Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report provides a comprehensive analysis of the futures market, including overnight and spot prices, weather conditions in major production areas, international and domestic supply - demand situations, macro - news, and fund flows. It also offers insights into potential impacts on the market based on these factors. 3. Summary by Section Overnight Market - The closing prices and daily/overnight percentage changes of various futures are presented, such as the BMD palm oil, ICE Brent crude, NYMEX WTI crude, CBOT soybeans, etc. For example, the BMD palm oil 01 closed at 4495.00 with a - 0.13% daily and - 0.29% overnight change [1]. - The latest prices and percentage changes of currency exchange rates, including the US dollar index, CNY/USD, MYR/USD, etc., are given. For instance, the US dollar index was at 98.95 with a 0.34% change [1]. Spot Market - Spot prices, basis, and basis daily changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are reported. For example, the spot price of DCE palm oil 2601 in North China is 9490 with a basis of 90 and a 0 - change [2]. - CNF quotes and CNF premium/discounts for imported soybeans from different origins are provided. For example, the CNF quote for Brazilian soybeans is 488 dollars/ton with a 278 - cent/bu premium [2]. Production Area Weather - In the US, the soybean - producing states will have above - normal temperatures and precipitation from October 26 - 30. The Midwest will have limited precipitation from an approaching front, and the rainfall may relieve drought but delay crop harvest [3][5]. - Brazil will be drier this week, which is generally favorable for crops. A front will bring rain later, and the dry weather may allow farmers to plant soybeans quickly [6][7]. International Supply - Demand - SPPOMA reports that Malaysian palm oil production from October 1 - 20 increased by 2.71% month - on - month. AmSpec indicates that the palm oil export volume from October 1 - 20 increased by 2.5% compared to the same period last month [9]. - Anec forecasts that Brazil's soybean and soybean meal exports in October will be 734 and 209 million tons respectively [10]. - EU's imports of palm oil, soybeans, soybean meal, and rapeseed in the 2025/26 season are lower than the same period last year [11]. - Wet weather in Ukraine has damaged sunflower and soybean crops, reducing production forecasts [11][12]. - Australia's August rapeseed exports increased compared to July but decreased compared to the same month in 2024. The 2025/26 crop harvest has just begun [12]. - The Baltic Dry Index rose by 1.1% to 2094 points, supported by the increase in Capesize and Panamax freight rates [13]. Domestic Supply - Demand - On October 21, the total trading volume of soybean oil and palm oil increased by 59% compared to the previous day. The trading volume of soybean meal decreased, and the oil - mill operating rate increased slightly [15]. - As of October 21, the national soybean oil port inventory decreased by 3.1 million tons compared to October 14 [15]. - The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" increased on October 21. The prices of various agricultural products showed different changes [15]. Macro - news - International: The probability of the Fed cutting interest rates by 25 basis points in October is 98.9%. The annual growth rate of US Redbook retail sales from October 1 - 18 was 5%. The US API crude inventory decreased by 298.1 million barrels in the week ending October 17 [17]. - Domestic: On October 21, the USD/CNY exchange rate was adjusted downwards by 43 points, and the Chinese central bank conducted 1595 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 685 billion yuan [19]. Fund Flows - On October 21, the futures market had a net capital inflow of 12.172 billion yuan, including 3.152 billion yuan in commodity futures (with a 102 - million - yuan net outflow in agricultural futures, 319 - million - yuan net inflow in chemical futures, 874 - million - yuan net outflow in black - series futures, and 3.808 - billion - yuan net inflow in metal futures), 8.542 billion yuan in stock - index futures, and 385 million yuan in bond futures [22].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints The report comprehensively presents the latest trends in the global agricultural and energy markets, including price fluctuations, supply - demand dynamics, and weather impacts. It also covers macro - economic news and capital flows in the futures market, which can help investors understand the overall market situation and make investment decisions [1][2][3][9][10][11][15][22][24][27]. 3. Summary by Directory 3.1 Overnight Market - Brent 12 (ICE) closed at $60.94, down 0.65% from the previous day and up 0.48% overnight. WTI 12 (NYMEX) closed at $56.93, down 0.56% from the previous day and up 0.64% overnight. CBOT Soybean 11 closed at 1032.75, up 1.15% from the previous day and up 0.46% overnight [1]. - The US Dollar Index was at 98.61, up 0.08%. The CNY/USD exchange rate was 7.0973, up 0.03% [2]. 3.2 Spot Market - For DCE Palm Oil 2601, spot prices in North China, East China, and South China were 9480, 9320, and 9310 respectively, with basis values of 90, - 70, and - 80, and no change in basis compared to the previous day [3]. - For DCE Soybean Oil 2601, spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 8500, 8540, 8620, and 8480 respectively, with basis values of 166, 206, 286, and 146, and basis changes of - 48, 2, - 8, and - 8 respectively [3]. - For DCE Soybean Meal 2601, spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 2920, 2870, 2890, and 2960 respectively, with basis values of 14, - 36, - 16, and 54, and basis changes of - 6, - 36, - 16, and - 36 respectively [3]. 3.3 Production Area Weather - In the US soybean - producing states from October 25 - 29, temperatures and precipitation are generally above normal levels. The Midwest will see a front in the early part of the week, but precipitation will be limited [6][8]. - In Brazil, central areas have continuous showers, which is beneficial for soybean planting. Southern states will be mostly dry before Friday [8]. 3.4 Industry News - ITS data shows that Malaysia's palm oil exports from October 1 - 20 increased 3.4% compared to the same period last month [9]. - Indonesia may regulate palm oil exports to ensure domestic biodiesel supply, planning to increase to B50 in the second half of 2026 [9]. - Analysts expect the US soybean harvest rate to be 73% and the corn harvest rate to be 59% as of last Sunday [9]. - As of the week ending October 16, 2025, US soybean export inspections were 1,474,354 tons, higher than expected [10]. - As of the week ending October 18, 2025, Brazil's 2025/26 soybean planting rate was 21.7% [10]. - As of last Thursday, Brazil's 2025/26 soybean sowing rate reached 24%, and the sowing area of the first - season corn in the central - southern region reached 51% of the planned area [11]. - Brazil exported 3,647,485.15 tons of soybeans in the first three weeks of October, with a daily average export volume 31% higher than the same period last year [11]. - In September 2025, the EU 27 + UK's rapeseed and soybean crushing volumes decreased compared to August [11]. - Canada's estimated ending inventory of rapeseed for the 2025/26 season remains at 2.5 million tons [12]. 3.5 Domestic Supply and Demand - On October 20, the total trading volume of soybean oil and palm oil was 12,200 tons, up 1% from the previous day [15]. - On October 20, the trading volume of soybean meal in major domestic oil mills was 101,100 tons, with the oil mill operating rate at 66.59%, up 4.06% from the previous day [15]. - As of October 17, 2025, the commercial inventory of palm oil in key domestic regions was 575,700 tons, up 5.13% from the previous week; the commercial inventory of soybean oil was 1.224 million tons, down 3.25% from the previous week [15]. - China's September imports of palm oil decreased year - on - year, while soybean, soybean oil, and rapeseed oil imports showed different trends [16][17][18]. - The national pig - to - grain ratio was 5.22 as of October 15, down 4.40% from October 8 [19]. - The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" increased on October 20 compared to last Friday [20]. 3.6 Macro News - **International News** - The probability of the Fed cutting interest rates by 25 basis points in October is 99.4%, and the probability of a cumulative 50 - basis - point cut in December is 98.6% [22]. - Argentina signed a $20 billion currency swap agreement with the US Treasury [22]. - The eurozone's seasonally - adjusted current account in August was 11.903 billion euros, down from the previous value [22]. - **Domestic News** - On October 20, the USD/CNY exchange rate was 7.0973, up 24 points (CNY depreciation) [24]. - On October 20, the central bank conducted 189 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 64.8 billion yuan [24]. - China's GDP grew 5.2% year - on - year in the first three quarters, and the GDP growth rate in the third quarter was 4.8% [24]. - The central bank kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively [24]. - As of October 9, 2025, the total capital in China's futures market exceeded 2 trillion yuan, up 24% from the end of 2024 [24]. 3.7 Capital Flows On October 20, 2025, the futures market saw a net capital outflow of 16.146 billion yuan, including a net outflow of 7.775 billion yuan from the commodity futures market, 7.754 billion yuan from the stock index futures market, and 668 million yuan from the bond futures market [27].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report comprehensively analyzes the changes in the external market during the 2025 National Day holiday, including the fluctuations of various financial and commodity indices, as well as the supply - demand situation of the international and domestic agricultural and energy industries, and international and domestic macro - economic news. 3. Summary by Related Contents External Market Fluctuations during National Day - The US dollar index rose from 97.82 to 98.84, with a 1.04% increase; the Dow Jones Industrial Average rose 0.44%, and the Nasdaq Composite Index rose 1.69% [1]. - Among agricultural products, BMD Malaysian palm oil rose 4.48%, CBOT US soybeans rose 2.90%, and ICE US cotton fell 1.19% [1]. - In the energy sector, NYMEX US fuel oil fell 1.36%, NYMEX US crude oil fell 0.21%, and ICE Brent fell 0.11% [1]. - Among non - ferrous metals, COMEX gold rose 4.45%, COMEX silver rose 3.42%, and LME copper rose 3.93% [1]. International Supply - Demand Situation - **Palm Oil**: Malaysia's September palm oil inventory is expected to decline by 2.5% compared to August, production is expected to decline by 3.3%, and exports are expected to increase by 7.7%. Indonesia's 2025/26 palm oil production is expected to decline by 1%, and Malaysia's is expected to decline by 1%. Global palm oil imports are expected to increase by 4.6% [2][3]. - **Soybeans**: S&P Global lowered the US soybean yield forecast. As of September 1, 2025, the US old - crop soybean inventory was 3.16 billion bushels. Brazilian soybean planting progress is faster than in previous years, and the 2025/26 production is expected to increase. Argentina's 2025/26 soybean production is expected to be 4850 tons, and corn production is expected to be 5800 tons [4][5][7]. - **Other Crops**: Canada's 2025/26 rapeseed production is expected to be 2002.8 tons, and exports are expected to be 700 tons. Ukraine has approved new export documents for tax - exempt rapeseed and soybean exports [13][14]. Domestic Supply - Demand Situation - On September 30, the total trading volume of domestic edible oils decreased by 71% compared to the previous trading day. The trading volume of soybean meal decreased, and the oil mill operating rate dropped by 6.41%. The national soybean oil port inventory decreased by 0.7 tons [16]. International Macro - news - The US ADP employment in September decreased by 32,000, the Challenger job - cuts in September were 54,064, and the ISM non - manufacturing PMI was 50. The US government shutdown continued, and the release of some economic data was postponed [18][19]. - OPEC + will increase production by 137,000 barrels per day in November. The eurozone's October Sentix investor confidence index was - 5.4 [19]. Domestic Macro - news - On September 30, the US dollar/renminbi exchange rate was adjusted downwards (the renminbi appreciated). The central bank conducted 242.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 33.9 billion yuan. On October 9, the central bank will conduct 1.1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations [22]. - In September, China's manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing business activity index was 50.0%, down 0.3 percentage points; the composite PMI output index was 50.6%, up 0.1 percentage point [22].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including spot prices, fundamental information, macro - news, and capital flows. It covers multiple commodities such as palm oil, soybeans, and their derivatives, as well as related macro - economic indicators and policy actions. 3. Summary by Directory 01 Spot Quotes - The closing price of BMD Malaysian palm oil futures contract 12 was 4396.00, with a previous - day decline of 0.99% [1]. - Brent crude oil futures contract 12 on ICE closed at 68.82, with a previous - day increase of 0.03% and an overnight decline of 1.40% [1]. - NYMEX WTI crude oil futures contract 11 closed at 65.19, with a previous - day decline of 0.05% and an overnight decline of 1.72% [1]. - CBOT soybean futures contract 11 closed at 1014.00, with a previous - day increase of 0.20% and an overnight decline of 0.07% [1]. - The US dollar index was at 98.16, with a decline of 0.28% [1]. 02 Spot Quotes (Continued) - For DCE palm oil futures contract 2601, the spot price in North China was 9340, with a basis of 90 and a daily basis change of - 10 [2]. - For DCE soybean oil futures contract 2601, the spot price in Shandong was 8420, with a basis of 222 [2]. - For DCE soybean meal futures contract 2601, the spot price in Shandong was 2920, with a basis of - 25 and a daily basis change of 11 [2]. - The CNF quote for Brazilian imported soybeans was 478 dollars per ton, with a CNF premium of 290 cents per bushel [2]. 03 Important Fundamental Information 3.1 Production Area Weather - From October 1 to 5, high - temperature conditions will continue in major US soybean - producing states, with varying precipitation levels [3]. - The weather in the US Midwest will become dry over the weekend and this week, which is conducive to corn harvesting. However, scattered showers may delay the harvesting progress in the south and east regions until Thursday, but the drought situation may improve [5]. 3.2 International Supply and Demand - From September 1 - 25, 2025, Malaysian palm oil production decreased by 4.14% month - on - month, with a 3.19% decrease in yield per unit area and a 0.18% decrease in oil extraction rate [7]. - From September 1 - 25, 2025, Malaysian palm oil product exports were 795,947 tons, a 14.73% decrease compared to the same period last month [7]. - India's edible oil imports in the 2025/26 fiscal year are expected to increase by 4.6% to a record 17.1 million tons, driven by a 13.4% surge in palm oil imports to 9.3 million tons [8]. - As of the week ending September 23, CBOT soybean long positions decreased by 1407 lots to 165,944 lots, and short positions increased by 14,032 lots to 160,196 lots [8]. - Brazil's 2025/26 new - season soybean planting has started rapidly, with 4.16% of the expected planting area already sown, compared to 0.54% in the same period last year [9]. - As of last Friday, the soybean planting progress in Mato Grosso, Brazil, reached 5.97%, much faster than the 0.53% in the same period last year [9]. - After Argentina suspended the grain export tax from last Tuesday to Wednesday, it still has 7.6 million tons of soybean derivatives and 8.9 million tons of corn available for export, with a total value of 4.93 billion dollars [9]. - Consulting firm Expana has raised its forecast for EU rapeseed production in the current year to 20.4 million tons, a 21.4% increase from the previous year [10]. - As of the week ending September 24, the rapeseed harvesting rate in Saskatchewan, Canada, was 41.7% [10]. - In 2024, rapeseed accounted for less than a quarter of the raw materials for biodiesel and renewable diesel in Canada. Canada imported a large amount of used biodiesel and renewable diesel [11]. - On Friday, the Baltic Dry Index decreased by 7 points or 0.31% to 2259 points, with a weekly increase of 2.5% [12]. 3.3 Domestic Supply and Demand - On September 28, the trading volume of soybean oil and palm oil was 0 tons, a 100% decrease compared to the previous trading day [14]. - On September 28, the trading volume of soybean meal in major domestic oil mills was 30,500 tons, a decrease of 32,000 tons compared to the previous trading day [14]. - In the 39th week (September 20 - 26), the actual soybean crushing volume of domestic oil mills was 2.2672 million tons, with an operating rate of 63.28%, 120,600 tons lower than the forecast [14]. - As of the week ending September 26, the self - breeding and self - raising pig farming profit was a loss of 74.11 yuan per head, and the profit from purchasing piglets for farming was a loss of 236.57 yuan per head [15]. - On September 28, the "Agricultural Product Wholesale Price 200 Index" was 118.85, up 0.07 points from last Friday [15]. 04 Macroeconomic News 4.1 International News - The final value of the US one - year inflation rate expectation in September was 4.7%, lower than the expected 4.8% [17]. - The final value of the US Michigan Consumer Confidence Index in September was 55.1, lower than the expected 55.4 [17]. - The US core PCE price index annual rate in August was 2.9%, in line with expectations [17]. - The EU has appealed the panel report on the Indonesian biodiesel import tariff dispute at the WTO [17]. 4.2 Domestic News - On September 26, the US dollar/Chinese yuan exchange rate was reported at 7.1152, up 34 points (depreciation of the Chinese yuan) [19]. - On September 26, the People's Bank of China conducted 165.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 188.5 billion yuan [19]. - In August, the profits of industrial enterprises above the designated size in China increased by 20.4% year - on - year, compared to a 1.5% decline in the previous month [20]. - The third - quarter (110th) regular meeting of the Monetary Policy Committee of the People's Bank of China was held on September 23, emphasizing the implementation of a moderately loose monetary policy [20]. 05 Capital Flows - On September 26, 2025, the futures market had a net capital outflow of 7.678 billion yuan, including a net outflow of 7.205 billion yuan in the commodity futures market, 246 million yuan in the stock index futures market, and 132 million yuan in the treasury bond futures market [22]. 06 Arbitrage Tracking No relevant content provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report provides a comprehensive overview of the futures market, including spot prices, fundamental information, supply - demand dynamics, macro news, fund flows, etc. It shows the current situation and trends in the agricultural and energy futures markets, as well as the impact of international and domestic economic data on the market. 3. Summary by Directory 01 Spot Quotes - Closing prices and price changes of various futures such as Malaysian palm oil, Brent crude oil, US crude oil, US soybeans, etc. are presented. For example, the closing price of Malaysian palm oil 12 (BMD) is 4453.00, with a previous - day decline of 1.37% and an overnight decline of 0.29%. [1] - Latest prices and price changes of various currencies are also given, like the US dollar index at 98.44 with a 0.61% increase. [1] 02 Spot Quotes (Continued) - Spot prices, basis, and basis changes of DCE palm oil 2601, DCE豆油 2601, and DCE豆粕 2601 in different regions are provided. For instance, the spot price of DCE palm oil 2601 in North China is 9340, with a basis of 100 and no change in basis compared to the previous day. [2] - CNF quotes and CNF premium information for imported soybeans from different regions are included, such as the CNF premium of Brazilian soybeans being 289 cents per bushel and the CNF quote being 477 dollars per ton. [2] 03 Important Fundamental Information - **产区天气** - The future weather outlook (September 30 - October 4) for US soybean - producing states shows that temperatures are generally high and precipitation varies. Some states have above - normal temperatures and above - median precipitation. [3][4] - The weather in the US Midwest will become dry over the weekend and next week, which will help with the harvest. However, scattered showers in the south and east may delay the harvest in the short term but improve drought conditions. [5] - **国际供需** - MPOA estimates that Malaysian palm oil production from September 1 - 20 decreased by 4.26% compared to the same period last month, with different changes in different regions. [7] - ITS and AmSpec data show that Malaysian palm oil exports from September 1 - 25 increased by 12.9% and 11.3% respectively compared to the same period last month. [7][8] - USDA reports show that US soybean, soybean meal, and soybean oil export sales from September 1 - 18 met expectations, with different trends in current - year and next - year sales. [9][10] - Deral estimates that the soybean production in Paraná state in the 2025/26 season is 2194 tons, slightly lower than the August forecast. [10] - Argentina re - implemented export withholding taxes on grains, beef, and poultry after reaching a sales limit. After a three - day suspension of soybean export taxes, Argentina's soybean exports reached a seven - year high. [9][10] - India purchased 300,000 tons of soybean oil from Argentina in two days, with delivery from October to March next year. [11] - **国内供需** - On September 25, the total trading volume of soybean oil and palm oil was 2300 tons, a 91% decrease compared to the previous day. [13] - On September 25, the trading volume of soybean meal in major domestic oil mills was 12.39 tons, a decrease of 12.49 tons compared to the previous day. The operating rate of oil mills was 59.79%, a 1.49% increase from the previous day. [13] - On September 25, the "农产品批发价格200指数" and the "菜篮子" product wholesale price index remained unchanged. The average price of pork decreased by 0.8% and the price of eggs decreased by 0.1% compared to the previous day. [14] 04 Macro News - **国际要闻** - CME's "美联储观察" shows that the probability of the Fed keeping interest rates unchanged in October is 14.5% and the probability of a 25 - basis - point rate cut is 85.5%. [14] - US economic data such as initial jobless claims, durable goods orders, trade deficit, GDP, PCE, and personal consumption expenditure show different trends compared to expectations and previous values. [14][15] - The eurozone's M3 money supply annual growth rate in August was 2.9%, lower than expected. [15] - **国内要闻** - On September 25, the US dollar/Chinese yuan exchange rate was 7.1118, up 41 points (yuan depreciation). [16] - On September 25, the Chinese central bank conducted 4835 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of MLF operations, with a net investment of 2965 billion yuan. [16] - The Chinese Ministry of Commerce decided to launch a trade and investment barrier investigation against Mexico's relevant China - related restrictive measures on September 25. [16] 05 Fund Flows On September 25, 2025, the futures market had a net capital outflow of 5.357 billion yuan, including a net outflow of 630 million yuan from commodity futures and 5.276 billion yuan from stock index futures, while treasury bond futures had a net inflow of 564 million yuan. [19] 06 Arbitrage Tracking No relevant information provided.

Report Industry Investment Rating - No relevant content provided. Core Viewpoints - The report presents a comprehensive overview of the futures market, including spot prices, fundamental information, macro - news, fund flows, and arbitrage tracking. It details the production, export, and growth conditions of agricultural products such as palm oil and soybeans, as well as macro - economic indicators and central bank policies at home and abroad [1][6][16]. Summary by Related Catalogs 01 & 02 Spot Market - **Futures Prices**: The closing prices and price changes of various futures contracts are presented, including BMD palm oil, ICE Brent, NYMEX crude oil, CBOT soybeans, etc. For example, the closing price of BMD palm oil 12 is 4369.00, with a previous - day increase of 0.41% and an overnight decrease of 1.64% [1]. - **Spot Prices and Basis**: Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided. For instance, the spot price of DCE palm oil 2601 in North China is 9440, with a basis of 80 and a basis change of - 20 [2]. - **CNF Quotes**: CNF quotes and CNF premium changes of imported soybeans from different regions are given. The CNF quote for Brazilian soybeans is 485 dollars per ton, with a premium of 295 cents per bushel [2]. 03 Important Fundamental Information 3.1 Production Area Weather - The future weather outlook (September 27 - October 1) in major US soybean - producing states shows that temperatures are generally higher and precipitation is generally lower [3]. 3.2 International Supply and Demand - **Palm Oil**: From September 1 - 20, 2025, Malaysia's palm oil production decreased by 7.89% compared to the same period last month according to SPPOMA. Different institutions have different statistics on palm oil exports, with ITS showing an 8.7% increase, AmSpec an 8.3% increase, and SGS a 16.1% decrease [6]. - **Soybeans**: As of the week of September 21, the US soybean good - to - excellent rate was 61%, lower than the expected 62%. The export inspection volume for the week of September 18 was 484,116 tons, at the lower end of the expected range. As of last Thursday, Brazil's 2025/26 soybean sowing area reached 0.9% of the expected total area, the same as the previous year [6][7]. 3.3 Domestic Supply and Demand - **Oil and Meal Trading**: On September 22, the total trading volume of soybean oil and palm oil was 15,234 tons, a 177% increase from the previous day. The trading volume of soybean meal was 16.66 tons, an increase of 6.75 tons from the previous day. The operating rate of oil mills was 69.32%, up 1.77% from the previous day [11]. - **Inventory**: As of September 19, the commercial inventory of palm oil decreased by 8.79% week - on - week, and the commercial inventory of soybean oil decreased by 1.22% week - on - week. As of September 22, the port inventory of imported soybeans decreased by 14.343 tons week - on - week [11][12][13]. - **Import Volume**: In August 2025, China's imports of palm oil, soybeans, and rapeseed all had different degrees of change compared to the previous month and the same period last year [12][13]. - **Agricultural Product Prices**: As of September 22, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" both increased compared to last Friday. The prices of pork, eggs, and white - striped chickens also increased [14]. 04 Macro - news 4.1 International News - **Interest Rate Expectations**: The probability of the Fed keeping interest rates unchanged in October is 10.2%, and the probability of a 25 - basis - point rate cut is 89.8%. In December, the probability of keeping interest rates unchanged is 1.7%, and the probability of a cumulative 50 - basis - point rate cut is 75.3% [16]. - **Economic Indicators**: The Eurozone's September consumer confidence index preliminary value was - 14.9, better than expected [16]. 4.2 Domestic News - **Exchange Rate and Central Bank Operations**: On September 22, the US dollar/Chinese yuan exchange rate was adjusted downwards (yuan appreciation). The central bank carried out reverse - repurchase operations, achieving a net investment of 26.05 billion yuan [18]. - **LPR**: The central bank kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [18]. 05 Fund Flows - On September 22, 2025, the futures market had a net capital inflow of 5.146 billion yuan. Commodity futures had a net capital inflow of 9.919 billion yuan, while stock index futures had a net capital outflow of 5.003 billion yuan, and treasury bond futures had a net capital inflow of 209 million yuan [20]. 06 Arbitrage Tracking - No relevant content provided.

Report Title - "Guofu Bean Series Research Weekly Report: Uncertain Supply and Demand Pattern, US Soybean Prices Maintain Volatile Trend" [1] Report Date - September 22, 2025 [1] Table of Contents Market Review - Covers soybean, bean粕, and soybean oil [4] Production Area Weather - Includes US and Brazilian soybean production area weather [4] International Supply and Demand - Covers US, Brazilian, and Argentine soybeans [4] Domestic Supply and Demand - Covers soybean oil and bean粕 supply and demand [4] Domestic and International Oil Futures and Spot Prices, Spread Situations - Includes basis, monthly spread, variety spread situations, FOB quotes, and CFTC position situations [4] FOB Quotes Brazilian Quotes - November 2025: 302 cents/bu on September 12, 293 cents/bu on September 19, a weekly decline of 12 cents/bu [54] - January 2026: 183 cents/bu on September 12, 180 cents/bu on September 19 [54] - February 2026: 166 cents/bu on September 12, 162 cents/bu on September 19 [54] - March 2026: 138 cents/bu on September 12, 132 cents/bu on September 19 [54] - April 2026: 125 cents/bu on September 12, 120 cents/bu on September 19 [54] - May 2026: 140 cents/bu on September 12, 135 cents/bu on September 19 [54] - June 2026: 142 cents/bu on September 19 [54] - July 2026: 162 cents/bu on September 19 [54] US Gulf Quotes - No specific data provided [54] US West Quotes - No specific data provided [54] Argentine Quotes - November 2025: 250 cents/bu on September 12, 240 cents/bu on September 19, a weekly decline of 10 cents/bu [54]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a comprehensive overview of the futures market, including spot prices, fundamental information, international supply - demand, trading volume, macro news, and fund flows. It details the price movements of various commodities, the impact of weather on crops, international trade policies, and macro - economic events that may influence the market. 3. Summary by Directory 01 & 02 Spot Market - **Futures Prices**: The closing prices and price changes of various futures contracts such as BMD palm oil, ICE Brent, NYMEX crude oil, CBOT soybeans, soybean meal, and soybean oil are presented. For example, BMD palm oil 12 closed at 4424.00 with a - 0.23% decline [1]. - **Spot Prices and Basis**: Spot prices and basis for DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are given. For instance, DCE palm oil 2601 in North China has a spot price of 9450 and a basis of 100 [2]. - **Currency Exchange Rates**: The latest exchange rates and their changes for the US dollar index, CNY/USD, MYR/USD, etc. are provided. The US dollar index is at 97.64 with a 0.29% increase [1]. 03 Important Fundamental Information - **Weather Conditions**: In the US, soybean - producing states will have generally high temperatures and above - median precipitation from September 24 - 28. The Midwest will have continuous showers, and the west may experience heavy rain, which may affect crop maturity and harvest [3][5]. - **International Supply - Demand**: Malaysia has raised its October CPO reference price to 4268.68 ringgit/ton, keeping the export tariff at 10%. As of September 16, CBOT soybean long - positions increased by 13,986 to 167,351. Brazil's 2025/26 soybean planting rate reached 0.7%, higher than previous years. Argentina's 2025/26 grain exports may reach a record 105.1 million tons [7][8]. 04 Macro News - **International News**: US Senate Democrats blocked a Republican - proposed temporary funding bill, risking a government shutdown. Minneapolis Fed President Kashkari supports a 25 - basis - point rate cut in the last two Fed meetings [16]. - **Domestic News**: On September 19, the USD/CNY exchange rate was 7.1128, up 43 points. The PBOC conducted 3543 billion yuan of 7 - day reverse repos, with a net injection of 1243 billion yuan on that day and 5623 billion yuan for the week [18]. 05 Fund Flows On September 19, 2025, the futures market had a net capital outflow of 8.463 billion yuan. Commodity futures had a net inflow of 5.599 billion yuan, including 250 million yuan in agricultural products, 1.083 billion yuan in chemicals, 1.118 billion yuan in black - series, and 3.149 billion yuan in metals. Stock index futures had a net outflow of 13.884 billion yuan, and bond futures had a net outflow of 188 million yuan [21]. 06 Trading Volume - On September 19, the total trading volume of soybean oil and palm oil was 5500 tons, a 74% decrease from the previous day. The trading volume of soybean meal was 99,100 tons, an increase of 41,400 tons from the previous day [13]. - The actual soybean crushing volume of oil mills from September 13 - 19 was 2.4275 million tons, with an operating rate of 67.76%. It is expected to decrease slightly in the 39th week [13].

Report Title - The report is titled "Guofu Palm Oil Research Weekly: Bullish and Bearish Factors Intertwined, Palm Oil Price Trends Volatile" [1] Report Date - The report was released on September 22, 2025 [1] Content Summary by Section 1. Market Review - The market review includes BMD Malaysian palm oil and DCE palm oil, but specific data is not provided in the given content [4] 2. Producing Area Weather - The section focuses on palm oil producing area weather, but no detailed information is given [4] 3. International Supply and Demand 3.1 Indian SEA August Report - No content related to the Indian SEA August report is provided [4] 3.2 Malaysian Palm Oil September Forecast - AmSpec data shows that Malaysia's palm oil exports from September 1 - 15, 2025 were 695,716 tons, a 0.10% decrease from the same period last month and a 5.29% increase from the same period last year. Among them, crude palm oil exports were 95,625 tons, a 31.27% decrease from the same period last month and a 36.50% decrease from the same period last year; 24 - degree palm oil exports were 142,401 tons, a 6.08% increase from the same period last month and a 1.41% decrease from the same period last year; 33 - degree palm oil exports were 96,540 tons, a 67.02% increase from the same period last month and a 5.98% increase from the same period last year; 44 - degree palm oil exports were 70,365 tons, a 12.39% decrease from the same period last month and a 19.59% increase from the same period last year [20] - ITS data shows that Malaysia's palm oil exports from September 1 - 15, 2025 were 742,648 tons, a 12.55% increase from the same period last month and a 16.83% increase from the same period last year. Major markets include the EU with 167,330 tons (a 20.18% decrease from the same period last month and a 19.17% increase from the same period last year), China with 11,000 tons (a 25.00% increase from the same period last month and an 83.80% decrease from the same period last year), and India and the Indian sub - continent with 122,325 tons (a 5.98% decrease from the same period last month and an 18.02% decrease from the same period last year). Among different types, crude palm oil exports were 99,825 tons (a 27.89% decrease from the same period last month and a 35.24% decrease from the same period last year); 24 - degree palm oil exports were 178,500 tons (a 39.69% increase from the same period last month and a 30.16% increase from the same period last year); 33 - degree palm oil exports were 57,460 tons (a 9.46% increase from the same period last month and a 5.09% decrease from the same period last year); 44 - degree palm oil exports were 71,645 tons (a 4.62% decrease from the same period last month and a 13.12% increase from the same period last year) [21] - SPPOMA data shows that as of September 15, 2025, palm oil production increased by 8.05% compared to September 10, 2025, decreased by 3.17% compared to September 5, 2025, and increased by 6.28% compared to September 5, 2025. FFB yield increased by 6.94% compared to September 10, 2025, decreased by 2.70% compared to September 5, 2025, and decreased by 5.70% compared to September 5, 2025. The extraction rate decreased by 0.21% compared to September 10, 2025, increased by 0.09% compared to September 5, 2025, and decreased by 0.11% compared to September 5, 2025 [22] 3.3 Other Important Information - No other important information content is provided [4] 4. Domestic Supply and Demand - This section includes import profit, palm oil transactions, and palm oil inventory, but no specific data is given [4] 5. Domestic and International Oil Futures and Spot Prices, Spread Situations - This section includes basis, monthly spreads, variety spreads, palm oil warehouse receipt quantity and futures open interest, and FOB quotes, but no specific data is provided [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive overview of the futures market, including spot prices, fundamental information, macro news, and fund flows. It also presents forecasts on global and regional soybean production, trade, and consumption, as well as the impact of weather on crops [1][7]. Summary by Section 01 & 02 Spot Market - Spot prices and price changes of various commodities such as palm oil, crude oil, soybeans, and their related products are presented, along with currency exchange rates and basis data for some futures contracts [1][2]. - For example, the closing price of BMD Malaysian palm oil for December is 4439.00, with a previous -day decline of 0.89% and an overnight decline of 0.11% [1]. 03 Important Fundamental Information -产区天气 - - The future weather outlook for major soybean - producing states in the US from September 23 - 27 shows higher - than - normal temperatures and precipitation near to below the median in the Midwest [3]. - The high temperature in the Midwest and rainfall in the west are unfavorable for crop maturity and harvesting, but may help reduce drought and supply water to the Mississippi River [5]. - International Supply and Demand - - IGC predicts that the global soybean production in 2025/26 will be basically flat year - on - year at 4.29 billion tons, and the trade volume in 2024/25 will increase by 2 million tons month - on - month [7]. - As of September 16, about 36% of US soybean - growing areas were affected by drought, up from 22% the previous week [8]. - As of September 11, US soybean export sales increased by 925,300 tons, meeting expectations, and the export shipment volume increased by 31% compared to the previous week [8]. - CONAB estimates that Brazil's soybean production in 2025/26 will increase by 3.6% to 177.67 million tons [10]. - The EU and UK's rapeseed production in 2025 is expected to be 21.6 million tons, higher than the June forecast [10]. - Domestic Supply and Demand - - On September 18, the total trading volume of soybean oil and palm oil decreased by 380 tons (2%) compared to the previous trading day [13]. - On September 18, the trading volume of soybean meal decreased by 99,200 tons compared to the previous day, and the national oil - mill operating rate decreased by 1.13% [14]. - China's August imports of palm oil, soybean oil, and rapeseed oil increased year - on - year, while the cumulative imports from January - August showed different trends [14]. 04 Macro News - International News - - The probability of the Fed keeping interest rates unchanged in October is 8.1%, and the probability of a 25 - basis - point rate cut is 91.9% [17]. - The US Supreme Court will hold an oral argument on November 5 regarding the legality of Trump's large - scale global tariff collection [17]. - Domestic News - - On September 18, the US dollar/Chinese yuan exchange rate was reported at 7.1085, up 72 points (yuan depreciation) [19]. - On September 18, the Chinese central bank conducted 487 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 195 billion yuan [19]. 05 Fund Flows - On September 18, 2025, the futures market had a net inflow of 10.858 billion yuan. Commodity futures had a net outflow of 6.128 billion yuan, while stock index futures had a net inflow of 16.653 billion yuan and bond futures had a net inflow of 390 million yuan [22]. 06 Arbitrage Tracking No relevant content provided.