1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

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

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

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

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

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 27, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][6][21][27][38][49]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from March 20 to March 26, 2026. The basis values are - 66.4, - 58.4, - 50.4, - 45.4, and - 41.4 respectively, while the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides the basis data of energy commodities such as fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 20 to March 26, 2026 [8]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from March 20 to March 26, 2026 are presented [10]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [11]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 20 to March 26, 2026 are provided [11]. 3.3 Black Metals - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month for rebar, iron ore, coke, and coking coal are presented. The main contracts of rebar are in January, May, and October [20]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 20 to March 26, 2026 are given [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 20 to March 26, 2026 are provided [21]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 20 to March 26, 2026 are presented [28]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 26, 2026 are provided [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybean No.1, soybean No.2, soybean meal, soybean oil, and corn from March 20 to March 26, 2026 are presented [39]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [39]. - **Inter - variety Spread**: The inter - variety spreads of soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from March 20 to March 26, 2026 are provided [39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 20 to March 26, 2026 are presented [50]. - **Inter - period Spread**: The inter - period spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on March 26, 2026, including power coal, energy chemicals, black commodities, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - The basis for power coal on March 25, 2026, was - 45.4 yuan/ton, showing an increase compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and other energy commodities are provided from March 19 to March 25, 2026. For example, the basis of INE crude oil on March 25 was 345.10 yuan/ton [9] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from March 19 to March 25, 2026, are presented. For instance, the basis of rubber on March 25 was - 130 yuan/ton [11] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc., are given. For example, the 5 - month vs 1 - month spread of rubber was - 775 yuan/ton [12] - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from March 19 to March 25, 2026, are provided. For example, the LLDPE - PVC spread on March 25 was 2944 yuan/ton [12] 3.3 Black Commodities - **Basis**: The basis data for螺纹钢, iron ore, coke, and coking coal from March 19 to March 25, 2026, are shown. For example, the basis of螺纹钢 on March 25 was 88.0 yuan/ton [22] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month (10) vs 1 - month, and 9 - month (10) vs 5 - month for螺纹钢, iron ore, etc., are presented. For example, the 5 - month vs 1 - month spread of螺纹钢 was - 50.0 yuan/ton [21] - **Inter - variety Spreads**: The inter - variety spreads such as螺/矿, 螺/焦炭, etc., from March 19 to March 25, 2026, are given. For example, the 螺/矿 ratio on March 25 was 3.85 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from March 19 to March 25, 2026, are provided. For example, the basis of copper on March 25 was - 90 yuan/ton [29] 3.4.2 London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, etc., on March 25, 2026, are presented. For example, the LME spread of copper was (71.23) [35] 3.5 Agricultural Products - **Basis**: The basis data for soybeans (bean one and bean two), soybean meal, soybean oil, corn, etc., from March 19 to March 25, 2026, are shown. For example, the basis of bean one on March 25 was - 29 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for various agricultural products are given. For example, the 5 - month vs 1 - month spread of bean one was - 36 yuan/ton [40] - **Inter - variety Spreads**: The inter - variety spreads such as 豆一/玉米, 豆油/豆粕, etc., from March 19 to March 25, 2026, are provided. For example, the 豆一/玉米 ratio on March 25 was 1.94 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from March 19 to March 25, 2026, are presented. For example, the basis of CSI 300 on March 25 was 87.47 [51] - **Inter - period Spreads**: The inter - period spreads of next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc., are given. For example, the next - month vs current - month spread of CSI 300 was - 21.2 [51]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The ongoing tense situation in the Middle East and the firm operation of international energy prices effectively support the prices of oils, fats, and oilseeds. The prices of related products are expected to show different trends, and investors are advised to adopt corresponding strategies according to different varieties [3][4][5]. - For different agricultural products, such as soybeans, palm oil, and corn, their prices are affected by multiple factors, including geopolitical situations, supply - demand relationships, and policy changes [3][4][7]. 3. Summary According to the Catalog 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: - **Bean 1 05 Contract**: It is expected to fluctuate widely. The source of beans is concentrated in the middle - stream, and the downstream still has replenishment demand. It is recommended to wait and see for the time being [12]. - **Bean 2 05 Contract**: It is expected to fluctuate widely. The tense situation in the Middle East continues, and the Brazilian premium is firm. The cost - end support for China's soybean imports is expected to continue. It is recommended to wait and see [12]. - **Oils and Fats**: - **Soybean Oil 05 Contract**: It is expected to fluctuate widely. The consumption expectation of biodiesel is strong, and the bullish driving force continues, but the short - term amplitude increases. It is recommended to go long after the market stabilizes [12]. - **Rapeseed Oil 05 Contract**: It is expected to fluctuate. The USDA has raised the annual production forecast, and the resumption expectation suppresses the market. It is necessary to pay attention to the implementation of the US biodiesel policy in March. It is recommended to wait and see [12]. - **Palm Oil 05 Contract**: It is expected to rise with fluctuations. The export and biodiesel expectations of Malaysian palm oil in March are positive, but the risk of geopolitical relaxation needs to be vigilant. It is recommended to replenish long positions after the market stabilizes [12]. - **Proteins**: - **Soybean Meal 05 Contract**: It is expected to be slightly stronger with fluctuations. The tense situation in the Middle East continues, and the cost - end support for China's soybean imports is expected to continue. The consumption of soybean meal still has resilience. It is recommended to go long after the market stabilizes [12]. - **Rapeseed Meal 05 Contract**: It is expected to fluctuate. Its own fundamental driving force is limited, and the price mainly resonates with the prices of Canadian rapeseed and soybean meal. It is recommended to go long after the market stabilizes [12]. - **Energy and By - products**: - **Corn 05 Contract**: It is expected to be slightly stronger with fluctuations. Geopolitical risks boost the bullish sentiment in the market. The medium - term support of low channel inventory and tight supply of high - quality grain sources continues, but the selling pressure of farmers at the grass - roots level and the increase in wheat supply will limit the increase in prices. It is recommended to go long on dips [12]. - **Starch 05 Contract**: It is expected to be slightly stronger with fluctuations. The spot price has increased significantly, and it may follow the cost to be stronger in the short term. It is recommended to go long on dips [12]. - **Livestock Farming**: - **Live Pig 05 Contract**: It is expected to find the bottom with fluctuations. Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. It is recommended to wait and see [12]. - **Egg 05 Contract**: It is expected to find the bottom with fluctuations. The number of newly - opened laying hens decreases, and there is an expectation of a consumption peak season. It is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, such as bean 1 5 - 9, bean 2 5 - 9, etc., it is recommended to wait and see. For corn 5 - 9, it is recommended to short on rallies; for live pig 5 - 7, it is recommended to hold reverse arbitrage positions [13]. - **Inter - variety Arbitrage**: For most varieties, such as 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, etc., it is recommended to wait and see. For 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a long - biased approach; for 05 corn - starch, it is recommended to short on rallies [13]. 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 [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 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 arrival premiums, CBOT futures prices, CNF arrival prices, and arrival 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, peanuts, and peanut oil [17]. 3.2.2 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 consumption, inventory, operating rate, and sales progress of corn and corn starch [18]. 3.2.3 Livestock Farming - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key data related to supply, demand, and profit [18][19][20][21]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock Farming (Live Pigs and Eggs)**: It includes the closing prices of live pig and egg futures contracts, spot prices, and related prices such as piglet prices, white - striped pork prices, chicken苗 prices, and culled chicken prices [23][24][26][27][28][30]. - **Oils and Oilseeds**: - **Palm Oil**: It includes production, export volume, inventory, import margin, and other data of Malaysian palm oil, as well as domestic palm oil inventory, trading volume, and basis [32][34][35][37]. - **Soybean Oil**: It includes US soybean crushing volume, soybean oil inventory, domestic soybean oil mill operating rate, inventory, trading volume, and basis [39][40][41][44]. - **Peanuts**: It includes domestic peanut arrival and shipment volume, pressing profit, operating rate, inventory, and import volume [47][48]. - **Feed**: - **Corn**: It includes the closing price, spot price, basis, inventory, sales progress, import volume, and consumption of corn [50][52][53][55]. - **Corn Starch**: It includes the closing price, spot price, basis, operating rate, inventory, and profit of corn starch [57][61][62]. - **Rapeseed**: It includes the spot price, basis, inventory, and pressing profit of rapeseed meal and rapeseed oil [64][66][68][69][78]. - **Soybean Meal**: It includes the growth rate, inventory, basis, and price ratio of US soybeans [73][77][79][86]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils and Fats It provides the option - related data of various varieties, including price differences, historical volatility, trading volume, and open interest [89][90][92]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils and Fats It provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [96][99][100][104].

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 24, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - period spreads, and inter - variety spreads of these commodities [1][7][22][28][38][51] 3. Summary by Directory Power Coal - The basis data of power coal from March 17 to March 23, 2026, is presented. The basis on March 23 is - 58.4 yuan/ton, and the spreads between 5 - month and 1 - month, 9 - month and 1 - month, 9 - month and 5 - month are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 17 to March 23, 2026, are provided. For example, on March 23, the basis of INE crude oil is 477.41 yuan/ton, and the ratio of crude oil to asphalt is 0.1737 [9] - **Chemical Commodities**: - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 17 to March 23, 2026, are given. For instance, on March 23, the basis of rubber is - 145 yuan/ton [11] - Inter - period spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber is - 760 yuan/ton [12] - Inter - variety spreads: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 17 to March 23, 2026, are shown. On March 23, the LLDPE - PVC spread is 3125 yuan/ton [12] Black Metals - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9(10) - month - 1 - month, 9(10) - month - 5 - month) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar is - 56.0 yuan/ton [21] - **Inter - variety spreads**: The inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from March 17 to March 23, 2026, are presented. On March 23, the rebar/iron ore ratio is 3.84 [21] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 17 to March 23, 2026, are given. On March 23, the basis of rebar is 116.0 yuan/ton [22] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 17 to March 23, 2026, are provided. On March 23, the basis of copper is 810 yuan/ton [30] - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 23, 2026, are presented. For example, the LME spread of copper is (85.26) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 17 to March 23, 2026, are given. On March 23, the basis of soybeans No.1 is - 190 yuan/ton [39] - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 is - 5 yuan/ton [39] - **Inter - variety spreads**: The inter - variety spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 17 to March 23, 2026, are shown. On March 23, the soybeans No.1/corn ratio is 1.99 [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 17 to March 23, 2026, are provided. On March 23, the basis of CSI 300 is 10.43 [51] - **Inter - period spreads**: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 is - 17.8 [49]