国富期货早间看点：SPPOMA马棕7月前25日产量增加5.52%，USDA美豆优良率为70%高于市场预期-20250729

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information on weather, international and domestic supply - demand, macro - economic news, and details on fund flows. It also provides data on key agricultural products such as palm oil, soybeans, and their related products, along with information on livestock and macro - economic indicators both in the US and globally [1][3][7][16]. 3. Summary by Directory 01 Overnight Market - Overnight prices and price changes of various futures including palm oil, Brent crude, US crude, soybeans, and related products are presented. Price changes of major currencies are also provided [1]. - Information on futures - spot price differences (basis) for palm oil, soybean oil, and soybean meal in different regions, as well as CNF quotes for imported soybeans from different countries [1]. 02 Spot Market No specific content provided. 03 Important Fundamental Information - 产区天气 - - US soybean - producing states are expected to have low temperatures and precipitation close to or above the median from August 2 - 6. The Midwest has good soil moisture with rain this week, and although there is high - temperature stress, the overall situation is favorable for crops [3][5]. - 国际供需 - - Malaysian palm oil production from July 1 - 25, 2025, increased by 5.52% compared to the same period last month, while exports decreased by 8.53% [7]. - As of July 27, 2025, the US soybean good - to - excellent rate was 70%, higher than expected. The flowering and pod - setting rates are also reported [8]. - Brazilian soybean exports in the first four weeks of July 2025 increased by 12% compared to the daily average of July last year [9]. - Argentina reduced export withholding tax rates for various agricultural products [9]. - The Baltic Dry Index declined on Monday due to falling freight rates of all ship types [10]. - 国内供需 - - On July 28, 2025, the total trading volume of soybean oil and palm oil increased by 72% compared to the previous trading day. The trading volume of soybean meal also increased, and the oil - mill operating rate rose [12]. - As of July 25, 2025, the total commercial inventory of three major oils increased slightly, with palm oil inventory rising and soybean oil inventory falling [12]. - As of July 28, 2025, the inventory of imported soybeans at Chinese ports increased [13]. - In June 2025, the slaughter volume of large - scale pig - slaughtering enterprises decreased month - on - month but increased year - on - year. As of July 28, there were price changes in major agricultural products in the wholesale market [14]. 04 Macro News - International News - The probability of the Fed keeping interest rates unchanged in July is 96.9%, and in September, the probability of a 25 - basis - point rate cut is 62.6% [16]. - The US July Dallas Fed Business Activity Index was 0.9, better than expected [16]. - The US Treasury increased its borrowing forecast for the third quarter by $453 billion [16]. - China - US economic and trade teams held talks in Stockholm on July 28 [16]. - Trump announced a trade agreement with the EU, including tariff and investment details [16]. - The US will not extend the tariff - increase deadline on August 1, but Trump is ready to continue tariff negotiations [16]. - OPEC + is considering another production - increase action and will discuss September's production level on August 3 [17]. - Domestic News - On July 28, the US dollar/Chinese yuan exchange rate was adjusted up, and the Chinese central bank conducted a net injection of 325.1 billion yuan through reverse repurchase operations [19]. 05 Fund Flows - On July 28, 2025, the futures market had a net capital outflow of 18.351 billion yuan, with a net outflow of 23.813 billion yuan in commodity futures and a net inflow of 5.461 billion yuan in stock - index futures. Details of fund flows for major futures varieties are provided [22][23]. 06 Arbitrage Tracking No information provided.