1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Oils and Fats Sector**: The international crude oil price has bottomed out and rebounded, reigniting enthusiasm for the bio - diesel concept, and domestic commodity market heat has led to capital inflows into the vegetable oil sector. Different oils have different fundamentals. Soybean oil continues to rebound, palm oil attracts hot money due to crude oil rise despite poor fundamentals, and rapeseed oil's decline is limited by low inventory [5]. - **Protein Sector**: China's purchase of US soybeans stabilizes the US soybean price, while domestic policies and South American production expectations limit the upside of soybean meal. Rapeseed meal is under pressure due to the expected return of Canadian rapeseed. Double - meal products will continue the medium - term震荡行情 [6]. 3. Summary by Relevant Catalogs 3.1 Oils and Fats and Protein Logic - **Oils and Fats**: International crude oil rebounds, and domestic policies and fundamentals lead to different trends in soybean oil, palm oil, and rapeseed oil. For example, soybean oil rebounds, palm oil attracts capital, and rapeseed oil's decline is restricted [5]. - **Protein**: China's purchase of US soybeans, domestic policies, and South American production expectations jointly affect the double - meal market, resulting in a medium - term震荡行情 [6]. 3.2 Operation Strategies for Three Oils and Two Meals - **Single - side Operation**: For vegetable oils, adopt a bullish approach, buy soybean oil and palm oil on dips. The rise of crude oil determines the upside of vegetable oils, with rapeseed oil being the weakest. For double - meal products, maintain a medium - term震荡 pattern. Specific contract support and resistance levels are provided [7]. - **Arbitrage**: No arbitrage strategies are available currently [7][8] 3.3 Important Information - Fed interest rate cut probabilities: The probability of a 25 - basis - point rate cut by the Fed in January is 13.8%, and the probability of keeping the rate unchanged is 86.2%. By March, the probability of a 25 - basis - point cumulative rate cut is 38.0%, the probability of keeping the rate unchanged is 57.4%, and the probability of a 50 - basis - point cumulative rate cut is 4.6% [9]. - Canadian rapeseed production: The Canadian rapeseed production is 21.8 million tons, higher than market expectations [9]. - Malaysian palm oil inventory: Malaysia's December palm oil inventory is expected to reach a nearly seven - year high, with production of 1.76 million tons, exports of 1.25 million tons, imports of 36,000 tons, and inventory of 2.97 million tons [9]. - China - Canada trade: China is willing to cancel tariffs on Canadian rapeseed in exchange for Canada canceling tariffs on Chinese electric vehicles [9]. 3.4 S&P's Adjustment of US Soybean Planting Area - In 2026, the US soybean planting area will increase by 4% to 84.5 million acres, while the corn planting area will decrease by 3.8% to 95 million acres [10]. 3.5 South American and US Gulf Import Premiums - As of January 9, the South American soybean import premium is 164 cents per bushel, and the US Gulf premium has risen significantly to 220 cents per bushel. Even after tariff cuts, the cost of importing US soybeans is still higher than that of South American soybeans [13]. 3.6 Brazilian New Soybean Sowing and Growth - As of December 20, 2025, the sowing progress of Brazil's 2025/26 soybean is 97.6%. The expected production is 177.124 million tons, with a planting area of 48.935 million hectares and a yield of 3,620 kg per hectare [16]. 3.7 Domestic Soybean Ship - Buying - As of January 6, different monthly ship - buying progress and quantities vary. For example, the 1 - month ship - buying progress is 100% with 4.578 million tons, and the 2 - month ship - buying progress is 87.68% with 8.33 million tons [18]. 3.8 Cofco's Old Soybean Auction - From December 11 to 19, several auctions of imported soybeans were held, with different transaction volumes, prices, and rates. There are also rumors that subsequent auctions will be converted into directional sales [22]. 3.9 Domestic Bean Inventory - As of the end of the first week of 2026, the domestic imported soybean inventory is 6.876 million tons, the soybean meal inventory is 1.135 million tons, and the soybean oil inventory is 1.286 million tons [23]. 3.10 Oil Mill Startup Rate and Pressing Volume - As of the end of the first week (January 3), the average startup rate of domestic major soybean oil mills is 52.25%, a decrease of 9.78% from the previous week. The current pressing volume is 1.915 million tons, and the expected volume next week is 2.2259 million tons [30]. 3.11 Weekly Transaction of Oils and Meals - This week, the average transaction price of soybean oil is 8,413.42 yuan per ton, with a transaction volume of 114,300 tons. The average transaction price of soybean meal is 3,182.58 yuan per ton, with a transaction volume of 1.53 million tons [34]. 3.12 Oils and Meals Basis - As of January 9, the basis of soybean oil in Zhangjiagang is 496 yuan per ton, and the basis of soybean meal's main contract is 364 yuan per ton [38]. 3.13 Malaysian Palm Oil Supply - Demand Balance - In November, Malaysia's palm oil production is 1.93551 million tons, exports are 1.212814 million tons, inventory is 2.835439 million tons, and imports are 23,176 tons [42]. 3.14 Indonesian Palm Oil Supply - Demand Balance - In September, Indonesia's palm oil inventory increased by 1.97% to 2.59 million tons, exports decreased by 36.5% to 2.2 million tons, and production decreased by 22.3% to 4.3 million tons [45]. 3.15 Palm Oil Import and Profit - As of January 9, the palm oil import profit is 168.17 yuan per ton. The import volume in November is 390,000 tons, in December is 345,000 tons, and in January is 250,000 tons. The domestic palm oil inventory is 663,000 tons [49]. 3.16 Palm Oil Transaction, Basis, and Inventory - As of January 9, the basis of palm oil in Guangdong is - 2 yuan per ton. This week, the average transaction price is 8,694 yuan per ton, and the transaction volume is 4,300 tons [55]. 3.17 Rapeseed Import Cost and Profit - As of January 9, the FOB price of Canadian rapeseed in Guangzhou Port in February is 511 Canadian dollars per ton, and the import cost is 4,327 yuan per ton. The import profit is between 1,135.39 and 1,341.70 yuan per ton, but the import volume has decreased significantly [60]. 3.18 Rapeseed Inventory - As of the end of the first week of 2026, the domestic imported rapeseed inventory is 60,000 tons, the rapeseed meal inventory is 0 tons, and the rapeseed oil inventory is 323,000 tons [64]. 3.19 Oil Mill Startup and Pressing of Rapeseed - As of the end of the first week (January 3), the startup rate of domestic major rapeseed oil mills is 0%, and the pressing volume is 0 tons. The expected volume next week is also 0 tons [67]. 3.20 Rapeseed Transaction and Basis - This week, the average transaction price of rapeseed meal is 2,484 yuan per ton, and the transaction volume is 0 tons. The average transaction price of rapeseed oil is 10,200 yuan per ton, and the transaction volume is 0 tons [72]. 3.21 CFTC Fund Dynamics - As of January 6, the non - commercial net long positions of CFTC soybeans are 104,770 lots, a decrease of 17,041 lots; the non - commercial net long positions of soybean meal are 14,212 lots, a decrease of 11,977 lots; the non - commercial net long positions of soybean oil are - 12,458 lots, a decrease of 10,084 lots [75].

Group 1 - The "Warm Winter New Year Goods Festival" has officially opened, promoting consumption and charitable support [3][5][6] - The event is organized by Southern Rural News and the Guangdong Regional Collaborative Consumption Support Product Trading Center [6][7] - The festival features a vibrant market atmosphere with various products available for purchase, aimed at fostering community support and economic revitalization [4][5] Group 2 - The annual dividend distribution in Liede Village, Guangzhou, took place on January 8, with villagers queuing to receive their shares [10][11] - The distribution includes dividends from the 2025 fiscal year, with shareholders able to collect their payments at designated banks [12][15] - This event highlights the economic engagement and community participation in local cooperative ventures [11][12] Group 3 - The Guangdong Provincial Fisheries Mutual Insurance Association held its seventh member representative conference on January 10, focusing on marine development and rural revitalization [31][32][33] - The conference aims to strengthen the mutual insurance framework within the fishing industry to support the construction of a "new Guangdong at sea" [33][35] Group 4 - The Huizhou Mei Cai Industry Technology Innovation and Brand Promotion Conference was held on January 10, showcasing the historical significance and future development of the Mei Cai industry [36][37][39] - The event emphasizes the integration of technology and cultural heritage to enhance the quality and marketability of local agricultural products [38][39] Group 5 - The "Zhongshan Xiangnong" products will be featured in a live broadcast by Dongfang Selection on January 12-13, promoting local goods and culture [41][42][43] - This initiative aims to leverage digital platforms to expand market reach and enhance brand visibility for regional products [42][43] Group 6 - Preparations for the Spring Festival flower markets across Guangdong are in full swing, with various cities planning events and activities to celebrate the New Year [50][51][52] - The flower markets will include traditional displays and interactive experiences, contributing to the festive atmosphere in the region [51][52]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The spring market of stock index futures is established, and the market is expected to continue rising, with the CSI 500 index potentially being the dominant variety among the four major indices [20][22]. - The sentiment in the bond market of treasury bond futures may ease, and there may be short - term trading opportunities in the medium - and long - term contracts [23][24]. - For agricultural products, the overall supply of protein meals is sufficient and the market is under pressure; the international sugar price fluctuates and declines while the domestic sugar price fluctuates slightly; the situation of the oil and fat sector depends on the MPOB report; other agricultural products also have their own market characteristics and trends [26][28][31]. - In the ferrous metal sector, steel prices continue to fluctuate, coking coal and coke prices are driven by funds and sentiment, iron ore prices are treated bearishly at high levels, and ferroalloy prices fluctuate strongly due to cost factors [60][62][65][69]. - For non - ferrous metals, precious metals such as gold and silver rise strongly due to geopolitical risks and non - farm data; other non - ferrous metals also have their own market dynamics and trends affected by various factors [72][73][75][78]. - In the energy and chemical sector, the price of crude oil rebounds due to geopolitical risks in the Middle East; other energy and chemical products also show different market trends affected by supply, demand, cost, and geopolitical factors [121][123][127][133]. Summaries by Relevant Catalogs Financial Derivatives Stock Index Futures - Investment Logic: Since December 16, the Shanghai Composite Index has risen continuously, and the market has accelerated its rise in 2026. Economic data indicates an economic recovery, and the narrowing of the basis of stock index futures reflects investors' confidence. The market is expected to continue rising, and the CSI 500 index may be the dominant variety [20][21][22]. - Trading Strategy: Go long on IC and IM on dips; conduct cash - and - carry arbitrage of IM/IC long 2606 and short ETF; use bull spreads for options [22]. Treasury Bond Futures - Logic Analysis: Although the overall repair trend of CPI and PPI continues, there are still structural problems. The bond market has been weak recently, but there may be short - term trading opportunities in medium - and long - term contracts [23][24]. - Trading Strategy: Go long on dips on a short - term basis; wait and see for arbitrage [24]. Agricultural Products Protein Meals - Logic Analysis: Internationally, the cost pressure of soybeans is obvious, and the export prospects are not optimistic. Domestically, the subsequent supply of soybeans may decline, and the spot may be supported. The overall trend of meal products is expected to be volatile [27]. - Strategy Suggestion: Adopt a bearish approach for unilateral trading; wait and see for arbitrage; use a short straddle strategy for options [27]. Sugar - Logic Analysis: Internationally, the sugar price may be affected by the production in the Northern Hemisphere. Domestically, the high processing cost and the bottom - building trend of the external market provide support, but there is also sales pressure. The price is expected to fluctuate [30]. - Trading Strategy: The international sugar price is expected to fluctuate at the bottom in the short term. For the domestic sugar price, consider going long at the lower end of the range and shorting at the upper end; wait and see for arbitrage; sell put options [30][31]. Oil and Fat Sector - Logic Analysis: Recently, the oil and fat market has been affected by various factors and fluctuates. The inventory of the three major domestic oils is gradually decreasing, and the palm oil in Malaysia is expected to reduce production and inventory. The market situation is still uncertain [35]. - Trading Strategy: The oil and fat market is expected to fluctuate in the short term with increased volatility; wait and see for arbitrage and options [36]. Ferrous Metals Steel - Logic Analysis: The steel market is affected by factors such as production, inventory, demand, and raw material prices. The overall trend is to fluctuate, and attention should be paid to macro - news and policy changes [61]. - Trading Strategy: Wait and see; short the coil - coal ratio and hold the short position of the coil - rebar spread; wait and see for options [62]. Coking Coal and Coke - Logic Analysis: The recent rise in coking coal prices is mainly driven by funds and sentiment. The fundamentals have not changed significantly, and the price is expected to be in a wide - range shock [64]. - Strategy Suggestion: Trade in a wide - range shock on a short - term basis; wait and see for arbitrage and options [65]. Iron Ore - Logic Analysis: The price of iron ore is mainly affected by macro - sentiment and funds. The supply is loose, and the domestic demand is expected to decline in the medium term. The price is treated bearishly at high levels [66][68]. - Strategy Suggestion: Go short lightly at high levels; wait and see for arbitrage and options [69]. Ferroalloys - Logic Analysis: For ferrosilicon, the supply may shrink in the future, and the demand and cost are expected to increase. For ferromanganese - silicon, the supply is stable, and the demand and cost also support the price. The overall price fluctuates strongly [70][71]. - Strategy Suggestion: The price is expected to fluctuate strongly in the short term due to the improvement of supply - demand and cost factors; wait and see for arbitrage; sell out - of - the - money straddles for options [71]. Non - Ferrous Metals Precious Metals (Gold and Silver) - Logic Analysis: The non - farm data is mixed, and the geopolitical risks in the Middle East intensify the safe - haven sentiment. The price of gold and silver is expected to remain strong in the short term [73]. - Trading Strategy: Enter the market on dips based on the 5 - day moving average; wait and see for arbitrage and options [75]. Platinum and Palladium - Logic Analysis: The macro - environment is generally tight, and the result of the 232 investigation is the focus. Platinum has a stronger upward drive than palladium. The market is waiting for the official news of the investigation [75][76]. - Trading Strategy: Go long on platinum on dips; be cautious when going long on palladium before the 232 investigation result is announced; wait and see for arbitrage and options [78]. Copper - Logic Analysis: The government's QE policy may lead to more actual monetary easing. In the short term, the domestic consumption is stagnant, but the LME inventory is decreasing. In the long term, the supply of copper mines is tight, and the consumption is growing. The price fluctuates strongly in the short term but maintains an upward trend [79]. - Trading Strategy: Hold the long positions entered at 98000 - 99000 yuan/ton; wait and see for arbitrage and options [80]. Energy and Chemicals Crude Oil - Logic Analysis: The geopolitical risks in the Middle East drive the oil price to rebound. The oil price is expected to fluctuate widely, and attention should be paid to the situation in Iran [122][123]. - Trading Strategy: Pay attention to the follow - up of the Iranian event and trade in a wide - range shock; the domestic gasoline is strong, and the diesel is weak, and the oil futures spread is strong; wait and see for options [123]. Asphalt - Logic Analysis: The cost provides support, but the supply - demand is weak. The asphalt price is expected to fluctuate at a high level [124][125]. - Trading Strategy: The situation is not provided in the report. Fuel Oil - Logic Analysis: Geopolitical disturbances are frequent, and the price fluctuates strongly. The high - sulfur fuel oil is expected to be weak in the first quarter, and the low - sulfur fuel oil has a short - term upward trend [127][129]. - Trading Strategy: Trade in a short - term shock with caution; pay attention to the FU59 positive spread arbitrage opportunity; wait and see for options [129]. Natural Gas - Logic Analysis: The international LNG price fluctuates at a low level. In the short term, the price is supported by cold weather, but in the long term, the supply is excessive. The HH price in the US is affected by weather and demand [130][131][132]. - Trading Strategy: Hold the short positions of TTF and JKM in the third quarter; wait and see for arbitrage; sell out - of - the - money call options on TTF or JKM [132]. LPG - Logic Analysis: The geopolitical situation leads to a short - term premium, but the fundamental supply - demand does not support continuous price increases. The price is expected to be under pressure in the long term [133][135]. - Trading Strategy: Pay attention to the follow - up of the Iranian event and be bearish on the far - month contracts in the medium - and long - term; wait and see for arbitrage and options [135]. PX & PTA - Logic Analysis: The downstream polyester production cuts increase, but the geopolitical disturbances strengthen the cost support. The price is expected to fluctuate strongly [135][136]. - Trading Strategy: Trade in a shock - upward trend; conduct positive spread arbitrage of PX & PTA 3 and 5 contracts; wait and see for options [137]. BZ & EB - Logic Analysis: The inventory of pure benzene continues to increase, and the supply - demand of styrene is relatively balanced. The price of styrene is mainly affected by the cost [139][140]. - Strategy Suggestion: The price of styrene is expected to fluctuate strongly in the short term; short pure benzene and long styrene for arbitrage; wait and see for options [140]. Ethylene Glycol - Logic Analysis: The supply may be adjusted, and the downstream polyester production cuts increase. The price has limited upward space and is expected to fluctuate weakly [142][144]. - Trading Strategy: Trade in a weak - shock trend; wait and see for arbitrage; sell call options [144]. Short Fiber - Logic Analysis: The procurement sentiment is cautious, and the processing fee is under pressure. The price is expected to fluctuate strongly [145]. - Trading Strategy: Trade in a shock - upward trend; wait and see for arbitrage and options [146]. Bottle Chip - Logic Analysis: Some bottle chip production devices are planned for maintenance, and the price is expected to fluctuate strongly following the raw material cost [147][148]. - Trading Strategy: Trade in a shock - upward trend; wait and see for arbitrage and options [149]. Propylene - Logic Analysis: The supply improvement is limited, and the downstream factory procurement is active. The price is expected to fluctuate strongly in the short term [150][152]. - Trading Strategy: Trade in a short - term shock - upward trend; wait and see for arbitrage and options [152]. Plastic PP - Logic Analysis: The PE and PP production has marginal cuts. The L 2605 contract can hold long positions, and the PP 2605 contract needs to pay attention to the pressure level [153][154]. - Trading Strategy: Hold the long positions of the L 2605 contract and set the stop - loss at 6600 points; wait and see for the PP 2605 contract and pay attention to the pressure at 6520 points; wait and see for arbitrage; sell and hold the PP2605 put 6100 contract and set the stop - loss at 58.0 points [154]. Caustic Soda - Logic Analysis: The market sentiment improves, but the supply - demand contradiction continues. The price is expected to fluctuate [155][156]. - Trading Strategy: Trade in a shock trend; wait and see for arbitrage and options [157]. PVC - Logic Analysis: The supply pressure is relieved, but the demand is weak. The cost provides support, and the export tax - refund policy has a great impact [158][160]. - Trading Strategy: Wait and see; wait and see for arbitrage and options [160]. Soda Ash - Logic Analysis: The futures price is strong this week, but the high inventory pressure needs to be tested. The price may fluctuate widely in the short term [160][161][164]. - Trading Strategy: Do not operate against the sentiment, wait and see in the long term and short at an appropriate time; wait and see for arbitrage; sell out - of - the - money call options at a high level in the far - month [164]. Glass - Logic Analysis: The futures price fluctuates widely this week. The cold - repair of production lines is concentrated, and the inventory shows a downward trend. The price may fluctuate widely in the short term [165][166][168]. - Trading Strategy: Do not operate against the sentiment, wait and see in the long term and short at an appropriate time; wait and see for arbitrage and options [168]. Methanol - Logic Analysis: The international device operation rate is low, the supply in China is loose, and the Middle East situation provides support [169]. - Trading Strategy: Avoid short positions temporarily and go long in the short term; pay attention to the 59 positive spread arbitrage; sell put options on dips [170]. Urea - Logic Analysis: The domestic production is at a high level, the international market has an impact on sentiment, and the demand is affected by various factors. The price fluctuates widely [171][172]. - Trading Strategy: Wait and see; hedging enterprises can pay attention to hedging opportunities [173]. Pulp - Logic Analysis: The market supply exceeds demand. The supply is stable, and the demand support is limited. The price fluctuates widely at a high level [173][174][176]. - Trading Strategy: Wait and see; aggressive investors can short a small amount near the previous high; wait and see for arbitrage and options [177]. Log - Logic Analysis: The spot price rebounds slightly. The market is affected by factors such as arrival volume and inventory. Attention should be paid to the delivery situation in Chongqing and Yantai [177][178]. - Strategy Suggestion: Wait and see; aggressive investors can arrange long positions in a small amount; pay attention to the LG03 - 05 reverse spread arbitrage; wait and see for options [180]. Offset Printing Paper - Logic Analysis: The supply is abundant, and the demand is weak. The paper mill's price - holding intention is strong, but the valuation is low. It may fluctuate in a narrow range in the short term [181]. - Strategy Suggestion: Wait and see; wait and see for arbitrage; sell the OP2602 - C - 4300 option [182][183]. Natural Rubber - Logic Analysis: The tire inventory accumulates for 5 consecutive weeks. The supply is affected by disasters, and the inventory situation of different varieties is different [184][185][186]. - Trading Strategy: Hold the short positions of the RU 05 contract and set the stop - loss at 16135 points; wait and see for the NR 03 contract; hold the RU2605 - NR2605 spread and set the stop - loss at +2950 points; sell the RU2605 call 17000 contract and set the stop - loss at 391 points [186][188]. Butadiene Rubber - Logic Analysis: The tire inventory accumulates for 5 consecutive weeks. The warehouse receipt situation of BR is different, and the inventory of tires also accumulates [189][190]. - Trading Strategy: Wait and see for the BR 03 contract; hold the BR2603 - NR2603 spread and set the stop - loss at - 985 points; wait and see for options [190][191].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The A - share market showed a strong upward trend on January 9, 2026, with the Shanghai Composite Index achieving a 16 - day consecutive rise and reaching over 4100 points, and the trading volume of the two markets exceeding 3 trillion yuan [1]. - The prices of various futures products are affected by multiple factors such as supply - demand relationships, policies, and international situations. For example, the prices of copper,生猪, etc. are influenced by different factors and show different trends [6][7][8]. 3. Summary by Variety Stock Index Futures - On January 9, the three major A - share indexes continued to rise. The Shanghai Composite Index rose 0.92% to 4120.43 points, the Shenzhen Component Index rose 1.15% to 14120.15 points, and the ChiNext Index rose 0.77% to 3327.81 points. The trading volume of the two markets reached 31526 billion yuan, an increase of 3261 billion yuan from the previous day [1]. Coking Coal and Coke - On January 9, the coking coal weighted index closed at 1198.0 yuan, down 7.7 from the previous day, and the coke weighted index closed at 1749.6, down 32.0 from the previous day [2][3]. - For coke, the EU carbon tariff has increased the cost of steel exports to the EU, the supply - side coke enterprise start - up has increased, and the total inventory has accumulated; the demand - side blast furnace start - up has also increased, and the daily average pig iron output has increased. For coking coal, domestic mine production capacity has recovered, Mongolian coal customs clearance is relatively sufficient, and the clean coal inventory has accumulated, while the downstream steel - coke load has increased, but the coke enterprise profit loss has expanded [4]. Zhengzhou Sugar - US sugar futures prices fell slightly due to the prospect of supply surplus last Friday. The Zhengzhou sugar 2605 contract showed a volatile consolidation trend. As of the week ending January 6, speculators increased their net short positions in ICE raw sugar futures and options by 11,654 to 170,756 [4]. Rubber - Affected by short - selling pressure, Shanghai rubber futures prices fell last Friday. As of January 9, the Shanghai Futures Exchange's natural rubber inventory increased by 3345 tons to 120950 tons, and the futures warehouse receipts increased by 3900 tons to 104490 tons. The 20 - grade rubber inventory decreased by 2015 tons to 59270 tons, and the futures warehouse receipts decreased by 1007 tons to 56952 tons [4]. Soybean Meal - Internationally, China has purchased nearly 10 million tons of US soybeans, reaching 80% of the negotiated purchase plan. Brazilian soybeans are mostly sown, and early - maturing soybeans are entering the harvest period. It is estimated that Brazil's soybean exports to China in 2026 will be 77 million tons, a decrease of 10 million tons from 2025. - Domestically, on January 9, the soybean meal main contract M2505 closed at 2786 yuan/ton, up 0.14%. Last week, the soybean crushing of oil mills slowed down, and the imported soybean inventory increased slightly. The domestic soybean meal inventory was 1.135 million tons, a decrease of 41,000 tons from the previous week. High - level soybean meal inventory will hinder price increases [6]. Live Pigs - On January 9, the live pig main contract LH2603 closed at 11770 yuan/ton, up 0.43%. The group farms have completed their annual slaughter plans, and the slaughter plan of breeding enterprises in January has been reduced. The demand side has strong seasonal consumption, which supports the price in the short term. However, the medium - and long - term supply pressure has not been fundamentally alleviated [7]. Shanghai Copper - Last Friday, the Shanghai copper main contract showed an upward trend, closing at 102220 yuan/ton. The macro - level has a strong easing expectation, and the supply of global copper mines remains tight. Although it is currently in the consumption off - season, emerging industries bring long - term demand growth. It is predicted that global copper demand will increase by 50% in 2040 [8]. Cotton - On Friday night, the Zhengzhou cotton main contract closed at 14490 yuan/ton, and the cotton inventory increased compared with the previous trading day. The downstream yarn mills' purchasing power has weakened [8]. Iron Ore - On January 9, the iron ore 2605 main contract closed down 0.73% at 814.5 yuan. The shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased slightly, and the port inventory has continued to accumulate. The short - term iron ore price is in a volatile trend [8]. Logs - On January 9, the log 2603 main contract opened at 780.5, with a lowest of 771, a highest of 780.5, and closed at 774.5, with a decrease of 258 lots in positions. The spot - end support needs to be concerned [8]. Asphalt - On January 9, the asphalt 2603 main contract closed up 0.51% at 3171 yuan. The current asphalt supply is at a low level, the inventory has accumulated, the downstream procurement is cautious, and the demand has decreased significantly. Supported by the cost of crude oil, the short - term price shows a volatile trend [10]. Steel - The current supply - demand fundamentals of building materials are stable, with low production, low consumption, and low inventory. After the New Year's Day, the building materials will enter the winter storage market. The plate is still restricted by high inventory, and the inventory pressure remains after the steel mills resume production. The black commodities are strong in the short term, but the fundamentals need to be tested later [10]. Alumina - The bauxite price has slightly declined, and the port inventory has slightly decreased. The domestic alumina production capacity is at a high level, and the supply has slightly decreased. The demand for alumina has increased slightly due to the release of new electrolytic aluminum production capacity [10]. Shanghai Aluminum - The raw material alumina price is low, and the electrolytic aluminum plant's theoretical profit is good, with a positive production start - up sentiment. The domestic electrolytic aluminum new production capacity has been put into operation, and the supply is relatively stable. Due to the off - season, the downstream new orders have decreased, and the aluminum ingot inventory has continued to accumulate [10].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices are expected to remain strong in the short - term due to limited supply and downstream stocking expectations. In the long - term, import and domestic auction policies should be monitored [3]. - Starch prices are likely to be stable with a slight upward trend in the short - term. After the seasonal peak, inventory depletion will be the key factor for pricing [3]. - For sugar, the international market anticipates increased production in the 25/26 season. In the domestic market, short - term pricing depends on domestic sugar costs, while long - term pricing may move towards out - of - quota import costs [6]. - Cotton is suitable for long - term long positions as demand is expected to improve next year due to expanding textile production, good profits, and positive trade relations [9]. - For eggs, the key to future inventory decline is the culling rhythm. If culling accelerates, it will benefit egg prices in the second quarter [13]. - Apple prices show strong high - quality goods and weak general - quality goods. The short - term futures may maintain high - level fluctuations, and the medium - term pattern is strong in the near - term and weak in the long - term [16]. - For pigs, there is an expectation of both supply and demand increase before the Spring Festival. Price increases depend on further production and inventory reduction in the short - term [16] Group 3: Summary by Commodity Corn/Starch - Corn: From January 5 - 9, prices in some regions remained stable, with a 10 - unit increase in the蛇口 price. The basis increased by 3 units, trade profit by 10 units, and import profit by 35 units [2]. - Starch: From January 5 - 9, prices in some regions were unchanged, and the basis increased by 11 units, while processing profit remained the same [2] Sugar - From January 5 - 9, spot prices in some regions were stable. The basis decreased by 9 units, and import profit increased by 27 units. The number of warehouse receipts remained unchanged [6]. Cotton/Cotton Yarn - From January 5 - 9, the 3128 cotton price decreased by 100 units, and the number of warehouse receipts + forecasts increased by 250 units. The 32S spinning profit increased by 105 units [17]. Eggs - From January 5 - 9, prices in some regions increased slightly. The basis increased by 7 units, and the price of substitutes such as pigs increased by 0.08 units [13]. Apples - From January 5 - 9, the spot price of Shandong 80 first - and second - grade apples was stable. The national inventory decreased by 158,000 tons, and Shandong inventory decreased by 21,000 tons [15][16]. Pigs - From January 5 - 9, prices in some regions had minor fluctuations, and the basis remained unchanged [16].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - There are multiple updates on the soybean and palm oil markets, including export sales, harvest progress, and inventory levels [1]. 3) Summary by Related Catalogs Soybean - A private exporter reported the sale of 198,000 tons of soybeans for the 2025/2026 market year to an unknown destination [1]. - Brazilian farmers have harvested 0.53% of the 2025/26 soybean crop, compared to 0.05% last year and a five - year average of 0.39% [1]. - In Brazil's Mato Grosso state, the 2025/26 soybean harvest started slightly earlier, with 1.98% of the total area harvested as of Friday, up 1.28 percentage points from 2025 and ahead of the historical average of 1.09% [1]. - On January 13, 2026, the National Grain and Material Reserves Bureau's Grain Trading Coordination Center will organize a competitive trading of imported soybeans, with a quantity of 1.1396 million tons at 13:30 [1]. Palm Oil - Malaysia's palm oil exports from January 1 - 10 were 504,400 tons, a 29.2% increase from the same period last month [1]. - A survey shows that Malaysia's palm oil inventory at the end of December was 2.97 million tons, the highest since January 2019. December production is expected to decline 8.7% month - on - month to 1.77 million tons, while exports are expected to increase 2.9% month - on - month to 1.245 million tons [1]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from January 5 - 9, 2026 are provided [6].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 油脂油料：进口大豆拍卖重启 豆类偏弱对待 （侯雪玲，从业资格号：F3048706；交易咨询资格号：Z0013637） 本周国际油脂油料价格企稳，国内油脂油料价格重心上移。国内走势强于国际市场。 题材上，豆类市场等待1月供需报告指引。美国农业部1月供需报告13日凌晨一点发布，市场预计可能会 下调出口预估，因本市场年度截至1月1日大豆净销售同比减少29%。巴西大豆竞争增加，美豆出口窗口 或将于2月关闭。此外，市场预期美豆单产会调整，范围51.9-53.5蒲/英亩。最终，市场对美豆库存预估 差距非常大，范围2.45亿蒲-3.5亿蒲。此外，美豆季度库存报告也将发布。巴西大豆产量依然偏乐观， 机构陆续上调产量预估。马托格罗索开始收割，天气展望偏乐观，利于收割推进。巴西豆价格更有优 势，出口销售增加。国内油厂海外继续采购大豆，主要采购巴西豆和美豆。进口大豆拍卖重启，13日下 午举行，数量113.9万吨。在进口大豆补充下，国内一季度大豆供应有保证。下周豆类重心预计下移， 尤其是3月合约，震荡偏空思路。基差预计坚挺，月间反套思路。期权端，双卖期权离场。 油脂市 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-share market showed a strong upward trend on Friday, with the Shanghai Composite Index achieving 16 consecutive positive days and breaking through the 4100-point mark. The market turnover exceeded 3.1 trillion yuan, indicating a high level of market activity. The overall economic climate in China is improving, with the CPI and PPI showing positive trends, and the PMI indices rising above the expansion range [15]. - Different commodity futures have various trends and investment suggestions. For example, in the black sector, it is expected to be in a short - term shock and medium - long - term bottom - building state; in the agricultural product sector, different products such as cotton, sugar, and eggs have their own supply - demand situations and price trends [18][32]. 3. Summary by Relevant Catalogs 3.1 Macro Information - The State Council's Anti - monopoly and Anti - unfair Competition Committee Office will investigate and evaluate the market competition in the food delivery platform service industry. Meituan, Taobao Flash Delivery, and JD Delivery will cooperate actively [8]. - China declared multiple satellite constellation plans to the ITU in the last week of 2025, with a total scale of over 200,000 satellites [8]. - The Fed's interest rate cut expectation in January 2026 is completely dashed. The US non - farm payrolls data in December 2025 was lower than expected, but the unemployment rate decreased, reducing the possibility of an interest rate cut [8]. - The State Council executive meeting deployed a package of fiscal and financial policies to promote domestic demand, including loan discount policies and risk - sharing mechanisms [9]. - In December 2025, China's CPI and core CPI increased year - on - year, and the PPI decline narrowed. The CPI and PPI both increased month - on - month [9]. - The regulatory authorities have issued new policy guidance on real estate financing, allowing loans for projects on the "white list" to be extended for up to 5 years [9]. - China has made a major breakthrough in the extraction and separation technology of salt lake lithium resources, improving the lithium ion recovery rate and reducing costs and energy consumption [9]. - DeepSeek plans to launch a new flagship AI model V4 around the Chinese New Year in mid - February, which shows better performance in code generation than existing mainstream models [10]. - The AGI - Next Frontier Summit believes that the competition in large models has shifted from the "Chat" to the "Agent" stage [10]. - Fund companies and sales institutions have received a notice on the implementation of regulations on the sales fees of publicly offered securities investment funds, with three key points attracting attention [10]. - The price of storage chips has skyrocketed, and tech giants are competing for DRAM supplies. The price of 8GB DDR4 memory has increased by more than 5 times in a year [11]. - The US Supreme Court has not made a ruling on Trump's tariffs, and the next announcement is on January 14. The government is prepared to re - implement tariffs if necessary [11]. - Trump has cancelled the second wave of military strikes against Venezuela, maintained the deployment of US ships, and plans to buy $200 billion in mortgage - backed securities to lower mortgage rates [11]. - Trump has called for setting a 10% cap on credit card interest rates for one year starting from January 20, but the feasibility is uncertain [12]. - Trump discussed with oil company executives how to rebuild Venezuela's oil industry and announced that the US will start refining and selling up to 50 million barrels of Venezuelan oil [12]. 3.2 Macro Finance 3.2.1 Stock Index Futures - The strategy is to consider following the trend, but be cautious about chasing highs due to the recent large short - term gains. The A - share market has been rising strongly, and the economic climate is improving, with the stock index breaking through the previous shock platform [14][15]. 3.2.2 Treasury Bond Futures - The strategy is to flatten the yield curve. The money market is balanced, and the bond market sentiment has declined. The central bank's monetary policy shows a retreat trend, and fiscal subsidy policies for consumption have been announced [16]. 3.3 Black Sector 3.3.1 Spiral Steel Rebar and Iron Ore - From a policy perspective, there is no new demand - side policy, and the supply - side policy interference for the steel industry is low, which is relatively negative for finished products and steel mill profits. - Fundamentally, the steel demand is under seasonal pressure, and the supply is relatively stable with low profits. The inventory has started to accumulate, and in the short - term, it is expected to fluctuate and be in a medium - long - term bottom - building state [18]. 3.3.2 Coking Coal and Coke - The prices of coking coal and coke may fluctuate and rise in the short term. The supply side of coal has disturbances, and the downstream demand support has declined. The potential negative feedback risk still restricts the price increase, and the rebound space may be limited [20]. 3.3.3 Ferroalloys - The fundamentals of ferrosilicon and silicomanganese are still bearish, but the cost side may have a phased positive impact. It is recommended to control positions, hold short positions in silicomanganese at high levels, and temporarily observe ferrosilicon [21]. 3.3.4 Soda Ash and Glass - For soda ash, it is advisable to wait and see. The supply is at a high level, and attention should be paid to new production capacity and cost - side expectations. - For glass, a long - holding strategy or partial profit - taking at high prices can be considered. The market sentiment has been boosted, and attention should be paid to cold repair and downstream purchasing sentiment [22]. 3.4 Non - ferrous Metals and New Materials 3.4.1 Shanghai Zinc - Domestic zinc inventories are increasing, and the supply is expected to increase slightly in January. The demand is still resilient but is expected to weaken compared to December. It is recommended to wait and see, and aggressive investors can short at high prices [24][25]. 3.4.2 Shanghai Lead - The fundamentals of lead are weak, with low downstream demand. Although the lead price may rebound before delivery, there is still a risk of inventory accumulation dragging down the price. It is recommended to hold previous short positions [26]. 3.4.3 Lithium Carbonate - The short - term fundamentals show signs of weakening, but the production resumption expectation is reduced due to mine disruptions. The long - term demand is positive, and it is expected to fluctuate at a high level in the short term [27]. 3.4.4 Industrial Silicon - The downstream demand has phased policy - driven support for export rush. The previous oversupply expectation needs time to verify the turn, and the disk is expected to fluctuate strongly but is still under upward pressure [28]. 3.4.5 Polysilicon - It is possible to try to buy at low prices with cautious positions. The market is worried about changes in the industrial pattern after the regulatory meeting, and the export tax - rebate cancellation policy may drive an export rush in the first quarter [28][29]. 3.5 Agricultural Products 3.5.1 Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. The contradiction between pre - festival restocking and declining开工 leads to a short - term downward trend. Attention should be paid to the USDA report and the next target price subsidy policy [32][33]. 3.5.2 Sugar - The domestic sugar market is in a season of both strong supply and demand. The price is under pressure but also supported, and it is recommended to conduct short - term trading in the low - price range. The global sugar market still faces an oversupply situation [34][35]. 3.5.3 Eggs - The 02 - 03 contracts of eggs are currently at a discount to the spot price and are driven by the short - term strength of the spot market. However, as the inventory of laying hens is still high and the post - holiday demand may decline, the upside space is limited. The futures contracts are in a near - strong and far - weak contango pattern [36]. 3.5.4 Apples - The supply side has the characteristics of "less quantity and poor quality" and low inventory, while the demand side is weak. The price is expected to fluctuate within a range, and high - quality products may remain stable. The market may show a strong trend if the demand decline is controlled during the Spring Festival [37]. 3.5.5 Corn - The short - term price is expected to fluctuate strongly. The key to the price trend lies in the change of farmers' selling sentiment. Although there are some negative factors, the probability of a "panic selling" before the Spring Festival is low. Attention should be paid to the selling situation in March [38]. 3.5.6 Red Dates - The current market is in an oversupply situation, and the price lacks upward momentum. It is expected to fluctuate in the short term, and attention should be paid to the sales situation during the consumption peak season [39]. 3.5.7 Live Pigs - The consumption in the first half of January lacks significant improvement. It is expected that large - scale enterprises will resume slaughter in the middle of the month, and the spot price may decline. The main futures contract should be shorted at high prices [39][40]. 3.6 Energy and Chemicals 3.6.1 Crude Oil - Venezuela is expected to resume oil exports, but the geopolitical situation in Iran has heated up again, bringing support to oil prices. Although the fundamentals show an oversupply situation, the geopolitical premium still exists [43]. 3.6.2 Fuel Oil - The price of fuel oil is mainly driven by geopolitical and macro factors and will follow the trend of crude oil prices. The supply - demand relationship has improved marginally, and the focus is on the Iranian situation and the potential substitution role of fuel oil [44]. 3.6.3 Plastics - The supply pressure of polyolefins is large, and the downstream demand is weak. Although the upstream production enterprises are suffering losses, which may provide some support, there is no strong upward - driving force. It is recommended to adopt a shock - trading strategy and beware of回调 risks [44][45]. 3.6.4 Rubber - The short - term international macro environment and trading system may increase capital participation, but the lack of obvious supply - demand contradictions may limit the upward space. It is expected to fluctuate, and short - long opportunities during回调 can be considered [45]. 3.6.5 Synthetic Rubber - The short - term sentiment fluctuates significantly. It is advisable to wait and see if there are no positions. The price is under pressure due to the decline of downstream products and poor high - price transactions [46][47]. 3.6.6 Methanol - The current supply - demand situation of methanol has improved slightly, but the inventory is still relatively high, and there is a possibility of further accumulation at the end of the month. In the long term, the fundamentals are improving, and long positions in far - month contracts can be gradually considered [48]. 3.6.7 Caustic Soda - The caustic soda market follows the general trend of the commodity futures market and has weak fundamentals. The cost has decreased, and the futures price should be treated with a wide - range shock strategy [49]. 3.6.8 Asphalt - The short - term price fluctuation of asphalt may increase due to raw material factors. The future focus is on the price bottom after the winter storage game. The price of asphalt has stabilized after the increase [49][50]. 3.6.9 Polyester Industry Chain - In the short term, the price will fluctuate with the cost. PX and PTA 5 - 9 inter - month positive spreads can be considered. The supply - demand relationship of each product in the polyester chain shows different trends, and the overall rebound height is restricted by the terminal negative feedback [51]. 3.6.10 Liquefied Petroleum Gas (LPG) - Affected by the Iranian geopolitical conflict, the price of LPG has increased. The import cost provides support, and the demand is in the peak season. It still has some rebound momentum, but it is recommended to wait and see and not chase the rise [52][53]. 3.6.11 Pulp - The spot market trading sentiment is weakening, and the disk faces hedging pressure. However, the fundamentals are stable, and the external market price is strong, providing support for the domestic price. It is recommended to wait and see [54]. 3.6.12 Logs - The fundamentals are weakly bearish, and the spot price has temporarily stabilized. The market is expected to maintain a weak supply - demand balance, and the disk is expected to fluctuate [55]. 3.6.13 Urea - The coal price has increased, and the spot market trading of urea has weakened. After the price reduction, the trading of some factories is acceptable. The futures price maintains a shock trend [56].

Report Title - Weekly Report on Soybean Meal [1] Report Date - January 12, 2026 [3] Report Industry Investment Rating - Not provided Core Viewpoints - Last week, the CBOT March soybean contract rose 15.5 to close at 1062.75 cents per bushel, a 1.48% increase; the soybean meal 05 contract rose 37 to close at 2786 yuan per ton, a 1.35% increase; the South China soybean meal spot price rose 60 to 3140 yuan per ton, a 1.95% increase; the rapeseed meal 05 contract fell 27 to close at 2338 yuan per ton, a 1.14% decrease; the Guangxi rapeseed meal spot price fell 10 to 2510 yuan per ton, a 0.4% decrease [5][8]. - The external market stopped falling and stabilized. The market is waiting for the upcoming USDA report, and funds are adjusting their positions. Currently, it is expected that both yield and exports may be lowered. Pay attention to the guidance of the report. The meal market is generally oscillating, with soybean meal relatively stronger than rapeseed meal. The main reason is that the Prime Minister of Canada will visit China, and market rumors suggest that the additional tariff on rapeseed meal may be cancelled. Driven by sentiment, funds increased short positions, causing rapeseed meal to weaken. On the one hand, the arrival of soybeans has decreased month - on - month, and on the other hand, the pre - Spring Festival stocking expectation provides support for the near - term price of soybean meal [5][8]. - The Prime Minister of Canada is about to visit China, and rapeseed meal has weakened under the influence of sentiment. Pay attention to the progress of China - Canada trade agreements. The January USDA report in the United States is expected to show possible decreases in yield and exports, with little change in ending stocks. Funds are adjusting positions and waiting for the report. The external US soybean market has stopped falling and is oscillating. The good weather in South America continues, and the overall expectation of a bumper harvest has increased. The expected decrease in domestic soybean arrivals and the pre - Spring Festival stocking demand support the spot price, which is relatively firm. The auction of state - reserved imported soybeans restarted this week, cooling the market to some extent. It is expected that the Dalian soybean meal will oscillate in the short term [5][11]. Summary by Directory 1. Market Data - The CBOT March soybean contract price rose from 1047.25 to 1062.75 cents per bushel, a 1.48% increase; the CNF import price of Brazilian soybeans rose from 443 to 450 dollars per ton, a 1.58% increase; the CNF import price of US Gulf soybeans remained unchanged at 475 dollars per ton; the Brazilian soybean crushing profit on the futures market decreased from 57.12 to 49.51 yuan per ton; the DCE soybean meal contract price rose from 2749 to 2786 yuan per ton, a 1.35% increase; the CZCE rapeseed meal contract price fell from 2365 to 2338 yuan per ton, a 1.14% decrease; the soybean - rapeseed meal price difference increased from 384 to 448 yuan per ton; the spot price in East China rose from 3120 to 3140 yuan per ton, a 0.64% increase; the spot price in South China rose from 3080 to 3140 yuan per ton, a 1.95% increase; the spot - futures price difference in South China increased from 331 to 354 yuan per ton [6]. 2. Market Analysis and Outlook - In the US, for the week ending January 1, 2026, the net increase in soybean export sales in the 2025/2026 season was 87.8 tons, down from 117.8 tons the previous week. The cumulative sales volume of US soybeans in the current season was 2857.6 tons, with a sales progress of 64.2%, compared to 79.2% in the same period last year. China's net purchase of US soybeans that week was 47 tons, with a cumulative purchase volume of 689.3 tons and an unshipped volume of 570.1 tons. A private exporter reported selling 13.2 tons of soybeans to China for delivery in the 2025/2026 season [9]. - According to Conab, as of the week ending January 3, 2026, the soybean planting rate in Brazil in the 2025/26 season was 98.2%, up from 97.9% the previous week, compared to 98.5% in the same period last year and a five - year average of 97.6%. The harvesting work has begun, with a progress of 0.1%, compared to 0.2% in the same period last year. The Brazilian National Association of Grain Exporters announced that the expected soybean export loading volume in January is 240 tons [9][10]. - According to the Buenos Aires Grain Exchange, as of the week ending January 7, 2026, the soybean sowing progress in Argentina was 88.3%, up from 82% the previous week, compared to 97% in the same period last year [10]. - The weather forecast for South American producing areas shows that in the next 15 days, the cumulative precipitation in Brazilian soybean - producing areas will be slightly lower than the average, and the precipitation process will continue, maintaining the expectation of a bumper harvest. The soil moisture in Argentine producing areas has declined, but the overall situation is still good. The cumulative precipitation in Argentine producing areas in the next two weeks will be lower than the average level. Continuously monitor the weather changes [10]. - As of the week ending January 2, 2026, the soybean inventory of major oil mills was 710.25 tons, an increase of 55.81 tons from the previous week and 115.8 tons from the same period last year; the soybean meal inventory was 117.02 tons, an increase of 0.26 tons from the previous week and 48.66 tons from the same period last year; the unexecuted contracts were 579.8 tons, an increase of 198.2 tons from the previous week and 81.1 tons from the same period last year. The soybean inventory in national ports was 823.6 tons, a decrease of 1.5 tons from the previous week but an increase of 52.74 tons from the same period last year [10]. - As of the week ending January 9, the daily average trading volume of soybean meal nationwide was 30.5417 tons, including 7.675 tons of spot trading and 22.8667 tons of forward trading. The daily average total trading volume the previous week was 20.44 tons. The daily average pickup volume of soybean meal was 17.385 tons, compared to 18.22 tons the previous week. The crushing volume of major oil mills was 176.58 tons, compared to 175.33 tons the previous week. The inventory days of soybean meal in feed enterprises were 9.53 days, compared to 9.4 days the previous week [11]. 3. Industry News - The Safras & Mercado institution stated that factors such as oversupply in South America, the US production outlook, and geopolitical uncertainties will affect the soybean price trend in 2026. Looking forward to 2026, the soybean market will have sufficient supply, and the short - term price will face downward pressure, while the support provided by the premium of Brazilian soybeans will be relatively reduced [12]. - The Argentine Ministry of Agriculture reported that farmers' pace of selling soybeans has slowed down. As of December 31, 2025, the pre - sold volume of soybeans in the 2025/2026 season was 465 tons, compared to 337 tons in the same period last year. The sales volume of soybeans in the 2024/2025 season was 4157 tons, compared to 3562 tons in the same period last year [12]. - The ANEC institution predicted that due to increased competition from the US, Brazil's soybean exports to China in 2026 will drop to 77 million tons, about 10 million tons less than 87 million tons in 2025. It is expected that Brazil's soybean exports in 2026 will still reach a record 112 million tons, compared to about 109 million tons in 2025 [12]. - The Deral institution reported that the soybean harvest in Brazil's Parana state is still in its early stages, and preliminary results show good yields. Currently, about 4% of the soybean crops in the state have entered the maturity stage (the last stage before harvest), compared to 12% in the same period last year. Due to abnormal weather in previous months, the growth cycle of early - sown soybeans has been extended, but the yield is expected to be good. The predicted soybean output in Parana state in the 2025/26 season is 21.96 million tons, a 4% year - on - year increase [13]. - The Brazilian Foreign Trade Secretariat reported that Brazil's soybean export pace in December was significantly higher than the same period last year. From December 1 to 31, Brazil's soybean export volume was 3.383 million tons, compared to 2.006 million tons in December last year [13]. - Canadian Prime Minister Mark Carney will visit China from January 13 to 17, which will be the first visit by a Canadian prime minister to China since 2017. This visit aims to strengthen cooperation between the two sides in trade, energy, agriculture, and international security. According to sources, as part of the consultations, Canada may suspend the tariff on Chinese electric vehicles for one year. In response, China may temporarily cancel the 100% additional tariff on Canadian rapeseed meal and rapeseed oil, but trade restrictions on Canadian rapeseed will remain [13]. - The StoneX institution reported that the US Department of Agriculture has confirmed the sale of soybeans to China again, increasing the possibility of China achieving its goal of purchasing 12 million tons of soybeans. The predicted soybean output in Brazil in the 2025/26 season is 177.6 million tons, an increase of 0.2% from the December forecast of 177.2 million tons and a 5.2% increase from the previous year's output [14]. - The Cargonave institution reported that Brazil's soybean exports in 2025 reached a record 108.68 million tons, a 11.7% increase from 2024. The surge in Brazil's soybean exports in 2025 was mainly due to record - high production and large - scale purchases from China. Affected by the China - US trade war, Chinese buyers avoided US soybeans for most of 2025 and turned to South American soybeans [14]. 4. Related Charts - The report provides multiple charts, including the trend of the US soybean continuous contract, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the regional crushing profit, the management fund's net position in the CBOT, the soybean meal main contract trend, the regional soybean meal spot price, the soybean meal M 5 - 9 month spread, the precipitation and temperature in Brazilian and Argentine soybean - producing areas, the soybean sowing progress in Brazil and Argentina, the cumulative sales volume, weekly net sales volume, and weekly export volume of US soybeans, the US oil mill crushing profit, the weekly average daily trading volume and pickup volume of soybean meal, the soybean inventory in ports and oil mills, the weekly crushing volume of oil mills, the unexecuted contracts of oil mills, the soybean meal inventory of oil mills, and the inventory days of soybean meal in feed enterprises [15][16][17][20][24][28][33][35][37][39][41][45][46].

其中，临漳韭菜、成安平菇、邱县鸡蛋、广平鸡蛋、马头大米等5个产品获评全国名特优新农产品；成 安县垚岸茄子、菌捷平菇、芳汀鸡蛋，大名县香全城小磨香油，涉县林溪—吉鲜鸡蛋，肥乡区社军苹 果、群利羊肚菌，武安市五泰红鸡蛋、佳美鲜鸡蛋等9个产品被认定为特质农品。 目前，我市有名特优新农产品21个，居全省第四，特质农品25个，并列全省第一，两项总数位列全省第 二。 转自：邯郸日报 本报讯 日前，农业农村部公布2025年第三批全国名特优新农产品及特质农品名录，我市共有14个农 产品入选。 （来源：邯郸日报） ...