Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View - The market sentiment for DCE Bean No. 1 is stable, and the market may fluctuate [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE Bean No. 1 2605 closed at 4,810 yuan/ton during the day session, down 22 yuan (-0.46%), and 4,778 yuan at night, down 2 yuan (-0.04%); DCE Soybean Meal 2605 closed at 3,029 yuan/ton during the day session, down 24 yuan (-0.79%), and 3,012 yuan at night, down 18 yuan (-0.59%); CBOT Soybean 05 closed at 1,160.5 cents/bushel, down 8 cents (-0.68%); CBOT Soybean Meal 05 closed at 328 dollars/short ton, down 4.5 dollars (-1.35%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal is 3,290 - 3,380 yuan/ton, unchanged; in East China, it is 3,290 - 3,320 yuan/ton; in South China, it is 3,320 - 3,550 yuan/ton. The spot price of soybeans in the Northeast region, such as in Harbin, is 4,820 yuan/ton [1]. - **Industrial Data**: The trading volume of soybean meal was 8.6 tons/day, compared with 11.15 tons/day two days ago. The inventory was not available, compared with 61.9 tons/week two days ago [1]. 3.2 Macro and Industry News - On March 20, 2026, CBOT soybean futures closed lower due to pre - weekend long - position profit - taking. The postponement of the meeting between Chinese and US leaders to mid - May has made the future of soybean procurement uncertain. From January to February 2026, China imported 1.5 million tons of US soybeans, a year - on - year decrease of 84%, while importing 6.56 million tons of Brazilian soybeans, a year - on - year increase of 83%. The weather in the US is warm and dry, which is ideal for spring plowing. The excellent - good rate of Argentine soybean crops reached 38%, up 3 percentage points from the previous week [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and DCE Bean No. 1 is 0, indicating a neutral state for the day - session main - contract futures price fluctuations on the report day [3].

Core Insights - The Bloomberg Commodity Index decreased by 0.68% to 30.0284 points on Friday, with a weekly increase of 1.37% [1] Grain Futures - CBOT corn futures remained flat at $4.4125 per bushel, with a weekly increase of 0.68% [1] - CBOT wheat futures fell by 1.75% to $5.4875 per bushel, but recorded a weekly increase of 1.81% [1] - CBOT soybean futures decreased by 0.22% to $11.4975 per bushel, with a weekly increase of 1.86% [1] - Soymeal futures rose by 0.19% with a weekly increase of 1.79%, while soybean oil futures dropped by 0.64% but had a weekly increase of 3.04% [1] Livestock Futures - CBOT lean hog futures experienced a cumulative decline of 6.76% this week [1] - Live cattle futures increased by 1.33% this week, while feeder cattle futures fell by 0.48% [1] Sugar and Coffee Futures - ICE raw sugar futures fell by 1.70%, and ICE white sugar futures decreased by 2.66% [1] - ICE Arabica coffee futures rose by 0.34%, while coffee "C" futures increased by 2.40% [1] - Robusta coffee futures saw a cumulative increase of 3.54% [1] Cocoa Futures - New York cocoa futures dropped by 14.07% to $3683 per ton, while London cocoa futures fell by 0.14% [1] Canola and Cotton Futures - Chicago WCE canola futures increased by 0.64% [1] - ICE cotton futures rose by 1.81% [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The sentiment in the soybean and soybean meal markets has improved. Soybean meal may follow the upward trend of US soybeans, and soybeans may rebound and fluctuate. The positive remarks from the phone call between leaders have boosted market sentiment [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2605 closed at 4375 yuan/ton during the day session, down 31 yuan (-0.70%), and 4398 yuan/ton at night, up 13 yuan (+0.30%); DCE soybean meal 2605 closed at 2723 yuan/ton during the day session, down 13 yuan (-0.48%), and 2731 yuan/ton at night, up 6 yuan (+0.22%); CBOT soybean 03 closed at 1092 cents/bushel, up 25.25 cents (+2.37%); CBOT soybean meal 03 closed at 296.4 dollars/short ton, up 4.3 dollars (+1.47%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) is 3020 - 3100 yuan/ton, down 50 - 20 yuan compared to the previous day; in East China, it is 3010 - 3100 yuan/ton, down 20 yuan to flat; in South China, it is 3030 - 3160 yuan/ton, down 40 yuan to flat [1]. - **Industrial Data**: The trading volume of soybean meal was 23.68 million tons per day, and the inventory was 89.95 million tons per week [1]. 3.2 Macro and Industry News - On February 4, 2026, CBOT soybean futures closed higher, reaching a two - month high, mainly influenced by US President Donald Trump's remarks that China would buy more US soybeans. China has confirmed additional purchases, and as of the end of January, China had purchased about 12 million tons of US soybeans. However, during the Spring Festival starting from February 15, China may only be interested in Brazilian soybeans. A survey shows that half of the farmers' business conditions are worse than last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is +2, and that of soybeans is +1, indicating the price fluctuation of the main contract during the day session on the reporting day [3].

Group 1 - The Bloomberg Grain Index decreased by 0.69%, closing at 28.3728 points [1] - CBOT corn futures fell by 0.30% [1] - CBOT wheat futures declined by 0.20% [1] - CBOT soybean futures dropped by 0.95%, priced at $10.39 per bushel [1] - Soymeal futures decreased by 2.15% [1] - Soy oil futures increased by 1.81% [1] Group 2 - CBOT lean hog futures rose by 0.55% [1] - Live cattle futures increased by 0.85% [1] - Feeder cattle futures gained 1.74% [1]

Core Viewpoint - The Bloomberg Grain Index decreased by 0.35% to 30.0277 points, indicating a downward trend in grain prices [1] Group 1: Commodity Prices - CBOT corn futures fell by 0.06% to $4.3725 per bushel [1] - CBOT wheat futures declined by 1.06% to $5.35 per bushel [1] - CBOT soybean futures dropped by 0.38% to $11.2125 per bushel [1] - Soymeal futures decreased by 0.50% [1] - Soy oil futures fell by 0.24% [1] Group 2: Livestock Prices - CBOT lean hog futures increased by 1.83% [1]

Core Insights - CBOT corn futures decreased by 0.47% to $4.2675 per bushel, with a cumulative decline of 1.10% for the week [1] - CBOT wheat futures fell by 1.59% to $5.27 per bushel, resulting in a weekly drop of 1.17% [1] - CBOT soybean futures increased by 0.95% to $11.1725 per bushel, with a slight weekly gain of 0.27% [1] - Soymeal futures rose by 1.38%, but experienced a cumulative weekly decline of 1.46% [1] - Soy oil futures increased by 0.57%, achieving a weekly gain of 1.95% [1] - CBOT lean hog futures saw a cumulative decline of 2.03% [1] - Live cattle futures dropped by 3.71% cumulatively [1] - Feeder cattle futures experienced a cumulative decline of 3.65% [1]

Core Insights - The Bloomberg Grain Index declined by 2.37%, closing at 30.2363 points, with a notable drop after the market opened [1] - CBOT corn futures fell by 1.49%, settling at $4.2875 per bushel [1] - CBOT wheat futures experienced a significant decrease of 3.38%, closing at $5.36 per bushel [1] - CBOT soybean futures dropped by 2.31%, ending at $11.08 per bushel, while soybean meal futures fell by 3.69% and soybean oil futures decreased by 0.85% [1] - CBOT lean hog futures declined by 1.92%, live cattle futures fell by 0.78%, and feeder cattle futures decreased by 1.32% [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Futures market conditions during the 2025 National Day holiday varied across different sectors. Some commodities showed price increases due to factors like supply disruptions, geopolitical events, and market sentiment, while others faced downward pressure from factors such as supply - demand imbalances and macroeconomic uncertainties [2][4][9] - Different commodities have different risk levels and corresponding operation strategies based on their specific fundamentals, including factors like supply, demand, inventory, and policy expectations [4][5][6] Summary by Category Financial Futures Index Futures - **Risk Level**: ★★ - **Fundamentals**: The US government shutdown, delayed non - farm data, and changes in global political situations affected the market. Domestic holiday travel and movie consumption showed certain trends [4] - **Operation Strategy**: Focus on IF, IC, IM boosted by the 14th Five - Year Plan [4] Treasury Bonds - **Risk Level**: ★★ - **Fundamentals**: The 10 - year treasury bond rate oscillated around 1.8%, with limited capital gain space. Short - end coupon strategies were relatively stable, but there were risks of increased capital fluctuations in the fourth quarter [5] - **Operation Strategy**: Control duration, prioritize dumbbell - shaped allocation, defend at the short - end, and wait for higher odds for long - end trading [5] Precious Metals Gold - **Risk Level**: ★★ - **Fundamentals**: Delayed non - farm data, lower - than - expected ADP employment data, and the US government shutdown risk drove up the risk - aversion sentiment. There were differences in the market's expectation of the year - end interest rate cut, and the US economic data showed a downward trend [6] - **Operation Strategy**: Hold existing long positions and build new long positions on dips after the holiday [6] Silver - **Risk Level**: ★★ - **Fundamentals**: Similar to gold, and there was still room for the gold - silver ratio to repair during the interest rate cut process [7][8] - **Operation Strategy**: Hold existing long positions, and be cautious about opening new positions [8] Non - ferrous Metals Copper - **Risk Level**: ★★★ - **Fundamentals**: Supply was affected by mine accidents and domestic smelter overhauls. Terminal consumption was weak but had potential for improvement. Inventories were at a low level, and domestic policies might be strengthened [9] - **Operation Strategy**: Hold long positions on dips [9] Aluminum - **Risk Level**: ★★ - **Fundamentals**: The Fed cut interest rates as expected, and there was room for domestic LPR adjustment. Alumina supply was generally loose, while electrolytic aluminum supply was stable with limited growth. Demand entered the peak season, and inventory decreased [11] - **Operation Strategy**: Hold long positions and consider the arbitrage strategy of going long on AD and short on AL [12] Nickel - **Risk Level**: ★★ - **Fundamentals**: Indonesia adjusted the RKAB cycle, which brought uncertainty to the nickel ore supply. Nickel remained in an oversupply situation, and the downstream stainless - steel market was weak [13] - **Operation Strategy**: Observe or hold short positions moderately on rallies [13] Tin - **Risk Level**: ★★ - **Fundamentals**: Supply was tightened due to the closure of illegal tin mines in Indonesia. The semiconductor industry was recovering, and inventories were decreasing [15] - **Operation Strategy**: Hold long positions moderately on dips [14][15] Black Building Materials Steel - **Risk Level**: ★★ - **Fundamentals**: During the holiday, steel billet prices were stable, and iron ore futures rose slightly. The current situation was weak in the industry but strong in the macro - aspect, and attention should be paid to the inventory increase after the holiday [16] - **Operation Strategy**: Observe or conduct short - term trading, and pay attention to the support around 3000 for RB2601 [16] Iron Ore - **Risk Level**: ★★ - **Fundamentals**: Steel mills' profitability was at a relatively high level, and short - term negative feedback was unlikely. The key was whether steel demand could support the high iron - making water output [18] - **Operation Strategy**: Observe or conduct short - term trading [18] Glass - **Risk Level**: ★★ - **Fundamentals**: Market sentiment was boosted by news and price increases of some manufacturers. Supply was stable, demand was in the peak season, and inventories were decreasing [20] - **Operation Strategy**: Maintain the long strategy for the 01 contract, hold existing long positions, and open new long positions on dips, paying attention to the support at 1160 - 1200 [22] Coking Coal and Coke - **Risk Level**: ★★ - **Fundamentals**: Some coal mines in Shanxi had short - term production suspensions, and Mongolian coal imports were expected to increase after the holiday. The first round of coke price increase was implemented, but the second round failed [23] - **Operation Strategy**: Wait and pay attention to the new round of industrial inventory transfer after the holiday [23] Energy and Chemicals Crude Oil - **Risk Level**: ★★ - **Fundamentals**: Geopolitical disturbances did not have a substantial impact on supply. The "supply increase and demand decrease" situation persisted, and prices were under pressure during the holiday [25] - **Operation Strategy**: Consider the market as weak and oscillating [25] PVC - **Risk Level**: ★ - **Fundamentals**: Cost was at a low - profit level, supply was high, and demand was affected by the real - estate market and export policies [27] - **Operation Strategy**: No specific strategy provided in the text Caustic Soda - **Risk Level**: ★ - **Fundamentals**: Focus on post - holiday inventory accumulation. Supply was affected by upstream inventory and liquid chlorine, and demand was increasing marginally [28] - **Operation Strategy**: Consider the market as oscillating, and pay attention to the range of 2450 - 2650 for the 01 contract [28] Urea - **Risk Level**: ★★ - **Fundamentals**: Supply increased, agricultural demand was scattered, and inventory was accumulating. The supply - demand pattern of compound fertilizers improved slightly [31] - **Operation Strategy**: Observe the support at 1600 - 1630 for the 01 contract and the positive arbitrage opportunity after the 1 - 5 spread weakens further [31] Methanol - **Risk Level**: ★★ - **Fundamentals**: Supply increased, the demand of the main downstream (methanol - to - olefins) was strong, and inventories were decreasing [33] - **Operation Strategy**: Conduct range trading, and pay attention to the range of 2330 - 2450 for the 01 contract [33] Soda Ash - **Risk Level**: ★ - **Fundamentals**: Supply was abundant, downstream demand was weak, and upstream faced inventory accumulation pressure after the holiday [35] - **Operation Strategy**: Without policy support, the market may weaken PTA - **Risk Level**: ★★★ - **Fundamentals**: The market changed little during the holiday. After - holiday maintenance of some devices and slow recovery of downstream weaving affected the inventory situation. Cost - end oil prices declined [36] - **Operation Strategy**: The price may oscillate between 4500 - 4800, and producers should conduct hedging on rallies in the fourth quarter [36] Agricultural Products Cotton and Cotton Yarn - **Risk Level**: ★★ - **Fundamentals**: Cotton purchase prices were stable during the holiday. Due to the US government shutdown, US cotton data was suspended, and price fluctuations were small [39] - **Operation Strategy**: Conduct selling hedging on rallies [39] Live Pigs - **Risk Level**: ★★ - **Fundamentals**: Pig prices declined during the holiday due to oversupply. In the long - term, supply will increase before May next year, and prices will be under pressure [40] - **Operation Strategy**: The futures market is expected to open lower. Adopt a long - term short - selling strategy for 11, 01, 03, 05 contracts, be cautious about bottom - fishing for 07, 09 contracts, and pay attention to the arbitrage of going long on 05 and short on 03 [41] Corn - **Risk Level**: ★ - **Fundamentals**: New - season corn prices declined due to concerns about quality and increased supply. Demand was weak in the short - term but had potential for recovery in the long - term [43] - **Operation Strategy**: Adopt a short - selling strategy on the futures market, and wait for rallies to enter short positions [43] Eggs - **Risk Level**: ★★★ - **Fundamentals**: Egg prices were weak during the holiday. Supply growth slowed down, but there was still pressure. There was replenishment demand after the holiday, but prices were under pressure in the long - term [45] - **Operation Strategy**: Hold short positions for the 11 - month contract. Be cautious about short - selling the 12 and 01 contracts, and wait for rallies to enter short positions [46] Meal - **Risk Level**: ★★ - **Fundamentals**: CBOT soybeans rose slightly during the holiday. Domestic soybean supply was expected to be loose in the fourth quarter, and soybean meal inventory was increasing. Prices were expected to rise slightly in November [48] - **Operation Strategy**: Hold long positions on dips and reduce positions on rallies for M2601, and pay attention to the support at 2900 - 2930 [48] Oils - **Risk Level**: ★★★ - **Fundamentals**: Palm oil and soybean oil prices rose slightly during the holiday. Malaysian palm oil exports were strong, and there was a possibility of inventory reduction. Domestic oil inventories were high in the short - term [50] - **Operation Strategy**: Adopt a long - buying strategy on dips for 01 contracts of palm, soybean, and rapeseed oils, and pay attention to the positive arbitrage of the rapeseed - soybean oil price spread [50]

Group 1 - The Bloomberg Grain Index increased by 1.33%, reaching 28.8288 points, showing an upward trend throughout the day [1] - CBOT corn futures rose by 1.43%, priced at $4.07 per bushel [1] - CBOT wheat futures increased by 1.70%, priced at $5.1825 per bushel [1] - CBOT soybean futures gained 0.96%, priced at $9.9450 per bushel, while soybean meal futures rose by 1.47% and soybean oil futures decreased by 0.29% [1]

Group 1 - The Bloomberg Grain Index increased by 0.16%, reaching 29.5845 points, with a peak of 29.8546 points earlier in the day [1] - CBOT corn futures rose by 1.52%, closing at $4.1850 per bushel, after hitting a low of $4.0750 [1] - CBOT wheat futures fell by 0.55%, settling at $5.42 per bushel, moving away from a daily high of $5.5150 [1] Group 2 - CBOT soybean futures remained relatively stable, closing at $10.0725 per bushel, after dropping to a low of $9.9825 and later reaching a high of $10.1450 [1] - Soybean meal futures decreased by 0.74%, while soybean oil futures increased by 0.71% [1]