发布日期：2026 年 1 月 21 日 【冠通期货研究报告】 大豆：国内大豆现货市场呈现涨跌互现、整体稳定的运行格局。产区市场价 格小幅波动，一方面近期市场走货节奏偏弱，另一方面部分前期底价货源出现小 幅补涨，多空因素交织下产区价格总体保持稳定；销区市场价格则出现小幅回落， 下游食品企业需求持续疲软，采购以随采随用为主，市场交投氛围清淡。今天国 产大豆购销双向 66116 吨，全部成交，说明市场需求存在一定支撑。预估大豆延 续震荡走势。 养殖产业链日报：近月宽松明显 注：本报告有关现货市场的资讯与行情信息，来源于我的钢铁网、中储粮网、 粮达网、金十期货网站。 玉米：本周进口玉米定向邀标投放量从 20 万吨缩减至 10 万吨随后暂停，成 为支撑东北农户惜售和现货价格偏强的重要心理因素。而中储粮在东北等主产区 同步增加常规轮换玉米竞价销售规模，1 月 16 日黑吉辽三省同时启动拍卖，这 种部分收紧、部分释放的调节模式，进一步增加了未来政策投放节奏及力度的不 确定性，也限制了贸易商的囤货热情。短期玉米市场在刚性需求支撑下，继续保 持高位偏强运行格局，春节前备货节奏将是核心驱动因素。强烈的惜售心态、政 策预期与疲弱 ...

Core Insights - The "Ten Hundreds" project aims to enhance the economic development of the agricultural sector by establishing a systematic approach to cultivate distinctive economic crops, livestock, and aquaculture, with specific targets for planting, breeding, and sales [1][2][3] Group 1: Project Overview - The "Ten Hundreds" project includes setting a scale standard of 500 acres for specialty crops, 500 heads for livestock, and a sales target of 500 tons for agricultural products, covering various aspects such as planting, breeding, sales, and tourism [1] - A total of 42 projects under the "Ten Hundreds" initiative are expected to generate a total output value of 1.023 billion yuan by 2025 [1] Group 2: Brand Development and Market Expansion - The initiative focuses on enhancing product quality and brand development, with the creation of unique agricultural brands like "Zhen Mei Wei" and "Ji Lai Fu" to increase brand value [2] - The project emphasizes the integration of online and offline sales channels, including partnerships with e-commerce platforms and the establishment of a centralized exhibition point for local products [2] Group 3: Community and Environmental Integration - The "Ten Hundreds" project is not only an industrial initiative but also a key driver for rural revitalization and income generation for workers, with a focus on addressing challenges in funding and technology [3] - The project promotes collaboration between environmental improvement, ecological protection, and agricultural structure adjustment to enhance market competitiveness and economic benefits [2][3]

Core Viewpoint - The article discusses the recently issued "National Agricultural Modernization Demonstration Zone Creation Work Plan" by the Ministry of Agriculture and Rural Affairs, the Ministry of Finance, and the National Development and Reform Commission, aiming to establish a model for agricultural modernization in China by 2030 [1]. Group 1: Creation Goals - The plan aims to create no more than 500 recognized demonstration zones by 2030 [1]. - It focuses on six types of demonstration zones: grain industry, aquaculture, advantageous specialty industries, smart agriculture, urban agriculture, and dry farming [1]. - The goal is for qualified demonstration zones to achieve basic agricultural modernization ahead of others, establishing a phased construction pattern [1]. Group 2: Creation Tasks - The plan requires clear positioning, application standards, and creation goals for each type of demonstration zone [1]. - It includes "regular tasks + special tasks" to categorize and advance the creation of demonstration zones [1]. - Counties applying for recognition must select a type that meets the application standards and enhance organizational leadership, innovate systems, strengthen resource support, and optimize guidance services [1].

Core Viewpoint - The livestock ETF (159865) has risen over 1.1%, indicating improvements in industry supply and demand as well as profitability [1] Group 1: Industry Trends - Most upstream raw material prices are at cyclical lows, while large-scale livestock farming is showing structural local recovery, leading to an overall rebound in the feed industry [1] - The pig farming industry has entered a phase of losses again, prompting a market-driven capacity reduction, which is further supported by policies aimed at reducing internal competition in the pig industry [1] - Domestic breeding sow inventory, after a slow decline in previous months, is now showing a trend of accelerated reduction [1] Group 2: Market Outlook - The pig farming industry is expected to maintain a trend of capacity reduction during the off-season for pig prices in the first half of the year, which may lead to a recovery in the fundamentals and valuations of the industry [1] - The penetration rate of pet ownership in China is expected to continue increasing, with pet food remaining a relatively growth-oriented segment among various consumer industries [1] Group 3: ETF and Index Information - The livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary vaccines to reflect the overall performance of related securities [1] - The constituent stocks cover the entire upstream and downstream industry chain of livestock farming, providing strong industry representation [1]

养殖油脂研究中心|农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月18日星期日 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链周度策略报告 摘要 豆油：本周，豆油主力合约上涨，主要在于库存下滑及美国生柴政 策预期向好。加拿大总理访华，市场预期中加贸易关系或有缓和迹 象，印尼维持B4 ...

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Report Core Views - The supply pressure of live pigs remains high, and the rebound of futures prices is under pressure. In the short - term, the spot is firm and macro funds boost the market, but the hedging pressure above 12,000 for off - season contracts increases. In the long - term, the supply in the first quarter continues to grow, and the price after the Spring Festival is under pressure. The price in the second half of the year is expected to be strong but still above the equilibrium level [5][54]. - The supply pressure of eggs still exists, and the rebound of the futures price is restricted. Although the demand before the Spring Festival drives up the egg price, the sufficient supply limits the increase. In the long - term, the supply pressure still exists, and the market needs to go through a bottom - grinding process [6][78]. - The short - term supply and demand of corn are balanced, and the futures price fluctuates at a high level. In the long - term, the supply - demand pattern in the 25/26 season is looser year - on - year, which restricts the upside space [7][104]. 3. Summary by Directory 3.1 Feed and Livestock Views Summary 3.1.1 Live Pigs - **Period - Spot End**: As of January 16, the national spot price was 12.69 yuan/kg, up 0.18 yuan/kg from last week; the futures price of live pigs 2503 was up 210 yuan/ton. The high price suppresses consumption, but the slow enterprise出栏 rhythm and other factors drive up the price [5][54]. - **Supply End**: The inventory of reproductive sows is slowly decreasing, but the supply remains high before the first half of the year. The supply pressure in the first quarter is large according to piglet data. The planned出栏 volume of large - scale enterprises in January decreases, the出栏 weight increases, and the secondary fattening is sporadic [5][54]. - **Demand End**: The slaughter rate and volume decline, the fresh - sales rate increases, and the frozen - product inventory decreases. The Spring Festival stocking period has not started, and the demand growth is weak [5][54]. - **Cost End**: The prices of piglets and binary reproductive sows rise, the self - breeding and self - raising profit turns positive, and the cost of self - breeding and self - raising fattening pigs increases slightly [5][54]. - **Weekly Summary**: There is a risk of pig price decline in the short - term, and the price is not optimistic during the Spring Festival and after. The price in the second half of the year is expected to be strong but still above the equilibrium level [5][54]. - **Strategy Suggestion**: In the short - term, wait for the opportunity to short on rebounds. In the long - term, the industry can hedge at high prices when the profit is positive [5][54]. 3.1.2 Eggs - **Period - Spot End**: As of January 16, the average price in the main production areas was 3.6 yuan/jin, up 0.37 yuan/jin from last Friday; the futures price of eggs 2603 was up 32 yuan/500 kg. The approaching Spring Festival drives up the egg price [6][78]. - **Supply End**: The number of newly - opened laying hens in January is at an average level, and the inventory is slowly decreasing but still large. In the long - term, the supply pressure will gradually ease, but it still takes time [6][78]. - **Demand End**: The approaching Spring Festival drives up the demand, and the substitution demand is good. The inventory in the production link is not large, while that in the circulation link is relatively high [6][78]. - **Weekly Summary**: The egg price rises seasonally in the short - term, but the sufficient supply limits the increase. In the long - term, the supply pressure still exists [6][78]. - **Strategy Suggestion**: Wait for the spot price increase to be less than expected and hedge the 03 contract after the Spring Festival at high prices [6][78]. 3.1.3 Corn - **Period - Spot End**: As of January 16, the closing price of corn at Jinzhou Port in Liaoning was 2350 yuan/ton, up 20 yuan/ton from last Friday; the futures price of corn 2603 was up 18 yuan/ton. The supply and demand are balanced, and the price is at a high level [7][104]. - **Supply End**: The national grain - selling progress is 53%, and the supply is relatively average. The import of corn increases, and the inventory in ports decreases [7][104]. - **Demand End**: The feed demand is rigid, but the increase in corn price may lead to a shift to wheat procurement. The deep - processing demand is limited by factors such as high inventory and low profit [7][104]. - **Weekly Summary**: The short - term supply and demand are balanced, and the price is at a high level. In the long - term, the supply - demand pattern is looser year - on - year [7][104]. - **Strategy Suggestion**: In the short - term, be cautious about chasing high prices, and hedging at high prices when the price rebounds. In the long - term, the upside space is restricted [7][104]. 3.2 Variety Industry Data Analysis 3.2.1 Live Pigs - **Weekly Market Review**: The futures price of live pigs 2503 rose, the basis decreased slightly, and the spot price increased [13]. - **Fundamental Data Review**: Data on supply, demand, cost, profit, etc. show that the supply pressure is large, and the self - breeding and self - raising profit turns positive [10]. - **Key Data Tracking**: The inventory of reproductive sows is slowly decreasing, the production performance is improving, and the supply in the first quarter is expected to be high [17]. 3.2.2 Eggs - **Weekly Market Review**: The spot and futures prices of eggs increased, and the basis strengthened [59]. - **Fundamental Data Review**: Data on price, supply, demand, inventory, and profit show that the supply pressure exists, and the demand before the Spring Festival drives the price up [60]. - **Key Data Tracking**: The inventory of laying hens is slowly decreasing, and the supply pressure will gradually ease in the long - term [78]. 3.2.3 Corn - **Weekly Market Review**: The spot and futures prices of corn increased, and the basis strengthened [84]. - **Fundamental Data Review**: Data on price, supply, demand, inventory, and profit show that the short - term supply and demand are balanced, and the long - term supply - demand pattern is looser [85]. - **Key Data Tracking**: The grain - selling progress is relatively fast, the import increases, and the demand is rigid but the deep - processing demand is limited [104].

Investment Rating - The report provides an "Increase" rating for the industry, indicating a positive outlook compared to the Shanghai and Shenzhen 300 Index [46]. Core Insights - The report highlights the strengthening of pig prices, with a current price of 12.69 CNY/Kg, reflecting a week-on-week increase of 0.20 CNY/Kg. Factors contributing to this trend include a decrease in sales plans for January and the anticipated impact of a nationwide cold wave starting January 19, which may further boost prices [5][10]. - In the planting sector, corn and soybean prices have shown stability, with corn prices at 2364 CNY/ton (up 0.5% week-on-week) and soybean prices at 4072 CNY/ton (up 0.6% week-on-week). The report expresses optimism for the recovery of planting sector profitability [3][10]. - The pet industry is experiencing increased attention due to major exhibitions, with significant events scheduled in March 2026, which are expected to catalyze new product launches from leading domestic brands [4]. Summary by Sections Livestock - The report notes that pig prices are on the rise, with a current price of 12.69 CNY/Kg, up 1.60% week-on-week and 10.06% month-on-month, although down 19.33% year-on-year. The report suggests that the cold wave and increased demand during the lunar month will be key factors influencing future price movements [5][10]. - Recommended stocks in the livestock sector include Muyuan Foods, Wens Foodstuffs, and others, with a focus on companies that are expected to benefit from the recovery in pig prices [5][40]. Planting - The report indicates that corn and soybean prices are stable, with corn at 2364 CNY/ton and soybeans at 4072 CNY/ton. The planting sector is expected to see a recovery in profitability, particularly benefiting seed companies that focus on high-quality products [3][10]. Pet Industry - Major pet exhibitions are set to take place in March 2026, which are expected to enhance market interest and lead to new product launches from top brands. The report emphasizes the potential for growth in the pet sector due to these events [4][10]. Key Company Coverage - The report includes earnings forecasts and valuations for key companies in the industry, with all covered companies receiving an "Increase" rating. Notable companies include Muyuan Foods, Wens Foodstuffs, and various firms in the pet and agricultural sectors [40].

Group 1 - The article highlights the illegal installation of signal jammers by individuals and organizations near airports, high-speed rail, and subways, which disrupts wireless communication and poses a threat to public safety [1][4] - A specific case is mentioned where a breeding farm near an airport installed a signal jammer to prevent competitors from using drones, inadvertently affecting aviation safety by disrupting critical flight signals [1] - Another case involves a car pawn shop that installed jammers to block GPS signals of mortgaged vehicles, which also interfered with high-speed rail and subway communications [4] Group 2 - National security authorities have conducted investigations and confirmed that these jammers can significantly impact the transmission of communication signals for rail transport and mobile networks [4] - The authorities have taken action by confiscating the illegal devices and educating the responsible parties about the dangers of their actions [1][4] - A warning is issued that signal jammers are illegal and should not be purchased or installed without proper authorization, with a hotline provided for reporting suspicious activities [6]

Core Viewpoint - The article highlights the successful resolution of historical issues affecting the business environment in Tunchang County, specifically through the revitalization of the Fengmu Deer Farm, which will enhance local economic development and optimize the business environment [2][3]. Group 1: Project Overview - The Fengmu Deer Farm, covering over 300 acres, has adopted a cooperation model of "asset recovery + new stakeholder investment + joint development" to restore its former vitality [2]. - The farm is home to nearly 100 rare deer species, including Hainan sika deer and water deer, as well as over 10 macaques, and was previously a comprehensive base for breeding, tourism, and product processing before being affected by historical issues [2]. Group 2: Government Initiatives - Tunchang County has initiated a "three-year action plan for tackling historical key issues" since 2025, identifying 11 significant historical problems, including those related to the Fengmu Deer Farm [3]. - The county has implemented a "legal diagnosis" mechanism to provide legal support and facilitate collaboration among relevant departments, transitioning from passive responses to proactive governance [3].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - For the stock index, at the beginning of the year, incremental funds entered the market, the margin trading scale increased significantly, and the market trading volume quickly expanded. In the long - term, policies support the capital market. In the short - term, focus on the market rhythm and adopt the strategy of buying on dips [4]. - For treasury bonds, the market's improved economic expectations may put pressure on the bond market, but the sustainability of economic recovery needs to be observed. In the first quarter, the bond market is expected to fluctuate weakly due to factors such as the stock market's spring rally, government bond supply, and interest rate cut expectations [7]. - For precious metals, the current international gold price is rising steadily, and the silver price is rising rapidly with significant volatility. It is recommended to hold existing long positions, and there are significant risks in opening new long or short positions [8]. - For non - ferrous metals, most metal prices are expected to fluctuate widely. For example, copper prices are supported by tight supply at the mine end, aluminum prices are affected by overseas low inventory and domestic downstream demand, and nickel prices are constrained by oversupply pressure but supported by macro - factors [12][14][18]. - For black building materials, steel prices are expected to continue to oscillate at the bottom, iron ore prices are expected to oscillate at a relatively high level, and the prices of coking coal and coke are expected to oscillate in the current range [32][34][38]. - For energy and chemicals, rubber can be considered with a neutral strategy, oil prices can be traded with a low - buying and high - selling strategy, and the strategies for other chemicals vary according to their fundamentals [54][56]. - For agricultural products, the short - term trend of hog prices is expected to be stable with partial fluctuations, egg prices may have different trends in the near and far months, and the prices of other agricultural products are also affected by supply and demand and other factors [78][79][81]. Group 3: Summary by Related Catalogs Macro - financial Stock Index - **Market Information**: Three departments held a symposium on new energy vehicle enterprises, Shanghai issued an action plan for high - level autonomous driving, the central bank carried out a 900 - billion - yuan repurchase operation, and tax rebates were offered for housing purchases [2]. - **Strategy**: Buy on dips in the short - term [4]. Treasury Bonds - **Market Information**: The prices of main contracts showed different changes. The central bank carried out a 900 - billion - yuan repurchase operation, and China's export and import data in December 2025 were positive. The central bank's net investment was 212.2 billion yuan [5]. - **Strategy**: The bond market is expected to fluctuate weakly in the first quarter [7]. Precious Metals - **Market Information**: Gold and silver prices rose, and there were differences in the statements of Fed officials. US PPI and retail sales data were released [8]. - **Strategy**: Hold existing long positions, and avoid opening new long or short positions [8]. Non - ferrous Metals Copper - **Market Information**: The domestic equity market fluctuated, copper prices rose, LME copper inventory increased, and the import loss of Shanghai copper expanded [10]. - **Strategy**: Copper prices are expected to oscillate at a high level in the short - term [12]. Aluminum - **Market Information**: The domestic spot market weakened, aluminum prices fluctuated, and inventory increased [13]. - **Strategy**: Aluminum prices are expected to oscillate at a high level in the short - term [14]. Zinc - **Market Information**: Zinc prices rose, and inventory and other data were released [15]. - **Strategy**: Zinc prices are expected to oscillate widely following the non - ferrous sector [15]. Lead - **Market Information**: Lead prices rose, and inventory and other data were released [16]. - **Strategy**: Lead prices are expected to oscillate widely following the non - ferrous sector [16]. Nickel - **Market Information**: Nickel prices fluctuated, and the prices of raw materials such as nickel ore and nickel iron were stable [17]. - **Strategy**: Nickel prices are expected to oscillate widely in the short - term, and it is recommended to wait and see [18]. Tin - **Market Information**: Tin prices rose to the daily limit, supply and demand and inventory data changed [19][20]. - **Strategy**: Tin prices are expected to fluctuate following market sentiment, and it is recommended to wait and see [21]. Carbonate Lithium - **Market Information**: The price of carbonate lithium decreased, and the trading volume and open interest changed [22]. - **Strategy**: Be cautious due to the risk of a significant correction, and it is recommended to wait and see or take a light position [23]. Alumina - **Market Information**: The price of alumina rose, and inventory and other data changed [24]. - **Strategy**: It is recommended to wait and see, and it is not cost - effective to chase long positions. Consider shorting near - month contracts on rallies [25]. Stainless Steel - **Market Information**: Stainless steel prices rose, and inventory decreased [26]. - **Strategy**: Stainless steel prices are expected to oscillate at a high level in the short - term [27]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices fluctuated, and inventory decreased [28]. - **Strategy**: Cast aluminum alloy prices are supported by cost and supply factors, and may strengthen further [29]. Black Building Materials Steel - **Market Information**: Steel prices fluctuated, and inventory and other data changed [31]. - **Strategy**: Steel prices are expected to continue to oscillate at the bottom, and attention should be paid to market rumors and policy impacts [32]. Iron Ore - **Market Information**: Iron ore prices rose, and supply, demand, and inventory data changed [33]. - **Strategy**: Iron ore prices are expected to oscillate at a relatively high level in the short - term, and attention should be paid to steel mills' restocking and iron - making production rhythms [34]. Coking Coal and Coke - **Market Information**: Coking coal prices rose, and coke prices fell. Spot prices and inventory data changed [35]. - **Strategy**: Coking coal and coke prices are expected to oscillate in the current range, and attention should be paid to market sentiment and policy impacts [38]. Glass and Soda Ash - **Market Information**: Glass prices were stable, and inventory decreased. Soda ash prices rose, and inventory increased [39][41]. - **Strategy**: For glass, it is recommended to wait and see due to high inventory. For soda ash, the market is weak and lacks substantial positive support [40][41]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices rose slightly [42]. - **Strategy**: The market is affected by market sentiment and cost factors. Pay attention to manganese ore supply and "dual - carbon" policy impacts [44]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose, and polysilicon prices fell. Supply, demand, and inventory data changed [45][47]. - **Strategy**: Industrial silicon prices are expected to be under pressure, and polysilicon prices are expected to be weak in the short - term. Pay attention to production plans and policy impacts [46][49]. Energy and Chemicals Rubber - **Market Information**: Rubber prices fluctuated, and supply and demand data changed [51][52]. - **Strategy**: Adopt a neutral strategy. If the RU2605 contract falls below 16,000, switch to a short - term short strategy [54]. Crude Oil - **Market Information**: Crude oil and refined oil prices rose, and inventory data showed accumulation [55]. - **Strategy**: Do not be overly bearish on oil prices in the short - term. Adopt a low - buying and high - selling strategy and wait and see for now [56]. Methanol - **Market Information**: Methanol prices changed, and regional spot prices and MTO profits changed [57]. - **Strategy**: Methanol has limited downward space and is suitable for buying on dips [58]. Urea - **Market Information**: Urea prices rose, and regional spot prices and basis data changed [59][60]. - **Strategy**: Take profits on rallies due to expected fundamental bearish factors [61]. Pure Benzene and Styrene - **Market Information**: Pure benzene prices were stable, and styrene prices changed. Supply, demand, and inventory data changed [62]. - **Strategy**: It is possible to go long on non - integrated styrene profits before the first quarter [63]. PVC - **Market Information**: PVC prices fell, and supply, demand, and inventory data changed [64]. - **Strategy**: Adopt a short - selling strategy on rallies in the medium - term due to strong supply and weak demand [65]. Ethylene Glycol - **Market Information**: Ethylene glycol prices rose, and supply, demand, and inventory data changed [66]. - **Strategy**: The supply - demand pattern needs to be improved by increasing production cuts. Be cautious of rebound risks in the short - term [67]. PTA - **Market Information**: PTA prices fell, and supply, demand, and inventory data changed [68]. - **Strategy**: PTA is expected to enter the Spring Festival inventory accumulation stage after short - term inventory reduction. Pay attention to mid - term long - buying opportunities [69]. p - Xylene - **Market Information**: PX prices fell, and supply, demand, and inventory data changed [70][71]. - **Strategy**: PX is expected to maintain a small inventory accumulation pattern before the maintenance season and follow crude oil for mid - term long - buying opportunities [72]. Polyethylene (PE) - **Market Information**: PE prices rose, and supply, demand, and inventory data changed [73]. - **Strategy**: Go long on the LL5 - 9 spread on dips as the long - term contradiction shifts to production mismatch [74]. Polypropylene (PP) - **Market Information**: PP prices rose, and supply, demand, and inventory data changed [75]. - **Strategy**: The PP price may bottom out in the first quarter of next year as the supply - surplus pattern changes [76]. Agricultural Products Hogs - **Market Information**: Hog prices were stable with partial fluctuations [78]. - **Strategy**: The short - term spot price has limited downward momentum, and the mid - term supply is large. Consider short - selling on rallies and long - buying on dips in the long - term [79]. Eggs - **Market Information**: Egg prices were stable with some increases [80]. - **Strategy**: Short - sell near - month contracts on rallies and be cautious of over - valued far - month contracts [81]. Soybean and Rapeseed Meal - **Market Information**: Protein meal prices fell, and supply, demand, and inventory data changed [82]. - **Strategy**: Maintain a wait - and - see attitude in the short - term [83]. Oils and Fats - **Market Information**: Oil prices fluctuated, and supply, demand, and inventory data changed [84][85]. - **Strategy**: The current fundamentals are weak, but the long - term outlook is optimistic, and oil prices may be near the bottom [86]. Sugar - **Market Information**: Sugar prices rebounded, and supply, demand, and inventory data changed [87][88]. - **Strategy**: Wait for the international sugar price to rebound after the northern hemisphere's harvest in February. Temporarily wait and see in the domestic market [89]. Cotton - **Market Information**: Cotton prices rose, and supply, demand, and inventory data changed [90][91]. - **Strategy**: The 1 - month USDA report is neutral. Wait for a pullback to go long on Zhengzhou cotton [92].