油脂油料早报-20251030

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - The USDA's weekly export sales report was suspended due to the US federal government shutdown, but the overseas agricultural service will continue to process export sales information, and missing data will be补发 after federal funds are restored [1] - As of the week ending October 23, 2025, the net increase in US soybean export sales for the 2025/26 market year is expected to be 60 - 160 million tons, the net increase in US soybean meal export sales is expected to be 5 - 50 million tons, and the net increase in US soybean oil export sales is expected to be 0.5 - 2.5 million tons [1] - Rabobank predicts that Brazil's soybean planting area for the 2025/26 season will be 48.8 million hectares, a 2% increase from the previous year, with a production of 177 million tons, a 3% increase from the previous year [1] - Brazil's soybean crushing volume for the 2025/26 season is expected to reach a record 60 million tons, higher than the 58 million tons in the 2024/25 season, and the export volume is expected to be 111 million tons, the same as the previous year [1] Group 3: Summary by Relevant Catalogs Spot Prices - From October 23 - 29, 2025, 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 fluctuated [2] Protein Meal Basis and Oil Basis - No specific content provided [3] Oil and Oilseed Futures Spreads - No specific content provided [4]