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[Caixin Futures: Agricultural Products Sector Generally Under Pressure, Edible Oils Hit New Lows] ⑴ The edible oil sector declined overall today. A bullish reversal opportunity for palm oil requires attention to three key signals: first, Indonesian palm oil prices have stabilized and rebounded, indicating a gradual easing of local market pressure; second, Malaysian palm oil production has declined more than expected, signifying easing supply-side pressure; and third, the technical indicators for Malaysian palm oil are showing a renewed upward trend. Otherwise, it is not advisable to buy on dips too early. ⑵ Regarding soybean oil, the current destocking speed has not met market expectations. Supported by forward crushing margins, the soybean oil 05 contract is likely to fluctuate with raw material costs, making a clear rebound unlikely. In the spot market, the pre-holiday bulk oil purchasing window for vegetable oil brands is nearing its end, and spot prices have generally weakened. ⑶ Among them, the spot price of 24-degree palm oil in Guangzhou is 8390 yuan/ton, down 40 yuan/ton from yesterday; the spot price of soybean oil is 8370 yuan/ton, down 20 yuan/ton; and the spot price of rapeseed oil in Jiangsu is 9260 yuan/ton, down 140 yuan/ton. (4) Soybean meal futures have been fluctuating recently. US soybean prices have gradually returned to rationality from previous optimistic export expectations, leading to a pullback. Domestic soybean meal prices are generally bearish in the medium term due to lower import costs and ongoing domestic pressure. Recently, tightened customs policies have delayed the arrival of some imported soybeans, causing domestic soybean meal prices to stabilize. Short-term, it is recommended to focus on shorting on rallies. (5) Corn futures have been declining recently, and farmers' reluctance to sell has weakened, leading to increased selling activity. However, northern port inventories remain low compared to the same period last year, and the logic of short-term restocking demand driving a stronger corn spot market remains. It is recommended to wait for a pullback and then focus on buying on dips. Continued monitoring of farmers' selling sentiment is necessary. (6) With the winter solstice approaching, the peak season for cured meat demand is approaching, leading to a stronger spot market. Coupled with news of swine disease in northern China, spot prices have rebounded. However, the long-term supply situation remains loose. It is recommended to consider shorting the March hog contract on rallies, paying attention to the slaughtering pace and the peak demand during the winter solstice. (7) Egg spot prices have been mainly fluctuating within a range recently. Although the egg 01 contract is a peak season contract, it is still maintaining a high premium and its valuation is relatively high. It is recommended to consider shorting when appropriate, but it is necessary to continue to pay attention to the impact of changes in feed costs such as corn and soybean meal on egg prices.