免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9486 | 22 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2303 | -7 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 85 | 31 菜粕月间价差(5-9)(日,元/吨) | -53 | 6 | | | 主力合约持仓量:菜油(日,手) | 277988 | 5120 主力合约持仓量:菜粕(日,手) | 880720 | -7478 | | | 期货前2 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9464 | 105 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2310 | 15 | | | 菜油月间差(5-9):(日,元/吨) | 54 | 25 菜粕月间价差(5-9)(日,元/吨) | -59 | 6 | | 期货市场 | 主力合约持仓量:菜油(日,手) | 272868 | 4058 主力合约持仓量:菜粕(日,手) | 888198 | -21060 | | | 期货前20名持仓:净买单量:菜油(日,手) | -9191 | 7327 期货前20名持仓:净买单量:菜粕(日,手) | -213146 | 12462 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 1000 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 697.2 | 9.1 期货收盘价(活跃合约):油菜籽(日,元/吨) | 5839 | -79 ...

研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 菜籽系产业日报 2026-03-02 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9359 | 174 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2295 | 8 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) 主力合约持仓量:菜油(日,手) | 29 268810 | 23 菜粕月间价差(5-9)(日,元/吨) 1086 ...

菜籽系产业日报 2026-02-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9185 | -59 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2296 | -16 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 21 | 2 菜粕月间价差(5-9)(日,元/吨) | -65 | -13 | | | 主力合约持仓量:菜油(日,手) | 251806 | -6923 主力合约持仓量:菜粕(日,手) | 904520 | 36518 | | | 期货前20名持仓:净买单量:菜油(日,手) | -20883 | -8971 期货前20名持仓:净买单量:菜粕(日,手) | -223328 | -29725 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 690.4 | -1.3 期货收盘价(活跃合约):油菜 ...

| 项目类别 | 数据指标 最新 环比 | | 环比 数据指标 | 最新 | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9215 | 79 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2249 | -27 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 80 | 8 菜粕月间价差(5-9)(日,元/吨) | -38 | -17 | | | 主力合约持仓量:菜油(日,手) | 285363 | 1028 主力合约持仓量:菜粕(日,手) | 922401 | 9439 | | | 期货前20名持仓:净买单量:菜油(日,手) | -14551 | -2962 期货前20名持仓:净买单量:菜粕(日,手) | -229177 | -22631 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 645.4 | -2 期货收盘价(活跃合约):油菜籽(日,元/吨) | 6007 | 32 | | ...

菜籽油期货主力涨超4%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 南华期货 菜油仍处于去库阶段，基差维持强势 瑞达期货 菜油近期走势弱于豆棕，短期波动加剧 1月26日盘中，菜籽油期货主力合约遭遇一波急速上涨，最高上探至9356.00元。截止发稿，菜籽油主力 合约报9345.00元，涨幅4.08%。 加菜籽新作产量同比大幅增长，全球菜籽供应宽松，美国生物燃料政策提振加菜籽。市场对最终开放加 拿大菜籽进口持乐观态度，目前市场传言已出现加菜籽买船，但现货层面前期澳籽并未开始压榨，菜油 仍处于去库阶段，基差维持强势，后续仍需关注政策动向。 瑞达期货（002961）：菜油近期走势弱于豆棕，短期波动加剧 全球及加拿大菜籽供需格局相对宽松，继续牵制其市场价格。不过，加拿大总理卡尼访问期间与中国签 署了《中国-加拿大经贸合作路线图》，提振加拿大菜籽出口预期，支撑加菜籽市场。其它方面，美国 生柴消息利好，同时，高频数据显示，马棕本月供应端延续减产，且本月前二十日出口明显增加。另 外，印尼撤销28家公司许可证，涉及棕榈油种植园，引发对印棕供应的担忧。国内方面，现阶段油厂继 续处于停机状态，菜油也维持去库模式，对其价 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The rapeseed meal market is currently in a situation of weak supply and demand, and generally fluctuates with soybean meal. Affected by the improvement of China-Canada trade relations, rapeseed meal continued to decline and maintained a weak oscillation overall [2]. - The rapeseed oil market is in a destocking mode, which supports its price and keeps the basis at a high level. However, the improvement of China-Canada trade relations has increased the long - term supply pressure, causing rapeseed oil to decline in oscillation and increasing short - term volatility [3]. Summary by Relevant Catalogs Futures Market - The closing price of rapeseed oil futures (active contract) was 8902 yuan/ton, down 161 yuan; the closing price of rapeseed meal futures (active contract) was 2221 yuan/ton, down 34 yuan [2]. - The rapeseed oil monthly spread (5 - 9) was -21 yuan/ton, down 74 yuan; the rapeseed meal monthly spread (5 - 9) was -66 yuan/ton, up 2 yuan [2]. - The open interest of the main rapeseed oil contract was 253,596 lots, down 16,032 lots; the open interest of the main rapeseed meal contract was 1,013,517 lots, up 95,878 lots [2]. - The net long positions of the top 20 futures holders for rapeseed oil were -20,757 lots, down 14,342 lots; for rapeseed meal were -272,749 lots, down 31,903 lots [2]. - The number of rapeseed oil warehouse receipts was 1,942 sheets, down 200 sheets; the number of rapeseed meal warehouse receipts was 84 sheets, unchanged [2]. - The closing price of ICE rapeseed futures (active) was 637.1 Canadian dollars/ton, up 2.9 Canadian dollars; the closing price of rapeseed futures (active contract) was 5,549 yuan/ton, up 2 yuan [2]. Spot Market - The spot price of rapeseed oil in Jiangsu was 9,850 yuan/ton, up 250 yuan; the spot price of rapeseed meal in Nantong was 2,280 yuan/ton, down 80 yuan [2]. - The average price of rapeseed oil was 9,956.25 yuan/ton, up 250 yuan; the import cost of imported rapeseed was 7,636.99 yuan/ton, up 46.97 yuan [2]. - The spot price of rapeseed in Yancheng, Jiangsu was 6,300 yuan/ton, up 400 yuan; the oil - meal ratio was 4.04, up 0.09 [2]. - The basis of the main rapeseed oil contract was 787 yuan/ton, up 15 yuan; the basis of the main rapeseed meal contract was 59 yuan/ton, down 46 yuan [2]. - The spot price of grade - four soybean oil in Nanjing was 8,540 yuan/ton, unchanged; the spot price difference between rapeseed oil and soybean oil was 1,310 yuan/ton, up 200 yuan [2]. Substitute Spot Prices - The spot price of 24 - degree palm oil in Guangdong was 8,700 yuan/ton, unchanged; the spot price difference between rapeseed oil and palm oil was 1,150 yuan/ton, up 200 yuan [2]. - The spot price of soybean meal in Zhangjiagang was 3,100 yuan/ton, unchanged; the spot price difference between soybean meal and rapeseed meal was 820 yuan/ton, up 80 yuan [2]. Upstream Situation - The global rapeseed production forecast for the year was 95.27 million tons, up 3 million tons; the domestic rapeseed production forecast for the year was 13.446 million tons, unchanged [2]. - The total rapeseed import volume for the month was 0.2 million tons, up 0.2 million tons; the import rapeseed crushing profit on the disk was 299 yuan/ton, down 116 yuan [2]. - The total rapeseed inventory of oil mills was 0.1 million tons, unchanged; the weekly operating rate of imported rapeseed was 0%, unchanged [2]. - The total import volume of rapeseed oil and mustard oil for the month was 14 million tons, down 2 million tons; the total import volume of rapeseed meal for the month was 22.06 million tons, up 6.29 million tons [2]. Industry Situation - The rapeseed oil inventory in coastal areas was 0.2 million tons, unchanged; the rapeseed meal inventory in coastal areas was 0 million tons, unchanged [2]. - The rapeseed oil inventory in East China was 27.4 million tons, up 2.25 million tons; the rapeseed meal inventory in East China was 15.7 million tons, down 1 million tons [2]. - The rapeseed oil inventory in Guangxi was 0.1 million tons, unchanged; the rapeseed meal inventory in South China was 25.7 million tons, up 1.1 million tons [2]. - The weekly rapeseed oil提货量 was 0.18 million tons, down 0.22 million tons; the weekly rapeseed meal提货量 was 0 million tons, unchanged [2]. Downstream Situation - The monthly output of feed was 2,977.9 million tons, up 20.9 million tons; the monthly social consumer goods retail sales of catering revenue was 605.7 billion yuan, up 85.8 billion yuan [2]. - The monthly output of edible vegetable oil was 427.6 million tons, down 67.4 million tons [2]. Option Market - The implied volatility of at - the - money call options for rapeseed meal was 22.24% (17.23% previously), down 0.6%; the implied volatility of at - the - money put options for rapeseed meal was 22.23% (17.21% previously), down 0.6% [2]. - The 20 - day historical volatility for rapeseed meal was 16.38%, up 0.03%; the 60 - day historical volatility for rapeseed meal was 13.06%, up 0.24% [2]. - The 20 - day historical volatility for rapeseed oil was 18.03%, up 2.19%; the 60 - day historical volatility for rapeseed oil was 14.77%, up 1.07% [2]. Industry News - On Friday, Canadian rapeseed futures on the Intercontinental Exchange (ICE) closed higher, with the benchmark contract up 0.8%, hitting a six - week high, due to a new trade agreement between Canada and China including a reduction in rapeseed tariffs [2]. - The USDA monthly supply - demand report showed that the U.S. soybean production forecast for the 2025/26 season was 4.262 billion bushels, higher than last month's forecast and market expectations. The USDA also raised Brazil's soybean production and export forecasts, which was bearish for the market [2]. - The NOPA monthly crushing report showed that the U.S. soybean crushing volume in December 2025 jumped to the second - highest on record, which was positive for U.S. soybeans [2].

Group 1 - The domestic oilseed market is showing a strong performance with the main contract for rapeseed oil opening at 8863.00 CNY/ton and reaching a high of 9158.00 CNY, reflecting a 2.44% increase [1] - Current market sentiment for rapeseed oil is characterized by strong realities but weak expectations, with low domestic inventories but concerns over potential increases in rapeseed and oil imports due to ongoing trade negotiations between China and Canada [2] - The international oilseed prices are supported by rising US soybean oil prices, which may reduce the likelihood of direct imports of Canadian rapeseed oil into China, leading to a shift from a weak trend to a wide-ranging fluctuation in domestic rapeseed oil futures [2] Group 2 - Oil mills are currently in a shutdown state, maintaining a destocking mode for rapeseed oil, which supports its price and keeps the basis at a high level [2] - The arrival of Australian rapeseed and the anticipated easing of China-Canada trade relations may increase supply pressure in the future [2] - The domestic oilseed supply remains stable, with a neutral outlook on the fundamentals, while the market is experiencing fluctuations due to geopolitical tensions affecting US soybean exports [2]

Report Industry Investment Rating - No relevant information provided Core Views - The rapeseed meal market is currently in a situation of weak supply and demand, generally fluctuating with soybean meal. Affected by the bearish USDA report and the rising expectation of eased China - Canada trade relations, rapeseed meal continued to decline and maintained a weak oscillation [2]. - The rapeseed oil market is also in a weak oscillation recently. Although the current de - stocking mode supports the price and the basis remains high, the increasing long - term supply pressure due to the arrival of Australian rapeseeds and the expectation of improved China - Canada trade relations needs attention [3]. Summary by Related Catalogs Futures Market - Futures closing prices: Rapeseed oil (active contract) was 8828 yuan/ton, down 121 yuan; rapeseed meal (active contract) was 2283 yuan/ton, down 6 yuan; ICE rapeseed (active) was 629.4 Canadian dollars/ton, down 2.3 Canadian dollars; rapeseed (active contract) was 5550 yuan/ton, up 30 yuan [2]. - Spreads: Rapeseed oil month - to - month spread (5 - 9) was 14 yuan/ton, down 5 yuan; rapeseed meal month - to - month spread (5 - 9) was - 68 yuan/ton, down 1 yuan [2]. - Positions: Main contract positions of rapeseed oil were 258828 lots, up 12208 lots; main contract positions of rapeseed meal were 869905 lots, down 1046 lots. Net long positions of the top 20 futures holders for rapeseed oil were - 20583 lots, up 650 lots; for rapeseed meal were - 201431 lots, down 19790 lots [2]. - Warehouse receipts: Rapeseed oil warehouse receipts were 2142 sheets, down 80 sheets; rapeseed meal warehouse receipts were 84 sheets, unchanged [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 9600 yuan/ton, down 150 yuan; rapeseed meal in Nantong was 2350 yuan/ton, down 20 yuan; rapeseed in Yancheng, Jiangsu was 5900 yuan/ton, up 200 yuan; fourth - grade soybean oil in Nanjing was 8490 yuan/ton, down 50 yuan; palm oil (24 - degree) in Guangdong was 8650 yuan/ton, down 200 yuan; soybean meal in Zhangjiagang was 3120 yuan/ton, unchanged [2]. - Averages and spreads: The average price of rapeseed oil was 9706.25 yuan/ton, down 150 yuan. The import cost of rapeseed was 7540.97 yuan/ton, down 45.57 yuan. The oil - meal ratio was 3.95, down 0.03. The basis of the rapeseed oil main contract was 772 yuan/ton, down 29 yuan; the basis of the rapeseed meal main contract was 67 yuan/ton, down 14 yuan. The spot price difference between rapeseed oil and soybean oil was 1110 yuan/ton, down 100 yuan; the spot price difference between rapeseed oil and palm oil was 950 yuan/ton, up 50 yuan; the spot price difference between soybean meal and rapeseed meal was 770 yuan/ton, up 20 yuan [2]. Upstream Situation - Production and imports: Global rapeseed production forecast for the year was 95.27 million tons, up 3 million tons; rapeseed production annual forecast was 13446 thousand tons, unchanged. Rapeseed import volume was 0.2 million tons, up 0.2 million tons; imports of rapeseed oil and mustard oil were 14 million tons, down 2 million tons; imports of rapeseed meal were 22.06 million tons, up 6.29 million tons [2]. - Inventory and开机 rate: Total rapeseed inventory in oil mills was 0.1 million tons, unchanged; the weekly开机 rate of imported rapeseed was 0%, unchanged [2]. - Pressing profit: The imported rapeseed disk pressing profit was 365 yuan/ton, down 29 yuan [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 0.2 million tons, down 0.1 million tons; coastal rapeseed meal inventory was 0 million tons, unchanged. East China rapeseed oil inventory was 25.15 million tons, down 1.55 million tons; East China rapeseed meal inventory was 15.7 million tons, down 1 million tons. Guangxi rapeseed oil inventory was 0.1 million tons, down 0.1 million tons; South China rapeseed meal inventory was 25.7 million tons, up 1.1 million tons [2]. -提货量: Rapeseed oil weekly提货量 was 0.18 million tons, down 0.22 million tons; rapeseed meal weekly提货量 was 0 million tons, unchanged [2]. Downstream Situation - Production: Feed production for the month was 2977.9 million tons, up 20.9 million tons; edible vegetable oil production for the month was 427.6 million tons, down 67.4 million tons [2]. - Consumption: Social consumer goods retail sales of catering revenue for the month were 6057 billion yuan, up 858 billion yuan [2]. Option Market - Implied volatility: The at - the - money call option implied volatility of rapeseed meal was 22.73%, down 0.45%; the at - the - money put option implied volatility of rapeseed meal was 22.73%, down 0.45%. The at - the - money call option implied volatility of rapeseed oil decreased by 0.15% [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal was 16.67%, down 0.39%; the 60 - day historical volatility of rapeseed meal was 12.82%, down 0.06%. The 20 - day historical volatility of rapeseed oil was 17.08%, down 0.73%; the 60 - day historical volatility of rapeseed oil was 17.1%, down 0.05% [2]. Industry News - On January 14th, ICE rapeseed futures declined, in line with the trend of Chicago soybean oil. The ICE March rapeseed futures contract fell 4.50 Canadian dollars, settling at 628.30 Canadian dollars per ton. The rapeseed trade is closely watching the news related to Canadian Prime Minister's visit to China [2]. Rapeseed Meal View Summary - The USDA monthly supply - demand report was bearish for soybeans, dragging down rapeseed meal. Domestically, the supply of near - month Canadian rapeseed and rapeseed meal is restricted, and oil mills are shut down, but the arrival of Australian rapeseed increases marginal supply. The market expects an improvement in China - Canada trade relations, increasing long - term supply pressure. The rapeseed meal market is in a situation of weak supply and demand and fluctuates with soybean meal, maintaining a weak oscillation [2]. Rapeseed Oil View Summary - The USDA supply - demand report shows a relatively loose supply - demand pattern for global and Canadian rapeseed, which restricts the market price. The visit of the Canadian Prime Minister to China raises the expectation of improved China - Canada trade relations, which may support the Canadian rapeseed market. Domestically, oil mills are shut down, and rapeseed oil is in a de - stocking mode, supporting the price, but the long - term supply pressure increases [3].

Report on Various Commodity Futures 1. Report Industry Investment Ratings - No specific investment ratings are mentioned in the provided reports. 2. Core Views of Each Report - **Red Dates**: The 2025/26 production season of red dates presents a pattern of "loose supply and stable-to-increasing demand". Festival stockpiling shows periodic characteristics, and consumption may slightly recover under a favorable macro - environment. However, low prices have limited stimulation on demand. The stable spot - end price supports the lower limit of the futures price, but there is significant hedging pressure above, leading to low - level range - bound trading [1]. - **Apples**: In the short term, the futures market is supported by a low good - fruit rate and low inventory, and market activity increases with the approaching Spring Festival stockpiling season. In the long - term, good - quality apples are in short supply with firm prices, while farmer - produced apples with high cost - effectiveness are scarce. High prices may suppress consumption, and the price advantage of other fruits squeezes the apple market, resulting in large inventory pressure for ordinary apples. The futures market fluctuates at a high level, with the near - term prices stronger than the long - term ones [3]. - **Oils**: For palm oil, concerns about Indonesia's B50 biodiesel policy and large inventory pressure in Malaysia will suppress the market. The domestic Dalian palm oil futures market maintains a range - bound pattern. For soybean oil, the US - Iran relationship may affect international crude oil supply and the trend of vegetable oils. Domestic soybean supply is sufficient despite reduced factory inventory, and the May contract of Dalian soybean oil will continue to fluctuate around 8000 yuan. For rapeseed oil, it was boosted by potential Iranian oil export restrictions and then fell due to Indonesia's palm oil policy and cooling macro - sentiment, maintaining a wide - range oscillation. The spot market has high - level consolidation [5]. - **Corn and Corn Starch**: In the Northeast, there is obvious reluctance to sell, and downstream enterprises' pre - festival stockpiling supports prices. In North China, there is a strong reluctance to sell high - quality grains, and prices fluctuate narrowly. Demand - side shows low inventory in northern ports and deep - processing enterprises, while feed enterprises have sufficient inventory. Policy - driven corn auctions continue but with limited scale. Overall, the corn market has support from tight supply and downstream demand but is restricted by policy - released corn, resulting in high - level range - bound trading [7]. - **Pigs**: The spot price of pigs has returned to a range - bound pattern. After the New Year's Day, market demand has significantly declined. Northern pig sales have decreased, while southern demand has dropped notably. Although there is still some second - fattening restocking locally, the overall enthusiasm is limited due to high pig prices. The market anticipates Spring Festival consumption, but with expected large - scale sales in mid - to - late January, the supply in January is relatively loose. The basis is strong, and the futures price has upward - correction momentum, but there is no obvious fundamental positive factor, so it is recommended to short after the price stabilizes [10]. - **Sugar**: ICE raw sugar futures are in a weak range - bound trend. Favorable weather in Brazil has accelerated the harvest, and the rainfall in December is beneficial for the next season's cane growth. India's sugar production is strong, while Thailand's sugar - making progress is slow. Domestically, the production and sales data in Guangxi and Yunnan are a mix of positive and negative factors, in line with market expectations. With the approaching Spring Festival, trading is fair due to stockpiling demand, and enterprises mainly sell at current prices. New domestic sugar is on the market in large quantities, and sugar prices are expected to remain low - level range - bound [13][14]. - **Meals**: The USDA slightly increased the US soybean production, decreased exports, and increased the US soybean inventory, causing the market to correct. However, CBOT has strong support around 1050 cents. Domestic soybean and soybean meal inventories are still high, and auctions suppress the market. Although the expected arrival volume in the first quarter is low and there is uncertainty in the arrival schedule, there is still room for speculation on customs clearance. The downside of soybean meal is limited, and the upside is mainly affected by policy. The market sentiment is positive in the short term, and the futures price maintains range - bound trading [15]. - **Eggs**: The recent increase in egg prices has improved breeding profits, reducing farmers' willingness to sell laying hens and slightly decreasing the number of culled chickens. The number of newly - laid hens has increased slightly, but due to weather, the egg weight has increased rapidly, resulting in a significant shortage of small - and medium - sized eggs compared to large - sized eggs. The overall supply is still in an oversupply stage. Spring Festival stockpiling drives demand, but the high - price area is cautious. After the recent price increase, the market faces short - term digestion pressure, and the futures price is expected to remain low - level range - bound [17]. - **Cotton**: ICE cotton futures are generally stable. The January USDA report shows a double - decline in US cotton production and ending stocks. The drought index in US cotton - growing areas is rising, and USDA export sales are continuously declining, with export expectations likely to be lowered. In Xinjiang, the cotton inspection progress is faster than usual, and commercial inventory is rising, showing short - term supply pressure. However, cotton enterprises have strong price - holding intentions as they have a fast de - stocking speed and reduced sales pressure. But Xinjiang textile enterprises' profits and inland textile enterprises' cash flow have been compressed, and the widening of the domestic - foreign cotton price difference may increase the competitiveness of imported cotton. Overall, short - term cotton prices may enter an adjustment phase [18]. 3. Summary by Commodity Red Dates - **Futures Prices**: The main contract (Red Dates 2605) rose from 9060 to 9130, an increase of 70 or 0.77%. Other contracts also had varying degrees of increase [1]. - **Spot Prices**: Cangzhou's special - grade, first - grade, and second - grade spot prices were stable, with the special - grade price rising slightly by 0.11% [1]. - **Basis and Other Indicators**: The basis of Cangzhou's special - grade red dates to the main contract decreased by 64.71%, and the position decreased by 0.61%. The number of warehouse receipts decreased slightly by 0.07%, while the effective forecast increased by 26.00%, and the total of warehouse receipts and effective forecasts increased by 3.02% [1]. Apples - **Futures Prices**: The main contract (Apple 2605) rose from 9779 to 9934, an increase of 155 or 1.59%. The Apple 2610 contract fell by 0.67% [3]. - **Spot - Related Indicators**: The basis decreased by 9.82%, and the 5 - 10 spread increased by 17.25%. The arrival volume at several fruit wholesale markets decreased, while the futures position increased by 3.80%. The national cold - storage inventory decreased by 1.73%, the factory - warehouse delivery profit decreased by 10.99%, and the on - disk profit decreased by 6.35% [3]. Oils - **Soybean Oil**: The spot price in Jiangsu increased by 0.47%, the futures price (Y2605) decreased by 0.10%, and the basis increased by 9.68%. The number of warehouse receipts decreased by 0.17% [5]. - **Palm Oil**: The spot price in Guangdong increased by 0.68%, the futures price (P2605) increased by 0.62%, and the basis increased by 13.64%. The on - disk import cost decreased by 0.38%, the on - disk import profit increased by 19.74%, and the number of warehouse receipts decreased by 20.72% [5]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 0.40%, the futures price (OI605) increased by 0.41%, and the basis increased by 0.33%. The number of warehouse receipts increased by 330 [5]. - **Spreads**: There were changes in various spreads such as the inter - period spreads of different oils and the spot and futures spreads between different oils [5]. Corn and Corn Starch - **Corn**: The Corn 2603 price decreased by 0.53%, the basis increased by 10.61%, the 3 - 7 spread decreased by 375.00%. The north - south trade profit increased by 45.45%, the import profit decreased by 1.95%, the number of remaining vehicles at Shandong deep - processing enterprises increased by 1.37%, the position decreased by 1.56%, and the number of warehouse receipts increased by 1.61% [7]. - **Corn Starch**: The Corn Starch 2603 price decreased by 0.70%, the basis increased by 11.18%, the 3 - 7 spread decreased by 38.46%, the 03 on - disk spread between starch and corn decreased by 2.17%, the position increased by 0.26%, and the number of warehouse receipts remained unchanged [7]. Pigs - **Futures Indicators**: The main - contract basis decreased by 17.84%, the Pig 2605 contract increased by 0.74%, the Pig 2603 contract increased by 1.82%, the 3 - 5 spread increased by 33.33%, the main - contract position increased by 4.63%, and the number of warehouse receipts remained unchanged [10]. - **Spot Prices**: Spot prices in various regions such as Henan, Shandong, and Sichuan were stable [10]. - **Spot Indicators**: The sample - point slaughter volume increased by 0.13%, the weekly white - strip price increased by 6.45%, the weekly piglet price increased by 0.92%, the weekly sow price increased slightly by 0.03%, the weekly出栏 weight decreased by 0.09%, the weekly self - breeding profit decreased by 66.64%, the weekly purchased - breeding profit increased by 95.22%, and the monthly fertile sow inventory decreased by 1.12% [10]. Sugar - **Futures Market**: The Sugar 2605 contract increased by 0.88%, the Sugar 2609 contract increased by 0.72%, the ICE raw sugar main contract increased by 0.13%, the 5 - 9 spread increased by 61.54%, the main - contract position decreased by 0.23%, the number of warehouse receipts increased by 2.53%, and the effective forecast decreased by 11.60% [13]. - **Spot Market**: The spot price in Nanning increased by 0.19%, the price in Kunming remained unchanged, the Nanning basis decreased by 33.64%, the Kunming basis decreased by 200.00%, the price of Brazilian imported sugar (within quota) increased by 0.27%, and the price (outside quota) increased by 0.29% [13]. - **Industry Situation**: The national sugar production and sales decreased year - on - year, the national and Guangxi sugar sales rates decreased, the national industrial inventory increased, the Guangxi industrial inventory decreased, and the sugar import volume decreased by 16.98% [13]. Meals - **Soybean Meal**: The spot price in Jiangsu decreased by 0.64%, the futures price (M2605) decreased by 0.36%, the basis decreased by 2.64%, the on - disk import crushing profit for Brazilian February shipments decreased by 13.1%, and the number of warehouse receipts increased by 19.7% [15]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 0.84%, the futures price (RM2605) decreased by 1.08%, the basis increased by 6.58%, the on - disk import crushing profit for Canadian March shipments decreased by 21.51%, and the number of warehouse receipts remained unchanged [15]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean - one contract decreased by 0.14%, the basis increased by 1.82%. The spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean - two contract decreased by 0.54%, the basis increased by 4.15%, and the number of warehouse receipts decreased by 0.05% [15]. - **Spreads**: There were changes in various spreads such as inter - period spreads and cross - commodity spreads [15]. Eggs - **Futures Prices**: The Egg 03 contract increased by 0.57%, and the Egg 04 contract remained unchanged [17]. - **Spot - Related Indicators**: The egg - producing area price increased by 0.40%, the basis decreased by 0.72%, the 3 - 4 spread increased by 5.99%. The price of egg - laying chicken seedlings increased by 3.57%, the price of culled chickens increased by 3.29%, the egg - feed ratio increased by 3.42%, and the breeding profit increased by 18.01% [17]. Cotton - **Futures Market**: The Cotton 2605 contract increased by 0.34%, the Cotton 2609 contract increased by 0.10%, the ICE US cotton main contract decreased by 0.02%, the 5 - 9 spread increased by 22.58%, the main - contract position increased by 0.62%, the number of warehouse receipts increased by 5.07%, and the effective forecast decreased by 5.57% [18]. - **Spot Market**: The Xinjiang arrival price of 3128B increased by 1.40%, the CC Index: 3128B increased by 1.18%, the FC Index: M: 1% remained unchanged, and the basis of 3128B to the 05 and 09 contracts increased [18]. - **Industry Situation**: The commercial inventory increased by 23.5%, the industrial inventory decreased by 0.2%, the import volume increased by 33.3%, the bonded - area inventory decreased by 15.8%, the yarn inventory days decreased by 4.6%, the spinning enterprise C32s immediate processing profit decreased by 10.0%, the monthly year - on - year growth rate of clothing, footwear, and textile products decreased by 44.4%, the monthly year - on - year growth rate of textile yarn, fabric, and product exports decreased by 530.5%, and the export volume of clothing and clothing accessories increased by 15.7% [18].