Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current core contradiction in the oil and feed industry lies in the tug - of - war between macro "uncertainty" and industrial "certainty", the race between short - term supply chain "disturbance" and long - term "looseness", and the interweaving of demand "total ceiling" and "structural change" [6]. - The key to winning in the complex game is to build three abilities: identifying the main contradiction in the macro fog, managing inventory and procurement rhythm in supply chain disturbances, and transforming uncertainty into a deterministic business strategy through financial tools and innovative service models in the stock market [6]. - The overall profit space of the industry is compressed, but it provides opportunities for enterprises with professional and refined operation capabilities to build moats and achieve leap - forward development [6]. 3. Summary According to the Directory 3.1 Macro Narrative Dominates Pricing, and the Industrial Analysis Framework Needs Reconstruction - Traditional supply - demand fundamental analysis is temporarily "ineffective", and geopolitical conflicts and crude oil prices have become the core factors leading to short - term price fluctuations of oils and fats, especially palm oil and soybean oil, resulting in a "war premium" in market prices that deviates from industrial inventory and consumption data [2]. - Market sentiment has become extremely cautious, with both buyers and sellers adopting a wait - and - see attitude, leading to a decline in trading activity and a "stability - seeking" mindset. The analysis framework of physical operators needs to be upgraded to a new model of "macro trend judgment first, industrial fundamentals verification later" [2]. 3.2 Supply: Intense Game between Long - term Loose Expectations and Short - term Structural Disturbances - Although there is a consensus on the long - term supply loosening pattern brought by the bumper harvest of South American soybeans, short - term, policy - related supply chain disturbances have become the key to affecting market rhythm and profits [2]. - The normalization of customs quarantine has extended the clearance and quarantine time of Brazilian soybeans from about one week to 20 - 25 days, causing a regional and phased supply shortage in mid - early April. The market generally expects a "tight - first, loose - later" situation, with the core game point being the duration of the "tight" period rather than the adequacy of the total supply [3]. - The overall increase in logistics costs, including international sea freight, domestic road freight, and container freight, will be a new cost pressure throughout the year and may affect the efficiency of cargo turnover [3]. 3.3 Demand: Structural Opportunities and Rigid Support under the Total Ceiling - The demand side has entered the stock era, with the end of the total growth story, but internal structural changes have created new balances and opportunities [3]. - For oil consumption, domestic demand is saturated, and external demand and substitution have become new highlights. Soybean oil is squeezing the market share of other oil types, and the core growth point in the future is exports. Biodiesel policies are a long - term factor affecting global oil demand [3][4]. - Despite the continuous losses in pig farming, high inventory and slaughter weight provide rigid support for feed demand. The decline in soybean meal demand will be a slow and gradual process, providing price elasticity space for upstream supply disturbances [4]. 3.4 Industrial Evolution: Risk Management Advancement and Deep Differentiation of Business Models - The high - volatility and low - growth environment are accelerating the differentiation and evolution of each link in the industrial chain. The basis trading has become the mainstream in spot transactions, and the financialization of the industry has deepened [4]. - In the upstream crushing and trading links, the core is refined position management and arbitrage trading. In the mid - stream feed enterprises, the core strategy is to ensure stable supply and cost control. The downstream breeding industry is in a "slow bottom - grinding" stage, with slow capacity reduction and mainly quarterly rebounds driven by the fat pig slaughter rhythm [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The transmission of the oil price shock to the oilseeds and oils industry is not linear. The limited exposure and transmission blockage at the macro level, along with high inventory, weak demand, and corporate caution at the industrial level, together form a buffer zone for the Chinese economy. Short - term market sentiment dominates, but in the medium and long term, the market will return to the fundamentals [4][5][33]. - The current market pricing of oilseeds and oils has deviated from the fundamentals, with short - term sentiment taking the lead, and there is an obvious sentiment of waiting for price corrections to buy [7]. 3. Summary by Relevant Catalogs 3.1 Research Background and Purpose - In March 2026, the escalation of the US - Iran conflict led to a significant increase in international oil prices, causing violent fluctuations in the oilseeds and oils futures market. The report aimed to explore the real transmission path of the macro - shock to the industrial end by conducting a five - day industrial research on various industrial chain entities from March 23rd to 27th [6]. 3.2 Core Findings of Industrial Research - **Core Conclusion: Macro - sentiment Dominance and "Ineffectiveness" of Supply - demand Fundamentals**: The current market pricing has deviated from the fundamentals, and prices are mainly influenced by macro - factors such as crude oil and international conflicts. There is a clear sentiment of waiting for price corrections to buy, and there is also a phenomenon of variety differentiation [7]. - **Industrial Transmission Path of Macro - shock**: - **Logistics Cost Increase**: International tensions increased shipping costs, with container freight rising by about $500 per container (equivalent to about $50 per ton) after the conflict. Domestic road freight is also likely to increase [7][9]. - **Market Sentiment Amplification**: The sharp rise in crude oil prices drove the price of palm oil up first. The market generally adopted a strategy of buying on price corrections, and macro funds were pre - arranged [9]. - **Limited Impact on Direct Raw Material Supply**: The actual impact on agricultural products was weaker than the market sentiment hype. The extended customs inspection period has become a normal state, and enterprises have adapted to it [9]. - **"Triple Blockages" in Cost Transmission**: - **Inventory Blockage**: High inventory in the intermediate links, with multiple varieties at or above the same - period high levels, suppressed price increases [10]. - **Rigid Demand Blockage**: Downstream demand was rigid, with low price elasticity. Terminal consumption was compressed to the "pure rigid demand" level, and the price transmission cycle was long [11][12]. - **Wait - and - see Blockage**: The uncertainty of macro - events weakened corporate confidence, and enterprises were more inclined to wait and see rather than quickly transfer cost pressures to the downstream [12]. - **Demand - side Situation**: - **Weak Domestic Consumption**: Domestic consumption of vegetable oils showed a slow downward trend due to factors such as population decline, increased health awareness, and sluggish catering consumption [14]. - **Exports as a Key Variable**: Soybean oil exports might increase this year, and the industry generally focused on the volume of exports to India [14]. - **Differences in Perception among Different Industrial Chain Links**: - **Upstream Processing Enterprises**: Customs inspection has become a normal state; there were differences in soybean inventory and April startup rates; some enterprises tried to purchase Canadian soybeans; group - level unified procurement was common [15]. - **Trading Enterprises**: Currently, basis trading was the main mode, with some risk exposure. Small - scale traders mainly used fixed - price trading [16]. - **Downstream Feed Enterprises**: Foreign enterprises entered the market, and domestic enterprises expanded overseas. Different enterprises developed different types of feed based on their advantages. There was a time - lag in price transmission from raw materials to feed [17]. - **Logistics and Warehousing Enterprises**: A logistics and warehousing enterprise had a certain proportion of oil transit volume in the country. There were differences in the release time of different imported varieties [17][18]. - **Investment Companies**: An investment company focused on both domestic and foreign futures and spot markets in oilseeds and oils, combining options and futures to manage risks [18]. - **Evolution of the Industry's "Innovative" Model**: The volatile market in recent years has led to the emergence of more unilateral traders, and the "basis - washing" model has increased industry risks, reflecting a differentiation in the industry's perception of risk [19]. 3.3 Macro Coordinates: Transmission Mechanism of Oil Price Shock in China - **Limited Exposure**: China's real vulnerability to Middle East energy shocks was overestimated. China's energy structure and inventory accumulation, along with administrative regulation of refined oil prices, provided a long - term buffer [21]. - **Transmission Blockage**: The transmission from PPI to CPI was still weak. An increase in PPI mainly affected upstream industries, and the impact on core CPI was limited and short - lived [22]. - **Policy Response**: Rising oil prices might delay the pace of monetary easing. Policy variables have become an important part of industrial expectations [23]. 3.4 Integration of Macro - analysis and Industrial Reality - **Macro - verification and Micro - manifestation of Transmission Blockage**: The weak transmission from PPI to core CPI at the macro level was directly reflected in the high - inventory buffer, downstream rigid - demand resistance, and extended transmission cycle at the industrial level [24]. - **Macro - composition and Industrial Embodiment of the Buffer Zone**: China's macro - buffer zone, composed of high inventory, administrative regulation, and price - adjustment mechanisms, was manifested in the industrial behavior of enterprises such as low inventory replenishment willingness and a shift to basis trading [25]. - **Tension between Short - term Repair and Long - term Carrying Capacity**: The short - term nominal repair in the upstream did not effectively transmit to the downstream. Prolonged shocks might lead to greater demand destruction [26][27]. - **Spill - over Effects of Fertilizer and Planting Costs**: The increase in agricultural production material prices, especially fertilizer prices, would support the long - term prices of oilseeds and oils through the planting cost channel [28]. - **Long - term Game of Weather and Biodiesel Policies**: The El Niño phenomenon and biodiesel policies in Indonesia, the US, and Brazil were important topics in the industry. The actual implementation of biodiesel policies might be weaker than expected [29]. 3.5 Summary and Outlook - **Non - linear Transmission of Oil Price Shock**: The oil price shock in China was not a single - line story. The buffer zone formed by macro and industrial factors made China's asset response more moderate than that of most Asian economies [30]. - **Return to Fundamentals in the Medium and Long Term**: Short - term nominal repair did not equal broad - based re - inflation. As the impact of geopolitical events weakened, the market would return to fundamentals [30]. - **Formation of Cost - transmission "Blockage" and Downstream Transformation**: The cost pressure in the upstream accumulated in the intermediate links, squeezing the industry's profit. The downstream food processing industry was undergoing integration and transformation [31]. - **Enterprise Risk - management Transformation**: Enterprises were shifting from "trend gambling" to "fine - grained risk management," but there were obvious differences in paths. The application of risk - management tools was gradually spreading, but there were still differences in acceptance and utilization depth [31][32]. - **Short - term and Long - term Market Game**: In the short term, the supply of soy - related products was tight in April and would ease after May, but this needed dynamic evaluation. In the long term, the core drivers were the El Niño phenomenon and the progress of biodiesel policies [33].

Report Industry Investment Rating - Not available Core Viewpoints - The report provides comprehensive analysis and strategy suggestions for four types of oil options, including rapeseed oil, palm oil, peanut oil, and soybean oil options, covering market data, option factors, and market sentiment analysis [7][19][31][43] Summary by Related Catalogs Rapeseed Oil Options (OI) - **Market Data**: OI605 contract closed at 9840 yuan yesterday, up 80 yuan (0.81%) from the previous day, with a trading volume of 161,645 lots (down 34,893 lots) and an open interest of 218,416 lots (up 1535 lots) [7] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 10,192 (up 832), open interest was 20,283 (up 275); put option volume was 6,763 (down 2,295), open interest was 19,225 (up 34). Volume PCR was 0.66 (down 0.3), open - interest PCR was 0.95 (down 0.01) [5] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9900, resistance was 11200, support was 9200, weighted implied volatility was 28.68% (up 2.91%), and the annual average implied volatility was 18.73% [6] - **Strategy Suggestions**: Directional strategy - construct a condor spread portfolio; volatility strategy - do not recommend seller - based strategies [8] Palm Oil Options (P) - **Market Data**: P2605 contract closed at 9614 yuan yesterday, up 56 yuan (0.58%) from the previous day, with a trading volume of 321,996 lots (down 49,396 lots) and an open interest of 279,944 lots (down 5170 lots) [19] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 79,968 (up 22,694), open interest was 82,976 (up 4587); put option volume was 32,289 (up 6150), open interest was 78,882 (up 3309). Volume PCR was 0.4 (down 0.05), open - interest PCR was 0.95 (down 0.01) [17] - **Option Factors - Pressure and Support**: The at - the - money strike price was 9800, resistance was 10000, support was 9000, weighted implied volatility was 34.92% [18] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - do not recommend seller - based strategies [20] Peanut Oil Options (PK) - **Market Data**: PK605 contract closed at 8258 yuan yesterday, up 68 yuan (0.83%) from the previous day, with a trading volume of 120,074 lots (up 69,834 lots) and an open interest of 188,494 lots (up 2905 lots) [31] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 64,702 (down 17,813), open interest was 70,592 (down 191); put option volume was 28,901 (up 770), open interest was 35,535 (down 992). Volume PCR was 0.45 (up 0.11), open - interest PCR was 0.5 (down 0.01) [29] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8100, resistance was 8500, support was 7900, weighted implied volatility was 15.52% [30] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - none [32] Soybean Oil Options (Y) - **Market Data**: Y2605 contract closed at 8646 yuan yesterday, up 90 yuan (1.05%) from the previous day, with a trading volume of 185,973 lots (down 24,867 lots) and an open interest of 545,392 lots (down 9356 lots) [43] - **Option Factors - Volume and Open Interest PCR**: Call option volume was 39,131 (up 7868), open interest was 80,897 (up 1906); put option volume was 15,091 (up 4363), open interest was 103. Volume PCR was 0.39 (up 0.04), open - interest PCR was 0.66 (down 0.01) [41] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8700, resistance was 9000, support was 8200, weighted implied volatility was 17.19% [42] - **Strategy Suggestions**: Directional strategy - construct a bull call spread portfolio; volatility strategy - do not recommend seller - based strategies [44]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Before the passage through the Strait of Hormuz is restored, the crude oil price remains high. The longer this situation lasts, the higher the impact of premiums on freight, fertilizers, and costs for agricultural products, especially those highly dependent on imports. Macro and policy factors mainly drive the disk price to be strong, but the volatility is also relatively large [113]. - For soybean oil, the negotiation on Brazil's quarantine specifications has not reached a conclusion. Attention should be paid to the potential pressure in the near - term being postponed, which will inevitably bring greater pressure in the long - term [113]. - For rapeseed oil, before the rapeseed supply shows a significant tightening in the 26/27 season, opportunities in the far - month spread between rapeseed oil and soybean oil should be focused on. The near - month rapeseed oil is supported by issues such as the clearance of non - genetically modified rapeseed oil, and the inventory accumulation rhythm is slightly slower than expected, with inventory being postponed [113]. - For palm oil, South American soybean oil has not followed the sharp rise of palm oil, and the far - month price is cheaper. Seasonally, the export of overall oils and fats deteriorates in April and May. The issues related to Indonesia's B50 production capacity have not been resolved. The actual production of Indonesian biodiesel in 2025 was 14.94 million kiloliters, lower than the target of 15.6 million kiloliters. The target for 2026 is 15.65 million kiloliters. The methanol for Indonesian biodiesel raw materials mainly comes from Malaysia and the Middle East, which may be affected. The near - month inventory in the producing areas remains high. There are still CNF quotes for April shipments, with a relatively small inversion to the disk price, and there have been successive purchase transactions. During the Eid al - Fitr in India, the current fixed - price is high. It is estimated that India will import 850,000 tons in March, 847,000 tons in February, but the import will drop to 650,000 tons in April. After the domestic disk price rises, the producing areas are more willing to transfer inventory to the domestic market, so palm oil has been weaker than crude oil recently. There is a divergence between the macro - energy bullish factors and the actual fundamentals. If the war risk decreases, the repair of the 09 spread between soybean oil and palm oil is worth attention. If the war continues, the price will also remain strong [113]. - There are rumors that the compliance obligation volume of US biodiesel for the 26 and 27 seasons will be announced late, but the US soybean oil disk has already factored in the positive expectations. Attention should be paid to the final policy implementation [113]. 3. Summary by Related Catalogs Rapeseed - **Canada**: In the 26/27 season, the rapeseed planting area is 8.838 million hectares (8.9 million hectares in the February report), higher than the previous season's 8.748 million hectares. The yield per unit is 2.19 tons per hectare (2.17 tons per hectare in the February report), and the total output is 19.2 million tons, slightly lower than the previous season's 21.8 million tons. Assuming new processing plants are put into use, the crushing volume is expected to reach a new high of 12.5 million tons, resulting in a decrease in export volume to 7.7 million tons, lower than the previous season's 8.2 million tons. The trend yield per unit in the 26/27 season will be 2.5 - 2.6 tons per hectare. If the yield per unit is the same as that in the 25/26 season, the output will reach 21.97 million tons. These data were completed before the outbreak of the Middle East war, when the price was in the lower range of 600 Canadian dollars, but the rapeseed price has since risen by more than 100 Canadian dollars [17]. - **Australia**: In the 25/26 season, the rapeseed planting area in Australia was adjusted from 3.63 million hectares to 3.7 million hectares, the yield per unit was adjusted from 1.99 tons per hectare to 1.96 tons per hectare, the output was adjusted from 7.23 million tons to 7.7 million tons, and the export was adjusted from 5.4 million tons to 5.93 million tons. In the 26/27 season, the planting area is 3.55 million hectares, the yield per unit is 1.96 tons per hectare, and the output is 6.96 million tons. Drought conditions in key planting areas are expected to reduce the output prospects in the 2026 - 27 season. The latest rainfall forecast from the Australian Bureau of Meteorology from May to June shows an increased possibility of below - median rainfall. If this happens, farmers may be cautious about reducing rapeseed planting in the upcoming planting season. Nevertheless, the higher export price encourages some farmers in Western Australia to expand the rapeseed planting area [22]. - **EU**: The rapeseed output in the EU in the 25/26 season slightly decreased to 20.165 million tons, and is expected to be 20.8 million tons in the 26/27 season. The planting area in the 26/27 season is 6.5 million hectares, the yield per unit is 3.2 tons per hectare [23]. - **Russia and Ukraine**: The Ukrainian Agricultural Cooperatives Union has lowered the rapeseed output in 2025 to 3 million tons, lower than 3.7 million tons in 2024 and the previous forecast of 3.3 million tons. Due to adverse winter weather, up to 10% of the rapeseed planting area may need to be replanted. Due to severe frosts in February, the rapeseed output in some areas may be reduced by up to 20%, with the temperature dropping to minus 28 degrees Celsius in some areas. Consulting agencies have lowered the forecast of Ukraine's rapeseed output in 2026 to 3.7 million tons, lower than the forecast of 3.9 million tons a month ago. The Russian Federal Statistical Service estimates that the rapeseed output in 2025 will reach 5.5 million tons. According to the industry analysis of the Russian Agricultural Bank, as of the end of January, the rapeseed inventory at the end of January was 3.2 million tons, an increase of 79.6% compared with the average of the past four years. According to the estimate of the Russian Ministry of Agriculture, the sown areas of spring rapeseed and winter rapeseed are expected to be 3.2 million and 2.9 million hectares respectively, with a total harvest of 5.8 million tons [27]. - **Global**: In the 26/27 season, if Canada's rapeseed output is 19.2 million tons, lower than the previous season's 21.8 million tons, the total output of major rapeseed - producing countries in the world will reach 56.46 million tons, a decrease of 1.71 million tons compared with the 25/26 season. If Canada's rapeseed yield per unit in the 26/27 season returns to the trend yield per unit, the output of the above - mentioned major producing countries will increase by 1.25 million tons to 59.41 million tons [30]. Palm Oil - **Rainfall**: In 2026, the rainfall in the Kalimantan region of Indonesia is scarce, especially in West Kalimantan and Central Kalimantan. In Malaysia, the rainfall in 2026 is higher than that of last year, with more rainfall in Sabah and West Malaysia [34][39][42]. - **Production, Export, and Inventory in Malaysia**: In February 2026, Malaysia's palm oil production decreased by 18.55% month - on - month to 1.28 million tons, lower than the market forecast of 1.3 - 1.33 million tons, and the decline rate was also higher than the average level of 6.53%. Regionally, production in West Malaysia decreased by 16.3%, in Sabah by 22.64%, and in Sarawak by 2.47%. The export in February decreased by 22.48% month - on - month to 1.13 million tons, lower than the expected 1.18 - 1.19 million tons. The apparent consumption in February was 344,000 tons, close to the market forecast, and the inventory decreased to 2.704 million tons, higher than the market forecast of 2.63 - 2.65 million tons. In March, Malaysia's palm oil production is expected to increase by about 5%, the export will increase by 30% month - on - month, and the inventory may drop to about 2.3 million tons [54][57][58]. India As of March 20, the price spread between Indian crude soybean oil and crude palm oil widened to $39 per ton, compared with - $5 per ton the previous week. The price spread between crude sunflower oil and crude palm oil was $165 per ton, compared with $160 per ton the previous week. The refined soybean - palm oil price spread was $113 per ton, compared with $54 per ton the previous week [64]. Soybean Oil - **Price and Production in North and South America**: The soybean oil prices in North and South America have diverged. Argentina's soybean crushing is in the seasonal increasing stage, while Brazil has high soybean oil consumption and low exports. In 2025, the combined soybean oil exports of the US, Brazil, and Argentina increased by 600,000 tons year - on - year [86][98][104]. Biodiesel - **US**: The proportion of soybean oil input in US biodiesel has decreased [108]. - **Brazil**: The Brazilian Confederation of Agriculture and Livestock (CNA) has recently applied to the Ministry of Mines and Energy to increase the mandatory biodiesel blending ratio in diesel from the current 15% to 17% to cope with the impact of rising international oil prices. If the blending ratio is increased to B16 in March, the biodiesel production in 2026 will reach 10.44 million cubic meters, higher than 9.84 million cubic meters in 2025, and about 400,000 tons more soybean oil will be consumed [112].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Protein meal: Night - session soybean and rapeseed meal fluctuated and closed up. Brazil's soybean harvest progress is still slow, but the high - yield pattern remains unchanged, with production expected to reach a new high. The new - season US soybean planting area is expected to increase, and the US soybean futures price fell due to technical selling pressure. The recent futures price of Dalian soybean meal shows a weak trend, and the mid - term domestic supply surplus situation continues to suppress price performance [2] - Oils and fats: Night - session soybean oil closed slightly up, while rapeseed and palm oil fluctuated and closed down. Southeast Asian palm oil producing areas are entering the production - increasing season, but due to high oil prices, Indonesia may restrict palm oil exports, which will support palm oil prices. Brazil promotes biodiesel producers to increase the blending ratio, and Malaysia's palm oil exports are strong, providing support for the oils and fats sector. However, the decline in crude oil has a negative impact on oils and fats, and the short - term price may continue to adjust, with large fluctuations expected due to the complex macro - environment [2] 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures such as soybean oil, palm oil, and rapeseed oil were 8550, 9510, and 9707 respectively, with price changes of - 44, - 134, and - 106 and percentage changes of - 0.51%, - 1.39%, and - 3.15% [1] - **Spreads and Ratios**: The current spreads and ratios of various varieties have changed compared to the previous values. For example, the Y9 - 1 spread is now 34, up from the previous 24 [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures such as BMD palm oil, CBOT soybeans were 4500 (ringgit/ton) and 1174 (cents/bushel) respectively, with price changes of - 82.0 and 19.5, and percentage changes of - 1.79% and 1.69% [1] Domestic Spot Market - **Prices and Changes**: The current spot prices of domestic products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil have changed compared to the previous situation, with percentage changes ranging from - 0.67% to - 2.55% [1] - **Basis and Spreads**: The current spot basis and spreads of various products have also shown changes, such as the basis of Tianjin first - grade soybean oil being 320 [1] Import and Crushing Profit - The current import and crushing profits of near - month Malaysian palm oil, near - month US Gulf soybeans and other products are - 604, - 294 etc., showing some changes compared to the previous values [1] Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil and other products are 24,892, 621 etc., with some varieties having changes compared to the previous values [1] Industry Information - Malaysia's palm oil exports from March 1 - 25 were 1,414,990 tons, a 38.4% increase compared to the same period last month [2] - As of the week ending March 18, Argentine farmers sold 1.0284 million tons of 2025/26 - season soybeans, bringing the cumulative sales to 8.5527 million tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The market's concern about the supply of imported soybeans has gradually subsided as the Brazilian Ministry of Agriculture is actively addressing soybean export quarantine issues and sending personnel to China for consultations. The soybean crushing rate of oil mills has slightly decreased this week, and the soybean meal inventory is expected to decline slightly to around 550,000 tons by the end of the month, a year-on-year decrease of about 100,000 tons [2]. - The export volume of Malaysian palm oil from March 1 - 20 is expected to be 889,128 tons, a 61.02% increase compared to the same period last month [2]. - Night trading of soybean and rapeseed meal continued to be weak. The soybean harvest rate in Brazil as of March 21 was 67.7%, and the postponement of the Sino - US leaders' meeting to mid - May has increased uncertainties in US soybean export prospects. However, the US soybean futures price slightly rose. The continuous futures price of soybean meal has been oscillating and weakening recently, and the mid - term domestic supply surplus situation continues to suppress price performance [2]. - Night trading of soybean and palm oil closed down in oscillation, while rapeseed oil slightly closed up. The palm oil production area in Southeast Asia has entered the production - increasing season, but due to high oil prices, Indonesia may restrict palm oil exports due to energy shortages, which will support palm oil prices. Brazil is promoting biodiesel producers to increase the blending ratio due to energy security issues, and Malaysian palm oil exports are strong, so the oil and fat sector has support. However, the decline in crude oil prices has a negative impact on oils and fats, and the short - term price may be weakly adjusted. Overall, the macro - environment is still complex, and the oils and fats are expected to fluctuate significantly [2]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures were 8594 for soybean oil, 9644 for palm oil, 9813 for rapeseed oil, 2961 for soybean meal, 2365 for rapeseed meal, and 8844 for peanuts. The price changes were - 146, - 298, - 137, - 46, - 34, and 26 respectively, with corresponding percentage changes of - 1.67%, - 3.00%, - 3.15%, - 1.53%, - 1.42%, and 0.29% [1]. - **Spreads and Ratios**: The current spreads of Y9 - 1, P9 - 1, OI9 - 1, Y - P09, OI - Y09, and OI - P09 are 22, 236, - 41, - 1222, 1042, and - 180 respectively, with corresponding previous values of 12, 208, 109, - 1110, 1091, and - 19. The current values of M9 - 1, RM9 - 1, M - RM09, M/RM09, Y/M09, and Y - M09 are - 36, 48, 595, 1.24, 2.84, and 5616 respectively, with previous values of - 30, 31, 617, 1.25, 2.80, and 5493 [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures were 4582 for BMD palm oil (ringgit/ton), 1154 for CBOT soybeans (cents/bushel), 65.64 for CBOT US soybean oil (cents/pound), and 322 for CBOT US soybean meal (dollars/ton). The price changes were 79.0, - 10.5, - 0.1, and - 4.3 respectively, with corresponding percentage changes of 1.75%, - 0.90%, - 0.11%, and - 1.32% [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of Tianjin and Guangzhou first - grade soybean oil are 8930 and 8850 respectively, with percentage changes of - 1.22% and - 1.23%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oil are 9800, with a percentage change of - 1.21%. The current spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oil are 10380 and 10200 respectively, with percentage changes of - 1.14% and - 1.16%. The current spot prices of Nantong and Dongguan soybean meal are 3290 and 3300 respectively, with percentage changes of - 0.60% and - 0.30%. The current spot prices of Nantong and Dongguan rapeseed meal are 2600 and 2560 respectively, with percentage changes of - 1.52% and - 1.54%. The current spot prices of Linyi and Anyang peanuts are 7200 and 7350 respectively, with no change [1]. - **Basis and Spreads**: The current spot basis of Tianjin and Guangzhou first - grade soybean oil are 336 and 256 respectively. The current spot basis of Zhangjiagang and Guangzhou 24° palm oil are 156. The current spot basis of Zhangjiagang and Fangchenggang third - grade rapeseed oil are 567 and 387 respectively. The current spot basis of Nantong and Dongguan soybean meal are 329 and 339 respectively. The current spot basis of Nantong and Dongguan rapeseed meal are 235 and 195 respectively. The current spot basis of Linyi and Anyang peanuts are - 1014 and - 864 respectively. The current spot spreads of Guangzhou first - grade soybean oil and 24° palm oil, Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, and Dongguan soybean meal and rapeseed meal are - 880, 1430, and 780 respectively, with previous values of - 810, 1590, and 770 [1]. Import and Crushing Profit - The current import and crushing profits of near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed are - 679, - 288, 12, - 155, 497, and 411 respectively, with previous values of - 396, - 224, 77, - 88, 621, and 424 [1]. Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 24,892, 821, 805, 35,220, 0, and 900 respectively, with previous values of 24,892, 823, 805, 35,370, 0, and 900 [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The soybean crushing volume of NOPA member companies in February was 208.75 million bushels, a year-on-year increase of 17.4%, higher than market expectations [2] - Malaysia's palm oil exports from March 1 - 20 increased by 49.6% compared to the same period last month [2] - The Brazilian soybean harvest rate as of March 15 was 59.2%, with multiple institutions lowering their production forecasts, but the overall South American harvest remains bountiful [2] - Trump's invitation to farmers and biofuel producers may lead to the announcement of biofuel blending rules, boosting U.S. soybean crushing demand and futures prices [2] - The domestic supply of protein meal remains ample, suppressing price performance [2] - Southeast Asian palm oil production is entering an increasing season, but geopolitical conflicts and potential export restrictions from Indonesia may support palm oil prices [2] - U.S. biodiesel policies will boost demand for U.S. soybean oil, but the increase in domestic vegetable oil prices is limited [2] - The macro - environment is complex, and short - term price fluctuations of oils and fats are expected to be large [2] 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8616, 9796, and 9854 respectively, with price increases of 76, 104, and 74, and percentage increases of 0.89%, 1.07%, and - 3.15% respectively. For protein meal, the previous day's closing price of soybean meal was 3042, an increase of 6 (0.20%), and rapeseed meal was 2443, unchanged. Peanut futures closed at 8844, an increase of 26 (0.29%) [1] - **Spreads and Ratios**: The current spreads and ratios of various futures contracts have changed compared to the previous values. For example, the Y9 - 1 spread is now 18 (previously 20), and the M9 - 1 spread is now - 58 (previously - 56) [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4503 ringgit/ton, 1169 cents/bushel, 65.23 cents/pound, and 333 dollars/ton respectively. The price changes were - 45.0, 4.8, - 0.3, and 11.2 respectively, with percentage changes of - 0.99%, 0.41%, - 0.41%, and 3.48% respectively [1] Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals have different percentage increases. For example, the spot price of Tianjin first - grade soybean oil is 8900, an increase of 0.79%, and the spot price of Nantong soybean meal is 3320, an increase of 0.61% [1] - **Basis and Spreads**: The current spot basis and spreads of various products have also changed compared to the previous values. For example, the spot basis of Tianjin first - grade soybean oil is 284, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is now - 170 (previously - 120) [1] Import Profit and Warehouse Receipts - **Import Profit**: The current import profit of various products has changed compared to the previous values. For example, the import profit of Malaysian palm oil is now - 409 (previously - 585) [1] - **Warehouse Receipts**: The current warehouse receipts of various products have also changed compared to the previous values. For example, the current warehouse receipts of soybean oil are 25,342 (previously 25,714) [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report conducts a comprehensive analysis of four types of oil options, including rapeseed oil, palm oil, peanut, and soybean oil options. It presents the market data, option factors, and provides corresponding trading strategies for each type of option [3][15][27][39]. 3. Summary by Relevant Catalogs 3.1 Rapeseed Oil (OI) - **Market Data**: The OI605 contract closed at 9876 yuan yesterday, up 5 yuan or 0.05% from the previous day. The trading volume was 201,004 lots, an increase of 8,249 lots, and the open interest was 237,433 lots, an increase of 2,919 lots [3][6]. - **Option Factors**: The implied volatility of OI options fluctuates above the average of 0.1858. The OI option's open interest PCR is 1.0267, at the 28.98% level in the past year. The pressure level is 10,000, and the support level is 9,200 [5][6]. - **Strategy Suggestions**: For directional strategies, construct a condor spread strategy, such as S Ol2605C9900 + B Ol2605C10000 + S Ol2605P9500 + B Ol2605P9400. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [7]. 3.2 Palm Oil (P) - **Market Data**: The p2605 contract closed at 9718 yuan yesterday, down 100 yuan or 1.01% from the previous day. The trading volume was 407,410 lots, a decrease of 83,790 lots, and the open interest was 319,450 lots, a decrease of 11,646 lots [15][18]. - **Option Factors**: The implied volatility of P options fluctuates above the average of 0.2140. The P option's open interest PCR is 1.0435, at the 53.88% level in the past year. The pressure level is 10,400, and the support level is 9,000 [17][18]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B P2605C9600 and S P2605C10200. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [19]. 3.3 Peanut (PK) - **Market Data**: The PK605 contract closed at 8188 yuan yesterday, down 12 yuan or 0.14% from the previous day. The trading volume was 2,820 lots, a decrease of 10,637 lots, and the open interest was 188,551 lots, a decrease of 1,203 lots [27][30]. - **Option Factors**: The implied volatility of PK options fluctuates above the average of 0.1467. The PK option's open interest PCR is 0.5416, at the 60.41% level in the past year. The pressure level is 8,500, and the support level is 7,400 [29][30]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy. There is no suggestion for volatility strategies [31]. 3.4 Soybean Oil (Y) - **Market Data**: The y2605 contract closed at 8628 yuan yesterday, up 2 yuan or 0.02% from the previous day. The trading volume was 225,724 lots, a decrease of 25,297 lots, and the open interest was 594,096 lots, a decrease of 398 lots [39][42]. - **Option Factors**: The implied volatility of Y options fluctuates above the average of 0.1520. The Y option's open interest PCR is 0.7143, at the 24.08% level in the past year. The pressure level is 9,000, and the support level is 8,200 [41][42]. - **Strategy Suggestions**: For directional strategies, construct a bull call spread strategy, such as B Y2605C8400 + S Y2605C8800. For volatility strategies, strategies based on selling (such as single - selling and double - selling) are not recommended [43].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Oilseeds and Oils**: The continuous tense situation in the Middle East and the firm operation of crude oil support the promotion of biodiesel in the US and Indonesia, driving up international oil prices. For domestic oils, there are positive drivers, but price fluctuations are intensifying. For example, soybean oil is expected to rise with caution for long - positions, and palm oil may continue to rise with a bullish sentiment, while rapeseed oil may follow the price trends of crude oil and Canadian rapeseed [3][4]. - **Protein Feedstuffs**: CBOT soybeans are expected to have limited downward adjustment space and are likely to rise in the future. The cost of soybean imports in China is increasing, and the basis of soybean meal is expected to strengthen. Both soybean meal and soybean No. 2 are recommended for long - positions after the market stabilizes [5]. - **Energy and By - products**: For corn, although there are short - term disturbances such as farmers' concentrated grain sales and wheat releases, the medium - term support from tight high - quality grain supply and low channel inventory remains. Corn starch is expected to continue to fluctuate strongly in the short term due to low inventory and strong raw material prices [6]. - **Livestock and Poultry**: For pigs, the current spot price is under pressure, and the futures market shows a pattern of near - term weakness and far - term strength. For eggs, the supply pressure has been alleviated to some extent, and the futures price of the far - term peak season contract has a large premium over the current off - season spot price [7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 05 | Soybean sources are mainly concentrated in the middle stream, and downstream has restocking demand. The Middle East situation is tense, and US soybeans fluctuate widely. | 4650 - 4700 | 5000 - 5050 | Wide - range oscillation | Temporarily wait and see | | | Soybean No. 2 05 | The Middle East situation is tense, US soybeans fluctuate widely, and Brazilian premiums are firm. The cost - end support for China's soybean imports is expected to continue. | 3780 - 3800 | 4150 - 4200 | Wide - range oscillation | Temporarily wait and see | | Oils | Soybean Oil 05 | The Middle East situation is tense, the US biodiesel policy is continuously favorable, and China's soybean import cost may continue to rise, and the price center of soybean oil may move up. | 8450 - 8500 | 8950 - 9000 | Oscillatory rise | Hold long positions cautiously | | | Rapeseed Oil 05 | USDA has raised the annual output, the expectation of a bumper harvest has increased, and the price may fluctuate more after continuous upward movement. | 9450 - 9460 | 10000 - 10100 | Wide - range oscillation | Wait for the market to stabilize and then go long | | | Palm Oil 05 | Geopolitical and biodiesel expectations are favorable, and the export of Malaysian palm oil in March has improved significantly. | 9400 - 9410 | 10200 - 10220 | Oscillatory upward | Hold long positions cautiously | | Protein | Soybean Meal 05 | The Middle East situation is tense, US soybeans fluctuate widely, and Brazilian premiums are firm. The cost - end support for China's soybean imports is expected to continue, and the consumption of soybean meal still has resilience. | 2980 - 3000 | 3250 - 3300 | Oscillatory strength | Hold long positions cautiously | | | Rapeseed Meal 05 | The near - term supply - demand is still tight, but the far - term may turn to be loose. | 2400 - 2420 | 2740 - 2750 | Oscillatory strength | Be cautiously bullish | | Energy and By - products | Corn 05 | The supply of high - quality grain is tightened, and the low channel inventory provides medium - term support. However, there are short - term disturbances such as farmers' concentrated grain sales and increased wheat releases, and the futures price is expected to fluctuate within a range. | 2250 - 2280 | 2480 - 2500 | Oscillatory strength | Buy on dips | | | Corn Starch 05 | The spot inventory is low, the spot price has risen significantly, and combined with the strong cost, it has broken through and moved up in the short term. | 2670 - 2680 | 2880 - 2900 | Oscillatory strength | Buy on dips | | Livestock | Live Pigs 05 | Feed prices have stopped falling and rebounded, and there are policies to reduce production capacity. | 11000 - 11200 | 11800 - 12500 | Low - level oscillation | Buy on dips | | | Eggs 04 | Capacity pressure + marginal improvement in consumption | 3200 - 3300 | 3450 - 3500 | Oscillatory bottom - seeking | Buy on dips | [11] 3.1.2 Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Basis of the Main Contract | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4580 | 4580 | - 230 | 94 | | | Soybean No. 2 | 3950 | 3950 | 107 | 16 | | | Peanut | 7400 | 7400 | - 342 | 80 | | Oils | Soybean Oil | 8940 | 8940 | 242 | 28 | | | Rapeseed Oil | 10430 | - 50 | 554 | - 35 | | | Palm Oil | 9750 | - 120 | 32 | - 42 | | Protein | Soybean Meal | 3330 | - 10 | 311 | 311 | | | Rapeseed Meal | 2670 | - 10 | 247 | 10 | | Energy and By - products | Corn | 2390 | 0 | - 7 | - 13 | | | Corn Starch | 2850 | 0 | 52 | - 79 | | Livestock | Live Pigs | 9.90 (yuan/kg) | - 0.09 (yuan/kg) | - 320 | 65 | | | Eggs | 3.07 (yuan/jin) | 0.09 (yuan/jin) | - 59 (yuan/500kg) | 58.00 (yuan/500kg) | [13] 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: The table shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including arrival premiums, CBOT futures prices, CNF arrival prices, arrival duty - paid prices, and the cost of soybean meal when the crushing profit is zero [15][16]. - **Weekly Data**: It presents the inventory and operating rates of various oils and oilseeds, such as the port inventory of soybeans, the inventory of soy meal and soybean oil in oil mills, the inventory of rapeseeds in coastal oil mills, etc. [17] 3.2.2 Feed The table shows the weekly data of corn and corn starch, including the consumption of corn by deep - processing enterprises, the inventory of corn in deep - processing enterprises, the operating rate of starch enterprises, the inventory of starch enterprises, and the grain - selling progress of farmers [18]. 3.2.3 Livestock - **Live Pigs**: It includes the weekly data of the live pig market, such as the average weekly prices of二元 sows, 7 - kg outer - ternary piglets, and outer - ternary live pigs, as well as data on breeding costs, profits, slaughter volume, and inventory [19]. - **Eggs**: It shows the weekly data of the egg market, including the laying rate, the proportion of large, medium, and small eggs, the age of culled hens, the sales volume, inventory, and breeding profits [20]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, as well as the spot prices of live pigs, piglets, white - striped pigs, eggs, chicken seedlings, and culled hens [22][23][24][25][27][28][29]. - **Oils and Oilseeds**: - **Palm Oil**: It includes charts of Malaysia's palm oil monthly production, export volume, ending inventory, import profit, import volume, domestic inventory, daily trading volume, and price spreads [31][33][35][36]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil mill operating rate, domestic soybean oil inventory, daily trading volume, and price spreads [38][39][40][42]. - **Peanuts**: It includes charts of the arrival and shipment volume of peanuts in domestic wholesale markets, peanut crushing profit, oil mill raw material procurement volume, peanut operating rate, peanut inventory, peanut oil inventory, peanut import volume, and price spreads [44][46]. - **Feed**: - **Corn**: It includes charts of corn spot prices, futures closing prices, basis, price spreads, port inventory, grain - selling progress, import volume, consumption by deep - processing enterprises, inventory of deep - processing enterprises, and processing profits [48][49][52][54][55]. - **Corn Starch**: It includes charts of corn starch spot prices, futures closing prices, basis, price spreads, operating rate, inventory, and processing profits [57][60][61][68]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [61][62][64][65][66]. - **Soybean Meal**: It includes charts of US soybean flowering and pod - setting rates, soybean and soybean meal inventory [68][70]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It includes charts of the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and the put - call ratio of corn options [74][76]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It includes charts of the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indexes [78][80][81].