Group 1: Report General Information - The report is an agricultural products morning report released by the agricultural products team of the research center on April 1, 2026 [1][2] Group 2: Corn/Starch Market Data - From March 25 to March 31, 2026, the price in Jinzhou decreased by 10 yuan, the price in Shekou decreased by 10 yuan, the basis decreased by 15 yuan, the trade profit remained unchanged, the import profit increased by 7 yuan, the basis of starch decreased by 8 yuan, and the processing profit increased by 10 yuan [3] Market Analysis - Short - term: The supply of corn is tight, which supports the price, but the increase in the supply of policy wheat and the expected increase in market circulation may suppress the price; for starch, the high price affects sales, but the tight supply of raw materials supports the price, and the slow recovery of downstream consumption may limit price increases [4] - Long - term: For corn, focus on import and domestic auction policies; for starch, focus on downstream consumption rhythm and inventory changes [4] Group 3: Sugar Market Data - From March 25 to March 31, 2026, the price in Liuzhou decreased by 20 yuan, the price in Nanning decreased by 40 yuan, the price in Kunming decreased by 30 yuan, and the basis increased by 23 yuan, while the number of warehouse receipts remained unchanged [5] Market Analysis - International market: The fundamentals are slightly stronger, with India lowering the production forecast and ISO lowering the expected global surplus in the 25/26 sugar - crushing season. Crude oil prices affect raw sugar valuation [5] - Domestic market: After the festival, there are discussions about import policies, the futures market fluctuates strongly. Low - cost imported sugar and high - pressure on the spot market limit the upside [5][6] Group 4: Cotton/Cotton Yarn Market Data - From March 25 to March 31, 2026, the price of 3128 cotton decreased by 110 yuan, the price of imported M - grade US cotton increased by 1, the import profit decreased, the number of warehouse receipts + forecasts increased by 103, the price of Vietnamese yarn decreased by 20, the import profit of Vietnamese yarn increased by 37, and the 32S spinning profit increased by 96 [7] Market Analysis - The low initial inventory offsets most of the increase in production. With the expansion of domestic textile production, good downstream profits, and consumption - promotion policies, cotton demand is expected to improve. The decrease in Xinjiang's planting area in the new season makes cotton suitable for long - term long positions [7] Group 5: Eggs Market Data - From March 25 to March 31, 2026, the price in Shandong decreased by 0.20 yuan, the price in Henan decreased by 0.15 yuan, the price in Hubei decreased by 0.09 yuan, the basis decreased by 51 yuan, the price of white - feather broilers increased by 0.05 yuan, and the price of live pigs decreased by 0.15 yuan [9] Market Analysis - The slowdown in the culling of laying hens may be due to farmers' active delay in culling. The increase in the number of chicks replenished from January to February and the good replenishment sentiment from March to April slow down the process of capacity reduction. However, the increase in feed costs compresses the profit margin of egg - laying hen farming. The market is treated in a reverse - spread pattern [10] Group 6: Apples Market Data - From March 25 to March 31, 2026, the national inventory increased by 7, the Shandong inventory increased by 37, and the Shaanxi inventory increased by 20 [11] Market Analysis - The apple market mainly trades high - quality goods, with stable overall transactions. In the western region, the supply of high - quality goods is limited, and the number of merchants decreases in the second half of the week. In Shandong, the number of merchants looking for high - quality goods increases, and the price of high - quality goods is stable and slightly firm. The sales atmosphere in the sales area is not strong, and there is no obvious backlog in the transit warehouse [11] Group 7: Pigs Market Data - From March 25 to March 31, 2026, the price in Anhui decreased by 0.15 yuan, the price in Jiangsu decreased by 0.15 yuan, and the basis increased by 235 yuan [11] Market Analysis - The spot price rebounded slightly on the weekend. The reduction in supply by some farmers at the end of the month, the replenishment of second - fattening pigs at low prices, and the enhanced sentiment of some retail farmers to hold back sales, but the demand is limited. There is still pressure to reduce production and inventory in the near term, and the low - level fluctuations increase. Pay attention to the evolution of capacity reduction [11]

Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - Corn prices are expected to remain strong in the short term due to tight supply, but may be suppressed by increased wheat supply and rising temperatures. In the long term, import and storage policies should be monitored [3]. - Starch prices are expected to remain volatile and strong in the short term, with downstream consumption being the key factor in the long term [3]. - The fundamentals of the international sugar market are slightly stronger, while the domestic market is affected by import policies and spot pressure [4]. - Cotton demand is expected to continue to improve, and it is suitable for long - term investment due to low inventory and potential reduction in planting area [5]. - Egg production capacity reduction has slowed down, and the market should be treated with a reverse spread pattern [8]. - The apple market is generally stable, with different trends in different regions [9]. - Pig prices have a short - term rebound, but there is still pressure on production and inventory reduction, and attention should be paid to capacity reduction [9]. Group 3: Corn/Starch - **Price Data**: From March 24 to March 30, prices in various regions showed different changes. For example, the price in Changchun remained unchanged, while the price in Jinzhou decreased by 5, and the price in Weifang decreased by 8. The basis of corn increased by 18, and the trade profit decreased by 15 [2]. - **Market Analysis**: In the short term, corn prices are supported by tight supply but may be affected by wheat supply and temperature. Starch prices are affected by high - price sales and raw material supply [3]. Group 4: Sugar - **Price Data**: From March 24 to March 30, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, and the basis increased by 23 [12]. - **Market Analysis**: The international market has a slightly stronger fundamental situation, and the domestic market is affected by import policies and spot pressure [4]. Group 5: Cotton/Cotton Yarn - **Price Data**: From March 24 to March 30, the price of 3128 cotton increased by 20, and the import profit decreased by 22 [5]. - **Market Analysis**: Low initial inventory and potential reduction in planting area, along with good demand, make cotton suitable for long - term investment [5]. Group 6: Eggs - **Price Data**: From March 24 to March 30, egg prices in various regions increased, and the basis increased by 110 [7]. - **Market Analysis**: The slowdown in chicken culling and the increase in replenishment have slowed down the production capacity reduction process, and the market should be treated with a reverse spread pattern [8]. Group 7: Apples - **Price Data**: From March 24 to March 30, the price of Shandong 80 first - and second - grade apples remained unchanged, the national inventory decreased by 10, and the Shandong inventory increased by 104 [9][10]. - **Market Analysis**: The apple market is generally stable, with different trading situations in different regions [9]. Group 8: Pigs - **Price Data**: From March 24 to March 30, pig prices in various regions showed different changes, and the basis decreased by 90 [9]. - **Market Analysis**: Pig prices have a short - term rebound, but there is still pressure on production and inventory reduction, and attention should be paid to capacity reduction [9].

Report Information - Report Title: Agricultural Products Morning Report - Report Date: March 30, 2026 - Research Team: Agricultural Products Team of the Research Center 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Corn: In the short term, the supply of corn remains tight as the grain sources gradually concentrate on traders, supporting the price. However, the increased supply of policy - based wheat and the expected increase in market circulation may suppress the price. In the long term, attention should be paid to import and domestic auction policies due to the supply gap [3]. - Starch: High prices affect starch sales, causing the price to decline. In the short term, tight raw material supply supports price increases, but weak downstream consumption may suppress the price. In the long term, downstream consumption rhythm and inventory changes are crucial for pricing [3]. - Sugar: Internationally, the fundamentals are slightly stronger with India's lower production estimate and ISO's lower global surplus forecast. Crude oil prices also impact the valuation. Domestically, the market is bullish after the festival, but there is hedging pressure [6]. - Cotton: Low initial inventory offsets most of the production increase. With expanding textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve. A decrease in Xinjiang's planting area makes long - term buying suitable [7]. - Eggs: The slowdown in chicken culling may be due to farmers' active delay. The increase in chick - rearing in 1 - 2 months and positive sentiment in 3 - 4 months slow down capacity reduction. Rising feed costs compress profits, and an inverse spread pattern is considered [10]. - Apples: The apple market is stable, with good - quality goods being the main trading items. The demand in the western region is weak, while the demand for good - quality goods in Shandong is increasing. The sales in the sales area are normal [11]. - Pigs: The weekend pig price rebounded slightly. There is still pressure on near - term production and inventory reduction. The market is affected by high supply, and attention should be paid to capacity reduction [11]. 3. Summary by Product Corn/Starch - **Price Data**: From March 23 to 27, the price in Jinzhou decreased by 10, the base difference decreased by 3, and the starch base difference increased by 10 [2]. - **Analysis**: Short - term price support comes from tight supply, but wheat supply and increased circulation may suppress the price. Starch price is affected by raw material supply and downstream consumption [3]. Sugar - **Price Data**: From March 23 to 27, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, and the base difference decreased by 1 [4][5]. - **Analysis**: Internationally, the fundamentals are stronger, and crude oil affects the valuation. Domestically, there is hedging pressure [6]. Cotton/Cotton Yarn - **Price Data**: From March 23 to 27, the price of 3128 cotton increased, and the import profit and 32S spinning profit decreased [7]. - **Analysis**: Low initial inventory and good demand prospects make long - term buying suitable [7]. Eggs - **Price Data**: From March 23 to 27, the prices in various producing areas increased, and the base difference increased by 209 [9]. - **Analysis**: Slow culling, increased chick - rearing, and rising feed costs affect the market, with an inverse spread pattern considered [10]. Apples - **Price Data**: From March 23 to 27, the price of Shandong 80 first - and second - grade apples remained unchanged, and the national, Shandong, and Shaanxi inventories decreased [11]. - **Analysis**: The market is stable, with different situations in different regions [11]. Pigs - **Price Data**: From March 23 to 27, the prices in various producing areas decreased, and the base difference decreased by 230 [11]. - **Analysis**: There is short - term price rebound, but long - term pressure from high supply, and attention should be paid to capacity reduction [11].

Group 1: Report Overview - The report is an agricultural products morning report released on March 27, 2026, by the agricultural products team of the research center [1] Group 2: Corn/Starch Price Data - From March 20 to March 26, 2026, the price of corn in Changchun remained at 2230, while the price in other locations had minor fluctuations. The price of starch in Heilongjiang and Weifang remained at 2900 and 3050 respectively. The processing profit of starch increased by 10 [2] Market Analysis - Short - term: The supply of corn is tight, which supports the price, but the increase in policy wheat supply and the increase in corn circulation may suppress the price. For starch, the tight raw material supply supports price increases, but weak downstream consumption may limit the rise [3] - Long - term: For corn, focus on import and domestic auction policies. For starch, focus on downstream consumption rhythm and inventory changes [3] Group 3: Sugar Price Data - From March 20 to March 26, 2026, the spot prices in Liuzhou and Nanning remained unchanged, while the price in Kunming increased by 5. The basis in Liuzhou decreased by 34 [4] Market Analysis - International: The fundamentals are slightly stronger, with India lowering its production estimate and ISO lowering the global surplus estimate for the 25/26 sugar season. Crude oil prices affect raw sugar valuation [5] - Domestic: After the holiday, the market discussed import policies, and the futures market was volatile and strong. The cost of out - of - quota imports was low, but there was hedging pressure on the futures market [5] Group 4: Cotton/Cotton Yarn Price Data - From March 20 to March 26, 2026, the price of 3128 cotton increased by 70. The 32S spinning profit decreased by 74 [6] Market Analysis - The low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good downstream profits, and favorable consumption policies, cotton demand is expected to improve. The decrease in Xinjiang's planting area in the new season makes cotton suitable for long - term investment [6] Group 5: Eggs Price Data - From March 20 to March 26, 2026, the price in Hubei increased by 0.04, and the basis decreased by 208 [8] Market Analysis - The slowdown in chicken culling is likely due to farmers' active delay in culling. The increase in replenishment in January - February and good replenishment sentiment in March - April slow down the capacity reduction process. However, rising feed costs compress profit margins, and attention should be paid to farmers' culling sentiment. Adopt a reverse spread strategy [9] Group 6: Apples Price Data - From March 20 to March 26, 2026, the spot prices in Shandong and Shaanxi remained unchanged. The national inventory decreased by 14, Shandong inventory increased by 32, and Shaanxi inventory decreased by 18 [11][12] Market Analysis - The apple market mainly trades high - quality goods. In the western region, the supply of high - quality goods is limited, and the number of merchants decreased in the second half of the week. In Shandong, the number of merchants looking for high - quality goods increased, and the price of high - quality goods was stable with a slight increase. The sales atmosphere in the sales area was not strong, and there was no obvious backlog in the transit warehouse [12] Group 7: Pigs Price Data - From March 20 to March 26, 2026, the prices in various production areas decreased, and the basis decreased by 5 [12] Market Analysis - The spot price decreased slightly over the weekend, with weak demand and sufficient supply. The reduction of pig production capacity is limited. In the medium - term, there may be a supply - demand mismatch. The market is affected by high supply, policy - driven production reduction, and market sentiment. The futures price has a premium, and attention should be paid to the expected difference [12]

Group 1: Investment Ratings - No investment ratings are provided in the report Group 2: Core Views - Corn prices are expected to remain strong in the short - term, supported by tight supply, but may be suppressed by increased wheat supply and faster grain circulation. In the long - term, import and domestic auction policies should be monitored due to the supply gap [4] - Starch prices are likely to oscillate strongly in the short - term with tight raw material supply, and downstream consumption rhythm will be the key factor in the long - term [4] - The international sugar market has a slightly stronger fundamental situation, and the domestic market is oscillating strongly. However, there is hedging pressure on the upper side of the futures market [6] - Cotton is suitable for long - term buying as demand is expected to improve, with low initial inventory and a possible decrease in Xinjiang's planting area [7] - For eggs, the process of capacity reduction is slowing down, but feed cost increases may compress profits. An inverse spread strategy is recommended [10] - The apple market trading is stable, with different situations in different regions. The sales atmosphere in the sales area is not strong [13] - Pig prices are falling slightly, with weak demand and ample supply. The market is in the process of finding the bottom, and the impact of capacity reduction on market sentiment should be monitored [13] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From March 19 - 25, 2026, corn prices in different regions showed minor fluctuations, and starch prices remained stable in some areas. Corn's basis and trade profits changed, and starch's processing profit improved from - 26 to - 3 [3] - **Analysis**: Short - term corn price is supported by tight supply but may be restricted by wheat supply and grain circulation. Starch price is expected to oscillate strongly in the short - term and is affected by downstream consumption in the long - term [4] Sugar - **Price Data**: From March 19 - 25, 2026, sugar's spot prices in different regions were mostly unchanged, and the basis and import profits had some fluctuations. The number of warehouse receipts remained stable at 16342 - 16862 [5] - **Analysis**: The international sugar market's fundamentals have slightly strengthened, and the domestic market is oscillating strongly with hedging pressure on the upper side [6] Cotton/Cotton Yarn - **Price Data**: From March 19 - 25, 2026, the price of 3128 cotton increased by 70. Other data such as import - related and spinning profits also changed [7] - **Analysis**: Low initial inventory offsets most of the production increase. With good demand prospects, cotton is suitable for long - term investment [7] Eggs - **Price Data**: From March 19 - 25, 2026, egg prices in some regions were stable, and the basis increased by 30. The prices of substitutes such as chickens and pigs changed slightly [9] - **Analysis**: The slowdown of chicken culling and increased chick - rearing indicate a slowdown in capacity reduction. Feed cost increases may affect farmers' culling decisions, and an inverse spread strategy is recommended [10] Apples - **Price Data**: From March 19 - 25, 2026, the price of Shandong 80 first - and second - grade apples remained at 8900. The national inventory decreased by 5, and the basis for different months changed [12][13] - **Analysis**: The apple market trading is stable, with different trading situations in eastern and western regions. The sales atmosphere in the sales area is not strong [13] Pigs - **Price Data**: From March 19 - 25, 2026, pig prices in different regions decreased, and the basis decreased by 35 [13] - **Analysis**: Pig prices are falling due to weak demand and ample supply. The market is finding the bottom, and capacity reduction and its impact on market sentiment should be monitored [13]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report Group 2: Core Views - Short - term, corn prices are supported by tight supply but may be suppressed by increased wheat supply and faster grain circulation; long - term, focus on import and storage policies [3] - Short - term, starch prices will be volatile and strong due to tight raw material supply and slow consumption recovery; long - term, focus on downstream consumption rhythm [3] - International sugar fundamentals are slightly stronger, and domestic sugar is affected by import policy discussions and has a bullish trend [4] - Cotton demand is expected to improve, and it is suitable for long - term long positions due to low inventory, good consumption, and reduced planting area [5] - Egg production capacity reduction slows down, and it should be treated as a reverse spread pattern [8] - Apple market trading is stable, with different situations in different regions and normal sales in the market [11] - Pig prices are under pressure due to weak demand and sufficient supply, and attention should be paid to capacity reduction and market sentiment [11] Group 3: Summary by Commodity Corn/Starch - Corn prices in different regions from March 18 - 24: Changchun remained at 2230 (except for missing data later), Jinzhou increased by 5 to 2360, Weifang remained at 2420, and Shekou increased by 10 to 2530. The basis changed from - 22 to - 23, trade profit increased by 5 to 20, and import profit increased by 59 to 320 [2] - Starch prices in Heilongjiang remained at 2900, in Weifang remained at 3050. The basis increased by 53 to 193, and processing profit increased by 4 to - 10 [2] Sugar - Sugar spot prices in Liuzhou decreased by 20 to 5480, in Nanning decreased by 10 to 5460, in Kunming decreased by 10 to 5320. The basis in Liuzhou increased by 4 to 51, and the number of warehouse receipts increased by 520 to 16862 [4] Cotton/Cotton Yarn - Cotton price of 3128 grade decreased by 30 to 16420, and the number of warehouse receipts + forecasts increased by 47 to 12780. The 32S spinning profit increased by 31 to - 771 [5] Eggs - Egg prices in Hebei, Liaoning, Shandong, Henan, and Hubei remained stable. The basis increased by 10 to 260, and the price of substitute pigs increased by 0.02 to 16.03 [7] Apples - Apple spot prices in Shandong 80 first - and second - grade remained at 8900. The national inventory increased by 12, Shandong inventory increased by 72, and Shaanxi inventory increased by 8. The 1 - month basis increased by 110 to 380, the 5 - month basis increased by 49 to - 1172, and the 10 - month basis increased by 155 to 269 [10][11] Pigs - Pig prices in Henan Kaifeng decreased by 0.10 to 9.73, in Hubei Xiangyang decreased by 0.05 to 9.55, in Shandong Linyi decreased by 0.10 to 9.97, in Anhui Hefei decreased by 0.10 to 10.05, in Jiangsu Nantong decreased by 0.10 to 10.20. The basis decreased by 165 to - 315 [11]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Corn prices are expected to remain strong in the short - term due to tight supply, but may be suppressed by increased policy wheat supply and faster grain circulation. Long - term, import and domestic auction policies are key factors [3]. - Starch prices will likely remain oscillating and strong in the short - term with tight raw material supply and slow recovery of downstream consumption. Long - term, downstream consumption rhythm is crucial for price trends [3]. - For sugar, the international market has a slightly stronger fundamental situation, and the domestic market is oscillating strongly. There is pressure from industrial spot goods and hedging on the upper side of the futures market [4][5]. - Cotton demand is expected to improve continuously, and it is suitable for long - term long positions considering low initial inventory, expanding textile production, good downstream profits, and policies promoting consumption [6]. - For eggs, the process of capacity reduction has slowed down, but feed cost increases compress profit margins. It should be treated in a reverse spread pattern [9]. - The apple market trading is stable with different situations in different regions. The sales atmosphere in the sales area is not strong [12]. - For pigs, the spot price is declining slightly, with weak demand and loose supply. The market is in the process of finding the bottom, and there may be a supply - demand mismatch in the medium - term. Pay attention to the impact of capacity reduction on market sentiment [12]. 3. Summaries by Commodity Corn/Starch - **Price Changes**: From March 17 - 23, the price in Changchun remained unchanged, the price in Jinzhou increased by 5, the price in Weifang decreased by 20, and the price in Shekou decreased by 10. The basis decreased by 23, the trade profit decreased by 15, and the import profit decreased by 30. For starch, the basis decreased by 7, and the processing profit increased by 2 [2]. - **Market Analysis**: In the short - term, corn prices are supported by tight supply but may be suppressed by policy wheat and increased grain circulation. Starch prices are expected to be oscillating and strong with tight raw material supply and slow downstream consumption recovery [3]. Sugar - **Price Changes**: From March 17 - 23, the spot prices in Liuzhou, Nanning, and Kunming increased by 30, 30, and 15 respectively. The basis increased by 16, and the import profit increased by 95. The number of warehouse receipts remained unchanged [4]. - **Market Analysis**: Internationally, the fundamental situation is slightly stronger. Domestically, the market is oscillating strongly with pressure from industrial spot goods and hedging [4][5]. Cotton/Cotton Yarn - **Price Changes**: From March 17 - 23, the price of 3128 cotton increased by 160. The number of warehouse receipts + forecasts increased by 5. The price of Vietnam yarn decreased by 10, the import profit decreased by 52, and the 32S spinning profit decreased by 178 [6]. - **Market Analysis**: Cotton demand is expected to improve due to low initial inventory, expanding textile production, good downstream profits, and consumption - promoting policies. It is suitable for long - term long positions [6]. Eggs - **Price Changes**: From March 17 - 23, the prices in Hebei and Liaoning increased by 0.07. The basis decreased by 70, the price of yellow - feather broilers increased by 0.05, and the price of pigs increased by 0.03 [8]. - **Market Analysis**: The process of capacity reduction has slowed down, but feed cost increases compress profit margins. It should be treated in a reverse spread pattern [9]. Apples - **Price Changes**: From March 17 - 23, the price of Shandong 80 first - and second - grade apples remained unchanged. The national inventory increased by 115, Shandong inventory increased by 577, and Shaanxi inventory increased by 191. The 1 - month basis increased by 90, the 5 - month basis increased by 467, and the 10 - month basis increased by 126 [11][12]. - **Market Analysis**: The market trading is stable, with different situations in different regions. The sales atmosphere in the sales area is not strong [12]. Pigs - **Price Changes**: From March 17 - 23, the prices in Henan Kaifeng, Hubei Xiangyang, and Shandong Linyi decreased by 0.05, 0.25, and 0.10 respectively. The basis increased by 190 [12]. - **Market Analysis**: The spot price is declining slightly, with weak demand and loose supply. The market is in the process of finding the bottom, and there may be a supply - demand mismatch in the medium - term. Pay attention to the impact of capacity reduction on market sentiment [12].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - In the short - term, the supply of corn is tight, supporting its price, but the increase in policy - based wheat supply and the increase in corn circulation may suppress the price. In the long - term, focus on import and domestic auction policies [3]. - In the short - term, the price of starch will maintain a volatile and slightly stronger trend due to tight raw material supply, but the slow recovery of downstream consumption may limit price increases. In the long - term, focus on downstream consumption rhythm [3]. - The international sugar market's fundamentals are slightly stronger, and the domestic market is affected by import policy discussions. There is hedging pressure on the upper side of the futures price [4]. - Cotton demand is expected to continue to improve, and new - season planting area in Xinjiang will decline, so it is suitable for long - term long positions [6]. - The process of egg production capacity reduction has slowed down, and the focus is on farmers' sentiment towards culling hens. Adopt a reverse spread strategy [9]. - The apple market maintains stable trading, with different situations in eastern and western regions, and the sales atmosphere in the consumer market is not strong [12]. - The supply of live pigs is still relatively loose, and the market is in the process of bottom - searching. Pay attention to the impact of production capacity reduction on market sentiment and the expected difference [12]. Group 3: Summary by Commodity Corn/Starch - **Price Data**: From March 16 - 20, 2026, the prices of corn in Changchun, Jinzhou, and other places remained mostly unchanged, and the price of starch in Heilongjiang and Weifang also remained stable. The corn basis decreased by 3, and the import profit decreased by 20. The starch basis decreased by 79, and the processing profit increased by 10 [2]. - **Market Analysis**: In the short - term, the supply of corn is tight, but the increase in wheat supply and corn circulation may suppress the price. For starch, tight raw material supply supports price increases, but slow downstream consumption may limit it [3]. Sugar - **Price Data**: From March 16 - 20, 2026, the spot prices in Liuzhou and Nanning changed little, and the basis decreased by 22. The import profit from Thailand and Brazil decreased by 101, and the number of warehouse receipts remained unchanged [4]. - **Market Analysis**: The international sugar market's fundamentals are slightly stronger, and the domestic market is affected by import policy discussions, with hedging pressure on the upper side of the futures price [4]. Cotton/Cotton Yarn - **Price Data**: From March 16 - 20, 2026, the price of 3128 cotton decreased by 40, and the import profit of cotton decreased. The inventory (warehouse receipts + forecast) decreased by 32, and the 32S spinning profit increased by 32 [6]. - **Market Analysis**: The initial inventory of cotton is low, and demand is expected to improve. New - season planting area in Xinjiang will decline, making it suitable for long - term long positions [6]. Eggs - **Price Data**: From March 16 - 20, 2026, the prices in Hebei and Liaoning remained unchanged, and the prices in Shandong and Henan increased by 0.1. The basis increased by 62, the price of white - feather broilers remained unchanged, the price of yellow - feather broilers decreased by 0.05, and the price of live pigs decreased by 0.13 [8]. - **Market Analysis**: The process of egg production capacity reduction has slowed down, and the focus is on farmers' sentiment towards culling hens. Adopt a reverse spread strategy [9]. Apples - **Price Data**: From March 16 - 20, 2026, the price of Shandong 80 first - and second - grade apples remained unchanged. The national inventory increased by 25, Shandong inventory decreased by 110, and Shaanxi inventory decreased by 3 [12]. - **Market Analysis**: The apple market maintains stable trading, with different situations in eastern and western regions, and the sales atmosphere in the consumer market is not strong [12]. Live Pigs - **Price Data**: From March 16 - 20, 2026, the prices in Henan Kaifeng and Hubei Xiangyang decreased, and the basis increased by 65 [12]. - **Market Analysis**: The supply of live pigs is still relatively loose, and the market is in the process of bottom - searching. Pay attention to the impact of production capacity reduction on market sentiment and the expected difference [12].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report analyzes the performance and market conditions of various futures commodities as of March 20, 2026. It points out that the performance of domestic futures contracts varies, with some commodities rising and others falling. The market is significantly affected by factors such as the Middle - East situation, supply - demand relationships, and macro - economic policies. Different commodities face different supply - demand situations and price trends, and investors are advised to pay attention to relevant factors and market dynamics [5][6][8]. 3. Summary by Commodity 3.1 Commodity Performance - As of the close on March 20, domestic futures contracts showed mixed performance. LPG rose by over 8%, and manganese silicon rose by over 3%. Low - sulfur fuel oil (LU) fell by over 8%, and沪银 and bottle chips fell by over 6% [5]. - In the stock index futures, the main contracts of IF, IH, IC, and IM all declined, with declines of 0.28%, 0.95%, 1.17%, and 1.27% respectively. In the bond futures, the main contracts of TS, TF, T, and TL all declined, with declines of 0.01%, 0.06%, 0.09%, and 0.42% respectively [6]. - In terms of capital flow, as of 15:20 on March 20, the main contracts of CSI 1000 2606, CSI 2606, and SSE 2606 had capital inflows of 4.009 billion, 1.205 billion, and 0.695 billion respectively.沪金 2604, crude oil 2605, and沪银 2606 had capital outflows of 4.449 billion, 2.329 billion, and 1.464 billion respectively [6]. 3.2 Market Analysis - **沪铜**: It opened low and closed high, showing a weak trend during the day. The supply of copper concentrates is tight, but the terminal demand is not optimistic. With the postponement of the Fed's interest - rate cut and the strengthening of the US dollar, copper prices are under pressure [8]. - **Carbonate Lithium**: It opened low and closed high, with a late - session decline. The prices of battery - grade and industrial - grade carbonate lithium both decreased. The import volume in February 2026 decreased month - on - month but increased year - on - year. The demand growth rate shows signs of weakening, and the macro - sentiment affects the price [10]. - **Crude Oil**: EIA data shows that the US crude - oil inventory increased more than expected, but the refined - oil inventory decreased significantly. The Middle - East situation is tense, and the closure of the Strait of Hormuz has led to production cuts in Middle - East oil - producing countries. Although some measures have been taken to relieve the supply pressure, the risk of price increases still exists [11][12]. - **Asphalt**: The supply side has a low - level start - up rate. The downstream demand is gradually recovering. The cost is strongly supported, and the price is expected to be strong and volatile, depending on the Middle - East situation [13][15]. - **PP**: The downstream start - up rate has slightly recovered, and the enterprise start - up rate is at a low level. The cost of raw materials has decreased, and the supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [16]. - **Plastic**: The start - up rate has decreased, and the downstream start - up rate has increased. The supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [17][18]. - **PVC**: The start - up rate has decreased, and the downstream start - up rate has increased. The export situation has improved, but the inventory pressure is still large. The price is expected to be strongly volatile if the Strait of Hormuz does not resume navigation [19][20]. - **Coking Coal**: It opened low and closed high, showing a strong trend during the day. The domestic coal production has increased, and the downstream inventory has increased. The price is expected to be strong, depending on the performance in the peak season [21]. - **Urea**: It opened low and closed low, showing a decline. The factory price is expected to weaken, and the supply is abundant. The inventory has decreased, and the price is expected to fluctuate at a high level after a callback [22][23].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The corn market is currently in a phased adjustment, but the price is expected to remain strong in the first half of the year due to decreasing grain sources and rigid demand. It is recommended that grain - using enterprises purchase spot goods as needed and maintain sufficient inventory, while traders should buy low and sell high [3][6] 3. Summary According to Related Catalogs Market Performance - The corn main 2605 contract has been under pressure and adjusted after reaching a nearly 2 - year high of 2443. The spot price is relatively stable, with the Pingcang price in Bayuquan dropping slightly from 2405 yuan/ton to around 2400 yuan/ton, and the arrival price at Shekou Port remaining around 2530 yuan/ton. The corn basis has weakened slightly, and the futures price is slightly at a discount. The starch main 2605 contract has also adjusted this week, with the starch price rising slightly. The starch price of Weifang Jinyu Corn has increased from 3010 yuan/ton to around 3030 yuan/ton, and the basis has strengthened in a volatile manner [3] Supply - side Situation - As of March 19, the national grain sales progress was 78%, 6% slower than the same period last year. The remaining grain of farmers is gradually running out, and the grain sources are shifting to downstream players such as traders. However, the enthusiasm for central grain reserve public bidding has declined, with a cumulative release of 404,000 tons and a transaction volume of 354,000 tons as of March, with a transaction rate of 87.8%. In addition, the directional invitation auction of imported corn continues [3] Inventory Situation - As of March 13, the corn inventory in the northern ports was 2182,000 tons, a month - on - month increase, and the weekly shipping volume was 752,000 tons, a significant month - on - month increase. The domestic trade corn inventory in Guangdong Port was 285,000 tons, a month - on - month decrease, and the foreign trade corn inventory was 162,000 tons, a month - on - month decrease. The corn inventories of downstream deep - processing and feed enterprises have stopped falling and rebounded. As of March 20, the corn inventory of deep - processing enterprises was 3,769,000 tons, a month - on - month increase, and the lowest in the same period in recent years. The corn inventory of feed enterprises was 30.27 days, a month - on - month increase [4] Substitute and Import Situation - Although the wheat price has also risen, the corn price has risen more, and the wheat - corn price difference has further narrowed. If the narrowing increases, there may be substitution. Since last October, the import of corn in China has increased significantly, and it may continue to increase in the future to adjust the domestic corn supply and demand [4] External Market Situation - The US corn in the external market is oscillating strongly. The continuous rise of energy under the US - Iran conflict has boosted the ethanol price, and the demand may increase. However, the energy price increase has put pressure on many countries' economies, so beware of subsequent reversals. The planting area of new - season US corn may be reduced, and attention should be paid to the US Department of Agriculture's planting area intention report at the end of March [4] Demand - side Situation - **Feed demand**: Pig prices have fallen, and the breeding industry is in full - scale loss. The industry has adjusted the target inventory of breeding sows to 36.5 million heads. Although the current high inventory still supports feed demand, the long - term growth of feed demand may be affected due to the possible further reduction of production capacity. In the poultry industry, egg prices have fallen, and the breeding industry continues to lose money. The sales volume of chicken seedlings in February continued to increase, and the elimination of old chickens decreased. The inventory of laying hens in February may have increased [5] - **Deep - processing demand**: The demand of deep - processing enterprises has improved. Affected by the sharp rise in starch prices, the processing profit of starch processing enterprises has rebounded, and the operating rate has increased. As of March 20, the operating rate of starch processing enterprises was 58.8%, a month - on - month increase, and the starch inventory was 1,203,000 tons, a month - on - month decrease. Alcohol processing enterprises are still in a loss, with an operating rate of 58.77%, a month - on - month increase. The operating rates of downstream starch sugar enterprises and paper - making enterprises have increased [5] Market Outlook - The remaining domestic grain is close to 20%, and the supply in the Northeast is tight. The grain sources are shifting to the downstream, but there are supplements from public bidding and import auctions. The corn market is under phased pressure. However, as the grain sources gradually decrease and the demand is rigid, the price is expected to remain strong in the first half of the year [6]