市场快讯：美农8月供需报告收紧四季度油料供应

Report Summary 1. Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core View - The USDA's August supply - demand report is overall bullish, laying the foundation for a tightening of global soybean supply in the second half of the year. In the fourth quarter, the domestic overall oilseed supply will tighten, and the vegetable oil and double - low rapeseed sectors are likely to rise and difficult to fall, suggesting buying on dips [5][8]. 3. Key Points by Category Global Situation - The USDA's August supply - demand report is bullish, with the planted area unexpectedly reduced. The US soybean planted area is 80.9 million acres (July expectation: 83.4 million acres), the harvested area is 80.1 million acres (July expectation: 82.5 million acres), the yield per acre is 53.6 bushels (July expectation: 52.5 bushels), the production is 4.292 billion bushels (July expectation: 4.335 billion bushels), and the ending inventory is 290 million bushels (July expectation: 310 million bushels). Argentina's soybean production is 50.9 million tons (July expectation: 49.9 million tons), Brazil's is 169 million tons (July expectation: 169 million tons), and the global ending inventory is 124.9 million tons (July expectation: 126.07 million tons) [8]. Domestic Situation - As of the time of writing, China has not purchased US soybeans. Domestic soybean and soybean meal inventories have reached a phased peak and will decline later, laying the foundation for a tightening supply. Coupled with the anti - dumping of Canadian canola, the domestic overall oilseed supply will tighten in the fourth quarter [5].