Group 1 - The Malaysian Derivatives Exchange (BMD) crude palm oil futures are expected to open higher, reflecting the strength in the external vegetable oil market [1] - The Trump administration plans to finalize the 2026 biofuel blending quotas in early March, which has boosted Chicago soybean oil futures, positively impacting Malaysian crude palm oil futures [1] - Malaysian palm oil exports have improved, with a reported increase of 17.5% to 18.6% in export volume for the first half of January [1] Group 2 - However, international crude oil futures have declined, and Indonesia has canceled its planned B50 biodiesel program for this year, which may limit the upward momentum of Malaysian palm oil prices [1] - The increase in Malaysian palm oil inventory is also expected to constrain price growth [1]

（来源：工人日报） 赢得市场的背后，靠的是实打实的品质。村民赵家春做的干腌菜，色泽亮润、酸香醇正，常常还没出锅 就被预订一空。二十多年的手艺生涯里，她亲历了销路的"升级"：从前得肩挑背扛、赶集叫卖，如今变 成了商贩主动来电甚至包邮上门取货。去年光靠干腌菜，她就增收了两万元。 "现在专门做订单，收入稳定了，心里也更踏实了。"村民阙申春的话，道出了许多人的心声。销路畅 通、价格稳中有升，让大家越发注重品质；而这份用心，又反过来赢得了市场信任，形成了以质促销、 以销带产的良性循环。 如今，新山村已有20多户人家携手发展干腌菜产业，全村一年增收超过40万元。"接下来，我们要为干 腌菜贴上新山村的专属标签，进一步提升品质，打通线上线下，让这道山乡风味走得更远！"杨恩崇满 怀信心地说。 本报讯 （记者赵黎浩 通讯员陆云晓）"刚又做好了一批，您随时可以来取啦！"1月10日，云南省腾冲市 新华乡新山村下新寨的村民陈鸾兴接到订货电话后，满脸笑容地与收购商约好时间。在下新寨，一个电 话便敲定一桩生意，早已不是什么新鲜事。 记者了解到，下新寨坐落于平均海拔1500米的山间，冬季阳光充足，当地孕育的肥硕的萝卜叶，正是制 作干腌菜的优 ...

豆棕油及豆粕市场年度展望 国投期货研究院 吴小明 投资咨询号Z0015853 202601 全球大豆供需状况 PART 1 全球油料供需格局同比微松 | 7种油籽供需 | | 2020/20 | 2021/20 | 2022/20 | 2023/20 | 2024/20 | 2025/20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 平衡表 | | 21 | 22 | 23 | 24 | 25 | 26 | 同比 | | 同比% | | 期初库存 | 万吨 | 11305 | 11566 | 11557 | 12298 | 13607 | 14169 | 562 | 4 . | 1% | | 产量 | 万吨 | 60926 | 61069 | 63730 | 65737 | 68434 | 69315 | 881 | 1 . | 3% | | 进口 | 万吨 | 19101 | 17768 | 19805 | 20466 | 20679 | 21173 | 495 | 2 . | 4% | | 压榨 ...

Report Overview - The report is a corn starch daily report dated January 15, 2026, covering data, market analysis, trading strategies, and related charts [1]. 1. Data Futures Market - **Corn Futures**: C2601 closed at 2282, down 18 (-0.79%); C2605 at 2283, up 8 (0.35%); C2509 at 2301, up 6 (0.26%) [1]. - **Corn Starch Futures**: CS2601 at 2540, up 1 (0.04%); CS2605 at 2597, up 17 (0.65%); CS2509 at 2625, up 11 (0.42%) [1]. Spot Market and Basis - **Corn Spot**: Prices ranged from 2150 in Qinggang to 2460 in Guangdong ports, with price changes from -10 to 20 [1]. - **Corn Starch Spot**: Prices were between 2700 - 2900, with only Hengren工贸 up 30 [1]. Spreads - **Corn Inter - delivery Spreads**: C01 - C05 was -1, down 26; C05 - C09 was -18, up 2; C09 - C01 was 19, up 24 [1]. - **Corn Starch Inter - delivery Spreads**: CS01 - CS05 was -57, down 16; CS05 - CS09 was -28, up 6; CS09 - CS01 was 85, up 10 [1]. - **Cross - variety Spreads**: CS09 - C09 was 324, up 5; CS01 - C01 was 258, up 19; CS05 - C05 was 314, up 9 [1]. 2. Market Analysis Corn - The US corn report significantly increased production, but global corn supply pressure has weakened, limiting the downside of US corn. Import profit of foreign corn has risen, with the February Brazilian import price at 2127 yuan [3]. - Northern port flat - price declined, around 2335 yuan. Northeast corn was strong, while North China's supply increased and prices were stable, narrowing the price gap between the two regions [3][5]. - Wheat and corn auctions continued. Wheat prices in North China were stable around 2490 yuan/ton, and the price gap between wheat and corn remained large, making corn more cost - effective [5]. - Domestic breeding demand was stable, downstream feed enterprises' inventories increased, and short - term corn prices were relatively stable. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and downstream inventory building [5]. Corn Starch - The number of trucks arriving at Shandong deep - processing plants increased, and Shandong corn prices were stable. Corn starch prices in Shandong were around 2760 yuan, and Northeast prices were stable [6]. - This week, corn starch inventory decreased to 1.1 million tons, down 25,000 tons from last week, with a monthly decline of 0.2% and a year - on - year increase of 21.5% [6]. - Starch prices depend on corn prices and downstream stocking. By - product prices were strong, higher than last year, and the spot price gap between corn and starch was low. Due to strong corn prices, starch prices were also strong, but enterprise profitability declined [6]. 3. Trading Strategies - **Unilateral**: 03 US corn has support at 430 cents/bushel. Short 03 corn lightly and short 03 starch on rallies [8]. - **Arbitrage**: Start reverse arbitrage on 35 starch [9]. 4. Corn Options - The option strategy is short - term cumulative put strategy with rolling operations [10]. 5. Related Charts - The report includes charts of North Port corn flat - price, corn 05 contract basis, corn 5 - 9 spreads, corn starch 5 - 9 spreads, corn starch 05 contract basis, and corn starch 05 contract spreads [13][14][18].

证券之星消息，1月15日农产品加工板块较上一交易日下跌0.23%，晨光生物领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600251 | 冠衣股份 | 10.10 | 5.87% | 32.43万 | 3.25亿 | | 300268 | *ST佳沃 | 13.32 | 2.94% | 2.40万 | 3177.61万 | | 603231 | 索宝蛋白 | 19.64 | 2.94% | 5.81万 | 1.13亿 | | 920023 | 田野股份 | 4.98 | 2.68% | 31.77万 ﺏ | 1.58亿 | | 920371 | 欧福蛋业 | 11.11 | 2.02% | 3.60万 | 3984.67万 | | 002852 | 道道全 | 11.13 | 1.55% | 5.90万 | 6534.57万 | | 003030 | 祖名股份 ...

Core Insights - The article highlights the agricultural development initiatives in Yancheng's Binhai County, focusing on the core goals of strengthening agriculture, beautifying rural areas, and enriching farmers [1][2] Group 1: Agricultural Development Strategies - Binhai County aims to leverage industrial revitalization as a driving force for agricultural production, utilizing technology, quality improvement, and integration to enhance efficiency [1] - The Yancheng Binhai Agricultural Park, recognized as a national-level rural industrial integration development demonstration park, employs a "technology empowerment + full-chain layout" approach to modernize agriculture [1] - The park's Miao Le Agricultural Technology Company has achieved a survival rate of quality seedlings significantly higher than traditional methods, with 120 million seedlings produced, serving both local and out-of-province markets [1] Group 2: Key Agricultural Projects - The county is focusing on five major leading industrial chains, including rice, flour, and meat products, to transition from "agricultural product economy" to "agricultural commodity economy" [1] - Tongyu Town is implementing large-scale planting and standardized management to ensure stable wheat production, with plans for a 100-acre facility agriculture base and six 1,000-acre demonstration planting areas [1] - The town's government is actively engaging in招商 (investment attraction) efforts, aiming to sign three new agricultural product processing projects throughout the year to extend the industrial chain and increase local income [1] Group 3: Community and Infrastructure Development - The "Party building + cooperative + farmers" model in Zhenghong Town has led to the upgrade of traditional grape varieties, resulting in a yield of 3,000 pounds per acre and a nearly 20% increase in income [2] - Binhai County is simultaneously advancing infrastructure and brand development, implementing high-standard farmland and irrigation water-saving projects [2] - The county is fostering a collaborative effort between agricultural parks and town sectors, promoting a vibrant entrepreneurial spirit across various agricultural initiatives [2]

Core Insights - The article highlights the transformation of agriculture in Wuhu, Anhui Province, emphasizing the integration of technology, brand activation, and the shift from traditional farming to modern agricultural practices [1][2][3] Group 1: Agricultural Modernization - Wuhu is redefining agriculture by integrating technology and creating a modern agricultural landscape that includes leisure foods, pet foods, and functional foods [1] - The city is focusing on new consumption trends and cultivating new business models to enhance agricultural value chains and promote green transformation [1][2] Group 2: Full Chain Integration - Wuhu's agriculture is moving from a traditional production focus to a full-chain integration model, connecting planting, processing, research, and sales [2] - The Anhui Lantian Agricultural Group has established a complete industry system for turtle farming, producing 1.65 million kilograms annually and benefiting local communities through profit-sharing mechanisms [2] Group 3: Technological Innovation - Technological advancements are reshaping agricultural practices, particularly in emerging sectors like leisure and pet foods, enhancing product value and market recognition [4][5] - Companies are investing significantly in R&D to innovate products, such as high-end down materials and smart food processing, contributing to increased revenue [5][6] Group 4: Brand Development and Quality Assurance - Wuhu is enhancing agricultural resilience through brand development and quality assurance, transitioning from raw material sales to brand-focused marketing [7][8] - The city has established a robust brand matrix with 553 green food and organic products, promoting local specialties on a national and global scale [7] Group 5: Economic Impact and Community Benefits - The agricultural transformation in Wuhu is not only about corporate growth but also about rural revitalization and increasing farmers' incomes through collaborative models [9][10] - The city has seen significant agricultural processing output, exceeding 40 billion yuan, and has established numerous agricultural industrialization leading enterprises [9]

Oil Market - The latest EIA weekly data shows an unexpected increase in US commercial crude oil inventories, indicating significant inventory pressure and a supply surplus that limits the short-term upward potential of oil prices [1] - Oil prices initially rebounded to nearly $67 per barrel due to concerns over US-Iran tensions, but retreated after President Trump indicated a wait-and-see approach regarding the situation in Iran [1] - The global crude oil supply-demand structure for Q1 2026 suggests that unless conflicts escalate, the short-term upside for oil prices is expected to be limited [1] Precious Metals - The US reported a 3% increase in the Producer Price Index (PPI) for November, the highest since July, and retail sales rose by 0.6%, slightly above expectations, indicating a strong economic backdrop for precious metals [2] - The geopolitical tensions surrounding Iran continue to support the overall strength of precious metals [2] Copper Market - The copper market is experiencing fluctuations, with a focus on geopolitical risks and the impact of tariffs on trade [3] - The current spot premium for copper has narrowed to $44, indicating market adjustments as traders await inventory updates [3] Aluminum Market - The aluminum market is seeing high volatility, with prices testing historical highs but facing challenges from speculative trading and high inventory levels [4] - The profit margin for aluminum production remains above 8000 yuan per ton, prompting producers to consider hedging strategies [4] Zinc Market - The zinc market is witnessing increased capital inflow, leading to heightened bullish sentiment, although high prices are negatively impacting consumption [7] - Zinc prices have recovered all losses from 2025, but there is growing pressure for a price correction, with a focus on support levels around 23,000 yuan per ton [7] Lithium Carbonate - The lithium carbonate market is experiencing active trading, with upstream lithium salt producers shifting sales strategies towards more spot sales [11] - Total market inventory has increased by 300 tons to 110,000 tons, while downstream inventory has decreased, indicating a mixed supply-demand dynamic [11] Industrial Silicon - The industrial silicon market is facing weak supply and demand dynamics, with production cuts in northern regions and reduced demand from the organic silicon sector [12] - Current prices for industrial silicon are stable, but the market outlook remains cautious due to ongoing production adjustments [12] Steel Market - The steel market is showing slight price increases, but demand remains weak, particularly in the real estate sector, leading to cautious market sentiment [14] - Steel production is gradually recovering, but overall demand from downstream industries continues to decline [14] Iron Ore Market - The iron ore market is experiencing weak fluctuations, with increased domestic port inventories and a seasonal decline in demand [15] - The market sentiment is mixed, with structural imbalances persisting and expectations for continued price volatility [15] Fertilizer Market - The urea market is seeing strong price increases driven by improved factory orders and seasonal demand ahead of spring [23] - The methanol market is also showing strength due to geopolitical tensions, although signs of weakening demand are emerging [24] Agricultural Products - The soybean market is under pressure from high import volumes and increased domestic processing rates, with expectations for continued weak price movements [35] - The corn market is experiencing strong fluctuations, with low overall inventory levels and increased demand from downstream users as the Spring Festival approaches [39] Livestock Market - The live pig market is seeing upward price movements, with expectations for continued pressure on supply as the Spring Festival approaches [40] - The egg market is showing signs of strength due to reduced supply and increased demand ahead of the holiday season [41]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - Overseas, the US economy remains in a stage of decent growth, controllable inflation, and lingering political risks. Retail sales in November increased by 0.6% month - on - month, and inflation shows an "external hot, internal stable" pattern. Metal prices are rising rapidly, while the US stock market turns defensive and the US dollar index slightly declines. Oil prices continue to rebound [2]. - Domestically, exports and imports in December 2025 both exceeded expectations, showing a recovery in foreign demand and domestic imports. The property - related tax - refund policy is extended, and regulations are strengthened in the new energy vehicle industry. The A - share market receives regulatory cooling signals after reaching a new high, and the short - term upward slope may be adjusted [3]. - Precious metals continue to be strong due to factors such as the US inflation data boosting expectations of Fed rate cuts, geopolitical tensions, and the potential shortage of physical supply. The silver price is expected to remain strong in the short term [4][5]. - The copper price shows a strong and volatile trend. Strong economic fundamentals in China and the US provide demand support, and the supply of concentrates is growing slowly. It is expected to maintain a high - level and strong oscillation in the short term [6][7]. - The aluminum price fluctuates at a high level. Although the macro - environment is stable, high prices suppress downstream consumption, and the inventory is increasing. It is expected to continue the high - level oscillation [8][9]. - The zinc price fluctuates strongly. The high copper - zinc and zinc - aluminum price ratios support the zinc price, but the downstream consumption is weak. It is expected to maintain a volatile and strong trend with increased volatility [10]. - The lead price's rebound space is limited. Although the LME lead inventory is decreasing, the consumption pressure increases due to the anti - dumping tariff on lead - acid batteries, and the social inventory is rising. It is expected to fluctuate widely [11]. - The tin price hits a new high, but there is a risk of adjustment at the high level. Although the current supply disruption is limited, the supply of tin ore remains tight. However, the risk accumulates as the price rises continuously, and there may be a callback pressure [12][13]. - The steel price fluctuates. The fundamental driving force is limited, and it is expected to oscillate mainly. The impact of inventory accumulation on the steel price should be noted [14]. - The iron ore price is under pressure to oscillate. The supply is strong while the demand is weak, with high port inventories and general replenishment by steel mills [15]. - The coking coal and coke prices oscillate. The cost of coking enterprises is rising, the supply is increasing, and the downstream demand is weak. It is expected to continue the oscillating pattern [16][17]. - The soybean and rapeseed meal prices oscillate. China's soybean procurement is approaching the target, and the Brazilian harvest will increase supply. The short - term trend depends on the pre - holiday stocking demand [18]. - The palm oil price oscillates. Indonesia cancels the B50 policy, which eases the supply - tightness expectation, but the improving export demand provides support [19][20]. 3. Summary of Each Section Macro - Overseas: The US is in a stage of decent growth, controllable inflation, and lingering political risks. In November, retail sales increased by 0.6% month - on - month, driven by automobile and holiday - related consumption. PPI rose to 3% year - on - year, mainly due to energy prices, while core PPI was flat month - on - month. Metal prices rose rapidly, the US stock market turned defensive, the US dollar index declined slightly, and oil prices rebounded [2]. - Domestic: In December 2025, exports increased by 6.6% and imports by 5.7% year - on - year, both exceeding expectations. The property - related tax - refund policy is extended to 2027, and regulations are strengthened in the new energy vehicle industry. The A - share market received regulatory cooling signals after reaching a new high, and the short - term upward slope may be adjusted [3]. Precious Metals - The price of precious metals continued to be strong on Wednesday, with gold and silver hitting new highs for three consecutive days. The US CPI data in December boosted expectations of Fed rate cuts, and geopolitical tensions and potential supply shortages pushed up the prices. The silver price is expected to remain strong in the short term due to factors such as forced short - covering [4][5]. Copper - On Wednesday, the Shanghai copper futures fluctuated at a high level, and the LME copper price stabilized above $13,000. The spot market trading improved, and downstream enterprises replenished stocks on a small scale. The US economic activity is expanding moderately, and the strong economic fundamentals in China and the US provide demand support. The supply of concentrates is growing slowly. It is expected to maintain a high - level and strong oscillation in the short term [6][7]. Aluminum - On Wednesday, the Shanghai aluminum futures closed at 24,665 yuan/ton, down 0.32%, and the LME aluminum price closed at $3,189.5/ton, down 0.2%. The spot price increased, and the inventory rose. The macro - environment is stable, but high prices suppress downstream consumption. It is expected to continue the high - level oscillation [8][9]. Zinc - On Wednesday, the Shanghai zinc futures fluctuated within a narrow range during the day and strongly at night, and the LME zinc price rose. The downstream procurement enthusiasm is low, and the spot premium continues to decline. The high copper - zinc and zinc - aluminum price ratios support the zinc price, but the downstream consumption is weak. It is expected to maintain a volatile and strong trend with increased volatility [10]. Lead - On Wednesday, the Shanghai lead futures fluctuated within a narrow range during the day and rose at night, and the LME lead price rose. The consumption pressure increases due to the anti - dumping tariff on lead - acid batteries, and the social inventory is rising. Although the LME lead inventory is decreasing, the lead price's rebound space is limited. It is expected to fluctuate widely [11]. Tin - On Wednesday, the Shanghai tin futures hit the daily limit for the second time this week and continued to be strong at night, breaking through 440,000 yuan/ton. The LME tin price rose by 9.88%. Although the current supply disruption is limited, the supply of tin ore remains tight. However, the risk accumulates as the price rises continuously, and there may be a callback pressure [12][13]. Steel (Screw and Coil) - On Wednesday, the steel futures fluctuated. The spot market trading volume was 88,000 tons. The cost of electric arc furnace steel mills increased slightly, and the profit was in a loss state. The fundamental driving force is limited, and it is expected to oscillate mainly. The impact of inventory accumulation on the steel price should be noted [14]. Iron Ore - On Wednesday, the iron ore futures fluctuated and slightly adjusted. The spot market trading volume was 1.23 million tons. The cost of steel mills decreased slightly, and the loss was gradually reduced. The supply is strong while the demand is weak, with high port inventories and general replenishment by steel mills. It is expected to be under pressure to oscillate [15]. Coking Coal and Coke (Double - Coking) - On Wednesday, the coking coal and coke futures oscillated. The price of coking coal increased, and the price of coke decreased. The production capacity utilization rate of coal washing plants increased, and the inventory of refined coal rose. The cost of coking enterprises is rising, the supply is increasing, and the downstream demand is weak. It is expected to continue the oscillating pattern [16][17]. Soybean and Rapeseed Meal - On Wednesday, the soybean meal 05 contract fell 0.9%, and the rapeseed meal 05 contract fell 1.46%. A US exporter reported selling 334,000 tons of soybeans to China. The Brazilian harvest is underway, and the supply will increase. The short - term trend depends on the pre - holiday stocking demand [18]. Palm Oil - On Wednesday, the palm oil 05 contract fell 0.55%. Indonesia cancels the B50 policy and will maintain the B40 policy, which eases the supply - tightness expectation. However, the improving export demand provides support. It is expected to oscillate in the short term [19][20]

2026 年 1 月 15 日星期四 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 碳酸锂： 17 | | --- | | 铜： 17 | | 铝： 18 | | 锌： 18 | | 铅： 18 | | 锡： 19 | | 镍： 19 | | 豆油、豆粕： 20 | | 棕榈油： 21 | | 菜粕、菜油： 21 | | 棉花： 22 | | 白糖： 23 | | 苹果： 24 | | 生猪： 24 | | 鸡蛋： 25 | | 玉米&淀粉： 26 | | 原木： 26 | | 免责声明 28 | 国债： 上一交易日，国债期货收盘多数上涨，30 年期主力合约跌 0.04%报 111.270 元， 10 年期主力合约涨 0.08%报 107.930 元，5 年期主力合约涨 0.04%报 105.655 元，2 年 期主力合约持平于 102.334 元。 公开市场方面，央行公告称，1 月 14 日以固定利率、数量招标方式开展了 2408 亿 元 7 ...