1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn: On Thursday, corn prices fluctuated and consolidated. The May contract decreased with reduced positions. The game between macro and policy continued, and the futures price showed an oscillating performance. The overall short - term supply - demand pattern is balanced, with small price fluctuations. The view is oscillating and weak. Short - term participation is recommended under the game between policy and macro factors [1]. - Soybean Meal: On Thursday, CBOT soybeans rose as the market awaited a possible biofuel announcement and closely monitored the Middle East situation and the US soybean demand outlook. However, the uncertainty of US soybean exports limited the increase. The domestic protein meal oscillated higher, with a near - weak and far - strong pattern. The spot price of live pigs continued to decline, and the expectation of accelerated reduction of breeding capacity increased, which was unfavorable for soybean meal consumption. The spot trading of soybean meal was sluggish. Short - term participation is recommended [1]. - Oils: On Thursday, BMD palm oil rose after two consecutive days of decline. The strengthening of crude oil prices, the rise of US soybean oil, and strong export data supported the market. High - frequency data showed that the export of Malaysian palm oil from March 1 - 25 increased by 38.4% - 50.6% month - on - month. The domestic oil market followed the upward trend, with rising import costs as the main theme. The spot market remained dull, and end - users were cautious. The domestic oil market reshaped the oscillation range, and short - term participation is recommended [1]. - Eggs: On Thursday, the egg futures rebounded. The main 2605 contract oscillated upward during the session, closing up 2.99% at 3512 yuan/500 kilograms. The short - term terminal demand was stable, and the egg price was stable. Currently, supply still exerts pressure on the egg price, but the egg futures price has a higher bottom supported by the cost. Short - term trading is recommended, and continuous attention should be paid to the inventory data released by Zhuochuang next week and the impact of surrounding commodity prices on the egg price [2]. - Live Pigs: On Thursday, the live pig futures declined. The main 2605 contract closed down 1.45% at 9835 yuan/ton. Most breeding farms still faced certain resistance in selling, and the market transaction center moved down. Before the supply pressure is effectively alleviated, the live pig price is likely to continue the weak pattern. According to the exchange's position - limit system, on April 1, the position limit of the 2605 contract will be reduced to 50 lots. Attention should be paid to trading opportunities in far - month contracts and the impact of feed costs and surrounding commodity prices on the pig price [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - Military situation: Israel Defense Forces' military spokesman said that military operations against Iran would last at least three more weeks, and there were still thousands of targets to be attacked. The Pentagon is considering sending more warships to the Middle East to escort oil tankers passing through the Strait of Hormuz [3]. - Monetary data: At the end of February, the broad money (M2) balance was 349.22 trillion yuan, a year - on - year increase of 9% [3]. - Regulatory meeting: On March 13, China Securities Regulatory Commission's Party Committee expanded meeting pointed out that in 2026, bottom - line thinking should be strengthened, and the linkage monitoring and supervision of domestic and foreign, futures and spot markets should be enhanced [3]. - Iron ore inventory: The total inventory of imported iron ore at 45 ports in China was 17187.52 tons, a month - on - month increase of 69.66 tons; the daily average port clearance volume was 317.90 tons, an increase of 6.82 tons; the number of ships at ports was 110, a decrease of 2 [3]. - Iron ore price: The rebound of iron ore price at the end of February was more of emotional and technical repair, lacking support from supply - demand fundamentals [3]. - Oil license: The US Treasury issued a 30 - day license allowing countries to purchase Russian oil and oil products stranded at sea [3]. - Fertilizer reserve: To ensure the concentrated fertilizer demand during the spring plowing, relevant national departments decided to organize the early release of the 2025/2026 national fertilizer commercial reserve (nitrogen, phosphorus, and compound fertilizers) [4]. - Fertilizer price: After the US - Israel attack on Iran, the international fertilizer supply chain was significantly impacted. The price of the urea main futures contract on the Chicago Mercantile Exchange rose by more than 20% compared with before the attack on February 28 [5]. - Oil export: Iraq's oil ministry is ready to resume exports through the Ceyhan pipeline, with a daily export volume of no more than 300,000 barrels. The Natural Resources Ministry of the Kurdish region currently refuses to resume oil exports [5]. - Aluminum production: Due to the near - stagnation of transportation in the Strait of Hormuz, Bahrain Aluminium has started phased production cuts to reserve raw materials [5]. - Methanol inventory: As of March 12, the methanol inventory at East China ports was 54.80 tons, a month - on - month decrease of 7.2 tons compared with March 5 [5]. 3.2 Variety Spread - Contract spread: The report presents the 5 - 9 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [12][9][10]. - Contract basis: The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs [18][19][21][23]. 3.3 Research Team - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times' best futures analyst selection for many consecutive years. She led the team to win the title of the top ten research and investment teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [25]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures experience. She has won the "Best Agricultural Product Analyst" title for many consecutive years. Her team won the title of the most potential agricultural product futures R & D team of the Dalian Commodity Exchange in 2013, the top ten R & D teams of the Dalian Commodity Exchange in 2019, and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [25]. - Kong Hailan, an economics master, is currently a researcher in the egg and live pig industries at Everbright Futures Research Institute. Her team won the title of the top ten R & D teams of the Dalian Commodity Exchange in 2019 and the special prize of the "Sailing in the Futures Sea" college student practice competition of the Dalian Commodity Exchange in 2023 [25].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - **Corn**: The price of corn futures stopped falling and rose on Tuesday due to the increase in soybean prices. Before the Spring Festival, the trading activity in the corn market was low, with prices remaining stable in the Northeast. The price of corn in the selling area adjusted slightly. Before the Spring Festival, the corn price will maintain a narrow - range shock pattern, with a low possibility of significant fluctuations. The view is "oscillating weakly" [1]. - **Soybean Meal**: On Tuesday, CBOT soybeans closed higher, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil after the US - India agreement. In the domestic market, soybean meal was mainly oscillating, with light trading. The view is "oscillating" [1]. - **Oils and Fats**: On Tuesday, BMD palm oil fell, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The view is "oscillating" [1]. - **Eggs**: On Tuesday, egg futures oscillated. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. The view is "oscillating" [1]. - **Pigs**: On Tuesday, hog futures continued to be weak. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. The view is "oscillating" [1][2] 3. Summary by Relevant Catalogs Research Viewpoints - **Corn**: Affected by the rise in soybean prices, the corn futures price stopped falling and rose on Tuesday. Before the Spring Festival, the 3 - month contract positions were transferred to the 5 - month contract. The spot market was waiting for the guidance of the futures market. The trading in the Northeast corn market was basically over, and the price was stable. The deep - processing enterprises in the Northeast stopped purchasing during the Spring Festival. The price in the selling area adjusted slightly, and downstream feed enterprises were cautious. The price will maintain a narrow - range shock before the Spring Festival [1]. - **Soybean Meal**: CBOT soybeans closed higher on Tuesday, and soybean oil futures reached a new high. The February supply - demand report was bearish, but the market was optimistic about the demand for US soybean oil. In the domestic market, the import cost increased, but the supply was sufficient, and the inventory pressure increased. The strategy is to participate in the short - term and exit the 5 - 9 reverse spread [1]. - **Oils and Fats**: BMD palm oil fell on Tuesday, following the decline in the surrounding market. The MPOB report was bullish, but the high - frequency data showed a decline in palm oil exports in February. In the domestic market, the oils and fats market was divided, with palm oil being weak. The strong rise of precious metals and the improvement of the commodity atmosphere drove up the price of oils and fats, but the loose supply and weak demand limited the increase. The operation should be short - term [1]. - **Eggs**: Egg futures oscillated on Tuesday. The spot price of eggs continued to decline, and the futures price stabilized after falling to a low level. As the spot price declined, if the breeding profit continued to decline, it would be beneficial to the reduction of production capacity. It is recommended to wait and see and pay attention to the changes in the willingness of the breeding end to eliminate and replenish [1]. - **Pigs**: Hog futures continued to be weak on Tuesday. Before the Spring Festival, the supply of hogs was sufficient, and the spot price continued to decline. In the long - term, the trend of hog production capacity reduction remained unchanged. It is necessary to pay attention to the impact of the production capacity reduction progress on the forward contracts [1][2] Market Information - On February 9, the "Agricultural Product Wholesale Price 200 Index" was 129.51, down 0.25 points from last Friday. The "Vegetable Basket" product wholesale price index was 132.33, down 0.29 points from last Friday. As of 14:00 on the day, the average price of pork in the national agricultural product wholesale market was 18.34 yuan/kg, unchanged from last Friday; beef was 66.08 yuan/kg, down 0.6% from last Friday; mutton was 64.51 yuan/kg, up 0.1% from last Friday; eggs were 8.39 yuan/kg, down 1.4% from last Friday; white - striped chicken was 17.18 yuan/kg, down 1.3% from last Friday [3]. - Many soybean crushing plants began to shut down for the Spring Festival holiday from last Friday, and most of them concentrated from the 9th to the 12th, and will resume operation from the 24th to the 26th after the Spring Festival. Feed and breeding enterprises have stocked up in advance, and the market trading is light. Although the开机率 will decline after the plants shut down, the supply of soybean meal will continue to increase due to sufficient soybeans in the plants and limited demand after stocking up, which will make the soybean meal price continue to decline weakly [3]. Variety Spreads - **Contract Spreads**: The report provides charts of 5 - 9 spreads for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [5][7][8][11] - **Contract Basis**: The report provides charts of the basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and hogs, but no specific data analysis is given [14][17][19][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market for various agricultural products is in a state of oscillation. Corn, soybean meal, oils, eggs, and pigs are all expected to show an oscillatory trend [1][2]. - For corn, the market is affected by factors such as the increase in new grain listings and the transition of old - grain prices to new - grain prices. In the short - term, the 11 - month contract is expected to continue to adjust, and in the medium - term, it is judged to be weak due to expected high yields and lower costs [1]. - Regarding soybean meal, the international market has changes in supply and demand expectations, and the domestic market has sufficient spot goods and stable import costs. Without significant driving factors, the price will oscillate, and short - term participation is recommended [1]. - In the case of oils, the international market has a negative impact on prices, but there are also some positive factors such as potential bio - diesel policy changes. The market is currently oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - For eggs, the spot price has a certain increase, but the rebound is limited. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - For pigs, the futures price is oscillating strongly, while the spot price is weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3. Summary by Related Catalogs 3.1 Research Views - **Corn**: The main 2511 contract of corn decreased in position and price on Wednesday. The trading enthusiasm of both long and short sides has cooled. As the listing volume of new corn in western Liaoning increases, the price returns to range fluctuations. The old grain in the Northeast is still strong, and the price in North China is weakly stable. The price in the sales area has a local increase. Technically, the 11 - month contract is expected to continue to adjust in the short - term and be weak in the medium - term [1]. - **Soybean Meal**: CBOT soybeans fell on Wednesday. Analysts expect a decrease in US soybean yield, export, and inventory. The strengthening of US soybean oil is due to potential bio - diesel policy changes. The domestic spot price of soybean meal oscillates, and short - term participation is recommended [1]. - **Oils**: BMD palm oil fell for the second consecutive day due to the decline of related oils and weak exports. The MPOB August supply - demand report is slightly bearish. The domestic oil futures price is weak. The market is oscillating, and strategies such as increasing volatility or selling put options are recommended [1]. - **Eggs**: The main 2510 and 2511 contracts of eggs showed a weak trend on Wednesday. The spot price increased slightly. The future egg price will be affected by the supply side. It is recommended to wait and see and pay attention to changes in the market and supply [1][2]. - **Pigs**: The pig futures price oscillated strongly on Wednesday, while the spot price was weak. The short - term policy boost is limited, and attention should be paid to the impact of market sentiment on futures prices [2]. 3.2 Market Information - Malaysia's sustainable palm oil certification (MSPO) has been recognized by the EU, which helps relevant enterprises comply with EU deforestation regulations [3]. - The export volume of Malaysian palm oil from September 1 - 10 decreased compared with the same period last month, with a decrease of 1.2% - 8.4% according to different survey agencies [3]. - The MPOB August supply - demand report shows that the inventory of Malaysian palm oil increased by 4.18% to 2.2 million tons, the production increased by 2.35% to 1.86 million tons, and the export decreased by 0.29% to 1.32 million tons [3]. - In the 36th week of 2025 (September 1 - 5), the average weekly price of lean - type white - striped pork in 16 provinces and municipalities increased by 2.0% month - on - month, decreased by 29.7% year - on - year, and the decline narrowed by 0.8 percentage points compared with the previous week. The price first rose and then fell during the week [4]. - The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission plan to hold a symposium on pig production capacity regulation on September 16, inviting 25 enterprises to participate [5]. 3.3 Variety Spreads - The report provides charts of contract spreads and contract basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads is provided [6][7][8][12][14][15][16][18][19][25]

Research Views Corn - The corn main contract increased in price with reduced positions on Wednesday. The July contract encountered resistance at the previous high. Spot prices in the Northeast continued to rise by 20 - 40 yuan/ton in the past two days. Deep - processing enterprises in the production area and North China also raised purchase prices. Shandong's deep - processing arrivals remained low, and prices increased by 10 - 20 yuan/ton. Hebei's prices went up by 15 - 30 yuan/ton, while Henan's were basically stable. Prices in the sales area rose widely, but high - price corn had limited transactions, and wheat substitution continued. Technically, short - position holders in the near - month contract reduced their positions, leading to a rapid increase in futures prices. The July contract might face a phased adjustment due to profit - taking [1]. Soybean and Soybean Meal - CBOT soybeans declined on Wednesday. Market participants focused on the favorable weather in the US. The USDA's May estimate of the US 2024/25 soybean ending stocks was 3.51 billion bushels, and for 2025/26 it was 2.98 billion bushels. Globally, the 2025/26 soybean ending stocks were estimated at 1.2454 billion tons. Domestically, protein meal continued to increase with more positions. There were differences between long and short positions. The operation suggestion was to hold long spreads for soybean meal 91 and 15 contracts and maintain a long - only mindset [1]. Oils - BMD palm oil dropped to a two - week low on Wednesday, affected by weak international oil prices and increased May - end inventory. Malaysian palm oil production in May was 177 million tons, 5% higher than expected. High - frequency data showed that exports from June 1 - 10 increased by 8.1% - 32.7% month - on - month, while production decreased by 17.24%. In Canada, canola prices rose due to dry weather, but upcoming precipitation was beneficial for crop growth. International crude oil prices increased by 4%. Domestically, oils were weak, with palm oil falling below 8000 yuan. The operation suggestion was short - term participation and buying September and selling January for soybean oil and palm oil [1][2]. Eggs - The main egg 2508 contract fluctuated at a low level on Wednesday, rising 0.06% to 3515 yuan/500 kilograms, while the 2509 contract continued to decline, falling 0.47%. Spot prices decreased. Terminal demand was weak, and supply was expected to increase before August. It was recommended to wait and see, paying attention to changes in culling intention and feed raw material prices [2]. Pigs - The pig 9 - month contract fluctuated and formed a doji on Wednesday. Spot prices were stable. Due to insufficient terminal demand and farmers' resistance to selling, the market was in a supply - demand game. Technically, it was recommended to focus on the 13500 - yuan support level of the 9 - month contract and maintain a short - term long mindset [2]. Market Information - US President Trump called on the Fed to cut interest rates by 1% after the release of good CPI data [3]. - China and the US reached a framework on implementing the consensus of the leaders' phone call and Geneva talks [3]. - SPPOMA data showed that Malaysian palm oil production from June 1 - 10, 2025 decreased by 17.24% [3]. - EU and UK's 2025/26 rapeseed production was estimated to remain at 20.4 million tons, but there was a drought risk in Poland [3]. - Indonesia was expected to increase palm oil exports to 25 million tons in 2025, with production recovery and stable international demand [4]. Variety Spreads Contract Spreads - Included spreads of contracts like corn 9 - 1, corn starch 9 - 1, etc., but no specific spread data was provided [5][6][8] Contract Basis - Included basis of contracts such as corn, corn starch, etc., but no specific basis data was provided [13][14][18]