing profit on the futures market increased week - on - week [2]. - **USDA Reports**: The January USDA reports were bearish. The ending stocks of US and Brazilian soybeans in the 2025/26 season were raised, while those of Argentina and China remained unchanged. As of the quarter ending December 1, 2025, the total US soybean inventory was about 3.29 billion bushels, a year - on - year increase of about 6%, slightly higher than the market expectation of 3.25 billion bushels. The inventory data in both USDA reports were higher than expected, having a short - term bearish impact on soybean prices [2]. - **South American Weather Forecast**: According to the January 17 weather forecast, in the next two weeks (January 18 - February 1), the precipitation in the main soybean - producing areas of Brazil will be slightly less, and the temperature will be basically normal. In the main soybean - producing areas of Argentina, the precipitation will be less, and the temperature will be higher in some periods (January 24 - February 1). Currently, the weather in the Argentine产区 is a positive factor and should be closely monitored [2][4]. 3.3 Domestic Soybean Meal Spot Market Last Week - **Trading Volume**: The trading volume of soybean meal increased week - on - week, and more long - term basis contracts were traded. As of the week of January 16, the average daily trading volume of soybean meal at major oil mills in China was about 670,000 tons, compared with about 360,000 tons in the previous week [5]. - **Pick - up Volume**: The pick - up volume of soybean meal increased week - on - week. As of the week of January 16, the average daily pick - up volume of soybean meal at major oil mills was about 186,000 tons, compared with about 174,000 tons in the previous week [5]. - **Basis**: The basis of soybean meal increased week - on - week. As of the week of January 16, the average weekly basis of soybean meal in Zhangjiagang was about 372 yuan/ton, compared with about 344 yuan/ton in the previous week and about 247 yuan/ton in the same period last year [5]. - **Inventory**: The inventory of soybean meal decreased week - on - week and increased year - on - year. As of the week of January 9, the inventory of soybean meal at major oil mills in China was about 930,000 tons, a week - on - week decrease of about 13% and a year - on - year increase of about 66% [5]. - **Crushing Volume**: The soybean crushing volume increased week - on - week and is expected to increase next week. As of the week of January 16, the weekly soybean crushing volume in China was about 1.99 million tons (1.77 million tons in the previous week and 2.41 million tons in the same period last year), with an operating rate of about 55% (49% in the previous week and 68% in the same period last year). Next week (January 17 - 23), the soybean crushing volume of oil mills is expected to be about 2.2 million tons (2.08 million tons in the same period last year), with an operating rate of 61% (58% in the same period last year) [5]. - **Imported Soybean Auction**: All the imported soybeans in the auction were sold. On January 13, the National Grain Trading Center planned to auction 1.1396 million tons of imported soybeans, all of which were successfully sold at an average price of 3,812 yuan/ton, with a premium of 0 - 170 yuan/ton [5]. 3.4 Domestic Soybean No. 1 Spot Market Last Week - **Soybean Price**: The soybean price was stable with a slight upward trend. In some parts of Northeast China, the purchase price of clean soybeans (the mainstream purchase price of clean soybeans passing through a 4.5 - mesh sieve) was in the range of 4,280 - 4,380 yuan/ton, an increase of 20 yuan/ton compared with the previous week. In some parts of Inner - Pass regions, the purchase price of clean soybeans was in the range of 4,860 - 5,100 yuan/ton, the same as the previous week. In the sales areas, the selling price of Northeast edible soybeans (the mainstream retail price of medium - grade packaged "tower - selected" Northeast soybeans) was in the range of 4,640 - 4,840 yuan/ton, an increase of 0 - 20 yuan/ton compared with the previous week [6]. - **Farmer and Trader Behavior**: Farmers in the Northeast产区 were reluctant to sell, and the market was cautious. Many grass - roots farmers still expected prices to rise and asked for higher prices. Except for a few traders with orders who continued to purchase, most traders were cautious in purchasing and consumed their inventories, resulting in slow sales to the market. High prices restricted trading, and there was a situation of "high prices but no trading" in some markets [6]. - **Sales Area Situation**: The soybean price in the sales areas increased slightly, but the downstream acceptance was low. Many dealers said that the loading price at the origin increased, leading to an increase in the arrival cost and a corresponding adjustment in the selling price. However, limited by the low acceptance of the downstream market, the price increase was smaller than that at the origin. The new demand for terminal soy products was limited, which restricted the overall trading speed in the market [6].

Core Insights - The successful delivery of high-quality eggs through futures contracts marks the official launch of egg futures trading in Guizhou, enhancing the standardization and risk management capabilities of local agricultural products [1][3]. Group 1: Delivery Process - The delivery involved strict quality checks, with ten boxes of eggs randomly selected for weight measurement and quality inspection [3]. - The establishment of the egg futures delivery warehouse by Fenghexiang serves as a replicable model for integrating regional specialty agriculture with capital markets [3]. Group 2: Market Impact - The first egg futures delivery in Guizhou is seen as a significant step towards demonstrating the value of futures in agricultural production [3]. - The event has garnered positive feedback from both buyers and regulatory representatives, indicating satisfaction with the delivery process [4]. Group 3: Future Opportunities - The chairman of Fenghexiang expressed hopes that more local enterprises will recognize development opportunities in the futures market for value hedging [5]. - Representatives from Jiangxi Guoyuan Agricultural Development Group attended the event to explore collaboration and market expansion in Guizhou's egg market [5].

Industry Investment Rating - Not provided in the report Core View - The report presents the historical and current data of agricultural product warehouse receipts, including the warehouse receipt quantities of various agricultural products such as soybean meal, rapeseed meal, soybean oil, palm oil, etc., and their week-on-week, month-on-month, and year-on-year changes [3][4][5][6] Summary by Category Warehouse Receipt Quantity Data - The warehouse receipt quantity data of various agricultural products from 2018 - 2026 are presented, including soybean meal, rapeseed meal, soybean oil, palm oil, rapeseed oil, corn, cotton, sugar, and live pigs [3][4][5] Warehouse Receipt Quantity Changes - The latest values, week-on-week, month-on-month, and year-on-year changes of the warehouse receipt quantities of various agricultural products are provided, such as soybean meal with a week-on-week increase of 28%, month-on-month increase of 36.1%, and year-on-year increase of 47%; rapeseed meal with a week-on-week change of 0%, month-on-month change of inf%, and year-on-year decrease of 99%; etc [6] Aggregate Data - The aggregate warehouse receipt quantity is 131,797.0 hands, with a week-on-week increase of 21%, month-on-month increase of 15.9%, and year-on-year decrease of 29% [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the cotton market, short - term market drivers are limited. The cotton sector shows a premium regression due to the market decline, but the downside space is relatively limited. Attention should be paid to the support around the 20 - day line [1] - For the sugar market, the basis between sugar futures and spot has basically been repaired. The near - month contracts still face significant supply pressure with weak short - term upward momentum. The large price difference between domestic and foreign markets may attract more imports, but the short - term demand boost from the double - festival stocking should be noted, and one may consider buying on dips [2] 3. Summary by Related Catalogs Cotton - The Indian Cotton Association (CAI) raised the cotton production forecast for the 2025 - 26 season by 2.5% (750,000 bales, with each bale weighing 170 kg) to 31.7 million bales, based on higher - than - expected yields in Maharashtra and Telangana. CAI expects the cotton surplus in the 2025 - 26 season to be 12.259 million bales, a 56% year - on - year increase due to a record import of 5 million bales this year [1] - Domestic new cotton processing is nearly complete. The sales progress of lint cotton is faster than last year, and the goods are gradually transferred to large traders. The spot basis is firm. The downstream cotton yarn market has little change, with varieties showing differentiation. Spinning mills continue to buy as they use [1] Sugar - As of January 15, 2026, in the 2025/26 sugar - making season in India, 519 sugar mills have started production. The cumulative crushed sugarcane is 176.374 million tons, an 18.85% increase (27.98 million tons more) compared to the same period last year. The sugar output has reached 15.885 million tons, a 21.63% increase (2.825 million tons more) compared to the same period last year. The sugar - making rate has increased to 9.01%, higher than 8.80% in the same period last year [2] - The estimated cost of processed Brazilian sugar within the quota after tax is 3,933 yuan/ton, and the estimated cost of processed Brazilian sugar outside the quota after tax is 4,993 yuan/ton. The estimated profit of processed Brazilian sugar within the quota after tax compared to the Rizhao white sugar spot price is 1,587 yuan/ton, and the estimated profit of processed Brazilian sugar outside the quota after tax is 527 yuan/ton [2]

农产品日报 | 2026-01-16 下游逢低采购，豆粕延续震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2605合约2740元/吨，较前日变动-11元/吨，幅度-0.40%；菜粕2605合约2283元/吨，较前 日变动-6元/吨，幅度-0.26%。现货方面，天津地区豆粕现货价格3170元/吨，较前日变动+10元/吨，现货基差M05+430， 较前日变动+21；江苏地区豆粕现货3070元/吨，较前日变动-10元/吨，现货基差M05+330，较前日变动+1；广东地 区豆粕现货价格3080元/吨，较前日变动跌-10元/吨，现货基差M05+340，较前日变动+1。福建地区菜粕现货价格 2500元/吨，较前日变动-10元/吨，现货基差RM05+217，较前日变动-4。 近期市场资讯，巴西全国谷物出口商协会表示，预计2026年1月份巴西大豆出口量373万吨，高于一周前预估的240 万吨，较去年同期的112万吨增长233%。 市场分析 当前港口高库存延续，整体供应较为充足，但市场仍对于一季度大豆到港存在一定担忧，叠加近期大宗商品普涨， 近期豆粕价格偏强运行。但综合来看，未来巴西大豆丰产带来的供应压力仍是最大影 ...

Group 1 - The core viewpoint of the article highlights the performance of agricultural futures at the Chicago Board of Trade (CBOT) on January 15, with most contracts closing lower except for soybean futures, which saw an increase [1] Group 2 - Soybean futures rose by 0.96%, closing at 1052.50 cents per bushel [1] - Corn futures decreased by 0.41%, closing at 420.25 cents per bushel [1] - Wheat futures fell by 0.49%, closing at 510.00 cents per bushel [1]

Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: The near - month soybean meal is expected to fluctuate strongly, while the far - month contracts remain weak due to the bearish effect of the USDA report and may decline further if South American harvest progresses well. For oils, after the phased bearish factors are exhausted, it is recommended to buy on dips in the medium term [1][2] Group 1: Soybean Meal - On January 14, 2026, US private exporters reported selling 334,000 tons of US soybeans to China for 2025/26 delivery. Since October 30, USDA has confirmed 5.35 million tons of soybean sales to China. China's soybean imports in December 2025 were 8.044 million tons, and 8.107 million tons in November. The total import in 2025 was 111.833 million tons. Private exporters also reported selling 136,000 tons of corn to South Korea for 2025/26 delivery [1] - The market is unclear about the later reserve - release schedule. Recent imported soybean reserve releases were all sold at a premium, indicating a supply gap and strong short - term demand. Near - month soybean meal is expected to fluctuate strongly, and far - month contracts may decline further if South American harvest progresses well [1] Group 2: Oils - According to ITS data, Malaysia's palm oil exports from January 1 - 15, 2026 were 727,440 tons, an 18.64% increase compared to the same period last month. Malaysia set the reference price of crude palm oil for February 2026 at 3,846.84 ringgit per ton, with an export tariff rate of 9.0% [2] - On January 15, 2026, Chinese Foreign Minister Wang Yi met with Canadian Foreign Minister Anand. A dialogue between Chinese and Canadian leaders is expected to discuss Canadian rapeseed imports [2] - Uncertainty about Indonesia's B50 policy led to a slight decline in palm oil. Rapeseed oil fell significantly as the market awaited the China - Canada leaders' meeting. Palm oil also dropped but was supported by the improving export situation in Malaysia. It is recommended to buy on dips after the phased bearish factors are exhausted [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Corn: The market is expected to be volatile. The near - month contracts lead the rise, and the spot market is supported by pre - holiday stocking. However, factors such as reserve grain release, imported corn, and substitutes suppress price increases [2]. - Soybean Meal: The market is in a volatile and bearish trend. Weakness in US soybeans, lower import costs, and expected improvement in China - Canada relations contribute to the decline. A double - selling strategy is recommended [2]. - Edible Oils: The market is volatile. BMD palm oil dropped due to Indonesia's cancellation of the B50 plan, but export demand from major consumer countries limited the decline. A strategy of selling put options is suggested [2]. - Eggs: The market will continue to be in a volatile adjustment pattern. Spot prices are rising, and the narrowing of breeding losses is not conducive to effective capacity reduction in the long - term [2]. - Pigs: The market shows a volatile trend. The futures contract may continue to rebound in the short - term, but high - price acceptance from slaughtering enterprises is low, restricting price increases [3]. 3. Summary by Relevant Catalogs 2. Market Information - Malaysia's palm oil data for December 2026: Production was 1.83 million tons, a 5.46% month - on - month decrease; exports were 1.3165 million tons, an 8.52% month - on - month increase; apparent demand was 331,000 tons, slightly down from the previous month; and inventory was 3.05 million tons. The data was relatively neutral compared to expectations. Production in January - February is expected to decline seasonally, and the high - inventory inflection point may occur. Attention should be paid to the implementation of Indonesia's export LEVY increase and the US RVO policy [4]. 3.1 Contract Spreads - The report presents contract spreads of various agricultural products including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific spread analysis is provided [5][6][8][9][12]. 3.2 Contract Basis - The report shows the contract basis of multiple agricultural products such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, with no detailed basis analysis [14][15][18][20][25].

市场要闻与重要数据 农产品日报 | 2026-01-15 整体供应宽松，豆粕震荡运行 粕类观点 期货方面，昨日收盘豆粕2605合约2751元/吨，较前日变动-10元/吨，幅度-0.36%；菜粕2605合约2289元/吨，较前 日变动-25元/吨，幅度-1.08%。现货方面，天津地区豆粕现货价格3160元/吨，较前日变动-10元/吨，现货基差 M05+409，较前日变动+0；江苏地区豆粕现货3080元/吨，较前日变动+0元/吨，现货基差M05+329，较前日变动+10； 广东地区豆粕现货价格3090元/吨，较前日变动跌-10元/吨，现货基差M05+339，较前日变动+0。福建地区菜粕现 货价格2510元/吨，较前日变动-20元/吨，现货基差RM05+221，较前日变动+5。 近期市场资讯，1月13日，巴西全国谷物出口商协会发布的报告显示，巴西1月大豆出口量预计为373万吨，之前一 周预计为240万吨。巴西1月豆粕出口量预计将触及182万吨，之前一周预计为164万吨。 市场分析 当前港口高库存延续，整体供应较为充足，但市场仍对于一季度大豆到港存在一定担忧，叠加近期大宗商品普涨， 近期豆粕价格偏强运行。但综合来看， ...

Group 1 - The core point of the article highlights a slight decline in Chicago Board of Trade (CBOT) soybean oil futures prices, with the current price at 50.61 cents per pound, down 0.78% from the opening price of 51.02 cents per pound [1] Group 2 - On January 14, the opening price for CBOT soybean oil was 51.20 cents per pound, reaching a high of 51.82 cents and a low of 50.83 cents, closing at 50.92 cents, reflecting a decrease of 0.55% [2] - The trading volume for first-grade soybean oil on January 14 was 17,500 tons, which is an increase of 34.62% compared to the previous trading day [2] - The top 20 futures companies held a total of 609,800 long positions and 705,000 short positions, resulting in a long-to-short ratio of 0.87, with a net position of -95,200 contracts, an increase of 1,473 contracts from the previous day [2] - According to foreign media forecasts, U.S. soybean oil net export sales for the 2025/26 marketing year are expected to be between 0 to 26,000 tons, while for the 2026/27 marketing year, net export sales are projected to be 0 tons [2]