Report Industry Investment Rating - Not provided in the document Core Viewpoints - This week, CBOT soybeans rose significantly, while the Dalian soybean meal market declined from its high. The domestic rapeseed meal trend was weaker than that of soybean meal. Next week, the technical indicators of both soybean meal and rapeseed meal are bearish. In the international market, the Brazilian soybean harvest is accelerating, but attention should be paid to the impact of rainfall in South Mato Grosso. The Argentine drought is still intensifying. The USDA report next week will be a focus. The domestic soybean meal spot may enter a sales slump, and the Dalian soybean meal will likely continue to fluctuate in a low - level range [6][75][76] Summary by Directory Part 1: Protein Meal Market Analysis 1. Market Trends This Week - CBOT soybeans rose significantly, initially falling due to the strengthening dollar and the Brazilian soybean harvest progress, then rebounding after the US biodiesel policy利好 and Trump's remarks on China's increased soybean purchases. The Dalian soybean meal market declined from its high, pressured by the slump in precious metals and the collective decline of commodities. The domestic rapeseed meal was weaker, with inventory rising as Australian rapeseed entered the crushing process and demand remaining stagnant [6] 2. US Market - US Soybean Export Situation - The US soybean export inspection volume decreased by 2% week - on - week but increased by 15% year - on - year. As of January 29, 2026, the export inspection volume was 1,310,559 tons. The export to China (mainland) decreased by 18% week - on - week but increased by 113% year - on - year. The proportion of exports to China in the total export volume decreased to 56.5% [13] 3. South American Market - Brazil and Argentina - **Weather and Crop Conditions**: In Brazil, most areas had showers, with varying rainfall in the east. The average temperature was nearly 2°C higher than normal. In Argentina, the western region had showers, while the east was dry, and the average temperature was 1 - 5°C higher than normal. The soybean harvest progress in Paraná, Brazil, was 14%, and in Mato Grosso, the estimated yield was adjusted upwards [20][27] - **Production and Sales Forecast**: StoneX expects Brazil's soybean production to reach a record 1.8 billion tons this year. Dr. Michael Cordonnier predicts Argentina's 2025/26 soybean production to be 48 million tons, with a tendency for further downward adjustment [26][28] - **Export Situation**: Brazil's soybean export volume in February is expected to be 11.42 million tons, higher than that in January and the same period last year. In the 2025/26 season so far, the EU's soybean import volume has decreased by 13%, with a decrease in the share from the US and Ukraine and a slight increase from Brazil [26][29] 4. Domestic Market - Inventory, Profit, and Consumption - **Inventory and Consumption**: As of the end of this week, the domestic port's imported soybean inventory was about 8.4082 million tons, with a theoretical crushable period of 25 days. It is expected to be 5.04 million tons by next weekend [41] - **Crush Profit**: The domestic spot and futures crush profits declined significantly this week, mainly due to the decline in soybean meal and soybean oil prices and the increase in import costs [41] - **Soybean Meal and Rapeseed Meal Inventory**: As of the 5th weekend (January 31), the domestic soybean meal inventory was 947,000 tons, an increase of 40,200 tons from last week. The rapeseed meal inventory from imported crushing was 100 tons, an increase of 100 tons from last week [49][55] - **Apparent Consumption**: The estimated apparent consumption of soybean meal in the 5th week was 1.8539 million tons, higher than 1.7306 million tons last week [51] Part 2: Market Outlook 1. Seasonal Analysis - Seasonal indices of US soybeans, US soybean meal, Dalian soybean meal, and live pigs are provided, but no specific analysis conclusions are given in the text [70][71][73] 2. Next Week's Market Outlook - **Technical Aspect**: The short - term, medium - term, and long - term indicators of both soybean meal and rapeseed meal are bearish [75] - **Fundamental Aspect**: In the international market, the Brazilian soybean harvest is accelerating, and the Brazilian premium is falling slightly. The Argentine drought continues. The USDA report next week will be a key point. The US soybean may fluctuate between 1050 - 1150 cents per bushel. In the domestic market, the soybean meal spot may enter a slump, and the Dalian soybean meal will likely fluctuate between 2700 - 2800 yuan per ton [76]

转自：贵州日报 播州区融媒体中心 刘静 蔡城池 "通过把田间新鲜农产品送上消费者餐桌，已带动1.2万余人次增收。"禹舜说，下一步计划将种植面积 扩大到五千亩，推进品牌建设与市场化销售。 像她们这样在采收期参与劳动的村民，每天约有150至200人。持续近五个月的采收，已为全村1300多户 参与农户带来可观"冬收"。 田边临时集散点，一筐筐碧绿的豌豆尖堆积如山，工人们快速称量、装车，与时间赛跑。"我们只采摘 最顶端、最嫩的部分。早上摘完，进冷库预冷打包，再上冷藏车，运到广州、深圳最快17个小时，基本 能实现'早上在地里，晚上在店里'。"贵州晶谷农业发展有限公司负责人曹兴强手持豌豆尖介绍。 正是这份对品质的坚持，让池坪豌豆尖在高端市场脱颖而出，价格比普通产品高出约20%至30%，但仍 供不应求。自2025年10月上市以来，日均稳定出货约一万斤，已成功进入北京、上海、广州、深圳及港 澳市场。预计本季总出货量将突破250万斤，销售额可达1200万元。 产业发展离不开当地党委政府的谋划。石板镇党委副书记、镇长禹舜介绍，经调研发现高品质豌豆尖市 场前景好，且当地冬季气候和土壤条件适宜。2025年，镇里整合土地资源，引进优良 ...

Group 1 - The core viewpoint of the article emphasizes the importance of ensuring agricultural product quality and safety during the Spring Festival, alongside the implementation of key variety governance work by 2026 [1][2] - The provincial agricultural and rural affairs department, in collaboration with the Guiyang Agricultural and Rural Bureau, conducted special supervision checks and on-site guidance in key planting bases for scallions and other important varieties [1] - The guidance team focused on identifying illegal use of banned pesticides and ensuring compliance with pesticide residue standards, while also promoting awareness of national regulations among producers [1] Group 2 - The joint guidance further strengthens risk prevention for agricultural product safety ahead of the festival and clarifies annual governance priorities [2] - The agricultural and rural bureau plans to implement detailed regulatory measures and reinforce the responsibilities of producers to ensure food safety for consumers [2]

Core Insights - The article highlights the successful harvesting season of water chestnuts in Qingyuan City, showcasing the effective implementation of the "Hundred Million Project" to strengthen local specialty industries [1][3] Group 1: Agricultural Practices - The Dafu Head village utilizes its fertile sandy soil and clean water resources to establish a standardized and regulated water chestnut planting model, enhancing the core competitiveness of the specialty planting industry [3] - The cooperative model of "village collective + cooperative + farmers" has been adopted to create a quality water chestnut planting demonstration base, transitioning from scattered distribution to concentrated scale and from traditional to scientific planting methods [3] Group 2: Production and Market Performance - The planting area for water chestnuts has reached 300 acres, with an expected total yield exceeding 1.8 million pounds, showing an increase in yield per acre compared to the previous year [3] - The cooperative employs green pest control and soil testing fertilization techniques, resulting in high-quality water chestnuts that are well-received in the market, with orders covering multiple channels both domestically and internationally [3] Group 3: Economic Development Initiatives - The "Hundred Million Project" serves as a framework for enhancing specialty agricultural products, improving agricultural infrastructure, and expanding sales channels to address the challenges of moving agricultural products from rural areas to urban markets [3] - The integration of agriculture, culture, and tourism has led to the development of new business models such as water chestnut picking, agricultural exhibitions, and educational farming activities, creating a comprehensive industry chain that supports rural prosperity [3]

Group 1 - The core idea of the article emphasizes the integration of cultural development with local industries in Zhanhua District, focusing on enhancing cultural soft power to support economic growth and rural revitalization [1][6] Group 2 - Zhanhua District has identified local cultural symbols and integrated them into the branding of its unique agricultural products, such as Zhanhua winter jujube and salt field shrimp, leading to a winter jujube industry output value exceeding 7 billion yuan and a 12.6% increase in the total output value of salt field shrimp [2] - The district has utilized various artistic forms, including literature and drama, to create a matrix of cultural symbols that promote local industries, enhancing product recognition and cultural appeal [2] Group 3 - In 2023, Zhanhua District launched a plan to promote "cultural rural construction," providing institutional support for artistic initiatives and talent development, while integrating culture with industry [3] - The district has established cultural centers and experiential venues, such as the Zhanhua winter jujube ecological picking park, which attracts over 300,000 visitors annually, combining cultural experiences with agricultural tourism [3] Group 4 - Zhanhua District employs a tailored approach for each town based on local cultural resources and industrial characteristics, promoting "cultural + industry" integration to enhance local economies [4] - The district has successfully developed a thriving industry around traditional crafts, such as net processing, generating over 300 million yuan in annual sales and creating employment for over 30,000 people [4] Group 5 - To address limited cultural resources and enhance industrial development, Zhanhua District has integrated local cultural institutions and engaged external resources, fostering a collaborative environment for artistic and industrial growth [5] - The district has hosted numerous cultural exchange events, attracting over 20,000 participants and promoting local cultural brands on a national and international stage [5]

Core Insights - The article discusses the initiatives taken during the Hunan Provincial People's Congress to promote rural revitalization and education in rural areas, focusing on agricultural product sales, infrastructure development, and legal support for farmers [1][3][6]. Group 1: Agricultural Development - The key to rural revitalization is industrial development, as highlighted by the representative Zhang Chuan, who emphasizes the need to unify scattered farmers to maximize brand effects for agricultural products [1]. - The "village collective + cooperative + farmer" model has been implemented in Bai Guan Town, where over 1,300 acres of land have been consolidated to establish high-standard planting demonstration bases, leading to increased income for local farmers [1]. - Bai Guan's agricultural products, such as loofah, have successfully entered international markets, significantly improving the livelihoods of local residents [1]. Group 2: Infrastructure and Logistics - The Hunan International Land Port has developed 200 international and domestic routes, connecting to 69 countries and regions, which facilitates the rapid distribution of local agricultural products [3]. - Since 2021, the port has opened seven international logistics corridors, reducing transportation costs by nearly half for high-time-sensitive goods through a multi-modal transport scheme [4]. - By 2025, the port aims to operate over 1,200 trains, with a focus on cold chain logistics, positioning itself as a leader among inland ports in China [4]. Group 3: Legal Support and Conflict Resolution - A "People's Representative Mediation Room" has been established to address agricultural disputes, achieving a resolution success rate of over 90% and enhancing community harmony [6]. - The initiative has been recognized as a model case by the Supreme People's Court, demonstrating the importance of legal frameworks in supporting rural industries [6]. Group 4: Education Initiatives - Education equity is highlighted as a crucial foundation for social fairness and rural revitalization, with efforts to enhance educational resources in impoverished areas [7]. - Over the past three years, Hunan has sent more than 1,190 excellent teachers to impoverished regions, benefiting over 300,000 students through partnerships between strong and weak schools [7]. - Future efforts will focus on transitioning from merely providing resources to fostering self-sustaining capabilities in rural schools, ensuring long-term educational quality [7].

Core Viewpoint - The representative from Huizhou suggests enhancing the brand of sweet corn in Ruhu Town and building a modern agricultural industry system [1] Group 1: Brand Development - Ruhu Town aims to leverage the sweet corn planting regulations to improve quality, yield, and marketability through local standards [1] - The town plans to strengthen the application of the "Ruhu Sweet Corn Production Technical Regulations" to promote high-quality development of the Huizhou sweet corn industry [1] - There is a focus on enhancing the "Huizhou Sweet Corn Town" brand through large-scale mechanized planting, improving deep processing capabilities, and integrating agriculture, culture, and tourism [1] Group 2: Cultural Branding - The initiative includes creating a cultural brand for "Ruhu Sweet Corn" by continuously hosting a "Corn Festival" and promoting a corn IP cartoon image [1] - The town is actively seeking geographical indication certification for "Ruhu Sweet Corn" [1] Group 3: Agricultural Integration - Ruhu Town is planning to integrate more specialty agricultural products with the "Hundred Million Thousand Project" [1] - The strategy includes land consolidation and management for large-scale planting through state-owned enterprise platforms [1] - Establishing agricultural service centers to enhance social services for product cultivation is also part of the plan [1] - The development of processing parks and e-commerce centers aims to achieve high-quality transformation from agricultural products to commodities [1] - The overall operational model will leverage the integration of agriculture, culture, and tourism to further enhance agricultural benefits [1]

Core Viewpoint - The 2026 Central Document emphasizes the need to modernize agriculture and rural areas, aiming to establish agriculture as a significant modern industry in China, particularly in Guangdong province [5][10][19]. Group 1: Agricultural Modernization - The document outlines four key areas for Guangdong to focus on in order to transform agriculture into a modern industry, which is crucial for achieving high-quality development and rural revitalization [11][9]. - Guangdong's primary industry, while not a large percentage of its GDP, has a significant total output value, ranking high nationally, indicating its potential as an agricultural powerhouse [8][10]. Group 2: Rural Development Initiatives - The document highlights the importance of improving rural living conditions and infrastructure, addressing existing shortcomings in public services and facilities [16][17]. - It calls for the implementation of a high-quality rural e-commerce development project, which includes enhancing logistics and storage facilities, and regulating agricultural product live-streaming sales [21][22][23]. Group 3: Cultural and Economic Significance - The promotion of local products, such as the unique Hakka products from Xingning, reflects the cultural richness and economic potential of regional specialties [34][35]. - The significance of chicken in local cuisine underscores its role in cultural traditions and economic collaboration between Guangdong and Guangxi, enhancing market reach [39][41].

Core Insights - Argentina's sorghum prices have increased significantly due to high demand from China, which has become the largest buyer of Argentine sorghum, surpassing the United States in exports [1][2] - Sorghum is a key ingredient in the production of Chinese liquor, and its role has expanded beyond animal feed to become a staple in various diets globally [1] - The concentration of global sorghum production is primarily in ten countries, with the United States leading, while Argentina ranks ninth [1] Group 1 - As of mid-November last year, Argentine sorghum prices fell to 220,000 pesos per ton (approximately 1,056 RMB per ton) before starting to rise due to increased Chinese purchases [1] - In the last production season, Argentina exported 1.4 million tons of sorghum to China, exceeding the 1.03 million tons exported to China from the United States [1] - China has become the world's largest importer of sorghum, relying mainly on imports from Argentina, the United States, and Australia [1] Group 2 - From the 2014/2015 to 2017/2018 production seasons, the United States was the largest supplier of sorghum to China, but trade tensions and avian influenza led to a significant decline in exports from the U.S. [2] - As a result of diversifying procurement sources, Argentina and Australia have increased their market share in sorghum exports to China [2] - There are expectations for China to continue large-scale sorghum purchases in the coming years, presenting new opportunities for Argentina [2]

Core Viewpoint - The central government of China has outlined key tasks in the 2026 Central No. 1 Document, focusing on agricultural modernization and rural revitalization, emphasizing the enhancement of agricultural production capacity and quality efficiency [1] Group 1: Agricultural Technology and Innovation - The new round of technological revolution presents significant opportunities for agricultural development, with a focus on modernization driven by technological progress and innovation [2] - Key tasks include strengthening integrated innovation, emphasizing the role of enterprises in innovation, and promoting the integration of production, learning, and research [2] - The document highlights the expansion of application scenarios for modern technologies, such as artificial intelligence and drones, which are becoming essential tools for farmers [2] Group 2: Agricultural Development Goals - The document aims to establish agriculture as a modernized large industry, focusing on enriching agricultural connotations, completing industrial systems, and increasing product added value [4] - It emphasizes a diversified food supply system, integrating agriculture with forestry, animal husbandry, and fishery, while also promoting post-production development to enhance the value of agricultural products [4][5] Group 3: Agricultural Trade Coordination - In 2025, China's agricultural product imports reached $207.4 billion, ranking second globally, which helps fill structural supply gaps in the domestic market [6] - The document promotes the coordination of agricultural trade and production, aiming for a sustainable development of agricultural trade while ensuring domestic supply and enhancing the competitiveness of agricultural products [7] - It emphasizes the importance of balancing agricultural imports to ensure food security and maintain a stable domestic market [7]