1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Soybean Oil**: The long - term bullish factors for soybean oil continue, but the amplitude has increased. It is recommended to shift long positions to the 09 contract. The support level for the 09 contract is 8500 - 8550 yuan/ton, and the resistance level is 8800 - 8900 yuan/ton [1]. - **Rapeseed Oil**: In the short - term, rapeseed oil may continue to fluctuate widely. It is advisable to wait and see and look for opportunities to go long after stabilization. The 05 contract's upper resistance range is 10000 - 10100, and the lower support range is 9450 - 9460 [1]. - **Palm Oil**: Considering the positive factors such as biodiesel policies, geopolitical tensions, and strong exports of Malaysian palm oil, palm oil can be treated with a cautious bullish attitude, mainly adopting the strategy of going long on dips. The upper resistance range for the main contract is 10200 - 10220, and the lower support range is 9400 - 9410 [2]. - **Soybean No. 2 and Soybean Meal**: The cost - side support for the far - month contracts continues. It is recommended to arrange long positions in the 09 contracts of soybean No. 2 and soybean meal. The support level for the 09 contract of soybean meal is 2940 - 2950 yuan/ton, and the resistance level is 3070 - 3080 yuan/ton. The lower support for the 05 contract of soybean No. 2 is 3700 - 3720, and the upper resistance is 3850 - 3860 yuan/ton [3]. - **Rapeseed Meal**: In the short - term, the price of rapeseed meal may continue to fluctuate and bottom out. It is advisable to wait and see and look for opportunities to go long after stabilization. The RM contract's lower support level is 2280 - 2300, and the upper resistance level is 2500 - 2510 [4]. - **Corn and Corn Starch**: The short - term futures prices may adjust slightly. It is recommended to wait and see or look for opportunities to go long on dips. The support range for the 2605 contract of corn is 2250 - 2280, and the resistance range is 2450 - 2480. The support range for the 05 contract of corn starch is 2670 - 2680, and the resistance range is 2850 - 2860 [5]. - **Soybean No. 1**: The upward driving force for soybean No. 1 is expected to be insufficient. It is not advisable to chase long positions. It is recommended to wait and see in the short - term. The resistance level for the 05 contract is 4740 - 4760 yuan/ton, and the support level is 4400 - 4450 yuan/ton [6]. - **Hogs**: The short - term supply - demand pattern is difficult to change fundamentally. Cautious investors can wait and see, while aggressive investors can consider going long on the 2607 contract lightly below 11000 points after the release of spot pressure. For options, a covered call strategy combination can be held [7]. - **Eggs**: Cautious investors are advised to wait and see, while aggressive investors can go long on the 05 contract below 3400 points. It is not advisable to chase short positions in the near - month contracts at historical low price ranges [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: Soybean No. 1 05 contract is expected to fluctuate widely. It is recommended to wait and see. Soybean No. 2 05 contract is in a wide - range adjustment. It is also recommended to wait and see [10]. - **Oils**: The 09 contract of soybean oil, 05 contract of rapeseed oil, and 05 contract of palm oil are all in a wide - range or oscillatory pattern. The 09 contract of soybean oil can be considered for long positions after stabilization, the 05 contract of rapeseed oil is recommended to wait and see, and the 05 contract of palm oil can be bought on dips [10]. - **Proteins**: The 09 contract of soybean meal and 05 contract of rapeseed meal are in an oscillatory pattern. It is recommended to go long after stabilization [10]. - **Energy and By - products**: The 05 contracts of corn and corn starch are in an oscillatory adjustment. It is recommended to wait and see [10]. - **Livestock**: The 05 contracts of hogs and eggs are in an oscillatory bottom - seeking pattern. It is recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Oilseeds**: For the 5 - 9 spreads of soybean No. 1 and soybean No. 2, it is recommended to wait and see [11]. - **Oils**: For the 5 - 9 spreads of soybean oil, rapeseed oil, and palm oil, it is recommended to wait and see. For the 05 spreads of soybean oil - palm oil, rapeseed oil - soybean oil, and rapeseed oil - palm oil, it is also recommended to wait and see [12]. - **Proteins**: For the 5 - 9 spreads of soybean meal and rapeseed meal, it is recommended to wait and see. For the 05 spread of soybean meal - rapeseed meal, it is recommended to wait and see [12]. - **Energy and By - products**: For the 5 - 9 spread of corn, it is recommended to go short on rallies. For the 5 - 9 spread of corn starch, it is recommended to wait and see. For the 05 spread of corn - corn starch, it is recommended to wait and see [12]. - **Livestock**: For the 5 - 7 spread of hogs, it is recommended to hold reverse arbitrage positions. For the 5 - 7 spread of eggs, it is recommended to wait and see [12]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the arrival premium, futures prices, CNF prices, and import - duty - paid prices [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseeds, rapeseed meal, palm oil, peanuts, and peanut oil, as well as their corresponding operating rates [18]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import - duty - paid costs [18]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption, inventory, operating rate, and sales progress of corn in deep - processing enterprises, as well as the inventory of corn starch enterprises [19]. 3.2.3 Livestock - It provides the daily and weekly data of hogs and eggs, including the spot prices, price changes, and key weekly data such as inventory, production rate, and profit of hogs and eggs [19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts It includes a series of charts related to the livestock (hogs and eggs), oils and oilseeds, and feed sectors, such as the closing prices of futures contracts, spot prices, inventory, production, and trading volume of various commodities [23][31][55]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It shows the historical volatility of various commodities such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [93]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It presents the warehouse receipt situations of various commodities, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [101].

1. Report Industry Investment Rating - The investment rating for the industry is "Neutral" [4] 2. Core View of the Report - The prices of the three major oils and fats are oscillating and falling due to the recent significant fluctuations in crude oil prices, which put pressure on the three major vegetable oils. However, from a fundamental perspective, the further implementation of biodiesel in Southeast Asia in the future, combined with the later shift in El Niño weather, will strongly support palm oil prices [3] 3. Summary by Relevant Catalog Futures and Spot Market - Futures: The closing price of the palm oil 2605 contract was 9866.00 yuan/ton, with a month - on - month change of - 64 yuan and a range of - 0.64%; the closing price of the soybean oil 2605 contract was 8668.00 yuan/ton, with a month - on - month change of - 46.00 yuan and a range of - 0.53%; the closing price of the rapeseed oil 2605 contract was 9884.00 yuan/ton, with a month - on - month change of - 7.00 yuan and a range of - 0.07% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9830.00 yuan/ton, with a month - on - month change of + 160.00 yuan and a range of + 1.65%, and the spot basis was P05 - 36.00, with a month - on - month change of + 224.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8860.00 yuan/ton, with a month - on - month change of + 50.00 yuan/ton and a range of + 0.57%, and the spot basis was Y05 + 192.00, with a month - on - month change of + 96.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10400.00 yuan/ton, with a month - on - month change of - 20.00 yuan and a range of - 0.19%, and the spot basis was OI05 + 516.00, with a month - on - month change of - 13.00 yuan [1] Market Consultation - Soybean prices: The C&F price of US Gulf soybeans (April shipment) was 511 dollars/ton, unchanged from the previous trading day; the C&F price of US West soybeans (April shipment) was 505 dollars/ton, unchanged from the previous trading day; the C&F price of Brazilian soybeans (May shipment) was 476 dollars/ton, down 2 dollars/ton from the previous trading day [2] - Import soybean premium quotes: The premium for the Gulf of Mexico (April shipment) was 232 cents/bushel, up 2 cents/bushel from the previous trading day; the premium for the US West Coast (April shipment) was 216 cents/bushel, up 2 cents/bushel from the previous trading day; the premium for Brazilian ports (May shipment) was 139 cents/bushel, down 5 cents/bushel from the previous trading day [2] - Other oil prices: The C&F price of Argentine soybean oil (April shipment) was 1299 dollars/ton, up 10 dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (June shipment) was 1216 dollars/ton, down 5 dollars/ton from the previous trading day. The C&F quote for imported rapeseed oil: the C&F price of Canadian rapeseed oil (April shipment) was 1120 dollars/ton, unchanged from the previous trading day; the C&F price of Canadian rapeseed oil (June shipment) was 1100 dollars/ton, unchanged from the previous trading day. The C&F price of Canadian rapeseed (May shipment) was 591 dollars/ton, up 4 dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (July shipment) was 600 dollars/ton, up 4 dollars/ton from the previous trading day [2] Figures - The report includes 30 figures related to the prices, trading volumes, production, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil, with data sources from Steel Union Data and Huatai Futures Research Institute [5]

Core Viewpoint - The article discusses the recent adjustments made by the Dalian Commodity Exchange to the trading contracts for soybean oil and palm oil, highlighting the impact of rising energy prices and the shift in biofuel policies globally, particularly in Indonesia and the United States [1][3]. Group 1: Dalian Commodity Exchange Adjustments - On March 31, the Dalian Commodity Exchange modified the minimum price fluctuation for soybean oil and palm oil contracts from 2 yuan/ton to 1 yuan/ton, enhancing pricing precision and facilitating market operations [1][3]. - The changes will take effect from April 10, 2026, following approval from the exchange's board [3]. Group 2: Global Biofuel Policy Shifts - High oil prices have prompted countries to reassess their biofuel policies, transitioning from a focus on carbon reduction to energy security [3]. - Indonesia plans to increase its biodiesel blending ratio from 40% to 50% this year, while the U.S. Environmental Protection Agency (EPA) aims to raise biodiesel blending to 5.61 billion gallons, a 67% year-on-year increase [1][6][9]. Group 3: Price Movements and Market Dynamics - Brent crude oil prices surged over 47% in the past month, with palm oil prices rising 18% and U.S. soybean oil increasing over 10% [1]. - The price of Malaysian palm oil futures rose 18% in March, reaching a two-year high, driven by increased demand for biodiesel [6]. Group 4: U.S. Soybean Oil Demand - The EPA's new renewable fuel standards will significantly boost the demand for soybean oil, with projections indicating a 60% increase in biodiesel and renewable diesel quotas compared to 2025 [9][10]. - The value of soybean oil used for biofuel production in the U.S. is expected to reach $31 billion by 2026, a $2 billion increase from 2025 [9]. Group 5: Market Sentiment and Investor Behavior - The price of soybean oil for May delivery has risen to $0.70 per pound, with a monthly increase of over 10% and a year-to-date increase exceeding 40% [11]. - Investor sentiment towards soybean oil is at its highest in nearly a decade, with net long positions reaching the largest scale since 2016 [11].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The protein meal market: Night trading of soybean and rapeseed meal closed down. Brazil's soybean harvest is progressing, and although it is slower than last year, a bumper harvest is expected. The US soybean planting area is expected to increase due to the high soybean - corn price ratio and rising fertilizer prices. The medium - term domestic supply of protein meal is expected to be loose, suppressing prices [3]. - The oil market: Night trading of oils was strong. The US bio - diesel policy RVO quantity is in line with expectations, and Indonesia plans to implement the B50 bio - diesel policy, which is expected to boost palm oil demand. The oil market is expected to fluctuate at a high level due to the co - existence of fundamental pressure and positive policy expectations [3]. Group 3: Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties are presented, along with their price changes and percentage changes. For example, the soybean oil主力's previous day's closing price was 8668, with a decline of 46 and a decline rate of - 0.53% [2]. - **Spreads and Ratios**: Spreads and ratios such as Y9 - 1, P9 - 1, etc., are provided, along with their current and previous values [2]. International Futures Market - **Prices and Changes**: The previous day's closing prices, price changes, and percentage changes of international futures like BMD palm oil, CBOT soybeans, etc., are given. For instance, BMD palm oil's previous day's closing price was 4666, with an increase of 221 and an increase rate of 4.97% [2]. Domestic Spot Market - **Prices and Changes**: Spot prices and their percentage changes of various products in different regions are shown, including soybean oil, palm oil, etc. For example, the spot price of Tianjin first - grade soybean oil is 8990, with an increase rate of 0.45% [2]. - **Basis and Spreads**: Spot basis and spreads between different products are provided, such as the basis of Tianjin first - grade soybean oil is 322, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is - 630 [2]. Import Profit and Warehouse Receipts - **Import Profit**: Current and previous values of import profit for various imported products like Malaysian palm oil, US soybeans, etc., are presented. For example, the current import profit of near - month Malaysian palm oil is - 495 [2]. - **Warehouse Receipts**: Current and previous values of warehouse receipts for products such as soybean oil, palm oil, etc., are given. For example, the current warehouse receipt of soybean oil is 0, and the previous value was 13,019 [2]. Industry Information - **USDA Report**: The USDA's planting intention report predicts that the US soybean planting area in 2026 will be 84.7 million acres, and the wheat planting area will be 43.775 million acres, which are different from Reuters' expectations [3]. - **Brazilian Exports**: Brazil's March soybean and soybean meal export estimates are slightly lower than last week's forecasts [3]. - **Brazilian Harvest**: As of March 28, Brazil's soybean harvest rate is 74.3%, slower than last year but still expected to be a bumper harvest [3].

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

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For vegetable oils, due to ongoing instability in the Middle East, the implementation of the US biodiesel policy, and Indonesia's clear B50 plan schedule, vegetable oils are expected to follow the trend of crude oil. It is recommended to hold long positions in vegetable oils [1][2]. - For double - meal (soybean meal and rapeseed meal), due to the lower - than - expected US soybean planting area, the short - term support for the main contract of continuous meal is at the 2900 yuan/ton level. Near - month short positions should be gradually closed for profit, and new buying opportunities for far - month contracts should be awaited after adjustment [2][3]. 3. Summary by Related Catalogs 3.1 Vegetable Oils 3.1.1 Market Review - On March 31, palm oil led the rise in the vegetable oil sector. The closing prices of main and sub - main contracts of soybean oil, palm oil, and rapeseed oil all showed varying degrees of decline, with different changes in positions [1]. 3.1.2 Important Information - The US EPA requires the production and use of biodiesel and renewable diesel to increase by over 60% compared to 2025, and raises the proportion of the fuel quota for large refineries from 50% to 70% [1]. - Indonesia will implement a fuel rationing system, transfer the national institutional budget to "productive" uses, and implement the B50 biodiesel policy from July 1 [1]. - US NYMEX crude oil futures closed lower on Tuesday. The May crude oil futures contract fell $1.5, with a settlement price of $101.38 per barrel [1]. - From March 1 - 20, 2026, Malaysia's palm oil production increased by 0.92% month - on - month, with different trends in different regions [1]. - Brazil's Abiove suggests increasing the proportion of biodiesel in regular diesel, while the energy minister calls for more tests [1]. - The US CPC predicts that La Nina will turn into ENSO neutral in the next month, and El Nino may form from June - August 2026 and last until the end of the year [1]. - Malaysia's palm oil exports from March 1 - 25 increased by 38.4% compared to the same period last month, with an increase in exports to China [1][2]. - As of the 13th weekend of 2026, the total inventory of three major domestic edible oils increased by 0.36% week - on - week and decreased by 5.92% year - on - year, with different trends in each type of oil [2]. 3.1.3 Market Logic - Externally, due to instability in the Middle East and the implementation of the US biodiesel policy, the US soybean oil futures are oscillating strongly at a high level. Indonesia's B50 plan tightens the future export expectation of palm oil. Vegetable oils mainly follow the trend of crude oil, and long positions in vegetable oils should be continued to hold [2]. 3.1.4 Trading Strategy - Hold long positions in vegetable oils. Provide pressure and support levels for different contracts of soybean oil, palm oil, and rapeseed oil [2]. 3.2 Double - Meal (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review - On March 31, the spot market was weak, and double - meal continued to decline. The closing prices of main and sub - main contracts of soybean meal and rapeseed meal all showed varying degrees of decline, with different changes in positions [2]. 3.2.2 Important Information - The US Department of Agriculture's planting intention report shows that the estimated soybean planting area in the US in 2026 is 84.7 million acres, higher than last year but lower than analysts' expectations [2]. - As of March 27, Brazil's 2025/26 soybean harvest progress was 72.99%, lower than last year but close to the five - year average [2]. - Brazil's March soybean and soybean meal export volume forecasts are both lower than last week's forecasts [3]. - As of the 13th weekend of 2026, domestic import soybean inventory increased, while domestic soybean meal contract volume decreased. Imported rapeseed inventory and imported rapeseed meal contract volume both decreased [3]. - Provide spot prices, basis prices, and trading volumes of soybean meal and rapeseed meal as of March 31, as well as soybean crushing profits and soybean and rapeseed arrival costs [3]. 3.2.3 Market Logic - Externally, the US soybean futures closed higher due to the lower - than - expected planting area. The short - term support for the main contract of continuous meal is at the 2900 yuan/ton level. In the spot market, the price of soybean meal is expected to move down with the market, and short - term caution is advised for rapeseed meal. Near - month short positions should be gradually closed for profit, and new buying opportunities for far - month contracts should be awaited after adjustment [2][3]. 3.2.4 Trading Strategy - Gradually close near - month short positions in double - meal and wait for new buying points for far - month contracts after adjustment. Provide pressure and support levels for different contracts of soybean meal and rapeseed meal [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Palm oil shows a short - term strong performance due to B50 news stimulation [1] - Soybean oil is boosted by the sentiment of the soybean sector as the sown area is lower than expected [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) is 9,866 yuan/ton with a decline of 0.64%, and (night session) is 10,094 yuan/ton with an increase of 2.31%. Trading volume is 587,524 lots with an increase of 86,323 lots, and open interest is 245,751 lots with a decrease of 34,398 lots [2] - Soybean oil主力: Closing price (day session) is 8,668 yuan/ton with a decline of 0.53%, and (night session) is 8,768 yuan/ton with an increase of 1.15%. Trading volume is 272,706 lots with a decrease of 25,494 lots, and open interest is 464,075 lots with a decrease of 34,825 lots [2] - Rapeseed oil主力: Closing price (day session) is 9,884 yuan/ton with a decline of 0.07%, and (night session) is 9,951 yuan/ton with an increase of 0.68%. Trading volume is 201,426 lots with a decrease of 6,379 lots, and open interest is 195,830 lots with a decrease of 3,815 lots [2] - Malaysian palm oil主力: Closing price is 4,829 ringgit/ton with an increase of 1.19% (day session), and 4,903 ringgit/ton with an increase of 1.55% (night session) [2] - CBOT soybean oil主力: Closing price is 68.97 cents/pound with an increase of 0.73% [2] - **Spot Price Data**: - 24 - degree palm oil in Guangdong: Spot price is 9,930 yuan/ton with an increase of 150 yuan/ton [2] - First - grade soybean oil in Guangdong: Spot price is 9,150 yuan/ton with an increase of 130 yuan/ton [2] - Fourth - grade imported rapeseed oil in Guangxi: Spot price is 10,220 yuan/ton with an increase of 70 yuan/ton [2] - Malaysian palm oil FOB offshore price (continuous contract): Spot price is 1,215 dollars/ton with an increase of 25 dollars/ton [2] - **Basis Data**: - Palm oil (Guangdong): Basis is 64 yuan/ton [2] - Soybean oil (Guangdong): Basis is 482 yuan/ton [2] - Rapeseed oil (Guangxi): Basis is 336 yuan/ton [2] - **Spread Data**: - Rapeseed - palm oil futures main contract spread: 18 yuan/ton (previous trading day), - 39 yuan/ton (two trading days ago) [2] - Soybean - palm oil futures main contract spread: - 1,198 yuan/ton (previous trading day), - 1,216 yuan/ton (two trading days ago) [2] - Palm oil 5 - 9 spread: - 22 yuan/ton (previous trading day), 30 yuan/ton (two trading days ago) [2] - Soybean oil 5 - 9 spread: 40 yuan/ton (both previous trading day and two trading days ago) [2] - Rapeseed oil 5 - 9 spread: 93 yuan/ton (previous trading day), 98 yuan/ton (two trading days ago) [2] 3.2 Macro and Industry News - Indonesia will implement a fuel procurement rationing system starting from July 1, 2026, and will implement the B50 biofuel policy [3] - The 2026 US soybean planting area is 84.7 million acres, lower than the Reuters' expectation of 85.549 million acres; the US corn planting area is 95.338 million acres, higher than the Reuters' expectation of 94.371 million acres [4][5] - As of March 1, 2026, the total inventory of US old - crop soybeans is 2.1 billion bushels, a year - on - year increase of 10%. The farm inventory is 900 million bushels, a year - on - year increase of 3%; the non - farm inventory is 1.2 billion bushels, a year - on - year increase of 16%. The soybean consumption from December 2025 to February 2026 is 1.18 billion bushels, a year - on - year decrease of 1% [5] - Analysts predict that the US soybean processors' soybean crushing volume in February 2026 may reach 6.43 million short tons (214.3 million bushels). If the average prediction of eight analysts is accurate, the crushing volume in that month will decrease by 5.9% compared with January and increase by 13.1% compared with February 2025. The average daily crushing volume in February will reach 7.654 million bushels, a record high. As of February 28, 2026, the US soybean oil inventory is expected to be 2.626 billion pounds, an 8.0% increase from the end of January and a 36.5% increase from the end of February 2025 [6] - As of the week of March 27, 2026, the US soybean crushing profit is 4.35 dollars/bushel, a 5.8% increase from the previous week, reaching the highest level since the week of October 27, 2023. The average crushing profit in 2025 is 2.46 dollars/bushel, higher than 2.44 dollars/bushel in 2024. The 48% protein soybean meal spot price of soybean processing plants in Illinois is 332.10 dollars/short ton, equivalent to 7.72 dollars/bushel. The truck - quoted price of crude soybean oil in Iowa is 67.35 cents/pound, equivalent to 7.95 dollars/bushel. The average price of No. 1 yellow soybeans is 11.56 dollars/bushel, up from 11.49 dollars/bushel a week ago [7] - Brazil's soybean export volume in March 2026 is estimated to be 15.86 million tons, slightly lower than last week's forecast of 15.87 million tons; the soybean meal export volume is estimated to be 2.24 million tons, lower than last week's forecast of 2.44 million tons [7] - In February 2026, Canada's rapeseed crushing volume is 951,353 tons, a 9.69% decrease from the previous month and a 7.79% increase from the same period last year. The rapeseed oil production is 408,564 tons, a 9.04% decrease from the previous month and a 9.41% increase from the same period last year. The rapeseed meal production is 548,424 tons, an 11.3% decrease from the previous month and a 5.75% increase from the same period last year. The cumulative rapeseed crushing volume in the 2025/26 season is 7.06655 million tons, the rapeseed oil production is 2.999801 million tons, and the rapeseed meal production is 4.131511 million tons [8] 3.3 Trend Intensity - Palm oil trend intensity: 1; Soybean oil trend intensity: 0 [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market is affected by the geopolitical situation between the US and Iran. The conflict has led to significant fluctuations in commodity prices, and the market is in a state of high uncertainty. The end - conflict signals released by both sides have a certain impact on market sentiment, but the actual supply and demand fundamentals also play important roles in price trends [2][9][93]. - Different industries have different supply - demand situations. For example, in the metals industry, some metals are affected by supply disruptions in the Middle East, while others are influenced by changes in domestic production and demand. In the agricultural products industry, factors such as planting area, harvest progress, and downstream demand affect prices. In the energy - chemical industry, the conflict in the Middle East has a significant impact on the supply and cost of raw materials [24][70][93]. 3. Summary According to the Catalog 3.1 Daily Selections - **Tin**: With the US and Iran expressing the willingness to end the conflict, market risk appetite has recovered, and tin prices are expected to be strong in the short term. Supply has improved significantly, and demand is gradually recovering. It is recommended to buy long positions [2][35]. - **Soda Ash**: Cost support has weakened, and soda ash is oscillating downward. The short - term supply - demand pattern is supply - strong and demand - weak, but the downward space is expected to be limited, with the SA605 contract referring to the range of 1150 - 1250 [3][117]. - **Rebar**: Raw materials are strong, supporting the steel price center. The supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [4][53]. - **Live Pigs**: Spot support is limited, and capacity pressure suppresses the far - month contracts. The short - term price may be boosted by second - fattening sentiment, but there is a possibility of further decline [5][74]. 3.2 Macro - finance - **Stock Index Futures**: The Asia - Pacific market is down, and the Q2 style tends to focus on fundamental verification. It is recommended to wait and see [6][8]. - **Precious Metals**: The leaders of the US and Iran have expressed the will to end the war, the US dollar has fallen, and precious metals have rebounded significantly. In the short term, gold may have a technical repair, and silver may also have a band - trading opportunity. Platinum and palladium are in a state of shock and consolidation [9][12]. 3.3 Non - ferrous Metals - **Copper**: Iran's intention to end the war has led to a rebound in copper prices. The supply - demand fundamentals have improved slightly, and the medium - and long - term copper supply - demand contradiction logic has not changed significantly. It is recommended to wait and see, with the main contract focusing on the pressure at 97000 - 98000 [14][18]. - **Alumina**: Warehouse receipts are continuously accumulating, and the market is running weakly. The industry is in a state of over - capacity, and the price is expected to fluctuate around the cost line. It is recommended to maintain a short - selling strategy at high prices [19][21]. - **Aluminum**: The expectation of production cuts in the Middle East is fermenting, and the price is hitting the 25000 mark. The short - term core operating range is expected to be 24000 - 26000, and long positions are recommended to be held [22][24]. - **Aluminum Alloy**: The price is strongly supported by the price of primary aluminum, and the upward and downward spaces are limited. The short - term price operating range is expected to be 23000 - 24500 [25][26]. - **Zinc**: Zinc prices have rebounded, and spot transactions are average. The supply - demand cycle is weak, and the smelting cost will support the zinc price. It is recommended to take a low - buying strategy on dips [27][30]. - **Tin**: Similar to the analysis in the daily selection, tin prices are expected to be strong in the short term, and it is recommended to buy long positions [31][35]. - **Nickel**: The market is oscillating, and the Indonesian export tax policy is still uncertain. The main contract is expected to operate in the range of 134000 - 140000 [36][38]. - **Stainless Steel**: Cost support is strengthening, and the market is maintaining a strong - oscillating trend. The main contract is expected to operate in the range of 14200 - 14800, and a mid - term low - buying strategy is recommended [38][41]. - **Lithium Carbonate**: Supply expectations are uncertain, and the market has fallen significantly. The short - term market may adjust, and it is recommended to wait and see and conduct short - term range operations [42][45]. - **Polysilicon**: The market is oversupplied, and the futures are oscillating downward. It is recommended to wait and see [46][47]. - **Industrial Silicon**: Production control has not been achieved, and the futures are falling. It is expected to oscillate in the range of 8000 - 9000, and strategies such as short - selling at high prices or long - buying at low prices can be considered [48][51]. 3.4 Ferrous Metals - **Steel**: Raw material prices support the steel price center. Supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [52][53]. - **Iron Ore**: Short - term shipments have declined, and the supply - demand pattern has improved. The main contract is expected to oscillate at a high level in the range of 780 - 830 [54][56]. - **Coking Coal**: Auction transactions have declined, and the market is affected by geopolitical risks. It is recommended to wait and see, with the 2605 contract referring to the range of 1050 - 1250 [57][59]. - **Coke**: The spot price increase is about to be implemented, and the market is following the trend of coking coal. It is recommended to wait and see, with the 2605 contract referring to the range of 1600 - 1800 [60][63]. - **Silicon Iron**: It is necessary to pay attention to the change in settlement electricity prices, and the market is in a tight - balance state. It is recommended to conduct range operations in the range of 5800 - 6200 [64][65]. - **Manganese Silicon**: Production cuts have been implemented, and the cost support of manganese ore may weaken. It is expected to oscillate strongly in the range of 5700 - 6800 [67][69]. 3.5 Agricultural Products - **Meal**: The US soybean planting intention has been slightly increased, and the domestic soybean meal spot market is pessimistic. The future supply pressure will increase, and the soybean meal lacks effective support [70][72]. - **Live Pigs**: Similar to the analysis in the daily selection, spot support is limited, and capacity pressure suppresses the far - month contracts [73][74]. - **Corn**: The bottom support is strong, and the decline is limited. It is necessary to pay attention to the subsequent policy release [75][77]. - **Sugar**: The spot trading is average, and the market is maintaining a high - level oscillation. It is recommended to wait and see in the short term [78][80]. - **Cotton**: The USDA report shows an increase in the US cotton planting area, and domestic downstream enterprises are cautious in restocking. It is necessary to focus on the actual orders of downstream enterprises, the change in the new - season planting area, and the weather in the main production areas [80][82]. - **Eggs**: Terminal sales are slow, and egg prices are generally falling. It is expected to maintain a low - level oscillation and a weak trend [83][84]. - **Oils**: Indonesia's plan to promote B50 in July has boosted the oil market. Palm oil may rise in the short term, soybean oil is affected by the increase in US soybean planting area, and rapeseed oil is following the international oil market and maintaining a wide - range oscillation [85][87]. - **Jujubes**: The supply - demand pattern is loose, and the price is expected to oscillate and fall to build a bottom. It is expected to fluctuate in the range of 8500 - 9500 [88][89]. - **Apples**: The Tomb - sweeping Festival stocking is less than expected, and the price is continuing to weaken. The 05 contract is supported by low inventory, and the 10 contract is affected by the weather expectation of the new - season flowering period [90][91]. 3.6 Energy - Chemicals - **Crude Oil**: The US and Iran have sent signals to cool down the conflict, and oil prices are running weakly. The short - term may be in a weak - oscillation pattern, but the supply shortage still exists, and it is necessary to pay attention to the negotiation progress and the navigation situation of the Bab el - Mandeb Strait [92][93]. - **PX**: Affected by the geopolitical situation, PX is oscillating at a high level. The short - term supply and demand are weak, but the overall supply - demand in April is expected to be tight, and it is recommended to wait and see [94][95]. - **PTA**: Similar to PX, it is oscillating at a high level. The 4 - month inventory is expected to accumulate, and the demand may drag down the raw materials. It is recommended to pay attention to the oil price trend [96][97]. - **Short - fiber**: It has limited self - driving force and follows the raw materials. It is recommended to pay attention to the restoration of the passage of the Strait of Hormuz and the cost transmission of downstream products [98]. - **Bottle - grade PET**: The supply is expected to be tight in April, and the processing fee is expected to be strong. It is recommended to take the same strategy as PTA [99][101]. - **Ethylene Glycol**: The supply will decrease significantly in the second quarter, and the inventory will be significantly reduced. It still has the potential to rise, but attention should be paid to the risk of a decline after a rise [102]. - **Pure Benzene**: It is oscillating at a high level following the oil price. The supply is expected to decrease, and the supply - demand is expected to improve. It is recommended to wait and see [103]. - **Styrene**: Similar to pure benzene, it is oscillating at a high level following the oil price. The supply - demand has weakened, but it is still relatively tight. It is recommended to take the same strategy as pure benzene [104][105]. - **LLDPE**: The market is falling, and the basis is strengthening. The supply is expected to shrink, and the price has support at the bottom. It is expected to oscillate in a wide range [106]. - **PP**: Upstream production cuts are increasing, and the 05 contract has significantly reduced inventory. It is recommended to go long on the 09 contract on dips [107]. - **Methanol**: The market shows a near - strong and far - weak pattern. It is recommended to reduce long positions [108]. - **Caustic Soda**: The export expectation has been fulfilled, and the market has returned to the fundamentals. It is expected to oscillate weakly in the short term [109][110]. - **PVC**: The chemical market sentiment has subsided, and the price is adjusting. The short - term may be weakly adjusted, and attention should be paid to the geopolitical situation and the actual production suspension rhythm of the devices [111][112]. - **Urea**: There is no strong unilateral driving force, and the price is running in a range. It is recommended to pay attention to the downstream demand and policy dynamics, with the main contract referring to the range of 1830 - 1900 [113]. - **Soda Ash**: Cost support has weakened, and it is oscillating downward. It is recommended to hold short positions [114][117]. - **Glass**: Cost support has weakened, and it is approaching the previous low. It is recommended to hold short positions [114][118]. - **Natural Rubber**: The US and Iran have released signals to end the conflict, and rubber prices are rising. It is recommended to wait and see, with the operating range expected to be 16000 - 17500 [119][121]. - **Synthetic Rubber**: The situation in the Middle East is fluctuating, and BR is oscillating at a high level. It still has the potential to rise before the oil transportation in the Middle East is restored, but attention should be paid to the risk of a decline after a rise [121][123]. 3.7 Container Shipping to Europe - The off - season cargo - collection is under pressure, and the overall market is weakly oscillating. The 04 contract is oscillating widely around the spot price center, and the 06 contract is expected to oscillate widely following the geopolitical situation. It is recommended to operate in the range and pay attention to risks [123][125].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not explicitly stated in the provided content Summary by Categories Black Series - For silicon iron (SF603), the futures price is 5978, the basis is 104, the spot price is 5874, the basis rate is 1.80%, and the historical quantile of the basis rate is 71.50% [1] - For silicon manganese (SM603), the futures price is 6600, the basis is 156, the spot price is 6444, the basis rate is 2.40%, and the historical quantile of the basis rate is 57.30% [1] - For rebar (RB2605), the futures price is 3121, the basis is 99, the spot price is 3220, the basis rate is 3.20%, and the historical quantile of the basis rate is 47.10% [1] - For hot - rolled coil (HC2605), the futures price is 3280, the basis is - 14, the spot price is 3294, the basis rate is - 0.40%, and the historical quantile of the basis rate is 13.60% [1] - For iron ore (I2605), the futures price is 808, the basis is 28, the spot price is 836, the basis rate is 3.40%, and the historical quantile of the basis rate is 23.50% [1] - For coke (J2605), the futures price is 1702, the basis is 54, the spot price is 1756, the basis rate is 3.20%, and the historical quantile of the basis rate is 86.80% [1] - For main coking coal (S1.3 G75, Mongolian No.5) at Shaheyi, the futures price is 1149, the basis is 130, the spot price is 1278, the basis rate is 11.30%, and the historical quantile of the basis rate is 61.60% [1] Non - ferrous Metals - For copper (CU2605), the futures price is 95340, the basis is 260, the spot price is 95600, the basis rate is 0.27%, and the historical quantile of the basis rate is 77.70% [1] - For aluminum (AL2605), the futures price is 24610, the basis is - 265, the spot price is 24875, the basis rate is - 1.07%, and the historical quantile of the basis rate is 8.10% [1] - For alumina (AO2605), the futures price is 2788, the basis is - 39, the spot price is 2827, the basis rate is - 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For zinc (ZN2605), the futures price is 23480, the basis is - 120, the spot price is 23360, the basis rate is - 0.51%, and the historical quantile of the basis rate is 32.50% [1] - For tin (SN2605), the futures price is 368000, the basis is 3550, the spot price is 371550, the basis rate is 0.96%, and the historical quantile of the basis rate is 91.90% [1] - For nickel (NI2605), the futures price is 135000, the basis is 220, the spot price is 134780, the basis rate is 0.16%, and the historical quantile of the basis rate is 65.80% [1] - For stainless steel (SS2605), the futures price is 14160, the basis is 410, the spot price is 14400, the basis rate is 2.90%, and the historical quantile of the basis rate is 70.60% [1] - For lithium carbonate (LC2605), the futures price is 157200, the basis is 5800, the spot price is 163000, the basis rate is 3.69%, and the historical quantile of the basis rate is 97.80% [1] - For industrial silicon (SI2605), the futures price is 8322, the basis is 795, the spot price is 9150, the basis rate is 9.52%, and the historical quantile of the basis rate is 53.80% [1] Precious Metals - For gold (AU2606), the futures price is 1015.7, the basis is - 4.4, the spot price is 1020.10, the basis rate is - 0.43%, and the historical quantile of the basis rate is 9.30% [1] - For silver (AG2606), the futures price is 18031.0, the basis is - 95.0, the spot price is 18126.0, the basis rate is - 0.52%, and the historical quantile of the basis rate is 7.00% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2915, the basis is 205, the spot price is 3120, the basis rate is 7.03%, and the historical quantile of the basis rate is 61.90% [1] - For soybean oil (Y2605), the futures price is 8668, the basis is 262, the spot price is 8930, the basis rate is 3.02%, and the historical quantile of the basis rate is 55.40% [1] - For palm oil (P2605), the futures price is 9866, the basis is - 46, the spot price is 9820, the basis rate is - 0.47%, and the historical quantile of the basis rate is 13.30% [1] - For rapeseed meal (RM605), the futures price is 2299, the basis is 11, the spot price is 2310, the basis rate is 0.48%, and the historical quantile of the basis rate is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9884, the basis is 516, the spot price is 10400, the basis rate is 5.22%, and the historical quantile of the basis rate is 91.70% [1] - For corn (C2605), the futures price is 2351, the basis is 29, the spot price is 2380, the basis rate is 1.23%, and the historical quantile of the basis rate is 49.00% [1] - For corn starch (CS2605), the futures price is 2745, the basis is 155, the spot price is 2900, the basis rate is 5.65%, and the historical quantile of the basis rate is 76.90% [1] - For live pigs (LH2605), the futures price is 9770, the basis is - 420, the spot price is 10190, the basis rate is - 4.30%, and the historical quantile of the basis rate is 28.10% [1] - For eggs (D2605), the futures price is 3400, the basis is - 40, the spot price is 3440, the basis rate is - 1.16%, and the historical quantile of the basis rate is 36.40% [1] - For cotton, the futures price is 15295, the basis is 1352, the spot price is 16650, the basis rate is 8.86%, and the historical quantile of the basis rate is 91.00% [1] - For sugar (SR605), the futures price is 5398, the basis is 62, the spot price is 5460, the basis rate is 1.15%, and the historical quantile of the basis rate is 9.70% [1] - For apples (AP605), the futures price is 9800, the basis is - 26, the spot price is 9826, the basis rate is - 0.26%, and the historical quantile of the basis rate is 23.00% [1] - For red dates (CJ605), the futures price is 7900, the basis is - 850, the spot price is 8750, the basis rate is - 9.71%, and the historical quantile of the basis rate is 48.60% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 9700.0, the basis is 268.8, the spot price is 9968.77, the basis rate is 2.77%, and the historical quantile of the basis rate is 92.30% [1] - For PTA (TA605), the futures price is 6684.0, the basis is - 44.0, the spot price is 6640.0, the basis rate is - 0.66%, and the historical quantile of the basis rate is 42.60% [1] - For ethylene glycol (MEG), the futures price is 5218.0, the basis is 147.0, the spot price is 5365.0, the basis rate is 2.82%, and the historical quantile of the basis rate is 94.50% [1] - For ethanol (EG2605), the futures price is 8246.0, the basis is 74.0, the spot price is 8320.0, the basis rate is 0.90%, and the historical quantile of the basis rate is 62.90% [1] - For styrene (EB2605), the futures price is 10597.0, the basis is 158.0, the spot price is 10755.0, the basis rate is 1.49%, and the historical quantile of the basis rate is 60.30% [1] - For methanol (MA605), the futures price is 3229.0, the basis is 116.0, the spot price is 3345.0, the basis rate is 3.59%, and the historical quantile of the basis rate is 84.10% [1] - For urea (UR605), the futures price is 1874.0, the basis is 26.0, the spot price is 1900.0, the basis rate is 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For LLDPE (L2605), the futures price is 8614.0, the basis is 86.0, the spot price is 8700.0, the basis rate is 1.00%, and the historical quantile of the basis rate is 52.90% [1] - For PP (PP2605), the futures price is 9103.0, the basis is 172.0, the spot price is 9275.0, the basis rate is 1.89%, and the historical quantile of the basis rate is 72.50% [1] - For PVC (V2605), the futures price is 5353.0, the basis is - 133.0, the spot price is 5220.0, the basis rate is - 2.48%, and the historical quantile of the basis rate is 45.10% [1] - For caustic soda (SH605), the futures price is 2340.0, the basis is - 36.9, the spot price is 2303.1, the basis rate is - 1.58%, and the historical quantile of the basis rate is 41.10% [1] - For LPG (PG2605), the futures price is 6339.0, the basis is 1009.0, the spot price is 7348.0, the basis rate is 15.92%, and the historical quantile of the basis rate is 95.50% [1] - For asphalt (BU2606), the futures price is 4512.0, the basis is - 92.0, the spot price is 4420.0, the basis rate is - 2.04%, and the historical quantile of the basis rate is 32.80% [1] - For butadiene rubber (BR2605), the futures price is 17350.0, the basis is 1150.0, the spot price is 18500.0, the basis rate is 6.63%, and the historical quantile of the basis rate is 99.50% [1] - For glass (FG605), the futures price is 1019.0, the basis is - 67.0, the spot price is 952.0, the basis rate is - 7.04%, and the historical quantile of the basis rate is 56.09% [1] - For soda ash (SA605), the futures price is 1177.0, the basis is - 20.0, the spot price is 1157.0, the basis rate is - 1.73%, and the historical quantile of the basis rate is 46.84% [1] - For pure benzene (BZ2605), the futures price is 8790.0, the basis is 150.0, the spot price is 8940.0, the basis rate is 1.71%, and the historical quantile of the basis rate is 98.80% [1] - For propylene (PL2605), the futures price is 8795.0, the basis is - 45.0, the spot price is 8750.0, the basis rate is - 0.51%, and the historical quantile of the basis rate is 36.90% [1] - For bottle chips (PR2605), the futures price is 8525.0, the basis is 335.0, the spot price is 8190.0, the basis rate is 4.09%, and the historical quantile of the basis rate is 98.50% [1] - For natural rubber (RU2605), the futures price is 16345.0, the basis is - 45.0, the spot price is 16300.0, the basis rate is - 0.28%, and the historical quantile of the basis rate is 90.35% [1] Financial Assets - For IF2606.CFE, the futures price is 4450.0493, the basis is - 74.2493, the spot price is 4375.8, the basis rate is - 1.70%, and the historical quantile of the basis rate is 2.50% [1] - For IH2606.CFE, the futures price is 2837.3064, the basis is - 22.9064, the spot price is 2814.4, the basis rate is - 0.81%, and the historical quantile of the basis rate is 5.70% [1] - For IC2606.CFE, the futures price is 7753.7234, the basis is - 193.1234, the spot price is 7560.6, the basis rate is - 2.55%, and the historical quantile of the basis rate is 0.30% [1] - For IM2606.CFE, the futures price is 7619.8503, the basis is - 240.4503, the spot price is 7379.4, the basis rate

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term price of soybean meal futures may stop falling and rebound following the US soybean futures price, and the market focus will shift to the spring sowing weather theme [5]. - The short - term price of palm oil futures will follow the external market to strengthen, but its trend is weaker than that of the international market [7]. 3. Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term: stop falling and rebound; Medium - term: oscillate; Intraday: oscillate strongly [5][6]. - **Core Logic**: On March 31, the USDA report showed that the estimated soybean planting area in the US in 2026 was 84.7 million acres, higher than last year's 81.215 million acres but lower than the analysts' average expectation of 85.549 million acres, which drove speculative funds to enter the market to go long. The quarterly inventory report showed that the US soybean inventory on March 1 was 2.105 billion bushels, higher than the same period last year and market expectations, indicating an overall abundant supply. The lower - than - expected planting area and cost structure changes support the short - term strengthening of US soybeans, but high inventory and the global supply - abundant pattern limit the upside space. The US soybean futures price oscillating strongly provides import cost support for the domestic soybean market [5]. Palm Oil (P) - **Price Trend**: Short - term: follow the external market to strengthen; Medium - term: oscillate; Intraday: oscillate strongly [7]. - **Core Logic**: Geopolitical risks have pushed up crude oil prices, providing cost support and financial attribute premium for palm oil. The expectation of Indonesia's B50 policy and the optimistic outlook of the US Renewable Fuel Standard constitute long - term demand benefits, boosting market sentiment. However, the domestic fundamentals form a significant drag. Although the arrival volume of palm oil has decreased, its commercial inventory has reached a record high in the same period. High spot prices have suppressed the demand of terminal catering and food processing, and market transactions have been light [7].