1. Report Industry Investment Rating - Both soybeans and peanuts are rated as neutral [3][5] 2. Core Viewpoints - The soybean market is in a high - level adjustment. The supply shortage situation in the spot market has eased, demand is weak, and the upward space of soybean prices is restricted [2] - The peanut market is running weakly. The overall supply of peanuts is abundant, demand is weak, and the selling pressure of sellers is high, so the peanut price may remain weakly in the short term [4] 3. Summaries by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the soybeans 2605 contract was 4641.00 yuan/ton, up 67.00 yuan/ton or +1.46% from the previous day [1] - **Spot**: The edible soybean spot basis was A05 + 59, down 67 or 32.14% from the previous day. Northeast soybean prices generally declined, with the prices of rough grain and screened grain dropping by 60 yuan/ton and tower grain dropping by 20 - 40 yuan/ton [1] - **Market News**: The auction success rate of soybeans by the state - owned grain reserve was less than 50%, and the premium space was limited. The resumption of state - owned reserve auctions has changed the market's expectation of future supply. The downstream enterprises' procurement attitude is cautious, and they mostly adopt the strategy of purchasing as needed [1][2] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - **Futures**: The closing price of the peanut 2605 contract was 8086.00 yuan/ton, down 34.00 yuan/ton or - 0.42% from the previous day [3] - **Spot**: The average spot price of peanuts was 8800.00 yuan/ton, up 782.00 yuan/ton or +9.75% from the previous day. The spot basis was PK05 + - 1286.00, up 34.00 or - 2.58% from the previous day. The average price of general peanuts in the national market dropped by 27 yuan/ton [3] - **Market News**: The overall supply of peanuts in the domestic market is abundant, terminal demand is weak, some holders choose to sell at a discount, and processing enterprises' procurement is cautious [3][4] Strategy - The strategy for peanuts is neutral [5]

Report Information - Report title: "Fund Flow and Key Seats' Position Changes Daily Report" [1] - Report date: April 1, 2026 [1] - Data date: March 31, 2026 [2] Key Points about Fund Flows and Positions Morgan Chase - Net position and daily position change data are presented for various products, with the net position reaching up to 14.00% and daily position change shown on the chart [2] Qiankun Futures - Net position and daily position change data are presented for various products, with the net position reaching up to 14.00% and daily position change shown on the chart [2] UBS Futures - Net position and daily position change data are presented for various products, with the net position reaching up to 4.00% and daily position change shown on the chart [2] CITIC Futures - Net position and daily position change data are presented, with the net position reaching up to 10.00% and daily position change shown on the chart [4] Guotai Junan - Net position and daily position change data are presented, with the net position reaching up to 20.00% and daily position change shown on the chart [4]

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [2][5] 2. Core Viewpoints of the Report - **Soybeans**: The soybean futures price has declined from a two - year high to a one - month low. The short - term callback is driven by four factors: weakened policy support, fading risk premium of imported soybeans, cooling geopolitical risk sentiment, and weakening market confidence. The short - term spot and futures prices of soybeans will maintain a weak and volatile pattern, with limited downside due to policy support and tight grain sources [2] - **Peanuts**: The peanut market is in a situation of strong supply and weak demand. The supply of peanuts in the production area is abundant, while the processing enterprises' procurement is cautious. The short - term peanut price will maintain a weak and volatile trend [4] 3. Summaries by Related Catalogs Soybean Market Analysis - **Futures and Spot**: The closing price of the bean one 2605 contract was 4574.00 yuan/ton, up 21.00 yuan/ton (+0.46%) from the previous day. The edible bean spot basis was A05 + 126, down 61 (-32.14%) from the previous day [1] - **Market Information**: The spot price of soybeans in the Northeast production area has decreased. The futures decline has led farmers to clear their inventories. The price decline of grain points is relatively limited due to cost support. For example, the price in Heilongjiang Harbin is 2.37 yuan/jin, down 0.01 yuan/jin from the previous day [1] Peanut Market Analysis - **Futures and Spot**: The closing price of the peanut 2605 contract was 8120.00 yuan/ton, down 2.00 yuan/ton (-0.02%) from the previous day. The average spot price of peanuts was 8018.00 yuan/ton, down 27.00 yuan/ton (-0.34%) month - on - month. The spot basis was PK05 - 1320.00, up 2.00 (-0.15%) month - on - month [2] - **Market Information**: The average price of general peanuts in the national market was basically stable. The average contract procurement price of oil - making peanuts in oil mills was 7450 yuan/ton and remained stable. The prices of different regions and varieties varied [3]

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 30, 2026 [1] - Data date: March 27, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow for various varieties, but specific data details are not clearly described in the text [2] Key Seats' Position Changes - The report shows the net positions and daily position changes (with color - coded for increase or decrease) of several futures companies including Morgan Chase, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan for different futures products such as peanut, sulfur - fuel oil, CSI 500 Index, etc [2]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views - Palm oil: Oil price disturbances continue, and it operates in a high - level shock [2][4]. - Soybean oil: The driving force of the soybean system is not significant, and the RVO positive news is fully priced [2][4]. - Soybean meal: Overnight US soybeans closed down, and it may fluctuate weakly [2][10]. - Soybean: The state reserve continues to offer soybeans for sale, and the market adjusts and fluctuates [2][10]. - Corn: It operates in a shock [2][13]. - Sugar: It fluctuates strongly [2][17]. - Cotton: The domestic market lacks new driving forces [2][21]. - Eggs: Wait for opportunities to short at high prices in the far - month contracts [2][25]. - Pigs: The weight reduction is less than expected, and the price center will move down again [2][28]. - Peanuts: Pay attention to the purchases of oil mills [2][31]. 3. Summaries by Related Catalogs 3.1 Palm Oil, Soybean Oil 3.1.1 Fundamental Tracking - Futures: Palm oil's day - session closing price was 9,768 yuan/ton with a 1.60% increase, and night - session closing price was 9,692 yuan/ton with a - 0.78% decrease; soybean oil's day - session closing price was 8,688 yuan/ton with a 0.49% increase, and night - session closing price was 8,648 yuan/ton with a - 0.46% decrease [5]. - Spot: The spot price of 24 - degree palm oil in Guangdong was 9,650 yuan/ton with no change; the spot price of first - grade soybean oil in Guangdong was 9,020 yuan/ton with no change [5]. - Basis: The basis of palm oil in Guangdong was - 118 yuan/ton; the basis of soybean oil in Guangdong was 332 yuan/ton [5]. 3.1.2 Macro and Industry News - The EPA finalized the renewable fuel blending obligations for 2026 and 2027, the highest in the program's history. In 2026, the total renewable fuel obligation was 25.82 billion RINs, and in 2027, it was 25.98 billion RINs [6]. - Malaysia is taking measures to ensure fertilizer supply due to the shortage caused by the Middle East conflict [7]. - Brazil's Paraná state is expected to produce 21.89 million tons of soybeans in the 2025/26 season, lower than the February estimate [7]. - In the 13th week of 2026 (March 21 - 27), the actual soybean crushing volume of domestic oil mills was 1.8352 million tons, a decrease of 0.1553 million tons from the previous week and 0.1021 million tons lower than the estimated volume [7]. 3.2 Soybean Meal, Soybean 3.2.1 Fundamental Tracking - Futures: DCE soybean 2605's day - session closing price was 4,553 yuan/ton with a - 1.36% decrease, and night - session closing price was 4,554 yuan/ton with a - 0.57% decrease; DCE soybean meal 2605's day - session closing price was 2,937 yuan/ton with a - 0.47% decrease, and night - session closing price was 2,943 yuan/ton with a + 0.34% increase [10]. - Spot: The spot price of soybean meal in different regions had different changes, and the spot price of soybeans in the Northeast remained stable [10]. - Industry Data: The trading volume of soybean meal was 27,500 tons, and the inventory was not available [10]. 3.2.2 Macro and Industry News - On March 27, CBOT soybeans closed down due to profit - taking after the EPA announced the renewable fuel standards [10][12]. - The EPA's new regulations require an over 60% increase in biodiesel and renewable diesel production and consumption compared to 2025, and the proportion of fuel quotas transferred from small refineries to large refineries is raised from 50% to 70% [12]. - Some analysts expect farmers to plant more soybeans and less corn due to high fertilizer costs, and the US soybean planting area is expected to increase by 3 - 5 million acres this year [12]. - Private exporters reported selling 105,000 tons of soybeans to unknown destinations for 2025/26 delivery [12]. 3.3 Corn 3.3.1 Fundamental Tracking - Spot: The price of Jinzhou's closing - out was 2,380 yuan/ton, a decrease of 10 yuan/ton; the price of Guangdong Shekou was 2,510 yuan/ton, an increase of 10 yuan/ton [14]. - Futures: C2605's day - session closing price was 2,369 yuan/ton with a - 0.34% decrease, and night - session closing price was 2,361 yuan/ton with a - 0.34% decrease; C2607's day - session closing price was 2,387 yuan/ton with a - 0.13% decrease, and night - session closing price was 2,379 yuan/ton with a - 0.34% decrease [14]. - Spread: The basis of the main 05 contract was 11 yuan/ton, and the 05 - 07 inter - period spread was - 18 yuan/ton [14]. 3.3.2 Macro and Industry News - The price of northern corn for bulk shipping to ports increased by 10 yuan/ton, and the price of Guangdong Shekou's bulk shipping also increased by 10 yuan/ton. The price of Northeast corn increased, while the price of North China corn was stable or decreased [15]. 3.4 Sugar 3.4.1 Fundamental Tracking - Price: The original sugar price was 15.75 cents/pound with a - 0.1 decrease; the mainstream spot price was 5,450 yuan/ton with no change; the futures main - contract price was 5,464 yuan/ton with a 1 increase [17]. - Spread: The 5 - 9 spread was - 23 yuan/ton with a - 1 decrease; the 9 - 1 spread was - 147 yuan/ton with a - 5 decrease; the mainstream spot basis was - 14 yuan/ton with a - 1 decrease [17]. 3.4.2 Macro and Industry News - As of March 15, the sugar production in India in the 2025/26 season increased by 10% year - on - year. China imported 520,000 tons of sugar from January to February, an increase of 440,000 tons [17]. - As of the end of February, the cumulative sugar production in Guangxi in the 2025/26 season was 5.65 million tons, a decrease of 520,000 tons, and the sugar - making rate was 12.28%, a decrease of 1.01 percentage points year - on - year [17]. - CAOC expects the domestic sugar production in the 2025/26 season to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons [18]. - ISO expects a global sugar surplus of 1.22 million tons in the 2025/26 season (previously 1.63 million tons), and a shortage of 3.46 million tons in the 2024/25 season [18]. 3.5 Cotton 3.5.1 Fundamental Tracking - Futures: CF2605's day - session closing price was 15,395 yuan/ton with a - 0.16% decrease, and night - session closing price was 15,435 yuan/ton with a 0.26% increase; CY2605's day - session closing price was 21,435 yuan/ton with a - 0.95% decrease, and night - session closing price was 21,415 yuan/ton with a - 0.09% decrease [21]. - Spot: The price of northern Xinjiang's 3128 machine - picked cotton was 16,644 yuan/ton, a decrease of 20 yuan/ton; the price of southern Xinjiang's 3128 machine - picked cotton was 16,583 yuan/ton, a decrease of 20 yuan/ton [21]. - Spread: The CF5 - 9 spread was - 135 yuan/ton, a decrease of 10 yuan/ton; the spread between northern Xinjiang's 3128 machine - picked cotton and CF605 was 1,250 yuan/ton, an increase of 10 yuan/ton [21]. 3.5.2 Macro and Industry News - The cotton spot basis was generally stable. The mainstream basis of 2025/26 northern Xinjiang's machine - picked cotton was in the range of CF05 + 1350 - 1450, and that of Shandong and Henan's warehouses was in the range of CF05 + 1550 - 1850 [22]. - The quotation of pure - cotton yarn was generally stable, and the market trading was dull. The new orders and inquiries for conventional yarn and medium - low - count yarn were few, and the shipment of air - jet spun yarn was weak [22]. - On Friday, ICE cotton futures fluctuated widely. The May contract reached a new high of 70.31 cents/pound during the day, then retreated, and finally closed at 69.47 cents/pound [22]. 3.6 Eggs 3.6.1 Fundamental Tracking - Futures: The closing price of egg 2604 was 3,369 yuan/500 kilograms with a - 0.56% decrease, and the closing price of egg 2605 was 3,502 yuan/500 kilograms with a 0.63% increase [25]. - Spread: The 4 - 5 spread of eggs was - 133 yuan/500 kilograms, and the 5 - 9 spread was - 303 yuan/500 kilograms [25]. - Spot: The spot price of eggs in Liaoning was 3.30 yuan/jin, in Hebei was 3.18 yuan/jin, in Shanxi was 3.30 yuan/jin, and in Hubei was 3.69 yuan/jin [25]. 3.7 Pigs 3.7.1 Fundamental Tracking - Spot: The spot price of pigs in Henan was 9,430 yuan/ton, a decrease of 100 yuan/ton; in Sichuan was 9,350 yuan/ton with no change; in Guangdong was 10,160 yuan/ton with no change [28]. - Futures: The price of live hogs 2605 was 9,965 yuan/ton, an increase of 130 yuan/ton; the price of live hogs 2607 was 11,180 yuan/ton, a decrease of 70 yuan/ton; the price of live hogs 2609 was 12,520 yuan/ton, a decrease of 20 yuan/ton [28]. - Spread: The basis of live hogs 2605 was - 535 yuan/ton, a decrease of 230 yuan/ton; the basis of live hogs 2607 was - 1750 yuan/ton, a decrease of 30 yuan/ton; the basis of live hogs 2609 was - 3090 yuan/ton, a decrease of 80 yuan/ton [28]. 3.8 Peanuts 3.8.1 Fundamental Tracking - Spot: The price of Liaoning 308 common peanuts was 9,000 yuan/ton with no change; the price of Henan Baisha common peanuts was 7,500 yuan/ton with no change [31]. - Futures: The closing price of PK604 was 8,110 yuan/ton with a - 0.61% decrease, and the closing price of PK605 was 8,122 yuan/ton with a - 1.72% decrease [31]. - Spread: The basis of Liaoning 308 common peanuts was 878 yuan/ton; the basis of Henan Baisha common peanuts was - 622 yuan/ton; the 04 - 05 inter - period spread was - 12 yuan/ton [31]. 3.8.2 Spot Market Focus - In Henan, the price of Nanyang Baisha common peanuts was around 3.8 - 4.0 yuan/jin, and that of Kaifeng large peanuts was around 3.7 - 4.1 yuan/jin, with low supply and general trading [32]. - In Jilin, the price of 308 common peanuts was around 4.4 - 4.55 yuan/jin, with a stalemate in trading and generally weak prices [32]. - In Liaoning, the price of 308 common peanuts was around 4.4 - 4.55 yuan/jin, with farmers' willingness to sell increasing and weak demand for finished products [32]. - In Shandong, the supply from the grass - roots level was low, the trading of finished products was general, and the sales of oil - use peanuts were okay [32].

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Group 2: Core Viewpoints of the Report - The soybean futures market showed a narrow - range and slightly stronger oscillation yesterday. The main soybean contract has been continuously adjusting downwards due to the weakening of the external market and the departure of funds, and there is still a possibility of continued decline in the short term. The remaining grain inventory in the Northeast production area is low, but with the approaching of spring plowing, the seasonal grain - selling window is opening, and downstream demand has not significantly recovered. It is expected that the soybean futures and spot prices will maintain a narrow - range and slightly weak oscillation in the next 1 - 2 weeks, with the main contract fluctuating between 4550 - 4700 yuan/ton, and the spot price will adjust slightly following the futures price, without a clear one - way direction. Attention should be paid to the arrival rhythm of imported soybeans and the transaction situation of state - reserve auctions [2] - The peanut futures market oscillated upwards yesterday. The supply of peanuts from the production area is still limited, the overall demand for commercial peanuts is weak, and screening enterprises maintain a cautious procurement and processing rhythm, resulting in a light trading atmosphere. Although some oil mills have slightly raised the purchase price of oil peanuts or relaxed the procurement standards, the overall arrival volume is difficult to significantly increase. The Luhua Group will start full - scale procurement this Friday. In the context of weak overall demand, peanut prices may run slightly weak in the short term, and attention should be paid to the willingness of producers to sell their goods [4] Group 3: Market Analysis of Soybeans - Futures: The closing price of the soybean 2605 contract yesterday was 4627.00 yuan/ton, an increase of 18.00 yuan/ton or 0.39% compared with the previous day [1] - Spot: The spot basis of edible soybeans is A05 + 133, a decrease of 18 or 32.14% compared with the previous day. Northeast soybean spot prices have decreased with the futures, and with more auctions of platforms and enterprises failing and the State Reserve starting a 100,000 - ton auction, short - term supply has increased, and enterprises' mentality of selling goods has become more cautious. The loading prices of standard - grade first - class soybeans with 39% protein in different regions of Heilongjiang range from 2.36 - 2.38 yuan/jin, and those with 41% protein are around 2.45 yuan/jin [1] Group 4: Market Analysis of Peanuts - Futures: The closing price of the peanut 2605 contract yesterday was 8258.00 yuan/ton, an increase of 76.00 yuan/ton or 0.93% compared with the previous day [3] - Spot: The average spot price of peanuts was 8045.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared with the previous day. The spot basis is PK05 - 1458.00, an increase of 76.00 or 5.50% compared with the previous day. The average price of general - grade peanuts in the national market is basically stable, with prices varying in different regions. The average contract purchase price of oil peanuts by national oil mills is 7450 yuan/ton and remains stable, and the prices of each oil mill range from 7150 - 7900 yuan/ton, also basically stable [3]

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Group 2: Core Views - The soybean price has ended its unilateral upward trend and may enter a range - bound oscillation. The peanut price will likely maintain a weak and stable oscillation in the short term [2][4] Group 3: Summary by Related Catalogs Soybean - **Market Analysis**: The closing price of the soybeans 2605 contract was 4609.00 yuan/ton, a change of - 46.00 yuan/ton or - 0.99% from the previous day. The spot basis of edible soybeans was A05 + 151, a change of - 74 or 32.14% from the previous day. The decline in spot prices was mainly due to the weakening of the futures market. Some regions' soybean prices are as follows: in Harbin, Heilongjiang, the loading price of national standard first - class 39% protein medium - grain tower grain was 2.44 yuan/jin; in Baoqing, Heilongjiang, it was 2.40 yuan/jin; in Fumian, Heilongjiang, it was 2.42 yuan/jin; in Nehe, Heilongjiang, the 41% protein medium - grain tower grain was 2.50 yuan/jin; in Nenjiang, Heilongjiang, it was 2.50 yuan/jin; in Hailun, Heilongjiang, it was 2.50 yuan/jin [1] - **Market Trends**: The domestic soybean price was previously supported by tight remaining grains and policies, but recently, due to the expected high - yield of Brazilian soybeans, the weakening of CBOT soybeans, the concentrated arrival of imported soybeans in April, and the implementation of the state - reserve auction policy, the main soybean contract has fallen from its high. The domestic procurement rhythm is weak, and the supply - demand pattern may change, leading to a range - bound oscillation [2] Peanut - **Market Analysis**: The closing price of the peanut 2605 contract was 8182.00 yuan/ton, a change of - 32.00 yuan/ton or - 0.39% from the previous day. The average spot price of peanuts was 8055.00 yuan/ton, with no change. The spot basis was PK05 - 1382.00, a change of + 32.00 or - 2.26%. The national average price of general peanuts was stable, with different prices in different regions. The average contract purchase price of oil - making peanuts by oil mills was 7450 yuan/ton, an increase of 21 yuan/ton, and the average price in Shandong was 7388 yuan/ton, an increase of 38 yuan/ton [3] - **Market Trends**: The peanut futures price rose and then fell. The supply of peanuts in the producing areas is still low, and processing enterprises are mostly waiting and purchasing on - demand. The overall trading atmosphere is light. Food enterprises only replenish inventory for essential needs. Although some oil mills have relaxed procurement indicators, the arrival volume has not increased significantly. In the context of weak demand, the peanut price will likely maintain a weak and stable oscillation in the short term, and the procurement rhythm of oil mills needs to be closely monitored [3][4]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East has a significant impact on the global energy supply, with a sharp decline in oil exports from Middle - Eastern countries. The Fed maintains the federal funds rate, and the market is affected by multiple factors such as inflation expectations and geopolitical risks [6][7]. - Different sectors in the market show various trends. For example, in the agricultural products sector, there are differences in supply - demand relationships and price trends for different products; in the energy - chemical sector, prices are affected by factors like the Middle - East situation and supply - demand balance; in the financial market, A - share markets have certain investment opportunities after risk release, but short - term uncertainties remain [11][15][22]. 3. Summary by Relevant Catalogs 3.1 Chemicals - **Price Changes**: On March 26, 2026, compared with March 25, 2026, among chemical products, methanol had the largest increase of 1.942% (from 3,089.00 to 3,149.00), and benzene had the largest decrease of 1.217% (from 10,105.00 to 9,982.00) [4]. 3.2 Macro News - **Middle - East Situation**: The attack on Iranian energy facilities by the US and Israel has led to a sharp increase in the risk of attacks on Middle - East energy facilities. Iran has retaliated, and the conflict has severely impacted the global energy supply, with a significant drop in oil exports from Middle - Eastern countries [6]. - **Fed's Decision**: The Fed maintains the federal funds rate target range at 3.50% - 3.75%, with a more conservative approach to future interest rate cuts, reflecting a cautious stance in the face of multiple risks [7]. - **China - US Relations**: China and the US will continue to communicate about Trump's visit to China [8]. - **Land Policy**: China is conducting a second - round pilot project to extend land contracts for another 30 years, emphasizing the protection of collective ownership and the prevention of "non - agricultural" and "non - grain" use of land [8]. 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The domestic sugar market is under short - term supply pressure, but the international market has a tightening supply expectation. It is advisable to pay attention to the opportunity of long - term contracts at low prices, with a support level of 5400 yuan/ton and a resistance level of 5450 yuan/ton [11]. - **Corn**: The corn price is in a weak - oscillating trend. The supply pressure may increase in the short term, and the support level is in the range of 2350 - 2380 yuan/ton [11]. - **Peanut**: The peanut price is in a high - level oscillation. The supply is tight, and the demand is divided. It is recommended to wait and see or conduct range operations, with a resistance level around 8200 yuan [11]. - **Pig**: The pig price is declining. The supply is sufficient, and the market is pessimistic. It is advisable to reduce short positions [11][13]. - **Egg**: The egg price is stable with a slight upward trend. The supply is sufficient, but there is also support at the bottom. It is recommended to conduct intraday operations [13]. - **Jujube**: The jujube market is in a seasonal consumption off - season. The supply exceeds demand, and it is recommended to conduct intraday range operations [13]. - **Cotton**: The cotton price is in a strong - oscillating trend. The supply is slightly affected by the import quota, and the demand is improving. It is advisable to go long on dips, with a support level around 15300 yuan [13]. 3.3.2 Energy - Chemicals - **Caustic Soda**: The price of caustic soda is rising, and there is an expectation of increased exports. However, attention should be paid to the risk of near - term contract correction [15]. - **Coking Coal and Coke**: The price of coking coal is stable with a slight increase, and the first - round price increase of coke has not been responded to by steel mills. The price is in an oscillating adjustment [15]. - **Double - offset Paper**: The supply of double - offset paper is recovering, but the demand is weak. The price is expected to oscillate, with a resistance level in the 4220 - 4230 area and a support level of 4180 yuan [15]. - **Urea**: The urea market is in a pattern of strong supply and weak demand, and the price is expected to continue high - level consolidation in the range of 1780 - 1950 yuan/ton [15]. 3.3.3 Non - ferrous Metals - **Gold and Silver**: The prices of gold and silver are rising due to factors such as the tense Middle - East situation and the Fed's interest - rate cut signal. They are in a high - level oscillation, and attention should be paid to risks [15][17]. - **Copper and Aluminum**: The prices of copper and aluminum are following the market correction. It is recommended to wait patiently for the price to stop falling and stabilize [17]. - **Alumina**: The domestic supply of alumina is large, but there are concerns about the supply of bauxite from Guinea. It is advisable to take a long - position approach on dips and be vigilant against macro risks [17]. - **Rebar and Hot - rolled Coil**: The steel market's supply - demand structure is improving, but the steel price is slightly under pressure in the short term and is expected to have a small - scale oscillating adjustment [17]. - **Ferroalloys**: The prices of ferroalloys are strong, mainly due to the energy premium caused by the geopolitical conflict. It is advisable to take a long - position approach on dips, but be cautious about the risk of chasing high prices [17][19]. - **Lithium Carbonate**: The price of lithium carbonate has broken through the previous high. It is not advisable to chase high prices. It is recommended to look for long - position opportunities on price corrections, with a resistance level of 161500 yuan and a support level of 158000 yuan [19]. 3.3.4 Options and Finance - **Stock Index Options**: On March 25, A - share indexes rose, and different stock index options showed different trends in volume and open interest. Trend investors can pay attention to the arbitrage opportunities between varieties, and volatility investors can take corresponding strategies according to price changes [19]. - **Stock Index**: On March 25, the three major indexes oscillated and rose. The A - share market has investment opportunities after risk release, but short - term uncertainties remain. It is advisable to control positions and participate in the rebound [19][22].

Report Information - Report Title: "Fund Flow and Key Seats' Position Changes Daily Report" [1] - Report Date: March 26, 2026 [1] - Data Date: March 25, 2026 [2] Industry Investment Rating - Not provided Core View - Not provided Summary by Related Catalogs Fund Inflow and Outflow - The vertical axis percentage is calculated as net position divided by total position (unilateral) and daily position change divided by total position (unilateral) [2] Key Seats' Position Changes - **Morgan Chase**: Data on net position and daily position change are presented, with the same - color indicating position increase and the opposite - color indicating position decrease [2] - **Qiankun Futures**: Position data for varieties such as CSI 300 Futures, Peanuts, etc., with net position and daily position change shown, and the color rule for position increase or decrease [3] - **UBS Futures**: Position data for various products are presented, including net position and daily position change, and the color rule for position increase or decrease [3] - **Sinolink Futures**: Position data for some products with daily position change, and the color rule for position increase or decrease [3] - **Guotai Junan**: Position data for some products with daily position change, and the color rule for position increase or decrease [3]