一、中加经贸互利共赢，合作潜力巨大 中加两国经济互补性强，合作潜力巨大。中国作为全球第二大经济体，拥有庞大的市场和完善的产业 链，而加拿大则以其丰富的自然资源、先进的科技实力和优质的教育资源著称。《中国—加拿大经贸合 作路线图》的签署，正是基于双方对互利共赢原则的深刻认同。该路线图系统构建了双方在经贸联委会 机制、双边经贸关系、农业食品和粮食安全、绿色与可持续贸易等八大领域的合作格局，提出了28条具 体合作举措，涵盖了传统与新兴多个领域，为两国经贸合作的全面拓展提供了有力支撑。不仅促进了双 方资源的优化配置，也为两国企业带来了更多的市场机遇和发展空间。 二、中加经贸联委会合作机制升级 2026年1月14日至17日，加拿大总理卡尼对中国进行正式访问。这是加拿大总理8年来首次访华。访问期 间，双方就深化经贸合作达成广泛共识，并签署了《中国—加拿大经贸合作路线图》，标志着中加关系 迈入了一个新的发展阶段。在全球经济不确定性加强的大背景下，中国与加拿大作为重要经济体，其经 贸合作不仅关乎两国自身的经济发展，也对全球经济的稳定与繁荣产生深远影响。 在农产品贸易领域，中加双方的合作同样展现出巨大的潜力。加拿大作为农业大国 ...

Group 1 - Canada will no longer impose a 100% additional tariff on electric vehicles from China, instead applying a 6.1% most-favored-nation tariff on a limited number of imported vehicles, signaling a restoration of trade relations with China [1][3] - The new quota system aims to maximize bilateral cooperation and significantly reduce car purchase costs for Canadian citizens, while also encouraging substantial Chinese investment in Canada's automotive industry over the next three years [3][5] - Canadian farmers are expected to benefit from reduced tariffs on canola seeds, which will drop to approximately 15% by March 2026, and other agricultural products will no longer be subject to Chinese countermeasures starting in March [3][5] Group 2 - The visit of Canadian Prime Minister Carney to China is viewed as a crucial step in recalibrating Canada-China relations, with the signing of the "China-Canada Economic and Trade Cooperation Roadmap" providing a framework for future cooperation [5] - The U.S. has expressed concerns regarding Canada's decision to reduce tariffs on Chinese electric vehicles, indicating potential strategic implications for North American security and economic stability [5][7] - Many countries globally are moving towards diversifying their partnerships to mitigate risks, with China emerging as a significant partner due to its large and stable market and commitment to mutually beneficial cooperation [7]

| 油脂产业期现日报 F B | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2026年1月19日 王凌娃 Z0019938 | | | | | | | | | | | | | | | | 员阳 | | | | | | | | | | | | | | | | 马来棕榈油进口利润 | | | | | | | | | | | | | | | | 1月16日 1月15日 涨跌 涨跌幅 | | | | | | | | | | | | | | | | 江苏均价 8540 8460 80 0.95% 现价 | | | | | | | | | | | | | | | | 期价 Y2605 8016 7938 78 0.98% | | | | | | | | | | | | | | | | 基差 Y2605 524 522 2 0.38% | | | | | | | | | | ...

国贸期货研究院 农产品研究中心：黄向岚 从业资格证号：F03110419 投资咨询证号：Z0021658 投资咨询业务资格：证监许可【2012】31号 【玉米周报】 现货矛盾仍存，短期区间震荡 国贸期货 农产品研究中心 2026-01-19 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 玉米:现货矛盾仍存，短期区间震荡 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 中性 | （1）目前基层售粮进度已超过五成，东北售粮进度同比偏快，今年过年较迟，年前售粮窗口期相对较长，农户挺价情绪仍存；（2）25/26年度种植成本继 续下降，东北、西北增产，华北减产，全国整体维持丰产预期。 | | 需求 | 中性偏多 | （1）据饲料工业协会数据，2025年11月，全国工业饲料产量2873万吨，环比减少1.2%，同比增长2.7%，饲料企业生产的配合饲料中玉米用量占比为43.8%； （2）生猪存栏高位，产能去化尚不明显，支撑短期饲用需求，生猪养殖已步入亏损，产能调节和政策调控预期 ...

Report Information - Report Type: Fixed Income Report - Release Date: January 19, 2026 - Analysts: Liang Weichao (SAC ID: S1340523070001), Cui Chao (SAC ID: S1340523120001) [2] Core Views - High - frequency economic data focuses: production end shows a differentiated heat, with the decline in the operating rates of coke ovens, blast furnaces, and PTA, and the increase in the operating rates of asphalt, PX, and tires; the floor area of commercial housing transactions continues to decline while the land supply area slightly increases; price trends are also differentiated, with slight increases in the prices of crude oil, zinc, and rebar, and copper prices rising and then falling; the overall price of agricultural products continues to decline, but the prices of pork, eggs, vegetables, and fruits all increase. In the short term, pay attention to the implementation of fiscal and monetary coordination policies [3][32] Section Summaries Production - Steel: The utilization rate of coke oven capacity decreased by 0.14 pct, the blast furnace operating rate decreased by 0.47 pct, and the rebar output decreased by 0.74 tons in the week of January 16. The inventory also decreased by 5.27 tons [9] - Petroleum Asphalt: The operating rate continued to rise by 1.8 pct from a low level in the week of January 14 [9] - Chemical Industry: The PX operating rate increased by 1.25 pct, while the PTA operating rate decreased by 0.65 pct on January 15 [9] - Automobile Tires: The operating rate of all - steel tires increased by 4.91 pct, and that of semi - steel tires increased by 7.55 pct in the week of January 15 [10] Demand - Real Estate: In the week of January 11, the floor area of commercial housing transactions in 30 large and medium - sized cities decreased by 107.21 square meters, the inventory - to - sales ratio increased, the land supply area in 100 large and medium - sized cities increased by 39.32 square meters, and the premium rate of residential land transactions increased by 0.62 pct [13] - Movie Box Office: It decreased by 711 million yuan in the week of January 11 [13] - Automobile: In the week of January 11, the average daily retail sales of automobile manufacturers decreased by 92,800 vehicles, and the average daily wholesale sales decreased by 175,200 vehicles [17] - Shipping Freight Rates: In the week of January 16, the SCFI index decreased by 4.45%, the CCFI index increased by 1.25%, and the BDI index decreased by 7.17% and has been falling rapidly since the peak in early December last year [20] Prices - Energy: The Brent crude oil price rose by 1.25% to $64.13 per barrel on January 16, while the coking coal futures price decreased by 0.34% to 1,184 yuan per ton [22] - Metals: The LME copper, aluminum, and zinc futures prices changed by - 1.5%, - 0.06%, and + 1.76% respectively, and the domestic rebar futures price rose by 0.86% on January 16 [22] - Agricultural Products: The overall price continued to decline, with the 200 - index of agricultural product wholesale prices decreasing by 0.37%. However, the prices of pork, eggs, vegetables, and fruits increased by 0.56%, 3.31%, 0.18%, and 1.91% respectively compared with the previous week on January 16 [25] Logistics - Subway Passenger Volume: In Beijing and Shanghai, the seven - day moving average of subway passenger volume decreased by 484,700 and 287,100 person - times respectively on January 16 [28] - Flight Operations: On January 17, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations increased by 405.29 flights, domestic (Hong Kong, Macao, and Taiwan) increased by 1.14 flights, and international flights decreased by 18.86 flights [30] - Urban Traffic: On January 17, the seven - day moving average of the peak congestion index in first - tier cities decreased by 0.03 [30]

2025年四川外贸实绩企业首次突破万家 中新社成都1月19日电 (王利文 张浪)成都海关19日披露，2025年四川货物贸易进出口总值达10318.1亿元 (人民币，下同)。其中，外贸实绩企业数量首次突破万家。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 高附加值与特色品类成为出口新引擎。2025年，四川机电产品进出口8201.2亿元，同比增长2%。其 中，锂电池等"新三样"产品出口337.7亿元，创历史新高，同比增长69.4%。农产品进出口增长15%，达 309.5亿元，15种农产品首次进入国际市场。白酒、鲟鱼子酱分别出口8.3亿元、1.2亿元，分别增长 10.7%、21.1%；鲜虾、冰鲜三文鱼分别进口23.5亿元、16亿元，分别增长57.7%、34.5%。 航空枢纽与开放平台效能凸显。成都"两场一体"(成都天府国际机场与成都双流机场采取虚拟同场化运 营模式)协同运营，通过成都航空口岸进出口的货物首次突破7000亿元， ...

Report's Investment Rating for the Industry - No information regarding the industry investment rating is provided in the report. Core Views of the Report - In the soybean meal market, before the tightening of supply and demand is realized, the price faces upward pressure. The market shows a pattern of first tightening and then loosening, with near - term contracts showing relative strength and far - term contracts being relatively weak [7][77]. - In the oils and fats market, biodiesel and trade policies cause disruptions, leading to a differentiated trend. Short - term price fluctuations are significant, and the overall market is expected to open lower and then oscillate at a low level [78]. Summary According to the Table of Contents Soybean Meal Period and Spot Market - As of January 16, the spot price of soybean meal in East China decreased by 30 yuan/ton to 3070 yuan/ton, and the M2605 contract closed at 2727 yuan/ton, down 59 yuan/ton. The basis price increased by 30 yuan/ton. US soybeans showed a weak oscillation, and domestic soybean meal prices generally declined [7][9]. Supply Side - South American weather remains favorable, with a high soybean excellent rate and strong expectations of a bumper harvest. From January to March, domestic soybean arrivals will decrease, and the supply - demand situation will gradually tighten. From April to July, arrivals will remain high, with a large supply pressure [7]. Demand Side - Current soybean meal demand remains high, supported by high inventories of pigs and poultry and the good cost - effectiveness of soybean meal. In the second week of 2026, the national soybean inventory of oil mills was 713.12 million tons, slightly increasing by 2.87 million tons from the previous week, and the soybean meal inventory decreased significantly [7]. Cost Side - The cost of Brazilian soybeans in the 2025/26 season is 950 cents per bushel, and the cost of domestic soybean meal from May to August is estimated to be 2580 yuan/ton. The cost of US soybeans in the 2025/26 season is 1000 cents per bushel, and the import cost is estimated to be 3000 yuan/ton [7]. Market Outlook - Near - term contracts are supported by the expectation of inventory reduction and cost, with limited upward price space. Far - term contracts are weak due to the expectation of a South American bumper harvest. The pattern of strong near - term and weak far - term contracts will continue [7]. Oils and Fats Period and Spot Market - As of the week of January 16, the palm oil 05 contract decreased by 8 yuan/ton, the soybean oil 05 contract increased by 22 yuan/ton, and the rapeseed oil 05 contract increased by 21 yuan/ton. Palm oil was weak due to Indonesia's cancellation of B50, while soybean oil and rapeseed oil were relatively strong [78]. Palm Oil - From January 1 to 15, the production of Malaysian palm oil decreased, and exports increased, but the rate of decline and increase narrowed. Indonesia will not implement the B50 biodiesel plan in 2026. The domestic palm oil inventory slightly increased, and the 04 contract oscillated in the range of 3950 - 4200 [78]. Soybean Oil - USDA's January supply - demand report and December quarterly inventory report were bearish. Although China continues to purchase US soybeans, the market is worried about future purchases. The US biodiesel quota plan is expected to be positive for soybean oil demand. Domestic soybean and soybean oil inventories are high, but there are concerns about a decrease in arrivals from January to March, and the inventory decreased to 102.51 million tons [78]. Rapeseed Oil - China plans to reduce the import tariff of Canadian rapeseed to 15% before March, which is expected to lead to an increase in imports. Currently, the domestic rapeseed and rapeseed oil inventories are low, and the inventory decreased to 25 million tons. The short - term decline of near - term contracts is limited [78]. Market Outlook - In the short term, the oils and fats market is expected to open lower and then oscillate at a low level. Rapeseed oil is expected to be relatively weak, while soybean oil and palm oil are expected to be relatively strong. It is recommended to pay attention to the narrowing spread strategy between rapeseed and palm oil and rapeseed and soybean oil for the 05 contracts [78].

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Viewpoints of the Report The report analyzes the market performance, fundamentals, and provides trading strategies for various commodity futures including precious metals, base metals, black industries, agricultural products, and energy chemicals. It suggests different trading approaches such as long - positions, short - positions, or waiting and seeing based on the specific situation of each commodity [2][3][4]. 3. Summary by Relevant Categories 3.1 Precious Metals - Gold: Market performance shows London gold at $4600/oz. Fundamentals involve geopolitical and Fed - related news. Domestic gold ETF inflow is 0.8 tons. Suggested strategy is to go long as the price is rising steadily [2]. - Silver: London silver price is stable at $90/oz. There are inventory changes and speculation factors. It is recommended to participate with caution due to high speculation sentiment [2]. 3.2 Base Metals - Aluminum: The electrolytic aluminum contract price dropped by 1.85%. Supply capacity increased slightly, demand improved marginally. Short - term price may remain high - level volatile [3]. - Alumina: The price fell 1.36%. Supply is stable, demand from electrolytic aluminum is high. The price is expected to be weak in the short - term [3]. - Industrial Silicon: The price decreased by 1.43%. Supply decreased in some areas, demand has reduction expectations. The price is expected to oscillate between 8400 - 9200, and short positions can be considered at high prices [3][4]. - Lithium Carbonate: The price dropped significantly. Supply increased slightly in the short - term but may decline in January. Demand from battery materials is expected to decrease. The price is expected to correct with support at 120,000 [4]. - Polysilicon: The price increased by 3.14%. Supply decreased, demand from some downstream sectors declined. The market may shift from loose to tight balance [4]. 3.3 Black Industry - Rebar: The price dropped. Supply - demand is neutral - weak, with structural differences. It is recommended to hold short positions in the RB05 contract [5]. - Iron Ore: The price fell. Supply - demand is neutral. It is advisable to wait and see, with a reference range of 805 - 835 [6]. - Coking Coal: The price rose slightly. Supply - demand is weak. It is recommended to wait and see, and aggressive investors can short the JM05 contract [6]. 3.4 Agricultural Products - Soybean Meal: CBOT soybeans rose slightly. Supply is loose in the near - term and large in the long - term. The US soybeans are seeking a bottom, and the domestic far - month contracts are under pressure [7]. - Corn: Futures prices are strong, spot prices are rising. Supply is not under pressure, and short - term prices are expected to be strong. The futures price is expected to oscillate [7]. - Oils: The market is volatile. Supply is in weak seasonal reduction, demand for exports improved. It is expected to be volatile, and mid - term attention should be paid to production and bio - diesel policies [7]. - Sugar: The price of the SR05 contract dropped. International and domestic sugar markets are under pressure. It is recommended to short in the futures market and sell call options [7][8]. - Cotton: ICE cotton prices rose slightly. US cotton exports are good, Brazilian planting area decreased. It is recommended to buy at low prices with a reference range of 14400 - 14900 [8]. - Eggs: Futures prices rebounded, spot prices are stable. Supply is sufficient, and the price increase is limited. Futures prices are expected to be weak [8]. - Pigs: Futures prices are strong in the near - term and weak in the long - term, spot prices rose. Supply pressure is small in the short - term, and prices are expected to be strong but may correct later [8]. 3.5 Energy Chemicals - LLDPE: The contract price oscillated slightly. Supply pressure eases, demand is weak in the agricultural film season. Short - term oscillation, long - term long positions can be considered at low prices [10]. - PVC: The price dropped 0.4%. Supply is high, demand is weak seasonally. It is recommended to do reverse arbitrage [10][11]. - PTA: PX and PTA supply are high, demand is weak in the off - season. PX can be long - term long, and the 05 contract of PTA can be used to long the processing fee [11]. - Glass: The price rose 0.5%. Supply is decreasing, demand is weak. It is recommended to long glass and short soda ash [11]. - PP: The contract price dropped slightly. Supply pressure increases, demand is stable. Short - term oscillation, long - term short positions can be considered at high prices [11]. - MEG: Supply is high, demand is weak in the off - season. It is recommended to short at high prices [11]. - Crude Oil: Prices fluctuated this week. Supply is high, demand is in the off - season. It is recommended to short at high prices [12]. - Styrene: The contract price rose slightly. Supply and demand of pure benzene are weak, styrene inventory is normal. Short - term oscillation, long - term long positions of styrene or reverse arbitrage of pure benzene can be considered [12]. - Soda Ash: The price rose 1%. Supply is large, demand is weak. It is recommended to short or long glass and short soda ash [12].

【行情分析】： 玉米：元旦过后，市场交投情绪依旧偏稳，政策性轮储继续补充市场玉米供应。短期看，在产地依旧挺价惜售的氛围下，虽然有储备轮储补 充，但是供应增量依旧受限。再加上当期渠道整体库存量不高，下游又有备货的预期的支撑下，玉米价格有望维持阶段性偏强的表现。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：深加工行业整体保持稳定，虽然开机呈现季节性回落态势，但是高企的产业库存保证供应的充足稳定，下游消费预期逐步升温，年关将 近，传统的备货旺季也将持续对消费形成支撑。短期看，供需端均保持稳定的情况下，预计现货价格仍将稳中偏强运行，主要关注节前下游备 货积极性变化，这将决定未来一个月时间里，企业调价意愿。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 ...

1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and the bond futures are expected to face pressure, so it's advisable to stay cautious [6]. - The central electricity consumption in China reached 10.4 trillion kWh in 2025, and the stock index is expected to have its volatility center gradually move up, and previous long positions can be held [9][10]. - The global trade - financial environment is complex, and there is a significant speculative sentiment in precious metals. It is recommended to exit long positions and wait and see [13][14]. - The prices of rebar and hot - rolled coils may continue to weakly fluctuate, and investors can look for opportunities to go long on dips [16]. - The iron ore market's supply - demand pattern has weakened, and short - term corrections may occur. Investors can go long on dips [18]. - The prices of coking coal and coke futures rebounded but faced resistance. Investors can look for low - level buying opportunities [21]. - After 2025 Q4, the ferroalloy has an overall over - supply pressure. One can consider long positions in the low - level range [24]. - The crude oil is expected to continue its rebound, and one can focus on long opportunities in the main contract [26]. - The increase in Asian fuel oil supply is bearish, but the stable cost of crude oil provides support. One can focus on long opportunities in the main contract [27]. - The new demand in high - end manufacturing supports the modified PP industry. The market is waiting for PDH maintenance, and one can focus on long opportunities in polyolefin [29]. - The synthetic rubber is expected to fluctuate strongly [33]. - The natural rubber is expected to show wide - range fluctuations [35]. - The PVC is expected to fluctuate strongly due to policy expectations and potential supply - demand improvement [36]. - The urea price will maintain a strong - side fluctuation in the short term driven by export demand and cost support [37]. - The PX is expected to fluctuate and adjust in the short term. One can participate in the range and beware of external market risks [40]. - The PTA is expected to oscillate. Operate cautiously and pay attention to oil price changes [43]. - For ethylene glycol, due to supply increase and inventory pressure, it's advisable to observe cautiously [44]. - The short - fiber may fluctuate with raw material prices. Control risks and pay attention to cost and downstream stocking [46]. - The bottle - chip may follow the cost to fluctuate. Participate cautiously and pay attention to maintenance implementation [47]. - The soda ash should be traded within the range in the short term, paying attention to policy - driven market changes [49]. - The glass is expected to fluctuate before the Spring Festival [50]. - The outlook for caustic soda is not optimistic under the current supply - demand situation [52]. - The pulp market is under pressure from inventory and weak demand, and the price is expected to be weak [53]. - The lithium carbonate price may have increased short - term volatility, but there is strong support below [55]. - The copper price is at a high level and may adjust [57]. - The aluminum price is at a high level and may adjust [60]. - Be cautious when chasing the rise of zinc [62]. - The lead price will maintain range - bound fluctuations [65]. - The tin price is expected to fluctuate strongly, but control risks [66]. - The nickel is in an oversupply situation, and follow - up policies in Indonesia need attention [68]. - For soybean meal, one can look for long opportunities in the low - cost support range; for soybean oil, long positions can consider exiting on rallies [70]. - One can consider long opportunities in palm oil after corrections [73]. - One can consider reducing positions in the spread between soybean - rapeseed meal and oil [75]. - The cotton price is expected to be strong in the medium - and long - term. Buy on dips after corrections [77]. - The upward space for sugar is limited in the medium - and long - term, and the upward pressure is increasing [81]. - The apple price is expected to be strong in the medium - and long - term [86]. - For live pigs, it's advisable to wait and see for changes in market capital structure [87]. - For eggs, a positive spread strategy can be considered [88]. - The corn starch may follow the corn market. Wait for the release of corn supply pressure [90]. - The log price is expected to fluctuate at the bottom [91]. 3. Summaries According to the Catalog Pulp - The previous trading day's main contract closed at 5362 yuan/ton, down 1.94%. The import pulp market sentiment turned weak, prices showed a divergent trend, and the inventory was at a relatively high level, continuing the cumulative trend. The spot trading was light [53]. Carbonate Lithium - The previous trading day's main contract fell 8.99% to 146,200 yuan/ton. The market trading sentiment cooled down. The supply and demand were both strong, and the inventory was gradually decreasing. The price had strong support below, but short - term volatility might increase [54][55]. Copper - The previous trading day's Shanghai copper main contract closed at 100,280 yuan/ton, down 1.56%. The supply was extremely tight, but high prices inhibited demand, and the inventory was increasing. The price was at a high level and might adjust [56][57]. Aluminum - The previous trading day's Shanghai aluminum main contract closed at 23,945 yuan/ton, down 0.99%. The alumina supply was in significant excess, and the electrolytic aluminum inventory was increasing. The price was at a high level and might adjust [58][59]. Zinc - The previous trading day's Shanghai zinc main contract closed at 24,405 yuan/ton, down 2.09%. The raw material supply was tight, and the consumption was seasonally weak. Be cautious when chasing the rise [61][62]. Lead - The previous trading day's Shanghai lead main contract closed at 17,230 yuan/ton, down 2.07%. The supply was restricted, and the demand was differentiated. The price maintained range - bound fluctuations [63][64]. Tin - The previous trading day's Shanghai tin main contract fell 8.42% to 379,400 yuan/ton. The supply was tight, and the demand had certain resilience. The price was expected to fluctuate strongly [66]. Nickel - The previous trading day's Shanghai nickel main contract fell 3.1% to 139,890 yuan/ton. The cost was expected to rise, but the consumption was not optimistic, and it was in an oversupply situation [67][68]. Soybean Oil and Soybean Meal - The previous trading day's soybean meal main contract fell 0.76% to 2727 yuan/ton, and the soybean oil main contract rose 0.63% to 8016 yuan/ton. The soybean supply was relatively loose, the demand for soybean meal was growing moderately, and the demand for soybean oil improved slightly [69][70]. Palm Oil - The Malaysian palm oil rose for two consecutive weeks. The export increased, and the domestic inventory was at a medium level in the past 7 years. One can consider long opportunities after corrections [71][72]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed rose. China will reduce the comprehensive tariff on Canadian rapeseed. The domestic rapeseed meal and oil inventories are decreasing. One can consider reducing spread positions [74][75]. Cotton - The previous trading day's domestic cotton futures fluctuated down. The USDA report was favorable, and the domestic supply was expected to be tight in the future, with demand showing resilience. The price was expected to be strong in the medium - and long - term [76][77]. Sugar - The previous trading day's Zhengzhou sugar fluctuated weakly. India had a strong production increase expectation, and the domestic market faced double - supply pressure. The upward space was limited in the medium - and long - term [79][81]. Apple - The previous trading day's domestic apple futures fell more than 2%. The inventory was at a low level in recent years, and the production and quality declined. The price was expected to be strong in the medium - and long - term [83][85]. Live Pigs - The previous trading day's main contract fell 0.42% to 11,980 yuan/ton. The supply in the first quarter might face great pressure, and it's advisable to wait and see [87]. Eggs - The previous trading day's main contract rose 0.39% to 3072 yuan/500kg. The supply in January was expected to be at a high level, and a positive spread strategy could be considered [88]. Corn and Starch - The previous trading day's corn main contract fell 0.13% to 2281 yuan/ton, and the corn starch main contract rose 0.04% to 2555 yuan/ton. The corn supply pressure needed to be further released, and the starch might follow the corn market [89][90]. Logs - The previous trading day's main contract closed at 778.5 yuan/ton, down 0.38%. The supply was abundant, and the market was stable. The price was expected to fluctuate at the bottom [91].