油脂油料早报-20250904

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Malaysia's palm oil inventory in August 2025 is expected to increase for the sixth consecutive month due to production exceeding exports, although demand is recovering. The inventory is estimated to reach 2.2 million tons, a 4.06% increase from July [1]. - In 2025/26, Brazil's soybean planting area is expected to expand by 1.5%, which is considered "limited" compared to the historical average increase of 3.5%. However, with stable average yield, Brazil may harvest a record 175 million tons of soybeans [1]. - The 2025/26 rapeseed production in EU 27 + UK is expected to be 20.4 million tons, a 3.5% increase from last year. Favorable weather conditions have improved the growth and harvest prospects [1]. 3. Summary by Related Catalogs Overnight Market Information - Malaysia Palm Oil: The estimated median of nine traders, planters, and analysts shows that the palm oil inventory is likely to reach the highest level since December 2023 at 2.2 million tons, with an increase of 4.06% from July. The production in August is expected to be 1.86 million tons, a 2.5% increase from July. Exports are expected to grow by 10.7% to 1.45 million tons. The lower price of crude palm oil compared to soybean oil has encouraged Indian buyers to increase purchases before the upcoming festival season. The MPOB will release monthly supply - demand data on September 10 [1]. - Brazilian Soybeans: The Dutch Rabobank reports that the 2025/26 Brazilian soybean planting area will expand by 1.5%, less than the historical average. Assuming stable average yield, Brazil may harvest a record 175 million tons of soybeans, while the 2024/25 production was 169.7 million tons [1]. - EU 27 + UK Rapeseed: A research institution's report shows that the 2025/26 rapeseed production in EU 27 + UK is expected to be 20.4 million tons, a 0.3% increase from the previous estimate. The mild winter and cool spring have improved crop growth, and the rainfall before the sowing season is expected to increase soil moisture [1]. Spot Prices - The spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 28 to September 3, 2025 are provided, showing price fluctuations during this period [2]. Oilseeds and Oils Futures Spreads - No specific content is provided in the given text [3]