1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking. It presents data on various commodities such as palm oil, soybeans, and crude oil, as well as international and domestic supply - demand situations and macroeconomic indicators. 3. Summary by Directory 01 Overnight Quotes - Overnight quotes are presented for multiple commodities including palm oil, Brent crude, WTI crude, soybeans, soybean meal, and soybean oil, along with their closing prices, previous - day and overnight price changes [1]. - Quotes for multiple currencies are also provided, including the US dollar index, RMB, Malaysian ringgit, Indonesian rupiah, Brazilian real, Argentine peso, and Singapore dollar, along with their latest prices and price changes [1]. 02 Spot Quotes - Spot prices, basis, and basis changes for DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are given [2]. - CNF quotes and CNF premium changes for imported soybeans from different origins are presented [2]. 03 Important Fundamental Information Weather Forecast - The temperature in most major soybean - producing states in the US from June 22 - 26 will be higher than normal, and precipitation will be close to or higher than the median [3]. - There will be sporadic showers in parts of the US Midwest, and field operations in the southern region may be hindered. The temperature will be close to or higher than normal [5]. International Supply - Demand - Malaysia's palm oil production in May increased by 5.05% month - on - month to 1.77 million tons, and exports soared by 25.62% to 1.38 million tons. Short - term production may slow down, and June production is expected to decrease [7][8]. - A private exporter reported selling 120,000 tons of soybean meal to an unknown destination for delivery in the 2025/2026 season [8]. - Due to frequent spring rainfall, some soybean fields in Arkansas may not be planted, and re - planting of some soybeans is uncertain [8]. - Brazil's expected soybean exports in June are 14.37 million tons, soybean meal exports are 1.97 million tons, and corn exports are 913,316 tons [8]. - The soybean crushing profit in Mato Grosso state from June 9 - 13 was 515.08 Brazilian reals per ton [9]. - As of June 15, the EU's palm oil imports in the 2024/2025 season were 2.74 million tons, soybeans were 13.58 million tons, and rapeseed was 6.91 million tons [9]. - France's 2025 winter barley and rapeseed production is expected to rebound strongly, with rapeseed production reaching 4.2 million tons, a 9.4% increase from 2024 [9]. - On Tuesday, the Baltic Dry Index declined due to lower freight rates for large vessels [10]. Domestic Supply - Demand - On June 17, the total trading volume of soybean oil and palm oil was 17,560 tons, a 55% decrease from the previous trading day [12]. - On June 17, the trading volume of soybean meal in major domestic oil mills was 219,900 tons, and the operating rate of oil mills was 67.08%, up 5.25% from the previous day [12]. - As of June 17, the port inventory of soybean oil in China was 780,000 tons, a 15,000 - ton increase from the previous week [12]. - The average prices of piglets, live pigs, and soybean meal in China decreased compared to the previous week and the same period last year [12]. - On June 17, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" remained unchanged, and the average pork price in the agricultural product wholesale market decreased by 0.7% [13]. 04 Macro News International News - The probability that the Fed will keep interest rates unchanged in June is 97.3%, and the probability of a 25 - basis - point rate cut is 2.7% [15]. - The US NAHB Housing Market Index in June was 32, lower than the expected 36 [15]. - The US industrial production in May decreased by 0.2% month - on - month, and retail sales decreased by 0.9% month - on - month [15]. - Other US economic indicators such as import price index, red - book retail sales, commercial inventory, API crude oil inventory, and the eurozone ZEW economic sentiment index are also provided [19]. Domestic News - On June 17, the USD/RMB exchange rate was lowered by 43 points [17]. - On June 17, the People's Bank of China conducted 197.3 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 183.3 billion yuan [17]. 05 Fund Flows - On June 17, the futures market had a net capital outflow of 3.222 billion yuan, with a net outflow of 4.602 billion yuan in the commodity futures market and a net inflow of 1.381 billion yuan in the stock index futures market [21]. - The fund flows of major futures varieties are presented, with positive flows in some commodities like CSI 1000 stock index futures and rapeseed oil, and negative flows in others like gold and copper [20]. 06 Arbitrage Tracking No relevant content provided.

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides a comprehensive overview of the overnight and spot market conditions of various commodities, including palm oil, soybeans, and crude oil. It also presents important fundamental information, international and domestic supply - demand situations, macro - economic news, and details on fund flows and arbitrage tracking. Summary by Directory 01 Overnight行情 - Overnight, the closing prices and price changes of various commodities were reported. For example, the closing price of BMD's August palm oil was 4086.00, with a previous day's decline of 4.48% and an overnight decline of - 0.41%. Brent's August crude oil on ICE closed at 72.50, with a previous day's decline of - 3.56% and an overnight increase of 1.47% [1]. - The latest prices and price changes of several currency exchange rates were also given, such as the US dollar index at 98.12 with a change of 0.01% [1]. 02 现货行情 - Spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions were presented. For instance, the spot price of DCE palm oil 2509 in North China was 8840, with a basis of 400 and a basis change of - 90 [2]. - CNF quotes and CNF premium changes of imported soybeans from different regions were also provided, like the CNF premium of Brazilian soybeans at 172 cents per bushel and a CNF quote of 456 dollars per ton [2]. 03 重要基本面信息 - The future weather outlook for US soybean - producing states from June 21 - 25 shows that temperatures will be higher than normal, and precipitation will be normal to above the median [3]. - In the US Midwest, there will be scattered showers, which are not conducive to field operations. The overall weather pattern may be similar to last week, increasing soil moisture in the west but hindering field work [5]. - International supply - demand information includes a 4% decrease in Malaysian palm oil production from June 1 - 15, an increase in palm oil exports, potential cost increases in Malaysia's oleochemical industry due to tax changes, and details on US soybean growth, export, and crushing data [7][8]. - Domestic supply - demand information shows an increase in the total trading volume of soybean oil and palm oil on June 16, changes in the trading volume and开机 rate of soybean meal, and changes in the commercial inventories of palm oil, soybean oil, and imported soybeans [13][14]. 04 宏观要闻 - International news includes the probability of the Fed maintaining or cutting interest rates in June and July, the US June New York Fed manufacturing index, and OPEC's monthly report on global crude oil demand and production [17]. - Domestic news includes the exchange rate of the US dollar against the RMB, the central bank's reverse - repurchase operation, unemployment rates, industrial added - value, social consumer goods retail sales, and real - estate development data [19]. 05 资金流向 On June 16, 2025, the futures market had a net capital outflow of 5.11 billion yuan. Commodity futures had a net capital inflow of 2.867 billion yuan, while stock - index futures had a net capital outflow of 7.977 billion yuan [22]. 06 套利跟踪 No relevant content provided.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents a comprehensive overview of the futures market, including overnight and spot prices of various commodities, weather forecasts, supply - demand data, macroeconomic news, and fund flow information. It also provides updates on the position changes in the futures market and the impact of policies on the industry. 3. Summary by Related Catalogs 01 Overnight行情 - The closing price of BMD Malaysian palm oil 08 is 3927.00, with a previous day's increase of 2.27%. Brent 08 (ICE) closed at 75.18, up 6.88% the previous day and 2.73% overnight. NYMEX US crude oil 07 closed at 73.18, up 6.27% the previous day and 1.89% overnight [1] - The latest value of the US dollar index is 98.11, up 0.24%. The CNY/USD exchange rate is 7.1772, down 0.04% [1] 02 Spot行情 - For DCE palm oil 2509, the spot prices in North China, East China, and South China are 8670, 8540, and 8480 respectively, with corresponding basis of 490, 360, and 300, and no daily basis change [2] - For DCE soybean oil 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin are 8020, 8080, 8070, and 8020 respectively, with corresponding basis of 212, 272, 262, and 212, and basis changes of - 32, - 2, 8, and - 2 [2] 03 - US soybean - producing states are expected to have rainfall above average and high temperatures from June 18 - 22 [3] - The Midwest of the US may still receive showers this week, which is beneficial for soil moisture improvement in the western region but not conducive to field operations [5] - From June 1 - 15, Malaysia's palm oil product exports were 662,580 tons, a 26.3% increase from the same period last month [6] - As of the week ending June 10, CBOT soybean long positions decreased by 1533 to 190383, and short positions decreased by 11982 to 119987 [7] - As of the week ending June 10, about 13% of US soybean - growing areas were affected by drought, compared to 16% the previous week and 1% last year [7] - The US EPA proposed a mandatory blending requirement of 5.61 billion gallons of biomass - based diesel (BBD) in 2026, a significant increase from 3.35 billion gallons in 2025 [7] 04 Macro News International News - The preliminary value of the US one - year inflation rate expectation in June is 5.1%, lower than the expected 6.4% and the previous value of 6.6% [16] - The Eurozone's seasonally - adjusted industrial output in April decreased by 2.4% month - on - month, and increased by 0.8% year - on - year [17] Domestic News - On June 13, the USD/CNY exchange rate was reported at 7.1772, down 31 points (appreciation of the RMB) [18] - As of May, M2 balance was 325.78 trillion yuan, a year - on - year increase of 7.9%, and M1 balance was 108.91 trillion yuan, a year - on - year increase of 2.3% [18] 05 Fund Flow - On June 13, 2025, the net inflow of funds in the futures market was 51.58 billion yuan, with a net outflow of 18.16 billion yuan in commodity futures and a net inflow of 69.73 billion yuan in stock index futures [21] - The funds flowing into CSI 300 stock index futures were 35.81 billion yuan, and those flowing into CSI 1000 stock index futures were 18.16 billion yuan [20] 06 Arbitrage Tracking No relevant content provided.

【国富棕榈油研究周报】供应压力+宏观扰动，棕榈油价格震荡加剧 20250616 2025年06月16日 07:21 上海 2025/6/16 09:57 【国富棕榈油研究周报】供应压⼒+宏观扰动，棕榈油价格震荡加剧 20250616 2025/6/16 09:57 【国富棕榈油研究周报】供应压⼒+宏观扰动，棕榈油价格震荡加剧 20250616 | í | 行情回顾 | | --- | --- | | 1. | BMD 马棕 | | 2. | DCE 棕榈油 | | í i | 产区天气 3 | | | 1. 棕榈油产区天气 | | 三、 | 国际供需 | | 1. | MPOB 5 月报告 | | 2. | 马棕6月预测 | | | 3. 其他重要资讯 | | 四、 | 国内供需 | | 1. | 进口利润 | | 2. | 棕榈油成交 | | 3. | 棕榈油库存 | | 五、 | 国内外油脂期现价格、价差情况 | | 1. | 基差、月差、品种差情况 | | 2. | 棕榈油仓单数量和期货持仓量 | | 3 | FOB 报价 14 | https://mp.weixin.qq.com/s/IXwey9tY ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Malaysia's palm oil production decreased by 17.24% from June 1 - 10, 2025, while Indonesia is expected to increase palm oil exports to 25 million tons in 2025. The price of Malaysian palm oil is expected to be supported but may still face pressure during the seasonal production - increasing season. Short - term palm oil prices are expected to fluctuate [6][7][20]. - The USDA's 5 - month supply - demand report for soybeans has a positive impact. The ending stocks of US soybeans in the 24/25 and 25/26 seasons are lower than expected, which is favorable for the soybean market [21]. 3. Summary by Directory 01 Overnight Quotes - Overnight quotes for commodities such as Malaysian palm oil, Brent crude oil, US crude oil, US soybeans, etc., are presented, along with their price changes and exchange rate information for multiple currencies [1]. 02 Spot Quotes - Spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal are provided, along with import soybean quotes from different regions [2]. 03 Important Fundamental Information - **Weather Outlook for US Soybean - Producing States**: From June 15 - 19, rainfall in US soybean - producing states is expected to be above normal, and temperatures will be higher than the median. The Midwest will experience a wet pattern, with different rainfall and temperature conditions in the east and west. This weather is expected to affect crop growth [3][5]. - **Palm Oil Production Data**: From June 1 - 10, 2025, Malaysian palm oil production decreased by 17.24%, with a 16.71% decrease in yield and a 0.10% decrease in oil extraction rate [6]. - **Indonesian Palm Oil Exports**: Indonesia is expected to increase palm oil exports to 25 million tons in 2025, with production recovering after a temporary decline at the beginning of the year [7]. - **USDA Export Sales Report Forecast**: As of the week ending June 5, US soybean export sales are expected to increase by 10 - 700,000 tons, with different expectations for the 24/25 and 25/26 seasons [7]. - **Argentine Soybean Sales**: As of the week ending June 4, Argentine farmers sold a total of 1.8811 million tons of soybeans, with cumulative sales reaching 60.2493 million tons [8]. - **EU and UK Rapeseed Production**: The 2025/26 rapeseed production forecast for the EU 27 and the UK remains at 20.4 million tons, but there is still a drought risk in Poland [8]. - **Russian Oilseed Exports**: In the first 5 months of this year, Russian oilseed exports decreased by 22% year - on - year to 1.071 million tons, with different changes in the exports of various oilseeds [9]. - **Baltic Dry Bulk Freight Index**: The index rose to a nearly 7 - month high, with increases in the freight rates of various types of ships [9]. 04 Macroeconomic News - **International News**: The probability of the Fed keeping interest rates unchanged in June is 97.6%. US CPI data for May was lower than expected, and market expectations for Fed rate cuts have changed. There are also data on US Treasury auctions, mortgage applications, and EIA inventory [15][16]. - **Domestic News**: On June 11, the US dollar/yuan exchange rate was adjusted downwards. The central bank conducted 164 billion yuan in 7 - day reverse repurchase operations, resulting in a net withdrawal of 5.09 billion yuan. In May, the trading volume and turnover of the domestic futures market decreased year - on - year [18][19]. 05 Key Information Analysis - **Malaysian Palm Oil**: In May, Malaysian palm oil ending stocks increased by 6.65% to 1.99 million tons. Production, exports, and imports increased, while consumption decreased. The price is expected to be supported but may face pressure during the seasonal production - increasing season [20]. - **US Soybeans**: The USDA's 5 - month supply - demand report for soybeans shows that the ending stocks of US soybeans in the 24/25 and 25/26 seasons are lower than expected, which is positive for the market [21]. 06 Fund Flows - On June 11, 2025, the futures market had a net inflow of 3.484 billion yuan, with 2.151 billion yuan in commodity futures (including inflows in agricultural products, chemicals, black series, and metals) and 1.333 billion yuan in stock index futures. The report also lists the fund flows of various futures varieties [23][24].

2025/6/10 09:50 【国富期货早间看点】路透预计美⾖25/26 2.98 68% 20250610 【国富期货早间看点】路透预计美豆25/26年度期末库存为2.98亿蒲 美豆当周优良率为68%符合预期 20250610 2025年06月10日 07:34 上海 01 隔夜行情 | | 收盘价 | 上日流跌幅(%) | 隔夜流跌幅(%) | | --- | --- | --- | --- | | 马棕油08(BMD) | 3919.00 | 0. 20 | -0. 15 | | 布伦特08(ICE) | 67.13 | 0.72 | 0. 39 | | 美原油07(NYMEX) | 65. 38 | 0.94 | 0. 51 | | 美豆07(CBOT) | 1055. 75 | -0. 21 | 0. 02 | | 美豆箱07(CBOT) | 295. 20 | -0. 20 | 0. 24 | | 美豆油07(CBOT) | 47. 41 | -0. 04 | -0. 48 | | | 最新价 | 流跌幅(%) 十日漆跌幅 | | --- | --- | --- | | 美元指数 | 98.99 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report comprehensively presents the overnight and spot market conditions of multiple commodities such as palm oil, soybeans, and their related products, along with important fundamental information, macro - news, and capital flow data. It also analyzes the impact of weather on crop production and the influence of various economic data on the market [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Overnight Market Conditions - The closing price of BMD palm oil 08 was 3917.00, with a previous - day increase of 0.33%. Brent 08 (ICE) closed at 66.65, up 2.08% previously and 0.56% overnight. NYMEX crude oil 07 closed at 64.77, up 2.40% previously and 0.39% overnight [1]. - The latest price of the US dollar index was 99.19, up 0.50%. The exchange rate of CNY/USD was 7.1845, down 0.03% [1]. 3.2 Spot Market Conditions - For DCE palm oil 2509, the spot price in North China was 8590, with a basis of 500 and no change from the previous day. In East China, it was 8490, with a basis of 400 and a decrease of 20 from the previous day [2]. - For DCE soybean meal 2509, in Shandong, the spot price was 2840, with a basis of - 159 [2]. 3.3 Important Fundamental Information - From June 1 - 5, 2025, Malaysian palm oil production increased by 19.09%, with a 19.16% increase in yield and a 0.01% decrease in oil extraction rate [6]. - As of the week ending June 3, CBOT soybean long - positions decreased by 3097 lots to 191916 lots, and short - positions increased by 9517 lots to 131969 lots [7]. - The FAO vegetable oil price index in May averaged 152.2 points, down 5.8 points (3.7%) month - on - month but still 19.1% higher than the same period last year [9]. 3.4 Macro - news International News - The US non - farm payrolls in May were 139,000, higher than the expected 130,000. The unemployment rate was 4.2%, in line with expectations [15]. - The eurozone's Q1 GDP annual rate revision was 1.5%, higher than the expected 1.2% [15]. Domestic News - On June 6, the central bank conducted 1350 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1561 billion yuan on that day [17]. - China's central bank's gold reserves at the end of May were 73.83 million ounces, an increase of 60,000 ounces from the previous month [17]. 3.5 Key Information Analysis - Malaysia's palm oil ending inventory in April increased by 19.37% to 1.866 million tons, with a significant increase in production and the report's impact being negative [18]. - The USDA May supply - demand report increased US soybean exports in the 24/25 season by 25 million bushels to 1.85 billion bushels, and the ending inventory was estimated to be 350 million bushels [19]. 3.6 Capital Flow - On June 6, 2025, the futures market had a net capital outflow of 2.243 billion yuan, with a net inflow of 4.883 billion yuan in commodity futures and a net outflow of 7.127 billion yuan in stock index futures [22].

Report Title - "Guofu Palm Oil Research Weekly: Positive Export Demand for Malaysian Palm Oil, Palm Oil Prices Fluctuate Strongly" [1] Core View - The export demand for Malaysian palm oil is positive, and palm oil prices fluctuate strongly [1] Section Summaries 1. Market Review - The report likely reviews the BMD Malaysian palm oil and DCE palm oil markets, but specific content is not provided [4] 2. Production Area Weather - It focuses on the weather in palm oil production areas, yet details are absent [4] 3. International Supply and Demand 3.1 GAPKI 2025 March Report - Specific content of the report is not given [4] 3.2 Malaysian Palm Oil May Forecast - **Exports**: According to AmSpec, Malaysia's palm oil exports in May 2025 were 1,230,787 tons, a 13.21% increase from the previous month and a 12.38% decrease from the same period last year. ITS estimated exports at 1,320,914 tons, a 17.86% increase month - on - month and a 10.86% decrease year - on - year. SGS estimated 1,069,643 tons, a 29.61% increase month - on - month [20][21] - **Production**: SPPOMA data shows that as of June 5, 2025, palm oil production increased by 19.09% compared to May 31, 2025. MPOA estimated that Malaysia's palm oil production in May 2025 increased by 13.07% compared to the previous month [23] 3.3 Other Important News - No specific content is provided [4] 4. Domestic Supply and Demand 4.1 Import Profit - Specific content is not available [4] 4.2 Palm Oil Transactions - No details are given [4] 4.3 Palm Oil Inventory - Specific information is absent [4] 5. Domestic and International Oil Futures and Spot Prices, and Spreads 5.1 Basis, Monthly Spreads, and Variety Spreads - Specific content is not provided [4] 5.2 Palm Oil Warehouse Receipt Quantity and Futures Positions - No details are available [4] 5.3 FOR Quotations - Specific content is not given [4]

2025/6/6 14:11 【国富期货早间看点】MPOA 5 3.07% 19.79 20250606 【国富期货早间看点】MPOA马棕5月产量预估增长3.07% 美豆当周 净出口销售19.79万吨符合预期 20250606 2025年06月06日 07:31 上海 01 隔夜行情 | | 收盘价 | 上日 流跌幅(%) | 隔夜漆跌幅(%) | | --- | --- | --- | --- | | 马棕油08(BMD) | 3921.00 | -1.16 | 0. 44 | | 布伦特08(ICE) | 65. 29 | 0.59 | -0. 61 | | 美原油07(NYMEX) | 63. 25 | 0. 81 | -0. 75 | | 美豆07 (CBOT) | 1050. 50 | 0. 55 | 0. 17 | | 美豆箱07(CBOT) | 296. 80 | -0. 03 | 0. 27 | | 美豆油07(CBOT) | 46. 62 | -0. 21 | -0. 51 | | | 最新价 | 流跌幅(%) | 十日漆跌幅 | | --- | --- | --- | --- | | 美元 ...

2025/6/5 10:01 【国富期货早间看点】路透预计⻢棕5 7.74% 201 Anec 6 1255 20250605 【国富期货早间看点】路透预计马棕5月库存增7.74%至201万吨 Anec预计巴西大豆6月出口1255万吨 20250605 2025年06月05日 07:46 上海 01 隔夜行情 | | 收盘价 | 上日 流跌幅(%) | 隔夜流跌幅(%) | | --- | --- | --- | --- | | 马棕油08(BMD) | 3925.00 | 0. 41 | -0. 63 | | 布伦特08(ICE) | 64. 91 | -1. 07 | -0. 60 | | 美原油07(NYMEX) | 62.74 | -0.95 | -0. 84 | | 美豆07 (CBOT) | 1044. 75 | 0. 36 | -0. 45 | | 美豆箱07(CBOT) | 296. 90 | 0. 88 | -0. 17 | | 美豆油07(CBOT) | 46. 72 | -0. 19 | -0. 79 | | | 最新价 | 流跌幅(%) 十日漆跌幅 | | --- | --- | -- ...