油脂油料早报-20250814

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Industry analysts estimate that for the week ending August 7, US soybean export sales are expected to increase by a net of 60 - 160 million tons, with 20 - 70 million tons for the 2024 - 25 season and 40 - 90 million tons for the 2025 - 26 season. US soybean meal export sales are expected to increase by a net of 15 - 50 million tons, with 5 - 25 million tons for the 2024 - 25 season and 10 - 25 million tons for the 2025 - 26 season. US soybean oil export sales are expected to increase by a net of 0 - 2.2 million tons, with 0 - 1.8 million tons for the 2024 - 25 season and 0 - 0.4 million tons for the 2025 - 26 season [1]. - Malaysia has raised its reference price for crude palm oil in September, increasing the export tariff to 10%. The calculated reference price for September is 4,053.43 Malaysian ringgit (962.12 US dollars) per ton, up from 3,864.12 US dollars in August with an export tariff of 9%. The export tariff starts at 3% when the crude palm oil price is in the range of 2,250 - 2,400 Malaysian ringgit per ton and reaches a maximum of 10% when the price exceeds 4,050 Malaysian ringgit per ton [1]. - The Zhengzhou Commodity Exchange has issued a risk warning letter, stating that there are many uncertain factors affecting the rapeseed meal and rapeseed oil markets recently and reminding member units to strengthen investor education and risk prevention [1]. 3) Summary by Relevant Catalogs Overnight Market Information - US soybean, soybean meal, and soybean oil export sales expectations for the week ending August 7 [1]. - Malaysia's adjustment of the reference price and export tariff for crude palm oil in September [1]. - Zhengzhou Commodity Exchange's risk warning letter [1]. Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 7 to August 13, 2025 are provided [1]. Other Information - Information on precipitation in major producing countries, import soybean crushing profit on the futures market, and grease import profit is mentioned, but no specific data is provided [1]. - Information on protein meal basis, grease basis, and grease - oilseed price spreads on the futures market is mentioned, but no specific data is provided [1].