【早间看点】SPPOMA马棕6月前10日产量减少17.24%美豆当周出口销售料净增10-70万吨-20250612

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].