Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - As of the week ending June 12, US soybean export sales are expected to increase by 0 - 600,000 tons, with 0 - 400,000 tons for the 2024 - 2025 season and 0 - 200,000 tons for the 2025 - 2026 season. US soybean meal export sales are expected to increase by 150,000 - 450,000 tons, with 150,000 - 350,000 tons for the 2024 - 2025 season and 0 - 100,000 tons for the 2025 - 2026 season. US soybean oil export sales are expected to increase by 0 - 32,000 tons, with 0 - 22,000 tons for the 2024 - 2025 season and 0 - 10,000 tons for the 2025 - 2026 season [1]. - The estimated soybean production in Argentina for the 2024/2025 season is 4.88 million tons, slightly higher than the previous estimate. The US Department of Agriculture predicts the production to be 4.9 million tons, the same as the May estimate. The Buenos Aires Grain Exchange and the Rosario Grain Exchange currently estimate the production to be 5.03 million tons and 4.85 million tons respectively [1]. - As of now, Argentina's soybean harvest rate has reached 95%, slightly lower than 97% in the same period last year. The weather is expected to be drier in the next two weeks, which will help complete the remaining harvest on time [1]. - In May, China's palm oil imports were 180,000 tons, a year - on - year decrease of 8.4%. From January to May, palm oil imports were 720,000 tons, a year - on - year decrease of 19.6%. In May, China's soybean oil imports were 10,000 tons, a year - on - year decrease of 86.6%. From January to May, soybean oil imports were 30,000 tons, a year - on - year decrease of 75.8%. In May, China's rapeseed oil and mustard oil imports were 110,000 tons, a year - on - year decrease of 20.3%. From January to May, imports were 1.03 million tons, a year - on - year increase of 26.0% [1]. Summary by Related Catalogs Export Sales Forecast - US soybean export sales are expected to increase by 0 - 600,000 tons as of the week ending June 12, with 0 - 400,000 tons for the 2024 - 2025 season and 0 - 200,000 tons for the 2025 - 2026 season [1]. - US soybean meal export sales are expected to increase by 150,000 - 450,000 tons, with 150,000 - 350,000 tons for the 2024 - 2025 season and 0 - 100,000 tons for the 2025 - 2026 season [1]. - US soybean oil export sales are expected to increase by 0 - 32,000 tons, with 0 - 22,000 tons for the 2024 - 2025 season and 0 - 10,000 tons for the 2025 - 2026 season [1]. Argentina's Soybean Production - The estimated soybean production in Argentina for the 2024/2025 season is 4.88 million tons, slightly higher than the previous estimate. The US Department of Agriculture predicts 4.9 million tons, the Buenos Aires Grain Exchange estimates 5.03 million tons, and the Rosario Grain Exchange estimates 4.85 million tons [1]. - As of now, Argentina's soybean harvest rate has reached 95%, slightly lower than 97% in the same period last year. The weather will be drier in the next two weeks, helping to complete the remaining harvest on time [1]. China's Oil Imports - In May, China's palm oil imports were 180,000 tons, a year - on - year decrease of 8.4%. From January to May, imports were 720,000 tons, a year - on - year decrease of 19.6% [1]. - In May, China's soybean oil imports were 10,000 tons, a year - on - year decrease of 86.6%. From January to May, imports were 30,000 tons, a year - on - year decrease of 75.8% [1]. - In May, China's rapeseed oil and mustard oil imports were 110,000 tons, a year - on - year decrease of 20.3%. From January to May, imports were 1.03 million tons, a year - on - year increase of 26.0% [1]. Spot Prices - The spot prices of various oils and meals in different regions from June 12 to June 18, 2025, are presented, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Basis and Spread - Multiple charts show the basis and spread of protein meals and oils, including the basis of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different delivery months in different regions, as well as the price spreads between different varieties and different delivery months [3][5][8].
油脂油料早报-20250619
Yong An Qi Huo·2025-06-19 01:59