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[Caixin Futures: Palm Oil Likely to Rise, Soybean Meal Slightly Bearish on Rallies] ⑴ Palm Oil: Malaysian palm oil production decreased and inventories declined in February, and the trend is expected to continue in March, but current inventory levels remain high. Domestic soybean oil inventories declined slightly, but overall inventories remain high; rapeseed oil inventories are neutral to low, but Canadian rapeseed is arriving in ports, which will ease supply later. Overall, domestic edible oil inventories are neutral to slightly high, and the market trend is mainly driven by geopolitical conflicts and crude oil sentiment, with palm oil > soybean oil > rapeseed oil showing a strong-weak pattern. In the spot market, 24-degree palm oil in Guangdong rose by 90 yuan to 9950 yuan, soybean oil rose by 50 yuan to 9110 yuan, and genetically modified rapeseed oil in Jiangsu remained unchanged at 10270 yuan. ⑵ Soybean Meal: The surge in crude oil prices has driven up vegetable oil prices, which in turn has increased the cost of imported soybeans. Domestically, soybean imports gradually recovered after April. Based on shipping schedules, soybean arrivals in May are estimated at 11.5 million tons, and in June at 11 million tons, leading to a surge in supply pressure. Shorting on rallies is recommended. (3) Corn: The relatively low inventory at northern ports is the main reason for the strong corn price. However, the release of policy grain reserves, wheat, and rice has a certain restraining effect on corn price increases. On the demand side, feed demand weakened due to the decline in prices of mainstream livestock products, resulting in low enthusiasm for inventory building by feed mills and farms. However, strong demand for corn deep processing remains strong. Corn prices are expected to remain high in the short term, but the increase may be limited. (4) Live Pigs: Live pig spot prices continue to weaken. Short-term supply pressure continues to ease, with previously accumulated large-weight pigs being released for slaughter. Coupled with high slaughter weights, the market supply of live pigs is ample, and terminal demand is insufficient, presenting a supply-demand imbalance. Due to signs of secondary fattening entering the market after the Lunar New Year, although the theoretical number of pigs slaughtered in April and May will decrease slightly month-on-month, the high slaughter weight coupled with the expectation of secondary fattening will make the price trend in April and May still not optimistic. It is recommended to sell on rallies. (5) Eggs: The egg market is in a transitional period dominated by rising feed costs and marginal easing of supply pressure. The rise in corn and soybean meal prices has directly pushed up the cost of raising laying hens, with the feed cost per kilogram of eggs rising to about 3.13 yuan/kilogram. On the supply side, although the current number of laying hens is still high, the worst may have passed. The logic of egg price operation is that costs support the bottom and supply decreases while demand increases. It is expected that prices will show a moderate upward trend, but the high inventory base limits the upside potential.