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 - **Soybean Oil**: The long - term bullish factors for soybean oil continue, but the amplitude has increased. It is recommended to shift long positions to the 09 contract. The support level for the 09 contract is 8500 - 8550 yuan/ton, and the resistance level is 8800 - 8900 yuan/ton [1]. - **Rapeseed Oil**: In the short - term, rapeseed oil may continue to fluctuate widely. It is advisable to wait and see and look for opportunities to go long after stabilization. The 05 contract's upper resistance range is 10000 - 10100, and the lower support range is 9450 - 9460 [1]. - **Palm Oil**: Considering the positive factors such as biodiesel policies, geopolitical tensions, and strong exports of Malaysian palm oil, palm oil can be treated with a cautious bullish attitude, mainly adopting the strategy of going long on dips. The upper resistance range for the main contract is 10200 - 10220, and the lower support range is 9400 - 9410 [2]. - **Soybean No. 2 and Soybean Meal**: The cost - side support for the far - month contracts continues. It is recommended to arrange long positions in the 09 contracts of soybean No. 2 and soybean meal. The support level for the 09 contract of soybean meal is 2940 - 2950 yuan/ton, and the resistance level is 3070 - 3080 yuan/ton. The lower support for the 05 contract of soybean No. 2 is 3700 - 3720, and the upper resistance is 3850 - 3860 yuan/ton [3]. - **Rapeseed Meal**: In the short - term, the price of rapeseed meal may continue to fluctuate and bottom out. It is advisable to wait and see and look for opportunities to go long after stabilization. The RM contract's lower support level is 2280 - 2300, and the upper resistance level is 2500 - 2510 [4]. - **Corn and Corn Starch**: The short - term futures prices may adjust slightly. It is recommended to wait and see or look for opportunities to go long on dips. The support range for the 2605 contract of corn is 2250 - 2280, and the resistance range is 2450 - 2480. The support range for the 05 contract of corn starch is 2670 - 2680, and the resistance range is 2850 - 2860 [5]. - **Soybean No. 1**: The upward driving force for soybean No. 1 is expected to be insufficient. It is not advisable to chase long positions. It is recommended to wait and see in the short - term. The resistance level for the 05 contract is 4740 - 4760 yuan/ton, and the support level is 4400 - 4450 yuan/ton [6]. - **Hogs**: The short - term supply - demand pattern is difficult to change fundamentally. Cautious investors can wait and see, while aggressive investors can consider going long on the 2607 contract lightly below 11000 points after the release of spot pressure. For options, a covered call strategy combination can be held [7]. - **Eggs**: Cautious investors are advised to wait and see, while aggressive investors can go long on the 05 contract below 3400 points. It is not advisable to chase short positions in the near - month contracts at historical low price ranges [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: Soybean No. 1 05 contract is expected to fluctuate widely. It is recommended to wait and see. Soybean No. 2 05 contract is in a wide - range adjustment. It is also recommended to wait and see [10]. - **Oils**: The 09 contract of soybean oil, 05 contract of rapeseed oil, and 05 contract of palm oil are all in a wide - range or oscillatory pattern. The 09 contract of soybean oil can be considered for long positions after stabilization, the 05 contract of rapeseed oil is recommended to wait and see, and the 05 contract of palm oil can be bought on dips [10]. - **Proteins**: The 09 contract of soybean meal and 05 contract of rapeseed meal are in an oscillatory pattern. It is recommended to go long after stabilization [10]. - **Energy and By - products**: The 05 contracts of corn and corn starch are in an oscillatory adjustment. It is recommended to wait and see [10]. - **Livestock**: The 05 contracts of hogs and eggs are in an oscillatory bottom - seeking pattern. It is recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Oilseeds**: For the 5 - 9 spreads of soybean No. 1 and soybean No. 2, it is recommended to wait and see [11]. - **Oils**: For the 5 - 9 spreads of soybean oil, rapeseed oil, and palm oil, it is recommended to wait and see. For the 05 spreads of soybean oil - palm oil, rapeseed oil - soybean oil, and rapeseed oil - palm oil, it is also recommended to wait and see [12]. - **Proteins**: For the 5 - 9 spreads of soybean meal and rapeseed meal, it is recommended to wait and see. For the 05 spread of soybean meal - rapeseed meal, it is recommended to wait and see [12]. - **Energy and By - products**: For the 5 - 9 spread of corn, it is recommended to go short on rallies. For the 5 - 9 spread of corn starch, it is recommended to wait and see. For the 05 spread of corn - corn starch, it is recommended to wait and see [12]. - **Livestock**: For the 5 - 7 spread of hogs, it is recommended to hold reverse arbitrage positions. For the 5 - 7 spread of eggs, it is recommended to wait and see [12]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the arrival premium, futures prices, CNF prices, and import - duty - paid prices [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseeds, rapeseed meal, palm oil, peanuts, and peanut oil, as well as their corresponding operating rates [18]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import - duty - paid costs [18]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption, inventory, operating rate, and sales progress of corn in deep - processing enterprises, as well as the inventory of corn starch enterprises [19]. 3.2.3 Livestock - It provides the daily and weekly data of hogs and eggs, including the spot prices, price changes, and key weekly data such as inventory, production rate, and profit of hogs and eggs [19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts It includes a series of charts related to the livestock (hogs and eggs), oils and oilseeds, and feed sectors, such as the closing prices of futures contracts, spot prices, inventory, production, and trading volume of various commodities [23][31][55]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It shows the historical volatility of various commodities such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [93]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It presents the warehouse receipt situations of various commodities, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [101].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The protein meal market: Night trading of soybean and rapeseed meal closed down. Brazil's soybean harvest is progressing, and although it is slower than last year, a bumper harvest is expected. The US soybean planting area is expected to increase due to the high soybean - corn price ratio and rising fertilizer prices. The medium - term domestic supply of protein meal is expected to be loose, suppressing prices [3]. - The oil market: Night trading of oils was strong. The US bio - diesel policy RVO quantity is in line with expectations, and Indonesia plans to implement the B50 bio - diesel policy, which is expected to boost palm oil demand. The oil market is expected to fluctuate at a high level due to the co - existence of fundamental pressure and positive policy expectations [3]. Group 3: Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties are presented, along with their price changes and percentage changes. For example, the soybean oil主力's previous day's closing price was 8668, with a decline of 46 and a decline rate of - 0.53% [2]. - **Spreads and Ratios**: Spreads and ratios such as Y9 - 1, P9 - 1, etc., are provided, along with their current and previous values [2]. International Futures Market - **Prices and Changes**: The previous day's closing prices, price changes, and percentage changes of international futures like BMD palm oil, CBOT soybeans, etc., are given. For instance, BMD palm oil's previous day's closing price was 4666, with an increase of 221 and an increase rate of 4.97% [2]. Domestic Spot Market - **Prices and Changes**: Spot prices and their percentage changes of various products in different regions are shown, including soybean oil, palm oil, etc. For example, the spot price of Tianjin first - grade soybean oil is 8990, with an increase rate of 0.45% [2]. - **Basis and Spreads**: Spot basis and spreads between different products are provided, such as the basis of Tianjin first - grade soybean oil is 322, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is - 630 [2]. Import Profit and Warehouse Receipts - **Import Profit**: Current and previous values of import profit for various imported products like Malaysian palm oil, US soybeans, etc., are presented. For example, the current import profit of near - month Malaysian palm oil is - 495 [2]. - **Warehouse Receipts**: Current and previous values of warehouse receipts for products such as soybean oil, palm oil, etc., are given. For example, the current warehouse receipt of soybean oil is 0, and the previous value was 13,019 [2]. Industry Information - **USDA Report**: The USDA's planting intention report predicts that the US soybean planting area in 2026 will be 84.7 million acres, and the wheat planting area will be 43.775 million acres, which are different from Reuters' expectations [3]. - **Brazilian Exports**: Brazil's March soybean and soybean meal export estimates are slightly lower than last week's forecasts [3]. - **Brazilian Harvest**: As of March 28, Brazil's soybean harvest rate is 74.3%, slower than last year but still expected to be a bumper harvest [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the report; it mainly offers various commodity and index-related data, including basis, spreads, and ratios 3. Summary by Category 3.1 Power Coal - Basis data from March 25 to March 31, 2026, shows values such as -45.4, -41.4, -40.4, -40.4, and -46.4 respectively; the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) are all 0.0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - INE crude oil, fuel oil, and the ratio of crude oil to asphalt have corresponding basis and ratio data from March 25 to March 31, 2026 [5] 3.2.2 Chemical Commodities - Basis data for various chemical products (natural rubber, methanol, PTA, LLDPE, PP, etc.) from March 25 to March 31, 2026, are provided; also includes spread data between different contract months and cross - product spread data [7] 3.3 Black Metals - Basis data for black metals (rebar, iron ore, coke, coking coal) from March 25 to March 31, 2026, are presented; spread data between different contract months and cross - product ratio data are also included [11] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from March 25 to March 31, 2026, are provided [21] 3.4.2 London Market - LME data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on March 31, 2026, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss [27] 3.5 Agricultural Products - Basis data for agricultural products (soybean No. 1, soybean No. 2, soybean meal, soybean oil, etc.) from March 25 to March 31, 2026, are provided; spread data between different contract months and cross - product ratio data are also included [34] 3.6 Stock Index Futures - Basis data for stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from March 25 to March 31, 2026, are presented; spread data between different contract months are also included [45]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For vegetable oils, due to ongoing instability in the Middle East, the implementation of the US biodiesel policy, and Indonesia's clear B50 plan schedule, vegetable oils are expected to follow the trend of crude oil. It is recommended to hold long positions in vegetable oils [1][2]. - For double - meal (soybean meal and rapeseed meal), due to the lower - than - expected US soybean planting area, the short - term support for the main contract of continuous meal is at the 2900 yuan/ton level. Near - month short positions should be gradually closed for profit, and new buying opportunities for far - month contracts should be awaited after adjustment [2][3]. 3. Summary by Related Catalogs 3.1 Vegetable Oils 3.1.1 Market Review - On March 31, palm oil led the rise in the vegetable oil sector. The closing prices of main and sub - main contracts of soybean oil, palm oil, and rapeseed oil all showed varying degrees of decline, with different changes in positions [1]. 3.1.2 Important Information - The US EPA requires the production and use of biodiesel and renewable diesel to increase by over 60% compared to 2025, and raises the proportion of the fuel quota for large refineries from 50% to 70% [1]. - Indonesia will implement a fuel rationing system, transfer the national institutional budget to "productive" uses, and implement the B50 biodiesel policy from July 1 [1]. - US NYMEX crude oil futures closed lower on Tuesday. The May crude oil futures contract fell $1.5, with a settlement price of $101.38 per barrel [1]. - From March 1 - 20, 2026, Malaysia's palm oil production increased by 0.92% month - on - month, with different trends in different regions [1]. - Brazil's Abiove suggests increasing the proportion of biodiesel in regular diesel, while the energy minister calls for more tests [1]. - The US CPC predicts that La Nina will turn into ENSO neutral in the next month, and El Nino may form from June - August 2026 and last until the end of the year [1]. - Malaysia's palm oil exports from March 1 - 25 increased by 38.4% compared to the same period last month, with an increase in exports to China [1][2]. - As of the 13th weekend of 2026, the total inventory of three major domestic edible oils increased by 0.36% week - on - week and decreased by 5.92% year - on - year, with different trends in each type of oil [2]. 3.1.3 Market Logic - Externally, due to instability in the Middle East and the implementation of the US biodiesel policy, the US soybean oil futures are oscillating strongly at a high level. Indonesia's B50 plan tightens the future export expectation of palm oil. Vegetable oils mainly follow the trend of crude oil, and long positions in vegetable oils should be continued to hold [2]. 3.1.4 Trading Strategy - Hold long positions in vegetable oils. Provide pressure and support levels for different contracts of soybean oil, palm oil, and rapeseed oil [2]. 3.2 Double - Meal (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review - On March 31, the spot market was weak, and double - meal continued to decline. The closing prices of main and sub - main contracts of soybean meal and rapeseed meal all showed varying degrees of decline, with different changes in positions [2]. 3.2.2 Important Information - The US Department of Agriculture's planting intention report shows that the estimated soybean planting area in the US in 2026 is 84.7 million acres, higher than last year but lower than analysts' expectations [2]. - As of March 27, Brazil's 2025/26 soybean harvest progress was 72.99%, lower than last year but close to the five - year average [2]. - Brazil's March soybean and soybean meal export volume forecasts are both lower than last week's forecasts [3]. - As of the 13th weekend of 2026, domestic import soybean inventory increased, while domestic soybean meal contract volume decreased. Imported rapeseed inventory and imported rapeseed meal contract volume both decreased [3]. - Provide spot prices, basis prices, and trading volumes of soybean meal and rapeseed meal as of March 31, as well as soybean crushing profits and soybean and rapeseed arrival costs [3]. 3.2.3 Market Logic - Externally, the US soybean futures closed higher due to the lower - than - expected planting area. The short - term support for the main contract of continuous meal is at the 2900 yuan/ton level. In the spot market, the price of soybean meal is expected to move down with the market, and short - term caution is advised for rapeseed meal. Near - month short positions should be gradually closed for profit, and new buying opportunities for far - month contracts should be awaited after adjustment [2][3]. 3.2.4 Trading Strategy - Gradually close near - month short positions in double - meal and wait for new buying points for far - month contracts after adjustment. Provide pressure and support levels for different contracts of soybean meal and rapeseed meal [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Palm oil shows a short - term strong performance due to B50 news stimulation [1] - Soybean oil is boosted by the sentiment of the soybean sector as the sown area is lower than expected [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) is 9,866 yuan/ton with a decline of 0.64%, and (night session) is 10,094 yuan/ton with an increase of 2.31%. Trading volume is 587,524 lots with an increase of 86,323 lots, and open interest is 245,751 lots with a decrease of 34,398 lots [2] - Soybean oil主力: Closing price (day session) is 8,668 yuan/ton with a decline of 0.53%, and (night session) is 8,768 yuan/ton with an increase of 1.15%. Trading volume is 272,706 lots with a decrease of 25,494 lots, and open interest is 464,075 lots with a decrease of 34,825 lots [2] - Rapeseed oil主力: Closing price (day session) is 9,884 yuan/ton with a decline of 0.07%, and (night session) is 9,951 yuan/ton with an increase of 0.68%. Trading volume is 201,426 lots with a decrease of 6,379 lots, and open interest is 195,830 lots with a decrease of 3,815 lots [2] - Malaysian palm oil主力: Closing price is 4,829 ringgit/ton with an increase of 1.19% (day session), and 4,903 ringgit/ton with an increase of 1.55% (night session) [2] - CBOT soybean oil主力: Closing price is 68.97 cents/pound with an increase of 0.73% [2] - **Spot Price Data**: - 24 - degree palm oil in Guangdong: Spot price is 9,930 yuan/ton with an increase of 150 yuan/ton [2] - First - grade soybean oil in Guangdong: Spot price is 9,150 yuan/ton with an increase of 130 yuan/ton [2] - Fourth - grade imported rapeseed oil in Guangxi: Spot price is 10,220 yuan/ton with an increase of 70 yuan/ton [2] - Malaysian palm oil FOB offshore price (continuous contract): Spot price is 1,215 dollars/ton with an increase of 25 dollars/ton [2] - **Basis Data**: - Palm oil (Guangdong): Basis is 64 yuan/ton [2] - Soybean oil (Guangdong): Basis is 482 yuan/ton [2] - Rapeseed oil (Guangxi): Basis is 336 yuan/ton [2] - **Spread Data**: - Rapeseed - palm oil futures main contract spread: 18 yuan/ton (previous trading day), - 39 yuan/ton (two trading days ago) [2] - Soybean - palm oil futures main contract spread: - 1,198 yuan/ton (previous trading day), - 1,216 yuan/ton (two trading days ago) [2] - Palm oil 5 - 9 spread: - 22 yuan/ton (previous trading day), 30 yuan/ton (two trading days ago) [2] - Soybean oil 5 - 9 spread: 40 yuan/ton (both previous trading day and two trading days ago) [2] - Rapeseed oil 5 - 9 spread: 93 yuan/ton (previous trading day), 98 yuan/ton (two trading days ago) [2] 3.2 Macro and Industry News - Indonesia will implement a fuel procurement rationing system starting from July 1, 2026, and will implement the B50 biofuel policy [3] - The 2026 US soybean planting area is 84.7 million acres, lower than the Reuters' expectation of 85.549 million acres; the US corn planting area is 95.338 million acres, higher than the Reuters' expectation of 94.371 million acres [4][5] - As of March 1, 2026, the total inventory of US old - crop soybeans is 2.1 billion bushels, a year - on - year increase of 10%. The farm inventory is 900 million bushels, a year - on - year increase of 3%; the non - farm inventory is 1.2 billion bushels, a year - on - year increase of 16%. The soybean consumption from December 2025 to February 2026 is 1.18 billion bushels, a year - on - year decrease of 1% [5] - Analysts predict that the US soybean processors' soybean crushing volume in February 2026 may reach 6.43 million short tons (214.3 million bushels). If the average prediction of eight analysts is accurate, the crushing volume in that month will decrease by 5.9% compared with January and increase by 13.1% compared with February 2025. The average daily crushing volume in February will reach 7.654 million bushels, a record high. As of February 28, 2026, the US soybean oil inventory is expected to be 2.626 billion pounds, an 8.0% increase from the end of January and a 36.5% increase from the end of February 2025 [6] - As of the week of March 27, 2026, the US soybean crushing profit is 4.35 dollars/bushel, a 5.8% increase from the previous week, reaching the highest level since the week of October 27, 2023. The average crushing profit in 2025 is 2.46 dollars/bushel, higher than 2.44 dollars/bushel in 2024. The 48% protein soybean meal spot price of soybean processing plants in Illinois is 332.10 dollars/short ton, equivalent to 7.72 dollars/bushel. The truck - quoted price of crude soybean oil in Iowa is 67.35 cents/pound, equivalent to 7.95 dollars/bushel. The average price of No. 1 yellow soybeans is 11.56 dollars/bushel, up from 11.49 dollars/bushel a week ago [7] - Brazil's soybean export volume in March 2026 is estimated to be 15.86 million tons, slightly lower than last week's forecast of 15.87 million tons; the soybean meal export volume is estimated to be 2.24 million tons, lower than last week's forecast of 2.44 million tons [7] - In February 2026, Canada's rapeseed crushing volume is 951,353 tons, a 9.69% decrease from the previous month and a 7.79% increase from the same period last year. The rapeseed oil production is 408,564 tons, a 9.04% decrease from the previous month and a 9.41% increase from the same period last year. The rapeseed meal production is 548,424 tons, an 11.3% decrease from the previous month and a 5.75% increase from the same period last year. The cumulative rapeseed crushing volume in the 2025/26 season is 7.06655 million tons, the rapeseed oil production is 2.999801 million tons, and the rapeseed meal production is 4.131511 million tons [8] 3.3 Trend Intensity - Palm oil trend intensity: 1; Soybean oil trend intensity: 0 [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market is affected by the geopolitical situation between the US and Iran. The conflict has led to significant fluctuations in commodity prices, and the market is in a state of high uncertainty. The end - conflict signals released by both sides have a certain impact on market sentiment, but the actual supply and demand fundamentals also play important roles in price trends [2][9][93]. - Different industries have different supply - demand situations. For example, in the metals industry, some metals are affected by supply disruptions in the Middle East, while others are influenced by changes in domestic production and demand. In the agricultural products industry, factors such as planting area, harvest progress, and downstream demand affect prices. In the energy - chemical industry, the conflict in the Middle East has a significant impact on the supply and cost of raw materials [24][70][93]. 3. Summary According to the Catalog 3.1 Daily Selections - **Tin**: With the US and Iran expressing the willingness to end the conflict, market risk appetite has recovered, and tin prices are expected to be strong in the short term. Supply has improved significantly, and demand is gradually recovering. It is recommended to buy long positions [2][35]. - **Soda Ash**: Cost support has weakened, and soda ash is oscillating downward. The short - term supply - demand pattern is supply - strong and demand - weak, but the downward space is expected to be limited, with the SA605 contract referring to the range of 1150 - 1250 [3][117]. - **Rebar**: Raw materials are strong, supporting the steel price center. The supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [4][53]. - **Live Pigs**: Spot support is limited, and capacity pressure suppresses the far - month contracts. The short - term price may be boosted by second - fattening sentiment, but there is a possibility of further decline [5][74]. 3.2 Macro - finance - **Stock Index Futures**: The Asia - Pacific market is down, and the Q2 style tends to focus on fundamental verification. It is recommended to wait and see [6][8]. - **Precious Metals**: The leaders of the US and Iran have expressed the will to end the war, the US dollar has fallen, and precious metals have rebounded significantly. In the short term, gold may have a technical repair, and silver may also have a band - trading opportunity. Platinum and palladium are in a state of shock and consolidation [9][12]. 3.3 Non - ferrous Metals - **Copper**: Iran's intention to end the war has led to a rebound in copper prices. The supply - demand fundamentals have improved slightly, and the medium - and long - term copper supply - demand contradiction logic has not changed significantly. It is recommended to wait and see, with the main contract focusing on the pressure at 97000 - 98000 [14][18]. - **Alumina**: Warehouse receipts are continuously accumulating, and the market is running weakly. The industry is in a state of over - capacity, and the price is expected to fluctuate around the cost line. It is recommended to maintain a short - selling strategy at high prices [19][21]. - **Aluminum**: The expectation of production cuts in the Middle East is fermenting, and the price is hitting the 25000 mark. The short - term core operating range is expected to be 24000 - 26000, and long positions are recommended to be held [22][24]. - **Aluminum Alloy**: The price is strongly supported by the price of primary aluminum, and the upward and downward spaces are limited. The short - term price operating range is expected to be 23000 - 24500 [25][26]. - **Zinc**: Zinc prices have rebounded, and spot transactions are average. The supply - demand cycle is weak, and the smelting cost will support the zinc price. It is recommended to take a low - buying strategy on dips [27][30]. - **Tin**: Similar to the analysis in the daily selection, tin prices are expected to be strong in the short term, and it is recommended to buy long positions [31][35]. - **Nickel**: The market is oscillating, and the Indonesian export tax policy is still uncertain. The main contract is expected to operate in the range of 134000 - 140000 [36][38]. - **Stainless Steel**: Cost support is strengthening, and the market is maintaining a strong - oscillating trend. The main contract is expected to operate in the range of 14200 - 14800, and a mid - term low - buying strategy is recommended [38][41]. - **Lithium Carbonate**: Supply expectations are uncertain, and the market has fallen significantly. The short - term market may adjust, and it is recommended to wait and see and conduct short - term range operations [42][45]. - **Polysilicon**: The market is oversupplied, and the futures are oscillating downward. It is recommended to wait and see [46][47]. - **Industrial Silicon**: Production control has not been achieved, and the futures are falling. It is expected to oscillate in the range of 8000 - 9000, and strategies such as short - selling at high prices or long - buying at low prices can be considered [48][51]. 3.4 Ferrous Metals - **Steel**: Raw material prices support the steel price center. Supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [52][53]. - **Iron Ore**: Short - term shipments have declined, and the supply - demand pattern has improved. The main contract is expected to oscillate at a high level in the range of 780 - 830 [54][56]. - **Coking Coal**: Auction transactions have declined, and the market is affected by geopolitical risks. It is recommended to wait and see, with the 2605 contract referring to the range of 1050 - 1250 [57][59]. - **Coke**: The spot price increase is about to be implemented, and the market is following the trend of coking coal. It is recommended to wait and see, with the 2605 contract referring to the range of 1600 - 1800 [60][63]. - **Silicon Iron**: It is necessary to pay attention to the change in settlement electricity prices, and the market is in a tight - balance state. It is recommended to conduct range operations in the range of 5800 - 6200 [64][65]. - **Manganese Silicon**: Production cuts have been implemented, and the cost support of manganese ore may weaken. It is expected to oscillate strongly in the range of 5700 - 6800 [67][69]. 3.5 Agricultural Products - **Meal**: The US soybean planting intention has been slightly increased, and the domestic soybean meal spot market is pessimistic. The future supply pressure will increase, and the soybean meal lacks effective support [70][72]. - **Live Pigs**: Similar to the analysis in the daily selection, spot support is limited, and capacity pressure suppresses the far - month contracts [73][74]. - **Corn**: The bottom support is strong, and the decline is limited. It is necessary to pay attention to the subsequent policy release [75][77]. - **Sugar**: The spot trading is average, and the market is maintaining a high - level oscillation. It is recommended to wait and see in the short term [78][80]. - **Cotton**: The USDA report shows an increase in the US cotton planting area, and domestic downstream enterprises are cautious in restocking. It is necessary to focus on the actual orders of downstream enterprises, the change in the new - season planting area, and the weather in the main production areas [80][82]. - **Eggs**: Terminal sales are slow, and egg prices are generally falling. It is expected to maintain a low - level oscillation and a weak trend [83][84]. - **Oils**: Indonesia's plan to promote B50 in July has boosted the oil market. Palm oil may rise in the short term, soybean oil is affected by the increase in US soybean planting area, and rapeseed oil is following the international oil market and maintaining a wide - range oscillation [85][87]. - **Jujubes**: The supply - demand pattern is loose, and the price is expected to oscillate and fall to build a bottom. It is expected to fluctuate in the range of 8500 - 9500 [88][89]. - **Apples**: The Tomb - sweeping Festival stocking is less than expected, and the price is continuing to weaken. The 05 contract is supported by low inventory, and the 10 contract is affected by the weather expectation of the new - season flowering period [90][91]. 3.6 Energy - Chemicals - **Crude Oil**: The US and Iran have sent signals to cool down the conflict, and oil prices are running weakly. The short - term may be in a weak - oscillation pattern, but the supply shortage still exists, and it is necessary to pay attention to the negotiation progress and the navigation situation of the Bab el - Mandeb Strait [92][93]. - **PX**: Affected by the geopolitical situation, PX is oscillating at a high level. The short - term supply and demand are weak, but the overall supply - demand in April is expected to be tight, and it is recommended to wait and see [94][95]. - **PTA**: Similar to PX, it is oscillating at a high level. The 4 - month inventory is expected to accumulate, and the demand may drag down the raw materials. It is recommended to pay attention to the oil price trend [96][97]. - **Short - fiber**: It has limited self - driving force and follows the raw materials. It is recommended to pay attention to the restoration of the passage of the Strait of Hormuz and the cost transmission of downstream products [98]. - **Bottle - grade PET**: The supply is expected to be tight in April, and the processing fee is expected to be strong. It is recommended to take the same strategy as PTA [99][101]. - **Ethylene Glycol**: The supply will decrease significantly in the second quarter, and the inventory will be significantly reduced. It still has the potential to rise, but attention should be paid to the risk of a decline after a rise [102]. - **Pure Benzene**: It is oscillating at a high level following the oil price. The supply is expected to decrease, and the supply - demand is expected to improve. It is recommended to wait and see [103]. - **Styrene**: Similar to pure benzene, it is oscillating at a high level following the oil price. The supply - demand has weakened, but it is still relatively tight. It is recommended to take the same strategy as pure benzene [104][105]. - **LLDPE**: The market is falling, and the basis is strengthening. The supply is expected to shrink, and the price has support at the bottom. It is expected to oscillate in a wide range [106]. - **PP**: Upstream production cuts are increasing, and the 05 contract has significantly reduced inventory. It is recommended to go long on the 09 contract on dips [107]. - **Methanol**: The market shows a near - strong and far - weak pattern. It is recommended to reduce long positions [108]. - **Caustic Soda**: The export expectation has been fulfilled, and the market has returned to the fundamentals. It is expected to oscillate weakly in the short term [109][110]. - **PVC**: The chemical market sentiment has subsided, and the price is adjusting. The short - term may be weakly adjusted, and attention should be paid to the geopolitical situation and the actual production suspension rhythm of the devices [111][112]. - **Urea**: There is no strong unilateral driving force, and the price is running in a range. It is recommended to pay attention to the downstream demand and policy dynamics, with the main contract referring to the range of 1830 - 1900 [113]. - **Soda Ash**: Cost support has weakened, and it is oscillating downward. It is recommended to hold short positions [114][117]. - **Glass**: Cost support has weakened, and it is approaching the previous low. It is recommended to hold short positions [114][118]. - **Natural Rubber**: The US and Iran have released signals to end the conflict, and rubber prices are rising. It is recommended to wait and see, with the operating range expected to be 16000 - 17500 [119][121]. - **Synthetic Rubber**: The situation in the Middle East is fluctuating, and BR is oscillating at a high level. It still has the potential to rise before the oil transportation in the Middle East is restored, but attention should be paid to the risk of a decline after a rise [121][123]. 3.7 Container Shipping to Europe - The off - season cargo - collection is under pressure, and the overall market is weakly oscillating. The 04 contract is oscillating widely around the spot price center, and the 06 contract is expected to oscillate widely following the geopolitical situation. It is recommended to operate in the range and pay attention to risks [123][125].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not explicitly stated in the provided content Summary by Categories Black Series - For silicon iron (SF603), the futures price is 5978, the basis is 104, the spot price is 5874, the basis rate is 1.80%, and the historical quantile of the basis rate is 71.50% [1] - For silicon manganese (SM603), the futures price is 6600, the basis is 156, the spot price is 6444, the basis rate is 2.40%, and the historical quantile of the basis rate is 57.30% [1] - For rebar (RB2605), the futures price is 3121, the basis is 99, the spot price is 3220, the basis rate is 3.20%, and the historical quantile of the basis rate is 47.10% [1] - For hot - rolled coil (HC2605), the futures price is 3280, the basis is - 14, the spot price is 3294, the basis rate is - 0.40%, and the historical quantile of the basis rate is 13.60% [1] - For iron ore (I2605), the futures price is 808, the basis is 28, the spot price is 836, the basis rate is 3.40%, and the historical quantile of the basis rate is 23.50% [1] - For coke (J2605), the futures price is 1702, the basis is 54, the spot price is 1756, the basis rate is 3.20%, and the historical quantile of the basis rate is 86.80% [1] - For main coking coal (S1.3 G75, Mongolian No.5) at Shaheyi, the futures price is 1149, the basis is 130, the spot price is 1278, the basis rate is 11.30%, and the historical quantile of the basis rate is 61.60% [1] Non - ferrous Metals - For copper (CU2605), the futures price is 95340, the basis is 260, the spot price is 95600, the basis rate is 0.27%, and the historical quantile of the basis rate is 77.70% [1] - For aluminum (AL2605), the futures price is 24610, the basis is - 265, the spot price is 24875, the basis rate is - 1.07%, and the historical quantile of the basis rate is 8.10% [1] - For alumina (AO2605), the futures price is 2788, the basis is - 39, the spot price is 2827, the basis rate is - 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For zinc (ZN2605), the futures price is 23480, the basis is - 120, the spot price is 23360, the basis rate is - 0.51%, and the historical quantile of the basis rate is 32.50% [1] - For tin (SN2605), the futures price is 368000, the basis is 3550, the spot price is 371550, the basis rate is 0.96%, and the historical quantile of the basis rate is 91.90% [1] - For nickel (NI2605), the futures price is 135000, the basis is 220, the spot price is 134780, the basis rate is 0.16%, and the historical quantile of the basis rate is 65.80% [1] - For stainless steel (SS2605), the futures price is 14160, the basis is 410, the spot price is 14400, the basis rate is 2.90%, and the historical quantile of the basis rate is 70.60% [1] - For lithium carbonate (LC2605), the futures price is 157200, the basis is 5800, the spot price is 163000, the basis rate is 3.69%, and the historical quantile of the basis rate is 97.80% [1] - For industrial silicon (SI2605), the futures price is 8322, the basis is 795, the spot price is 9150, the basis rate is 9.52%, and the historical quantile of the basis rate is 53.80% [1] Precious Metals - For gold (AU2606), the futures price is 1015.7, the basis is - 4.4, the spot price is 1020.10, the basis rate is - 0.43%, and the historical quantile of the basis rate is 9.30% [1] - For silver (AG2606), the futures price is 18031.0, the basis is - 95.0, the spot price is 18126.0, the basis rate is - 0.52%, and the historical quantile of the basis rate is 7.00% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2915, the basis is 205, the spot price is 3120, the basis rate is 7.03%, and the historical quantile of the basis rate is 61.90% [1] - For soybean oil (Y2605), the futures price is 8668, the basis is 262, the spot price is 8930, the basis rate is 3.02%, and the historical quantile of the basis rate is 55.40% [1] - For palm oil (P2605), the futures price is 9866, the basis is - 46, the spot price is 9820, the basis rate is - 0.47%, and the historical quantile of the basis rate is 13.30% [1] - For rapeseed meal (RM605), the futures price is 2299, the basis is 11, the spot price is 2310, the basis rate is 0.48%, and the historical quantile of the basis rate is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9884, the basis is 516, the spot price is 10400, the basis rate is 5.22%, and the historical quantile of the basis rate is 91.70% [1] - For corn (C2605), the futures price is 2351, the basis is 29, the spot price is 2380, the basis rate is 1.23%, and the historical quantile of the basis rate is 49.00% [1] - For corn starch (CS2605), the futures price is 2745, the basis is 155, the spot price is 2900, the basis rate is 5.65%, and the historical quantile of the basis rate is 76.90% [1] - For live pigs (LH2605), the futures price is 9770, the basis is - 420, the spot price is 10190, the basis rate is - 4.30%, and the historical quantile of the basis rate is 28.10% [1] - For eggs (D2605), the futures price is 3400, the basis is - 40, the spot price is 3440, the basis rate is - 1.16%, and the historical quantile of the basis rate is 36.40% [1] - For cotton, the futures price is 15295, the basis is 1352, the spot price is 16650, the basis rate is 8.86%, and the historical quantile of the basis rate is 91.00% [1] - For sugar (SR605), the futures price is 5398, the basis is 62, the spot price is 5460, the basis rate is 1.15%, and the historical quantile of the basis rate is 9.70% [1] - For apples (AP605), the futures price is 9800, the basis is - 26, the spot price is 9826, the basis rate is - 0.26%, and the historical quantile of the basis rate is 23.00% [1] - For red dates (CJ605), the futures price is 7900, the basis is - 850, the spot price is 8750, the basis rate is - 9.71%, and the historical quantile of the basis rate is 48.60% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 9700.0, the basis is 268.8, the spot price is 9968.77, the basis rate is 2.77%, and the historical quantile of the basis rate is 92.30% [1] - For PTA (TA605), the futures price is 6684.0, the basis is - 44.0, the spot price is 6640.0, the basis rate is - 0.66%, and the historical quantile of the basis rate is 42.60% [1] - For ethylene glycol (MEG), the futures price is 5218.0, the basis is 147.0, the spot price is 5365.0, the basis rate is 2.82%, and the historical quantile of the basis rate is 94.50% [1] - For ethanol (EG2605), the futures price is 8246.0, the basis is 74.0, the spot price is 8320.0, the basis rate is 0.90%, and the historical quantile of the basis rate is 62.90% [1] - For styrene (EB2605), the futures price is 10597.0, the basis is 158.0, the spot price is 10755.0, the basis rate is 1.49%, and the historical quantile of the basis rate is 60.30% [1] - For methanol (MA605), the futures price is 3229.0, the basis is 116.0, the spot price is 3345.0, the basis rate is 3.59%, and the historical quantile of the basis rate is 84.10% [1] - For urea (UR605), the futures price is 1874.0, the basis is 26.0, the spot price is 1900.0, the basis rate is 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For LLDPE (L2605), the futures price is 8614.0, the basis is 86.0, the spot price is 8700.0, the basis rate is 1.00%, and the historical quantile of the basis rate is 52.90% [1] - For PP (PP2605), the futures price is 9103.0, the basis is 172.0, the spot price is 9275.0, the basis rate is 1.89%, and the historical quantile of the basis rate is 72.50% [1] - For PVC (V2605), the futures price is 5353.0, the basis is - 133.0, the spot price is 5220.0, the basis rate is - 2.48%, and the historical quantile of the basis rate is 45.10% [1] - For caustic soda (SH605), the futures price is 2340.0, the basis is - 36.9, the spot price is 2303.1, the basis rate is - 1.58%, and the historical quantile of the basis rate is 41.10% [1] - For LPG (PG2605), the futures price is 6339.0, the basis is 1009.0, the spot price is 7348.0, the basis rate is 15.92%, and the historical quantile of the basis rate is 95.50% [1] - For asphalt (BU2606), the futures price is 4512.0, the basis is - 92.0, the spot price is 4420.0, the basis rate is - 2.04%, and the historical quantile of the basis rate is 32.80% [1] - For butadiene rubber (BR2605), the futures price is 17350.0, the basis is 1150.0, the spot price is 18500.0, the basis rate is 6.63%, and the historical quantile of the basis rate is 99.50% [1] - For glass (FG605), the futures price is 1019.0, the basis is - 67.0, the spot price is 952.0, the basis rate is - 7.04%, and the historical quantile of the basis rate is 56.09% [1] - For soda ash (SA605), the futures price is 1177.0, the basis is - 20.0, the spot price is 1157.0, the basis rate is - 1.73%, and the historical quantile of the basis rate is 46.84% [1] - For pure benzene (BZ2605), the futures price is 8790.0, the basis is 150.0, the spot price is 8940.0, the basis rate is 1.71%, and the historical quantile of the basis rate is 98.80% [1] - For propylene (PL2605), the futures price is 8795.0, the basis is - 45.0, the spot price is 8750.0, the basis rate is - 0.51%, and the historical quantile of the basis rate is 36.90% [1] - For bottle chips (PR2605), the futures price is 8525.0, the basis is 335.0, the spot price is 8190.0, the basis rate is 4.09%, and the historical quantile of the basis rate is 98.50% [1] - For natural rubber (RU2605), the futures price is 16345.0, the basis is - 45.0, the spot price is 16300.0, the basis rate is - 0.28%, and the historical quantile of the basis rate is 90.35% [1] Financial Assets - For IF2606.CFE, the futures price is 4450.0493, the basis is - 74.2493, the spot price is 4375.8, the basis rate is - 1.70%, and the historical quantile of the basis rate is 2.50% [1] - For IH2606.CFE, the futures price is 2837.3064, the basis is - 22.9064, the spot price is 2814.4, the basis rate is - 0.81%, and the historical quantile of the basis rate is 5.70% [1] - For IC2606.CFE, the futures price is 7753.7234, the basis is - 193.1234, the spot price is 7560.6, the basis rate is - 2.55%, and the historical quantile of the basis rate is 0.30% [1] - For IM2606.CFE, the futures price is 7619.8503, the basis is - 240.4503, the spot price is 7379.4, the basis rate

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - **Weak Consolidation for Soybean Meal**: Although the soybean meal inventory increased slightly week - on - week and is lower year - on - year, the estimated soybean imports in April are nearly 2 million tons higher year - on - year, indicating a good short - term supply. Overnight US soybean data is not strongly bearish. Soybean meal is expected to open slightly higher and consolidate. Due to the loosening domestic fundamentals, be cautious about going long and manage positions carefully. Pay attention to the cost impact from crude oil fluctuations [1][5]. - **Weak Consolidation for Rapeseed Meal**: Rapeseed meal followed soybean meal and closed slightly lower. The bearish pressure of Canadian rapeseed arrivals in April has been largely reflected in the market. With domestic rapeseed approaching harvest, be cautious about going long and it's advisable to wait and see. Focus on the subsequent inventory build - up of domestic rapeseed meal, the trend of crude oil, and the Canadian rapeseed planting report [1][6]. - **Short - term Bullish for Palm Oil**: Palm oil rose and then fell. Although the March Malaysian palm oil data is good and there is a growing call for Indonesia's B50, the palm oil production in Southeast Asia is expected to gradually recover in April. Be cautious about chasing long positions and manage positions well. Pay short - term attention to the guidance from the crude oil market [1][9]. - **Short - term Bullish for Soybean Oil**: Domestic soybean imports in April are optimistic, with sufficient short - term supply. However, it is greatly disturbed by the crude oil market. Manage positions well and focus on the final situation of Brazilian soybean export inspections and the subsequent trend of crude oil [1]. - **Short - term Bullish for Rapeseed Oil**: Domestic rapeseed oil is in a low - inventory state. Although a large amount of Canadian rapeseed will arrive in April, the short - term spot market strongly supports the near - month contract. The near - month rapeseed oil is expected to remain strongly volatile, but be cautious about going long due to the approaching domestic rapeseed harvest. Treat it as an event - driven market caused by crude oil market disturbances and participate in the short - term. Pay attention to the subsequent trend of crude oil, the outlook for Canadian rapeseed planting area, and the domestic rapeseed oil inventory build - up [1]. - **Beware of Callback for Cotton**: Internationally, the new - year US cotton is expected to decline more than previously expected, and its exports are at a record high, so it is expected to run strongly in the short - term and narrow the price gap with domestic cotton. Domestically, the current spot basis is still high, and the downstream orders and machine - running rate are better than the same period, supporting the short - term cotton price. However, beware of the over - consumption of April orders due to pre - demand, and the high import of cotton and yarn puts pressure on inventory reduction. If the reduction in planting area in early April is limited, the market will face a high callback demand, and be cautious about holding long positions in the next two weeks [1][13]. - **Pressured Operation for Red Dates**: Currently, the market is in the off - season with a loose supply - demand pattern. The inventory reduction is slow, and rising temperatures will further suppress red date consumption. Without positive factors, the enthusiasm for holding positions by funds has significantly decreased. However, the current valuation is relatively low, so the deep - decline space is also limited. The market is expected to operate under pressure [1][15]. - **Differentiated Performance for Live Pigs**: As the spot price further declines, the losses of fattening pigs and piglets are deepening, which may accelerate the reduction of sow inventory. However, the high supply base of live pigs this year remains unchanged, and the contango structure of far - month contracts may strengthen further. The demand is in the off - season, and the market may continue to push down prices. Near - month contracts are expected to be under pressure, and it's difficult for the market to reverse in the short - term. You can pay attention to the bottom - inventory build - up rebound of medium - term contracts. Far - month contracts such as 01 and subsequent ones may see the expected acceleration of production capacity reduction on the supply side. Continue to pay attention to the bottom - buying opportunities or reverse - spread configurations driven by the decline of near - month contracts [1][18]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal - **Market Data**: The futures price of soybean meal (main contract) closed at 2915 yuan/ton, down 22 yuan or 0.75% from the previous day. The national average spot price was 3288.86 yuan/ton, down 11.43 yuan or 0.35%. The soybean crushing profit and basis have changed to some extent [3]. - **Industry Information**: Brazil's 2025/26 soybean production is expected to be 1.784 billion tons, higher than the previous estimate. The USDA planting intention report shows that the US soybean planting area in 2026 is 84.7 million acres, lower than the Reuters expectation. As of March 1, 2026, the US old - crop soybean inventory was 2.1 billion bushels, up 10% year - on - year [4]. 3.2 Rapeseed Meal - **Market Data**: The national rapeseed meal market price dropped by 0 - 30 yuan/ton. As of March 27, the coastal rapeseed inventory was 97,000 tons, down 31,000 tons week - on - week; the rapeseed meal inventory was 23,000 tons, down 1,000 tons week - on - week; the unexecuted contracts were 50,000 tons, down 20,000 tons week - on - week [6]. - **Industry Information**: As of the week of March 22, Canadian rapeseed exports decreased by 33.2% to 195,000 tons from the previous week. From August 1, 2025, to March 22, 2026, Canadian rapeseed exports were 5.0739 million tons, 23.5% less than the same period of the previous year [6]. 3.3 Palm Oil - **Market Data**: The futures price of palm oil (main contract) closed at 9866 yuan/ton, down 64 yuan or 0.64% from the previous day. The national average price was 9855 yuan/ton, up 160 yuan or 1.65%. The trading volume decreased, and the inventory decreased by 15,800 tons week - on - week to 792,400 tons [8]. - **Industry Information**: Malaysian palm oil exports from March 1 - 31 increased by 56.7% to 1,607,065 tons compared with the same period of the previous month. The estimated palm oil production in Malaysia from March 1 - 20 increased by 0.92% [9]. 3.4 Cotton - **Market Data**: The futures prices of domestic cotton contracts such as CF2605, CF2609, etc. declined slightly. The spot price of CCIndex (3218B) increased by 27 yuan/ton to 16,850 yuan/ton. The inventory of national commercial cotton decreased by 150,000 tons to 4.8938 million tons [10]. - **Industry Information**: Brazil's 2025/26 cotton production is estimated to be 3.7951 million tons, a 6.9% year - on - year decrease. India's cotton planting area in the 2026 rainy season is expected to increase significantly, with a maximum increase of 20%. In China, the new - year seed cotton purchase price is expected to rise, and the 26/27 cotton production is estimated to be 7.24 million tons, a decrease of more than 6% year - on - year. From January to February, China's cotton imports increased by 41.0% year - on - year, and the yarn imports increased by 40.2% year - on - year [11][12]. 3.5 Red Dates - **Market Data**: The futures prices of red date contracts such as CJ2605, CJ2609, etc. declined slightly. The spot prices in various regions were relatively stable. The inventory of 36 sample enterprises decreased by 81 tons to 11,459 tons, still 656 tons higher than the same period [14]. - **Industry Information**: In the production area, Xinjiang jujube farmers are carrying out pruning and fertilization. In the downstream market, the trading volume in Hebei and Guangdong markets is light, and the market is in the off - season [14]. 3.6 Live Pigs - **Market Data**: The futures prices of live pig contracts such as Ih2605, Ih2607, etc. declined. The national average slaughter price remained unchanged at 9420 yuan/ton. The inventory of sample enterprises increased by 1.77% month - on - month, and the slaughter volume decreased by 12.23% month - on - month. The profit of pig slaughtering and self - raising is in a loss state [16]. - **Industry Information**: On the supply side, the intention of farmers to reduce the weight of pigs for slaughter has increased, and the second - fattening is sporadic. The number of piglets born in February increased, and the reduction of sow inventory is slow. On the demand side, the terminal consumption is weak, and the slaughter enterprises mainly purchase on demand [17].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Since March, the domestic and foreign rapeseed markets have experienced a pattern of changing from strong to weak and internal differentiation. The short - term rapeseed market shows a pattern of "strong oil and weak meal". With China significantly reducing the import tariffs of Canadian rapeseed products, domestic rapeseed supply will be greatly supplemented. In the medium term, attention should be paid to the game between future supply increments and seasonal demand recovery [6][10] Group 3: Summary by Directory From Geopolitical Risks to Policy Implementation: International Rapeseed Experiences a Volatile Market - In March 2026, the international rapeseed market experienced a rise driven by geopolitical risks and a subsequent correction after policy implementation, showing a volatile trend. Affected by international oil prices and market sentiment, the ICE rapeseed May contract reached an eight - month high. However, after the U.S. renewable fuel blending obligation plan was announced, profit - taking occurred. Meanwhile, China's reduction of Canadian rapeseed product import tariffs is expected to significantly increase Canadian rapeseed exports to China [7] The Battle between Strong Reality and Weak Expectations: The Arrival of Rapeseed in Bulk is Imminent - In the domestic market, although the actual import of rapeseed in March was low and the inventory was at a low level, the expectation of concentrated arrivals in the future is strong. As of the week of March 20, the inventory of imported rapeseed at major ports was only 128,000 tons, a 15% decline from the previous week. The weekly crushing volume at coastal oil mills was only 23,000 tons. After the import tariff policy adjustment, a large number of Canadian rapeseed purchase shipments are scheduled from March to June, with a peak arrival expected starting from April. This will increase the output of rapeseed oil and meal. The market has an obvious expectation of increased supply, which exerts pressure on rapeseed meal prices. Rapeseed oil is relatively strong due to cost and low - inventory support, leading to a pattern of "strong oil and weak meal" [8] Weak Market Demand: Focus on Seasonal Transition and Policy Driving - In terms of demand, there is an expectation of seasonal transition. Rapeseed oil is in a typical consumption off - season, with weak procurement willingness from terminal catering and food processing enterprises. The weekly pick - up volume at coastal oil mills dropped to 340 tons, a significant decline from the previous week. The high international crude oil prices bring long - term expectations for biodiesel demand, but it is mainly an emotional boost before policy implementation. Rapeseed meal demand is weak as the aquaculture industry is in the early stage of seasonal recovery. Feed enterprises maintain low - inventory strategies, and the pick - up volume of rapeseed meal at oil mills remains at a low level of 910 tons. After April, as the temperature rises, the demand for aquaculture feed is expected to gradually start, which may improve the consumption of rapeseed meal. Rapeseed oil demand needs seasonal nodes like festival stocking or the implementation of biofuel policies for new drivers. Before the demand improves, the expectation of increased supply will suppress rapeseed prices [9][10]

1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - For vegetable oils, due to factors such as ongoing Middle - East disputes, implementation of Indonesia's B50 plan, and the rise in international crude oil prices, vegetable oil prices are expected to follow the upward trend of crude oil. It is recommended to hold long positions in vegetable oils [1][2]. - For double - meal (soybean meal and rapeseed meal), the US biodiesel policy has been implemented and the market is worried about the over - expected soybean planting area in the US, causing US soybeans to decline. It is advisable to gradually close out near - month short positions in double - meal and wait for new buying opportunities in far - month contracts after adjustment [2][3]. 3. Summary by Related Catalogs 3.1 Vegetable Oils 3.1.1 Market Review - On March 30, due to the unresolved Middle - East disputes and Indonesia's formal implementation of the B50 plan, the vegetable oil sector rose collectively. For example, the soybean oil main contract Y2605 closed at 8,714 yuan/ton, up 0.30% day - on - day, with a daily reduction of 38,768 lots; the palm oil main contract P2605 closed at 9,930 yuan/ton, up 1.66% day - on - day, with a daily reduction of 8,265 lots [1]. 3.1.2 Important Information - The US EPA requires the production and usage of biodiesel and renewable diesel to increase by over 60% compared to 2025 levels, and raises the proportion of the fuel quota allocated to large refineries from 50% to 70%. - Indonesia will increase the palm oil blending ratio in biodiesel from 40% to 50% this year. - On March 30, NYMEX crude oil futures closed higher, with the settlement price breaking through $100 per barrel for the first time since 2022. - From March 1 - 20, 2026, Malaysia's palm oil production increased by 0.92% month - on - month, with different production changes in different regions. - Brazil's Abiove suggests increasing the biodiesel blending ratio in regular diesel. - The US CPC predicts that La Nina will turn into ENSO neutral state next month, and El Nino may form from June - August 2026 and last until the end of 2026. - Malaysia's palm oil exports from March 1 - 25, 2026 increased by 38.4% compared to the same period in February. - As of the end of the 13th week of 2026, the total domestic inventory of three major edible oils was 2.0421 million tons, with different inventory changes for each type of oil [1][2]. 3.1.3 Market Logic - Externally, due to the expansion of the Iran war and the implementation of the US biodiesel policy, the US soybean oil market is strong. Indonesia's implementation of the B50 plan drives up the Malaysian palm oil futures price. Domestically, the decrease in soybean oil inventory supports the futures market, but low market purchases lead to a stable basis. Palm oil follows the crude oil trend, and the B50 plan tightens the export expectation. Rapeseed oil fluctuates at a high level due to Middle - East uncertainties [2]. 3.1.4 Trading Strategy - Hold long positions in vegetable oils. Provide support and resistance levels for different contracts, such as the Y2605 contract with a resistance level of 9,300 and a support level of 8,048 [2]. 3.2 Double - Meal (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review - On March 30, the oil was strong and the meal was weak. The near - month contracts of double - meal oscillated at a low level, and the far - month contracts adjusted slightly. For example, the soybean meal main contract M2605 closed at 2,937 yuan/ton, with a 0% day - on - day change in closing price and a daily reduction of 56,190 lots [2]. 3.2.2 Important Information - AgMarket.net expects the US soybean planting area this spring to reach 86.1 million acres, higher than the USDA's February forecast. - As of March 27, Brazil's 2025/26 soybean harvest progress was 72.99%. - Brazil's March soybean and soybean meal export volume forecasts have been adjusted downwards. - As of the end of the 13th week of 2026, the domestic inventory of imported soybeans, soybean meal, imported rapeseed, and imported rapeseed meal has changed to different extents [2][3]. - Provide spot prices, basis, and other information for soybean meal and rapeseed meal on March 30, as well as information on soybean crushing profit and soybean arrival cost [2][3]. 3.2.3 Market Logic - Externally, the implementation of the US biodiesel policy and concerns about over - expected soybean planting area in the US cause US soybeans to decline. Domestically, spot prices of oil mills are adjusted downwards, and the market purchase and sales slow down. The short - term view on Zhengzhou meal is weakly bearish [3]. 3.2.4 Trading Strategy - Gradually close out near - month short positions in double - meal and wait for new buying opportunities in far - month contracts after adjustment. Provide support and resistance levels for different contracts, such as the M2605 contract with a resistance level of 3,278 and a support level of 2,710 [3].