Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View On March 31, 2026, the A - share market and various futures markets showed different trends. The A - share market had a collective callback, and futures markets such as coke, coal, and others had their own price movements influenced by factors like supply - demand relationships, international policies, and market sentiment [1]. 3. Summary by Category A. Stock Index Futures - On March 31, A - share market indices fell. The Shanghai Composite Index dropped 0.80% to 3891.86 points, the Shenzhen Component Index fell 1.81% to 13478.06 points, and the ChiNext Index declined 2.70% to 3184.95 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2006.1 billion yuan, an increase of 78.3 billion yuan from the previous day [1]. - The CSI 300 Index was weak on March 31, closing at 4450.05, a decrease of 41.90 from the previous day [2]. B. Coke and Coking Coal - On March 31, the coke weighted index trended weakly, closing at 1737.4, a decrease of 54.0 from the previous day. The coking coal weighted index also trended weakly, closing at 1203.2 yuan, a decrease of 72.7 from the previous day [2][3]. - Coking profit is average, daily production slightly increases, coke inventory slightly rises, and traders' purchasing willingness improves slightly. The supply of carbon elements is sufficient, downstream molten iron slightly increases, and steel profit slightly improves. The coking coal futures price has a large premium over Mongolian coal, and Mongolian coal customs clearance data remains high. Mongolian coal customs clearance volume is 1230 vehicles. Coal mine production has returned to a high - level, weekly production slightly decreases, spot auction transactions are good this week, transaction prices mainly rise, terminal inventory significantly increases, and there is some restocking action. The total coking coal inventory slightly increases, and production - end inventory slightly decreases [4]. C. Zhengzhou Sugar - Due to the failure of the futures price to break through and stabilize at the 16 - cent technical level, it was pressured by technical selling, and the US sugar oscillated and declined on Monday. Affected by the decline of US sugar and the reduction of spot quotes, the short - sellers pressured the Zhengzhou sugar 2605 contract to oscillate and decline on Tuesday. Due to the large short - term decline, affected by the technical aspect, the Zhengzhou sugar 2605 contract oscillated and adjusted slightly higher at night. In the 2026/27 season starting in April, Brazil's sugar export volume may decrease by 14.2% as sugar mills tend to use more sugarcane to produce ethanol due to high energy prices. Brazil's sugar production in the 2026/27 season will drop from 43.5 million tons in the previous season to 40.3 million tons [4]. D. Rubber - Affected by the decline of synthetic rubber, Shanghai rubber oscillated and declined on Tuesday. At night, supported by bargain - hunting buying, Shanghai rubber oscillated and rose. In the first two months of 2026, Thailand's exports of natural rubber (excluding compound rubber) totaled 450,000 tons, a year - on - year decrease of 15%. From January to February, Thailand's exports of mixed rubber were 297,000 tons, a year - on - year increase of 6%. In total, Thailand's exports of natural rubber and mixed rubber in the first two months were 747,000 tons, a year - on - year decrease of 7.4% [4]. E. Soybean Meal - Internationally, on March 31, the CBOT soybean main contract closed at 1172.25 cents per bushel, a gain of 1.17%. The US Department of Agriculture's planting intention report shows that the US soybean planting area in 2026 is expected to be 84.7 million acres, higher than last year's 81.215 million acres but lower than analysts' forecast of 85.549 million acres. Brazil's soybean exports in March are estimated to be 15.86 million tons, slightly lower than the previous forecast, and the short - term export rhythm is stable. Domestically, on March 31, the soybean meal main M2605 contract closed at 2915 yuan per ton, a decline of 0.75%. China has relaxed the weed quarantine standards for Brazilian soybeans, and the customs clearance speed has accelerated. Brazilian soybeans will arrive in large quantities from April to May, and the domestic soybean supply will become more abundant, and the soybean meal inventory is expected to stop falling and rise. It is recommended to focus on the weather in South American main production areas, the geopolitical situation in the Middle East, the rhythm of soybean arrivals, and customs clearance efficiency [6]. F. Live Pigs - On March 31, the live pig main contract LH2605 closed at 9770 yuan per ton, a decline of 2.35%. The inventory of breeding sows remains at a high level, higher than the reasonable regulation target. Coupled with the improvement of production efficiency, the supply of suitable - weight standard pigs continues to increase, and the slaughter volume remains high. The capacity reduction is insufficient, and the supply side remains loose. The demand side has insufficient carrying capacity and cannot effectively support the live pig price. Although some slaughtering enterprises carry out frozen product segmentation and warehousing operations, and there is a small amount of secondary fattening, such demand is limited, and it is difficult to reverse the current market pattern of strong supply and weak demand. It is recommended to focus on the progress of breeding sow reduction, the slaughter rhythm of large - scale pig enterprises, and the recovery of terminal consumption [6]. G. Palm Oil - On March 31, affected by Indonesia's B50 biodiesel plan, the palm oil futures on the Dalian Commodity Exchange once broke through the 10,000 - yuan mark. However, the subsequent upward momentum was insufficient, and the market oscillated and declined with a reduction in positions. By the afternoon close, the palm oil main contract P2605 K - line closed as a negative line with long upper and lower shadows. The highest price on the day was 10082, the lowest price was 9808, and the closing price was 9866, a decrease of 0.64% from the previous trading day. According to the independent inspection agency AmSpec in Malaysia, Malaysia's palm oil exports from March 1 - 31 were 1,607,065 tons, a 56.7% increase from the 1,025,449 tons exported in the same period last month [6]. H. Shanghai Copper - The Shanghai copper main 2605 contract oscillated in a narrow range, closing at 95340 yuan per ton. The opening price was 96100 yuan per ton, the highest was 96240 yuan per ton, the lowest was 95150 yuan per ton, the trading volume was 96,900 lots, and the positions slightly declined. In the spot market, the average price of Yangtze River Non - ferrous 1 copper was 95350 yuan per ton, a decrease of 30 yuan from the previous day, with a premium of 120 - 160 yuan per ton. The price differences in East China, South China, and Central China were all within 50 yuan, and the market transactions were stable. Fundamentally, on the supply side, smelting has production cuts, and the scrap copper policy is liberalized; on the demand side, the "Golden March" peak season is gradually realized, and the power grid, new energy, and other fields support the demand. The inventory of the Shanghai Futures Exchange is decreasing at a low level, and the global inventory is still tight. It is necessary to pay attention to the evolution of the geopolitical situation and the progress of domestic inventory reduction [6]. I. Cotton - On Tuesday night, the Zhengzhou cotton main contract closed at 15510 yuan per ton. The cotton inventory decreased by 15 lots compared with the previous trading day, and downstream textile enterprises purchased as needed and were cautious about price adjustments. The US Department of Agriculture will release the 2026 US cotton planting intention forecast on Tuesday. The current industry average forecast is 9.229 million acres, with a forecast range of 9 - 9.635 million acres. Last year's actual planting area was 9.283 million acres, the US Agricultural Outlook Forum predicted 9.4 million acres, and the US NCC predicted 8.99 million acres [6][7]. J. Iron Ore - On March 31, the iron ore 2605 main contract oscillated and closed down, with a decline of 0.8% and a closing price of 808 yuan. The iron ore shipments in this period declined, the arrival volume continued to increase month - on - month, the port inventory decreased, steel mills maintained the resumption trend, and the molten iron output continued to rise. The short - term iron ore price is in an oscillating trend [8]. K. Asphalt - On March 31, the asphalt 2606 main contract oscillated and declined, with a decline of 1.53% and a closing price of 4512 yuan. The refinery operating rate is at a low level, the supply is tight, the terminal demand starts slowly, the refinery shipments continue to decline month - on - month, and it is in a situation of weak supply and demand. The short - term asphalt price may follow the oil price [8]. L. Logs - The log 2605 main contract opened at 826 on Tuesday, with a minimum of 820, a maximum of 829, and a closing price of 820.5, with a daily reduction of 360 lots. On March 31, the spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 790 yuan per cubic meter, an increase of 10 yuan per cubic meter from the previous day. The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, the same as the previous day. As of March 27, the domestic coniferous log inventory was 2.89 million cubic meters, a year - on - year decrease of 19.69%, hitting a one - month low. It is necessary to pay attention to the spot price, import data, shipping costs, inventory changes, and the support of the macro - expected market sentiment on the price [8][9]. M. Steel - On March 31, rb2605 closed at 3121 yuan per ton, and hc2605 closed at 3294 yuan per ton. In March, as enterprises accelerated the resumption of work and production after the Spring Festival, the supply and demand of the manufacturing industry both rebounded and entered the expansion range. Although the business activity index of the construction industry rose to 49.3% in March, it was still in the contraction range. The number of newly started projects this year decreased year - on - year, and the industry demand recovered slowly. From the perspective of the steel market fundamentals, the supply and demand have gradually recovered since March, but it still faces high inventory pressure. Merchants mainly continue to reduce inventory, and the short - term steel price may oscillate [9]. N. Alumina - On March 31, ao2605 closed at 2827 yuan per ton. Affected by the uncertainty of Guinea's ore policy and the increase in shipping costs due to the Middle East situation, the price of imported ore still has room to rise. Coupled with the increase in caustic soda prices due to geopolitical conflicts, the cost support of alumina continues to move up. In addition, some domestic production cuts and new production capacities have not yet been fully released, and the short - term supply pressure is not large. However, since there are many new production capacities to be put into operation at home and abroad in the medium and long term, the upward pressure on alumina is still large [9]. O. Shanghai Aluminum - On March 31, al2605 closed at 24875 yuan per ton. The downstream demand is picking up, and the inflection point of social inventory is approaching. In addition, the potential risk of the blockade of the Strait of Hormuz will gradually be transmitted to the electrolytic aluminum production in the Middle East. Coupled with the concerns about aluminum plant production cuts caused by the soaring natural gas prices in Europe, the global supply stability is facing challenges. It is worth noting that the extent of the production capacity damage of Bahrain Aluminum and UAE Aluminum due to the weekend incident remains to be evaluated, while Qatar Aluminum has clearly terminated the production capacity reduction plan, injecting a certain degree of stability into the market. Overall, there is still support at the bottom of electrolytic aluminum [9].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The current trading focus of the soybean meal futures is on the weakening of spot procurement sentiment, the decline of soybean inventory in domestic oil mills, the upcoming seasonal maintenance of oil mills, and the weakening of downstream inventory replenishment sentiment. In the short - term, the domestic market is affected by the possible recovery of Brazilian shipments, and the medium - term supply is expected to be large. The rapeseed meal futures are influenced by the decline of rapeseed purchase profit and the expected return of supply in the far - month, as well as the approaching of the aquaculture stocking season in South China and the increasing cost - effectiveness of rapeseed meal [1]. - In the near - term, the supply of imported soybeans at ports and in oil mills remains at a seasonal high, the oil mill crushing volume is rising, and the downstream feed mills are starting to replenish inventory. The warehouse receipts of soybean meal and rapeseed meal are decreasing. In the long - term, the cost of imported soybeans remains high, the import profit is falling, and the procurement is slowing down. The supply gap of rapeseed meal is expected to be alleviated. The downstream pig production capacity reduction is slow, and the South American soybean harvest is expected to be abundant [5][9]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Soybean Meal**: Spot sentiment has declined, and procurement has weakened. The overall soybean inventory in oil mills has decreased, the domestic oil mill crushing volume has increased, but there are seasonal maintenance plans. The downstream inventory replenishment has led to a weakening of trading sentiment. The US - China negotiation in April has been postponed, and the external market is concerned about the biodiesel policy meeting and the end - of - month planting area. The domestic market is affected by the possible recovery of Brazilian shipments, and the medium - term supply is large. The rapeseed futures are also under pressure [1]. - **Rapeseed Meal**: The purchase profit of rapeseed has declined, and the far - month supply is expected to return. The aquaculture stocking season in South China is approaching, and the cost - effectiveness of rapeseed meal has increased due to the widening price difference with soybean meal [1]. 3.1.2 Trading Strategy Recommendations - **Base - price Strategy**: For un - priced basis, consider pricing when the Brazilian premium starts to decline. For priced basis, be vigilant about the subsequent sales rhythm. In the medium - term decline cycle, continue to consider fixed - price procurement [19]. - **Recent Strategy Review**: After funds left the high - level, near - month funds began to shift to far - month contracts. The bottom of the far - month soybean meal is around 2,900 - 3,000, and the near - month is around 2,800 - 2,900. Hold or partially take profit on the soybean meal inter - month reverse spread [20]. - **Month - spread Strategy**: Hold the soybean meal inter - month reverse spread [21]. - **Hedging and Arbitrage Strategy**: Take profit on the widening spread between soybean meal and rapeseed meal 2605 contracts [21]. 3.1.3 Industry Customer Operation Recommendations - **Price Range Forecast**: The price range of soybean meal is 2,800 - 3,300, with a current volatility of 15.9% and a historical percentile of 46.1% over three years. The price range of rapeseed meal is 2,250 - 2,750, with a current volatility of 22.4% and a historical percentile of 66.7% over three years [22]. - **Hedging Strategy**: Traders with high protein inventory can short soybean meal futures to lock in profits. Feed mills with low inventory can buy soybean meal futures to lock in procurement costs. Oil mills worried about excessive imports can short soybean meal futures to lock in profits [22]. 3.1.4 Basic Data Overview - **Futures Prices**: The closing prices of soybean meal and rapeseed meal futures contracts have declined to varying degrees. The price of CBOT yellow soybeans remained unchanged, and the offshore RMB exchange rate increased slightly [23]. - **Price Differences**: The price differences between different contracts of soybean meal and rapeseed meal, as well as the spot - futures price differences, have changed. The spot price difference between soybean meal and rapeseed meal remained unchanged, while the futures price difference decreased [23]. - **Import Costs and Pressing Profits**: The import costs and pressing profits of soybeans and rapeseed from different regions have changed [24][26]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive Information**: The Brazilian soybean harvest progress is 75%, still lagging behind last year. The US EPA has determined the renewable fuel standards for 2026 and 2027, increasing the blending volume of biomass - based diesel. Indonesia will promote the B50 biodiesel plan. The market expects an increase in the US soybean planting area in 2026 [26][27][28]. - **Negative Information**: Rising fertilizer and fuel prices may impact the Brazilian soybean production in 2026/27. The sales pace of new - season soybeans by Argentine farmers has slowed down. China has adjusted the quarantine standard for imported soybeans from Brazil. The market is concerned about the US Department of Agriculture's planting intention report [29][30]. - **Spot Transaction Information**: The downstream physical inventory remains high, the trading sentiment has weakened, and the downstream has started to price previous contracts, with slower提货 [31]. 3.2.2 Next Week's Important Events - Monday: USDA export inspection report. - Wednesday: USDA planting intention report, USDA quarterly inventory report. - Thursday: USDA oilseed crushing report, USDA export sales report. - Saturday: CFTC agricultural product positions [34][36]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic Market**: The soybean meal futures weakened due to the expected recovery of Brazilian shipments and the departure of funds, following the external market and macro - sentiment. The rapeseed meal futures followed the soybean meal. The key profitable seats in soybean meal and rapeseed meal have reduced long positions, and the bullish sentiment in the soybean meal options has declined. The futures month - spread of soybean meal and rapeseed meal maintains a B - structure, and the basis of soybean meal and rapeseed meal has declined [35][41][47]. - **External Market**: The external market is affected by the Middle East situation, the postponement of the US - China negotiation, and is waiting for the planting area report. The management funds in the CBOT have returned to a bullish position [58][64]. 3.4 Valuation and Profit Analysis 3.4.1 Production Area Profit Tracking - The pressing profit in the US soybean production area has increased, while the profits in the South American production areas of Brazil and Argentina have decreased due to the decline in product prices. The domestic pressing profit of Canadian rapeseed has slightly increased [70]. 3.4.2 Import - Export and Pressing Profit Tracking - For imported soybeans, if the Brazilian shipments recover, the estimated arrivals in April are 8.5 million tons and 10.5 million tons in May. The pressing profit of imported rapeseed from Canada has declined, but the supply is expected to improve [75]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 International Supply - Demand Balance Sheet Deduction - **US**: The USDA March supply - demand report shows that the soybean planting area, harvest area, yield, production, export, and ending inventory in the 2025/26 season are the same as in February, with an increase in imports and crushing volume. The market expects an increase in the US soybean planting area in 2026 [96][97]. - **South America**: The USDA March supply - demand report shows that the expected soybean production in Argentina in the 2025/26 season has decreased, while the production and export in Brazil remain unchanged [98]. 3.5.2 Domestic Supply - Side and Deduction - The arrival pressure of imported soybeans in the second quarter will suppress the price of the main M05 contract. After the tariff reduction between China and Canada, the supply pressure of rapeseed is also expected to return [99]. 3.5.3 Domestic Demand - Side and Deduction - The domestic soybean supply in the first quarter is still abundant, and the pressing volume is expected to remain high. After the previous high - level inventory replenishment of domestic soybean meal, the subsequent consumption is difficult to increase significantly [102]. 3.5.4 Domestic Inventory - Side and Deduction - The domestic soybean inventory will decline in the first quarter and start to increase after the arrival of Brazilian soybeans in the second quarter, and the soybean meal inventory will follow [104].

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].

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - For bean meal M2605, it is expected to oscillate between 2900 and 2960. The US soybeans are oscillating downward due to increased planting area and technical adjustment. The domestic bean meal is affected by the US soybeans and sufficient supply expectations. Although China's continuous procurement of US soybeans supports the short - term US soybean market, the completion of procurement volume and good weather in South America limit its upside. The domestic bean meal will enter an oscillating and slightly stronger pattern in the short term [9]. - For soybeans A2605, it is predicted to oscillate between 4560 and 4660. The US soybeans are in an oscillating state, waiting for the implementation of the China - US trade agreement and the weather in South American harvesting areas. The domestic soybeans are affected by the US soybeans, the Middle - East conflict, and short - term demand, and will maintain a high - level oscillation. The purchase volume of US soybeans by China is uncertain, and the good weather in South America restricts the upside of the US soybean market. Domestic soybean storage and cost - performance advantages support the bottom, but the expected increase in domestic new - season soybean production and spot prices limit the upside [11]. 3. Summary According to the Directory 3.1 Daily Tips - Bean meal M2605 is expected to oscillate between 2900 - 2960, and soybeans A2605 between 4560 - 4660. The market is influenced by factors such as US soybean planting area, China - US trade, South American weather, and domestic supply and demand [9] [11]. 3.2 Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the purchase volume and US soybean weather are still uncertain. The US soybean market is oscillating strongly in the short term, waiting for further information on South American soybean harvesting, import arrivals, and China - US trade negotiations. - The domestic import of soybeans in the first quarter continues to decline, while the soybean inventory of oil mills remains high in March. With normal weather in South American soybean planting, the bean meal has returned to an oscillating range. - The decrease in domestic pig - farming profits leads to low expectations of pig replenishment, suppressing the price of bean meal in March. The impact of US soybeans and weak demand for bean meal coexist. - The high inventory of domestic oil - mill bean meal, potential weather speculation in South American soybean areas, and the preliminary China - US trade agreement make the bean meal oscillate slightly stronger in the short term. It awaits further clarity on the Middle - East situation, South American soybean production, and China - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns - Bean meal bullish factors: preliminary China - US trade agreement is short - term positive for US soybeans; no pressure on the inventory of domestic oil - mill bean meal; uncertain weather in South American soybean areas. - Bean meal bearish factors: high volume of imported soybeans in March; expected high yield of South American soybeans with normal weather. - Soybean bullish factors: cost of imported soybeans supports the bottom of the domestic soybean market; expected increase in domestic soybean demand supports price expectations. - Soybean bearish factors: high yield of Brazilian soybeans and increased Chinese procurement; expected increase in domestic new - season soybean production suppresses prices [14] [15]. 3.4 Fundamental Data - **Transaction data**: From March 20 to March 30, the average transaction price of bean meal decreased from 3396 to 3276, and the trading volume fluctuated. The average transaction price of rapeseed meal decreased from 2440 to 2330, and the trading volume was relatively low. The price difference between bean and rapeseed meal fluctuated slightly [16]. - **Price data**: From March 23 to March 30, the prices of soybean futures and bean meal futures generally showed a downward trend, while the spot prices of soybeans and bean meal also decreased [18]. - **Warehouse receipt data**: From March 19 to March 30, the number of bean - one, bean - two, and bean - meal warehouse receipts decreased [20]. - **Supply - demand balance sheet**: The global and domestic soybean supply - demand balance sheets show the changes in harvest area, output, consumption, and inventory over the years. For example, the global soybean output has generally increased from 2016 - 2025, and the domestic soybean import volume has also been at a relatively high level [32] [33]. 3.5 Position Data - No information provided in the content. 3.6 Other Market Conditions - The weekly export inspection of US soybeans has increased both month - on - month and year - on - year. The arrival volume of imported soybeans has increased from a low level, also both month - on - month and year - on - year. - The soybean inventory of oil mills has slightly decreased, and the bean - meal inventory has returned to a normal level. The soybean crushing volume of oil mills remains at a relatively high level, but the bean - meal output in February has slightly decreased year - on - year. The unexecuted contracts of oil mills have slightly decreased, and the short - term stocking demand is good. - The import cost of Brazilian soybeans has decreased following the oscillation of US soybeans, and the on - paper profit has fluctuated slightly. - The pig inventory has slightly increased year - on - year, while the sow inventory has decreased year - on - year and slightly month - on - month. The pig price has continued to decline recently, and the average slaughter weight has slightly decreased. The proportion of large pigs in the country has decreased, and the cost of secondary fattening of pigs has fluctuated slightly. The domestic pig - farming profit loss has expanded, and the pig - grain ratio and feed - meat ratio have dropped to a low level [45] [47] [50] [52] [54] [56] [58] [60] [62] [64] [66]

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].

Group 1 - The current market sentiment indicates a lack of clear direction, with precious metals not performing as expected despite global turmoil, suggesting it may not be the right time to invest [1] - Oil positions have been cleared due to uncertainty surrounding U.S. actions and geopolitical tensions, leading to a cautious approach in re-entering the market [1] - The U.S. stock market is undergoing a significant adjustment, and the A-share market is also viewed as unfavorable, with no clear opportunities arising from military spending announcements [1] Group 2 - There is speculation that agricultural products may see price increases, indicating potential investment opportunities in this sector [1] - Some analysts suggest investing in chemical products and raw materials as a strategy to capitalize on expected price hikes [4] - The overall sentiment in the capital markets reflects a lack of confidence in the analysis of the ongoing war, with many traders feeling uninformed about the potential outcomes [9]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The mid - term trends of both soybean meal and soybean oil futures are in a wide - range oscillation stage. For soybean meal, factors such as high domestic oil mill operating rates, expected Brazilian harvests, and weak downstream demand are balanced by geopolitical risks and local supply shortages. For soybean oil, the global supply of soybeans is abundant, but geopolitical tensions and short - term supply contractions provide support [7][35]. 3. Summary by Relevant Catalog 3.1 Soybean Meal Futures 3.1.1 Mid - line Market Analysis - Mid - line trend: The soybean meal futures are in a wide - range oscillation stage. The 12th - week data shows that the actual soybean crushing volume of oil mills is 1.9905 million tons, the operating rate is 54.81%, and the soybean meal inventory is 670,500 tons. The high domestic oil mill operating rate, combined with the stable expectation of a Brazilian harvest and subsequent increased arrivals, will lead to a looser supply in the long - term. Weak downstream demand and a slow procurement rhythm also contribute to this. However, geopolitical risks and local supply shortages due to delayed arrivals or maintenance support the spot price [7]. - Attention points: South American weather changes, US tariff policies, and domestic aquaculture demand [7]. 3.1.2 Variety Trading Strategy - Last week's strategy review: Short - term spot tight balance and cost support boosted prices, but weak demand and long - term supply pressure limited the increase. The soybean meal futures price was expected to maintain a high - level oscillation pattern [10]. - This week's strategy suggestion: The daily trend of soybean meal futures is in a downward channel, and the funds are relatively bullish. Short - term spot shortages support prices, but long - term supply pressure and weak demand limit the upside. Attention should be paid to the operating rhythm of oil mills and the actual arrival of soybeans [11]. - Variety diagnosis: The main force is relatively bullish, with a long - short flow of 64.6. The main funds are slightly out - flowing, with a capital energy of - 30.7. The long - short divergence is 91.9, indicating a high risk of a market change [15]. 3.1.3 Relevant Data - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [19][23][28]. 3.2 Soybean Oil Futures 3.2.1 Mid - line Market Analysis - Mid - line trend: The soybean oil futures are in a wide - range oscillation stage. In the 12th week, the actual output of soybean oil from 125 oil mills was 378,200 tons. The Brazilian soybean harvest is a foregone conclusion, and the global soybean supply is abundant, which is a long - term negative factor. However, geopolitical tensions and short - term supply contractions due to maintenance in some domestic oil mills provide support [35]. - Attention points: US biodiesel policies, crude oil trends, and domestic demand [35]. 3.2.2 Variety Trading Strategy - Last week's strategy review: The short - term trend of soybean oil futures focused on crude oil fluctuations and policy expectations, maintaining a high - level oscillation pattern between cost support and high - price demand suppression [38]. - This week's strategy suggestion: In the game between short - term supply contraction and increased mid - term arrival pressure, the soybean oil futures are expected to maintain a high - level oscillation pattern [38]. 3.2.3 Relevant Data - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, and weekly operating rate. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [48][55][57][64].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views - Palm oil: Oil price disturbances continue, and it operates in a high - level shock [2][4]. - Soybean oil: The driving force of the soybean system is not significant, and the RVO positive news is fully priced [2][4]. - Soybean meal: Overnight US soybeans closed down, and it may fluctuate weakly [2][10]. - Soybean: The state reserve continues to offer soybeans for sale, and the market adjusts and fluctuates [2][10]. - Corn: It operates in a shock [2][13]. - Sugar: It fluctuates strongly [2][17]. - Cotton: The domestic market lacks new driving forces [2][21]. - Eggs: Wait for opportunities to short at high prices in the far - month contracts [2][25]. - Pigs: The weight reduction is less than expected, and the price center will move down again [2][28]. - Peanuts: Pay attention to the purchases of oil mills [2][31]. 3. Summaries by Related Catalogs 3.1 Palm Oil, Soybean Oil 3.1.1 Fundamental Tracking - Futures: Palm oil's day - session closing price was 9,768 yuan/ton with a 1.60% increase, and night - session closing price was 9,692 yuan/ton with a - 0.78% decrease; soybean oil's day - session closing price was 8,688 yuan/ton with a 0.49% increase, and night - session closing price was 8,648 yuan/ton with a - 0.46% decrease [5]. - Spot: The spot price of 24 - degree palm oil in Guangdong was 9,650 yuan/ton with no change; the spot price of first - grade soybean oil in Guangdong was 9,020 yuan/ton with no change [5]. - Basis: The basis of palm oil in Guangdong was - 118 yuan/ton; the basis of soybean oil in Guangdong was 332 yuan/ton [5]. 3.1.2 Macro and Industry News - The EPA finalized the renewable fuel blending obligations for 2026 and 2027, the highest in the program's history. In 2026, the total renewable fuel obligation was 25.82 billion RINs, and in 2027, it was 25.98 billion RINs [6]. - Malaysia is taking measures to ensure fertilizer supply due to the shortage caused by the Middle East conflict [7]. - Brazil's Paraná state is expected to produce 21.89 million tons of soybeans in the 2025/26 season, lower than the February estimate [7]. - In the 13th week of 2026 (March 21 - 27), the actual soybean crushing volume of domestic oil mills was 1.8352 million tons, a decrease of 0.1553 million tons from the previous week and 0.1021 million tons lower than the estimated volume [7]. 3.2 Soybean Meal, Soybean 3.2.1 Fundamental Tracking - Futures: DCE soybean 2605's day - session closing price was 4,553 yuan/ton with a - 1.36% decrease, and night - session closing price was 4,554 yuan/ton with a - 0.57% decrease; DCE soybean meal 2605's day - session closing price was 2,937 yuan/ton with a - 0.47% decrease, and night - session closing price was 2,943 yuan/ton with a + 0.34% increase [10]. - Spot: The spot price of soybean meal in different regions had different changes, and the spot price of soybeans in the Northeast remained stable [10]. - Industry Data: The trading volume of soybean meal was 27,500 tons, and the inventory was not available [10]. 3.2.2 Macro and Industry News - On March 27, CBOT soybeans closed down due to profit - taking after the EPA announced the renewable fuel standards [10][12]. - The EPA's new regulations require an over 60% increase in biodiesel and renewable diesel production and consumption compared to 2025, and the proportion of fuel quotas transferred from small refineries to large refineries is raised from 50% to 70% [12]. - Some analysts expect farmers to plant more soybeans and less corn due to high fertilizer costs, and the US soybean planting area is expected to increase by 3 - 5 million acres this year [12]. - Private exporters reported selling 105,000 tons of soybeans to unknown destinations for 2025/26 delivery [12]. 3.3 Corn 3.3.1 Fundamental Tracking - Spot: The price of Jinzhou's closing - out was 2,380 yuan/ton, a decrease of 10 yuan/ton; the price of Guangdong Shekou was 2,510 yuan/ton, an increase of 10 yuan/ton [14]. - Futures: C2605's day - session closing price was 2,369 yuan/ton with a - 0.34% decrease, and night - session closing price was 2,361 yuan/ton with a - 0.34% decrease; C2607's day - session closing price was 2,387 yuan/ton with a - 0.13% decrease, and night - session closing price was 2,379 yuan/ton with a - 0.34% decrease [14]. - Spread: The basis of the main 05 contract was 11 yuan/ton, and the 05 - 07 inter - period spread was - 18 yuan/ton [14]. 3.3.2 Macro and Industry News - The price of northern corn for bulk shipping to ports increased by 10 yuan/ton, and the price of Guangdong Shekou's bulk shipping also increased by 10 yuan/ton. The price of Northeast corn increased, while the price of North China corn was stable or decreased [15]. 3.4 Sugar 3.4.1 Fundamental Tracking - Price: The original sugar price was 15.75 cents/pound with a - 0.1 decrease; the mainstream spot price was 5,450 yuan/ton with no change; the futures main - contract price was 5,464 yuan/ton with a 1 increase [17]. - Spread: The 5 - 9 spread was - 23 yuan/ton with a - 1 decrease; the 9 - 1 spread was - 147 yuan/ton with a - 5 decrease; the mainstream spot basis was - 14 yuan/ton with a - 1 decrease [17]. 3.4.2 Macro and Industry News - As of March 15, the sugar production in India in the 2025/26 season increased by 10% year - on - year. China imported 520,000 tons of sugar from January to February, an increase of 440,000 tons [17]. - As of the end of February, the cumulative sugar production in Guangxi in the 2025/26 season was 5.65 million tons, a decrease of 520,000 tons, and the sugar - making rate was 12.28%, a decrease of 1.01 percentage points year - on - year [17]. - CAOC expects the domestic sugar production in the 2025/26 season to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons [18]. - ISO expects a global sugar surplus of 1.22 million tons in the 2025/26 season (previously 1.63 million tons), and a shortage of 3.46 million tons in the 2024/25 season [18]. 3.5 Cotton 3.5.1 Fundamental Tracking - Futures: CF2605's day - session closing price was 15,395 yuan/ton with a - 0.16% decrease, and night - session closing price was 15,435 yuan/ton with a 0.26% increase; CY2605's day - session closing price was 21,435 yuan/ton with a - 0.95% decrease, and night - session closing price was 21,415 yuan/ton with a - 0.09% decrease [21]. - Spot: The price of northern Xinjiang's 3128 machine - picked cotton was 16,644 yuan/ton, a decrease of 20 yuan/ton; the price of southern Xinjiang's 3128 machine - picked cotton was 16,583 yuan/ton, a decrease of 20 yuan/ton [21]. - Spread: The CF5 - 9 spread was - 135 yuan/ton, a decrease of 10 yuan/ton; the spread between northern Xinjiang's 3128 machine - picked cotton and CF605 was 1,250 yuan/ton, an increase of 10 yuan/ton [21]. 3.5.2 Macro and Industry News - The cotton spot basis was generally stable. The mainstream basis of 2025/26 northern Xinjiang's machine - picked cotton was in the range of CF05 + 1350 - 1450, and that of Shandong and Henan's warehouses was in the range of CF05 + 1550 - 1850 [22]. - The quotation of pure - cotton yarn was generally stable, and the market trading was dull. The new orders and inquiries for conventional yarn and medium - low - count yarn were few, and the shipment of air - jet spun yarn was weak [22]. - On Friday, ICE cotton futures fluctuated widely. The May contract reached a new high of 70.31 cents/pound during the day, then retreated, and finally closed at 69.47 cents/pound [22]. 3.6 Eggs 3.6.1 Fundamental Tracking - Futures: The closing price of egg 2604 was 3,369 yuan/500 kilograms with a - 0.56% decrease, and the closing price of egg 2605 was 3,502 yuan/500 kilograms with a 0.63% increase [25]. - Spread: The 4 - 5 spread of eggs was - 133 yuan/500 kilograms, and the 5 - 9 spread was - 303 yuan/500 kilograms [25]. - Spot: The spot price of eggs in Liaoning was 3.30 yuan/jin, in Hebei was 3.18 yuan/jin, in Shanxi was 3.30 yuan/jin, and in Hubei was 3.69 yuan/jin [25]. 3.7 Pigs 3.7.1 Fundamental Tracking - Spot: The spot price of pigs in Henan was 9,430 yuan/ton, a decrease of 100 yuan/ton; in Sichuan was 9,350 yuan/ton with no change; in Guangdong was 10,160 yuan/ton with no change [28]. - Futures: The price of live hogs 2605 was 9,965 yuan/ton, an increase of 130 yuan/ton; the price of live hogs 2607 was 11,180 yuan/ton, a decrease of 70 yuan/ton; the price of live hogs 2609 was 12,520 yuan/ton, a decrease of 20 yuan/ton [28]. - Spread: The basis of live hogs 2605 was - 535 yuan/ton, a decrease of 230 yuan/ton; the basis of live hogs 2607 was - 1750 yuan/ton, a decrease of 30 yuan/ton; the basis of live hogs 2609 was - 3090 yuan/ton, a decrease of 80 yuan/ton [28]. 3.8 Peanuts 3.8.1 Fundamental Tracking - Spot: The price of Liaoning 308 common peanuts was 9,000 yuan/ton with no change; the price of Henan Baisha common peanuts was 7,500 yuan/ton with no change [31]. - Futures: The closing price of PK604 was 8,110 yuan/ton with a - 0.61% decrease, and the closing price of PK605 was 8,122 yuan/ton with a - 1.72% decrease [31]. - Spread: The basis of Liaoning 308 common peanuts was 878 yuan/ton; the basis of Henan Baisha common peanuts was - 622 yuan/ton; the 04 - 05 inter - period spread was - 12 yuan/ton [31]. 3.8.2 Spot Market Focus - In Henan, the price of Nanyang Baisha common peanuts was around 3.8 - 4.0 yuan/jin, and that of Kaifeng large peanuts was around 3.7 - 4.1 yuan/jin, with low supply and general trading [32]. - In Jilin, the price of 308 common peanuts was around 4.4 - 4.55 yuan/jin, with a stalemate in trading and generally weak prices [32]. - In Liaoning, the price of 308 common peanuts was around 4.4 - 4.55 yuan/jin, with farmers' willingness to sell increasing and weak demand for finished products [32]. - In Shandong, the supply from the grass - roots level was low, the trading of finished products was general, and the sales of oil - use peanuts were okay [32].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Views of the Report - **Soybean Oil**: The main 05 contract of soybean oil was running strongly this week, closing at 8,688 yuan/ton on Friday afternoon, up 60 yuan/ton. After the final determination of the new renewable fuel standard, the market more reflected the fulfillment of bullish expectations and traded the bearish expectation of next week's area report. The tense situation in the Middle East continued, and crude oil continued to rise, which was beneficial to oils and fats. The volume of Brazilian soybean customs clearance and inspection increased recently, alleviating the near - term supply concerns. The bullish drivers for soybean oil continued, and the far - month contracts would still be supported by the cost side. It was advisable to consider laying out long positions for the 09 contract. The support level of the 09 contract was 8,460 - 8,500 yuan/ton, and the resistance level was 8,800 - 8,810 yuan/ton [3]. - **Rapeseed Oil**: The rapeseed oil futures fluctuated widely at a high level this week. The main 2605 contract settled up 0.37% at 9,692. Geopolitical uncertainties remained, and oil prices were running strongly, so the prices of oils and fats still had support. Fundamentally, Indonesia was considering restarting the B50 plan, which drove the market sentiment high. High - frequency data showed that the export of Malaysian palm oil in March increased significantly month - on - month, and the inventory in the main producing areas might continue to decline. In China, the demand side was still sluggish, and with the concentrated arrival of purchased ships, the domestic inventory pressure was still high. It was advisable to wait for the market to stabilize before considering adding long positions. The resistance level of the main contract was in the range of 10,200 - 10,220, and the support level was in the range of 9,400 - 9,410 [3]. - **Palm Oil**: The palm oil showed a volatile and slightly stronger trend this week. Geopolitical conflicts significantly pushed up diesel prices, the POGO spread continued to narrow, and Indonesia's consideration of restarting the B50 plan drove the market's bullish sentiment high. Fundamentally, the February MPOB report was overall bearish, but with the increase of export taxes in Indonesia in March, the export in March increased significantly month - on - month, and the main producing areas might continue to destock. The Indonesian president's speech temporarily increased the market's concerns about future exports. However, it should be noted that the recent energy price fluctuations had increased, and the subsequent evolution of the Middle East situation still had great uncertainties. It was necessary to be vigilant against the decline risk caused by the high - level correction of oil prices. It was advisable to wait for the market to stabilize before adding long positions. The resistance level of the main contract was in the range of 10,200 - 10,220, and the support level was in the range of 9,400 - 9,410 [4]. - **Soybean No. 2 and Soybean Meal**: This week, CBOT soybeans fluctuated and adjusted, and the prices of DCE soybean No. 2 and soybean meal fell significantly. After the final determination of the new renewable fuel standard, the market more reflected the fulfillment of bullish expectations and traded the bearish expectation of next week's area report. It was expected that the downward adjustment space of CBOT soybeans was not large, and the subsequent trend was still bullish. The downside of South American basis was limited, and China's soybean import cost continued to rise, restricting the further decline of soybean No. 2 and soybean meal prices. The far - month cost side support continued. It was advisable to consider laying out long positions for the 09 contract after the correction, and it was not recommended to go long on the near - month contracts for the time being. The support level of the main 09 contract of soybean meal was 2,960 - 2,980 yuan/ton, and the resistance level was 3,080 - 3,100 yuan/ton. The support level of the main 05 contract of soybean No. 2 was 3,650 - 3,680, and the resistance level was 3,800 - 3,830 yuan/ton [4][5]. - **Rapeseed Meal**: The rapeseed meal futures fell continuously this week. The settlement price of the main 2605 contract decreased by 4.46% week - on - week to 2,315. Geopolitical uncertainties remained, oil prices were running strongly, and Canadian rapeseed remained at a high level. After the improvement of China - Canada relations, domestic ship purchases increased continuously, and there was a large expected increase in supply. With the warming of the weather, the demand for aquaculture had a certain increase. After the crushing profit of Canadian rapeseed on the futures market continued to decline to a low level, the subsequent import cost might have a certain support. The short - term rapeseed meal price might continue the trend of fluctuating and bottom - hunting. It was advisable to wait and see for the time being and wait for the opportunity to go long after the stabilization. The support level of the RM contract was 2,280 - 2,300, and the resistance level was 2,500 - 2,510 [5]. - **Soybean No. 1**: The main futures price of soybean No. 1 fell this week. Recently, the local reserve of domestic soybeans was frequently put on the market, and some local reserves failed to be sold at auction, changing the previous situation of premium transactions. The auction volume on the 26th increased to 100,000 tons, with a transaction rate of 62.4%, but the premium of 0 - 30 yuan was significantly lower than before. This reflected that in the context of the high valuation of domestic soybeans, the market's expectation for the future price was not very optimistic. At present, domestic soybean sources were mainly concentrated in the middle and upper reaches. The middle and upper reaches once held back sales at high prices, which led to a significant increase in domestic soybean prices. The downstream had an obvious resistance to high - priced soybeans, and there was an obvious game in the industrial chain. With the increase in temperature, the storage difficulty of domestic soybeans increased, and the reserve supply increased. The price - holding mentality of the middle and upper reaches slowed down, the trading volume of domestic soybeans gradually increased, and the price fluctuated downward. At present, the valuation of soybean No. 1 was high and the bullish drivers were weakening. It was expected to fluctuate and decline in the short term. It was advisable to consider lightly shorting the main 05 contract of soybean No. 1. The resistance level of the 05 contract was 4,740 - 4,760 yuan/ton, and the support level was 4,400 - 4,450 yuan/ton [6]. - **Corn and Corn Starch**: The futures prices showed a trend of rising first and then falling this week. The market had great differences between bulls and bears, and the short - term futures prices might fluctuate repeatedly. In the external market, the ending inventory of US corn was at a high level, which suppressed the price. However, the supply - demand situation of the new season continued to improve. Coupled with the recent upward shift of the crude oil price center, the cost - side support was strengthened, and the net long positions of CFTC increased. It was judged that the US corn futures prices would generally continue to move up. In the domestic corn market, the emotional disturbance continued, and the futures prices were expected to fluctuate repeatedly. In terms of supply - demand, the concentrated selling pressure of rural farmers and the increase in wheat supply, and the news of rice auctions recently, had a certain suppression on the price. However, the low channel inventory and the tight supply of high - quality grain sources limited the decline space of the futures prices. In the corn starch market, the demand returned to a moderate state, the spot price increase slowed down, and the geopolitical sentiment support still existed. The futures prices were expected to fluctuate repeatedly. It was advisable to pay attention to the opportunity of going long on dips. The support range of the 2605 contract of corn was 2,280 - 2,300, and the resistance range was 2,480 - 2,500. The support range of the 05 contract of corn starch was 2,670 - 2,680, and the resistance range was 2,880 - 2,900. It was advisable to consider selling out - of - the - money put options for option operations [6]. - **Hogs**: The spot price of hogs was generally stable with a slight upward trend over the weekend, and the prices in some low - price areas stopped falling, but the decline of the prices of culled sows and piglets widened. The national average price of standard hogs was 9.50 yuan/kg, up about 0.02 yuan/kg compared with last Friday. In the middle of the month, relevant departments of the National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs organized a symposium for hog - breeding enterprises to analyze and judge the price situation and arrange market regulation work. It was expected that the purchase and storage efforts would increase. The slaughter volume rebounded significantly week - on - week last week, but slaughtering enterprises still suffered losses. At present, the number of breeding sows was 39.61 million, a decrease of 1.16 million, a decline of 2.9%, and it was currently 101.6% of the normal inventory, still higher than the green range. In March, the price of piglets fell against the season, the loss of self - breeding and self - raising expanded, the slaughter weight continued to rebound, and farmers were forced to hold back sales. At present, the far - month contracts of hog futures showed a premium over the near - end spot and near - month contracts. The near - end spot pressure was relatively large, and the month - to - month relationship remained weak in the near term and strong in the far term. In the medium term, waiting for further confirmation of capacity reduction, the far - month premium might continue to widen. Cautious investors could hold the arbitrage strategy of shorting near - month contracts and going long on far - month contracts. The 2605 contract was expected to fluctuate in the range of 9,500 - 10,200 as support and 10,300 - 10,600 as resistance. Aggressive investors could wait for the release of spot pressure in the medium term and lightly go long on the 2607 contract near 11,000 points. For options, it was advisable to hold a covered call strategy combination, that is, hold long futures positions + sell deep out - of - the - money call options [7][8]. - **Eggs**: The spot price of eggs continued to rebound over the weekend, terminal consumption improved, farmers' enthusiasm for culling hens decreased, and the age of culled hens rebounded. The egg futures prices rose first and then fell recently. The far - month contracts in the industry increased their positions and declined to repair the excessive discount to the spot. The national average spot price was about 3.25 yuan/jin, up 0.05 yuan/jin compared with last Friday. At present, the average cash cost of eggs in the industry followed the prices of corn and soybean meal and rebounded to 2.95 - 3.05 yuan/jin, and the breeding once again showed seasonal losses. In terms of production capacity, after farmers continued to suffer deep losses since the fourth quarter, the culling of hens also increased. At the same time, the number of newly - opened laying hens from February to March was relatively small, which led to a certain relief of the supply pressure. The supply - demand pressure might continue to improve. In terms of futures prices, the far - month peak - season contracts of eggs maintained a large premium over the current off - season spot. Cautious investors were advised to wait and see. Aggressive investors could go long on the 05 contract below 3,400 points in the short term. It was necessary to be cautious about shorting near - month contracts in the historical low - price range. The support level of the 2605 contract was 3,400 - 3,450 points, and the resistance level was 3,500 - 3,550 points [8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | Reference Star | | --- | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 05 | The increase in reserve supply and the weakening of the price - holding mentality in the middle and upper reaches led to a continuous decline in the price of soybean No. 1. | 4,400 - 4,450 | 4,740 - 4,760 | Decline | Cautiously hold short positions | ☆ | | | Soybean No. 2 05 | The concerns about the area report were bearish after the good news of biodiesel was realized. Recently, the bullish sentiment was relatively cautious. | 3,650 - 3,680 | 3,800 - 3,830 | Fluctuation and adjustment | Wait and see for the time being | - | | | Soybean Oil 09 | Geopolitical uncertainties remained, and the oil prices were volatile at a high level. The tense situation in the Middle East continued, the customs clearance and inspection volume of Brazilian soybeans increased, and the near - term supply concerns were alleviated. The good news of biodiesel was realized. | 8,360 - 8,400 | 8,800 - 8,900 | Fluctuation and rise | Go long after stabilization | ☆ | | Oils | Rapeseed Oil 05 | The prices of oils and fats still had support, and the expectation of loose domestic supply was gradually strengthening. | 9,450 - 9,460 | 10,000 - 10,100 | Wide - range fluctuation | Wait for stabilization and then go long | ☆ | | | Palm 05 | Geopolitical and biodiesel expectations were positive, and the export of Malaysian palm oil in March improved significantly. | 9,400 - 9,410 | 10,000 - 10,100 | Fluctuation and upward | Cautiously hold long positions | ☆ | | Protein | Soybean Meal 05 | The tense situation in the Middle East continued, US soybeans fluctuated widely, the Brazilian basis was firm, and the cost - side support of China's soybean imports was expected to continue. The consumption of soybean meal still had resilience. | 2,960 - 2,980 | 3,080 - 3,100 | Fluctuation | Go long on far - month contracts after correction | ☆ | | | Rapeseed Meal 05 | There was a large expected increase in near - term supply. | 2,280 - 2,300 | 2,500 - 2,510 | Fluctuation and bottom - hunting | Wait and see for the time being | - | | Energy and By - products | Corn 05 | The short - term pressure on the price came from the selling pressure of rural farmers, the increase in wheat supply, and the expectation of rice auctions. However, the low channel inventory and the tight supply of high - quality grain sources provided medium - term support. The futures prices were expected to fluctuate within a range. | 2,280 - 2,300 | 2,480 - 2,500 | Range fluctuation | Go long on dips | ☆ | | | Starch 05 | The low spot inventory provided slight support to the market, the cost side fluctuated within a range, and it followed the range fluctuation in the short term. | 2,670 - 2,680 | 2,880 - 2,900 | Range fluctuation | Go long on dips | ☆ | | Livestock | Hogs 05 | The feed price stopped falling and rebounded, and there were policies to reduce production capacity. | 9,500 - 9,800 | 10,000 - 10,300 | Low - level fluctuation | Go long on dips | - | | | Eggs 05 | The production capacity pressure was relieved, and consumption improved marginally. | 3,400 - 3,450 | 3,550 - 3,600 | Fluctuation and bottom - hunting | Go long on dips | - | [11] 3.1.2 Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Main Contract Basis | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4,580 | 4,580 | 27 | 94 | | | Soybean No. 2 | 3,950 | 3,950 | 185 | 11 | | | Peanut | 7,400 | 7,400 | - 342 | 80 | | Oils | Soybean Oil | 9,020 | 9,020 | 202 | - 2 | | | Rapeseed Oil | 10,350 | 0 | 47

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]