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⑴ Regarding palm oil, despite the announcement by the US and the International Energy Agency to release strategic reserves, the release speed is far below the supply gap. Some institutions believe that the blockage of the strait renders the release ineffective. In terms of operations, the correlation between oils and crude oil is high, leading to increased volatility, but the medium-term bullish pattern remains unchanged. Strict entry points and position control are required. In the spot market, Guangdong 24-degree palm oil rose by 280 yuan to 9,730 yuan. ⑵ Regarding soybean meal, the surge in crude oil has driven vegetable oils stronger, which in turn pushes up the cost of imported soybeans. This is the main logic behind the strength of soybean meal. Additionally, the hedging demand for agricultural products should not be ignored. In the short term, soybean meal is expected to mainly follow the developments of the Middle East conflict and operate passively. Domestic soybean meal inventories remain high, but the pressure is decreasing rapidly, supporting the strong performance of soybean meal month-on-month. ⑶ Regarding corn, the main logic for its strong price performance is that inventories at northern ports are still relatively low year-on-year. However, losses among downstream enterprises and warmer weather may limit short-term upward momentum. From a valuation perspective, current corn prices are relatively high. It is recommended to focus on buying on dips after a pullback. ⑷ Regarding live hogs, the absolute value of breeding sow inventory remains above the normal retention level, coupled with excellent production performance, indicating that medium-term supply is still large. In the short term, the previous batch of secondary fattening has not yet been fully digested, slaughtering is gradually recovering, supply remains strong, and post-holiday demand is weak. The spot market continues to weaken, so it is recommended to focus on short positions when prices are high. ⑸ Regarding eggs, post-holiday sales recovery is slow, logistics have not fully resumed, and currently, sales are mainly within production areas. From the perspective of supply and demand, supply remains large in February and March, and terminal demand is in the off-season. It is recommended to focus on short positions when prices are high and pay attention to the pace of subsequent inventory replenishment by traders.

⑴ Indian Oil Minister Hardeep Singh Puri said on Thursday that, facing tightening supply in the Gulf region, India, the world’s second-largest LPG importer, is actively expanding its sources of imports. Currently, India has secured more LPG shipments from the United States, Norway, Canada, and Russia, while maintaining its existing supply channels from the Gulf region. ⑵ To ensure cooking gas for 333 million households, the central government of India has invoked emergency powers, requiring refineries to maximize LPG production and reduce sales to industrial sectors to guarantee uninterrupted household supply. Puri emphasized that domestic LPG supply is fully secured, delivery cycles remain unchanged, and the current panic is more a result of consumer anxiety than actual shortages. ⑶ For the catering and hotel industries, the Federal Ministry of Environment has advised state pollution control boards to allow the use of biomass, kerosene, and coal as alternative fuels over the next month, freeing up more LPG for household use. ⑷ Puri revealed in parliament that India previously relied on Gulf countries for about 60% of its LPG imports, but now procurement sources have been diversified. The government has ordered state-owned oil companies, starting Thursday, to allocate 20% of the average monthly commercial LPG demand in coordination with state governments to prevent hoarding and black market trading. ⑸ Regarding crude oil supply, Puri stated that India’s overall supply situation is secure. Due to disruptions in the Strait of Hormuz caused by conflicts involving the United States, Israel, and Iran, India has increased the proportion of crude oil imports from non-Hormuz sources to 70% of its total imports. Gasoline and diesel supplies are also fully secured. ⑹ On LNG imports, Puri said shipments are arriving almost daily via alternative routes. He stressed that even if the conflict persists for a long time, India has sufficient domestic natural gas production and LNG supply arrangements to maintain the current situation.

This delivery marks a new advancement in Japan-U.S. defense cooperation in the field of naval equipment. The batch of advanced shipborne systems will enhance the regional air defense and missile interception capabilities of the Japan Maritime Self-Defense Force. The AN/SPY-7(V)1, as the latest solid-state phased array radar, enables high-precision detection and tracking of ballistic missiles and cruise missiles. The entire system adopts a modular design, facilitating future upgrades and maintenance. This is the second phase of supply completed by Lockheed Martin according to the contract, following the delivery of the first batch of equipment. The company stated it will continue to provide technical support and training services to Japan, ensuring the equipment achieves combat readiness as soon as possible.