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

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 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, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View No clear core view presented in the content. The report mainly provides daily arbitrage data for various futures varieties on March 31, 2026. 3. Summary by Directory I. Thermal Coal - The report shows the basis and spread data of thermal coal from March 24 to March 30, 2026. The basis values were -50.4, -45.4, -41.4, -40.4, -40.4 respectively, and the spreads (5 - 1, 9 - 1, 9 - 5) were all 0.0 during this period [2]. II. Energy and Chemicals - **Energy Commodities**: It includes basis data of fuel oil, crude oil, and asphalt from March 24 to March 30, 2026. For example, the basis of INE crude oil on March 30 was 540.36, and the ratio of crude oil to asphalt was 0.1641 [8]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 24 to March 30, 2026 are presented. For instance, the basis of rubber on March 30 was -190 [10]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber was -800 [11]. - **Inter - variety Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 24 to March 30, 2026 are provided. For example, the LLDPE - PVC spread on March 30 was 3360 [11]. III. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 24 to March 30, 2026 are shown. For example, the basis of rebar on March 30 was 111.0 [20][21]. - **Inter - period Spreads**: The spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was -44.0 [20]. - **Inter - variety Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from March 24 to March 30, 2026 are provided. For example, the rebar to iron ore ratio on March 30 was 3.85 [20]. IV. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 24 to March 30, 2026 are given. For example, the basis of copper on March 30 was -380 [30]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 30, 2026 are presented. For example, the LME spread of copper was (82.55) [33]. V. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 24 to March 30, 2026 are shown. For example, the basis of soybeans on March 30 was 6 [40]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products are provided. For example, the 5 - 1 spread of soybeans was -54 [40]. - **Inter - variety Spreads**: The ratios and spreads of various agricultural products from March 24 to March 30, 2026 are presented. For example, the ratio of soybeans to corn on March 30 was 1.94 [40]. VI. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 24 to March 30, 2026 are given. For example, the basis of CSI 300 on March 30 was 77.95 [51]. - **Inter - period Spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was -19.8 [51].

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

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on weekly technical indicator signals, different sectors of commodity and financial futures show various trends. In the commodity futures, precious metals, non - ferrous metals, black and shipping, energy, chemical, and agricultural product sectors have different signals of rising, falling, or oscillation. In the financial futures, stock index futures mostly show bearish signals, while treasury bond futures show an oscillatory trend [1][2] 3. Summary by Directory 3.1有色及贵金属板块 - Precious metals: Gold shows a bearish signal, and silver shows an oscillatory signal. Non - ferrous metals: Zinc, industrial silicon, and lithium carbonate show bullish signals, aluminum shows a bearish signal, and the rest show oscillatory signals. For example, Shanghai Aluminum is expected to oscillate in the short - term, with a weekly "umbrella line" but no reversal, a shrinking MACD red column, and a narrowing Bollinger Band [9][10][13] 3.2黑色及航运板块 - Hot - rolled coil, coking coal, and manganese silicon show bullish signals, and the rest, including European container shipping, show oscillatory signals. For example, rebar is expected to oscillate in the short - term, with a flat weekly line, a MACD death - cross above the zero - axis on the daily line, and the price touching the MA60 [18][19][24] 3.3能源及化工板块 - In the energy sector, crude oil, asphalt, and LPG show bullish signals, while fuel oil and low - sulfur fuel oil show oscillatory signals. In the chemical sector, soda ash, 20 - rubber, methanol, PTA, etc. show bullish signals, and the rest show oscillatory signals. For example, pulp is expected to oscillate in the short - term, with a bearish monthly line, weakening upward momentum on the weekly line, and a MACD running below the zero - axis on the daily line [31][32][35] 3.4农产品板块 - Soybean oil, sugar, soybean No. 2, palm oil, rapeseed oil, eggs, and red dates show bullish signals, soybean No. 1, rapeseed meal, and apples show bearish signals, and the rest show oscillatory signals. For example, corn is expected to oscillate in the short - term, with a bullish weekly line but a shrinking red column and a MACD green column expanding on the daily line [40][41][45] 3.5股指期货板块 - Shanghai 50, CSI 500, CSI 1000, and SSE 300 stock index futures all show bearish signals. For example, IC CSI 500 futures and IF SSE 300 futures are expected to oscillate in the short - term [50][51][53] 3.6国债期货板块 - 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all show oscillatory signals. For example, the 10 - year treasury bond futures are expected to oscillate and repair in the short - term, and the 2 - year treasury bond futures are expected to oscillate in the short - term [62][63][66]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report provides a weekly overview of futures price and volume data for various commodity categories, including precious metals, non - ferrous metals, black metals, energy and chemicals, agricultural products, forest products, livestock products, and financial futures. It shows the weekly closing prices, price changes, 20 - day annualized volatility, volatility changes, speculation degrees, trend degrees, and capital changes of each futures variety. 3. Summary by Commodity Categories Precious Metals - Gold: The weekly closing price was 998.66, with a weekly decline of 4.16%, 20 - day annualized volatility of 47.42%, a volatility increase of 56.31%, speculation degree of 3.36, trend degree of - 0.16, and a capital outflow of 148.28 [2]. - Silver: The weekly closing price was 17,489.00, with a weekly decline of 0.77%, 20 - day annualized volatility of 92.24%, a volatility increase of 9.26%, speculation degree of 4.69, trend degree of - 0.01, and a capital outflow of 11.14 [2]. Non - Ferrous Metals - Copper: The weekly closing price was 95,930.00, with a weekly increase of 1.26%, 20 - day annualized volatility of 22.36%, a volatility increase of 12.87%, speculation degree of 0.78, trend degree of - 0.07, and a capital outflow of 38.01 [2]. - Nickel: The weekly closing price was 137,100.00, with a weekly increase of 2.96%, 20 - day annualized volatility of 21.07%, a volatility decrease of 16.68%, speculation degree of 2.30, trend degree of 0.09, and a capital inflow of 15.03 [2]. - Tin: The weekly closing price was 362,460.00, with a weekly increase of 5.76%, 20 - day annualized volatility of 58.97%, a volatility decrease of 21.82%, speculation degree of 10.12, trend degree of 0.04, and a capital inflow of 3.39 [2]. Black Metals - Iron Ore: The weekly closing price was 812.00, with a weekly decline of 0.43%, 20 - day annualized volatility of 15.63%, a volatility decrease of 4.06%, speculation degree of 0.60, trend degree of 0.06, and a capital inflow of 3.38 [2]. - Coke: The weekly closing price was 1,752.00, with a weekly increase of 0.66%, 20 - day annualized volatility of 32.76%, a volatility increase of 22.23%, speculation degree of 0.74, trend degree of - 0.19, and a capital inflow of 3.87 [2]. - Coking Coal: The weekly closing price was 1,219.00, with a weekly increase of 4.10%, 20 - day annualized volatility of 47.56%, a volatility increase of 44.94%, speculation degree of 2.91, trend degree of 0.02, and a capital inflow of 23.74 [2]. Energy and Chemicals - Crude Oil: The weekly closing price was 740.80, with a weekly decline of 4.24%, 20 - day annualized volatility of 119.65%, a volatility increase of 8.61%, speculation degree of 2.50, trend degree of 0.04, and a capital outflow of 33.39 [2]. - Fuel Oil LU: The weekly closing price was 4,464.00 (5,157.00), with a weekly decline of 6.14% (- 7.78%), 20 - day annualized volatility of 99.40% (106.40%), a volatility increase of 14.65% (13.49%), speculation degree of 3.11 (1.95), trend degree of 0.08 (0.01), and a capital outflow of 18.59 (7.27) [2]. - Methanol: The weekly closing price was 3,296.00, with a weekly increase of 5.24%, 20 - day annualized volatility of 80.52%, a volatility increase of 5.60%, speculation degree of 3.38, trend degree of 0.30, and a capital inflow of 16.58 [2]. Agricultural Products - Cotton: The weekly closing price was 15,395.00, with a weekly increase of 1.18%, 20 - day annualized volatility of 10.10%, a volatility decrease of 38.17%, speculation degree of 0.50, trend degree of 0.21, and a capital inflow of 3.83 [2]. - Sugar: The weekly closing price was 5,464.00, with a weekly increase of 0.46%, 20 - day annualized volatility of 10.71%, a volatility decrease of 5.49%, speculation degree of 0.90, trend degree of 0.20, and a capital inflow of 2.13 [2]. - Corn: The weekly closing price was 2,369.00, with a weekly decline of 0.75%, 20 - day annualized volatility of 8.80%, a volatility increase of 35.16%, speculation degree of 0.57, trend degree of - 0.20, and a capital outflow of 0.41 [2]. Forest Products - Pulp: The weekly closing price was 5,202.00, with a weekly increase of 0.74%, 20 - day annualized volatility of 15.83%, a volatility decrease of 3.70%, speculation degree of 1.56, trend degree of 0.07, and a capital outflow of 8.97 [2]. Livestock Products - Eggs: The weekly closing price was 3,502.00, with a weekly increase of 2.73%, 20 - day annualized volatility of 17.48%, a volatility increase of 20.23%, speculation degree of 1.22, trend degree of 0.26, and a capital inflow of 2.72 [2]. - Hogs: The weekly closing price was 9,965.00, with a weekly decline of 2.50%, 20 - day annualized volatility of 17.84%, a volatility decrease of 1.77%, speculation degree of 0.80, trend degree of - 0.20, and a capital inflow of 11.64 [2]. Financial Futures - IC: The weekly closing price was 7,559.20, with no weekly change, 20 - day annualized volatility of 29.33%, a volatility increase of 20.48%, speculation degree of 0.68, trend degree of 0.05, and a capital inflow of 3.18 [4]. - IF: The weekly closing price was 4,427.40, with a weekly decline of 1.32%, 20 - day annualized volatility of 18.01%, a volatility increase of 22.49%, speculation degree of 0.44, trend degree of 0.03, and a capital outflow of 18.92 [4]. - IM: The weekly closing price was 7,523.80, with a weekly decline of 0.48%, 20 - day annualized volatility of 29.45%, a volatility increase of 33.07%, speculation degree of 0.77, trend degree of 0.04, and a capital outflow of 20.00 [4].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - This week, the main contracts of soybean, soybean meal, and soybean oil futures showed a mixed trend. The main contract of soybean No. 1 decreased by 5.34%, the main contract of soybean No. 2 decreased by 2.05%, the main contract of soybean meal decreased by 3.04%, and the main contract of soybean oil increased by 0.7% [5][7][8][9]. - In the short - term, the soybean market in the Northeast production area is expected to maintain a high - level consolidation pattern, but there is a possibility of a slight correction for soybeans of general quality. The price of domestic soybeans and soybean meal is closely related to the shipping rhythm of Brazilian soybeans. Although the Brazilian soybean harvest progress is slow and precipitation in some areas is uneven, it is difficult to change the fact of a Brazilian soybean bumper harvest, and the impact on the current market is limited. The long - term price of soybean meal is suppressed by the expected increase in domestic soybean arrivals from April to May [5][7][8]. - The core drivers of the current edible oil market are concentrated in the macro and policy aspects. The international soybean oil market is concerned about the impact of geopolitics on the energy supply chain and the uncertainty of the US biofuel policy [9]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Soybean No. 1**: This week, the main 2605 contract decreased by 5.34%. By the end of this month, there will be a small peak of soybean auctions with a cumulative release of about 10,000 tons. The downstream enterprises mainly adopt a strategy of purchasing as needed, and the price increase momentum is insufficient. There may be a slight correction for soybeans of general quality [5]. - **Soybean No. 2**: This week, the main 2605 contract decreased by 2.05%. The US soybean futures are in a narrow - range shock. The domestic soybean price is related to the shipping rhythm of Brazilian soybeans. The slow harvest progress and uneven precipitation in some Brazilian regions have limited impact on the current market [7]. - **Soybean Meal**: This week, the main 2605 contract decreased by 3.04%. The US soybean futures are in a narrow - range shock. The domestic soybean meal price is related to the shipping rhythm of Brazilian soybeans. In the long - term, the expected bumper harvest of Brazilian soybeans and the significant increase in domestic soybean arrivals from April to May will suppress the forward price of soybean meal [8]. - **Soybean Oil**: This week, the main 2605 contract increased by 0.7%. The core drivers of the edible oil market are in the macro and policy aspects. The international soybean oil market is concerned about geopolitics and the US biofuel policy. Brazilian soybean crushers urged the government to allow higher - proportion biodiesel blending, which supports the oil price [9]. 3.2 Futures Market Situation - **Price Changes**: The main 2605 contract of soybean No. 1 decreased by 5.34%, the main 2605 contract of soybean meal decreased by 3.04%, and the main 2605 contract of soybean oil increased by 0.7% [13][19][26]. - **Spread**: As of March 26, the 05 - 09 spread of soybean meal was - 78 yuan/ton, and the 5 - 9 spread of soybean oil was 58 yuan/ton [31][34]. - **Net Positions and Warehouse Receipts**: As of March 26, the net position of the top 20 in soybean No. 1 futures was - 14,475 lots, and the warehouse receipts of the main contract were 20,942 lots; the net position of the top 20 in soybean meal futures was - 554,182 lots, and the warehouse receipts of the main contract were 34,913 lots; the net position of the top 20 in soybean oil futures was - 121,795 lots, and the warehouse receipts of the main contract were 24,690 lots [39][45][50]. 3.3 Spot Market Situation - **Domestic Soybean**: As of March 26, the spot price of domestic third - grade soybeans in Harbin was 4,400 yuan/ton, unchanged from last week, and the basis of the main contract was - 227 yuan/ton [54]. - **Soybean Meal**: As of March 26, the spot price of soybean meal in Zhangjiagang was 3,240 yuan/ton, a decrease of 110 yuan/ton from last week, and the basis of the main contract was 328 yuan/ton [62]. - **Soybean Oil**: As of March 26, the spot price of first - grade soybean oil in Zhangjiagang was 8,950 yuan/ton, an increase of 50 yuan/ton from last week, and the basis of the main contract was 304 yuan/ton, a decrease of 40 yuan/ton from last week [66]. - **Imported Soybean Premium**: As of March 26, the FOB premium of US Gulf soybeans in April was 92 cents/bu, a decrease of 5 cents/bu from last week; the FOB premium of Argentine soybeans in April was - 36 cents/bu, a decrease of 5 cents/bu from last week; the FOB premium of Brazilian soybeans in April was 10 cents/bu, an increase of 20 cents/bu from last week [71]. - **Imported Soybean Arrival Cost**: As of March 26, the arrival cost of US soybeans was 4,569.45 yuan/ton, an increase of 52.8 yuan/ton from last week; the arrival cost of South American soybeans was 3,859.69 yuan/ton, an increase of 24.55 yuan/ton from last week; the difference in arrival cost between the two was 709.76 yuan/ton, an increase of 28.25 yuan/ton from last week [75]. 3.4 Industry Situation - **Weather**: In the US, about 42% of the soybean - producing areas were in a drought state, and the drought situation was slightly alleviated compared with last week but worse than the same period last year. In Brazil, the precipitation pattern will change significantly in the next week, with a drying trend in the north, southeast, and central regions, and local rainfall in the south at the beginning of next week, which is expected to have no impact on the harvest progress [78][82]. - **Upstream Supply**: In 2025/26, the expected output of US soybeans was 11,598.9 million tons, unchanged from last month; the inventory was 951.6 million tons, a decrease of 0.1 million tons from last month. The expected output of Brazilian soybeans was 18,000 million tons, unchanged from last month; the inventory was 3,791 million tons, unchanged from last month. The expected output of Argentine soybeans was 4,800 million tons, a decrease of 50 million tons from last month; the inventory was 2,291.9 million tons, unchanged from last month [86][90][94]. - **Domestic Industry**: In the 12th week of 2026, the soybean inventory of major domestic oil mills was 5.1157 million tons, a decrease of 370,400 tons from last week, a decrease of 6.75%, and an increase of 2.5977 million tons compared with the same period last year, an increase of 103.17%. The soybean meal inventory was 670,500 tons, an increase of 43,200 tons from last week, an increase of 6.89%, and a decrease of 78,700 tons compared with the same period last year, a decrease of 10.50%. The national commercial inventory of soybean oil was 1.0537 million tons, a decrease of 24,700 tons from last week, a decrease of 2.29%, and an increase of 39,900 tons compared with the same period last year, an increase of 3.94%. The actual soybean crushing volume of domestic oil mills was 1.9905 million tons, an increase of 21,100 tons from the previous week, and the actual startup rate was 54.81% [108][111][114][119]. - **Substitute Products**: As of March 26, the price of palm oil in Guangdong was 9,650 yuan/ton, a decrease of 100 yuan/ton from last week; the price of rapeseed oil in Fujian was 10,170 yuan/ton, a decrease of 60 yuan/ton from last week. The spot and futures spreads of soybean - palm oil and rapeseed - palm oil widened, while the spot and futures spreads of rapeseed - soybean oil narrowed. The average price of rapeseed meal was 2,693.16 yuan/ton, a decrease of 139.47 yuan/ton from last week; the difference between soybean meal and rapeseed meal was 657 yuan/ton, an increase of 1,294 yuan/ton from last week; the ratio of soybean meal to rapeseed meal was 1.24, an increase of 0.03 from last week. The ratio of soybean oil to soybean meal was 2.93, an increase of 0.1 from last week [132][135][139][142]. - **Transaction Situation**: As of March 20, the total transaction volume of soybean meal was 945,100 tons, an increase of 117,000 tons from last week; the total transaction volume of soybean oil was 160,700 tons, a decrease of 73,500 tons from last week [147]. 3.5 Downstream Situation - **Livestock and Poultry Prices**: As of March 26, the price of live pigs (externally - three - way) in Beijing was 9.52 yuan/kg, a decrease of 0.6 yuan/kg from last week; the price of piglets was 21.76 yuan/kg, a decrease of 1.6 yuan/kg from last week [151]. - **Breeding Profits**: As of March 18, the pig - breeding profit was - 415.15 yuan/head, a decrease of 44.96 yuan/head from last week; as of March 20, the poultry - breeding profit was - 0.32 yuan/head, an increase of 0.01 yuan/head from last week [156]. - **Feed Production**: As of December 2025, the monthly feed production was 30.086 million tons, a month - on - month increase of 1.03% and a year - on - year increase of 5.8% [159]. - **Livestock Inventory**: In February, the inventory of breeding sows in 123 large - scale farms was 5.0204 million heads, a slight month - on - month decrease of 0.01% and a year - on - year decrease of 0.48%. The inventory of commercial pigs in 123 large - scale farms was 37.3205 million heads, a month - on - month increase of 1.79% and a year - on - year increase of 5.57% [164]. 3.6 Options Market - There is only a figure of the historical volatility of at - the - money options of the soybean meal contract in the report, but no specific data analysis is provided [165].

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