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 information provided Group 2: Core Views of the Report - The USDA area report for soybeans is bullish, and the futures market may rebound; the spot price of soybeans is stable, and the futures market rebounds and fluctuates [1] - On March 31, 2026, CBOT soybean futures closed higher as the USDA's soybean planting area forecast was lower than market expectations. The 2026 US soybean planting area is expected to be 84.7 million acres, a 4% year-on-year increase but lower than Reuters' pre-report forecast of 85.549 million acres. The quarterly inventory report shows that as of March 1, 2026, the total US soybean inventory was 2.1 billion bushels, a 10% year-on-year increase and higher than market expectations [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures - DCE Soybean 2605: The closing price was 4,641 yuan/ton, up 74 yuan (+1.62%) during the day session and 4,639 yuan, up 27 yuan (+0.59%) during the night session [1] - DCE Soybean Meal 2605: The closing price was 2,915 yuan/ton, down 22 yuan (-0.75%) during the day session and 2,913 yuan, down 6 yuan (-0.21%) during the night session [1] - CBOT Soybean 05: The price was up 13.5 cents (+1.17%) to 1,172.25 cents/bushel [1] - CBOT Soybean Meal 05: The price was 316.4 dollars/short ton, up 1.8 dollars (+0.57%) [1] Spot - Shandong: The spot price of soybean meal (43%) was flat to -20 yuan compared to the previous day. The spot basis was M2605 + 260/+270/+300, with prices ranging from 3,180 to 3,220 yuan/ton. For April 20 - 30 delivery, it was M2605 + 200, flat; for April 20 - May 15 delivery, it was M2605 + 160; for May, it was M2605 + 100/+130/+160; for May - July, it was M2605 + 0/+20/+50; for August - September, it was M2609 - 30/-20/+0/+30/+60; for October - January, it was M2701 + 30/+40/+50/+70/+100 [1] - East China: The spot price of soybean meal was M2605 + 230, down 30 yuan compared to the previous day. For April 16 - 30 delivery, it was M2605 + 200, flat; for May, it was M2605 + 100, flat [1] - South China: The spot price of soybean meal ranged from 3,180 to 3,420 yuan/ton, down 50 yuan to flat compared to the previous day. For April 25 - May 10 delivery, it was M2605 + 180, flat; for April 16 - May 15 delivery, it was M2605 + 180, flat; for May, it was M2605 + 100, flat [1] - Bayan: The price of soybeans was 4,680 yuan/ton [1] Inventory and Trading Volume - The inventory of soybean meal was 63.1 million tons/week, compared to 64.18 million tons the previous week [1] - The trading volume of soybeans was 10.6 million tons/day, compared to 8.49 million tons the previous day [1] 2. Macro and Industry News - On March 31, 2026, CBOT soybean futures closed higher as the USDA's soybean planting area forecast was lower than market expectations. The 2026 US soybean planting area is expected to be 84.7 million acres, a 4% year-on-year increase but lower than Reuters' pre-report forecast of 85.549 million acres. The quarterly inventory report shows that as of March 1, 2026, the total US soybean inventory was 2.1 billion bushels, a 10% year-on-year increase and higher than market expectations [3] - In Brazil, soybean harvesting in some areas is nearly complete, and there has been rainfall in many areas this week. Although the recent rainfall has slowed the harvesting progress in northeastern Brazil, it has helped the late - growing soybean crops in Rio Grande do Sul [3] 3. Trend Intensity - The trend intensity of soybean meal is +1; the trend intensity of soybeans is 0 (referring to the price fluctuation of the main contract during the day session on the report day) [3]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The Middle - East situation and oil price shocks will continue to disrupt global risk appetite. A - share market is difficult to completely shake off external emotional suppression in the short term, and it is necessary to closely monitor the evolution of the Middle - East situation, international oil price trends, and the further transmission of external market fluctuations to A - share sentiment [8][15] - The inter - bank liquidity in the bond market is still relatively abundant. The central bank's open - market operations continue to send signals of care. Treasury bond futures are generally strong, with the long - end performing better, and the short - term bond market may maintain a strong and volatile pattern [11][15] - The core logic of the commodity market is the parallel evolution of geopolitical risk premium and domestic fundamental repair. Precious metals are strong due to the Middle - East situation and macro - expectation repricing, while industrial metals such as tin benefit from the marginal recovery of manufacturing prosperity. The commodity market may still have a structural market in the short term [9][15] 3. Summary by Relevant Catalogs Market行情Analysis Stock Market - A - share market indices were under pressure, and the trading volume exceeded 2 trillion yuan. The Shanghai Composite Index closed at 3891.86 points, down 0.80%; the Shenzhen Component Index closed at 13478.06 points, down 1.81%; the ChiNext Index closed at 3184.95 points, down 2.70%; the STAR 50 Index closed at 1256.33 points, down 2.59%. The total A - share trading volume was about 2.01 trillion yuan, up 4.1% from the previous trading day [7] - The market showed a pattern of more falling stocks than rising stocks, with 1008 rising stocks and 4372 falling stocks. The growth technology direction adjusted significantly, while sectors such as home appliances, banks, and food and beverages were relatively resistant to decline [6][7] Bond Market - The treasury bond futures market showed a pattern of strong long - end and stable short - end. The 30 - year treasury bond futures TL2606 rose 0.15%, closing at 111.69 yuan, with a trading volume of 852.75 billion yuan; the 10 - year treasury bond futures T2606 rose 0.04%, closing at 108.40 yuan, with a trading volume of 881.23 billion yuan; the 5 - year treasury bond futures rose 0.03%, and the 2 - year treasury bond futures were flat compared with the previous day [11] - The central bank carried out 325 billion yuan of 7 - day reverse repurchase operations, with a net injection of 150 billion yuan. Except for the 7 - day Shibor, other term Shibor rates declined, indicating that the liquidity was further relaxed [11] Commodity Market - The commodity index declined, but non - ferrous metals performed strongly. The Nanhua Commodity Index closed at 3074.6 points, down 0.91%. Leading gainers included Shanghai silver, soybean No.1, Shanghai gold, Shanghai aluminum, and double - gum paper, while leading losers included PVC, LPG, coking coal, container shipping index (European line), and lithium carbonate [9] Trading Hotspot Tracking Recent Hot - Product Review - Artificial intelligence: Global industrialization is accelerating, and new applications are emerging. Key points to follow include changes in capital expenditure of leading enterprises, transformation of application scenarios, and product technology upgrades [14] - Commercial space: With the establishment of commercial space companies and strong support for development, key points to follow include domestic recoverable rocket launches and technological breakthroughs of overseas leaders such as SPACEX [14] - Nuclear fusion: Industrialization is accelerating, and artificial intelligence drives the increase in power demand. Key points to follow include project progress and industry bidding [14] - Big consumption: Policy promotes consumption upgrading. Key points to follow include economic recovery and further stimulus policies [14] - Securities firms: A - share trading volume is running at a high level. Key points to follow include A - share trading volume and possible changes in trading systems [14] - Precious metals: Central banks continue to increase holdings, and the Federal Reserve is expected to cut interest rates. Key points to follow include further interest - rate cut expectations of the Federal Reserve and geopolitical risks [14] - Energy and chemicals: The Middle - East geopolitical situation affects supply. Key points to follow include the progress of the conflict and changes in crude oil prices [14] - Shanghai silver strengthened significantly. Due to the uncertainty in the Middle - East and the game of macro - expectations, precious metals recovered. Shanghai tin strengthened oscillatingly, supported by the recovery of manufacturing prosperity [14] Recent Core Idea Summary - In the equity market, focus on the impact of the Middle - East situation, oil prices, and external market fluctuations on A - share sentiment [15] - In the bond market, the short - term bond market may maintain a strong and volatile pattern, with the long - end of treasury bonds performing better [15] - In the commodity market, it may show a structural market in the short term. Pay attention to the evolution of the Middle - East situation, oil price trends, and the sustainability of domestic demand recovery [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East is the core factor affecting the market, with significant impacts on the prices of various commodities and financial products. The short - term price fluctuations of many commodities are large, and long - term trends depend on the development of the situation in the Middle East [2]. - The Fed's stance on interest rates and inflation also has an impact on the market. Powell's remarks have suppressed the expectation of interest rate hikes [2]. 3. Summary according to Relevant Catalogs Energy and Petrochemicals - **Crude Oil**: The possibility of a short - term negotiation agreement between Iran and the US is extremely low. The geopolitical situation is unclear, and the short - term oil price has a large two - way fluctuation risk. The long - term trend depends on the smoothness of the Strait of Hormuz [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Geopolitical factors are the core trading logic. The supply shock in the Middle East has not eased, and the crude - oil related products have strong fundamental support. The absolute price of fuel oil is firm, but the cracking spread has recently declined [20]. - **Asphalt**: Due to concerns about imported raw materials, asphalt supply has shrunk. The price follows the trend of crude oil, and the fundamental improvement gives it upward elasticity [21]. - **Urea**: The market continues to be in high - level consolidation. The daily production has slightly declined, and the agricultural demand is in a phased gap. The industrial downstream support is acceptable. Under the influence of policies, the market is expected to remain generally stable with minor fluctuations [22]. - **Methanol**: The import volume has decreased, the downstream device start - up has increased, and the market is expected to remain strong. Attention should be paid to the development of geopolitical conflicts and the sustainability of downstream high profits [23]. - **Pure Benzene**: The domestic petroleum benzene device has many shutdowns and load reductions, and the import has weakened. The port inventory is in the seasonal destocking cycle. It follows the raw material fluctuations, and the situation evolution and supply reduction should be continuously monitored [24]. - **Benzene Ethylene**: The cost - side support exists and dominates the market. The supply - demand fundamentals are expected to weaken, but the expectation of supply reduction is still fermenting [25]. - **Polypropylene, Plastic & Propylene**: The supply of propylene is expected to decline, and the demand has improved. The supply pressure of polyethylene is not large, and the demand has increased slightly. The supply of polypropylene has tightened, but the downstream purchasing willingness is low [26]. - **PVC & Caustic Soda**: PVC is in a weak operation, and the export is expected to be good. Caustic soda is in a weak and volatile trend, and attention should be paid to the geopolitical impact [27]. - **PX & PTA**: The US - Iran situation is tense, and the prices of PX and PTA are volatile. PTA is burdened by inventory accumulation and weak downstream demand [28]. - **Ethylene Glycol**: The load has slightly decreased, the port inventory has increased, and the downstream recovery is slow. The supply is expected to tighten, and it is expected to be in high - level oscillation [29]. Metals - **Copper**: The market is still evaluating the ground - combat risk in the Middle East. The overall downward adjustment risk should be noted, and it is advisable to short on rebounds [3]. - **Aluminum**: The overseas shortage expectation has increased, but the short - term war situation is difficult to ease. It is in high - level oscillation and should not be chased up [4]. - **Cast Aluminum Alloy**: It fluctuates with the aluminum price, and the spread with Shanghai aluminum remains around one thousand yuan [5]. - **Alumina**: The domestic operating capacity is temporarily stable, and the surplus situation has improved. The cost has increased with the ocean freight. The new plants in Guangxi are about to be put into production, and it is in oscillation waiting for the Guinean mining policy to be clear [6]. - **Zinc**: The overseas mine supply is tight, the cost support is strong, and the domestic downstream demand shows the characteristics of the peak season. The rebound space is limited, and it is expected to be in range oscillation [7]. - **Lead**: The price is in low - level consolidation. The supply and demand contradictions are limited, and it is advisable to try to go long at a low level according to the cost logic [8]. - **Nickel and Stainless Steel**: The market is under pressure from the strong US dollar. The demand is less than expected, the inventory is high, and it is in a weak oscillation [9]. - **Tin**: The price is in a downward trend. The consumption premium has cooled, and it is advisable to short on rebounds [10]. - **Carbonate Lithium**: The price is in a strong oscillation, and the short - term view is to maintain oscillation. Attention should be paid to the demand change in April [11]. - **Industrial Silicon**: The overall demand is weak, and the price upward drive depends on the supply side. It is expected to maintain an oscillatory pattern in the short term [12]. - **Polysilicon**: The price is under pressure, and there is still downward pressure in the medium term [13]. - **Iron Ore**: The supply is expected to recover, the demand is improving marginally, and the disk is expected to oscillate [14]. - **Coke and Coking Coal**: The carbon element supply is abundant, and the downstream iron - water production has increased slightly. The disk is affected by the geopolitical conflict and is easy to rise but difficult to fall [15][16]. - **Manganese Silicon**: The cost is expected to rise, the demand has increased, and the overall inventory has decreased. Attention should be paid to the geopolitical conflict [17]. - **Silicon Iron**: The price is in a strong oscillation, the demand has resilience, the supply has decreased slightly, and the inventory has decreased [18]. Agricultural Products - **Soybeans & Soybean Meal**: The expected US new - season soybean planting area has increased. The domestic soybean crushing volume is expected to increase. Attention should be paid to multiple factors such as the US - Iran situation [33]. - **Soybean Oil & Palm Oil**: Palm oil is strong due to the expected B50 policy in Indonesia. Attention should be paid to the procurement trend of Indonesian methanol, the US planting report, and the climate [34]. - **Rapeseed Meal & Rapeseed Oil**: The supply is expected to increase, and it is advisable to wait and see in the short term [35]. - **Domestic Soybeans**: The price has stopped falling and rebounded. Attention should be paid to the impact of the Middle East situation on energy prices [36]. - **Corn**: The price may be affected by the increase in wheat auctions. The futures are weak, and attention should be paid to multiple factors [37]. - **Hogs**: The far - month contracts are weak, the industry capacity reduction power is increasing, and the supply - demand situation is loose throughout the year [38]. - **Eggs**: The egg - laying hen inventory is expected to decline in the next five months, and the spot price has the basis to strengthen. Attention should be paid to whether the futures price stabilizes and rises at a low level [39]. - **Cotton**: The US cotton price has risen, and the planting area is expected to decrease. The domestic cotton inventory is at a relatively high level, and the medium - term strategy is to be bullish [40]. - **Sugar**: Internationally, the new - season Brazilian sugar production is expected to decline. Domestically, it is in a pattern of weak reality and strong expectation, and attention should be paid to the weather [41]. - **Apples**: The futures price has corrected at a high level, and the trading logic is mainly on the demand side. It is advisable to wait and see [42]. - **Timber**: The supply is expected to be tight in the short term, the demand is recovering, and the low inventory supports the price. It is advisable to wait and see [43]. - **Pulp**: The fundamentals are average, the port inventory is at a high level, and it is expected to be in low - level range oscillation [44]. Financial Products - **Stock Index**: The A - share market has bottomed out and rebounded. The short - term focus is on whether there is positive progress in geopolitical issues. It is advisable to go long on dips for broad - based indexes [45]. - **Treasury Bonds**: The futures have risen significantly, and the curve is expected to continue to steepen [46]. Shipping - **Container Freight Index (European Line)**: The SCFIS European route index has risen. The supply in early April is still relatively loose, and the airlines may try to raise prices in late April. The near - and far - month contracts have different trends [19].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The soybean market is in a state of rebound and shock, and the market is waiting for the planting intention report. The soybean futures on the Chicago Board of Trade (CBOT) were mixed on March 30, 2026, with cautious trading as investors adjusted their positions ahead of two key USDA reports [1][3]. - Due to the expected strong growth in biofuel demand and the increase in fertilizer costs caused by the war, it is likely to prompt US farmers to expand soybean planting area and reduce corn planting area this spring. Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, significantly higher than last year's 81.215 million acres [3]. - As of March 26, the Brazilian soybean harvest progress has reached 75%, and the agency expects Brazil's soybean production this year to reach 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Prices**: DCE Bean No. 1 2605 closed at 4,574 yuan/ton during the day session, down 6 yuan (-0.13%), and 4,611 yuan/ton during the night session, up 44 yuan (+0.96%); DCE Soybean Meal 2605 closed at 2,937 yuan/ton during the day session, up 4 yuan (+0.14%), and 2,921 yuan/ton during the night session, down 16 yuan (-0.54%); CBOT Soybean 05 closed at 1,158.75 cents/bushel, down 0.75 cents (-0.06%); CBOT Soybean Meal 05 closed at 314.6 dollars/short ton, down 0.4 dollars (-0.13%) [1]. - **Spot Prices**: In Shandong, the soybean meal price was 3,200 - 3,240 yuan/ton, with different basis levels for different delivery times; in East China, the price and basis also varied by delivery time; in South China, the price was 3,220 - 3,340 yuan/ton, with corresponding basis levels [1]. - **Industrial Data**: The trading volume of soybean meal was 84,900 tons/day, and the previous two - day trading volume was 27,500 tons/day. The inventory was not available for the previous day, and the previous two - week inventory was 641,800 tons [1]. 2. Macro and Industry News - On March 30, 2026, CBOT soybean futures were narrowly fluctuating, and the market was waiting for the planting intention report. The market was cautious, and investors adjusted their positions ahead of the USDA's planting intention report and quarterly inventory report [1][3]. - Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, and the soybean inventory on March 1 to be 2.067 billion bushels, higher than the same period last year [3]. - As of March 26, the Brazilian soybean harvest progress was 75%, and the expected production was 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. 3. Trend Intensity - The trend intensity of soybean meal and Bean No. 1 is 0, indicating a neutral state for the main contract futures price fluctuations on the reporting day [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Palm oil shows a short - term strong performance due to B50 news [2][4]. - Soybean oil investors should focus on the quarterly inventory and planting intention reports [2][4]. - Soybean meal is in an adjustment and oscillation state, waiting for the USDA report [2][12]. - Soybean No. 1 is in a rebound and oscillation state [2][12]. - Corn investors should pay attention to policy auctions [2][15]. - Sugar is in a strong - oscillating state [2][18]. - The domestic cotton market lacks new driving forces [2][22]. - Wait for opportunities to short eggs at high prices in the far - month contracts [2][27]. - The de - stocking of pigs is less than expected, and the price center continues to move down [2][30]. - Peanut investors should focus on oil mill purchases [2][34]. 3. Summary by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's daily - session closing price was 9,930 yuan/ton with a 1.66% increase, and the night - session closing price was 10,004 yuan/ton with a 0.75% increase. Soybean oil's daily - session closing price was 8,714 yuan/ton with a 0.30% increase, and the night - session closing price was 8,754 yuan/ton with a 0.46% increase [4]. - **Macro and Industry News**: Malaysia's palm oil production from March 1 - 20 increased by 0.92%. Indonesia plans to advance the B50 biodiesel blending policy this year. The US EPA determined the 2026 and 2027 renewable fuel standard annual obligation volumes, increasing the blending volume of biomass - based diesel [5][6][9]. - **Trend Intensity**: Palm oil trend intensity is 1, and soybean oil trend intensity is 0 [11]. Soybean Meal and Soybean No. 1 - **Fundamental Data**: DCE soybean No. 1 2605's daily - session closing price was 4574 yuan/ton with a 0.13% decrease, and the night - session closing price was 4611 yuan/ton with a 0.96% increase. DCE soybean meal 2605's daily - session closing price was 2937 yuan/ton with a 0.14% increase, and the night - session closing price was 2921 yuan/ton with a 0.54% decrease [12]. - **Macro and Industry News**: On March 30, CBOT soybeans were in a narrow - range oscillation. The US Department of Agriculture will release the planting intention report and quarterly inventory report. Analysts expect the US soybean planting area to increase to 85.55 million acres in 2026, and the March 1 soybean inventory to be 2.067 billion bushels [12][14]. - **Trend Intensity**: Both soybean meal and soybean No. 1 have a trend intensity of 0 [14]. Corn - **Fundamental Data**: The closing price of C2605 was 2,346 yuan/ton with a 0.93% decrease, and the night - session closing price remained unchanged. The closing price of C2607 was 2,366 yuan/ton with a 0.88% decrease, and the night - session closing price decreased by 0.04% [15]. - **Macro and Industry News**: The price of northern corn shipped to ports decreased by 10 yuan/ton, and the price in the northeast and north China was stable with a slight decline [16]. - **Trend Intensity**: Corn trend intensity is 0 [17]. Sugar - **Fundamental Data**: The raw sugar price was 15.84 cents/pound with a 0.09 increase. The mainstream spot price was 5460 yuan/ton with a 10 increase [18]. - **Macro and Industry News**: As of March 15, India's sugar production in the 25/26 season increased by 10% year - on - year. China imported 520,000 tons of sugar from January - February. The ISO expects a global sugar surplus of 122,000 tons in the 25/26 season [18][19]. - **Trend Intensity**: Sugar trend intensity is 1 [20]. Cotton - **Fundamental Data**: CF2605's daily - session closing price was 15,385 yuan/ton with a 0.06% decrease, and the night - session closing price increased by 0.13%. CY2605's daily - session closing price was 21,515 yuan/ton with a 0.37% increase, and the night - session closing price increased by 0.40% [22]. - **Macro and Industry News**: The domestic cotton spot trading was mostly sluggish, and the spot basis was generally stable. The ICE cotton futures rose nearly 1% [23]. - **Trend Intensity**: Cotton trend intensity is 0 [24]. Eggs - **Fundamental Data**: The closing price of egg 2604 was 3,269 yuan/500 kg with a 3.57% decrease, and the closing price of egg 2605 was 3,453 yuan/500 kg with a 1.54% decrease [27]. - **Trend Intensity**: Egg trend intensity is 0 [28]. Pigs - **Fundamental Data**: The Henan spot price was 9380 yuan/ton with a 50 decrease, the Sichuan spot price was 9200 yuan/ton with a 150 decrease, and the Guangdong spot price remained unchanged at 10160 yuan/ton [31]. - **Trend Intensity**: Pig trend intensity is - 1 [32]. Peanuts - **Fundamental Data**: The closing price of PK604 was 8,068 yuan/ton with a 0.64% decrease, and the closing price of PK605 was 8,120 yuan/ton with a 0.61% decrease [34]. - **Macro and Industry News**: The peanut market in Henan, Jilin, Liaoning, and Shandong had different degrees of weakening in price and slow trading [35]. - **Trend Intensity**: Peanut trend intensity is 0 [36].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The commodity market declined 0.25% last week, with precious metals leading the decline at 2.75%, while non - ferrous and black metals rose 2.14% and 0.55% respectively. The market may continue to oscillate due to factors such as the Middle East situation and liquidity tightening [2][7]. - The short - term commodity market is expected to be mainly volatile as the market repeatedly assesses the Middle East war situation, with high oil prices potentially lasting longer, a relatively strong US dollar, and continued liquidity tightening [2]. 3. Summary by Directory 3.1 Market Review - **Overall Performance**: The commodity market fell 0.25% last week. Precious metals led the decline at 2.75%, agricultural products and energy - chemical products dropped 1.15% and 0.12% respectively, while non - ferrous and black metals increased 2.14% and 0.55% [2][7]. - **Volatility**: The 20 - day average volatility of the commodity market increased significantly last week. Energy - chemical varieties mostly had obvious volatility increases, and gold and coking coal also saw large volatility increases [2][7]. - **Fund Flow**: The overall market scale continued to decline, with only the black sector having a small net inflow of funds, and the main outflow coming from the precious metals sector [2][7]. 3.2 Outlook for Different Sectors - **Precious Metals**: There is a huge difference in the cease - fire demands between the US and Iran, and the war is unlikely to end in the short term. The market sentiment fluctuates with information about the US - Iran war, and the sector will oscillate until the war situation becomes clearer [2]. - **Non - ferrous Metals**: The Middle East situation dominates trading. The strong US dollar index exerts pressure, but the resource attributes of non - ferrous varieties are prominent. With the price decline, downstream replenishment and production are active, and inventory inflection points appear, supporting prices. The short - term sector may oscillate [3]. - **Black Metals**: The apparent demand for rebar continued to pick up, production decreased, and inventory continued to decline. Blast furnaces are in the seasonal resumption of production, and hot metal output is rising, but poor steel mill profits limit the upward space. Iron ore shipments may be affected by the hurricane in Australia, and domestic port inventories are seasonally decreasing. Geopolitical conflicts support coking coal prices. The short - term sector may be stable [3]. - **Energy**: It is difficult for Iran and the US to reach a cease - fire agreement in the short term, and the situation escalated over the weekend. There is a large gap between the capacity of alternative oil pipelines in the Middle East and the normal transportation volume of the Strait of Hormuz. In the short term, oil prices have high two - way volatility risks, and in the long term, the key variable for oil price trends is the smooth passage of the Strait of Hormuz [3]. - **Chemical Industry**: The turmoil in the Middle East strongly supports the cost side of the chemical sector. Asphalt and methanol may have strong upward elasticity and limited downward space. For olefins, high prices squeeze downstream profits, and demand is expected to weaken. For aromatic varieties, downstream polyester, printing and dyeing, and textile industries have slight capacity increases, but terminal follow - up is slow [4]. - **Agricultural Products**: Agricultural products fluctuate with crude oil. The expected El Niño climate model and the undetermined time of Trump's visit to China increase the sector's uncertainty. During the new crop planting period, the fertilizer market's contradictions need time to be observed, and the planting structure and crop yields need to be monitored. The short - term sector may oscillate [4]. 3.3 Commodity Fund Overview - **Gold ETFs**: Most gold ETFs had negative weekly returns, with an average decline of about 4% and a combined scale decline of 3.89%. The trading volume also decreased significantly [37]. - **Other ETFs**: The energy - chemical ETF had a 3.35% return, the feed bean粕 ETF declined 2.82%, the non - ferrous metal ETF rose 1.43%, and the silver futures (LOF) declined 1.28% [37].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The soybean market shows a typical "buy the rumor, sell the fact" trend. After the U.S. EPA officially announced the renewable fuel standard, long - position holders who entered the market due to expected bullish factors chose to take profits before the weekend. The new regulations were generally expected, leading to a decline in CBOT soybean futures on March 27 [3]. - Some analysts expect that due to the soaring fertilizer costs caused by shipping disruptions in the Strait of Hormuz, farmers will shift more land originally planned for corn to soybean cultivation. The U.S. soybean planting area is expected to increase by 3 - 5 million acres this year, while the corn planting area will decrease accordingly [3]. Summary by Related Catalogs Fundamental Tracking - **Futures Prices**: DCE Bean No.1 2605 closed at 4553 yuan/ton, down 63 yuan (1.36%) during the day session and 4554 yuan/ton at night, down 26 yuan (-0.57%); DCE soybean meal 2605 closed at 2937 yuan/ton during the day, down 14 yuan (-0.47%) and 2943 yuan/ton at night, up 10 yuan (+0.34%); CBOT soybean 05 closed at 1159.5 cents/bushel, down 14.25 cents (-1.21%); CBOT soybean meal 05 closed at 321.5 dollars/short - ton, down 7.12 dollars (-2.20%) [1]. - **Spot Prices**: In different regions, the spot price of soybean meal has different changes and basis levels. For example, in Shandong, the price is flat or up 20 yuan/ton, and the basis is M2605 + 270/+280/+300 etc. In Northeast China, the net - grain purchase price of soybeans in Bayan is 4700 yuan/ton [1]. - **Industrial Data**: The trading volume of the main industry was 2.75 million tons/day on the previous trading day, down from 4.9 million tons/day two trading days ago. The inventory was not available on the previous trading day, and it was 64.18 million tons/week two trading days ago [1]. Macro and Industry News - On March 27, CBOT soybean futures closed lower. After the U.S. EPA announced the renewable fuel standard, long - position holders took profits. The new regulations require an over 60% increase in biodiesel and renewable diesel production and consumption compared to 2025, and raise the proportion of fuel quotas allocated to large refineries from 50% to 70% [3]. - The U.S. Department of Agriculture's single - day export sales report shows that private exporters sold 105,000 tons of soybeans to unknown destinations for delivery in 2025/26 [3]. Trend Intensity - The trend intensity of soybean meal and Bean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3].

Report Industry Investment Ratings - **Buy**: 豆一 (★★★), 豆油 (★★★), 标油 (★★★), 薬油 (★★★), 豆粕 (★★★), 菜粕 (★★★), 玉米 (★★★), 生猪 (★★★), 鸡蛋 (★☆☆) [1] Core Views - The prices of domestic soybeans are weak, and the marginal supply will increase due to the continued auction next week. The futures contract is likely undergoing a rollover operation. The price guidance needs to focus on the impact of the Middle - East situation on energy prices, as well as macro - expectations and capital trends [2]. - The international crude oil price fluctuates greatly. The planting area and inventory of US soybeans are expected to increase. The soybean and soybean meal market needs to pay close attention to multiple factors such as the US - Iran situation, energy and fertilizer markets, Trump's visit to China, and climate changes [3]. - The prices of soybean oil and palm oil rise following the increase in crude oil prices. The Middle - East situation affects the biodiesel market, and the supply chain risk of agricultural products is uncertain. The price guidance depends on the Middle - East situation, macro - expectations, and capital trends [4]. - The vegetable oil and meal market shows an oil - strong and meal - weak trend. The supply of rapeseed meal is expected to be abundant, and the oil - meal ratio of rapeseed is expected to fluctuate at a high level [6]. - The Dalian corn futures continue to fluctuate weakly. The increase in the auction volume of state - supported wheat may impact corn prices [7]. - The spot price of live pigs continues to decline, and the industry's over - capacity needs to be reduced. The medium - term reversal of pig prices is difficult to achieve [8]. - The spot price of eggs generally rises. The egg - laying hen inventory is expected to decline in the next five months, and a long - position strategy at low prices is recommended [9]. Summary by Related Catalogs Soybeans - Domestic soybeans decline, and the marginal supply will increase due to the auction. The futures contract may be rolling over. The price is affected by the Middle - East situation and macro - factors [2]. - The international crude oil price fluctuates, and the US soybean planting area and inventory are expected to increase. Multiple factors affect the soybean and soybean meal market [3]. Soybean Oil and Palm Oil - The prices rise with the increase in crude oil prices. The Middle - East situation affects the biodiesel market, and the supply chain risk of agricultural products is uncertain [4]. Rapeseed Meal and Rapeseed Oil - The market shows an oil - strong and meal - weak trend. The supply of rapeseed meal is expected to be abundant, and the oil - meal ratio is expected to fluctuate at a high level [6]. Corn - The Dalian corn futures fluctuate weakly. The increase in wheat auction volume may impact corn prices [7]. Live Pigs - The spot price of live pigs declines, and the industry's over - capacity needs to be reduced. The medium - term reversal of pig prices is difficult [8]. Eggs - The spot price of eggs rises. The egg - laying hen inventory is expected to decline, and a long - position strategy at low prices is recommended [9].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The soybean meal market is in an adjustment and oscillation phase, waiting for new news; the soybean No.1 market has a fair auction transaction, and the market is also in an adjustment and oscillation state [2] - The CBOT soybean futures fluctuated on March 26, 2026, with strong export sales and rising international crude oil futures. The market is evaluating China's demand prospects, watching for potential announcements on US biofuel targets, and awaiting the USDA's planting intention report [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures Data - DCE soybean No.1 2605 closed at 4627 yuan/ton, up 9 (+0.19%) during the day and down 25 (-0.54%) at night [2] - DCE soybean meal 2605 closed at 2952 yuan/ton, up 8 (+0.27%) during the day and down 14 (-0.47%) at night [2] - CBOT soybean 05 closed at 1171 cents/bushel, down 2.5 (-0.21%) [2] - CBOT soybean meal 05 closed at 321.7 dollars/short ton, up 1.2 (+0.37%) [2] Spot Data - In Shandong, the spot basis of soybean meal is M2605+100/+120, etc., with different price arrangements for different months [2] - In East China, the spot price of soybean meal in some regions is 3250 - 3350 yuan/ton, with different price premiums for different delivery times [2] Industrial Data - The trading volume of soybean meal was 4.9 million tons per day in the previous trading day and 2.6 million tons per day two trading days ago [2] - The inventory of soybean meal was 64.18 million tons per week in the previous trading day and 61.9 million tons per week two trading days ago [2] 2. Macro and Industry News - As of the week ending March 19, 2026, the net sales volume of US soybeans in the 2025/26 season was 668,900 tons, a significant increase from the previous week and 89% higher than the four - week average, exceeding market expectations. The net sales volume in the 2026/27 season was 27,000 tons [4] - The market is evaluating China's demand prospects. Trump's scheduled visit to Beijing in May has re - triggered speculation about China's potential new round of soybean purchases, but analysts are cautious [4] - Traders are watching for potential announcements on revised US biofuel targets at a White House event on Friday [4] - The market is awaiting the USDA's planting intention report next Tuesday, with an average expected soybean planting area of 85.55 million acres, an increase of 4.33 million acres from the previous year [4] - Rising fertilizer and fuel prices due to the Middle East war may impact Brazil's 2026/27 soybean production [4] 3. Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, indicating a neutral state based on the daily - session main - contract futures price fluctuations on the reporting day [4]