1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Corn**: The corn market showed an upward trend with increased positions. After the Spring Festival, the spot price of corn rose, and the futures price also continued to rise. The price in the Northeast region increased slightly, and the price in North China was stable with a slight upward trend. Technically, the futures and spot prices resonated after the festival, and long - position holders could continue to hold and observe. The view is that the market is oscillating strongly [1]. - **Soybean Meal**: CBOT soybeans reached a three - month high on Wednesday. Domestic protein meal followed the upward trend due to rising import costs and the extension of the 25 - day customs inspection policy until May. The strategy is to participate in short - term long positions [1]. - **Oils and Fats**: BMD palm oil closed slightly lower for the fourth consecutive day, following the weakness of the surrounding market. Domestic oils and fats continued to rise, with soybean oil being stronger than rapeseed oil and palm oil. The strategy is to focus on short - term trading [1]. - **Eggs**: The egg futures main contract 2604 oscillated and adjusted, and the spot price stabilized. The demand for school - opening season stocking provided some support, but the short - term supply was abundant, and the fundamentals were likely to remain weak. The short - term market oscillated at a high level [1]. - **Pigs**: The live - hog futures rebounded from a low level. Although the short - term school - opening season stocking might support the price, the probability of a trend - based rebound was low. It is recommended to conduct short - term trading [2]. 3. Summary According to the Directory Research Views - **Corn**: After the Spring Festival, the corn spot price increased, and the futures price continued to rise. The price in the Northeast and North China regions showed an upward trend. The market was not very active in trading, and long - position holders could continue to hold [1]. - **Soybean Meal**: CBOT soybeans reached a high, and domestic protein meal followed the upward trend due to factors such as rising import costs and policy extension. Short - term long - position participation is recommended [1]. - **Oils and Fats**: BMD palm oil declined, while domestic oils and fats rose. The export of Malaysian palm oil decreased, and the price of soybean oil was strong due to the policy. Short - term trading is the main strategy [1]. - **Eggs**: The egg futures oscillated, and the spot price stabilized. The school - opening season stocking supported the demand, but the short - term supply was abundant, and the fundamentals were weak [1]. - **Pigs**: The live - hog futures rebounded from a low level. The short - term school - opening season stocking might support the price, but the probability of a trend - based rebound was low. Short - term trading is recommended [2]. Market Information - **Canada's Oilseed and Wheat Data**: In January 2026, Canada's rapeseed crushing volume decreased by 2.17% month - on - month but increased by 4.24% year - on - year. The production of rapeseed oil and rapeseed meal also had corresponding changes. The 2025/26 market - year Canadian wheat export was faster than the previous year, but the recent weekly export volume decreased due to the priority of rapeseed transportation [3]. - **Inventory and Price Information**: The inventory of corn starch continued to increase. As of February 25, the total inventory of corn starch enterprises in the country was 119.8 million tons, with a weekly increase of 7.16% and a monthly increase of 16.54%. The export reference price of Ukrainian rapeseed increased, and the production might decline. The export forecast of Russian wheat in the 2025/26 and 2026/27 seasons was adjusted [4]. Variety Spreads - **Contract Spreads**: There are charts showing the 5 - 9 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live - hogs [6][8][9][12]. - **Contract Basis**: There are charts showing the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live - hogs [15][18][22][23].

Core Viewpoint - The recent harvests in Argentina and Australia, along with rising expectations for a ceasefire in Ukraine, have intensified supply pressures, leading to a continued decline in U.S. wheat futures, which are hovering near their lowest levels since late October [1] Market Information - As of December 14, the European Union's soft wheat export volume for the 2025/26 season is projected at 10.5 million tons, down from 10.8 million tons in the same period last year [1] - The EU's barley export volume for the 2025/26 season is expected to be 5 million tons, significantly higher than 2.1 million tons in the previous year [1] - The French Ministry of Agriculture forecasts that the winter wheat planting area for the 2026 harvest season will reach 4.56 million hectares, a 2.3% increase from 2025, but slightly below the five-year average [1] - According to the U.S. Department of Agriculture, as of the week ending December 11, 2025, the U.S. wheat export inspection volume was 488,025 tons, revised from 396,058 tons the previous week [1] - For the current crop year, the cumulative U.S. wheat export inspection volume stands at 14,124,803 tons, compared to 11,578,252 tons in the same period last year [1] - Dmitry Rylko, head of IKAR consulting, reported that the offshore price for Russian wheat with 12.5% protein content was $228 per ton in the second half of January, an increase of $0.5 from the previous week [1]

Group 1 - The core point of the article is that Russia and Bahrain will establish a hub for the sale of Russian wheat [1] Group 2 - This initiative indicates a strategic partnership between Russia and Bahrain in the agricultural sector [1] - The establishment of the wheat sales hub may enhance Russia's export capabilities and market reach in the Middle East [1]

Energy - Petrobras, the Brazilian state oil company, has lowered diesel prices [2] - EU officials announced that the European Commission will propose a legal ban on imports of natural gas and LNG from Russia by the end of 2027 [2] - Saudi Arabia set the official selling price for June Arab Light crude oil to the US at a premium of $3.40 per barrel over the Argus sour crude benchmark, and to Asia at a premium of $1.40 per barrel over the Oman/Dubai average [2] - Apollo Global Management's economist Torsten Slok indicated that the significant drop in oil prices may lead US producers to cut production and potentially seek layoffs [2] Precious Metals and Mining - Goldman Sachs reiterated its bullish structural outlook on gold, forecasting a price of $3,700 per ounce by the end of the year and $4,000 by mid-2026 [3] - The Reserve Bank of India reported holding 879.59 tons of gold as part of its foreign exchange reserves as of March 31, with domestic holdings at 511.99 tons [3] - The government of the Democratic Republic of the Congo has initiated a new round of dialogue with rebel groups [3] - The President of Peru announced a curfew in areas where miners were killed, leading to a 30-day suspension of all mining activities in the Pataz region [3] Agriculture - Russian agricultural consultancy IKAR reported that the FOB price for Russian wheat with a protein content of 12.5% fell by $2 to $247 per ton from late March to early April [4] - Kazakhstan plans to increase sunflower planting area by 9.5% by 2025 to diversify its crops [4] - The Thai Ministry of Commerce aims to achieve a rice export target of 7.5 million tons this year [4] Trade Policy - India proposed to implement reciprocal zero tariffs on a certain quantity of US auto parts and steel [5] - Sources revealed that the US recently rejected Japan's request for a comprehensive exemption from the 10% reciprocal tariffs and tariffs targeting specific countries [5]