Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The report presents overnight market information on US soybean and soybean meal exports, as well as adjustments to Brazil's soybean export, production, and processing estimates, and changes in Malaysia's palm oil export tax [1]. Summary by Relevant Catalogs Overnight Market Information - For the week ending on the 10th, US soybean export sales totaled a net increase of 801,500 tons as expected. Current - market - year soybean export sales had a net increase of 271,900 tons, a 46% decrease from the previous week and a 39% decrease from the four - week average. Next - market - year soybean export sales had a net increase of 529,600 tons. US soybean export shipments were 276,400 tons, a 30% decrease from the previous week and an 8% decrease from the four - week average. Current - market - year new soybean sales were 300,600 tons, and next - market - year new soybean sales were 529,800 tons [1]. - For the week ending on the 10th, US soybean meal export sales totaled a net increase of 530,500 tons as expected. Current - market - year soybean meal export sales had a net increase of 356,500 tons, a 72% increase from the previous week and an 86% increase from the four - week average. Next - market - year soybean meal export sales had a net increase of 174,000 tons. US soybean meal export shipments were 343,200 tons, a 17% increase from the previous week and a 26% increase from the four - week average. Current - market - year new soybean meal sales were 410,400 tons, and next - market - year new soybean meal sales were 179,800 tons [1]. Brazil's Soybean Estimates - Abiove raised Brazil's 2024/25 soybean export estimate from 108.2 million tons to 109 million tons, maintained the production estimate at 169.7 million tons, and increased the soybean crushing estimate from 57.5 million tons to 57.8 million tons. The increase in the mandatory biodiesel blending ratio in diesel boosted the outlook for Brazil's soybean processing volume to a record high. The 2024/25 soybean meal export estimate was maintained at 23.6 million tons, the soybean oil export estimate was lowered from 1.4 million tons to 1.35 million tons, the soybean oil production estimate was raised from 11.45 million tons to 11.6 million tons, and the soybean meal production estimate was increased from 44.1 million tons to 44.5 million tons [1]. Malaysia's Palm Oil - Malaysia raised its monthly reference price for crude palm oil, increasing the export tax to 9%. The monthly reference price was 3,864.12 Malaysian ringgit ($910.28) per ton, compared to 3,730.48 Malaysian ringgit per ton with an 8.5% export tax previously [1]. Spot Prices - Spot prices of various products in different regions from July 11 to July 17, 2025, are presented. For example, the price of soybean meal in Jiangsu increased from 2,810 to 2,860, and the price of rapeseed meal in Guangdong increased from 2,520 to 2,600 [2]. Others - The report also mentions protein meal basis [3], grease basis [6], and grease and oilseed futures price spreads [7] but does not provide detailed data.
油脂油料早报-20250718
Yong An Qi Huo·2025-07-18 01:53