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].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the market trends of various agricultural products including soybean oil, rapeseed oil, palm oil, soybeans, soybean meal, rapeseed meal, corn, corn starch, soybeans, live pigs, and eggs, and provides corresponding operation suggestions based on supply - demand fundamentals, policy expectations, and price trends [3][4][5]. - For most products, it is recommended to consider the market situation before and after the Spring Festival, such as waiting for opportunities to go long after the festival for some products, and adopting a wait - and - see or short - term operation strategy before the festival [3][4][5]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Pre - holiday stocking is ending, and the market is expected to improve after the holiday. Domestic soybean supply is sufficient. | 4300 - 4310 | 4550 - 4600 | Oscillate strongly | Lightly go long | | | Soybean No.2 05 | Pre - holiday stocking is over. The US soybean market is expected to improve, driving up the domestic soybean market. | 3400 - 3420 | 3550 - 3580 | Oscillate strongly | Wait and see | | Oils | Soybean oil 05 | The US biodiesel policy is expected to be favorable, and the prices of US soybeans and soybean oil are strong. China's soybean oil inventory is low. | 7950 - 8000 | 8560 - 8600 | Stabilize and oscillate | Go long when stabilizing | | | Rapeseed oil 05 | Limited contradictions before the holiday. | 8800 - 8810 | 9390 - 9400 | Oscillate | Wait and see | | | Palm oil 05 | MPOB report is positive, but February's high - frequency data is weak. Supply - demand is supported in Q1. | 8860 - 8880 | 9370 - 9400 | Oscillate | Look for buying opportunities after the holiday | | Protein | Soybean meal 05 | Supply is sufficient, pre - holiday stocking is basically over. The US soybean price is expected to rise, which may boost domestic soybean prices. | 2650 - 2680 | 2800 - 2830 | Oscillate strongly | Lightly go long in the short - term | | | Rapeseed meal 05 | Limited fundamental drivers, driven up by the protein sector. | 2190 - 2200 | 2340 - 2350 | Oscillate | Wait and see or operate within a range | | Energy and By - products | Corn 05 | Spring Festival supply - demand mismatch provides support. Short - term price may oscillate strongly. | 2240 - 2250 | 2350 - 2380 | Oscillate strongly | Go long on dips | | | Corn starch 03 | Follow the cost of corn and oscillate strongly. | 2450 - 2460 | 2620 - 2640 | Oscillate strongly | Wait and see | | Livestock | Live pigs 03 | Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. | 11000 - 11300 | 12500 - 12800 | Find the bottom through oscillation | Lightly go long | | | Eggs 05 | Newly - opened production decreases + consumption peak season expectation. | 3300 - 3400 | 3650 - 3700 | Find the bottom through oscillation | Wait and see | [10] 2. Commodity Arbitrage - For most cross - period and cross - variety arbitrage, it is recommended to wait and see, except for the 3 - 5 spread of corn, where it is recommended to sell short at high prices [11][12]. 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, protein, energy and by - products, and livestock [13]. Part II: 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 shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing margin is zero [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, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil, as well as their operating rates [17][18]. 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 consumption, inventory, operating rate, and sales progress data of corn and corn starch in deep - processing enterprises [19]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market indicators such as production costs, profits, slaughter volume, and inventory [19][20][21][23]. Part III: Fundamental Tracking Charts - It includes a series of charts related to the livestock (live pigs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed (corn, corn starch, rapeseed, soybean meal) sectors to track the market fundamentals [24][25][26][27][28][29][30][31][32][33][34][37][39][40][41][42][45][46][47][48][49][50][51][53][55][56][57][58][59][61][63][64][65][66][68][70][72][73][75][77][79][81][83][88][91][92][93][96][97] Part IV: Options Situation of Feed, Livestock, and Oils - It provides charts related to the options of feed, livestock, and oils, including the historical volatility of various products and the trading volume, open interest, and put - call ratio of corn options [89][92][93][94][96][97] Part V: Warehouse Receipt Situation of Feed, Livestock, and Oils - It provides charts showing the warehouse receipt quantities of various products such as 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 indices [98][99][101][103][105][106][107]

Report Summary 1. Report Industry Investment Rating No information provided about the industry investment rating. 2. Core View of the Report The report is a daily data report on futures variety arbitrage of Baocheng Futures on February 12, 2026, presenting the basis, inter - period, and inter - variety data of multiple futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Thermal Coal - **Basis Data**: The basis data from February 5 to February 11, 2026, shows that the basis has gradually increased from - 107.4 to - 96.4 [2]. 3.2 Energy Chemicals - **Energy Commodity Basis**: The basis data of fuel oil, crude oil, and asphalt from February 5 to February 11, 2026, is presented, with specific values changing daily [7]. - **Chemical Commodity**: - **Inter - period**: Inter - period data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, such as the 5 - month minus 1 - month value of rubber is - 570 yuan/ton [9]. - **Inter - variety**: Inter - variety data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from February 5 to February 11, 2026, are shown, for example, the LLDPE - PVC value on February 11 is 1806 yuan/ton [9]. - **Basis**: The basis data of rubber, methanol, etc. from February 5 to February 11, 2026, are presented, like the value of rubber on February 11 is - 175 yuan/ton [10]. 3.3 Black Metals - **Inter - period**: Inter - period data of rebar, iron ore, coke, and coking coal are provided, e.g., the 5 - month minus 1 - month value of rebar is - 78 yuan/ton [19]. - **Inter - variety**: Inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from February 5 to February 11, 2026, are given, such as the rebar/iron ore value on February 11 is 4.00 [19]. - **Basis**: The basis data of rebar, iron ore, etc. from February 5 to February 11, 2026, are shown, for example, the value of rebar on February 11 is 156.0 yuan/ton [20]. 3.4 Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from February 5 to February 11, 2026, are presented, like the value of copper on February 11 is - 860 yuan/ton [28]. - **London Market**: LME premium/discount, Shanghai - London ratio, CIF, domestic spot, and import profit/loss data of copper, aluminum, etc. on February 11, 2026, are given, for example, the LME premium/discount of copper is (76.01) [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from February 5 to February 11, 2026, are shown, such as the value of soybeans No.1 on February 11 is - 359 yuan/ton [39]. - **Inter - period**: Inter - period data of soybeans No.1, soybeans No.2, etc. are provided, e.g., the 5 - month minus 1 - month value of soybeans No.1 is - 33 yuan/ton [39]. - **Inter - variety**: Inter - variety data of soybeans No.1/corn, soybeans No.2/corn, etc. from February 5 to February 11, 2026, are given, for example, the soybeans No.1/corn value on February 11 is 1.96 [38][39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 5 to February 11, 2026, are presented, like the value of CSI 300 on February 11 is 29.01 [51]. - **Inter - period**: Inter - period data of CSI 300, SSE 50, etc., including the next - month minus the current - month and the next - quarter minus the current - quarter values, are given, such as the next - month minus the current - month value of CSI 300 is - 53.2 [51].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of the domestic and international soybean oil market have no obvious changes. With positive expectations for the US biodiesel policy, the price of soybean oil is expected to rise easily and fall difficultly in the future. It is recommended to consider long - position operations after the price stabilizes [3]. - The supply of rapeseed oil is expected to turn loose, but the decline in the futures price may have certain support. It is advisable to wait and see before the Spring Festival [3]. - The MPOB January report for palm oil is generally bullish, and there is still support for supply and demand in the first quarter. After the festival, attention can be paid to the opportunity of going long on dips [3]. - The February USDA supply - demand report for soybeans is expected to be neutral. The price of domestic beans is expected to fluctuate at a low level before the festival. It is recommended to leave the short - position of soybean meal and wait and see, and temporarily leave the oil - meal ratio arbitrage before the festival [4]. - The supply of rapeseed meal is expected to turn loose, but the decline in the futures price is limited. The price is expected to continue to fluctuate in the short term, and it is recommended to wait and see before the festival [4]. - The price of corn futures is expected to fluctuate in a range in the short term. It is recommended to wait and see or pay attention to the opportunity of going long on the far - month contract on dips. For options, it is recommended to sell out - of - the - money put options [5]. - The price of soybean No.1 may run strongly in the short term, and it is recommended to try long positions with a light position [6]. - The short - term pressure on the spot price of live pigs is relatively large, and the far - month contract has a premium. Conservative investors can hold long positions in the far - month contract, while aggressive investors can wait for the spot pressure to be released and then go long on the 2607 contract at a low price [6]. - The spot price of eggs has dropped significantly, and the futures premium has declined. Conservative investors are advised to wait and see, while aggressive investors can go long on the 04 contract below 3000 points [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: Soybean No.1 05 contract is expected to be adjusted in a shock, and it is recommended to try long positions with a light position; Soybean No.2 05 contract is expected to decline in a shock, and it is recommended to operate bearishly [10]. - **Oils**: Soybean oil 05 contract is expected to stabilize in a shock, and it is recommended to go long after stabilization; Rapeseed oil 05 contract is expected to run in a shock, and it is recommended to wait and see; Palm oil 05 contract is expected to run in a shock, and it is recommended to pay attention to the opportunity of going long on dips [10]. - **Proteins**: Soybean meal 05 contract is expected to decline in a shock, and it is recommended to go short with a light position; Rapeseed meal 05 contract is expected to run in a shock, and it is recommended to turn to waiting and seeing [10]. - **Energy and By - products**: Corn 03 contract and corn starch 03 contract are expected to be sorted out in a shock, and it is recommended to return to waiting and seeing [10]. - **Livestock**: Live pig 03 contract is expected to find the bottom in a shock, and it is recommended to try long positions with a light position; Egg 05 contract is expected to find the bottom in a shock, and it is recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: Most varieties are recommended to wait and see, and the corn 3 - 5 contract is recommended to go short on rallies [11][12]. - **Inter - commodity Arbitrage**: Most varieties are recommended to wait and see, and the 05 rapeseed oil - soybean oil and 05 rapeseed oil - palm oil are recommended to close positions [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, 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, such as the arrival - at - port premium, CBOT futures prices, CNF prices, and import - arrival - at - port 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, 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 months, including CNF prices and arrival - at - port duty - paid costs [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch [19]. 3.2.3 Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market data such as breeding costs, profits, and slaughter data [19][20][21][23]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock End**: It includes the closing prices of live pig and egg futures contracts, spot prices, and related price data such as piglets, chicken seedlings, and culled chickens [25][27][28][29][30][31]. - **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 [34][36][38][40][44][47][48]. - **Feed End**: It includes the price, basis, inventory, consumption, and processing profit data of corn, corn starch, rapeseed, and soybean meal [50][53][55][63][65][72][74][76][78][82][86]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It provides the option - related data such as the price difference between soybean meal and rapeseed meal, historical volatility, and option trading volume and open interest of various varieties [89][90][91][92]. 3.5 Fifth Part: 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, live pigs, and eggs [97][99][100][102].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Views of the Report - **Soybean Oil**: This week, the main soybean oil contract declined due to macro - and geopolitical disturbances. The domestic and international fundamental market logic of soybean oil has no obvious changes. The U.S. biodiesel policy has positive expectations, palm oil production areas are in a period of production reduction and inventory decline, and domestic oil inventories are decreasing. It is expected to be easy to rise and difficult to fall in the future. It is advisable to consider long - position operations after the price stabilizes. The support level of the main 05 contract is 7950 - 8000 yuan/ton, and the resistance level is 8560 - 8600 yuan/ton [1]. - **Rapeseed Oil**: This week, the main rapeseed oil contract fluctuated downward, mainly affected by the sharp drop in crude oil prices and news of rapeseed purchases. The supply is expected to turn loose, but the current low - margin on the futures market may provide some support after the price decline. As the pre - holiday stocking is coming to an end, market trading has become dull. It is advisable to wait and see before the holiday. The resistance range of the 05 contract is 9390 - 9400, and the support range is 8800 - 8810 [1]. - **Palm Oil**: This week, the main palm oil contract fluctuated downward, driven by the sharp drop in crude oil and the collective weakness of the oil and fat sector, and the departure of long - position holders due to increased risk - aversion sentiment. The latest biodiesel tax credit policy (45Z) announced by the IRS has strengthened the positive expectations for U.S. biodiesel, which may have an indirect positive impact on palm oil. The supply - demand situation in the first quarter has strong support. It is advisable to continue to pay attention to the opportunity of going long on dips. The resistance range of the main contract is 9370 - 9400, and the support range is 8880 - 8900 [2]. - **Soybean Meal and Soybean No. 2**: This week, the prices of soybean meal and soybean No. 2 declined, mainly due to the general decline of commodities under the influence of macro - sentiment and geopolitical disturbances. The fundamentals are mixed. It is advisable to exit short - positions in soybean meal and wait and see. During the period of weather disturbances and the vacuum of biodiesel news, it is advisable to temporarily exit the oil - meal ratio arbitrage before the holiday [3]. - **Rapeseed Meal**: This week, rapeseed meal fluctuated downward. The supply is expected to turn loose, but the low - margin on the futures market limits the downward space of the price. The short - term driving force is limited, and the price is expected to continue to fluctuate. It is advisable to consider taking profit on previous short - positions [4]. - **Soybean No. 1**: This week, the main soybean No. 1 futures contract fluctuated at a high level. The market logic has no obvious changes. The stocking of domestic soybeans is coming to an end, market activity has decreased, and sentiment has weakened. It is advisable to exit long - positions and wait and see [4]. - **Corn and Corn Starch**: This week, the futures prices continued to fluctuate and consolidate. The U.S. corn production and ending stocks are at a historical high, which constitutes the main market pressure. However, the good export performance of U.S. corn and the optimistic expectation of fuel ethanol have offset the negative impact to some extent. It is advisable to wait and see or pay attention to the opportunity of going long on far - month contracts on dips [4]. - **Pigs**: This week, approaching the Spring Festival, consumption entered the last peak. The spot price of pigs fluctuated slightly. The slaughter volume rebounded month - on - month. The futures price of pigs hit a new annual low, and the discount of the 03 contract to the spot price widened. It is advisable for cautious investors to exit the short - near - month and long - far - month reverse arbitrage opportunely, and for aggressive investors to buy the 2607 contract when the price falls below the breeding cost and sell deep - out - of - the - money call options with a strike price above 15,000 points to reduce the cost of bottom - fishing [5]. - **Eggs**: Approaching the Spring Festival, domestic sales strengthened. The spot price of eggs rebounded slightly. After the Spring Festival, the egg price is expected to have a relatively limited seasonal decline. It is advisable for aggressive investors to buy the 2605 contract on dips, and it is necessary to be cautious about short - selling speculatively [6]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 05 | Pre - holiday stocking is coming to an end, market trading is light, and sentiment is cooling | 4300 - 4310 | 4500 - 4550 | Oscillatory adjustment | Temporarily wait and see | | | Soybean No. 2 05 | The U.S. soybean biodiesel policy has positive expectations, and South American weather disturbances are intensifying. Short - term soybean No. 2 may stop falling | 3400 - 3420 | 3550 - 3580 | Firm operation | Temporarily wait and see | | Oils | Soybean Oil 05 | South American weather disturbances are intensifying, the U.S. biodiesel expectation is positive, and the positive driving force for soybean oil continues | 7850 - 7880 | 8250 - 8300 | Oscillatory and bullish | Light - position short - term long | | | Rapeseed Oil 05 | Supply is expected to turn loose, but the current low - margin on the futures market may provide some support after the price decline. Pre - holiday stocking is coming to an end, and market trading is dull | 8700 - 8720 | 9120 - 9150 | Range oscillation | Temporarily wait and see | | | Palm 05 | The supply - demand situation in the main production areas in the first quarter still has strong support | 8880 - 8900 | 9370 - 9400 | Oscillatory and bullish | Go long on dips | | Proteins | Soybean Meal 05 | South American weather disturbances are intensifying, and soybean meal may stop falling and oscillate in the short term | 2650 - 2680 | 2780 - 2800 | Firm operation | Temporarily wait and see | | | Rapeseed Meal 05 | Supply is turning loose, but the margin on the futures market is falling | 2190 - 2200 | 2340 - 2350 | Low - level oscillation | Take profit on short - positions | | Energy and By - products | Corn 03 | The structural contradiction support continues, and the futures price may continue to fluctuate in the range | 2160 - 2170 | 2330 - 2350 | Range fluctuation | Temporarily wait and see | | | Starch 03 | The cost - end corn price fluctuates in the range, and it may follow the corn to fluctuate in the range in the short term | 2430 - 2440 | 2630 - 2650 | Range fluctuation | Temporarily wait and see | | Livestock | Pigs 03 | Feed prices stop falling and rebound, and the industry has capacity - reduction policies | 11000 - 11200 | 11800 - 12500 | Low - level oscillation | Go long on dips | | | Eggs 03 | Capacity pressure + consumption peak season expectation | 3000 - 3080 | 3150 - 3280 | Oscillatory bottom - seeking | Go long on dips | [9] 3.1.2 Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Basis of Main Contract | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4160 | 4160 | - 218 | 94 | | | Soybean No. 2 | 3950 | 3950 | 452 | 0 | | | Peanut | 7400 | 7400 | - 342 | 80 | | Oils | Soybean Oil | 8650 | 8650 | 408 | - 28 | | | Rapeseed Oil | 9940 | 0 | 796 | - 35 | | | Palm Oil | 9080 | - 100 | 54 | - 84 | | Proteins | Soybean Meal | 3050 | 0 | 365 | 365 | | | Rapeseed Meal | 2520 | 0 | 281 | - 1 | | Energy and By - products | Corn | 2310 | 0 | 63 | 203 | | | Starch | 2640 | 0 | 57 | - 11 | | Livestock | Pigs | 12.14 (yuan/kg) | 0.03 (yuan/kg) | 775 | - 390 | | | Eggs | 2.82 (yuan/jin) | - 0.29 (yuan/jin) | 746 (yuan/500kg) | - 113.00 (yuan/500kg) | [10][11] 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: The report provides the import cost data of soybeans, rapeseeds, and palm oil at different shipping dates, including arrival premiums, futures prices, CNF arrival prices, arrival - duty - paid prices, and the cost of soybean meal when the profit is zero [11][12]. - **Weekly Data**: It shows the inventory and operation rate of various oilseeds and oils, such as the inventory of soybeans, soybean meal, rapeseeds, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operation rates of soybean oil mills, rapeseed oil mills, and peanut oil mills [13]. 3.2.2 Feed The report presents the weekly data of corn and corn starch, including the consumption, inventory, operation rate, and inventory of starch enterprises, as well as the grain - selling progress of farmers [13]. 3.2.3 Livestock - **Pigs**: The data includes the weekly average prices of binary sows, 7KG external - ternary piglets, external - ternary pigs, and pig feed, as well as the breeding cost, profit, pig - grain ratio, slaughter weight, slaughter data, and frozen - product inventory rate [14]. - **Eggs**: The data covers the laying rate, the proportion of large, medium, and small eggs, the age and quantity of culled chickens, the sales volume, inventory, profit, and related spot prices [15]. 3.3 Third Part: Fundamental Tracking Charts 3.3.1 Livestock (Pigs and Eggs) The report provides the closing prices of the main contracts of pigs and eggs, as well as the spot prices of pigs, piglets, white - striped pigs, eggs, chicken seedlings, and culled chickens [16][18][19][21]. 3.3.2 Oilseeds and Oils - **Palm Oil**: It includes the monthly production, export volume, ending inventory, import margin, import volume, domestic inventory, daily trading volume, price spreads, and basis of Malaysian palm oil [26][29]. - **Soybean Oil**: It shows the U.S. soybean crushing volume, U.S. soybean oil inventory, soybean crushing profit, domestic soybean oil mill operation rate, domestic soybean oil inventory, daily trading volume, price spreads, and basis [31][33][36]. - **Peanuts**: It presents the arrival and shipment volumes of peanuts in domestic wholesale markets, the daily crushing profit, the weekly raw - material procurement volume of some oil mills, the weekly operation rate, the inventory of peanuts and peanut oil in oil mills, the monthly import volume, price spreads, and basis [38][40][42]. 3.3.3 Feed - **Corn**: It includes the spot price, futures closing price, basis, price spreads, port inventory, grain - selling progress, import volume, consumption, inventory, processing profit, and price difference with wheat of corn [44][47][49]. - **Corn Starch**: It shows the spot price, futures closing price, basis, price spreads, operation rate, inventory, and profit of corn starch [52][53][54]. - **Rapeseed**: It presents the spot price of rapeseed meal, the spot price of imported fourth - grade rapeseed oil, the basis, inventory, crushing volume, and profit of rapeseed [56][60][61]. - **Soybean Meal**: It includes the flowering rate and pod - setting rate of U.S. soybeans, the inventory of soybeans in ports and soybean meal in domestic oil mills [65][67]. 3.4 Fourth Part: Option Situation of Feed, Livestock, and Oils The report provides 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 [70][74][75]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report shows the warehouse receipt situations of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, as well as the open interest of the pig and egg indexes [80][85][87].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on February 3, 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. 3. Summary by Relevant Catalogs 3.1 Power Coal - **Basis**: From January 27 to February 2, 2026, the basis of power coal was - 116.4 on January 27, - 111.4 on January 28, and - 109.4 from January 29 to February 2 [2]. - **Inter - period spreads**: The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 during the period from January 27 to February 2, 2026 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis**: For fuel oil, the basis on February 2, 2026 was 127.38; for INE crude oil, the basis on February 2, 2026 was - 3.68; for crude oil/asphalt, the basis on February 2, 2026 was 0.1392 [7]. - **Price Ratio**: The price ratio of some energy commodities was also provided, such as 99.68 for a certain ratio on February 2, 2026 [7]. 3.2.2 Chemical Commodities - **Inter - period spreads**: For rubber, the 5 - month minus 1 - month spread was - 485, the 9 - month minus 1 - month spread was - 625, and the 9 - month minus 5 - month spread was - 140; for methanol, the corresponding spreads were - 64, - 45, and 19; for PTA, they were 40, 38, and - 2; for LLDPE, they were - 35, 3, and 38; for PVC, they were - 218, - 101, and 117; for PP, they were 46, 72, and 26; for ethylene glycol, they were - 167, - 76, and 91 [9]. - **Inter - variety spreads**: For example, on February 2, 2026, the LLDPE - PVC spread was 1889, the LLDPE - PP spread was 171, the PP - PVC spread was 1718, and the PP - 3*methanol spread was - 93 [9]. - **Basis**: On February 2, 2026, the basis of rubber was - 80, methanol was - 4.5, PTA was - 72, LLDPE was 122, PVC was - 254, and PP was 76 [10]. 3.3 Black Metals - **Inter - period spreads**: For rebar, the 5 - month minus 1 - month spread was - 82, the 9 - month(10) minus 1 - month spread was - 33, and the 9 - month(10) minus 5 - month spread was 49; for iron ore, the corresponding spreads were 29, 12, and - 17; for coke, they were - 149, - 82, and 67; for coking coal, they were - 248.5, - 172, and 76.5 [19]. - **Inter - variety spreads**: On February 2, 2026, the rebar/iron ore ratio was 3.96, the rebar/coke ratio was 18132.1, the coke/coking coal ratio was 4690, and the rebar - hot - rolled coil spread was - 161 [19]. - **Basis**: On February 2, 2026, the basis of rebar was 112, iron ore was 4, coke was - 175.5, and coking coal was 38.5 [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: On February 2, 2026, the basis of copper was 1460, aluminum was 635, zinc was 455, lead was - 70, nickel was 10760, and tin was 850 [28]. 3.4.2 London Market - **LME Ascending/Descending Premium**: On February 2, 2026, the LME ascending/descending premium of copper was (59.17), aluminum was (22.32), zinc was (5.35), lead was (47.99), nickel was (218.73), and tin was (300.00) [34]. - **Shanghai - London Ratio**: On February 2, 2026, the Shanghai - London ratio of copper was 7.83, aluminum was 7.73, zinc was 7.53, lead was 8.49, nickel was 7.85, and tin was 8.16 [34]. - **CIF**: On February 2, 2026, the CIF of copper was 101532.75, aluminum was 25597.59, zinc was 27517.86, lead was 15764.97, nickel was 136168.76, and tin was 375735.34 [34]. - **Domestic Spot Price**: On February 2, 2026, the domestic spot price of copper was 101060, aluminum was 23680, zinc was 24970, lead was 16640, nickel was 140410, and tin was 392480 [34]. - **Import Profit and Loss**: On February 2, 2026, the import profit and loss of copper was (472.75), aluminum was (1917.59), zinc was (2547.86), lead was 875.03, nickel was 4241.24, and tin was 16744.66 [34]. 3.5 Agricultural Products - **Basis**: On February 2, 2026, the basis of soybeans No.1 was - 233, soybeans No.2 was 96.22, soybean meal was 350, soybean oil was 578, and corn was 49 [38]. - **Inter - period spreads**: For example, for soybeans No.1, the 5 - month minus 1 - month spread was - 28, the 9 - month minus 1 - month spread was 5, and the 9 - month minus 5 - month spread was 33 [38]. - **Inter - variety spreads**: On February 2, 2026, the soybeans No.1/corn ratio was 1.93, the soybeans No.2/corn ratio was 1.55, the soybean oil/soybean meal ratio was 2.97, the soybean meal - rapeseed meal spread was 477, the soybean oil - palm oil spread was - 944, the rapeseed oil - soybean oil spread was 1082, and the corn - corn starch spread was - 249 [38]. 3.6 Stock Index Futures - **Basis**: On February 2, 2026, the basis of CSI 300 was - 20.84, SSE 50 was 133.85, CSI 500 was - 19.49, and CSI 1000 was - 5.74 [50]. - **Inter - period spreads**: For CSI 300, the next - month minus current - month spread was - 46.2, and the next - quarter minus current - quarter spread was - 1.2; for SSE 50, the next - month minus current - month spread was - 24.8, and the next - quarter minus current - quarter spread was - 10.6; for CSI 500, the next - month minus current - month spread was - 35.2, and the next - quarter minus current - quarter spread was - 145.6; for CSI 1000, the next - month minus current - month spread was - 38.8, and the next - quarter minus current - quarter spread was - 104.2 [50].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the futures and options markets across multiple sectors including agriculture, energy and chemicals, black commodities, and metals on January 30, 2026. It offers detailed data on closing prices, price changes, trading volumes, and open interest for various commodity futures, as well as option trading volumes, put - call ratios (PCR), and option quantitative indicators. 3. Summary by Category 3.1 Agricultural Products - **Futures Market Statistics**: Most agricultural futures showed declines. For example, corn (c2603) closed at 2271 with a - 10 decline, and cotton (cf2605) dropped 240 to 14670. Only红枣 (cj2605) and生猪 (lh2603) had price increases, rising 55 to 8950 and 55 to 11220 respectively [1]. - **Options Market Statistics**: Option trading volumes and PCRs varied. For instance, the trading volume of corn options decreased, while the PCR of菜粕 options increased significantly [3]. - **Option Quantitative Indicators**: The implied volatility and other indicators also showed different trends. For example, the implied volatility of豆粕 increased by 0.72% to 13.4%, and the 60 - day quantile was 91.67% [4]. 3.2 Energy and Chemicals - **Futures Market Statistics**: Most energy and chemical futures declined. For example, PTA (ta2605) fell 62 to 5270, and原油 (sc2603) dropped 1.7 to 470.8. Only PVC (v2605) had an increase, rising 168 to 5063 [5]. - **Options Market Statistics**: Option trading volumes and PCRs had diverse changes. The trading volume of PTA options increased significantly, and the PCR of PVC options decreased [6][7]. - **Option Quantitative Indicators**: The implied volatility and other indicators changed. For example, the implied volatility of原油 increased by 11.55% to 60.78%, and the 60 - day quantile was 100.0% [8]. 3.3 Black Commodities - **Futures Market Statistics**: Most black commodity futures declined. For example,铁矿石 (i2605) fell 7.0 to 791.5, and螺纹钢 (rb2605) dropped 29 to 3128. The trading volume of动力煤 was 0 [9]. - **Options Market Statistics**: Option trading volumes and PCRs changed. For example, the trading volume of铁矿石 options increased slightly, and the PCR of螺纹钢 options decreased [9]. - **Option Quantitative Indicators**: The implied volatility and other indicators showed different trends. For example, the implied volatility of铁矿石 increased by 0.17% to 18.14%, and the 60 - day quantile was 86.67% [10]. 3.4 Metals - **Futures Market Statistics**: All metal futures declined. For example,黄金 (au2604) dropped 87.7 to 1161.42, and白银 (ag2604) fell 2950 to 27941 [11]. - **Options Market Statistics**: Option trading volumes and PCRs varied. For example, the trading volume of白银 options increased significantly, and the PCR of碳酸锂 options changed [12]. - **Option Quantitative Indicators**: The implied volatility and other indicators changed. For example, the implied volatility of白银 decreased by 2.71% to 101.09%, and the 60 - day quantile was 98.33% [13].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - The report provides a comprehensive analysis of various sectors including macro - finance, black commodities, non - ferrous metals, agriculture, and energy - chemical. It presents trend judgments and trading strategies for different futures products based on fundamental and technical indicators, as well as macro - economic and geopolitical factors. 3. Summary by Related Catalogs 3.1 Based on Fundamental and Technical Indicators 3.1.1 Fundamental Indicators - Trend空头: Eggs, zinc, etc. [4] - Oscillation with a bearish bias: Red dates, Shanghai Composite 50 Index Futures, etc. [4] - Oscillation: PVC, sugar, etc. [4] - Oscillation with a bullish bias: White sugar, five - year treasury bond futures, etc. [4] - Trend bullish: Cotton, ten - year treasury bond futures, etc. [4] 3.1.2 Technical Indicators - Bearish: PTA, soybean meal No.2, etc. [6] - Oscillation: Rebar, coking coal, etc. [6] - Bullish: Manganese silicon, hot - rolled coil, etc. [6] 3.2 Macro - economic News - Trump threatened Iran again, and Iran was on high alert [8]. - The Fed kept the benchmark interest rate unchanged at 3.50% - 3.75%, and there was uncertainty in the economic outlook [8]. - There was news about changes in quantitative stock trading rules, but no relevant requirements were received by private equity funds [8]. - By the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, with solar and wind power growing significantly [9]. - Some real - estate enterprises were no longer required to report "three red lines" indicators, but troubled enterprises still had reporting obligations [9]. - The Bank of Japan might continue to raise interest rates if the outlook was in line with expectations [9]. - Futures exchanges tightened risk - control measures, such as adjusting margin levels and price limits [9]. 3.3 Macro - finance 3.3.1 Stock Index Futures - The upward trend of IC/IM may continue, and trend - following strategies are recommended. The A - share market was volatile, with resource stocks rising and the photovoltaic industry chain adjusting. The market turnover increased, and small - and medium - cap stocks outperformed large - cap stocks [11]. 3.3.2 Treasury Bond Futures - The bond market sentiment improved, and the short - term rebound trend may continue. The capital market became looser, and the central bank's medium - term liquidity injection increased, indicating a shift towards a looser monetary policy [12]. 3.4 Black Commodities 3.4.1 Coal and Coking - The prices of coking coal and coke may oscillate in the short term. Coal mine production increased slightly, and the first round of coke price increase was basically implemented. However, the coking profit shrank, and the supply - demand contradiction may improve during the Spring Festival [13][14]. 3.4.2 Ferroalloys - For ferrosilicon, there was a small supply gap before the daily production in the main production areas increased significantly, and it was recommended to go long on dips. For manganese silicon, it was recommended to hold short positions from previous highs and not to enter new positions unilaterally [15]. 3.4.3 Soda Ash and Glass - It was recommended to wait and see. The supply of soda ash was at a high level, and there was an expected increase in new capacity. The market expected the glass supply to resume production. The supply - demand contradiction in soda ash was difficult to reverse, and the inventory of glass needed to be digested [16]. 3.5 Non - ferrous Metals and New Materials 3.5.1 Zinc - The zinc price was still strong, but it might be affected by the possible decline of precious metals. It was recommended to wait and see or re - enter short positions. The domestic zinc inventory decreased, but the downstream demand was weak [18][19]. 3.5.2 Lead - It was recommended to wait and see and hold previous short positions. The lead inventory increased, and the price continued to decline. The production of secondary lead enterprises decreased, and the downstream demand was limited [19][21]. 3.5.3 Lithium Carbonate - After a short - term correction, the price center of lithium carbonate may still rise, with wide - range oscillations. The demand increased, and the supply was disturbed, but market supervision was strict [22]. 3.5.4 Industrial Silicon and Polysilicon - Industrial silicon may run strongly in the short term but was pressured by the pessimistic outlook. It was recommended to sell out - of - the - money call options after a rebound. Polysilicon was under strict position limits and was expected to oscillate. It was necessary to wait for the guidance of the industry meeting [23]. 3.6 Agricultural Products 3.6.1 Cotton - Zhengzhou cotton entered a high - level and strong consolidation state. It was recommended to conduct short - term trading. The short - term supply was loose, but the long - term supply was expected to shrink. The USDA report was positive, and Brazilian cotton production decreased [25][26]. 3.6.2 Sugar - Domestic sugar was under pressure from supply and weak demand. It was recommended to conduct short - term trading in the low - level range. The global sugar supply surplus was still a concern, and the domestic supply pressure increased during the seasonal production period [27][28]. 3.6.3 Eggs - The spot price of eggs may weaken before the Spring Festival. It was recommended to have a bearish view on the main 03 contract. The egg - laying hen inventory was high, but it was expected to decline. The far - month contracts may be weaker due to increased replenishment [29][30]. 3.6.4 Apples - The apple futures price may run strongly. The apple出库 was slightly lower year - on - year, and the sales area market had stable demand and higher prices. The Spring Festival stocking continued, and the high - quality apple prices remained firm [31][32]. 3.6.5 Corn - The corn futures price was highly controversial. It was recommended to focus on the port collection situation and conduct short - term trading. The spot price was stable, and the price was supported by pre - festival replenishment but was restricted by policy grain release and future import substitution [32]. 3.6.6 Red Dates - It was necessary to closely monitor the market performance during the consumption peak season. The red dates market was expected to oscillate weakly. The new - season red dates had price and quality advantages, but the consumption growth was limited [33]. 3.6.7 Pigs - The supply and demand of pigs both increased, and the spot market had intense competition. It was recommended to pay attention to the impact of weight reduction before the Spring Festival on the spot price and look for opportunities to go short on the near - month contracts [34]. 3.7 Energy - Chemical 3.7.1 Crude Oil - The US pressure on Iran continued, and the supply - surplus problem was still severe. The geopolitical premium was high. The US EIA crude oil inventory decreased, and the international oil price rose [36]. 3.7.2 Fuel Oil - The fuel oil price was mainly affected by the geopolitical situation and the oil price. The supply - demand situation improved marginally, and the price would follow the oil price [37]. 3.7.3 Plastics - Polyolefins had large supply pressure and weak downstream demand. The upstream was in a loss state, and the price may rebound slightly but with limited space. It was necessary to prevent a callback [38]. 3.7.4 Rubber - The rubber price may be supported by pre - festival downstream replenishment and the upcoming off - season in overseas production areas. It was recommended to sell out - of - the - money put options on dips and pay attention to the spread between natural and synthetic rubber [39]. 3.7.5 Synthetic Rubber - Synthetic rubber may maintain a strong trend due to the expected tight supply of butadiene in the first half of the year. It was recommended to go long on dips and pay attention to the narrowing spread with natural rubber [40]. 3.7.6 Methanol - The methanol supply - demand situation improved slightly in the long term, but there was still a risk of inventory accumulation in the short term. The price may decline slightly after the geopolitical situation eased. It was recommended to reduce long positions temporarily [41]. 3.7.7 Caustic Soda - The caustic soda production was at a high level, and the profit of chlor - alkali enterprises was poor. The far - month contracts could be considered from a bullish perspective [42]. 3.7.8 Asphalt - The asphalt price followed the oil price and may oscillate strongly in the short term. It was necessary to pay attention to the geopolitical situation and the change of raw material premium [43]. 3.7.9 PVC - The recent rise of PVC was due to the expected policy of capacity reduction and increased exports. However, the core supply - demand contradiction remained. It was necessary to prevent a callback [44][45]. 3.7.10 Polyester Industry Chain - The near - end fundamentals of the polyester chain were weak due to the seasonal off - season, but the cost support limited the downward space. It was recommended to go long on dips or conduct positive spreads between May and September contracts [46]. 3.7.11 Liquefied Petroleum Gas (LPG) - The LPG price increased due to the high import cost. It may run strongly in the short term but was recommended to be observed. In the long - term, it was advisable to go short on highs [47]. 3.7.12 Pulp - The pulp market had intense long - short competition, and the price may oscillate. The spot market trading was weak, but the price was supported by the expected stable fundamentals and the high overseas prices [48]. 3.7.13 Logs - The fundamentals of logs were strong, and the spot price was stable. The finished product price increased due to the rising raw material cost. The market was expected to maintain a supply - demand balance [49]. 3.7.14 Urea - The urea futures market was expected to oscillate strongly. The spot price rose, and the futures market was affected by other related futures and geopolitical risks [50][51].

Report Industry Investment Rating No information provided in the content. Core Views of the Report - The market anticipates a potential easing of China-Canada trade relations, which has led to a decline in vegetable oil products and dragged down the price of soybean oil. The price trend of palm oil has slowed down due to mixed factors. The inventory of soybean oil has decreased, but the supply at the raw material end is relatively sufficient, and its fundamentals are not strong. It is expected that palm oil will be stronger than soybean oil, which will be stronger than rapeseed oil. Attention should be paid to arbitrage opportunities among oils and fats [1]. - The RMOB report in December was slightly bearish but had limited impact. The export demand for Malaysian palm oil in December exceeded expectations and showed an upward trend. Recent institutional data also indicated a recovery in exports. As the traditional New Year in India approaches in February, the peak-season export demand may gradually become the focus of market trading. In the medium and long term, factors such as the planting area and tree age structure in the main producing regions, as well as Indonesian policies, still pose potential concerns for the supply side this year, while there are still expectations for the biodiesel policy on the demand side. In the short term, the bearish factors may have been exhausted. With the approaching of the consumption peak season, a strategy of buying on dips is currently considered [2]. - The market is still digesting the bearish impact of the USDA supply and demand report in January, and the price of US soybeans has continued to weaken. The trading volume of the basis of domestic distant-month soybean meal has increased significantly, mainly because the oil mills have good crushing profits and have lowered their quotes to lock in profits in advance, which is expected to have a bearish impact on the distant-month soybean meal. The South American soybean harvest is imminent, and the bearish factors for soybean products are expected to continue. Recently, most of the imported soybeans in the auctions have been fully sold, alleviating the previous market concerns about the supply from February to April. With sufficient supply, soybean meal is expected to be more likely to decline than to rise. Attention should be paid to shorting opportunities for soybean meal and soybean No. 2. Selling out-of-the-money call options can also be considered, and a 3 - 5 calendar spread operation can be considered [3]. Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis | Sector | Variety | Market Logic (Supply and Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 05 | Farmers and middlemen are holding out for higher prices, but downstream buyers are cautious. The valuation is not low, and there is limited upward momentum. | 4060 - 4080 | 4450 - 4460 | Sideways adjustment | Temporarily wait and see | | Oilseeds | Soybean No. 2 05 | The domestic soybean supply is sufficient, the growth of South American soybeans is in good condition, and soybean auctions have resumed. | 3400 - 3450 | 3540 - 3550 | Sideways adjustment | Temporarily wait and see | | Oils | Soybean Oil 05 | The international oil market is weak, and the domestic soybean oil supply is sufficient. | 7850 - 7900 | 8080 - 8100 | Sideways adjustment | Temporarily wait and see | | Oils | Rapeseed Oil 05 | Australian rapeseeds have not entered the crushing stage yet, and the domestic inventory continues to decline. However, the expected increase in supply and the global bumper harvest still put pressure on prices. | 8650 - 8700 | 9300 - 9350 | Sideways adjustment | Bearish approach | | Oils | Palm Oil 05 | Short-term bearish factors may have been exhausted, and the consumption peak season is approaching. | 8300 - 8350 | 8950 - 9000 | Sideways with an upward bias | Buy on dips | | Protein | Soybean Meal 05 | The supply is sufficient, the demand is still resilient, and the auction of imported soybeans has started. The trading volume of distant-month soybean meal by oil mills has increased significantly. | 2680 - 2700 | 2800 - 2820 | Sideways decline | Bearish operation | | Protein | Rapeseed Meal 05 | The inventory is at a low level and continues to decline, but the fundamentals are still expected to be bearish. | 2270 - 2280 | 2440 - 2450 | Sideways adjustment | Bearish approach | | Energy and By-products | Corn 03 | There is still support from the decline in the supply of high-quality corn. However, the wheat auction and the sales of central reserve corn have limited pressure on the market. The futures price may have support in the short term. | 2160 - 2170 | 2330 - 2350 | Supported | Bullish approach | | Energy and By-products | Starch 03 | It follows the cost of corn and has support. | 2450 - 2460 | 2620 - 2640 | Supported | Bullish approach | | Livestock | Live Hogs 03 | Feed prices have stopped falling and rebounded, and the expectation of capacity reduction is strengthening. | 11000 - 11300 | 12500 - 12800 | Bottom-finding in a sideways range | Lightly go long on a trial basis | | Livestock | Eggs 05 | The number of newly opened laying hens has decreased, and there is an expectation of a consumption peak season. | 3300 - 3400 | 3650 - 3700 | Bottom-finding in a sideways range | Buy on dips | [10] 2. Commodity Arbitrage | Sector | Spread Type | Current Value | Previous Value | Change | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 3 - 5 | -37 | -34 | -3 | Wait and see | | Oilseeds | Soybean No. 2 3 - 5 | 325 | 304 | 21 | Calendar spread (buy near and sell far) | | Oils | Soybean Oil 5 - 9 | 138 | 144 | -6 | Wait and see | | Oils | Rapeseed Oil 5 - 9 | 19 | 31 | -12 | Wait and see | | Oils | Palm Oil 1 - 5 | -68 | -98 | 30 | Wait and see | | Protein | Soybean Meal 3 - 5 | 358 | 356 | 2 | Calendar spread (buy near and sell far) | | Protein | Rapeseed Meal 3 - 5 | 93 | 91 | 2 | Wait and see | | Energy and By-products | Corn 3 - 5 | -3 | 7 | -10 | Short on rallies | | Energy and By-products | Starch 3 - 5 | -37 | -30 | -7 | Wait and see | | Livestock | Live Hogs 3 - 5 | -250 | -375 | 125 | Wait and see | | Livestock | Eggs 3 - 5 | -553 | -571 | 18 | Wait and see | | Oils | 05 Soybean Oil - Palm Oil | -748 | -792 | 44 | Temporarily wait and see | | Oils | 05 Rapeseed Oil - Soybean Oil | 949 | 1031 | -82 | Bearish operation | | Oils | 05 Rapeseed Oil - Palm Oil | 207 | 221 | -14 | Bearish operation | | Protein | 05 Soybean Meal - Rapeseed Meal | 462 | 447 | 15 | Temporarily wait and see | | Oil - Meal Ratio | 05 Soybean Oil - Meal Ratio | 2.91 | 2.89 | 0.02 | Temporarily wait and see | | Oil - Meal Ratio | 05 Rapeseed Oil - Meal Ratio | 3.91 | 3.90 | 0.01 | Temporarily wait and see | | Energy and By-products | 05 Corn - Starch | -305 | -314 | 9 | Temporarily wait and see | [11][12] 3. Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Basis of the Main Contract | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4080 | 4080 | -243 | 94 | | Oilseeds | Soybean No. 2 | 3980 | 3980 | 477 | 19 | | Oilseeds | Peanuts | 7400 | 7400 | -342 | 80 | | Oils | Soybean Oil | 8560 | 8560 | 570 | 6 | | Oils | Rapeseed Oil | 9750 | -100 | 801 | -35 | | Oils | Palm Oil | 8850 | -50 | 102 | -20 | | Protein | Soybean Meal | 3120 | -20 | 429 | 429 | | Protein | Rapeseed Meal | 2370 | -20 | 81 | 5 | | Energy and By-products | Corn | 2310 | 10 | 47 | 11 | | Energy and By-products | Starch | 2610 | 0 | 85 | 13 | | Livestock | Live Hogs | 12.74 (yuan/kg) | 0.01 (yuan/kg) | 990 | -215 | | Livestock | Eggs | 3.16 (yuan/jin) | 0.05 (yuan/jin) | 593 | 33 | [13] Part Two: Key Data Tracking Table 1. Oils and Oilseeds (1) Daily Data - The table shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including the CNF price, import duty-paid price, and the cost of soybean meal when the crushing profit is zero [15][16]. (2) Weekly Data | Variety | Inventory (Change) | Operating Rate | | --- | --- | --- | | Soybeans | Port soybeans: 837.25 (-4.86) | 53.00% | | Soybean Meal | Oil mill soybean meal: 104.40 (-12.62) | 3.00% | | Soybean Oil | Port soybean oil: 98.00 (-4.10) | - | | Rapeseeds | Coastal oil mill rapeseeds: 6.00 (6.00); Coastal rapeseed meal: 0.00 (0.00); East China commercial rapeseed oil: 26.70 (0.00) | 28.03% (0.00%) | | Palm Oil | Inventory: 74 (0) | - | | Peanuts | Peanut inventory: 129285 (-490); Peanut oil inventory: 48080 (1162) | 43.51% (5.78%) | [17][18] 2. Feed (1) Daily Data The table shows the import cost data of corn from different countries and months, including the CNF price and the import duty-paid cost [18]. (2) Weekly Data | Indicator Name | Current Value | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Deep - processing enterprise corn consumption (10,000 tons) | 123.47 | -1.29 | -3.80 | | Deep - processing enterprise corn inventory (10,000 tons) | 354.00 | 4.60 | -240.70 | | Starch enterprise operating rate (%) | 59.37 | -0.49 | -7.65 | | Starch enterprise inventory (10,000 tons) | 112.50 | 0.20 | 112.50 | | Grain sales progress of farmers at the grass - roots level (%) | 50.00 | 47.00 | 2.00 | [19] 3. Livestock - The table shows the daily spot prices of live hogs and eggs in different regions, as well as the weekly key data of live hogs and eggs, including prices, costs, profits, and other indicators [19][20][21][22] Part Three: Fundamental Tracking Charts - The report includes a series of fundamental tracking charts for the livestock (live hogs and eggs), oils and oilseeds, and feed sectors, covering aspects such as prices, inventories, operating rates, and spreads [23][24][25] Part Four: Options Situation of Feed, Livestock, and Oils - The report shows the historical volatility of various products 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 [95][96][97] Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils - The report shows the warehouse receipt situation of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live hogs, and eggs, as well as the open interest of the live hog index and the egg index [101][102][103]

Report Industry Investment Rating No relevant content provided. Core Viewpoints No core viewpoints are presented in the given content. It mainly consists of various commodity futures data. Summary by Commodity Categories 1. Power Coal - Provided power coal basis data from January 7 - 14, 2026, with the basis on January 13 being -100 yuan/ton [2] 2. Energy and Chemicals Energy Commodities - Presented basis data of fuel oil, crude oil, and asphalt from January 7 - 13, 2026, and the ratio of crude oil to asphalt [7] Chemical Commodities - Showed cross - period, cross - variety, and basis data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol from January 7 - 13, 2026 [9][10] 3. Black Metals - Provided cross - period, cross - variety, and basis data of rebar, iron ore, coke, and coking coal from January 7 - 13, 2026 [19][20][21] 4. Non - ferrous Metals Domestic Market - Presented domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from January 7 - 13, 2026 [30] London Market - Showed LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals on January 13, 2026 [33] 5. Agricultural Products - Provided basis, cross - period, and cross - variety data of soybeans, soybean meal, soybean oil, corn, rapeseed meal, rapeseed oil, palm oil, sugar, and cotton from January 7 - 13, 2026 [38] 6. Stock Index Futures - Presented basis and cross - period data of CSI 300, SSE 50, CSI 500, and CSI 1000 from January 7 - 13, 2026 [49][51]