农产品日报（2026 年 2 月 26 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三，玉米增仓上行，玉米主力合约持仓增加 8 万余手，期价延续上行。春节过 | | | | 后，玉米现货补涨。因节后玉米期货表现较强，对现货市场有一定的影响，北港 | | | | 收购价格略高于节前。东北产区玉米价格在北港上涨以及运费下调的情况下也出 | | | | 现小幅度的上涨，但鉴于节后刚开市，市场购销暂不活跃。 华北地区玉米价格 | | | 玉米 | 稳中偏强运行。部分企业延续假期的上涨趋势，继续上调 10 元/吨。基层粮点陆 | 震荡偏强 | | | 续开工收购，但收购量恢复需要一定时间，基层购销活跃度不高，但部分贸易商 | | | | 顺价收购。技术上，节后玉米市场期现共振，期价上行，多头持仓可继续持有观 | | | | 望。 | | | | | 震荡 | | | 周三，CBOT 大豆触及三个月新高，因市场对美国对中国销售的预期升温。中方 对特朗普最新关税举措的克制回应以及中国假期结束，维持了市场对需求增长的 | | | | 预期。另外，美国环保署将于周三向 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn is expected to be weak in a volatile manner. The main corn contract 2605 increased in positions and rose this week, breaking through the upper limit of the volatile range. The market is mainly led by macro and capital factors. The spot market is inactive, and the price of Northeast corn is stable. The trading activity is low before the Spring Festival, and the price remains basically unchanged. The downstream feed enterprises are still cautious and观望, and the purchasing speed is slow [1]. - Soybean meal is expected to be volatile. The CBOT soybean reached a two - month high on Thursday. The market interprets the news of Trump's planned visit to China and the close communication between China and the US economic and trade teams as positive for US soybean exports. However, the weekly export sales data is lower than expected. In China, the protein meal increased in price with a decrease in positions. The rise in US soybeans drives up the import cost and boosts the domestic protein meal market. The spot market trading is light, and the basis is firm. The strategy is to participate in the short - term and exit the 5 - 9 reverse spread [1]. - Oils are expected to be volatile. The BMD palm oil fell for the third consecutive day on Thursday, affected by the appreciation of the Malaysian ringgit and the weakness of the surrounding markets. Industry experts expect the price of Malaysian palm oil to decline due to sufficient supply and weak demand. In China, palm oil prices are falling, while soybean oil and rapeseed oil prices are firm. The market continues to digest the negative news, and the spot market has little guidance on the futures. The strategy is to focus on the short - term [1]. - Eggs are expected to be volatile. The main egg futures contract 2604 continued to rebound on Thursday, rising 1.39%. The spot price of eggs decreased slightly. As the Spring Festival approaches, most markets in the sales areas are closed. It is recommended to hold a light position or no position during the festival and pay attention to the changes in egg demand and related commodity prices [1]. - Pigs are expected to be volatile. The main pig futures contract 2605 fell slightly on Thursday. The spot price of pigs increased in some areas and remained stable or decreased in others. As the Spring Festival approaches, the slaughter volume of the breeding end decreases, and the price - supporting attitude is positive. It is necessary to pay attention to the changes in spot prices and related commodity prices during the festival [1][2]. 3. Summary of Relevant Catalogs 3.1 Market Information - On February 9, the "Agricultural Product Wholesale Price 200 Index" was 129.51, down 0.25 points from last Friday, and the "Basket of Vegetables" product wholesale price index was 132.33, down 0.29 points from last Friday. As of 14:00 today, the average price of pork in the national agricultural product wholesale market was 18.34 yuan/kg, unchanged from last Friday; beef was 66.08 yuan/kg, down 0.6% from last Friday; mutton was 64.51 yuan/kg, up 0.1% from last Friday; eggs were 8.39 yuan/kg, down 1.4% from last Friday; and white - striped chickens were 17.18 yuan/kg, down 1.3% from last Friday [3]. - As it is the last week before the Spring Festival, many soybean crushing plants have stopped production and are on holiday. Most of them stopped production from February 9 - 12 and will resume operation from February 24 - 26. Feed and breeding enterprises have stocked up in advance, and the market trading is light. Although the operating rate of the plants decreases after the shutdown, due to limited purchases after the stockpiling, the soybean inventory in the plants is sufficient, and the supply of soybean meal is loose, leading to a continued weak downward trend in soybean meal prices [3]. 3.2 Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific spread data is analyzed in the text [4][13]. 3.3 Introduction of the Agricultural Product Research Team - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute and the leader of the top ten investment research teams of the Dalian Commodity Exchange. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. She has rich experience and has led the team to win many honors [27]. - Hou Xueling is a soybean analyst at Everbright Futures, with more than ten years of futures experience. She has also won the "Best Agricultural Product Analyst" title and her team has won many awards [27]. - Kong Hailan, an economics master, is the researcher of the egg and pig industries at Everbright Futures Research Institute. She has participated in many media interviews and her team has won multiple honors [27].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - **Corn**: The price of corn futures stopped falling and rose on Tuesday due to the increase in soybean prices. Before the Spring Festival, the trading activity in the corn market was low, with prices remaining stable in the Northeast. The price of corn in the selling area adjusted slightly. Before the Spring Festival, the corn price will maintain a narrow - range shock pattern, with a low possibility of significant fluctuations. The view is "oscillating weakly" [1]. - **Soybean Meal**: On Tuesday, CBOT soybeans closed higher, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil after the US - India agreement. In the domestic market, soybean meal was mainly oscillating, with light trading. The view is "oscillating" [1]. - **Oils and Fats**: On Tuesday, BMD palm oil fell, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The view is "oscillating" [1]. - **Eggs**: On Tuesday, egg futures oscillated. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. The view is "oscillating" [1]. - **Pigs**: On Tuesday, hog futures continued to be weak. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. The view is "oscillating" [1][2] 3. Summary by Relevant Catalogs Research Viewpoints - **Corn**: Affected by the rise in soybean prices, the corn futures price stopped falling and rose on Tuesday. Before the Spring Festival, the 3 - month contract positions were transferred to the 5 - month contract. The spot market was waiting for the guidance of the futures market. The trading in the Northeast corn market was basically over, and the price was stable. The deep - processing enterprises in the Northeast stopped purchasing during the Spring Festival. The price in the selling area adjusted slightly, and downstream feed enterprises were cautious. The price will maintain a narrow - range shock before the Spring Festival [1]. - **Soybean Meal**: CBOT soybeans closed higher on Tuesday, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil. In the domestic market, the import cost increased, but the supply was sufficient, and the inventory pressure increased. The strategy is to participate in the short - term and exit the 5 - 9 reverse spread [1]. - **Oils and Fats**: BMD palm oil fell on Tuesday, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The strong rise of precious metals and the improvement of the commodity atmosphere drove up the price of oils and fats, but the loose supply and weak demand limited the increase. The operation should be short - term [1]. - **Eggs**: Egg futures oscillated on Tuesday. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. As the spot price declined, if the breeding profit continued to decline, it would be beneficial to the reduction of production capacity. It is recommended to wait and see and pay attention to the changes in the willingness of the breeding end to eliminate and replenish [1]. - **Pigs**: Hog futures continued to be weak on Tuesday. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. It is necessary to pay attention to the impact of the production capacity reduction progress on the forward contracts [1][2] Market Information - On February 9, the "Agricultural Product Wholesale Price 200 Index" was 129.51, down 0.25 points from last Friday. The "Vegetable Basket" product wholesale price index was 132.33, down 0.29 points from last Friday. As of 14:00 on the day, the average price of pork in the national agricultural product wholesale market was 18.34 yuan/kg, unchanged from last Friday; beef was 66.08 yuan/kg, down 0.6% from last Friday; mutton was 64.51 yuan/kg, up 0.1% from last Friday; eggs were 8.39 yuan/kg, down 1.4% from last Friday; white - striped chicken was 17.18 yuan/kg, down 1.3% from last Friday [3]. - Many soybean crushing plants began to shut down for the Spring Festival holiday from last Friday, and most of them concentrated from the 9th to the 12th, and will resume operation from the 24th to the 26th after the Spring Festival. Feed and breeding enterprises have stocked up in advance, and the market trading is light. Although the开机率 will decline after the plants shut down, the supply of soybean meal will continue to increase due to sufficient soybeans in the plants and limited demand after stocking up, which will make the soybean meal price continue to decline weakly [3]. Variety Spreads - **Contract Spreads**: The report provides charts of 5 - 9 spreads for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [5][7][8][11] - **Contract Basis**: The report provides charts of the basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [14][17][19][24]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Corn: The corn market is expected to be in a weak and volatile state. The main 2603 contract is adjusting with reduced positions, and the prices of near - term contracts are declining. Although the purchase prices in the north port and deep - processing areas in the production area are relatively high, providing some support, the overall sales progress of farmers is still slower than the same period last year, and the downstream procurement rhythm is stable [1]. - Soybean Meal: The soybean meal market is expected to be volatile. CBOT soybeans declined slightly due to the expected high - yield of Brazilian soybeans, while the domestic protein meal is in a relatively strong and volatile state. The pre - holiday stocking demand provides support, but the arbitrage funds of buying oil and selling meal limit the increase [1]. - Edible Oils: The edible oil market is expected to be in a strong and volatile state. The BMD palm oil has reached a three - month high, driven by factors such as the rise in commodity and crude oil prices. The domestic edible oil futures prices are rising, with palm oil leading the increase. The supply guarantee is beneficial, but it is not conducive to the basis [1]. - Eggs: The egg market is expected to be in a weak and volatile state. The egg futures have broken through the weekly oscillation range and showed a correction. The spot prices are mostly stable, and as the stocking is coming to an end, there is a risk of price decline. In the long - term, the increased replenishment willingness and decreased elimination willingness of the breeding end are not conducive to capacity reduction [1]. - Pigs: The pig market is expected to be in a weak and volatile state. The main 2603 contract of live - hog futures continued to decline, and the supply increased while the demand was weak. In the long - term, the trend of capacity reduction remains unchanged [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - Argentina's central and southern regions have been experiencing continuous drought in the past two months. The long - term weather model predicts that Argentina will be relatively dry in February, especially in the first half of the month. If the prediction comes true, the crop conditions will continue to deteriorate, and the yield forecast will have to be lowered [3]. 3.2 Variety Spreads 3.2.1 Contract Spreads - The report provides charts of contract spreads for various agricultural products, including corn 5 - 9, corn starch 5 - 9, soybeans 5 - 9, soybean meal 5 - 9, soybean oil 5 - 9, palm oil 5 - 9, eggs 5 - 9, and live - hogs 5 - 9 [5][7][8][11]. 3.2.2 Contract Basis - The report provides charts of contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live - hogs [14][17][19][24]. 3.3 Research Team Introduction - The agricultural product research team consists of Wang Na, the director of the agricultural product research at Everbright Futures Research Institute; Hou Xueling, a soybean analyst; and Kong Hailan, a researcher in the egg and live - hog industries. They have rich experience and many honors [26].

Group 1: Protein Meal - CBOT soybean prices experienced a slight decline due to expectations of a bumper harvest in Brazil, with the Brazilian soybean production expected to reach record levels and exports projected at 110 million tons, a 6.7% increase from the previous year [2] - The Brazilian National Grain Exporters Association reported that soybean exports in January are expected to be 3.23 million tons, lower than the earlier forecast of 3.79 million tons [2] - Domestic protein meal showed strong fluctuations, supported by pre-holiday stocking demand, although arbitrage funds limited the price increase [2] Group 2: Oilseeds - BMD palm oil reached a three-month high, driven by rising commodity and crude oil prices, with increased geopolitical risks contributing to the price surge [3] - Domestic oilseed prices rose, with palm oil leading the increase, followed by soybean oil and rapeseed oil, supported by higher import costs and bullish market sentiment [3] - The market is characterized by mixed long and short positions, with prices showing strong fluctuations [3] Group 3: Live Pigs - The main live pig futures contract fell by 0.93%, closing at 11,165 yuan per ton, with the average price of live pigs in China at 12.34 yuan per kilogram, down 0.22 yuan from the previous day [4] - Increased supply from the breeding sector and weak demand led to a surplus, causing pig prices to continue declining [4] - The long-term trend of pig production capacity reduction remains unchanged, with attention on the pace of capacity reduction and potential opportunities in future contracts [4] Group 4: Eggs - Egg futures broke the weekly fluctuation range and experienced a pullback, with the main contract down by 0.89%, closing at 3,021 yuan per 500 kilograms [12] - The national average egg price was 3.99 yuan per pound, with slight fluctuations in various markets [12] - The market is stable with some adjustments, and there is a warning of potential price declines as stocking approaches completion [12] Group 5: Corn - The main corn futures contract saw a reduction in positions, with limited fund inflows for the May and September contracts, leading to price declines [5] - High purchase prices in the northern ports and strong processing prices in production areas provided some support to market prices [5] - The overall pace of grain sales remains slow compared to the previous year, with stable prices in the sales regions [5]

1. Report Industry Investment Rating - The report does not explicitly mention an industry - wide investment rating [1][2][3] 2. Core View of the Report - The oil and meal market is expected to be in a relatively strong and volatile state. It is recommended to actively set prices at low levels and mainly buy on dips in the medium - term [1][2][3] 3. Summary by Related Content 3.1. Soybean Meal - The Buenos Aires Stock Exchange (Bolsa de Comercio) predicts that most agricultural belts in Argentina will receive heavy rainfall, increasing soil moisture and benefiting soybeans and corn in the critical growth stage. The Rosario Stock Exchange (Rofex) forecasts that Argentina's 25/26 corn production will reach a record 61 million tons and soybeans will reach 47 million tons [1] - There are rumors of pre - Chinese New Year auctions of imported soybeans, causing the premium of 01 - 03 contracts to decline significantly, but the rumors are unconfirmed [1] - Near - month contracts are affected by policy. Due to the concentrated ownership of imported soybeans and the unclear auction schedule, soybean meal is expected to run strongly until the specific auction schedule is announced. Attention should be paid to policy guidance [1] 3.2. Fats and Oils - Indonesia's palm oil biodiesel consumption in 2025 was 14.2 million kiloliters, a 7.6% increase from the previous year. Indonesia plans to increase the biodiesel blending ratio to 50% this year, likely starting in the second half. The B50 road test began in December and the Energy Ministry has allocated a blending quota of 15.65 million kiloliters of palm - based biodiesel for this year [2] - There are rumors that Indonesia may raise the crude palm oil export fee from 10% to 15% from February to March 2026 to fund the B50 project [2] 3.3. International Trade and Market Impact - Canadian Prime Minister Mark Carney will visit China from January 13th to 17th. As part of the consultations, Canada may suspend tariffs on Chinese electric vehicles for one year, and China may temporarily cancel the 100% additional tariffs on Canadian rapeseed meal and rapeseed oil, but trade restrictions on Canadian rapeseed will remain [3] - The palm oil biofuel policy may support future palm oil demand, leading to a strong performance. However, the possible import of Canadian rapeseed due to the prime minister's visit has caused a significant decline in the premium of rapeseed oil. Soybean oil is affected by the near - month soybean supply issue and has no obvious driving force for the time being [3]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - Corn is expected to experience a downward trend with fluctuations. The maize market is affected by wheat auction sales policies, and during the period from New Year's Day to the Spring Festival, there is a bearish outlook. The trading activity of maize is expected to gradually increase as dry grains increase and the Spring Festival approaches [2]. - Soybean meal is expected to trade in a narrow range. The CBOT soybean prices rose on Monday, but the domestic double - meal market is trading lightly. The spot inventory is rising, and the basis is weak, which restricts the price increase. A double - selling strategy is recommended [2]. - Oils are expected to trade with fluctuations. The BMD palm oil rose on Monday, but the domestic oil market is divided, with palm oil dropping significantly and soybean oil and rapeseed oil showing strength. A double - selling strategy is recommended [2]. - Eggs are expected to trade with fluctuations. The spot price of eggs is stable during the festival, and there is pressure on the short - term supply. It is recommended to wait and see and pay attention to the changes in the willingness of the breeding end to replenish and cull [2]. - Pigs are expected to trade with fluctuations. The spot price of pigs has declined after the festival, and the futures price has also adjusted. It is recommended to set a dynamic stop - profit for profitable long positions and pay attention to the technical performance of the long - term moving average of the main pig futures contract [3]. Group 3: Summary of Market Information - Indonesia has set the reference price of crude palm oil in January at $915.64 per ton, lower than that in December. The export tax will remain at $74 per ton, and a 10% special export tax is also levied [4]. - The estimated soybean production in Argentina for the 2025/26 season has been lowered by 1% to 46 million tons, with an estimated range of 44.8 - 47.2 million tons [4]. - According to the National Bureau of Statistics, from late December to mid - December 2025, among 50 important production materials in 9 categories, 18 products' prices rose, 28 declined, and 4 remained unchanged. The price of live pigs (ternary) increased by 1.7% month - on - month [4]. - According to SPPOMA data, from December 1 - 31, 2025, the yield per unit of Malaysian palm oil decreased by 7.39% month - on - month, the oil extraction rate decreased by 0.13% month - on - month, and the production decreased by 8.07% month - on - month [4]. - OPEC+ agreed to maintain stable oil production in the first quarter of 2026. The organization had agreed in November last year to suspend production increases in January, February, and March. The next meeting will be held on February 1 [5]. Group 4: Summary of Variety Spreads 3.1 Contract Spreads - The report presents contract spreads such as corn 5 - 9, corn starch 5 - 9, soybeans 5 - 9, soybean meal 5 - 9, soybean oil 5 - 9, palm oil 5 - 9, eggs 5 - 9, and pigs 5 - 9 [6][7][8][10][13]. 3.2 Contract Basis - The report presents contract basis such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [15][16][18][20][24]. Group 5: Introduction of the Agricultural Product Research Team - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' Best Futures Analyst selection for many years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the Grand Prize of the "Sailing in the Futures Sea" College Student Practice Competition of the Dalian Commodity Exchange in 2023 [28]. - Hou Xueling, an analyst of soybeans at Everbright Futures, has more than a decade of futures experience. She has won the "Best Agricultural Product Analyst" title for many years and her team has won multiple awards [28]. - Kong Hailan, an economics master, is a researcher in the egg and pig industries at Everbright Futures Research Institute. She has participated in many media interviews and her team has won multiple awards [28].

Report Summary 1. Report Industry Investment Ratings - Corn: Oscillating upward [1] - Soybean Meal: Oscillating [1] - Oils: Oscillating [1] - Eggs: Oscillating [1] - Pigs: Oscillating upward [2] 2. Core Views - **Corn**: This week, the near - month 2601 contract of corn led the rise, with the far - month contracts following. The 1 - month contract reduced positions, and funds shifted to the 3 - month and 5 - month contracts. The futures price broke the oscillation and resumed the upward trend. The high purchase price of the Harbin warehouse of China Grain Reserves Corporation supported the price in Heilongjiang. The futures increase led to an upward adjustment of the northern port quotation. The prices of deep - processing enterprises in Shandong, Hebei, and Henan showed different trends. The spot price of corn continued to be strong, and the futures price ended the consolidation and broke upward. In December, be vigilant about the continuous adjustment of corn futures and spot quotes and pay attention to the impact of policy expectations on prices [1]. - **Soybean Meal**: CBOT soybeans rose slightly on Thursday. The US Department of Agriculture's export sales report showed that as of October 30, the net weekly sales of US soybeans were 1.2485 million tons, a 14% decrease from the previous week and a 19% increase from the four - week average. China made its first purchase of 2025 soybeans. Brazil exported 4.197 million tons in November. The rapeseed output in Canada was higher than expected. The domestic protein meal continued to oscillate narrowly, with the near - month performance weaker than the far - month. The spot price of soybean meal continued to oscillate, and the basis quotation rose slightly. The strategy is to think in an oscillating way, use a unilateral range idea, short volatility, and conduct inter - month reverse arbitrage [1]. - **Oils**: BMD palm oil continued to fall on Thursday. The market digested the negative news of rising inventory. Malaysia's palm oil inventory in November might reach a six - and - a - half - year high. The spot prices of Malaysian and Indonesian palm oil both fell, and the price difference between them narrowed. Domestic oil prices decreased, with rapeseed oil falling more than palm oil and soybean oil. The spot supply was sufficient, and the terminal demand was weak, suppressing the price. The strategy is to sell call options and participate in the futures market in the short - term [1]. - **Eggs**: On Thursday, the egg futures oscillated downward in the morning and then rebounded. The main 2601 contract closed flat, and the 2603 contract rose 0.29%. The spot price of eggs decreased slightly. The terminal market purchased as needed, and the procurement enthusiasm of downstream sectors was average. The market was optimistic about future capacity elimination. It is recommended to conduct short - term trading and be vigilant about the risk of the futures price callback due to the smaller - than - expected capacity reduction. Continuously pay attention to the changes in the replenishment and elimination willingness of the breeding end [1]. - **Pigs**: This week, the near - and far - month contracts of pigs continued to oscillate. At the beginning of the week, the positions of the 2601 contract decreased, and funds shifted to the 2607 and 2609 contracts. The 2609 contract was relatively strong. The spot price of pigs declined. The supply pressure of medium - and large - sized pigs in Northeast China increased, and the price support weakened. Technically, the contradiction between the weak spot and the strong expectation in the pig market continued. From December to before the Spring Festival, the long and short factors of sufficient supply and improving demand were intertwined, and the far - month quotation of pigs was expected to continue the oscillating and slightly strong performance [2]. 3. Market Information - As of November 26, the national ex - factory price of pigs was 12.09 yuan/kg, a 1.23% decrease from November 19; the main wholesale market price of corn was 2.28 yuan/kg, the same as on November 19; the pig - to - grain ratio was 5.3, a 1.3% decrease from November 19 [3]. - On December 4, the "Agricultural Product Wholesale Price 200 Index" was 128.52, up 0.36 points from the previous day; the "Vegetable Basket" product wholesale price index was 131.11, up 0.42 points from the previous day. As of 14:00, the average price of pork in the national agricultural product wholesale market was 17.65 yuan/kg, a 0.5% decrease from the previous day; beef was 66.32 yuan/kg, a 0.2% decrease; mutton was 62.39 yuan/kg, a 0.7% decrease; eggs were 7.47 yuan/kg, a 0.7% increase [3]. - The price - holding mentality of the breeding end loosened. The overall market supply was abundant, and the terminal demand lacked obvious increase. The pig price further declined, and the breeding loss continued to expand. In the fourth week of November 2025, the national ex - factory price of pigs was 12.09 yuan/kg, a 1.23% decrease from the previous period, reaching the lowest level in 5 weeks. The national pig - to - feed ratio was 4.63, a 0.86% decrease month - on - month. According to the current price and cost, the expected loss per head of pig breeding in the future piglet fattening mode was 247.43 yuan [4]. 4. Variety Spreads - **Contract Spreads**: There are spread charts for multiple varieties such as corn 1 - 5, corn starch 1 - 5, soybean 1 - 5, soybean meal 1 - 5, etc. [5][6][7] - **Contract Basis**: There are basis charts for multiple varieties such as corn, corn starch, soybean, soybean meal, etc. [13][14][17] 5. Research Team Members - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27]. - Hou Xueling, a soybean analyst at Everbright Futures, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013 and the top ten R & D teams of the Dalian Commodity Exchange in 2019, and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27]. - Kong Hailan, an analyst of eggs and pigs at Everbright Futures Research Institute, has participated in the top ten R & D teams of the Dalian Commodity Exchange in 2019 and won the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [27].

1. Report Industry Investment Rating - Corn: Oscillating [1] - Soybean Meal: Oscillating [1] - Oils: Oscillating, with a slightly bullish trend [1] - Eggs: Oscillating [1] - Pigs: Oscillating upwards [2] 2. Core Viewpoints of the Report - Corn: On Tuesday, the corn near - month 2601 contract reduced its positions, and funds shifted to the March and May contracts. The futures price continued to oscillate. The price of corn in deep - processing enterprises in North China was weak, while that in Northeast China was still strong. The enthusiasm of farmers to sell grain was average, and the terminal demand was mainly for rigid procurement. With the decrease in temperature, the willingness of deep - processing enterprises to build inventories might increase. In December, be vigilant about the continuous adjustment of corn futures and spot quotes, and short - term long positions should set dynamic stop - profits [1]. - Soybean Meal: On Tuesday, CBOT soybeans closed down due to the lack of supportive news and the expected bumper harvest of South American soybeans. The domestic soybean meal futures continued to oscillate in a narrow range, and the spot price rose and fell. The market trading volume increased slightly, and the wait - and - see sentiment was strong. The strategy is to think in an oscillating way for protein meal, use a unilateral range approach, short the volatility, and conduct inter - month reverse arbitrage [1]. - Oils: On Tuesday, BMD palm oil rose because of the increase in India's palm oil imports. Indian buyers are increasing the purchase of palm oil for near - month shipments. The domestic palm oil led the rise, following the increase in import costs. The oil inventory is at a high level, and the long - term supply is high. It is expected that the basis will remain weak. The spot market trading is light, and the strategy is to participate in short - term long positions [1]. - Eggs: On Tuesday, the egg futures rose and then fell during the session. The short - term supply is still relatively abundant, which limits the room for egg price increase. Under the background of weak egg prices and continuous losses in breeding, the market has an optimistic expectation for future capacity elimination. It is recommended to conduct short - term trading and be vigilant about the risk of the futures price callback if the capacity reduction is less than expected [1]. - Pigs: On Tuesday, the positions of the near - month 2601 contract of pigs decreased, and funds shifted to the 2607 and 2609 contracts. The spot prices of pigs in production areas rose and fell differently. The contradiction between weak spot and strong expectation in the pig market continues. From December to before the Spring Festival, the long and short factors of abundant supply and improving demand are intertwined, and the long - term quotes of pigs are expected to continue the slightly bullish oscillating performance [2]. 3. Summary According to the Directory 3.1 Market Information - India's palm oil imports in November increased by 4.6% month - on - month to 630,000 tons, soybean oil imports decreased by 12% to 400,000 tons, and sunflower oil imports dropped by 44% to 145,000 tons. The total edible oil imports decreased by 11.5% to 1.18 million tons, the lowest level in seven months [3]. - On December 2, the US Soybean Association is actively seeking ways to expand the market demand for US soybeans. The dairy industry is one of the livestock sectors that have recently entered this field, and farmers like to use soybean meal in livestock feed [3]. - Recently, the domestic soybean crushing volume of oil mills is relatively high, and the soybean meal inventory continues to accumulate, approaching the high level of 1.2 million tons. It is expected that the soybean arrivals in December will decrease slightly, the total soybean crushing volume in the whole month will be about 8.6 million tons, and the soybean meal inventory of oil mills at the end of the month will be about 900,000 tons [3]. 3.2 Variety Spreads - **Contract Spreads**: There are spread charts for various varieties such as corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, etc., but no specific spread data is provided [5][6] - **Contract Basis**: There are basis charts for various varieties such as corn, corn starch, soybeans, soybean meal, etc., but no specific basis data is provided [13][16] 3.3 Team Member Introduction - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college students' practice competition in 2023 [26]. - Hou Xueling, a soybean analyst at Everbright Futures, has won the "Best Agricultural Product Analyst" title for many years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013 and the top ten R & D teams in 2019 [26]. - Kong Hailan, a researcher of eggs and pigs at Everbright Futures Research Institute, has participated in the top ten R & D teams of the Dalian Commodity Exchange in 2019 and won the special prize of the "Sailing in the Futures Sea" college students' practice competition in 2023 [26].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Corn**: This week, the corn futures and spot prices increased in tandem. Affected by the rising port quotations, the corn futures price continued to rise. The main 2601 contract of corn increased with a reduction in positions, and due to favorable policy expectations, the corn futures and spot prices rebounded jointly. It is recommended to continue participating in short - term long positions [1]. - **Soybean Meal**: On Thursday, CBOT soybeans reached a 17 - month high. Analysts expect the USDA to lower the US soybean harvest forecast. The domestic soybean meal continued its oscillating and strengthening trend due to cost support. The strategy is to hold futures long positions and sell out - of - the - money call options [1]. - **Oils**: On Thursday, BMD palm oil rose. The domestic rapeseed oil continued to rise, while palm oil showed weak growth. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Thursday, egg futures prices continued to correct. The spot egg prices continued to oscillate. Before February next year, the new supply will continue to decline. If the production capacity is eliminated at an accelerated pace, consider going long at low prices; otherwise, treat it with a wide - range oscillation mindset [1]. - **Pigs**: On Thursday, the near - and far - month contracts of live pigs rebounded jointly. The spot pig prices continued to be weak. The far - month 2609 contract of live pigs is expected to continue to oscillate and strengthen, and attention should be paid to the pressure of the 40 - day moving average on the weekly line [2]. 3. Summary According to Relevant Catalogs 3.1 Market Information - **Brazilian Soybeans**: The CONAB monthly report predicts that the soybean production in Brazil in the 2025/26 season will reach 177.6016 million tons, a year - on - year increase of 6.1199 million tons or 3.6%. The sown area is expected to reach 49.0634 million hectares, a year - on - year increase of 1.7169 million hectares or 3.6%. The yield per unit area is expected to be 3.62 tons per hectare, a year - on - year decrease of 2.0 kg per hectare or 0.1% [2]. - **Winter Wheat Sowing**: As of November 12, the sowing of winter wheat across the country has reached 75%. In the Huang - Huai - Hai region, it has exceeded 75%. By province, the sowing progress in Henan is nearly 70%, in Shandong it has exceeded 80%, in Anhui it is nearly 70%, in Jiangsu it is 55%, in Shaanxi it has exceeded 85%, and in Shanxi it is 85% [3]. - **Sino - US Agricultural Trade**: China will continue to maintain an open and cooperative attitude and deepen mutually beneficial cooperation with global trading partners in agricultural product trade [3]. 3.2 Variety Spreads - **Contract Spreads**: The report presents the 1 - 5 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [5][6][9][11]. - **Contract Basis**: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but specific data analysis is not provided [14][17][18][23]. 3.3 Research Team Members - **Wang Na**: The director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams at DCE. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' Best Futures Analyst selection for many years [27]. - **Hou Xueling**: A soybean analyst at Everbright Futures, with more than a decade of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant selections for many years [27]. - **Kong Hailan**: A researcher in the egg and live pig industries at Everbright Futures Research Institute. She has participated in many media interviews [27].