1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In January 2026, the corn futures first rose and then declined, the live hog futures had small gains and large losses, and the egg futures were stronger in the near - term and weaker in the long - term. The spot prices of corn, live hogs, and eggs also showed different trends [7][8]. - For corn, the short - term spot may fluctuate weakly, the medium - term maintains a wide - range trading idea, and the long - term pricing logic is substitution + planting cost, focusing on policy guidance [16]. - For live hogs, the first quarter of 2026 may see the price first rise and then fall, the second quarter may see the supply form an inflection point, and the second half of the year is expected to strengthen but with limited upside [46][47][48]. - For eggs, the short - term price may weaken due to the end of pre - festival stocking, the medium - term may face a supply - demand imbalance after the Spring Festival, and the long - term price increase space may be limited by the continuous expansion of the breeding scale [72]. 3. Summary According to Relevant Catalogs 3.1 Previous Review - **Spot Review**: In January, the corn spot price fluctuated slightly stronger; the live hog price first rose and then declined; the egg price continued to rise supported by consumption [7]. - **Futures Review**: In January, the corn futures led the spot price and rose in shock; the live hog futures first rose and then fell, and the egg futures were stronger in the near - term and weaker in the long - term [8]. - **Strategy Review**: The previous strategies for corn, live hogs, and eggs were verified by the market [9]. 3.2 Corn Variety - **Macro Logic**: Internationally, the macro - drive is gradually weakening; domestically, it is mainly reflected in industrial policies [13]. - **Industry Logic**: It has entered the passive inventory - building cycle, focusing on policies such as reserve purchases, directional rice/imported corn auctions, and grain import policies [13]. - **Supply - Demand Logic**: The domestic corn supply - demand pattern in the 2025/26 period has turned to basic balance. In February 2026, the spot market may become lighter. Supply is affected by international and domestic factors, and demand is mainly from the breeding and deep - processing industries [14][15]. - **Variety View**: Short - term, the spot may fluctuate weakly; medium - term, maintain a wide - range trading idea; long - term, focus on policy orientation [16]. - **Trading Strategy**: Short - term, the market is weak, and the 2603 and 2605 contracts have support levels; medium - and long - term, maintain an interval trading idea [17]. 3.3 Live Hog Variety - **Macro Logic**: Pay attention to the interaction between China's CPI trend and hog prices, and focus on industrial policy orientation [43]. - **Industry Logic**: The breeding market structure may change under the guidance of capacity - reduction policies. The reduction of the sow inventory of leading group enterprises has basically been achieved, and the large - scale decline of the sow inventory in the next few months is unlikely [43]. - **Supply - Demand Logic**: Supply is affected by factors such as sow inventory, new - born piglets, production efficiency, and slaughter weight; demand is weak after the Spring Festival [44]. - **Market View**: The first quarter of 2026 may see the price first rise and then fall; the second quarter may see the supply form an inflection point; the second half of the year is expected to strengthen but with limited upside [46][47][48]. 3.4 Egg Variety - **Macro Logic**: Domestically, pay attention to raw material prices and CPI changes, and in the second half of the year, pay attention to the impact of meat and vegetable prices [69]. - **Industry Logic**: The market share of leading enterprises in the egg - laying hen breeding industry is relatively low. The industry is expected to transform from traditional decentralized breeding to intensive breeding, and the scale rate is expected to increase [70]. - **Supply - Demand Logic**: Egg prices are mainly driven by the supply side, and consumption is seasonally driven. The current capacity reduction is less than expected, and it is difficult to start a cycle - type market driven by over - culling [71]. - **Variety View**: Short - term, the price may weaken due to the end of pre - festival stocking; medium - term, the supply - demand imbalance may intensify after the Spring Festival; long - term, the price increase space may be limited by the continuous expansion of the breeding scale [72]. - **Trading Strategy**: Short - term, maintain a short - selling idea for near - term contracts; medium - and long - term, the capacity may be difficult to clear effectively in the first quarter, and breeding enterprises are recommended to lock in profits through far - term contracts [73].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core View - The expectation of the off - season after the festival for eggs remains unchanged [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data** - Egg 2602 contract: The closing price is 3,033 yuan/500 kilograms, with a daily decline of 1.04%. The trading volume decreased by 1,215, and the open interest decreased by 2,463 [1] - Egg 2603 contract: The closing price is 3,048 yuan/500 kilograms, with a daily decline of 0.59%. The trading volume decreased by 88,282, and the open interest decreased by 7,933 [1] - **Spread Data** - Egg 2 - 3 spread: The latest value is - 15, compared to 3 on the previous day [1] - Egg 3 - 9 spread: The latest value is - 831, compared to - 803 on the previous day [1] - **Spot Price Data** - Liaoning spot price: The latest is 4.00 yuan/jin, compared to 3.90 yuan/jin on the previous day [1] - Hebei spot price: The latest is 3.62 yuan/jin, compared to 3.51 yuan/jin on the previous day [1] - Shanxi spot price: The latest is 4.00 yuan/jin, the same as the previous day [1] - Hubei spot price: The latest is 4.00 yuan/jin, compared to 3.93 yuan/jin on the previous day [1] - **Industrial Chain Data** - Corn spot price: The latest is 2,377 yuan/ton, compared to 2,379 yuan/ton on the previous day [1] - Soybean meal spot price: The latest is 3,120 yuan/ton, the same as the previous day [1] - Henan pig price: The latest is 12.98 yuan/kg, compared to 13.18 yuan/kg on the previous day [1] 3.2 Trend Intensity - The trend intensity is 0, with a value range in the [-2, 2] integer interval. The strength levels are classified as weak,偏弱, neutral, 偏强, strong, where -2 means most bearish and 2 means most bullish [2]

Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. Core Viewpoint - The sentiment of the egg market has weakened [1] - The trend strength is 0, indicating a neutral outlook [2] Summary by Related Catalog Fundamental Tracking - **Futures Data**: The closing price of egg2602 is 3,002 yuan/500 kilograms with a daily increase of 0.03%, and the trading volume decreased by 4,107 while the open interest decreased by 1,094. The closing price of egg2603 is 3,027 yuan/500 kilograms with a daily decrease of 0.13%, and the trading volume decreased by 82,684 while the open interest increased by 2,233 [1] - **Spread Data**: The egg2 - 3 spread is -25, unchanged from the previous day, and the egg3 - 9 spread is -894, up from -925 the previous day [1] - **Spot Price Data**: The spot prices in Liaoning, Hebei, and Shanxi remained unchanged at 3.60 yuan/jin, 3.40 yuan/jin, and 3.70 yuan/jin respectively. The Hubei spot price dropped from 3.76 yuan/jin to 3.67 yuan/jin [1] - **Industrial Chain Data**: The corn spot price increased from 2,365 yuan/ton to 2,369 yuan/ton, the soybean meal spot price remained at 3,100 yuan/ton, and the Henan live - hog price dropped from 13.43 yuan/kg to 13.38 yuan/kg [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report focuses on the egg market, indicating that the spot market is profitable while the sentiment for far - month contracts is weakening [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of egg2602 and egg2603 are 2,996 and 3,020 respectively, with daily changes of 0.23 and - 0.33. The trading volume of egg2602 increased by 2,829, and its open interest decreased by 2,887. For egg2603, the trading volume decreased by 7,408, and the open interest increased by 19,367 [1]. - **Spread Data**: The egg 2 - 3 spread is - 24 (previous day: - 44), and the egg 3 - 9 spread is - 942 (previous day: - 939) [1]. - **Spot Price Data**: In the latest day, the spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.30, 3.11, 3.30, and 3.42 yuan per jin respectively. The corn spot price is 2,354 yuan per ton, the soybean meal spot price is 3,150 yuan per ton, and the Henan pig price is 12.93 yuan per kilogram [1]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of - 2 indicates the most bearish view, and 2 indicates the most bullish view [2].

1. Report's Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, the corn futures market first declined and then rebounded. Policy - driven supply supplements and alternative grain sources exerted downward pressure, while factors like over - half of the national corn sales progress (faster than last year), farmers' reluctance to sell, low inventory, and pre - holiday stocking demand provided bottom - up support. In the short term, the market may fluctuate with an upward bias. For trading strategies, due to intensified long - short competition in the market, it is advisable to stay on the sidelines for single - sided trading, and there are no recommended arbitrage or option strategies [9][78][10] 3. Summary by Relevant Catalogs 3.1. Market Review 3.1.1. Futures Prices - The domestic corn futures main contract C2603 first declined slightly at the beginning of the week and then rebounded continuously from Wednesday. As of last Friday's close, it was reported at 2,263 yuan/ton, up 0.58%. The CBOT corn futures main contract showed a volatile and slightly stronger trend, closing at 445.25 cents per bushel last week, down 0.17% [6][15][20] 3.1.2. Spot Prices - The national average corn price last week was 2,310 yuan/ton, a week - on - week increase of 3 yuan/ton. In the Northeast production area, prices were basically stable. In the North China production area, prices were stable with slight adjustments by some deep - processing enterprises. In the sales areas and ports, prices had narrow adjustments [8][24][25] 3.1.3. Basis - As of last Friday, the basis of Dalian Port corn against the main contract was 44 yuan/ton, narrowing by 60 yuan/ton compared with the previous week [29] 3.2. Review of Relevant Information Last Week - Vietnam will mandate the promotion of E10 in 2026, which may drive ethanol and corn imports. There were multiple corn bidding results from China National Grain Reserves Corporation, showing different purchase and sales rates. U.S. corn export data showed changes in shipment and net sales volume. Information on weather, crop yields, and export volumes from various countries such as India, Ukraine, Brazil, and Argentina was also provided [30][31][32] 3.3. Analysis of Corn Supply - Demand Pattern 3.3.1. Feed Enterprises' Inventory - As of January 8, the average inventory of national feed enterprises was 30.10 days, an increase of 0.18 days from the previous week, a week - on - week increase of 0.60% and a year - on - year decrease of 6.81% [45] 3.3.2. Deep - processing Enterprises' Inventory - As of January 7, the total corn inventory of national deep - processing enterprises was 3.54 million tons, a week - on - week increase of 1.32% and a year - on - year decrease of 40.47% [49] 3.3.3. Deep - processing Enterprises' Corn Consumption - From January 1 to January 7, 2026, national major corn deep - processing enterprises consumed a total of 1.3817 million tons of corn, a week - on - week decrease of 0.11 million tons. Different types of deep - processing enterprises had varying consumption changes [53][55] 3.3.4. Deep - processing Enterprises' Startup Situation - From January 1 to January 7, 2026, the corn processing volume, starch output, and startup rate of corn starch enterprises all decreased week on week. The startup rate was 59.37%, a 0.49% week - on - week decrease [59] 3.3.5. Deep - processing Enterprises' Profit Situation - Recently, by - product prices have been low. Corn starch enterprises in Heilongjiang and Jilin are in deep losses. Profits in different regions have different changes compared with the previous week [65] 3.3.6. Import and Export Situation - In November 2025, China imported 560,000 tons of corn, a month - on - month increase of 200,000 tons and a year - on - year increase of 260,000 tons. From January to November 2025, China imported 1.85 million tons of corn, a year - on - year decrease of 11.47 million tons [68] 3.4. Related Products Situation 3.4.1. Corn Starch - Last week, the national average corn starch price was 2,692 yuan/ton, a decrease of 8 yuan/ton from the previous week. Prices in different regions had different changes [72] 3.4.2. Live Pigs - Last week, the national average live - pig slaughter price was 12.41 yuan/kg, an increase of 0.15 yuan/kg from the previous week, a week - on - week increase of 1.22% and a year - on - year decrease of 22.58% [77]

Report Core View - The egg market shows a pattern of near - term weakness and long - term strength, with an inverse spread situation [1] Fundamental Tracking Futures Data - The closing price of egg2512 is 2,987 yuan/500 kilograms, with a daily decline of 1.84%, a trading volume change of - 41,269, and an open interest change of - 14,044 [1] - The closing price of egg2601 is 3,499 yuan/500 kilograms, with a daily decline of 0.68%, a trading volume change of 18,793, and an open interest change of 10,793 [1] Spread Data - The egg12 - 1 spread is - 242 (previous day: - 202) [1] - The egg12 - 5 spread is - 512 (previous day: - 444) [1] Spot Price Data - The spot prices in Liaoning, Shanxi are 3.00 yuan/jin, remaining unchanged from the previous day; the spot price in Hebei is 2.69 yuan/jin (previous day: 2.71 yuan/jin); the spot price in Hubei is 3.11 yuan/jin (previous day: 3.18 yuan/jin) [1] Industrial Chain Data - The corn spot price is 2,154 yuan/ton (previous day: 2,176 yuan/ton); the soybean meal spot price is 3,040 yuan/ton (previous day: 3,060 yuan/ton) [1] - The pig price in Henan is 11.68 yuan/kg (previous day: 11.98 yuan/kg) [1] Trend Intensity - The trend intensity is 0, with a neutral view, and the value range is within the [- 2,2] integer interval [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Core View of the Report - The report focuses on the egg market, indicating it is in an adjustment phase, and provides detailed fundamental and trend - related data [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of egg2512 is 3,217 yuan/500 kilograms with a daily increase of 1.93, and trading volume increased by 208,649 with an open interest increase of 7,887. The closing price of egg2601 is 3,509 yuan/500 kilograms with a daily increase of 1.23, and trading volume increased by 69,827 with an open interest increase of 6,222 [1]. - **Spread Data**: The egg12 - 1 spread is - 168 (previous day: - 193), and the egg12 - 5 spread is - 292 (previous day: - 348) [1]. - **Spot Price Data**: The spot prices in Liaoning, Hebei, and Shanxi remained unchanged at 2.90 yuan/jin, 2.69 yuan/jin, and 2.80 yuan/jin respectively. The Hubei spot price rose from 3.24 yuan/jin to 3.29 yuan/jin. The corn spot price dropped from 2,176 yuan/ton to 2,154 yuan/ton, and the soybean meal spot price dropped from 3,050 yuan/ton to 3,030 yuan/ton. The Henan pig price dropped from 11.98 yuan/kg to 11.88 yuan/kg [1]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [-2, 2], indicating a neutral view on the market [1].

Core Viewpoint - Corn futures are experiencing slight upward movement, with potential for further price fluctuations and varying market sentiments among different institutions [2][3][4] Group 1: Market Performance - As of March 15, corn futures main contract showed a strong oscillation, peaking at 2141.00 yuan, and closing at 2138.00 yuan with a 0.33% increase [1] - The overall market sentiment indicates that there may be a possibility of corn prices reaching new lows due to the anticipated pressure from a bumper harvest this year [2] Group 2: Institutional Insights - According to Everbright Futures, there is a possibility for corn prices to decline further, influenced by adjustments in futures prices and concentrated supply in the Northeast region [2] - Guangzhou Futures suggests that while corn spot prices are weakening due to increased supply, the lower inventory levels in the mid and downstream sectors may limit the downside potential for prices [3] - Caida Futures notes that with the new corn season entering a concentrated harvest phase, there is an increase in supply, but seasonal supply pressures are suppressing price increases, leading to short-term price volatility [4]

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]

Report Core View - The report suggests a light - position strategy for eggs during the holiday [1] Fundamental Tracking Futures Data - Egg2510 closed at 2,918, with a daily decline of 1.15%, trading volume decreased by 1,203, and open interest decreased by 18,679 [1] - Egg2601 closed at 3,352, with a daily decline of 0.24%, trading volume increased by 1,842, and open interest decreased by 3,186 [1] Spread Data - The Egg10 - 12 spread was - 262 on the latest day, compared to - 233 the previous day [1] - The Egg10 - 1 spread was - 434 on the latest day, compared to - 414 the previous day [1] Spot Price Data - Liaoning's spot price remained at 3.40 yuan/jin [1] - Hebei's spot price dropped from 3.11 to 3.07 yuan/jin [1] - Shanxi's spot price remained at 3.15 yuan/jin [1] - Hubei's spot price dropped from 3.69 to 3.60 yuan/jin [1] Industry Chain Data - The corn spot price dropped from 2,317 to 2,300 yuan/ton [1] - The soybean meal spot price remained at 2,940 yuan/ton [1] - The Henan pig price dropped from 12.58 to 12.43 yuan/kg [1] Trend Intensity - The trend intensity is 0, indicating a neutral view, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [1]