Group 1: Investment Ratings - Corn: Interval trading [1] - Live pigs: Short - sell in the short - term [1] - Eggs: Interval trading [3] Group 2: Core Views - For corn, in the short - to - medium term, rising temperatures and increased wheat supply may pressure spot prices to correct; in the long - term, the pricing logic is substitution and planting cost, with policy orientation being the key focus [1] - For live pigs, in the short - term, the supply - strong and demand - weak situation persists, and pig prices may remain low; in the medium - term, supply pressure will ease from April - June; in the long - term, the supply reduction before October is limited [3] - For eggs, in the short - term, egg prices fall after the Tomb - Sweeping Festival; in the medium - term, supply pressure is postponed; in the long - term, the increasing scale of egg - laying chicken farming may limit price increases [3] Group 3: Summary by Variety Corn - **Market Review**: On Tuesday, the corn futures fluctuated weakly, with the 2605 contract down 0.25% to 2351 yuan/ton [1] - **Important Information**: Deep - processing enterprise purchase prices, port prices decreased slightly; northern port inventory accumulated, and Guangdong port inventory was affected by imports; corn futures warehouse receipts decreased; wheat - corn price spread widened; 800,000 tons of minimum - purchase - price wheat will be auctioned [1] - **Market Logic**: Short - to - medium - term price pressure from temperature and wheat supply; long - term pricing based on substitution and cost [1] - **Trading Strategy**: Medium - term wide - range trading, short - term correction. Pay attention to the support at 2320 - 2340 for the 2605 contract [1] Live Pigs - **Market Review**: The live pig futures declined across the board, with the 2605 contract down 2.3% to 9770 yuan/ton [1] - **Important Information**: Pig prices were stable, sow inventory decreased year - on - year,仔猪 numbers had different trends, average slaughter weight increased, fat - lean price spread was flat, and 7 - kg piglet price was stable [1][3] - **Market Logic**: Short - term supply - strong and demand - weak, medium - term supply pressure eases, long - term supply reduction is limited [3] - **Trading Strategy**: Bottom - range trading. Lower the support and pressure levels for each contract [3] Eggs - **Market Review**: The egg futures showed near - weak and far - strong trends, with the 2605 contract down 0.32% to 3440 yuan/500KG [3] - **Important Information**: Egg prices declined, production and circulation inventories changed, old hen prices and age were stable, and in - laying hen inventory increased [3] - **Market Logic**: Short - term price drop after the festival, medium - term supply pressure postponement, long - term price increase limitation [3] - **Trading Strategy**: Observe or short - term trading. Pay attention to the support and pressure levels of the 2605 contract [3]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - The market is significantly affected by the geopolitical situation, especially the conflict between the US and Iran, which has a broad impact on various commodity futures markets [1][8][9][10]. - Different commodity markets show diverse trends and characteristics, with some markets being influenced by supply - demand relationships, while others are more affected by geopolitical events and policy factors. 3. Summary by Relevant Catalogs Precious Metals - **Market Performance**: The international gold price denominated in London gold rose 3.51% to $4668 per ounce, and the international silver price rose 7.10% to $75.01 per ounce [1]. - **Fundamentals**: There are signs of easing in the US - Iran conflict, but the conflict is not over [1]. - **Trading Strategy**: Wait for a pull - back to buy gold; for silver, suggest gradually taking profits on previous short positions [1]. Base Metals Copper - **Market Performance**: Copper prices oscillated strongly [1]. - **Fundamentals**: The authenticity of the news that the Iranian president wants to end the war under security guarantees is to be verified. The supply of copper ore and scrap copper remains tight, and the spot of flat - water copper in East and South China is traded at a discount of 60 yuan and a premium of 50 yuan respectively [1]. - **Trading Strategy**: Suggest waiting and seeing [1]. Aluminum - **Market Performance**: The closing price of the main electrolytic aluminum contract increased by 0.61% to 24,875 yuan per ton, and the domestic 0 - 3 month spread was - 245 yuan per ton, with the LME price at $3475 per ton [1]. - **Fundamentals**: Aluminum smelters maintain high - load production, and the weekly aluminum product start - up rate increased slightly [1]. - **Trading Strategy**: The attack on core aluminum plants in the Middle East leads to expectations of supply contraction, and it is expected that aluminum prices will oscillate strongly. Suggest buying on dips [1]. Alumina - **Market Performance**: The closing price of the main alumina contract decreased by 3.88% to 2827 yuan per ton, and the domestic 0 - 3 month spread was - 118 yuan per ton [1]. - **Fundamentals**: The operating capacity of alumina is relatively stable, and aluminum smelters maintain high - load production [1]. - **Trading Strategy**: Affected by the release of new production capacity in Guangxi, the pattern of oversupply is further deepened. It is expected that alumina prices will oscillate weakly. Suggest waiting and seeing, and focus on the implementation of Guinea's mining policy [1]. Zinc and Lead - **Market Performance**: On March 31, the main contracts of zinc and lead closed at 23,480 yuan per ton and 16,500 yuan per ton respectively, with changes of - 60 yuan and + 5 yuan compared to the previous trading day. The domestic 0 - 3 month spreads were - 23,480 yuan per ton and - 16,500 yuan per ton, and the overseas 0 - 3 month spreads were - 0.68 and 68.8 dollars per ton respectively. The seven - place zinc inventory on March 30 was 248,200 tons, a decrease of 1300 tons compared to March 26, and the five - place lead inventory on March 30 was 57,500 tons, a decrease of 300 tons compared to March 26 [1]. - **Fundamentals**: The lead ingot inventory is accelerating its depletion, and the lead price shows a stop - falling signal. However, the import window is open, and the lead battery enters the traditional off - season in April. With the co - existence of the resumption of production of secondary lead and new overhauls, it is expected that the lead price will continue to oscillate narrowly. In the zinc market, the disturbance at the mine end intensifies, the import processing fee drops to a negative value, the domestic smelters have strong demand for ore, and the social inventory continues to deplete to below 250,000 tons. The tower and export orders support consumption, but there is still uncertainty in the macro - sentiment [2]. - **Trading Strategy**: For lead, pay attention to the implementation of smelter overhauls. If the inventory depletion continues, try to buy on dips. For zinc, the fundamentals improve, but the macro - risk is large. It is recommended to wait and see [2]. Industrial Silicon - **Market Performance**: The main 05 contract closed at 8355 yuan per ton, a decrease of 125 yuan per ton compared to the previous trading day, with a closing price decrease of 1.47%, the position decreased by 18,817 lots to 201,800 lots (- 8.53%), and the trading volume decreased by 11,006 lots to 172,049 lots (- 6.01%). The variety's precipitated funds decreased by 171 million to 3.037 billion, and the warehouse receipt volume today was 22,313 lots (+ 24) [2]. - **Fundamentals**: On the supply side, the number of weekly industrial silicon furnaces in operation is flat compared to the previous period. With the year - on - year decline in electricity prices in the southwest region, enterprises' willingness to resume production increases, and there is an expectation of increased production in the future. On the demand side, the polysilicon industry resumed work in March, and the monthly production capacity is gradually released, with the expected monthly output approaching 90,000 tons; the output of the organic silicon industry is stable, and the price trend is stable. The price of aluminum alloy decreased slightly, but the industry's start - up rate increased to 59.5%, reaching a new high this year [2]. - **Trading Strategy**: Pay attention to whether subsequent measures such as coordinated market control and joint price stabilization will be introduced after last week's meeting. The organic silicon industry will hold a meeting in Jinan on April 2 to discuss production cuts and price increases. In the short term, although the market pays attention to the support level increase brought by energy costs, the high - level hedging pressure is obvious. It is expected that the market will maintain an oscillating pattern in the range of 8100 - 8900 [2]. Lithium Carbonate - **Market Performance**: LC2605 closed at 157,200 yuan per ton (- 14,420), with a closing price decrease of 8.40% [2]. - **Fundamentals**: Yesterday, a large amount of funds flowed out, and the market was under pressure to fall. The expectation of the continuation of the US - Iran war weakened, and the concern about the shortage of diesel supply in Australia affecting lithium ore mining is expected to ease. The export ban in Zimbabwe has no progress, and its supply disturbance will gradually be reflected in mid - to late April. However, the expectation of the strengthening of the preference for new - energy vehicles and energy - storage consumption due to oil price fluctuations remains unchanged, and the trend of the weekly demand recovery at the power end is clear. The spot price of SMM Australian spodumene concentrate (CIF China) is $2360 per ton, an increase of $25 per ton compared to the previous day, and the SMM electric carbon price is 163,000 (- 1500) yuan per ton. On the supply side, the weekly output is 24,814 tons, a month - on - month increase of 628 tons, due to the recovery of the spodumene production line. SMM expects the lithium carbonate production in March to be 106,390 tons, a month - on - month increase of 8.7% compared to January. On the demand side, the production schedule of lithium iron phosphate in March is 430,000 tons, a month - on - month increase of 8.3% compared to January; the production schedule of ternary materials in March is 84,000 tons, a month - on - month increase of 4.1% compared to January. In terms of inventory, the short - term weekly inventory shows a slight accumulation. The export ban of lithium ore in Zimbabwe has no progress, and it is expected that the supply gap of at least one month will be gradually reflected in mid - to late April. It is necessary to continuously pay attention to the policy progress in Zimbabwe. The sample inventory is 99,489 tons, an increase of 616 tons in inventory, among which the smelting link has an inventory increase of 724 tons, the downstream link has an inventory increase of 552 tons, and the trader link has an inventory decrease of 660 tons. The total inventory days are 27.9 (+ 0.2) days. The Guangzhou Futures Exchange warehouse receipt is 11,318 (- 19,746) lots. Pay attention to the growth rate slope of new warehouse receipts after centralized cancellation. The funds precipitated in the market are 30.1 (- 3.78) billion yuan [2]. - **Trading Strategy**: With supply disturbances and a clear trend of demand recovery, it is expected to oscillate widely. Buy on dips at the lower edge of the range and be cautious about chasing high [2]. Polysilicon - **Market Performance**: The main 05 contract closed at 35,200 yuan per ton, a decrease of 1350 yuan per ton compared to the previous trading day, with a closing price decrease of 3.69%, the position decreased by 128 lots to 34,456 lots (- 0.37%), and the trading volume decreased by 5768 lots to 10,763 lots (- 34.89%). The variety's precipitated funds decreased by 16 million to 1.758 billion, and the warehouse receipt volume today was 11,030 lots (+ 10) [2]. - **Fundamentals**: On the supply side, the weekly polysilicon output is flat compared to the previous period, and the month - on - month increase in industry inventory has significantly narrowed. The production schedule in April is basically flat compared to the previous month. On the demand side, the prices of downstream photovoltaic - related products still continue to decline, but the decline rate is gradually slowing down. The expected production schedule of components in April is reduced by 7.26GW month - on - month. From January to February 2026, the newly - installed domestic photovoltaic capacity decreased by 17.71% year - on - year, with an average monthly installed capacity of 16GW, showing a stable performance. The export data of battery cells and components in February decreased month - on - month, and the year - on - year trends were divergent. The component exports to Europe increased slightly year - on - year [2][3]. - **Trading Strategy**: The spot price of polysilicon has been continuously declining this week, and the market sentiment is weak. The current market still needs to fully digest the negative factors such as the weakening of the spot market. Coupled with the relatively high volatility of the variety, it is recommended to focus on tracking the actual downstream procurement situation and the transaction order price in the short term, and mainly wait and see in operation [3]. Tin - **Market Performance**: Tin prices oscillated strongly [3]. - **Fundamentals**: There is news that the Iranian president wants to end the war under security guarantees, but the authenticity of the news is to be verified. The supply of tin ore remains tight, and the spot is still traded at a high premium. The domestic warehouse receipts are decreasing rapidly every day, and the London structure is 375 dollars contango [3]. - **Trading Strategy**: Suggest waiting and seeing [3]. Black Industry Rebar - **Market Performance**: The main 2605 rebar contract closed at 3124 yuan per ton, a decrease of 20 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The building material inventory in the Gangyin caliber decreased by 0.3% to 6.63 million tons month - on - month, and was basically flat last week. The rebar out - bound volume in Hangzhou on the weekend was 68,000 tons, compared with 76,000 tons last week; the inventory was 1.548 million tons, compared with 1.522 million tons last week and 1.127 million tons in the same period last year. The building material demand has marginally improved but is still slightly weaker year - on - year. Fortunately, the supply has decreased year - on - year, and the contradiction is limited. The plate demand has marginally stabilized, and the direct and indirect exports remain at a relatively high level. The inventory depletion speed is at a neutral level in the same period of history. The steel mill profit is poor, and the production increase space is limited. The steel spot price is a bit weak in following the rise, and the futures discount has narrowed [4]. - **Trading Strategy**: Mainly wait and see. Hold the short position of rebar 2605 cautiously or choose the opportunity to exit. The reference range for RB05 is 3100 - 3160 [4]. Iron Ore - **Market Performance**: The main 2605 iron ore contract closed at 815 yuan per ton, a decrease of 0.5 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The iron ore arrival volume increased by 1.237 million tons to 22.802 million tons month - on - month, and the shipment volume decreased by 6.72 million tons to 24.724 million tons month - on - month. The iron ore supply - demand margin remains stable. The molten iron output in the Steel Union caliber increased by 30,000 tons month - on - month, a decrease of 3% year - on - year. The coking plant proposed a price increase, but it has not been implemented yet. The steel mill profit is poor, and the subsequent blast furnace production increase slope is limited. The supply side conforms to the seasonal law. The furnace charge inventory of steel mills is slightly high, and the inventory days remain above the historical average level. Although the total port inventory has increased by about 24 million tons to 170 million tons year - on - year, the proportion of mainstream iron ore inventory in ports is low, and there is a certain structural contradiction. The iron ore maintains a forward - discount structure but is significantly lower year - on - year, and the valuation is slightly high [4]. - **Trading Strategy**: Mainly wait and see. The reference range for I05 is 800 - 830 [4]. Coking Coal - **Market Performance**: The main 2605 coking coal contract closed at 1147.5 yuan per ton, a decrease of 43.5 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The molten iron output in the Steel Union caliber increased by 30,000 tons to 22.82 million tons month - on - month, a decrease of 3% year - on - year. The coke proposed a price increase, but it has not been implemented yet. The steel mill profit is poor, and the subsequent blast furnace production increase slope may be gentle. The port customs clearance at the supply end maintains a high level, and the inventory in each link is differentiated. The port and mine - mouth inventories are high, while the inventories in other links are low, and the overall inventory level is neutral. The 05 contract futures have a premium over the spot, and the forward - premium structure is maintained, with the futures valuation being high [4]. - **Trading Strategy**: Mainly wait and see. Hold the short position of coking coal 2605 cautiously. The reference range for JM05 is 1120 - 1170 [4]. Agricultural Products Soybean Meal - **Market Performance**: The overnight CBOT soybeans rose because the US soybean planting area intention was slightly lower than the market expectation [6]. - **Fundamentals**: On the supply side, it is loose in the near - term, and there is an expectation of increased production capacity for new US soybean crops in the far - term. On the demand side, the US soybean crushing is strong, and the exports conform to the seasonality. In general, the expectation of global supply - demand looseness remains unchanged [6]. - **Trading Strategy**: US soybeans are expected to oscillate, and the looseness suppresses the price. Pay attention to the production in the producing areas and crude oil; in China, it also follows the cost side. Pay attention to the macro - crude oil and the arrival volume [6]. Corn - **Market Performance**: The corn futures price declined, and the corn spot price decreased in the Northeast and slightly increased in the North China [6]. - **Fundamentals**: Currently, the grain - selling progress exceeds 80%, but the progress is slow. The mentality in the producing areas, especially in North China, has loosened, and the enthusiasm for selling grain has increased. The policy wheat auction volume has increased, and both the transaction rate and the premium have declined. Coupled with the good growth of new - season wheat seedlings, the wheat price has weakened. After the spot price rose to a high level, the expectation of policy regulation has increased, and the spot price is expected to adjust weakly. Pay attention to the auction situation of the minimum - purchase - price wheat and the changes in the purchase - and - sale rhythm [6]. - **Trading Strategy**: Since the transaction rate and premium of the wheat auction have both declined, the futures price is expected to oscillate weakly [6]. White Sugar - **Market Performance**: The Zhengzhou sugar 0

1. Report Industry Investment Ratings - Corn: Interval trading [2] - Pig: Short - term short [2] - Egg: Interval trading [5] 2. Core Views - For corn, in the short - to - medium term, rising temperatures and increased wheat supply may pressure spot prices to correct. In the long term, the pricing logic of substitution and planting cost remains, with a focus on policy guidance [2]. - For pigs, in the short term, the pattern of strong supply and weak demand persists in March, and pig prices may remain low. In the medium term, supply pressure will ease from April - June. In the long term, supply pressure exists until August, and the expected high of far - month contracts has shifted down [5]. - For eggs, in the short term, egg prices stop rising and fall after the Tomb - Sweeping Festival. In the medium term, supply pressure is postponed, limiting the upside of egg prices in the third quarter. In the long term, the continuous expansion of egg - laying hen farming may extend the price bottom cycle [5]. 3. Summary by Related Catalogs Corn Market Review - Overnight, the corn futures fluctuated weakly. As of the night - session close, the main 2605 contract fell 0.47% to 2,346 yuan/ton [2]. Important Information - Deep - processing enterprise purchase prices in the Northeast and North China decreased slightly. The average purchase price in the Northeast was 2,251 yuan/ton, down 6 yuan/ton from last Friday, and in North China, it was 2,429 yuan/ton, down 14 yuan/ton [2]. - Prices at north - south ports decreased slightly. The purchase price at Jinzhou Port was 2,330 - 2,350 yuan/ton, down 10 yuan/ton, and at Shekou Port, the transaction price was 2,490 yuan/ton, down 10 yuan/ton [2]. - As of March 27, the total corn inventory at four northern ports was about 2.54 million tons, and the inventory at Guangdong Port was 550,000 tons. Feed enterprises mainly consumed inventory due to increased arrivals of imported grains [2]. - On March 30, the number of corn futures warehouse receipts decreased by 1,000 lots to 58,377 lots [2]. - On March 30, the wheat - corn price difference in Shandong was 140 yuan/ton, the same as the previous day [2]. - The National Grain Trading Center will auction 800,000 tons of minimum - purchase - price wheat on April 1, the same amount as the previous week [2]. Market Logic - Short - to - medium term: Rising temperatures and increased wheat supply may pressure spot prices to correct. Long - term: The pricing logic of substitution and planting cost remains, with a focus on policy guidance [2]. Trading Strategy - Maintain a wide - range trading idea in the medium term and expect a short - term correction. The 2605 contract has a valid resistance at 2,400. After breaking the first support at 2,350 - 2,370 on Monday, pay attention to the second support at 2,310 - 2,330. Consider appropriate profit - taking for previous short positions near the second support [2]. Pig Market Review - The pig futures fluctuated downward yesterday. The main 2605 contract rose 0.65% to 10,005 yuan/ton [2]. Important Information - Pig prices were mainly stable. On March 30, the national average pig price was 9.41 yuan/kg, and it is expected to remain stable on the morning of March 31 [2]. - As of the end of December, the number of fertile sows was 39.61 million, a year - on - year decrease of 2.9%, 101.6% of the normal level [2]. - From January to September 2025, the number of new - born piglets increased month - on - month (only decreased in July), corresponding to an increasing trend in pig slaughter until March this year. From October to December 2025, the number of new - born piglets decreased for three consecutive months, by 1%, 0.8%, and 1.2% respectively, corresponding to a relief in supply pressure from April. In January 2026, the number of new - born piglets increased 1% month - on - month [2]. - As of March 26, the average slaughter weight of pigs was 126.43 kg, an increase of 0.53 kg from the previous week [2]. - On March 30, the price difference between fat and standard pigs was 0.28 yuan/jin, narrowing by 0.01 yuan/jin from the previous day [5]. - As of March 30, the number of pig futures warehouse receipts decreased by 42 lots to 441 lots [5]. - On March 30, the daily market price of 7 - kg piglets was 234.72 yuan/head, the same as last Friday [5]. - As of March 26, the pork frozen - product storage rate was 21.24%, an increase of 0.26% from the previous week [5]. Market Logic - Short - term: The pattern of strong supply and weak demand persists in March, with weight pressure remaining. Under policy guidance, the expectation of weight reduction by farmers is increasing, and pig prices may remain low. Pay attention to the sentiment of second - fattening and frozen - product storage [5]. - Medium - term: The continuous month - on - month decline in new - born piglets in the fourth quarter of 2025 means supply pressure will ease from April - June. Pay attention to the impact of diseases [5]. - Long - term: Supply pressure exists until August. However, the decline in the number of fertile sows at the end of 2025 was less than expected, and the expected high of far - month contracts has shifted down [5]. Trading Strategy - Maintain a bottom - range trading idea. Near - month contracts continue to test support levels. As piglet prices continue to fall, the expectation of far - month contracts continues to shift down. For the 2605 contract, support is at 9,500 - 9,800, and resistance is at 10,000 - 10,300; for the 2607 contract, support is at 10,800 - 11,000, and if the support is effectively broken, the downside space may open, with resistance at 11,500 - 11,600; for the 2609 contract, support is at 12,000 - 12,200, and if the support is effectively broken, the downside space may open, with resistance at 12,700 - 12,900; for the 2611 contract, resistance is at 13,000 - 13,100, support is at 12,500, and if the support is effectively broken, the downside space may open; for the 2701 contract, resistance is at 13,500 - 13,650, and support is at 12,800 - 13,000 [5]. Egg Market Review - Yesterday, the egg futures showed a pattern of near - term weakness and far - term strength. The main 2605 contract fell 1.54% to 3,453 yuan/500KG [5]. Important Information - Egg prices mainly weakened. The average price in the main production areas was 3.39 yuan/jin, down 0.04 yuan/jin from the previous day, and in the main sales areas, it was 3.52 yuan/jin. On March 30, the price of pink eggs in Guantao, Hebei was 3.04 yuan/jin, down 0.05 yuan/jin from the previous day [5]. - On March 30, the average inventory in the production link was 1.09 days, an increase of 0.07 days from last Friday, and in the circulation link, it was 1.21 days, an increase of 0.07 days [5]. - On March 30, the average price of old hens was 5.12 yuan/jin, the same as before. As of March 26, the weekly culling age of old hens was 505 days, the same as the previous week [5]. - According to Zhuochuang Information, the number of laying hens in February was about 1.35 billion, a month - on - month increase of 0.6% and a year - on - year increase of 3.37%. The theoretical estimated number of laying hens in March is 1.342 billion [5]. Market Logic - Short - term: After the Tomb - Sweeping Festival inventory replenishment, inventory begins to rise, and egg prices stop rising and fall [5]. - Medium - term: The continuous increase in culling age and month - on - month increase in chick replenishment postpone egg supply pressure, which may limit the upside of egg prices in the third quarter [5]. - Long - term: The continuous expansion of egg - laying hen farming may extend the price bottom cycle and limit the upside driven by culling [5]. Trading Strategy - It is recommended to wait and see or conduct short - term trading. For the 2605 contract, resistance is at 3,500 - 3,530, support is at 3,350 - 3,400. Pay attention to the culling rhythm and inventory level [5].

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 about the industry investment rating is provided in the report. 2. Core Views - **Pig**: The supply pressure remains high, and the futures price faces resistance in rebounding. In the short - term, the pig price will continue to fluctuate at the bottom. In the medium - to - long - term, the pig price will face resistance in the first half of the year, and there may be a low - level recovery in the second half, but the price increase depends on the extent of capacity reduction [4][51]. - **Egg**: The demand for stocking is slowing down, and the futures price faces resistance in rebounding. In the short - term, the spot price is strong, but the increase is limited. In the medium - to - long - term, the supply pressure is difficult to relieve quickly, and the market should not be overly optimistic [5][80]. - **Corn**: The grain supply is gradually becoming more abundant, and the futures price is under pressure at high levels. In the short - term, the price is under pressure to fluctuate at high levels. In the medium - to - long - term, the price increase is limited, and there is a risk of a phased correction [6][112]. 3. Summary by Directory 3.1 Pig 3.1.1 Period and Spot Ends - As of March 27, the national spot price was 9.38 yuan/kg, down 0.49 yuan/kg from last week; the Henan pig price was 9.48 yuan/kg, down 0.52 yuan/kg from last week; the main pig futures contract 2605 closed at 9965 yuan/ton, down 255 yuan/ton from last week; the basis of the 05 contract was - 485 yuan/ton, down 265 yuan/ton from last week. The national pig price continued to decline this week, and the futures price followed the spot price down, with a late - week rebound under the influence of position limits. The spot price stopped falling and rebounded over the weekend [4][51]. 3.1.2 Supply End - In December 2025, the number of fertile sows was 39.61 million, still 3.11 million away from the normal reserve target of 36.5 million. With the increase in fattening losses and the decline in piglet profits, and the policy requirements, the industry capacity reduction will accelerate. The supply pressure in the first half of 2026 is still high, and the supply will decrease marginally after July. The proportion of large - pig sales increased, and the average weight of pig sales increased slightly and was at a high level in the same period. The planned sales volume of key provincial enterprises in March increased month - on - month, and the sales pressure in April is still high [4][51]. 3.1.3 Demand End - The weekly slaughter rate and slaughter volume continued to rise. The low price increased the slaughter volume, but the terminal fresh - sales demand was weak, the fresh - sales rate of slaughterhouses decreased, and the frozen - product storage ratio increased. Consumption is in the off - season, and attention should be paid to the Tomb - Sweeping Festival stocking and the frozen - product storage of slaughterhouses [4][51]. 3.1.4 Cost End - The prices of piglets and binary fertile sows fell significantly, the losses of self - breeding and self - fattening and purchasing piglets for fattening increased, and the cost of self - breeding and self - fattening 5 - month - old fattening pigs increased. The national pig - grain ratio fell below 5:1, and policy measures such as state reserve purchases may be taken, but the current supply is still relatively loose [4][51]. 3.1.5 Weekly Summary - Although the short - term supply reduction by farmers provides some support, the sales pressure in April is still high, and the pig price is under pressure. In the medium - to - long - term, the pig price will face resistance in the first half of the year and may recover in the second half, but the price increase depends on the capacity reduction [4][51]. 3.1.6 Strategy Suggestion - For the 05 and 07 contracts, short at high levels; for the 09, 11, and 01 contracts, be cautious about bottom - fishing, and breeding enterprises can hedge at profitable levels [4][51]. 3.2 Egg 3.2.1 Period and Spot Ends - As of March 27, the average price in the main egg - producing areas was 3.39 yuan/jin, up 0.12 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.38 yuan/jin, up 0.14 yuan/jin from last Friday; the main egg futures contract 2605 closed at 3502 yuan/500 kg, up 93 yuan/500 kg from last Friday; the basis of the main contract was - 322 yuan/500 kg, up 17 yuan/500 kg from last Friday. The national egg price continued to rise slightly, and the futures price rebounded [5][80]. 3.2.2 Supply End - The number of laying hens in production is still at a high level in the same period. The number of newly - opened laying hens is stable. The number of old - hen sales increased significantly this week, but the proportion of hens to be culled is low, and the capacity reduction is slow. The inventory pressure is low in the short - term, but the supply pressure is difficult to relieve quickly in the medium - to - long - term [5][80]. 3.2.3 Demand End - The egg demand continued to recover slightly this week. The sales volume in the sales areas increased slightly, and the Tomb - Sweeping Festival stocking provided phased support. However, the low - price pork has a substitution effect on egg demand, and the terminal household consumption is still in the off - season [5][80]. 3.2.4 Weekly Summary - The supply pressure is difficult to relieve quickly, and the demand recovery is slow. The spot price is strong in the short - term, but the increase is limited. In the medium - to - long - term, the supply - demand pattern is difficult to improve fundamentally [5][80]. 3.2.5 Strategy Suggestion - In the short - term, be cautious about chasing high prices, and pay attention to the pressure at 3550 - 3600 for the 05 contract. In the medium - to - long - term, wait for the clear inflection point [5][80]. 3.3 Corn 3.3.1 Period and Spot Ends - As of March 27, the平仓 price of corn at Jinzhou Port in Liaoning was 2380 yuan/ton, down 15 yuan/ton from last Friday; the main corn futures contract 2605 closed at 2369 yuan/ton, down 18 yuan/ton from last Friday; the basis of the main contract was 11 yuan/ton, up 3 yuan/ton from last Friday. The national corn price was adjusted narrowly at a high level, and the futures price continued to fluctuate weakly [6][112]. 3.3.2 Supply End - The supply shortage has been further alleviated, and the supply is becoming more abundant. The grain - selling progress in Northeast and North China has continued to improve, and the grain rights have gradually transferred to traders. The inventory of deep - processing enterprises and northern ports has increased, and the supply pressure has been significantly relieved [6][112]. 3.3.3 Demand End - The replenishment rhythm of deep - processing enterprises has slowed down, and feed procurement has remained cautious. The deep - processing capacity utilization rate and consumption have increased, but the inventory is still at a low level in the same period. Feed enterprises have sufficient inventory, and the procurement intensity has slowed down, with wheat substitution [6][112]. 3.3.4 Weekly Summary - The corn market's trading rhythm has slowed down, the supply has become more abundant, and the demand has limited growth. In the short - term, the price is under pressure at high levels, and in the medium - to - long - term, there is a risk of a phased correction [6][112]. 3.3.5 Strategy Suggestion - In the short - term, operate cautiously in the range of [2340 - 2390]. In the medium - to - long - term, short on rebounds [6][112].

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 - No information provided about the industry investment rating in the report 2. Core Views - For the corn market, in the short - to - medium term, rising temperatures and increased wheat supply may pressure spot prices to decline. In the long term, the pricing logic is based on substitution and planting costs, with a focus on policy guidance [1] - For the pig market, in the short term, the supply - strong and demand - weak situation persists in March, and pig prices may remain low. In the medium term, supply pressure will ease from April to June. In the long term, supply pressure exists before August, and the expected high of far - month contracts is lowered [1][2] - For the egg market, in the short term, egg prices are stagnant and weak. In the medium term, egg supply pressure is postponed, which may limit the upward space of egg prices in the third quarter. In the long term, the continuous expansion of egg - laying hen farming scale may extend the price bottom cycle and limit the upward space driven by chicken culling [2] 3. Summary by Related Catalogs Corn - **Market Review**: On the night of last Friday, corn futures weakened in a volatile manner. As of the night - session close, the main 2605 contract fell 0.3% to 2361 yuan/ton [1] - **Important Information**: As of March 27, the total corn inventory in the four northern ports was about 2.54 million tons, and the inventory in Guangdong Port was 550,000 tons. On March 27, the number of corn futures warehouse receipts decreased by 6481 lots to 59,377 lots. The wheat - corn price difference in Shandong on March 27 was 140 yuan/ton, 20 yuan/ton wider than the previous day. The National Grain Trading Center will auction 800,000 tons of minimum - purchase - price wheat on April 1 [1] - **Market Logic**: In the short - to - medium term, rising temperatures and increased wheat supply may pressure spot prices to decline. In the long term, the pricing logic is based on substitution and planting costs, with a focus on policy guidance [1] - **Trading Strategy**: Maintain a wide - range trading idea in the medium term and expect a short - term correction. The 2400 resistance of the 2605 contract is effective. The first support is in the range of 2350 - 2370, and the second support is in the range of 2310 - 2330 [1] Pig - **Market Review**: On last Friday, live - hog futures weakened in a volatile manner. The main 2605 contract rose 0.45% to 9965 yuan/ton [1] - **Important Information**: On the weekend, pig prices fluctuated slightly. On the 29th, the national average live - hog price was 9.41 yuan/kg, up 0.04 yuan/kg from last Friday. As of the end of December, the number of fertile sows was 39.61 million, a year - on - year decrease of 2.9%, which was 101.6% of the normal inventory. From January to September 2025, the number of newborn piglets increased month - on - month (only decreased in July), corresponding to an increasing trend in the number of live - hog slaughter before March this year. From October to December 2025, the number of newborn piglets decreased for three consecutive months, corresponding to a relief of supply pressure from April this year. In January 2026, the number of newborn piglets increased month - on - month. As of March 26, the average slaughter weight of live hogs was 126.43 kg, an increase of 0.53 kg from the previous week. On March 27, the price difference between fat and standard hogs was 0.29 yuan/jin, the same as the previous day. As of March 27, the number of live - hog futures warehouse receipts decreased by 526 lots to 483 lots. As of March 26, the pork frozen - product storage rate was 21.24%, an increase of 0.26% from the previous week [1][2] - **Market Logic**: In the short term, the supply - strong and demand - weak situation persists in March, and pig prices may remain low. In the medium term, supply pressure will ease from April to June. In the long term, supply pressure exists before August, and the expected high of far - month contracts is lowered [1][2] - **Trading Strategy**: Maintain a bottom - range trading idea and verify the support effect of near - month contracts. The support of the 2605 contract is in the range of 9500 - 9800, and the resistance is in the range of 10000 - 10300. The support of the 2607 contract is in the range of 10800 - 11000, and the resistance is in the range of 11500 - 11600. The support of the 2609 contract is 12000, and the resistance is in the range of 12700 - 12900 [2] Egg - **Market Review**: On last Friday, egg futures fluctuated and consolidated. The main 2605 contract rose 0.63% to 3502 yuan/500KG [2] - **Important Information**: On the weekend, egg prices were stable with a slight decline. On the 29th, the price of Hebei Guantao powder eggs was 3.09 yuan/jin, a decrease of 0.09 yuan/jin from last Friday. On the 27th, the average inventory in the national production link was 1.02 days, the same as the previous day; the inventory in the circulation link was 1.14 days, a decrease of 0.01 days from the previous day. On the 27th, the average price of old hens was 5.15 yuan/jin, an increase of 0.01 yuan/jin from the previous day. As of March 26, the weekly culling age of old hens was 505 days, the same as the previous week. In February, the number of laying hens in production was about 1.35 billion, a month - on - month increase of 0.6% and a year - on - year increase of 3.37%. The theoretical estimated number of laying hens in production in March is 1.342 billion [2] - **Market Logic**: In the short term, the inventory is relatively stable but lower than the same period last year, and egg prices are stagnant and weak after the pre - Tomb - Sweeping Festival stocking is basically over. In the medium term, the continuous increase in the culling age of hens and the month - on - month increase in chick replenishment postpone the egg supply pressure, which may limit the upward space of egg prices in the third quarter. In the long term, the continuous expansion of egg - laying hen farming scale may extend the price bottom cycle and limit the upward space driven by chicken culling [2] - **Trading Strategy**: It is recommended to wait and see or conduct short - term trading, and pay attention to the culling rhythm and inventory level [2]

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 relevant information provided. 2. Core Views of the Report - In Q1 2026, corn and hog futures broke through support and declined, while egg futures fluctuated downward. The previous trading strategies for these three commodities have been verified by the market [6][8]. - For corn, in the medium - short term, rising temperatures and increased wheat supply may cause short - term price corrections, but the downward space is limited before the import policy is relaxed. In the long term, the pricing logic is based on substitution and planting costs, with a focus on policy guidance [13]. - For hogs, in the short term, the supply - demand imbalance will keep prices low. In the medium term, supply pressure will ease starting from April. In the long term, the decline in sow inventory is less than expected, and the upside potential of far - month contracts is limited [41]. - For eggs, in the medium - short term, egg prices are expected to fluctuate around the breeding cost in Q2. In the long term, the continuous expansion of the egg - laying hen breeding scale may limit price increases, and waiting for over - culling to drive capacity reduction [65]. 3. Summary by Directory 3.1 Corn 3.1.1 Market Performance - Corn futures fluctuated upward, with the 2605 contract rising 5.06% in the quarter and closing at 2369 yuan/ton as of March 27 [8]. 3.1.2 Macro Logic - Internationally, geopolitical conflicts drive up macro sentiment. Domestically, macro drivers are mainly reflected in industrial policies [10][87]. 3.1.3 Industry Logic - It has entered the passive inventory - building cycle. Key factors to watch include reserve purchases, auctions of directional rice/imported corn, and grain import policies [11][88]. 3.1.4 Supply - Demand Logic - In the 2025/26 season, the domestic corn supply - demand pattern is approaching balance. Globally, supply pressure has decreased year - on - year, but there is significant supply pressure in the new season for US corn. In China, imports have little impact on domestic supply in the short term due to import restrictions. In the long term, domestic corn production can cover consumption. In Q2, supply pressure mainly comes from policy - based grain releases and wheat substitution. On the demand side, livestock and poultry inventories are still high, but the breeding industry may enter a capacity - reduction phase in 2026. The narrowing price gap between wheat and corn has increased the substitution of wheat [12][89]. 3.1.5 Variety View - In the medium - short term, rising temperatures and increased wheat supply may lead to short - term price corrections, but the downward space is limited before the import policy is relaxed. In the long term, the pricing logic is based on substitution and planting costs, with a focus on policy guidance [13][90]. 3.1.6 Trading Strategy - Futures: Adopt a wide - range trading strategy in the medium term, with short - term corrections. The 2605 contract has a resistance level at 2400, with the first support at 2350 - 2370 and the second at 2310 - 2330. Consider buying on dips after the negative impact of policy - based grain auctions is realized [14][91]. - Options: It is expected that the corn supply - demand pattern will remain balanced in 2026, with prices fluctuating in the range of 2200 - 2450 in the long term. As the upward price expectation has been mostly realized, volatility may narrow. It is recommended to sell options based on support and resistance levels [14][91]. - Arbitrage: The normal range of the corn basis is between - 100 and + 100, with some cases between - 200 and + 200. When the basis is outside the [-100, +100] range, conduct a feasibility analysis of cash - and - carry arbitrage. Currently, the basis is normal, and consider a cash - and - carry arbitrage opportunity when the basis weakens to below - 200 yuan/ton [14][91]. 3.2 Hogs 3.2.1 Market Performance - Hog futures declined significantly, with the 2605 contract falling 18.08% in the quarter and closing at 9965 yuan/ton as of March 27 [8]. 3.2.2 Macro Logic - Pay attention to the interaction between China's CPI and hog prices, and focus on industrial policy guidance [45][100]. 3.2.3 Industry Logic - Under the guidance of capacity - reduction policies, the structure of the breeding market may change [45][100]. 3.2.4 Supply - Demand Logic - Supply: As of December 2025, the inventory of fertile sows was 39.61 million, 101.6% of the normal level, with a smaller - than - expected decline. From January to September 2025, the monthly number of newborn piglets increased, resulting in high hog supply before March 2026. However, the number of newborn piglets decreased for three consecutive months from October to December 2025, indicating a potential easing of supply pressure starting from April 2026. In January 2026, the number of newborn piglets increased by 1% month - on - month. Currently, the average slaughter weight is at a high level, and the impact of second - fattening on supply needs to be monitored. In terms of imports and frozen inventories, imports have little impact on the market, and the frozen inventory is at a relatively low level [40][49][51]. - Demand: Pork consumption is relatively rigid. In Q2, focus on the enthusiasm for second - fattening and frozen inventory replenishment. After the Spring Festival, it is the traditional off - season for consumption, and the downstream consumption may recover slightly in Q2, but the driving force for price increases is limited [54]. 3.2.5 Variety View - Short - term: The supply - demand imbalance will keep prices low, and pay attention to the sentiment of second - fattening and frozen inventory replenishment. - Medium - term: Supply pressure will ease starting from April - June, with a focus on the impact of diseases. - Long - term: Supply pressure will persist until August, but the upside potential of far - month contracts is limited due to the smaller - than - expected decline in sow inventory [41][96]. 3.2.6 Trading Strategy - Futures: Adopt a bottom - range trading strategy. The 2605 contract will continue to seek support. The 2607 and 2609 contracts in Q3 may have a slight recovery after the supply pressure is released. For contracts in Q4 and later, wait for sow data to determine the trading direction. If the sow data remains high from January to February, consider short - selling [42][97]. - Options: As hog prices are at a low level, the volatility of the futures market has decreased. It is recommended to sell options to short - sell volatility, focusing on selling options near support and resistance levels [43][98]. - Arbitrage: Given the seasonal fluctuations in hog prices and the rapid changes in supply - driven logic, consider a reverse arbitrage opportunity by selling near - month contracts and buying the 2701 contract [43][98]. 3.3 Eggs 3.3.1 Market Performance - Egg futures fluctuated within a range, with the 2605 contract falling 0.17% in the quarter and closing at 3502 yuan/500 kg as of March 27 [8]. 3.3.2 Macro Logic - Domestically, pay attention to raw material prices and CPI changes. In the second half of the year, focus on the impact of meat and vegetable prices [62][103]. 3.3.3 Industry Logic - The market share of leading enterprises in the egg - laying hen breeding industry is relatively low. Enterprises have a strong expansion意愿, and large - scale breeding is promoting the transformation from traditional decentralized breeding to intensive breeding. Small - scale farmers are expected to gradually exit the market, and brand building will become an important development direction [63][104]. 3.3.4 Supply - Demand Logic - Supply: At the end of 2025, egg prices rose rapidly, and the culling of laying hens slowed down, resulting in a post - poned supply pressure. In February 2026, the inventory of laying hens was about 1.35 billion, and the estimated inventory in March was 1.342 billion. The concentrated culling of hens from October to November 2025 will lead to a decrease in the supply of newly - laid eggs in April 2026, providing some support to the market. However, the low culling rate during the Spring Festival has increased the proportion of large - sized eggs, limiting the upside potential of egg prices. If the culling rate is lower than expected in the first half of the year, the supply pressure will continue to accumulate [64][105]. - Demand: In Q2, egg consumption may recover, and pay attention to the inventory level. Before the Tomb - Sweeping Festival, downstream stocking demand was strong, and the social inventory was low. Egg consumption follows a seasonal pattern, and focus on the stocking intensity before holidays and changes in social inventory [82]. 3.3.5 Variety View - Medium - short term: Egg prices are expected to fluctuate around the breeding cost in Q2, and pay attention to the culling and molting rhythm of laying hens. - Long term: The continuous expansion of the egg - laying hen breeding scale may extend the price bottom cycle and limit the price increase driven by culling. Wait patiently for the over - culling to drive capacity reduction [65][106]. 3.3.6 Trading Strategy - Futures: Adopt a range - trading strategy in the medium - short term, and consider short - selling in the long term when supply contradictions accumulate. For the 2605 contract, the support level is 3300, and the resistance level is 3600; for the 2606 contract, the support is 3100, and the resistance is 3350; for the 2607 contract, the support is 3300, and the resistance is 3500; for the 2608 contract, the support is 3900, and the resistance is 4200; for the 2609 contract, the support is 3600 - 3700, and the resistance is 3900. Pay attention to the inventory level and the culling rhythm of laying hens. If the inventory of laying hens remains above 1.3 billion in the first half of the year, the upside potential of egg prices in the second half of the year is limited. It is recommended that breeding enterprises lock in profits through far - month contracts [66][107]. - Options: For near - month contracts, the bearish expectation has been mostly realized, and the volatility has narrowed. It is recommended to sell put options near the support level. For far - month contracts after Q2, pay attention to the capacity - reduction rhythm of laying hens. If there is a large - scale capacity reduction, consider buying out - of - the - money call options; otherwise, consider selling call options when the price rises [66][107]. - Arbitrage: In 2026, the egg market may enter a capacity - reduction phase, and market sentiment has a significant impact on price fluctuations. If over - culling occurs, consider a reverse arbitrage opportunity; if culling is lower than expected due to large - scale breeding, consider a positive arbitrage opportunity. Focus on the strength relationship between contracts around peak consumption seasons, such as the 8 - 9 and 12 - 02 contracts [67][108].

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].