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

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

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

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

Core Viewpoint - The event "Guangdong Goods Go Nationwide, Shantou Good Products Enter Beijing" showcased over 300 unique products from Shantou, aiming to promote local specialties and enhance market reach in Beijing [1][6]. Group 1: Event Overview - The event was held on February 11-12 at the China World Mall in Beijing, organized by the Shantou Municipal Government [1]. - 30 enterprises participated, presenting a variety of Shantou's distinctive agricultural products, seafood delicacies, jewelry, and intangible cultural heritage [3]. Group 2: Product Highlights - The "Brilliant Shantou" section featured jewelry made from natural crystals, 24k gold, turquoise, and various gemstones, attracting many visitors [3]. - The "Delicious Shantou" section showcased fruits like ruby guava and oil kumquat, which were well-received by consumers [3]. - The "Fun Shantou" area included cultural experiences with local music and creative products, enhancing visitor engagement [3]. Group 3: Seafood Promotion - The Guotai Food Company presented a sea bass specimen, known for its high nutritional value and versatility in cooking methods, referred to as "sea ginseng" [5]. - The seafood theme area in the Olé supermarket featured products like fish balls, oysters, and sea cucumbers, which were popular among customers [3]. Group 4: Strategic Goals - The event aimed to increase awareness of Shantou's products among Beijing residents and foster deeper regional cooperation [6]. - It served as a platform for direct communication, enhancing the visibility and influence of Shantou's brands [6].

Report Industry Investment Ratings - **Buy Rating (★★★)**: Soybean No.1, Soybean Meal, Soybean Oil, Palm Oil, Rapeseed Meal, Rapeseed Oil, Corn [1] - **Neutral Rating (★☆☆)**: Live Hogs, Eggs [1] Core Views - The 26/27 US soybean supply-demand balance sheet pressure is expected to decrease year-on-year, mainly through the development of biodiesel and trade negotiations to boost demand, which may encourage supply expansion, increase in area year-on-year, maintain high yields, and likely lead to inventory reduction, thus boosting CBOT soybean prices [2][3] - The US Department of Agriculture's February report on soybeans is overall neutral to slightly bearish, but the bearish logic has been mostly priced in, and the mention of China considering buying more US soybeans is expected to boost US soybean exports [5] - The Malaysian palm oil report is bullish, with production lower than expected, exports higher than expected, and inventory showing a month-on-month decline [3] - The US biodiesel policy in 2026 is favorable, with a strong RIN price and improved biodiesel enterprise profits, which is likely to support the price of US soybean oil [3] - The news of Canada's rapeseed resuming normal imports to China and the appearance of China's further procurement of rapeseed shipments are suppressing the price of rapeseed oil [3] - The corn market is expected to have little fundamental change before the Spring Festival, and the short-term Dalian corn futures may have greater fluctuations after the festival [6] - The live hog market needs to be wary of the large supply pressure after the Spring Festival, and pay close attention to the price difference structure of fat hogs [7] - The egg market is expected to see a decline in industry inventory in the first half of 2026, and there may be opportunities to go long at low prices after the basis of the first-half contracts narrows after the Spring Festival [8] Summary by Commodity Soybean No.1 - The futures market has significantly increased positions, and the market sentiment is optimistic. Pay attention to the movement of funds before the festival. The current spot market trading is light. The recent policy-side soybean auction prices are strong, which has boosted the market. The US Department of Agriculture has raised Brazil's soybean production, and the US soybean supply-demand has not been adjusted, with a bearish report. However, US soybeans still rose, supported by optimistic export expectations and soybean oil [2] Soybean Meal & Rapeseed Meal - The USDA February report shows that US soybean data has not been adjusted compared to January. Globally, the soybean production forecast is 428 million tons, an increase of 1.025 million tons from the previous year and 2.5 million tons from the January forecast. The report is overall neutral to slightly bearish, but the bearish logic has been mostly priced in, and the mention of China considering buying more US soybeans is expected to boost US soybean exports. Rapeseed meal is boosted by the news of China-Canada cooperation [5] Soybean Oil & Palm Oil & Rapeseed Oil - Near the holiday, the soybean, palm, and rapeseed oil futures markets are reducing positions, and prices are fluctuating. The US soybean supply-demand report is bearish, but US soybeans still rose. The 26/27 US soybean supply-demand balance sheet pressure is expected to decrease, which is likely to boost CBOT soybean prices. The Malaysian palm oil report is bullish, with high production and high exports. The US biodiesel policy is favorable, which is likely to support the price of US soybean oil. The news of Canada's rapeseed resuming normal imports to China and the appearance of China's further procurement of rapeseed shipments are suppressing the price of rapeseed oil [3] Corn - The main corn contract 02605 has increased positions by nearly 200,000 lots and risen by 1.58%. The US Department of Agriculture's February report on corn has little adjustment, and the market reaction is flat. The fundamental situation may not change much before the Spring Festival, and the short-term Dalian corn futures may have greater fluctuations after the festival [6] Live Hogs - Live hog futures are rebounding with reduced positions, while the spot price continues to decline slightly. The industry's出栏 weight is still high, and there is a need to be wary of large supply pressure after the Spring Festival [7] Eggs - The spot price of eggs is stable, and the futures market shows a pattern of near-term strength and long-term weakness. After the Spring Festival, pay attention to the opening price of eggs. Due to the low replenishment in the second half of 2025, the industry's inventory is expected to continue to decline in the first half of 2026, and there may be opportunities to go long at low prices after the basis of the first-half contracts narrows [8]

Group 1 - The event "Heilongjiang Agricultural Products Ice and Snow Tourism Season Promotion" was held in Harbin, showcasing the charm of "Black Soil Quality Products" through interactive experiences for visitors from across the country [1][3] - Activities included "Stamp Collection for Drinks" and "Mascot Parade," highlighting cultural elements of Heilongjiang's agricultural products such as rice, soybeans, and corn [1][3] - The event was guided by the Heilongjiang Provincial Department of Agriculture and Rural Affairs and organized by Beidahuang Food Group Co., Ltd [3]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The fundamentals of cotton remain strong, with an upward trend in the long - term. It is recommended to build long positions on dips. The short - term trend of US cotton and Zhengzhou cotton is likely to be range - bound [5][6] 3. Summary by Directory 3.1 Market Information - **Futures Disk**: The closing prices of CF01, CF05, and CF09 contracts decreased by 70, CY01 remained unchanged, CY05 decreased by 45, and CY09 decreased by 25. The trading volume of most contracts decreased, and the open interest of some contracts changed. For example, the trading volume of CF05 decreased by 13,325, and the open interest decreased by 270 [2] - **Spot Price**: CCIndex3128B decreased by 45 to 15,967 yuan/ton, Cot A was 72.80 cents/pound, and the price of some other products remained stable or changed slightly [2] - **Price Difference**: The cotton inter - period spreads such as 1 - 5 months, 5 - 9 months, and 9 - 1 months had different values and changes, and the same for the yarn inter - period spreads. The cross - variety spreads and internal - external spreads also had corresponding values and changes [2] 3.2 Market News and Views - **Cotton Market News** - On February 11, 2026, the road transportation price index of Xinjiang cotton was 0.1402 yuan/ton·km, remaining flat. It is expected to be relatively stable in the short term [4] - As of January 31, 2026, the CAI's assessment of India's 2025/26 cotton balance sheet was the same as last month. Compared with the previous year, the beginning inventory increased by 360,000 tons, production increased by 80,000 tons, imports increased by 150,000 tons, domestic demand decreased by 150,000 tons, exports decreased by 50,000 tons, and the ending inventory increased by 800,000 tons [4] - According to the latest February production and sales forecast of USDA, the total supply increased by 90,000 tons to 2.609 million tons, the total demand decreased by 44,000 tons to 2.5847 million tons, and the ending inventory increased by 140,000 tons to 1.635 million tons [4] - **Trading Logic**: There are news that the cotton planting area in Xinjiang will decrease by 2660000 mu to 36.21 million mu in 2026, a decrease of 7%. The implementation of the reduction plan is expected to be strong. At the same time, several large textile projects are expected to be launched in Xinjiang, which is beneficial to cotton consumption [5] - **Trading Strategy** - Unilateral: It is expected that the short - term trend of US cotton and Zhengzhou cotton will be range - bound. It is advisable to build long positions on dips [6] - Arbitrage: Wait and see [6] - Options: Wait and see [6] - **Cotton Yarn Industry News** - The trading in the pure cotton yarn market has almost stopped, only Xinjiang maintains a certain level of sales. The cotton yarn price is generally stable, with some spinning mills raising prices, and some planning to raise prices after the Spring Festival. Spinning mills will start to have a concentrated holiday tomorrow [6][8] - As the Spring Festival approaches, the delivery and shipment in the all - cotton grey fabric spot market have gradually decreased, and the trading is sluggish. Most factories have already had a holiday. Weaving factories will start work from the eighth to the tenth day of the first lunar month, but full resumption of production will be after the fifteenth day of the first lunar month [8] 3.3 Options - **Option Contract Information**: On January 19, 2026, for CF605C14600.CZC, the closing price was 334.00, with a decrease of 16.9%, and the implied volatility was 13.3%. Similar information is provided for other option contracts [10] - **Volatility**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase. The implied volatilities of different option contracts were different [10] - **Option Strategy**: Wait and see [12]

Group 1 - The meeting held on February 10 focused on the issuance of agricultural product quality safety commitment certificates in the North Zhangbao Village of Xi'an High-tech Zone [1] - A total of 10 coding machines and 160,000 paper commitment certificates were distributed during the meeting, attended by 50 representatives from agricultural street offices and planting bases [1][3] - The meeting included training on the operation of the certification coding machines and the process for activating and issuing paper certificates, promoting the implementation of the management measures for agricultural product quality safety commitment certificates [3] Group 2 - To date, the High-tech Zone has distributed a total of 8 large commitment certificate coding machines to agricultural street offices, 22 small handheld coding machines to large-scale farmers, and 400,000 paper commitment certificates to small-scale farmers [5]

二 〇 二 六 年 度 2026 年 02 月 11 日 豆粕：美农报告影响有限，等待新变化 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 报告导读： 2 月 USDA 供需报告影响有限：对美豆中性、巴西大豆略偏空。本次报告没有调整 2025/26 年美豆供 需平衡表，对美豆影响中性。报告上调 25/26 年巴西大豆产量、国内消费量等，期末库存小幅上调。目前 对巴西大豆而言，丰产带来的供应压力较大，但是出口需求稳定和国内消费上调抵消大部分供应压力，巴 西大豆库存压力不太大。此外，巴西丰产预期调整的比较充分，后期再度交易巴西丰产边际影响减弱。在 天气中性情况下，供应端边际影响力下降、需求端则持续发力：若中方逢低采购巴西大豆、则支撑巴西贴 水，若中方采购美豆、则美豆获得上冲劲头。 基于中美良好沟通，中方采购提振美豆盘面价格。2026 年 2 月 4 日中美元首电话，提振美豆出口前 景。目前 2025/26 年美豆出口进度约 80%，基于中美良好沟通、美豆出口有望实现 USDA 计划目标、且存 在上调可能。市场对于采购美豆存疑之处主要在于：美豆价格高于巴西大豆，不具备价格竞 ...