1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn: On Thursday, corn prices fluctuated and consolidated. The May contract decreased with reduced positions. The game between macro and policy continued, and the futures price showed an oscillating performance. The overall short - term supply - demand pattern is balanced, with small price fluctuations. The view is oscillating and weak. Short - term participation is recommended under the game between policy and macro factors [1]. - Soybean Meal: On Thursday, CBOT soybeans rose as the market awaited a possible biofuel announcement and closely monitored the Middle East situation and the US soybean demand outlook. However, the uncertainty of US soybean exports limited the increase. The domestic protein meal oscillated higher, with a near - weak and far - strong pattern. The spot price of live pigs continued to decline, and the expectation of accelerated reduction of breeding capacity increased, which was unfavorable for soybean meal consumption. The spot trading of soybean meal was sluggish. Short - term participation is recommended [1]. - Oils: On Thursday, BMD palm oil rose after two consecutive days of decline. The strengthening of crude oil prices, the rise of US soybean oil, and strong export data supported the market. High - frequency data showed that the export of Malaysian palm oil from March 1 - 25 increased by 38.4% - 50.6% month - on - month. The domestic oil market followed the upward trend, with rising import costs as the main theme. The spot market remained dull, and end - users were cautious. The domestic oil market reshaped the oscillation range, and short - term participation is recommended [1]. - Eggs: On Thursday, the egg futures rebounded. The main 2605 contract oscillated upward during the session, closing up 2.99% at 3512 yuan/500 kilograms. The short - term terminal demand was stable, and the egg price was stable. Currently, supply still exerts pressure on the egg price, but the egg futures price has a higher bottom supported by the cost. Short - term trading is recommended, and continuous attention should be paid to the inventory data released by Zhuochuang next week and the impact of surrounding commodity prices on the egg price [2]. - Live Pigs: On Thursday, the live pig futures declined. The main 2605 contract closed down 1.45% at 9835 yuan/ton. Most breeding farms still faced certain resistance in selling, and the market transaction center moved down. Before the supply pressure is effectively alleviated, the live pig price is likely to continue the weak pattern. According to the exchange's position - limit system, on April 1, the position limit of the 2605 contract will be reduced to 50 lots. Attention should be paid to trading opportunities in far - month contracts and the impact of feed costs and surrounding commodity prices on the pig price [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - Military situation: Israel Defense Forces' military spokesman said that military operations against Iran would last at least three more weeks, and there were still thousands of targets to be attacked. The Pentagon is considering sending more warships to the Middle East to escort oil tankers passing through the Strait of Hormuz [3]. - Monetary data: At the end of February, the broad money (M2) balance was 349.22 trillion yuan, a year - on - year increase of 9% [3]. - Regulatory meeting: On March 13, China Securities Regulatory Commission's Party Committee expanded meeting pointed out that in 2026, bottom - line thinking should be strengthened, and the linkage monitoring and supervision of domestic and foreign, futures and spot markets should be enhanced [3]. - Iron ore inventory: The total inventory of imported iron ore at 45 ports in China was 17187.52 tons, a month - on - month increase of 69.66 tons; the daily average port clearance volume was 317.90 tons, an increase of 6.82 tons; the number of ships at ports was 110, a decrease of 2 [3]. - Iron ore price: The rebound of iron ore price at the end of February was more of emotional and technical repair, lacking support from supply - demand fundamentals [3]. - Oil license: The US Treasury issued a 30 - day license allowing countries to purchase Russian oil and oil products stranded at sea [3]. - Fertilizer reserve: To ensure the concentrated fertilizer demand during the spring plowing, relevant national departments decided to organize the early release of the 2025/2026 national fertilizer commercial reserve (nitrogen, phosphorus, and compound fertilizers) [4]. - Fertilizer price: After the US - Israel attack on Iran, the international fertilizer supply chain was significantly impacted. The price of the urea main futures contract on the Chicago Mercantile Exchange rose by more than 20% compared with before the attack on February 28 [5]. - Oil export: Iraq's oil ministry is ready to resume exports through the Ceyhan pipeline, with a daily export volume of no more than 300,000 barrels. The Natural Resources Ministry of the Kurdish region currently refuses to resume oil exports [5]. - Aluminum production: Due to the near - stagnation of transportation in the Strait of Hormuz, Bahrain Aluminium has started phased production cuts to reserve raw materials [5]. - Methanol inventory: As of March 12, the methanol inventory at East China ports was 54.80 tons, a month - on - month decrease of 7.2 tons compared with March 5 [5]. 3.2 Variety Spread - Contract spread: The report presents the 5 - 9 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [12][9][10]. - Contract basis: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [18][19][21][23]. 3.3 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 consecutive 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 [25]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures experience. She has won the "Best Agricultural Product Analyst" title for many consecutive years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013, 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 [25]. - Kong Hailan, an economics master, is currently a researcher in the egg and live pig industries at Everbright Futures Research Institute. Her team won the title of 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 [25].

1. Report Industry Investment Rating No information provided 2. Core Views of the Report - Corn: The corn market is expected to oscillate. The spot price of corn is stronger than the futures price. The supply in the market remains tight, and the price in the sales area has slightly decreased. After the profit - taking of long positions, attention should be paid to the impact of policy trends on the grain market [1]. - Soybean Meal: The price of soybean meal is expected to rise. The CBOT soybean price increased due to the impact of the US - Iran war on supply. The domestic soybean meal futures followed the foreign market, and the 5 - 9 spread has significantly narrowed. A short - term long strategy is recommended [1]. - Oils: The price of oils is expected to rise. The BMD palm oil price rebounded following the US soybean oil and crude oil prices. The export of Malaysian palm oil increased in early March, but new export orders slowed down. The domestic oils are running strongly, and long positions are recommended to be held [1]. - Eggs: The price of eggs is expected to rise. The egg futures price increased slightly, and the spot price is stable with minor adjustments in some areas. A short - term trading strategy is recommended, and attention should be paid to changes in supply data and market sentiment [1]. - Pigs: The price of pigs is expected to oscillate and strengthen. The pig futures price adjusted with a slight decline, and the spot price is weak. The supply is sufficient, and attention should be paid to market sentiment and supply - side impacts on the futures market [2]. 3. Summary According to Relevant Catalogs Research Views - **Corn**: On Wednesday, the corn main 2605 contract stabilized at the support of the 10 - day moving average. The spot price of corn in the Northeast is stable and slightly stronger, and deep - processing enterprises have raised the purchase price. The price in North China is generally stable. The supply in the market is tight, and the price in the sales area has slightly decreased. Feed enterprises mainly replenish inventory as needed, and the trading is light. After the profit - taking of long positions, attention should be paid to policy trends [1]. - **Soybean Meal**: On Wednesday, the CBOT soybean price rose due to concerns about supply disruptions caused by the US - Iran war. The 3 - month supply - demand report had little impact. The domestic soybean meal futures followed the foreign market, and the 5 - 9 spread narrowed. A short - term long strategy is recommended [1]. - **Oils**: On Wednesday, the BMD palm oil price rose following the US soybean oil and crude oil prices. The export of Malaysian palm oil increased in early March, but new export orders slowed down due to the increase in shipping and insurance costs. The domestic oils are running strongly, and long positions are recommended to be held [1]. - **Eggs**: On Wednesday, the egg futures main 2605 contract rose 0.76% to 3438 yuan/500 kg. The spot price is stable with minor adjustments in some areas. A short - term trading strategy is recommended, and attention should be paid to changes in supply data and market sentiment [1]. - **Pigs**: On Wednesday, the pig futures price adjusted with a 0.09% decline to 11170 yuan/ton. The spot price is weak, and the supply is sufficient. Attention should be paid to market sentiment and supply - side impacts on the futures market [2]. Market Information - **Geopolitical Negotiations**: The US and Iran have differences on four core issues, including the scope of negotiation, uranium enrichment, sanctions, and the premise of dialogue [3]. - **Supply Blockade**: Blocking the Strait of Hormuz has a greater impact on the crude oil market than the war itself. About 1500 - 2000 million barrels of crude oil transportation are affected daily, and 99% of Qatar's LNG export channels are basically cut off [3]. - **Passive Production Cuts**: Gulf countries are facing a "storage full" crisis. Iraq has been forced to cut production by nearly 1.5 million barrels per day, and the production cut may double in the future [4]. - **Market Trends and Forecasts**: The short - term crude oil market is strong, but there is a dispute over the duration of the strait blockade, resulting in a large discount of far - month contracts to near - month contracts. Oil prices may have three development paths depending on the situation of the conflict [4]. - **Market Views**: The current rise in oil prices is mainly due to the re - pricing of supply security in the Middle East. The short - term volatility of the crude oil market will remain high, and attention should be paid to the situation in the strait and the responses of major oil - producing countries [4]. Variety Spreads - **Contract Spreads**: Charts show the 5 - 9 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [6][8][9][11]. - **Contract Basis**: Charts show the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [14][17][19][25].

Report Industry Investment Rating - Not provided in the content Core Views of the Report - The report analyzes various sectors including financial derivatives, commodities, and agricultural products. Geopolitical conflicts, especially the US - Iran conflict, have significant impacts on the markets, causing price fluctuations in energy, metals, and agricultural products. The supply - demand relationship, cost factors, and inventory levels also play crucial roles in determining the price trends of different commodities [2][3][4] Summary by Relevant Catalogs Daily Selections - **Nickel**: Macro changes and raw material contradictions support prices, but high inventory remains a constraint. The price is expected to oscillate strongly in the range of 136,000 - 145,000 [2][37] - **PX**: Short - term prices are dominated by oil prices with increased volatility. It is recommended to wait and see and go long at low prices after the market stabilizes [3][101] - **Silicon Iron**: The market sentiment is volatile, with both supply and demand increasing. The price may oscillate widely in the range of 5,700 - 6,200 [4][68] - **Soybean Meal**: The USDA March supply - demand report has limited impact. The market is expected to maintain a high - level oscillation with a strengthening basis [5][74] Macro - finance Stock Index Futures - The A - share market showed a mixed trend on Wednesday. The four major stock index futures contracts rose and fell differently. It is recommended to construct a bullish spread of far - month put options with a low position, with a neutral - oscillatory view [6][7][9] Precious Metals - Gold prices are expected to oscillate for a long time in the range of 5,000 - 5,250 dollars. Silver prices may still have downward pressure, and platinum and palladium prices have certain support [10][13][14] Non - ferrous Metals Copper - The spot copper supply is tight, and the spot premium is strengthening. In the short term, the price oscillates around 100,000 yuan/ton, and in the long term, the price center is expected to rise [15][18] Alumina - The inventory is slightly decreasing, and the spot price is rising. The price is expected to oscillate widely, and it is recommended to go short at high prices [19][20] Aluminum - Due to geopolitical conflicts, the price oscillates at a high level. In the short term, the main contract is expected to operate in the range of 24,000 - 26,000 yuan/ton [22][24] Aluminum Alloy - The social inventory and warehouse receipts are decreasing. The price oscillates strongly in the range of 23,000 - 24,500 yuan/ton [24][26] Zinc - The price oscillates narrowly. The supply and demand are relatively stable, and it is recommended to go long at low prices in the long term [27][30] Tin - The price is greatly affected by short - term market sentiment. In the long term, it is still optimistic, and it is recommended to wait and see in the short term [31][35] Nickel - The situation is similar to that in the daily selection, with high inventory constraining the upward movement, and the price is expected to oscillate strongly [36][38] Stainless Steel - The price oscillates due to geopolitical disturbances. The cost provides support, and the price is expected to oscillate and adjust in the range of 14,000 - 14,500 [38][40] Lithium Carbonate - The futures price falls. The fundamentals are resilient but lack strong driving forces. The price is expected to oscillate widely in the range of 150,000 - 165,000 [41][44] Polysilicon - The spot market is weak, and the futures price oscillates weakly. The long - term photovoltaic demand may be favorable, and it is recommended to wait and see [45][47] Industrial Silicon - The spot price stabilizes, and the futures price oscillates. The supply and demand are expected to be strong in March, and it is necessary to pay attention to the cost and market situation [48][50] Ferrous Metals Steel - The steel price center rises, and it is expected to oscillate in a range. It is necessary to pay attention to the marginal changes in steel exports and the price pressure levels [50][53] Iron Ore - The price may oscillate strongly in the range of 750 - 820 due to geopolitical impacts and supply - demand changes [55][56] Coking Coal - The spot price stabilizes, and the futures price rebounds. It is recommended to go long at low prices for the 2605 contract and conduct arbitrage by going long on coking coal and short on coke [57][61] Coke - The futures price rebounds. The supply and demand are basically balanced in the short term. It is recommended to go long at low prices for the 2605 contract and conduct arbitrage by going long on coking coal and short on coke [62][66] Silicon Iron - Similar to the daily selection, the price may oscillate widely in the range of 5,700 - 6,200 [67][68] Manganese Silicon - The price may oscillate widely in the range of 5,800 - 6,400 due to cost - pushing and supply - demand changes [69][71] Agricultural Products Meal - The USDA March report has limited impact, and the market is expected to maintain a high - level oscillation with a strengthening basis [72][74] Live Pigs - The slaughter pressure is high, and the price is expected to continue to bottom out, with the possibility of further decline in the near - month [75][76] Corn - The price oscillates at a high level, with support and pressure coexisting. It is necessary to pay attention to the specific supply and policy release [77][79] Sugar - The international and domestic sugar markets have different trends. The domestic market is expected to oscillate at a high level, and it is recommended to wait and see [80] Cotton - The cotton price shows a strong trend. The domestic and international markets have different situations, and it is necessary to pay attention to downstream demand and planting policies [82] Eggs - The supply is sufficient, and the demand is moderate. The price is expected to oscillate at a low level [86][87] Oils and Fats - Palm oil is expected to oscillate strongly in the short term, soybean oil is affected by the Middle East situation and supply rumors, and rapeseed oil oscillates in a range [88][91] Red Dates - The spot market improves, and the futures price oscillates strongly. It is recommended to operate in a short - term band with strict risk control [92][93] Apples - The spot trading is weak, and the futures price oscillates and falls. It is necessary to pay attention to the Tomb - Sweeping Festival replenishment, ordinary fruit de - stocking, and weather changes [94][96] Energy and Chemicals Crude Oil - The short - term price decline space is limited. It is necessary to pay attention to the progress of the US - Iran conflict and the passage of the Strait of Hormuz [97][98] PX - Short - term prices are dominated by oil prices with increased volatility. It is recommended to wait and see and go long at low prices after the market stabilizes [100][101] PTA - The supply - demand drive is limited, and the price follows the raw materials. It is recommended to wait and see and pay attention to oil prices [102][103] Short - fiber - The supply - demand pattern is weak, and the price follows the raw materials. It is necessary to pay attention to the downstream cost transmission [104][105] Bottle Chips - The supply - demand is expected to be tight. It is recommended to operate similarly to PTA and pay attention to the processing fee pressure [106][107] Ethylene Glycol - The supply - demand is expected to improve in March, and the price may oscillate at a high level. It is recommended to wait and see [108][109] Pure Benzene - The short - term price follows the oil price. It is recommended to wait and see and shrink the spread between pure benzene and styrene at high prices [110] Styrene - The short - term price follows the oil price. It is recommended to operate similarly to pure benzene and pay attention to the downstream recovery and the Strait of Hormuz passage [111][112] LLDPE - The price is expected to be strong in the short term due to supply contraction and demand recovery expectations. It is necessary to track the cost and demand [114] PP - The supply - demand balance improves, and the price is strong. It is recommended to gradually stop profiting from the 5 - 9 positive spread [115] Methanol - The price oscillates widely due to geopolitical conflicts. It is recommended to gradually stop profiting from long positions [115] Caustic Soda - The price rises due to geopolitical disturbances. The supply - demand is weak, and it is necessary to be vigilant against price drops after the situation eases [116][117] PVC - The price fluctuates emotionally due to cost concerns. It may be passively pushed up in the short term [118][119] Urea - The cost drives the price, and the fundamentals change little. The price is strong in the short term but may decline later. It is recommended to follow the crude oil series with a long - at - low strategy [120][121] Soda Ash - The supply and inventory are high, and the demand is average. The price is expected to oscillate, and it is recommended to wait and see [122][125] Glass - The cost provides support, and the demand improves. It is necessary to pay attention to de - stocking. The price is expected to oscillate, and it is recommended to wait and see [122][126] Natural Rubber - The price oscillates widely due to the impact of oil prices. It is expected to oscillate in the range of 16,500 - 17,500, and it is recommended to wait and see [126][129] Synthetic Rubber - The price of BR rebounds due to expected raw material shortages. It is recommended to lightly go long on the spread between RU2605 and BR2605 at low prices [129][132] Container Shipping to Europe - The price is pushed up by the fuel surcharge. It is expected to oscillate widely in the range of 1,700 - 2,100. It is recommended to pay attention to the 6 - 10 positive spread entry opportunity [133][134]

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].

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].