Report Industry Investment Ratings No information provided in the given content. Core Views Red Dates - The 2025/26 production season of red dates presents a pattern of "loose supply and stable-to-rising demand". Festival stocking shows periodic characteristics, and consumption may slightly recover under favorable macro - environment. However, low prices have limited stimulus on demand, and explosive growth is unlikely. The stable spot price supports the lower end of the futures price, while the hedging pressure above the futures price is relatively large, and the price oscillates in a low - level range [1]. Apples - In the short term, the futures price is supported by the low good - fruit rate and low inventory. With the approaching of the Spring Festival stocking season, market activity has increased. In the long - term, good - quality apples are in short supply with firm prices, while farmer - sourced apples with high cost - performance are scarce. High prices may suppress consumption, and the price advantage of other fruits (such as citrus) squeezes the apple market, resulting in large inventory pressure for ordinary apples. The futures market oscillates at a high level, with the near - term contracts stronger than the far - term ones [3]. Oils - Palm oil: Concerns about Indonesia's temporary non - implementation of the B50 biodiesel policy and large inventory pressure in Malaysia may suppress the market. In China, the Dalian palm oil futures market maintains a volatile consolidation trend. Attention should be paid to whether it can effectively stand above 8750 yuan. - Soybean oil: The relationship between the US and Iran may affect international crude oil supply and the trend of vegetable oils as biodiesel raw materials. In China, factory soybean oil inventory has decreased, but the supply of soybeans is not short with the successful auction of 114,000 tons of soybeans by CGC. The long and short factors coexist, and the May contract of Dalian soybean oil will continue to oscillate around 8000 yuan in the short term. - Rapeseed oil: Affected by the possible obstruction of Iran's crude oil exports and the nearly 3% jump in US crude oil, the rapeseed oil market reached the 900 - yuan mark in the morning. In the afternoon, it fell back to around 8900 yuan due to Indonesia's decision to raise the palm oil export tax and maintain the B40 policy. The overall market maintains a wide - range oscillation pattern. The upcoming Sino - Canadian talks make the rapeseed market cautious, with significant intraday fluctuations [5]. Corn - In the Northeast, the reluctant - to - sell sentiment is obvious, and the supply volume has no significant change. Downstream enterprises have started pre - holiday stocking, supporting the price to run strongly. In North China, the reluctance to sell high - quality grains is strong, and the number of trucks arriving at deep - processing plants remains low, with prices oscillating in a narrow range. On the demand side, the inventory at northern ports is low without obvious accumulation, deep - processing enterprises (especially in the Northeast) have low inventory and high stocking willingness, while feed enterprises have sufficient inventory and mainly replenish stocks on a rolling basis. On the policy side, the directional auction of imported corn and the competitive sales of corn continue, but the scale is limited and the auctions are highly successful. Overall, the tight supply of corn and the downstream's rigid demand for stocking strongly support the price, but the gradual release of policy - related corn also limits the price increase, and the market maintains a high - level oscillation. Attention should be paid to the change in farmers' selling mentality and policy release [7]. Pigs - The spot price of pigs has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the North has decreased, while the demand in the South has declined significantly, with limited purchasing power, suppressing the spot price. Recently, there has been some second - fattening replenishment in some areas, but the overall enthusiasm is limited due to the current high pig prices. The market is betting on the pre - Spring Festival consumption, but it is expected that there will be a large - scale supply in mid - to - late January, with an expected increase in the supply from large - scale farms. Currently, the basis is strong, and the futures price has the impetus to repair upwards, but there is no obvious positive factor in the fundamentals. It is recommended to short at high levels after the market stabilizes [10]. Sugar - ICE raw sugar futures are falling. Favorable weather in Brazil has accelerated the harvesting progress, and the rainfall in the central - southern region since December is beneficial to the growth of sugarcane in the 2026/27 season, with the initial forecast of a 3% increase in the sugarcane yield per unit area. In India, the production is strong, while in Thailand, the sugar - making season progress is slow due to government bans on burning sugarcane and holiday shutdowns, resulting in a year - on - year decrease in sugar production. The raw sugar price is expected to oscillate weakly within a range. In China, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. With the approaching of the Spring Festival, trading is good due to stocking demand, and enterprises mainly sell at appropriate prices. With the concentrated listing of new sugar, market participants are generally cautious, and the sugar price is expected to oscillate at a low level [13][14]. Meal Products - The USDA slightly increased the US soybean production and decreased the exports, leading to an increase in US soybean inventory and a correction in the market. In the short term, the CBOT main contract has strong support around 1050 cents, and the downward space is limited. In China, the speed of soybean purchases is fast, and the continuous supply of US soybeans and reserve auctions has maintained a loose spot market. The inventory of soybeans and soybean meal remains at a high level, and auctions also suppress the market. The premium of auction transactions is small, and the market is resistant to high prices. However, the expected arrival volume in the first quarter is low, and there is still speculation about customs clearance. The downward space of soybean meal is limited, and the upper limit is mainly affected by the policy. In the short term, the market sentiment is positive, and the futures price oscillates [15]. Eggs - The recent increase in egg prices has improved the breeding profitability, reducing the farmers' willingness to sell laying hens. The number of newly - laying hens has slightly increased, but due to the impact of weather, the egg weight has increased rapidly, resulting in a significant shortage of small - and medium - sized eggs compared to large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the overall supply is still in an oversupply stage. The demand is strongly supported by Spring Festival stocking, with increased procurement in all sectors, and the internal sales in production areas are strong, but transactions in high - price areas are cautious. According to the latest survey data, on January 14, 2026, the production - link inventory in China decreased by 17.78% to 0.37 days, and the circulation - link inventory decreased by 7.94% to 0.58 days. The Spring Festival stocking will continue to drive market demand. However, after the recent price increase, the market faces short - term digestion pressure, and there is a possibility of a slight price correction. Overall, the futures price is expected to oscillate at a low level [17]. Cotton - ICE cotton futures are generally stable. The January USDA report shows that the 2025/26 US cotton supply - demand table in January has a double - decline in production and ending inventory compared to the December report. The drought index in US cotton - growing areas continues to rise, in line with the winter weak La Nina weather, but it is still early for sowing and remains to be observed. USDA export sales have been continuously declining, and export expectations may be lowered. It is expected that US cotton will maintain a low - level oscillation pattern. The public inspection of Xinjiang cotton is progressing faster than previous years, and the commercial inventory is continuously increasing, showing short - term supply pressure. However, cotton enterprises have a strong willingness to hold prices as the inventory reduction speed is fast and the sales pressure is significantly reduced. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, the positive factors in the industrial fundamentals have been fully priced in, and the widening of the domestic - foreign cotton price difference will gradually make it possible to import cotton with a 40% tariff. The negative factors for Zhengzhou cotton are gradually increasing, but overall, the short - term cotton price may enter an adjustment phase [18]. Summaries by Related Catalogs Red Dates - Futures prices: The main contract (red dates 2605) closed at 9130 yuan/ton, up 70 yuan or 0.77% from the previous day. Other contracts also showed different degrees of increase [1]. - Spot prices: The price of Cangzhou's special - grade red dates was 9500 yuan/ton, up 10 yuan or 0.11% [1]. - Basis: The basis of Cangzhou's special - grade red dates against the main contract was - 230 yuan/ton, a significant change [1]. - Inventory: The total of warehouse receipts and effective forecasts was 3483, up 102 or 3.02% [1]. Apples - Futures prices: The main contract (apple 2605) closed at 9934 yuan/ton, up 155 yuan or 1.59% from the previous day [3]. - Market arrivals: The arrivals at several fruit wholesale markets decreased, such as the Chalong Fruit Wholesale Market with a 14.29% decrease [3]. - Inventory: The national cold - storage inventory was 720.90 million tons, down 12.66 million tons or 1.73% [3]. Oils - Soybean oil: The spot price in Jiangsu was 8530 yuan/ton, up 40 yuan or 0.47%. The Y2605 futures price was 7986 yuan/ton, down 8 yuan or - 0.10%. The basis was 544 yuan/ton, up 48 yuan or 9.68% [5]. - Palm oil: The spot price of 24 - degree palm oil in Guangdong was 8858 yuan/ton, up 90 yuan or 0.68%. The P2605 futures price was 8778 yuan/ton, up 54 yuan or 0.62%. The basis was 50 yuan/ton, up 6 yuan or 13.64% [5]. - Rapeseed oil: The spot price of third - grade rapeseed oil in Jiangsu was 9940 yuan/ton, up 40 yuan or 0.40%. The OI605 futures price was 9017 yuan/ton, up 37 yuan or 0.41%. The basis was 923 yuan/ton, up 3 yuan or 0.33% [5]. Corn - Futures prices: The corn 2603 contract closed at 2272 yuan/ton, down 12 yuan or - 0.53% [7]. - Spot prices: The FOB price at Jinzhou Port was 2345 yuan/ton, down 5 yuan or - 0.21% [7]. - Inventory: The number of warehouse receipts was 38762, up 614 or 1.61% [7]. Pigs - Futures prices: The main contract (pigs 2605) closed at 12260 yuan/ton, up 90 yuan or 0.74% [10]. - Spot prices: The price in Henan was 13000 yuan/ton, remaining unchanged [10]. - Inventory: The number of warehouse receipts was 855, remaining unchanged [10]. Sugar - Futures prices: The sugar 2605 contract closed at 5299 yuan/ton, up 46 yuan or 0.88% [13]. - Spot prices: The price in Nanning was 5370 yuan/ton, up 10 yuan or 0.19% [13]. - Inventory: The industrial inventory in the country was 211 million tons, up 20.6 million tons or 10.82% [13]. Meal Products - Soybean meal: The spot price in Jiangsu was 3120 yuan/ton, down 20 yuan or - 0.64%. The M2605 futures price was 2751 yuan/ton, down 10 yuan or - 0.36% [15]. - Rapeseed meal: The spot price in Jiangsu was 2370 yuan/ton, down 20 yuan or - 0.84%. The RM2605 futures price was 2289 yuan/ton, down 25 yuan or - 1.08% [15]. Eggs - Futures prices: The egg 03 contract closed at 3007 yuan/500KG, up 17 yuan or 0.57% [17]. - Spot prices: The price in the egg - producing areas was 3.46 yuan/jin, up 0.01 yuan or 0.40% [17]. - Breeding data: The egg - to - feed ratio was 2.34, up 0.08 or 3.42%, and the breeding profit was - 21.81 yuan/feather, up 4.79 yuan or 18.01% [17]. Cotton - Futures prices: The cotton 2605 contract closed at 14810 yuan/ton, up 50 yuan or 0.34% [18]. - Spot prices: The arrival price of Xinjiang's 3128B cotton at the factory was 15500 yuan/ton, up 217 yuan or 1.40% [18]. - Inventory: The commercial inventory was 578.47 million tons, up 110.11 million tons or 23.5% [18].

Group 1: Report Industry Investment Ratings - No information provided regarding industry investment ratings in the given reports. Group 2: Core Views of the Reports Apple - Short - term, the apple futures market is supported by a low good - fruit rate and low inventory, and market activity increases with the approaching Spring Festival. Long - term, good - quality fruits are in short supply with firm prices, while high prices may suppress consumption, and the market share of ordinary apples is squeezed by other fruits, leading to high inventory pressure. The futures market shows a high - level shock with a near - strong and far - weak price pattern [1]. Red Dates - The current red date market has sufficient supply, with off - grade and finished products arriving at the sales areas. The overall market transaction is weak, and the consumption peak season is lackluster. Recently, the number of futures warehouse receipts has gradually increased. The short - term fundamentals have no obvious driving force, and the futures prices fluctuate within a range [3]. Oils and Fats - Palm oil shows a trend of rising and then falling due to rumors about Indonesia's B50 biodiesel policy. Domestic palm oil may test the support at 8750 yuan. For soybean oil, the US market has a decrease in production but an increase in ending stocks, which is bearish. However, domestic soybean oil fundamentals are improving, but the rise is restricted by USDA and MPOB reports. Rapeseed oil is boosted by the strong performance of related external oils, but its upward momentum is limited due to expected trade - relation easing and global rapeseed harvest. There is a risk of it falling to 8900 yuan, while the spot price remains strong due to low inventory [5]. Corn and Corn Starch - In the corn market, the supply in the Northeast region is still limited, and prices are strong before the Spring Festival. In the North China region, prices fluctuate slightly. The demand side has different inventory strategies for different enterprises, and policy - driven corn auctions are ongoing but with limited scale. Overall, the tight supply of corn and the downstream's need for stocking support prices, but policy - released corn restricts the increase. For corn starch, prices also show certain fluctuations [7]. Sugar - The market's focus is on Brazil's 26/27 sugar - cane season starting in April. ICE raw - sugar futures have a slight increase due to the decline in Brazil's sugar production in the first half of December. The expected increase in the next - season's sugar - cane yield in Brazil and India's strong production, along with Thailand's slow - progress season, lead to a stable and fluctuating raw - sugar price in the range of 14.5 - 15.5 cents per pound. In the domestic market, the sugar price is expected to remain low and fluctuate [10]. Meal Products - USDA slightly raises the US soybean production and lowers exports, causing the US soybean inventory to rise and the market to correct. However, CBOT has strong support at around 1050 cents. In the domestic market, the supply is abundant, and the inventory of soybeans and soybean meal is high, which suppresses the market. But the expected low - level arrival in the first quarter and the uncertainty of arrival time limit the downward space of soybean meal. The market maintains a weak and fluctuating trend in the short term [12]. Cotton - ICE cotton futures are relatively stable, supported by the USDA supply - demand report. The US cotton shows a decrease in both production and ending stocks in January compared to December. The drought index in the US cotton - producing areas is rising, and the export sales are declining, so US cotton is expected to remain in a low - level shock. Zhengzhou cotton has support from textile enterprises' rigid demand, but with increasing unfavorable factors such as compressed profits and expanding price differences between domestic and foreign cotton. The short - term cotton price may enter an adjustment period [14]. Live Pigs - The live - pig spot price has returned to an oscillating pattern. After the New Year's Day, the market demand has significantly declined, with reduced supply in the North and a sharp drop in demand in the South, suppressing the price. Although there is still some second - fattening activity, the enthusiasm is limited. The overall supply in January is expected to be abundant, and the market is expected to be oscillating and bearish [15]. Eggs - The egg supply is in an oversupply stage, with a slight decrease in the number of culled hens and a small increase in newly - laid hens. There is a structural difference in egg sizes. The demand is increasing due to the peak production season of food enterprises and the approaching Spring Festival, but the increase is mainly in the trade - link inventory turnover. After the recent price increase, there may be a short - term adjustment, but there is still a possibility of a small increase, with attention to the pressure level around 3100 [17]. Group 3: Summary by Related Catalogs Apple - Futures prices: Apple 2605 (main contract) rose 1.55%, and Apple 2610 rose 0.81%. The basis decreased by 10.42%, and the 5 - 10 spread increased by 6.96%. - Market arrivals: The arrivals at several major fruit wholesale markets increased, with a 16.67% increase at Chalong Fruit Wholesale Market. - Inventory and profit: The national cold - storage inventory decreased by 1.73%, and the factory - warehouse delivery profit increased [1]. Red Dates - Futures prices: Red date 2605 (main contract) fell 1.09%, and other contracts also showed declines. The 5 - 7 and 5 - 9 spreads decreased. - Spot prices: The prices of different - grade red dates in Cangzhou were relatively stable. The basis of Cangzhou's top - grade and first - grade red dates against the main contract increased. - Inventory: The number of warehouse receipts increased by 5.71%, and the effective forecast decreased by 15.25% [3]. Oils and Fats - Soybean oil: The spot price in Jiangsu increased by 1.18%, the futures price of Y2605 decreased by 0.10%, and the basis increased by 21.77%. The number of warehouse receipts decreased by 0.17%. - Palm oil: The spot price in Guangdong increased by 2.89%, the futures price of P2605 increased by 0.62%, and the basis increased by 264.86%. The number of warehouse receipts decreased by 20.72%. - Rapeseed oil: The spot price in Jiangsu increased by 1.55%, the futures price of OI605 increased by 0.41%, and the basis increased by 15.69%. The number of warehouse receipts increased by 14.40% [5]. Corn and Corn Starch - Corn: The futures price of Corn 2603 decreased by 0.26%, the basis increased by 32.00%, and the 3 - 7 spread increased by 100.00%. The import cost from Brazil decreased by 3.38%, and the import profit increased by 37.80%. - Corn starch: The futures price of Corn Starch 2603 decreased by 0.19%, the basis increased by 8.78%, and the 3 - 7 spread increased by 10.34% [7]. Sugar - Futures market: The futures prices of Sugar 2605 and 2609 decreased, and the ICE raw - sugar main contract decreased by 0.34%. The 5 - 9 spread decreased by 116.67%. - Spot market: The spot prices in Nanning and Kunming were stable. The basis in Nanning increased by 42.67%, and in Kunming, it increased by 58.18%. - Industry situation: The national sugar production and sales decreased year - on - year, and the industrial inventory increased [10]. Meal Products - Soybean meal: The spot price in Jiangsu decreased by 0.32%, the futures price of M2605 decreased by 1.04%, and the basis increased by 5.28%. The Brazilian 2 - month shipping - period crushing profit increased by 40.1%. - Rapeseed meal: The spot price in Jiangsu decreased by 0.42%, the futures price of RM2605 decreased by 0.69%, and the basis increased by 8.57%. The Canadian 3 - month shipping - period crushing profit increased by 2.87% [12]. Cotton - Futures market: The futures prices of Cotton 2605 and 2609 increased, and the ICE US cotton main contract increased by 0.71%. The 5 - 9 spread increased by 8.82%. - Spot market: The Xinjiang arrival price and CC Index 3128B decreased, while the FC Index M 1% increased. The basis differences between 3128B and futures contracts decreased. - Industry situation: The commercial inventory increased by 23.5%, the import volume increased by 33.3%, and the textile - related export and retail data showed certain changes [14]. Live Pigs - Futures market: The futures price of Live Pig 2605 increased slightly, and the 3 - 5 spread increased by 12.79%. The main - contract basis increased by 3.43%. - Spot market: The spot prices in different regions showed slight fluctuations. The sample - point slaughter volume decreased by 1.12%, and the white - strip price increased by 0.92% [15]. Eggs - Futures market: The futures prices of Egg 03 and 04 contracts decreased. The 3 - 4 spread decreased by 2.53%. - Spot market: The egg - producing area price increased by 2.77%, and the basis increased by 36.92%. - Related indicators: The egg - chicken - seedling price, egg - feed ratio, and breeding profit increased, while the culled - chicken price decreased [17].

Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views Apple - The trading atmosphere in the national apple market has warmed up, with increased market activity. High - quality apples are in short supply and prices are firm, but high prices may suppress consumption. Other fruits, such as citrus, have price advantages and squeeze the apple market. The inventory of ordinary apples is under pressure. Due to low inventory and a low rate of high - quality apples, the futures market has been oscillating upwards recently, and the delivery profit has been repaired. Attention should be paid to the de - stocking progress [1][5]. Red Dates - Affected by the warming sentiment in the commodity market, the futures market has rebounded and the basis has converged. The purchase in the production areas is basically over, and processing enterprises are actively arranging production and accelerating the shipment rhythm. New and old stocks are being supplied to the market. Currently, downstream buyers are purchasing as needed, and the number of buyers inspecting goods has increased, but there has been no significant improvement in transactions. The process of generating new - season warehouse receipts has accelerated. In the context of strong supply and weak demand, the rebound of red date futures is expected to be limited. Attention should be paid to pre - Spring Festival stocking and actual de - stocking progress [8]. Sugar - Internationally, the market's focus has shifted to Brazil's 26/27 sugar - cane crushing season starting in April. Since December, rainfall in most major producing areas in the central - southern region has exceeded the average, which is beneficial for the growth of sugar - cane in the 26/27 season and has improved the production outlook. The market initially expects the sugar - cane yield per unit area to increase by about 3% year - on - year. In India, production is strong, with cumulative sugar production reaching 11.83 million tons as of the end of December, a 24% year - on - year increase. However, due to the lack of price competitiveness, the current export progress is slow. In Thailand, the sugar - cane crushing season is progressing slowly. Domestically, the production and sales data of Guangxi and Yunnan are mixed, generally in line with market expectations. As the Spring Festival approaches, downstream enterprises still have a certain scale of procurement demand, which can support prices. However, considering the current situation of increased production, market participants are generally cautious. It is expected that sugar prices will maintain a low - level oscillating trend [9]. Cotton - The drought index in the US cotton - producing areas continues to rise, in line with the expectations of a weak La Nina winter. However, the profits of Xinjiang textile enterprises and the cash flow of inland textile enterprises have been compressed to a low level, and the positive factors in the industrial fundamentals have been fully priced in. The widening gap between domestic and foreign cotton prices will gradually allow imported cotton to enter the market with a 40% tariff, and the unfavorable factors for Zhengzhou cotton are gradually increasing. Overall, the upward trend remains unchanged. In the short term, cotton prices may enter an adjustment phase. Attention should be paid to the support level around the 14,100 - 14,300 moving average [11]. Oils and Fats - After the release of the USDA monthly report at the beginning of the week, the uncertainty makes it unlikely for funds to continue to go long on CBOT soybeans. Moreover, as Brazilian soybeans are about to be on the market, even if CBOT soybeans rise, they will likely correct later. The market is waiting for guidance from the USDA report. If the report causes CBOT soybeans to rise, the March contract of CBOT soybeans will test the resistance at 50 cents. Malaysian palm oil futures have been oscillating upwards, waiting for the MPOB supply - demand report next Monday. The international oil market has been boosted by the more than 3% increase in the US crude oil futures price and the follow - up rise of US soybeans, which is beneficial for the domestic vegetable oil market. The negative impact of the news of the Canadian Prime Minister's visit to China has been basically digested, and short - selling funds have taken profits and left the market. The rapeseed oil futures have rebounded above 9,000 yuan. Before the release of key information such as the US agricultural supply - demand report, Malaysian palm oil inventory data, and possible policy changes after the China - Canada meeting, the futures market is expected to maintain a wide - range oscillating pattern. In the spot market, the wait - and - see sentiment is still strong, and downstream buyers are replenishing stocks in small quantities as needed. Spot prices fluctuate with the market, and the basis quotation continues to be high [12]. Eggs - On the supply side, the recent increase in egg prices has improved breeding profitability, leading to a decrease in farmers' enthusiasm for culling laying hens. The number of newly - laid hens has increased slightly compared with the previous period. However, due to the influence of weather, the egg weight has increased rapidly, resulting in a significant shortage of small and medium - sized eggs compared with large - sized eggs. The market shows a structural differentiation. Considering factors such as increased production capacity and reduced culling, the current market supply is still in an oversupply stage. On the demand side, food enterprises are in the peak production season, and their procurement volume is continuously increasing. In addition, as the Spring Festival approaches, the festival stocking plans of all links in the terminal consumer market have been gradually launched, and the willingness to purchase at low prices has increased. However, there has been no significant change in the procurement intensity of household consumption. The current increase in demand is mainly reflected in the inventory turnover of the trading link. In the coming week, pre - Spring Festival stocking will still be the core driving force for market demand growth. After the recent price increase, the market has short - term digestion pressure and may experience a slight decline. However, the positive support factors in the market are clear, and it is expected that after a short - term adjustment, there may still be a slight increase. Attention should be paid to the resistance level around the previous high of 3,100 [13]. Corn - On the supply side, in the Northeast region, the price is strongly supported by the price - holding attitude of grass - roots farmers and the rigid - demand stocking of some downstream enterprises. In the North China region, the supply can meet the needs of enterprises, and the supply - demand is relatively balanced, with prices oscillating within a narrow range. If the supply increases before the Spring Festival, prices may weaken. On the demand side, deep - processing enterprises still have the intention to replenish stocks, but their profits are slightly in the red, and they are less willing to accept high - priced corn. Feed enterprises have sufficient inventories and mainly replenish stocks on a rolling basis. On the policy side, the targeted auction of imported corn continues, and although there is a premium, it has cooled down. The policy - based corn supply is currently limited, and attention should be paid to its subsequent intensity. In general, the strong price - holding sentiment and the rigid - demand stocking intention of downstream enterprises support the corn price. However, the profit losses of downstream enterprises limit their acceptance of high prices, and the continuous policy - based supply suppresses the upward momentum of corn prices. Attention should be paid to the resistance level around 2,270, as well as changes in farmers' selling attitudes and policy - based supply [16]. Live Pigs - The spot price has returned to an oscillating pattern. After the New Year's Day, market demand has significantly declined. The supply in the north has decreased, while the demand in the south has dropped significantly, and purchasing power is weak, suppressing the spot price. Recently, there has been some restocking for secondary fattening in some areas, but due to the relatively high current pig price, the overall enthusiasm is limited. However, the average weight of the存栏 has been increasing, and the subsequent market supply is expected to increase. The market is betting on pre - Spring Festival consumption, but it is expected that pigs will be slaughtered gradually in mid - to - late January. Coupled with the expected increase in supply from large - scale farms, the overall supply in January will be relatively loose, and there is limited room for further upward movement in the futures market. It is recommended to short at high prices [18][19]. Meal - The US soybeans are strongly influenced by funds and sentiment. The market is looking forward to the USDA supply - demand report on Monday, which may provide new trading guidance. In China, the speed of soybean purchases is relatively fast, and the supply will be continuously supplemented by US soybeans and reserve auctions. The visit of Canada to China has brought positive signals, and there is an expectation of improved China - Canada relations, which has led to a significant decline in domestic rapeseed prices and dragged down the soybean meal market. The domestic spot market remains in a loose pattern, with high inventories of soybeans and soybean meal. There are also many expectations of auctions recently, which also put pressure on the market. Although the expected arrival volume in the first quarter is low, the arrival rhythm is uncertain. The downside of soybean meal is limited, and the upside is mainly affected by policy factors. In the short term, the market sentiment is relatively optimistic, and the futures market will maintain a range - bound oscillation [21]. Summary by Related Catalogs Apple - **Futures Market**: The price of the apple 2605 (main contract) increased by 158 yuan/ton to 9,689 yuan/ton, a rise of 1.66%. The price of the apple 2610 contract increased by 21 yuan/ton to 8,472 yuan/ton, a rise of 0.25%. The futures open interest increased by 23,520 lots to 156,793 lots, a rise of 17.65% [1]. - **Spot Market**: The arrival volume at several fruit wholesale markets has increased, with the arrival volume at Chalong Fruit Wholesale Market increasing by 40%, Jiangmen Fruit Wholesale Market by 37.5%, and Xiaqiao Fruit Wholesale Market by 33.33%. The national cold - storage inventory decreased by 126,600 tons to 7.209 million tons, a decline of 1.73% [1]. - **Profit**: The factory - warehouse delivery profit increased by 121 yuan/ton to 457 yuan/ton, a rise of 36.01% [1]. Red Dates - **Futures Market**: The price of the red date 2605 (main contract) increased by 75 yuan/ton to 9,150 yuan/ton, a rise of 0.83%. The open interest increased by 4,234 lots to 154,819 lots, a rise of 2.81% [8]. - **Spot Market**: The price of Cangzhou's extra - grade red dates increased by 50 yuan/ton to 9,520 yuan/ton, a rise of 0.53%. The basis of extra - grade red dates in Cangzhou relative to the main contract increased by 205 yuan/ton to - 230 yuan/ton, a rise of 87.80% [8]. Sugar - **Futures Market**: The price of sugar 2605 increased by 9 yuan/ton to 5,288 yuan/ton, a rise of 0.17%. The open interest of the main contract increased by 3,135 lots to 432,813 lots, a rise of 0.73% [9]. - **Spot Market**: The price in Nanning remained unchanged at 5,370 yuan/ton. The basis in Nanning decreased by 9 yuan/ton to 82 yuan/ton, a decline of 9.89% [9]. - **Industry Situation**: The cumulative national sugar production decreased by 317,900 tons to 1.05 million tons, a decline of 23.24%. The cumulative national sugar sales decreased by 259,000 tons to 350,000 tons, a decline of 42.53% [9]. Cotton - **Futures Market**: The price of cotton 2605 decreased by 65 yuan/ton to 14,675 yuan/ton, a decline of 0.44%. The open interest of the main contract decreased by 13,905 lots to 848,986 lots, a decline of 1.61% [11]. - **Spot Market**: The arrival price of Xinjiang cotton of grade 3128B decreased by 67 yuan/ton to 15,671 yuan/ton, a decline of 0.43% [11]. - **Industry Situation**: The commercial inventory increased by 1.1011 million tons to 5.784 million tons, a rise of 23.5%. The export of textile yarns, fabrics, and related products increased by 10.09 percentage points year - on - year to 0.98% [11]. Oils and Fats - **Soybean Oil**: The price of first - grade soybean oil in Jiangsu increased by 30 yuan/ton to 8,520 yuan/ton, a rise of 0.35%. The basis of the Y2605 contract decreased by 20 yuan/ton to 526 yuan/ton, a decline of 3.66% [12]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong increased by 60 yuan/ton to 8,680 yuan/ton, a rise of 0.70%. The basis of the P2605 contract decreased by 2 yuan/ton to - 2 yuan/ton, a decline of 125% [12]. - **Rapeseed Oil**: The price of third - grade rapeseed oil in Jiangsu increased by 100 yuan/ton to 9,800 yuan/ton, a rise of 1.03%. The basis of the OI2605 contract increased by 14 yuan/ton to 758 yuan/ton, a rise of 1.88% [12]. Eggs - **Futures Market**: The price of the egg 03 contract increased by 31 yuan/500KG to 3,040 yuan/500KG, a rise of 1.03%. The price of the egg 04 contract increased by 39 yuan/500KG to 3,316 yuan/500KG, a rise of 1.19% [13]. - **Spot Market**: The price of eggs in the production areas remained unchanged at 3.25 yuan/jin. The price of egg - laying chicken chicks increased by 0.10 yuan/feather to 2.90 yuan/feather, a rise of 3.57% [13]. Corn - **Futures Market**: The price of corn 2603 decreased by 3 yuan/ton to 2,263 yuan/ton, a decline of 0.13%. The open interest increased by 21,598 lots to 1,969,700 lots, a rise of 1.11% [16]. - **Spot Market**: The FOB price at Jinzhou Port increased by 10 yuan/ton to 2,330 yuan/ton, a rise of 0.43%. The basis increased by 13 yuan/ton to 67 yuan/ton, a rise of 24.07% [16]. Live Pigs - **Futures Market**: The price of the live - pig 2605 contract decreased by 60 yuan/ton to 1,120 yuan/ton, a decline of 5.08%. The open interest of the main contract decreased by 2,847 lots to 168,424 lots, a decline of 1.66% [18]. - **Spot Market**: The daily slaughter volume of sample slaughterhouses increased by 903 to 226,460, a rise of 0.40%. The price of piglets increased by 1.0 yuan/head to 16.50 yuan/head, a rise of 6.45% [19]. Meal - **Soybean Meal**: The price of soybean meal in Jiangsu remained unchanged at 3,150 yuan/ton. The price of the M2605 contract increased by 4 yuan/ton to 2,786 yuan/ton, a rise of 0.14%. The basis decreased by 4 yuan/ton to 364 yuan/ton, a decline of 1.09% [21]. - **Rapeseed Meal**: The price of rapeseed meal in Jiangsu decreased by 20 yuan/ton to 2,420 yuan/ton, a decline of 0.82%. The price of the RM2605 contract decreased by 20 yuan/ton to 2,338 yuan/ton, a decline of 0.85%. The basis remained unchanged at 82 yuan/ton [21].