油脂油料早报-20250603

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The report presents a comprehensive overview of the global soybean, oilseed, and palm oil markets, including export sales, production, quality, and price - related information, as well as policy changes in India's edible oil import tariffs [1]. 3. Summary by Related Catalogs 3.1 US Soybean Export Sales - For the week ending May 22, 2025, US 2024/2025 market - year soybean export sales net increased by 14.6 million tons, a 53% decrease from the previous week and a 58% decrease from the four - week average. Market expectation was a net increase of 15 - 50 million tons, with a net decrease of 200 tons in sales to the Chinese mainland. The 2025/2026 market - year soybean export sales net increased by 3.28 million tons, with a market expectation of 0 - 25 million tons. US soybean export shipments were 20.93 million tons, a 17% decrease from the previous week and a 45% decrease from the four - week average. The new sales of 2024/2025 market - year soybeans were 16.48 million tons, and 3.28 million tons for 2025/2026 market - year soybeans [1]. 3.2 US Soybean Export Inspection - For the week ending May 29, 2025, US soybean export inspection volume was 268,343 tons, in line with the market expectation of 75,000 - 450,000 tons. The inspection volume to the Chinese mainland was 64,998 tons, accounting for 24.2% of the total export volume. As of the week ending May 30, 2024, the inspection volume was 361,217 tons. The cumulative soybean export inspection volume for the current crop year was 44,608,089 tons, compared with 40,309,329 tons in the same period of the previous year [1]. 3.3 US Soybean Quality and Planting Progress - As of the week ending June 1, 2025, the US soybean good - to - excellent rate was 67%, lower than the market expectation of 68%. The planting rate was 84%, lower than the market expectation of 86%, compared with 76% in the previous week, 77% in the same period last year, and a five - year average of 80%. The emergence rate was 63%, compared with 50% in the previous week, 53% in the same period last year, and a five - year average of 57% [1]. 3.4 US Soybean and Corn Processing Data - The USDA monthly oilseed processing report showed that the US soybean processing volume in April 2025 was 6.07 million short tons (202.4 million bushels), compared with 6.2 million short tons (206.6 million bushels) in March and 5.33 million short tons (178 million bushels) in April 2024. The corn consumption for fuel alcohol production in April was 4.258 billion bushels, higher than 422.6 million bushels in the same period last year. The US corn dry distillers grains (DDGS) production in April was 1.63 million tons, lower than 1.756 million tons in the same period last year [1]. 3.5 Brazilian Soybean Production - AgRural raised its forecast for Brazil's 2024/2025 soybean production due to improved crop yields in multiple regions, increasing the forecast by 1.3 million tons to 169 million tons. StoneX predicted Brazil's 2024/2025 soybean production to be 168.25 million tons [1]. 3.6 US Biofuel - related Data - The US Energy Information Administration (EIA) reported that the use of soybean oil for biofuel production in March 2025 increased to 832 million pounds, compared with 576 million pounds for biodiesel production in February. Soybean oil remains the largest biodiesel raw material in the US [1]. 3.7 Malaysian and Indonesian Palm Oil Data - According to the data released by the shipping inspection agency ITS, Malaysia's palm oil product exports in May 2025 were 1.320914 million tons, a 17.9% increase from April. Indonesia exported 6.41 million tons of crude and refined palm oil from January to April 2025, a 5.37% decrease from the same period last year. However, due to price increases, the palm oil export value in the first four months reached $7.05 billion, a 20% increase from the same period last year [1]. 3.8 Indian Edible Oil Import Policy - India halved the basic import tax on crude edible oils to 10% on Friday, effectively reducing the total import tax on crude palm oil, crude soybean oil, and crude sunflower oil from 27.5% to 16.5%. The import tax on refined palm oil, refined soybean oil, and refined sunflower oil remains at 35.75%. The import tax difference between refined and crude edible oils has increased to 19.25%, which is expected to promote the import of crude edible oils and the development of the local refining industry [1]. 3.9 Spot Prices - The spot prices of various oils and meals from May 26 to May 30, 2025, are provided, including the prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2].