油脂油料早报-20250912

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents overnight market information on the trading of US soybeans, soybean meal, and palm oil, as well as the estimated data of US soybean crushing and the production forecast of Brazilian soybeans [1]. Summary by Related Catalogs Overnight Market Information of US Soybeans and Soybean Meal - From September 1 - 4, US 2025/2026 soybean export sales net increased by 541,100 tons, with a total of 767,000 tons carried over from the 2024/2025 sales. The export shipment as of August 31 was 406,600 tons, and the cumulative export shipment reached 50.1059 million tons, a 13% increase from the previous year. The new sales of US soybeans in the current market year were 1.4957 million tons [1]. - From September 1 - 4, US current - market - year soybean meal export sales net increased by 33,400 tons, a 16% increase from the average of the previous four weeks. The next - market - year soybean meal export sales net increased by 324,100 tons. The export shipment of soybean meal was 250,100 tons, a 20% decrease from the previous week and a 12% decrease from the average of the previous four weeks. The new sales of current - market - year soybean meal were 56,100 tons, and the next - market - year new sales were 325,400 tons [1]. Estimated Data of US Soybean Crushing - Before the release of the NOPA monthly report, analysts estimated that the US soybean crushing volume in August would be 182.857 million bushels, a 6.6% decrease from July but a 15.7% increase from August 2024. The estimated daily crushing volume in August was 5.899 million bushels, the slowest since August last year. The estimated soybean oil inventory held by NOPA members as of August 31 was 1298 million pounds, a 5.8% decrease from the end of July [1]. Production Forecast of Brazilian Soybeans - Conab raised the forecast of Brazil's 2024/2025 soybean production to a record 171.47 million tons, an increase of 1.82 million tons from the August forecast. The export forecast for 2024/2025 was raised by 400,000 tons to 106.65 million tons. Brazilian farmers have started sowing the 2025/2026 soybeans, and the new - year production is expected to exceed 180 million tons [1]. Palm Oil Production in Malaysia - According to SPPOMA, from September 1 - 10, 2025, Malaysia's palm oil production decreased by 3.17% month - on - month, with a 2.70% decrease in fresh fruit bunch yield and a 0.09% decrease in oil extraction rate [1]. Spot Prices - The 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 September 5 - 11, 2025, are provided, showing price fluctuations during this period [2].