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].

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

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Oil and Fat Sector**: The repeated Middle - East situation and the weak operation of international oil prices have led to the volatile decline of oils and fats. For soybean oil, the bullish drivers persist but with increased amplitude, and it is recommended to consider laying out long positions in the 09 contract. Rapeseed oil may follow the oil price for volatile adjustment, and it is advisable to wait for the right opportunity to go long. Palm oil may be under short - term pressure, and one can wait for the market to stabilize before replenishing long positions [3][4]. - **Feed Sector**: For soybeans, soymeal, and rapeseed meal, the short - term prices are affected by factors such as the Middle - East situation and the relaxation of customs clearance for Brazilian soybeans. In the medium - to - long - term, the bullish view on soybeans and soymeal remains unchanged, and it is recommended to consider long positions in the 09 contract for soybeans and soymeal. Rapeseed meal may continue to oscillate and bottom out, and one can wait for the right opportunity [5][6]. - **Corn and Starch Sector**: Corn and corn starch futures may have a slight decline in the short - term due to factors such as the cooling of geopolitical emotions and the increase in farmers' grain sales. The cost - side support is strengthening, and it is recommended to pay attention to the opportunity of going long at low prices. Options can consider selling out - of - the - money put options [7]. - **Livestock and Poultry Sector**: The pig price continues to decline, and the supply - demand pattern is difficult to change fundamentally in the short - term. The far - month futures contracts of pigs may see an increase in premium. For eggs, the supply pressure has been alleviated, and the far - month contracts have a large premium over the current spot. It is recommended that cautious investors wait and see, while aggressive investors can consider short - term long positions [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Increased reserve release cools the bullish sentiment. | 4500 - 4530 | 4740 - 4760 | Weak oscillation | Light - position shorting | | | Soybean No.2 05 | High import costs support prices in the medium - to - long - term. | 3650 - 3680 | 3800 - 3830 | Wide - range adjustment | Wait and see | | Oils | Soybean Oil 05 | Repeated Middle - East situation and strong biodiesel consumption expectations. | 8360 - 8400 | 8800 - 8850 | Wide - range oscillation | Go long after stabilization | | | Rapeseed Oil 05 | USDA's increased annual production forecast and US biodiesel policy in March need attention. | 9450 - 9460 | 10000 - 11000 | Wide - range oscillation | Wait and see | | | Palm Oil 05 | Positive export and biodiesel expectations in March, but beware of geopolitical risks. | 900 - 9410 | 10200 - 10210 | Oscillation adjustment | Replenish long positions after stabilization | | Protein | Soymeal 05 | High import costs support prices, and consumption has resilience. | 2880 - 2900 | 3030 - 3050 | Oscillation adjustment | Wait and see | | | Rapeseed Meal 05 | Limited fundamental drivers, prices follow Canadian rapeseed and soymeal. | 2280 - 2300 | 2500 - 2510 | Oscillation adjustment | Wait and see | | Energy and By - products | Corn 05 | Cooling geopolitical emotions, increased farmers' grain sales and wheat release. | 2240 - 2250 | 2480 - 2500 | Oscillation consolidation | Reduce or exit long positions | | | Starch 05 | Cooling emotions, slow - down in spot price increase. | 2670 - 2680 | 2850 - 2860 | Oscillation consolidation | Reduce or exit long positions | | Livestock | Pig 05 | Feed price rebound, strong expectation of capacity reduction. | 10000 - 10300 | 11000 - 11200 | Oscillation to find the bottom | Wait and see | | | Egg 05 | Decrease in newly - opened production and consumption peak - season expectation. | 3300 - 3400 | 3650 - 3700 | Oscillation to find the bottom | Wait and see | [12] 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties such as soybeans, oils, and meals, the recommended strategy is to wait and see. For corn 5 - 9, it is recommended to go short at high prices; for pig 5 - 7, it is recommended to hold reverse arbitrage positions. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 bean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach. For 05 corn - starch, it is recommended to go short at high prices [13][14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, including soybeans, oils, meals, corn, starch, pigs, and eggs [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including CIF prices, import - duty - paid prices, and the cost of soymeal when the crushing profit is zero [17]. - **Weekly Data**: It presents the inventory changes and operating rates of beans, rapeseeds, palm oil, and peanuts [19]. 3.2.2 Feed - **Daily Data**: It provides the import costs of corn from different countries and months, including CNF prices and import - duty - paid costs [19]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as deep - processing enterprise consumption, inventory, operating rate, and farmers' grain - selling progress [20]. 3.2.3 Livestock - **Pig**: It provides the daily and weekly spot prices, piglet prices, breeding costs, profits, slaughter data, and other information of pigs [20][21][22]. - **Egg**: It provides the daily and weekly spot prices, production rate, inventory, profit, and other information of eggs [21][22]. 3.3 Third Part: Fundamental Tracking Charts The report includes a large number of charts to track the fundamentals of the livestock sector (pigs and eggs), oilseeds and oils, and the feed sector, such as price trends, inventory changes, and production and sales data [24][32][53]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report presents the option - related charts of feed, livestock, and oils, including price spreads, historical volatilities, trading volumes, and open interests [91]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report shows the warehouse receipt - related charts of feed, livestock, and oils, including the quantity of warehouse receipts and open interests of various varieties [101].

Core Viewpoint - The article emphasizes that inflation expectations serve as a "macro engine" for commodity markets, with recent geopolitical tensions in the Middle East significantly influencing commodity trends, particularly leading to a surge in oil prices and a renewed focus on inflation trades, which may also heighten the risk of stagflation [2]. Group 1: Commodity Trends - Since January, commodities have shown overall strength with a structural market characterized by significant increases in energy prices, high levels in precious metals, a rebound in agricultural products, and weaker performance in the black commodities sector, reflecting rising supply chain risks and intensified policy negotiations [2]. - The recent geopolitical conflicts have notably increased market attention on agricultural products, leading to heightened speculative activity and a significant rise in implied volatility, with agricultural prices increasingly following oil price movements, indicating that macro-level influences outweigh basic supply-demand fundamentals [2]. Group 2: Correlation Between Oil and Agricultural Products - Historical data shows varying correlations between oil and agricultural products, with imported agricultural products being most affected. From 2016 to present, the correlation between Brent crude oil and agricultural prices, such as U.S. soybean oil, cotton, and corn, has been notably strong, often exceeding 0.67 [3]. Group 3: Oil Market Dynamics - In early March, the oil market experienced a rapid upward pulse due to U.S.-Iran tensions, although prices have since retreated, establishing a higher price baseline. The oilseed market has strengthened due to both commodity market sentiment and the supportive fundamentals of biodiesel, making oilseeds a preferred choice among agricultural products [6]. - The current oil market dynamics differ from the 2022 Russia-Ukraine conflict, as the oil market is now influenced by ongoing geopolitical tensions, with no clear signals for a ceasefire, leading to a gradual increase in oil price baselines [9]. Group 4: Agricultural Costs and Production - The conflict has raised fertilizer and chemical costs significantly, with the USDA estimating a 92% increase in fertilizer costs and a 54% increase in chemical costs for soybean planting in 2022. This cost increase is expected to persist into 2025 and 2026, leading to an overall rise in planting costs by approximately 9% [11]. - The soybean market is currently under pressure due to several years of high production, resulting in relatively low prices. However, the market sentiment is shifting, with the potential for upward price movement due to geopolitical events and changes in trade policies [12]. Group 5: Cotton Market Outlook - The ongoing U.S.-Iran conflict is expected to impact the cotton industry through increased costs across the supply chain, including planting, processing, and transportation. The ICAC predicts a 4% decline in global cotton production, which, combined with geopolitical uncertainties, may lead to increased price volatility [19]. - Short-term cotton prices are expected to remain strong, with potential for further increases if the conflict continues, as rising energy costs and declining production expectations converge [20]. Group 6: Sugar Market Dynamics - The global sugar market is currently in a production increase cycle, but prices are under pressure due to high industrial inventories. However, the market is showing signs of cost support, and geopolitical tensions may indirectly influence sugar prices through the ethanol market [27]. - The conflict has created disruptions in sugar supply chains, particularly affecting refined sugar exports, which may lead to tighter supply and upward price pressure in the sugar market [27]. Group 7: Corn Market Insights - The geopolitical tensions have led to significant uncertainty in logistics and production in the Middle East, driving up oil prices and subsequently impacting grain markets. Despite a generally loose supply-demand balance for corn and wheat, macroeconomic factors are currently dominating market dynamics [34]. - Domestic corn prices have strengthened due to market speculation and concerns over supply gaps, with expectations of continued price increases in the short term [34]. Group 8: Egg and Pork Markets - The fluctuations in oil prices are impacting the egg market primarily through cost channels, as rising feed prices due to increased demand for biofuels are expected to elevate production costs for eggs [42]. - The pork market is experiencing indirect effects from rising feed costs, which could lead to increased production costs and potential supply pressures in the near term [49].

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 - **Overall Situation**: The Middle - East geopolitical situation is volatile, causing the international crude oil market to rise and then fall, which drives the prices of oils, fats, and oilseeds to open lower. However, the overall high - level operation of CBOT soybeans restricts the downward space of China's oil and meal prices. Different agricultural products have different market trends and investment strategies due to their own fundamentals [1][2]. - **Specific Products**: - **Soybean Oil**: The main 05 contract of soybean oil is expected to rise in an oscillatory manner. The support level is 8350 - 8400 yuan/ton, and the pressure level is 8950 - 9000 yuan/ton. It is recommended to consider long - position operations after the price stabilizes [1]. - **Rapeseed Oil**: The short - term price fluctuates with the oil price. The long - term fundamentals are still strong. The 05 contract's support level is 9450 - 9460, and the pressure level is 10000 - 10100. It is advisable to take profit on previous long positions and then consider long - position operations at low prices [1]. - **Palm Oil**: The short - term price fluctuates with the oil price. The 05 contract's support level is 9000 - 9050, and the pressure level is 9860 - 9870. It is recommended to reduce or take profit on previous long positions and then consider long - position operations at low prices [2]. - **Soybean No. 2 and Soybean Meal**: The prices of soybean No. 2 and soybean meal are expected to rise. The support level of the 05 contract of soybean meal is 2850 - 2860 yuan/ton, and the pressure level is 3080 - 3100 yuan/ton. The support level of the 05 contract of soybean No. 2 is 3570 - 3590, and the pressure level is 3880 - 3900. It is recommended to consider long - position operations after the price stabilizes [2]. - **Rapeseed Meal**: The price is expected to be strong in an oscillatory manner. The support level of the 05 contract is 2310 - 2320, and the pressure level is 2500 - 2510. It is advisable to take profit on short - term long positions at high prices [4]. - **Corn and Corn Starch**: The prices are expected to fluctuate within a range. The support level of the 2605 contract of corn is 2240 - 2250, and the pressure level is 2480 - 2500. The support level of the 05 contract of corn starch is 2540 - 2550, and the pressure level is 2780 - 2800. It is recommended to wait for opportunities to go long at low prices [5]. - **Soybean No. 1**: The price is expected to remain firm. The support level of the 05 contract is 4500 - 4550 yuan/ton, and the pressure level is 4950 - 4980 yuan/ton. It is recommended to temporarily exit long positions and not to short [6]. - **Live Pigs**: The price is in a bottom - oscillating state. The 2605 contract fluctuates between the support level of 11000 - 11200 and the pressure level of 12000 - 12300. Conservative investors can hold long positions in the far - month contracts, and aggressive investors can consider going long on the 2607 contract below 12000 after the spot pressure is released [7]. - **Eggs**: The price is expected to be in a bottom - oscillating state. The support level of the 2605 contract is 3300 - 3400 points, and the pressure level is 3500 - 3620 points. Conservative investors are advised to wait and see, and aggressive investors can go long on the 05 contract below 3450 [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The prices of soybean No. 1 are expected to remain firm, and it is recommended to wait and see; the prices of soybean No. 2 are expected to rise in an oscillatory manner, and it is recommended to go long after the price stabilizes [10]. - **Oils and Fats**: The prices of soybean oil, rapeseed oil, and palm oil are expected to rise in an oscillatory manner. For soybean oil and soybean No. 2, it is recommended to go long after the price stabilizes; for rapeseed oil and palm oil, it is recommended to take profit on previous long positions and then consider long - position operations at low prices [10]. - **Proteins**: The prices of soybean meal are expected to rise in an oscillatory manner, and it is recommended to go long after the price stabilizes; the prices of rapeseed meal are expected to be strong in an oscillatory manner, and it is advisable to take profit on short - term long positions at high prices [10]. - **Energy and By - products**: The prices of corn and corn starch are expected to fluctuate within a range, and it is recommended to wait for opportunities to go long at low prices [10]. - **Livestock Farming**: The prices of live pigs are in a bottom - oscillating state. It is recommended that conservative investors hold long positions in the far - month contracts, and aggressive investors can consider going long on the 2607 contract below 12000 after the spot pressure is released; the prices of eggs are expected to be in a bottom - oscillating state. Conservative investors are advised to wait and see, and aggressive investors can go long on the 05 contract below 3450 [10]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see, except for corn 5 - 9, which is recommended to go short at high prices [11][12]. - **Inter - variety Arbitrage**: For most varieties, it is recommended to wait and see, while the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio are recommended to be treated with a long - position bias [12]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils and fats, proteins, energy and by - products, and livestock farming [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Fats and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and fats and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, and peanuts [17][18]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress of corn and corn starch [19]. 3.2.3 Livestock Farming - **Daily Data**: It provides the spot prices of live pigs and eggs in different regions and their price changes [19][20]. - **Weekly Data**: It shows the key data of live pigs and eggs, including prices, costs, profits, production, and sales [21][22]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of livestock farming (live pigs and eggs), oils and fats and oilseeds, and feed, including price trends, inventory changes, and production and sales data [23][33][48]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils and Fats The report provides charts of historical volatility, trading volume, and open interest of options for various varieties, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, and corn [95][97][98]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils and Fats The report provides charts of warehouse receipt quantities of various varieties, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [99][100][103].

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The geopolitical conflict between the US and Iran has led to an increase in international oil prices, which has a positive impact on the international oil and fat market. The prices of domestic edible oils such as soybean oil, rapeseed oil, and palm oil have followed the upward trend, but there are risks in the short - term, and investors are advised to take appropriate profit - taking measures. The long - term bullish logic remains unchanged [2][3]. - For soybeans and related products, although the price of CBOT soybeans is strong, the price of domestic soybean meal is affected by the rise in edible oil prices. However, due to cost support, the downside space is limited. The supply of rapeseed meal is expected to be more abundant in the long - term, and the price may continue to fluctuate within a range [4][5]. - The price of corn futures is expected to continue the bottom - building and recovery trend. The domestic corn market is affected by factors such as the reduction of high - quality grain sources and the mismatch between supply and demand, but there is still pressure from farmers' grain sales, so the upside space should be viewed with caution [6]. - The price of live pigs is in a weak shock at a low level. Although there is news of state reserve purchases, the impact is limited. The far - month futures contracts show a premium, and investors can consider different strategies according to their risk preferences [8]. - The egg futures price is in a low - level shock, and the supply pressure has been alleviated to some extent. Investors can choose different trading strategies according to their risk tolerance [8]. Summary According to the Catalog Part One: Sector Strategy Recommendations 1. Market Analysis - **Oilseeds**: The soybean source is concentrated in the middle reaches, and the downstream has a strong replenishment expectation but is resistant to high - priced soybeans. The soybean No. 1 05 contract is expected to fluctuate widely, and it is recommended to wait and see. The soybean No. 2 05 contract is expected to fluctuate, and it is recommended to try long positions with a light position [11]. - **Oils**: The international crude oil price increase has increased market risks, and the soybean oil 05 contract is expected to rise in a fluctuating manner, and long positions should be held cautiously. The rapeseed oil 05 contract and palm oil 05 contract are also expected to rise in a fluctuating manner due to factors such as the expectation of US biodiesel policy and geopolitical conflicts, and long positions should be held cautiously [11]. - **Proteins**: The US soybeans are running strongly, and the domestic soybean meal 05 contract is expected to bottom out and rebound, and it is recommended to go long when it stabilizes. The rapeseed meal 05 contract has a relatively loose supply in the long - term, and it is recommended to wait and see or conduct range operations [11]. - **Energy and By - products**: The corn 05 contract is expected to be strong in the short - term, but the upside space should be viewed with caution, and it is recommended to go long on dips. The corn starch 05 contract follows the cost of corn and is expected to be strong in a fluctuating manner, and it is recommended to go long on dips [11]. - **Livestock**: The live pig 05 contract is expected to find the bottom in a fluctuating manner, and it is recommended to try long positions with a light position. The egg 05 contract is also expected to find the bottom in a fluctuating manner, and it is recommended to wait and see [11]. 2. Commodity Arbitrage - For most varieties' inter - month spreads and inter - commodity spreads, it is recommended to wait and see. For the corn 5 - 9 spread, it is recommended to go short on rallies [12][13]. 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils, proteins, energy and by - products, and livestock [14]. Part Two: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing profit is zero [16][17]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil [18][19]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months, including CNF prices and import duty - paid costs [19]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption of corn by deep - processing enterprises, the inventory of corn by deep - processing enterprises, the operating rate of starch enterprises, the inventory of starch enterprises, and the grain - selling progress of farmers [20]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key weekly data such as breeding costs, profits, and slaughter data [20][21][22][23]. Part Three: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, spot prices, and related prices such as piglet prices, white - strip prices, chicken - seedling prices, and culled - chicken prices [25][27][28][29][31][32][33]. - **Oils and Oilseeds**: - **Palm Oil**: It includes charts of Malaysia's palm oil production, export volume, inventory, import profit, import volume, domestic inventory, trading volume, and price spreads [35][36][38][40][41]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil mill operating rate, domestic soybean oil inventory, trading volume, and price spreads [43][44][45][46]. - **Peanuts**: It includes charts of peanut arrival and shipment volume, peanut crushing profit, peanut operating rate, peanut inventory, and price spreads [48][49][50]. - **Feed**: - **Corn**: It includes charts of corn futures closing prices, spot prices, basis, price spreads, inventory, grain - selling progress, import volume, and processing profit [52][53][54][59][60][62][63]. - **Corn Starch**: It includes charts of corn starch futures closing prices, spot prices, basis, operating rate, inventory, and processing profit [65][67][71]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profit [73][75][77][79][80]. - **Soybean Meal**: It includes charts of US soybean growth indicators, inventory, basis, price spreads, and the ratio of soybean oil to soybean meal [84][87][89][91][93][96]. Part Four: Options Situation of Feed, Livestock, and Oils It provides charts of the historical volatility of 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 [100][101]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils It provides charts of the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indexes [103][105][106].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The geopolitical tension between the US and Iran has escalated, which is beneficial to international crude oil and international oils and fats. The prices of domestic oils and fats futures, such as soybean oil, rapeseed oil, and palm oil, have generally increased. The prices of soybean meal futures have decreased, while the prices of corn and corn starch futures have shown a relatively strong trend. The prices of soybean No.1 futures have decreased, and the prices of live pig futures have continued to decline, while the prices of egg futures have shown a weak shock [1][4][5]. - The fundamentals of the oils and fats market are gradually improving. The US government's plan to re - allocate biofuel blending obligations has boosted the market, and the supply - demand fundamentals of domestic oils and fats are also improving. The supply of soybeans in domestic ports has decreased year - on - year, and the overall inventory of the three major oils and fats has slightly declined from the high level and is lower than the same period last year [1]. - The supply of feed grains such as corn is expected to gradually change from a loose situation. The supply of soybeans in China before May is still a concern, and the supply - demand mismatch in the corn market is still supported. However, the pressure of farmers' grain sales after the Spring Festival still exists [4][5]. - In the livestock and poultry breeding market, the inventory of fertile sows is still relatively sufficient, and the short - term pressure on the spot market of live pigs is relatively large. The supply pressure of eggs has been somewhat relieved, and the demand - supply situation is expected to continue to improve [7]. Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Domestic soybean sources are relatively concentrated. After the resumption of work in the downstream, the replenishment expectation will be tested. Soybean No.1 may fluctuate widely. | 4500 - 4550 | 4800 - 4850 | Wide - range fluctuation | Temporarily wait and see | | | Soybean No.2 05 | Pay attention to whether imported soybeans will be auctioned later. The US - Iran military conflict has driven up crude oil and oils and fats. | 3480 - 3500 | 3750 - 3780 | Fluctuation | Light - position trial long | | | Soybean Oil 05 | The US bio - diesel policy is expected to be favorable. The trends of US soybeans and US soybean oil are relatively strong, and the upward driving force of Dalian soybean oil continues. | 8100 - 8150 | 8560 - 8600 | Fluctuation and rise | Hold long positions | | Oils and Fats | Rapeseed Oil 05 | The US bio - diesel policy expectation brings benefits to the sector. The direction of its own driving force still needs to pay attention to the evolution of China - Canada and US - Canada trade relations. | 8800 - 8810 | 9390 - 9400 | Fluctuation and upward bias | Bullish thinking | | | Palm Oil 05 | The sharp rise in crude oil is beneficial to the price of oils and fats from the perspective of bio - diesel. The high - frequency export data is bearish, but the supply - demand situation of Malaysian palm oil in the first quarter still has expectations. | 8650 - 8700 | 9000 - 9020 | Fluctuation and bottom - building | Hold long positions | | Protein | Soybean Meal 05 | US soybeans are running strongly, the basis premium in Brazil is firm, the downstream consumption of domestic soybean meal still has resilience, and soybean meal may bottom - out and rebound. | 2760 - 2780 | 2950 - 3000 | Fluctuation | Light - position trial long | | | Rapeseed Meal 05 | The supply in the far - month is expected to be loose, but the valuation of the futures is also at a low level. | 2240 - 2250 | 2340 - 2350 | Range - bound fluctuation | Wait and see or range - bound operation | | Energy and By - products | Corn 05 | The short - term price may be relatively strong due to the support of the supply - demand mismatch and the impact of the geopolitical conflict. However, there is still pressure on farmers to sell grain after the Spring Festival, so be cautious about the upside space. | 2240 - 2250 | 2430 - 2450 | Fluctuation and upward bias | Buy on dips | | | Corn Starch 05 | Follow the cost of corn and fluctuate with an upward bias. | 2540 - 2550 | 2740 - 2760 | Fluctuation and upward bias | Buy on dips | | Livestock | Live Pig 05 | Feed prices have stopped falling and rebounded, and the expectation of capacity reduction has been strengthened. | 11000 - 11300 | 12500 - 12800 | Fluctuation and bottom - seeking | Light - position trial long | | | Egg 05 | The number of newly - opened laying hens has decreased, and there is an expectation of a consumption peak season. | 3300 - 3400 | 3650 - 3700 | Fluctuation and bottom - seeking | Wait and see | [10] 2. Commodity Arbitrage - **Inter - delivery Arbitrage**: Most varieties are recommended to wait and see. Only the 5 - 9 spread of corn is recommended to sell short at high prices [11][12]. - **Inter - commodity Arbitrage**: Most varieties are recommended to wait and see temporarily, while the oil - meal ratios of soybeans and rapeseed in the 05 contract are recommended to be operated with a bullish bias [12]. 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis and basis changes of the main contracts of various varieties in different sectors [13]. Part Two: Key Data Tracking Table 1. Oils and Fats and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including arrival premiums, futures prices, CNF prices, arrival duty - paid prices, and the cost of soybean meal when the crushing profit is zero [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of beans, rapeseeds, palm oil, and peanuts. For example, the port soybean inventory is 811.39 (a decrease of 3.80), and the operating rate of bean - related processing is 35.00% (a decrease of 4.00%) [17]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months, including CNF prices and arrival duty - paid costs [17]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption of deep - processing enterprises, inventory, operating rate, and the grain - selling progress of farmers [18]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and some key indicators such as breeding costs, profits, slaughter data, and inventory [18][19][20][21]. Part Three: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, spot prices, and some related prices such as piglet prices, white - strip pork prices, chicken - egg prices, etc [23][24][25]. - **Oils and Fats and Oilseeds**: - **Palm Oil**: It includes charts of Malaysian palm oil production, export volume, inventory, import profit, and domestic palm oil inventory and trading volume [32][34][36]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, crushing profit, domestic soybean oil plant operating rate, inventory, and trading volume [39][41][42]. - **Peanuts**: It includes charts of peanut arrival and shipment volume in domestic wholesale markets, crushing profit, operating rate, and inventory [44][45][46]. - **Feed**: - **Corn**: It includes charts of corn futures and spot prices, basis, inventory in ports, grain - selling progress, import volume, and consumption and inventory of deep - processing enterprises [48][50][55]. - **Corn Starch**: It includes charts of corn starch futures and spot prices, basis, operating rate, inventory, and profit [61][62][66]. - **Rapeseed**: It includes charts of rapeseed oil and rapeseed meal spot prices, basis, inventory, and crushing profit [68][70][74]. - **Soybean Meal**: It includes charts of US soybean growth conditions, inventory, basis, and price spreads [79][84][86]. Part Four: Options Situation of Feed, Livestock, and Oils and Fats It provides charts of the historical volatility of 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 [95][96][97]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils and Fats It provides charts of the warehouse receipt quantities of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig index and the egg index [100][101][102].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The report presents the daily data of commodity options on February 27, 2026, including the futures and options market statistics and option quantitative indicators of agricultural products, energy chemicals, black commodities, and metals [1] 3. Summary by Directory 3.1 Agricultural Products 3.1.1 Futures Market Statistics - The closing prices of most agricultural products fluctuated, with corn, palm oil, and others rising, while bean粕, peanut, and others falling [1] - The trading volume and open interest of each variety also changed to varying degrees, such as the trading volume of bean粕 decreasing by 108,533 and the open interest of corn increasing by 58,465 [1] 3.1.2 Options Market Statistics - The trading volume and open interest of options for each agricultural product variety changed, and the PCR (Put - Call Ratio) also showed different trends, such as the PCR of corn options decreasing [4] 3.1.3 Option Quantitative Indicators - The implied volatility, historical volatility, and skew of each variety's options were presented, with the implied volatility of some varieties rising and others falling, such as the implied volatility of palm oil options rising by 0.56% [5] 3.2 Energy Chemicals 3.2.1 Futures Market Statistics - The closing prices of energy chemical products fluctuated, with some rising and some falling, such as the price of crude oil rising by 4.8 and the price of PTA falling by 10 [6] - The trading volume and open interest of each variety also changed, such as the trading volume of PTA decreasing by 281,633 and the open interest of methanol increasing by 85,947 [6] 3.2.2 Options Market Statistics - The trading volume and open interest of options for energy chemical products changed, and the PCR also showed different trends, such as the PCR of PTA options increasing [7][8] 3.2.3 Option Quantitative Indicators - The implied volatility, historical volatility, and skew of each variety's options were presented, with the implied volatility of some varieties rising and others falling, such as the implied volatility of crude oil options rising by 4.28% [9] 3.3 Black Commodities 3.3.1 Futures Market Statistics - The closing prices of black commodities fluctuated, with all rising, such as the price of iron ore rising by 2.0 and the price of silicon iron rising by 188 [10] - The trading volume and open interest of each variety also changed, such as the trading volume of iron ore decreasing by 14,745 and the open interest of silicon iron decreasing by 234 [10] 3.3.2 Options Market Statistics - The trading volume and open interest of options for black commodities changed, and the PCR also showed different trends, such as the PCR of iron ore options decreasing [10] 3.3.3 Option Quantitative Indicators - The implied volatility, historical volatility, and skew of each variety's options were presented, with the implied volatility of some varieties rising and others falling, such as the implied volatility of silicon iron options rising by 5.0% [11] 3.4 Metals 3.4.1 Futures Market Statistics - The closing prices of metals fluctuated, with most rising, such as the price of gold rising by 1.42 and the price of silver rising by 447 [12] - The trading volume and open interest of each variety also changed, such as the trading volume of gold increasing by 25,303 and the open interest of silver decreasing by 2,359 [12] 3.4.2 Options Market Statistics - The trading volume and open interest of options for metals changed, and the PCR also showed different trends, such as the PCR of gold options increasing [13] 3.4.3 Option Quantitative Indicators - The implied volatility, historical volatility, and skew of each variety's options were presented, with the implied volatility of some varieties rising and others falling, such as the implied volatility of tin options rising by 9.62% [14]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soybean Oil**: After the holiday, the main 05 contract of soybean oil opened high and moved higher, with a weekly increase of over 2%. The news that the US government plans to re - allocate at least 50% of the exempted biofuel blending obligations to large refineries boosted the market. CBOT soybean oil continued to rise, breaking through the key level of 60 cents/pound. China's port soybean inventory decreased year - on - year, and the overall inventory of the three major oils declined slightly from the high level and was lower than the same period last year. The military conflict between the US and Iran is expected to drive up international crude oil prices, which will also drive up soybean oil prices. It is recommended to continue to hold long positions in the main contract. The support level of the main 05 contract is 8100 - 8150 yuan/ton, and the pressure level is 8560 - 8600 yuan/ton [1]. - **Rapeseed Oil**: After the holiday, rapeseed oil fluctuated strongly. The Ministry of Commerce cancelled the anti - discrimination tariff on Canadian rapeseed meal, but the relevant measures for rapeseed oil and rapeseed were not mentioned. It is necessary to continue to pay attention to the future Sino - Canadian trade relations. If the US removes the RINs penalty on imported raw materials and eliminates the iLUC penalty in the 45z subsidy rule, it will greatly benefit the biodiesel demand of rapeseed oil. Even if the final tax rate drops to 15%, the downward space of rapeseed products will be relatively limited. It is recommended to be cautiously bullish on rapeseed oil. The upper pressure range of the 05 contract is 9390 - 9400, and the lower support range is 8800 - 8810 [1]. - **Palm Oil**: After the holiday, palm oil first rose and then fell, and the price dropped to near the pre - holiday low. High - frequency data showed that the export of Malaysian palm oil in February decreased significantly month - on - month, and the inventory in the producing area was at a high level, putting pressure on the palm oil price. Indonesia will increase the export tariff in March, which will indirectly benefit the export of Malaysian palm oil. The military conflict between the US and Iran will drive up crude oil and vegetable oil prices. The downside space of the futures price is expected to be limited. It is recommended to pay attention to the opportunity of going long on dips. The upper pressure range of the main contract is 9000 - 9020, and the lower support range is 8650 - 8700 [2]. - **Soybean No. 2 and Soybean Meal**: This week, CBOT soybeans rose to the highest level in nearly 3 months. The prices of DCE soybean No. 2 and soybean meal futures were also strong. The expectation of biodiesel is good, the consumption of US soybean crushing is strong, and the export expectations of US soybeans to China and India are not bad. Multiple positive expectations resonate, driving up the price of CBOT soybeans and China's soybean meal futures prices. China's port soybean inventory decreased year - on - year. Affected by slow customs clearance and transportation at Brazilian docks, the market is still worried about the soybean supply in China before May. The loose supply situation of soybeans may gradually reverse. The valuation of soybean meal is low, and the positive driving force appears. It is recommended to lightly hold long positions in the short - term. The support level of the main 05 contract of soybean meal is 2760 - 2780 yuan/ton, and the pressure level is 2950 - 3000 yuan/ton. The support level of the main 05 contract of soybean No. 2 is 3480 - 3500 yuan/ton, and the pressure level is 3750 - 3780 yuan/ton [2]. - **Rapeseed Meal**: After the holiday, rapeseed meal fluctuated. The Ministry of Commerce cancelled the anti - discrimination tariff on Canadian rapeseed meal, and the import tariff of Canadian rapeseed meal returned to the most - favored - nation tariff rate. There is an expectation of loose supply in the far - month. The overall impact is slightly bearish. However, the valuation of rapeseed meal is at a low level, and the anti - dumping ruling on Canadian rapeseed has not been finalized. It is recommended to wait and see. Aggressive investors can consider short - term range operations. The lower support level of the RM main contract is 2190 - 2200, and the upper pressure level is 2340 - 2350 [4]. - **Soybean No. 1**: After the holiday, the main futures price of soybean No. 1 was firm. The price of domestic soybeans in Northeast China rose steadily. Due to the rise in futures prices and strong expectations of downstream replenishment, the price of soybeans in the Northeast market increased. The price of soybeans in the southern producing area remained stable. The procurement demand in the sales area has not been fully released, and the overall trading atmosphere is a bit dull. Currently, the soybean sources are relatively concentrated and there are still expectations of downstream replenishment. The futures price of soybean No. 1 is likely to rise rather than fall. It is recommended to lightly hold long positions. The pressure range of the 05 contract is 4800 - 4850 yuan/ton, and the support range is 4500 - 4550 yuan/ton [4]. - **Corn and Corn Starch**: This week, the main 05 contract of corn showed a fluctuating and strong trend. In the overseas market, there is a game between high inventory and good export performance of US corn this year. The initial estimate of the planting area of US corn in the new year has a large decline, which supports the futures price. In the domestic market, the decrease in high - quality grain sources year - on - year and the phased supply - demand mismatch support the price. After the holiday, the farmers' grain - selling rhythm recovered slowly, and the large - order procurement by CNGC boosted the market. However, there is still pressure from the concentrated grain - selling of farmers at the grass - roots level, and the driving force for downstream improvement is slightly insufficient. It is necessary to be cautious about the upside space. The support range of the 2605 contract of corn is 2240 - 2250, and the pressure range is 2380 - 2400. The support range of the 05 contract of corn starch is 2540 - 2550, and the pressure range is 2740 - 2750. It is recommended to consider selling out - of - the - money put options [4]. - **Live Pigs**: In the first week after the Spring Festival, the futures price of live pigs was weak in the near - term and strong in the far - term. The 03 contract returned to the spot - futures price difference at the end due to the delivery system. After the holiday, the spot price fell below the cash flow, and the breeding end showed a sentiment of reluctant to sell. The national average price on the weekend was 10.93 yuan/kg, a decrease of about 0.02 yuan/kg compared with last Friday. This week, the slaughter volume was at a seasonal low, and slaughter enterprises were still in losses. In January, the National Bureau of Statistics released that the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%. Currently, it is 101.6% of the normal inventory. The inventory of breeding sows is still relatively sufficient. After the holiday, the price of piglets dropped slightly to about 360 yuan/head, and the loss of self - breeding and self - raising expanded. Currently, the far - month futures contract of live pigs has a premium over the near - term spot and near - month contracts. The near - term spot pressure is relatively large, and the monthly spread maintains the pattern of near - term weakness and far - term strength. In the medium - term, wait for further confirmation of capacity reduction, and the far - month premium may continue to widen. Cautious investors can hold the arbitrage of shorting near - month and going long on far - month. The 2605 contract fluctuates in the range of 11000 - 11200 as the support and 12000 - 12300 as the pressure. Aggressive investors can wait for the release of spot pressure in the medium - term and lightly go long on the 2607 contract below 12000. Hold the covered call strategy combination, that is, hold long futures positions + sell deep out - of - the - money call options [5]. - **Eggs**: In the first week after the holiday, the futures price of eggs was strong in the near - term and weak in the far - term, and fluctuated at a low level. The spot price of eggs on the weekend fluctuated strongly. After the Spring Festival, the futures price of eggs was strong in the near - term and weak in the far - term. The far - month contract increased its positions and declined to repair the excessive discount to the spot. After the pre - holiday spot price of eggs dropped to about 2.7 yuan/jin, it opened slightly higher to about 2.9 yuan/jin in the low - price area after the holiday. Currently, the average cash cost of eggs in the industry has decreased to 2.85 - 2.95 yuan/jin following the prices of corn and soybean meal, and the breeding profit is in losses again. Since farmers have continued to suffer deep losses since the fourth quarter, the number of culled chickens has increased, and the number of newly - opened laying hens in February is small, which has relieved the supply pressure to some extent. There is a possibility of further improvement in the supply - demand pressure. In terms of futures prices, the far - month peak - season contract of eggs maintains a large premium over the current off - season spot. Cautious investors are recommended to wait and see. Aggressive investors can go long on the 04 contract below 3000 points in the short - term. Do not chase short in the near - month at the historical low - price range. The support level of the 2604 contract is 3000 - 3100 points, and the pressure level is 3390 - 3420 points [6]. 3. Summary According to the Directory First Part: Sector Strategy Recommendations a. Market Judgment - **Soybean No. 1 05**: The upstream and mid - stream are expected to hold back supply and the downstream has replenishment expectations after resuming work. The market sentiment is bullish. It is expected to fluctuate and rise. It is recommended to lightly hold long positions. The support level is 4500 - 4550, and the pressure level is 4800 - 4850 [9]. - **Soybean No. 2 05**: CBOT soybeans are strong, the Brazilian premium is firm, and China's port soybean inventory has decreased year - on - year. The supply and cost sides have continuous positive support. It is expected to run strongly. It is recommended to hold long positions cautiously. The support level is 3480 - 3500, and the pressure level is 3750 - 3780 [9]. - **Soybean Oil 05**: The US biodiesel policy is continuously positive, CBOT soybeans and CBOT soybean oil are rising, and the military conflict between the US and Iran may boost China's soybean oil price. It is expected to rise. It is recommended to hold long positions. The support level is 8100 - 8150, and the pressure level is 8560 - 8600 [9]. - **Rapeseed Oil 05**: The US biodiesel policy has great positive expectations. It is expected to fluctuate strongly. It is recommended to be cautiously bullish and pay attention to the opportunity of going long on dips. The support level is 8800 - 8810, and the pressure level is 9300 - 9400 [9]. - **Palm 05**: The supply and demand in the main producing areas in the first quarter still have strong support. It is expected to build a bottom in a fluctuating manner. It is recommended to pay attention to the opportunity of going long on dips. The support level is 8650 - 8700, and the pressure level is 9000 - 9020 [9]. - **Soybean Meal 05**: CBOT soybeans are strong, the Brazilian premium is firm, and China's port soybean inventory has decreased year - on - year. The supply and cost sides have continuous positive support, and the downstream consumption of soybean meal still has resilience. It is expected to run strongly. It is recommended to hold long positions cautiously. The support level is 2760 - 2780, and the pressure level is 2950 - 3000 [9]. - **Rapeseed Meal 05**: The near - month supply and demand are still tight, but the far - month may turn to be loose. It is expected to fluctuate in a range. It is recommended to wait and see or use a range - trading strategy. The support level is 2190 - 2200, and the pressure level is 2340 - 2350 [9]. - **Corn 05**: The structural contradiction and phased supply - demand mismatch support continue. The short - term futures price may fluctuate strongly. It is recommended to go long on dips. The support level is 2240 - 2250, and the pressure level is 2380 - 2400 [9]. - **Starch 05**: The supply - demand contradiction is limited, and the cost fluctuates strongly. It is expected to fluctuate in a range. It is recommended to go long on dips. The support level is 2540 - 2550, and the pressure level is 2740 - 2750 [9]. - **Live Pigs 05**: The feed price stops falling and rebounds, and there is a capacity - reduction policy in the industry. It is expected to fluctuate at a low level. It is recommended to go long on dips. The support level is 11000 - 11200, and the pressure level is 11800 - 12500 [9]. - **Eggs 04**: There is capacity pressure and marginal improvement in consumption. It is expected to find a bottom in a fluctuating manner. It is recommended to go long on dips. The support level is 3200 - 3300, and the pressure level is 3450 - 3500 [9]. b. Basis and Spot - Futures Strategies The table shows the spot prices, price changes, basis of the main contracts, and basis changes of various varieties such as soybeans, oils, proteins, energy and by - products, and livestock [10][11]. Second Part: Key Data Tracking Table a. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping periods, including arrival premiums, futures prices, CNF arrival prices, arrival - duty - paid prices, and soybean meal costs when the crushing profit is 0 [12][13]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the port soybean inventory, oil - mill soybean meal inventory, port soybean oil inventory, coastal oil - mill rapeseed inventory, coastal rapeseed meal inventory, and commercial rapeseed oil inventory in East China [14]. b. Feed It shows the weekly data of corn and corn starch, including the consumption of corn by deep - processing enterprises, the inventory of corn by deep - processing enterprises, the operating rate of starch enterprises, the inventory of starch enterprises, and the grain - selling progress of grass - roots farmers [14]. c. Livestock It shows the key weekly data of the live - pig market, including spot prices, breeding costs and profits, slaughter data, etc., and the weekly key data of the egg market, including supply - side data, demand - side data, and profit data [16][17]. Third Part: Fundamental Tracking Charts a. Livestock (Live Pigs, Eggs) It includes charts of the closing prices of the main contracts of live pigs and eggs, spot prices of live pigs, piglet prices, white - strip prices, chicken - egg spot prices, chicken - chick prices, and culled - chicken prices [19][20][21][22][24][25][26]. b. Oils and Oilseeds - **Palm Oil**: It includes charts of Malaysia's palm oil monthly production, export volume, ending inventory, import parity profit, import volume, domestic inventory, daily trading volume, price spreads, and basis [28][30][31][33]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil - mill operating rate, domestic soybean oil inventory, daily trading volume, price spreads, and basis [35][36][37][39]. - **Peanuts**: It includes charts of the arrival and shipment volumes of peanuts in domestic large - scale wholesale markets, peanut daily crushing profit, weekly raw - material procurement volume of some oil mills, weekly operating rate, peanut inventory in pressing plants, peanut oil inventory in pressing plants, monthly import volume, price spreads, and basis [41][43]. c. Feed - **Corn**: It includes charts of corn spot price, futures closing price, basis, price spreads, port inventory, national and regional grain - selling progress,

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The report analyzes the market conditions of various agricultural products including soybeans, oils, grains, and livestock. It provides insights into supply - demand dynamics, price trends, and offers corresponding trading strategies for different futures contracts [3][4][5]. - For most products, the market is influenced by factors such as domestic and international policies, seasonal demand, and weather conditions. For example, the US biodiesel policy affects the prices of soybeans and soybean oil, and the supply of imported grains impacts the domestic grain market [3][5][7]. Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis - **Oilseeds**: For soybeans, the pre - holiday stocking is ending, but the post - holiday outlook is positive. The supply of domestic beans is sufficient. The expected good performance of US soybeans drives up the prices of domestic beans. For example, the soybean No.1 05 contract is expected to be volatile and bullish, and it is recommended to go long with a light position; the soybean No.2 05 contract is also expected to be volatile and bullish, but it is recommended to wait and see [11]. - **Oils**: The US biodiesel policy is expected to be positive, and the prices of US soybeans and soybean oil are strong. The inventory of domestic soybean oil is low, so there is no need to be overly pessimistic about the Dalian soybean oil. The rapeseed oil supply is gradually becoming looser, but the price still has support. The MPOB report for palm oil is bullish, but the high - frequency data in February is weak, and the supply - demand situation in the first quarter still has support. For example, the soybean oil 05 contract is expected to stabilize in a volatile manner and it is recommended to wait and see; the rapeseed oil 05 contract is expected to move in a volatile manner and it is recommended to wait and see; the palm oil 05 contract is expected to adjust in a volatile manner, and it is recommended to consider going long at low prices after the holiday [11]. - **Proteins**: The supply of soybean meal is sufficient, and the pre - holiday stocking is basically over. The expected good performance of US soybean prices may boost the prices of domestic beans. Rapeseed meal is driven by the protein sector. For example, the soybean meal 05 contract is expected to be volatile and bullish, and it is recommended to go long with a light position in the short - term; the rapeseed meal 05 contract is expected to move in a volatile manner, and it is recommended to wait and see or conduct range trading [11]. - **Energy and By - products**: The supply - demand mismatch during the Spring Festival still supports the prices. The corn 05 contract is expected to be volatile and bullish, and it is recommended to go long at low prices; the starch 03 contract follows the cost of corn and is expected to be volatile and bullish, and it is recommended to return to a wait - and - see state [11]. - **Livestock**: For pigs, the feed price stops falling and rebounds, and the expectation of capacity reduction is strengthened. For eggs, the new production is decreasing, and there is an expectation of a consumption peak season. For example, the pig 03 contract is expected to find a bottom in a volatile manner, and it is recommended to go long with a light position; the egg 05 contract is expected to find a bottom in a volatile manner, and it is recommended to wait and see [11]. 2. Commodity Arbitrage - For most cross - period and cross - variety arbitrage, it is recommended to wait and see. For example, in the oilseed sector, the soybeans No.1 3 - 5 and soybeans No.2 3 - 5 arbitrage are recommended to wait and see; in the oil sector, the soybean oil 5 - 9, rapeseed oil 5 - 9, and palm oil 5 - 9 arbitrage are recommended to wait and see. In the energy and by - product sector, the corn 3 - 5 arbitrage is recommended to go short at high prices [12][13]. 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various products, including oilseeds, oils, proteins, energy and by - products, and livestock [14]. Part Two: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil, such as the arrival premium, CBOT futures prices, CNF arrival prices, and arrival duty - paid prices [16][17]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil, as well as the operating rates of soybean and rapeseed oil mills [18][19]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and arrival duty - paid costs [19]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch [20]. 3. Livestock - It provides the daily and weekly data of pig and egg prices, as well as the weekly key data of the pig market, including prices, costs, profits, slaughter data, etc., and the weekly data of the egg market, including supply, demand, and profit data [20][21][22][23][24]. Part Three: Fundamental Tracking Charts - **Livestock End (Pigs, Eggs)**: It includes the closing prices of pig and egg futures contracts, as well as the spot prices of pigs, piglets, eggs, chicken seedlings, and culled chickens [26][28][29][30][31][32]. - **Oils and Oilseeds**: It includes the production, export, inventory, and trading data of palm oil, soybean oil, and peanuts, as well as the basis and spread data [35][42][49]. - **Feed End**: It includes the price, basis, spread, inventory, consumption, and processing profit data of corn, corn starch, rapeseed, and soybean meal [52][60][67][80]. Part Four: Options Situation of Feed, Livestock, and Oils It includes the futures spread, historical volatility, and option trading volume and open interest data of various products [92][93][94]. Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils It shows the warehouse receipt data of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [100][102][104][107].