1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The net increase in US soybean export sales for the 2025/26 season from September 1 - 4 is expected to be between 40 - 160 million tons, with US soybean meal export sales expected to net increase by 5 - 90 million tons and US soybean oil export sales by 0 - 1.6 million tons [1] - Argentina's 2025/26 soybean planting area is expected to decrease by 4.3% to 17.6 million hectares due to farmers choosing to plant other crops [1] - Malaysia's August palm oil inventory reached a two - year high due to strong production, with inventory increasing by 4.18% to 2.2 million tons, production increasing by 2.35% to 1.86 million tons, and exports slightly decreasing by 0.29% to 1.32 million tons [1] - Malaysia's palm oil exports from September 1 - 10 decreased by 1.2% according to ITS and 8.4% according to AmSpec compared to the previous month [1] 3. Summaries by Relevant Catalogs Overnight Market Information - US soybean export sales for the 2025/26 season from September 1 - 4 are expected to net increase by 40 - 160 million tons, soybean meal by 5 - 90 million tons, and soybean oil by 0 - 1.6 million tons [1] - Argentina's 2025/26 soybean planting area is expected to decrease by 4.3% to 17.6 million hectares [1] - Malaysia's August palm oil inventory increased by 4.18% to 2.2 million tons, production increased by 2.35% to 1.86 million tons, exports decreased by 0.29% to 1.32 million tons, and domestic consumption increased by over 6% to 490,923 tons [1] - Malaysia's September 1 - 10 palm oil exports decreased by 1.2% according to ITS and 8.4% according to AmSpec [1] Spot Prices - 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 September 4 - 10, 2025 are presented in a table [2] Protein Meal Basis - No specific content provided [3] Fatty Oil Basis - No specific content provided [5] Fatty Oil Futures Spread - No specific content provided [7]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The US soybean meal export sales and shipments showed mixed performance in the week ending August 21, 2025, with current - year sales increasing and shipments decreasing [1]. - The estimated soybean crushing volume in the US in July 2025 is expected to reach a record high for the same period, driven by increased demand for vegetable oil from bio - fuel producers and higher profits [1]. - The soybean planting area in Brazil's Paraná state is expected to expand by 1% in the 2025/26 season, and the yield may increase by 4% [1]. - Canada's rapeseed production is expected to increase by 3.6% in 2025 due to a 5.7% increase in yield, offsetting the 2.0% reduction in the harvesting area [1]. 3) Summary by Related Catalogs Overnight Market Information - US soybean meal export sales: In the week ending August 21, 2025, current - year export sales net increased by 4.73 million tons (up 3% from the previous week and down 34% from the four - week average), and next - year sales net increased by 21.48 million tons. Market expectations were 2.5 - 15 million tons for current - year and 10 - 30 million tons for next - year sales. Export shipments were 19.81 million tons, down 25% from the previous week and 35% from the four - week average [1]. - US soybean crushing volume in July 2025: Expected to be 207.2 million bushels (6.218 million short tons), up 5.1% from June and 7.2% from July 2024, a record high for the same period. The estimated range is 204.8 - 212.0 million bushels, with a median of 207.1 million bushels. The increase is due to increased demand from bio - fuel producers and higher profits [1]. - US soybean oil inventory as of July 31, 2025: Expected to be 1.903 billion pounds, up 0.5% from the end of June and down 5.2% from July 2024. The estimated range is 1.875 - 1.960 billion pounds, with a median of 1.9 billion pounds [1]. - Brazil's Paraná state: The 2025/26 soybean planting area is expected to be about 5.8 million hectares, up 1% from the previous year, and the yield may reach about 22 million tons, up 4% [1]. - Canada's rapeseed: The 2025 production is expected to increase by 3.6% to 19.9 million tons, with a 5.7% increase in yield to 41.0 bushels per acre, offsetting a 2.0% reduction in the harvesting area to 21.4 million acres [1]. Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/08/22 | 2980 | 2540 | 8620 | 9530 | 10010 | | 2025/08/25 | 3010 | 2570 | 8700 | 9520 | 10010 | | 2025/08/26 | 2990 | 2560 | 8670 | 9440 | 10030 | | 2025/08/27 | 2970 | 2550 | 8610 | 9440 | 9970 | | 2025/08/28 | 2960 | 2520 | 8580 | 9350 | 9880 | [2]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - The U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, in line with market expectations, with a decline from the previous week [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a 27% increase in daily average export volume compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached the highest in nearly two years, with a 4.02% month - on - month increase to 2.11 million tons due to strong production [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons, and the previous week's revised volume was 628,110 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, the flowering rate was 91%, and the pod - setting rate was 71% [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a daily average export volume of 462,408.88 tons, a 27% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached 2.11 million tons, a 4.02% month - on - month increase, with production increasing by 7.09% to 1.81 million tons and exports increasing by 3.82% to 1.31 million tons [1]. Spot Prices - 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 5 - 11 are provided [2]. Protein Meal Basis - The report mentions protein meal basis but does not provide specific content [3]. Fat Basis - The report mentions fat basis but does not provide specific content [6]. Fat and Oil Futures Spread - The report mentions fat and oil futures spread but does not provide specific content [8]

Report Industry Investment Rating - The investment strategies for both the soybean meal and corn sectors are cautiously bearish [4][6] Core Viewpoints - The adjustment of the supply - demand report is minor and in line with market expectations. The weather in the main soybean - producing areas in the US is favorable, and the soybean growth is expected to remain good. In China, there is still pressure on the spot market, and future focus should be on the growth of new - season US soybeans and policy changes [3] - In the domestic corn market, there is an increase in supply, a lackluster demand, and changes in the market atmosphere due to import auctions [5] Summary by Relevant Catalogs 1. Market News and Important Data - Soybean Meal - Futures: The closing price of the soybean meal 2509 contract was 2978 yuan/ton, down 14 yuan/ton (-0.47%) from the previous day; the rapeseed meal 2509 contract was 2655 yuan/ton, down 4 yuan/ton (-0.15%) [1] - Spot: In Tianjin, the soybean meal spot price was 2910 yuan/ton; in Jiangsu, it was 2810 yuan/ton; in Guangdong, it was 2790 yuan/ton (down 10 yuan/ton). In Fujian, the rapeseed meal spot price was 2660 yuan/ton [1] - US Data: As of July 13, the US soybean good - excellent rate was 70%, the flowering rate was 47%, and the pod - setting rate was 15%. As of July 10, the US soybean export inspection volume was 14.70 tons. The 2024/25 US soybean export inspection volume was 4641 tons, a 10.4% year - on - year increase, reaching 91.4% of the annual export target [2] 2. Market News and Important Data - Corn - Futures: The closing price of the corn 2509 contract was 2295 yuan/ton, down 7 yuan/ton (-0.30%); the corn starch 2509 contract was 2641 yuan/ton, down 6 yuan/ton (-0.23%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2740 yuan/ton [4] - US Data: As of July 13, the US corn good - excellent rate was 74%, the silking rate was 34%, and the wax - ripening rate was 7%. As of July 10, the US corn export inspection volume was 128.7 tons [4] 3. Market Analysis - Soybean Meal - The supply - demand report adjustment is small, in line with expectations. The US soybean good - excellent rate is high, and the weather is favorable. In China, there is spot pressure, and the soybean meal inventory is rising rapidly [3] 4. Market Analysis - Corn - In China, the supply of corn increases due to auctions and storage issues. The demand is weak as feed enterprises have sufficient inventory and the breeding season is off - peak. Import auctions show a change in market sentiment [5] 5. Strategy - For both soybean meal and corn, the strategy is cautiously bearish [4][6]

1. Overnight Market Information - The export inspection volume of US soybeans in the week ending July 10, 2025 was 147,045 tons, lower than the market forecast of 200,000 - 500,000 tons and the revised figure of 399,600 tons in the previous week [1] - As of July 13, 2025, the good - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, with a flowering rate of 47% and a pod - setting rate of 15% [1] - Brazil exported 4,331,243.97 tons of soybeans in the first two weeks of July 2025, with an average daily export volume 1.61% lower than that in July last year [1] - China's soybean imports from January to June 2025 were 4,937 million tons, a year - on - year increase of 1.8%, while the imports of edible vegetable oil decreased by 8.6% [1] - India's palm oil imports in June 2025 jumped 60% to 955,683 tons, reaching an 11 - month high, and the domestic vegetable oil inventory increased to 156.8 million tons as of July 1 [1] 2. 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 July 8 - 14, 2025 are presented in a table [9] 3. Other Information - There are sections about the import soybean crushing profit on the futures market, protein meal basis, oil basis, oil futures price spread, and oil import profit, but no specific content is provided [3][10][12][15]

Group 1: Report Investment Ratings - Investment rating for the apple industry: Neutral [4] - Investment rating for the red date industry: Neutral [8] Group 2: Core Views - Apple market: The overall apple spot market has slow sales, with prices remaining stable. The current inventory is low, and prices are expected to remain stable in the short - term. The new - season late - maturing Fuji acquisition price may be higher than last year. Attention should be paid to the price trend of early - maturing varieties and weather conditions [2][3][4] - Red date market: The red date futures closed higher. The production area shows no obvious signs of reduction. The arrival of goods in the sales area has decreased. The market is in the off - season, with slow inventory digestion. The new - season red dates are in the fruiting stage, and the growth situation during this period may bring market opportunities. Weather conditions need to be closely monitored [7] Group 3: Summary by Section Apple - Market News and Key Data - Futures: The closing price of the apple 2510 contract yesterday was 7,733 yuan/ton, a change of - 6 yuan/ton or - 0.08% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 semi - commercial late Fuji was 4.80 yuan/jin, also unchanged from the previous day [1] Apple - Recent Market Information - Spot market: The overall sales are slow, with prices remaining stable. The enthusiasm of cold - storage merchants in the production area to purchase goods is average. The early - maturing fruits are mainly from Dali and Yuncheng, with limited supply and little impact on the market. The remaining supply in the western production area is small, and inventory holders mainly distribute goods to the market themselves. In Shandong, the supply is mainly for the market, and the prices of some goods have slightly decreased due to quality issues. The sales in the sales area are average, affected by summer - cooling fruits [2] Apple - Market Analysis - Futures price: Slightly declined yesterday. The market is in the traditional off - season, with slow sales. The remaining supply in the western production area is small, and the sales pressure is low. The bagging work has ended, and attention should be paid to the actual bagging data [3] - Production area: In the traditional sales off - season, affected by summer - cooling fruits, there is pressure on apple inventory reduction. The large - sized apples account for a large proportion of the remaining supply. The new - season production is expected to be similar to last year, and the acquisition price of new - season late - maturing Fuji may be higher than last year. The sales in the Gansu production area have slowed down, and the remaining supply is mainly in the hands of large fruit companies and large storage merchants. The Shanxi and Henan production areas have basically cleared their inventories. The Liaoning production area has a small amount of remaining supply [3] - Sales area: The number of trucks arriving at the Guangdong wholesale market has decreased. Affected by summer - cooling fruits, the sales of apples are slow, and the terminal consumption has slightly slowed down [3] Apple - Strategy - Maintain a neutral stance. The current inventory is low, providing price support. Short - term prices are expected to remain stable [4] Red Date - Market News and Key Data - Futures: The closing price of the red date 2509 contract yesterday was 10,450 yuan/ton, a change of + 35 yuan/ton or + 0.34% from the previous day [5] - Spot: The price of first - grade gray dates in Hebei was 8.60 yuan/kg, a change of - 0.10 yuan/kg from the previous day [5] Red Date - Recent Market Information - Production area: The main production area of Xinjiang gray dates is in the growth period, and farmers are actively managing their orchards. The dates are in the physiological fruit - dropping stage, and the fruit - setting situation of the first - crop flowers in some orchards is average. Attention should be paid to the fruit - setting of the second - crop flowers and weather changes [6] - Sales area: In the Hebei Cuierzhuang market, 2 trucks of dates arrived, with prices slightly decreasing. The market is in the off - season, and the actual demand has not yet emerged. In the Guangdong Ruyifang market, 6 trucks of dates arrived, and some high - quality dates were actively purchased by merchants [6] Red Date - Market Analysis - Futures price: Closed higher yesterday. There is no obvious sign of production reduction in the production area. The arrival of goods in the sales area has decreased. The market is in the off - season, with slow inventory digestion and inventory levels higher than the same period last year. The new - season red dates are in the fruiting stage, and the growth situation during this period may bring market opportunities. Attention should be paid to the fruit - setting situation in the production area and weather conditions [7] Red Date - Strategy - Maintain a neutral stance. Although there are potential weather disturbances and both futures and spot prices are at historical lows, the market is in the off - season, with a light trading atmosphere and high inventory. The long - short game is expected to intensify, and caution is needed when going long [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The US soybean and soybean meal export sales data for the week ending on the 26th showed significant increases in net sales compared to the previous week and the four - week average, while the export shipments decreased to some extent [1]. - Malaysia's palm oil inventory in a certain month is expected to decline for the first time in four months due to unexpectedly reduced production and strong export demand [1]. 3. Summary by Related Catalogs Overnight Market Information - **Soybean Exports**:民间出口商向未知目的地出口销售22.6万吨大豆（2024/2025市场年度付运）；26日止当周，美国当前市场年度大豆出口销售净增46.24万吨，较前一周增加15%，较前四周均值增加62%，下一市场年度净增23.90万吨；当周美豆出口装船25.16万吨，较前一周减少5%，较此前四周均值减少27%；当前市场年度新销售53.32万吨，下一市场年度新销售23.91万吨 [1]. - **Soybean Meal Exports**:民间出口商向未知目的地出口销售19.5万吨豆粕（4.5万吨2024/2025市场年度付运，15万吨2025/2026市场年度付运）；26日止当周，美国当前市场年度豆粕出口销售净增30.62万吨，较前一周增加226%，较前四周均值增加69%，下一市场年度净增39.74万吨；当周美豆粕出口装船23.83万吨，较前一周减少15%，较此前四周均值减少8%；当前市场年度新销售35.78万吨，下一市场年度新销售39.74万吨 [1]. - **Malaysian Palm Oil**:库存料降至199万吨，较5月减少0.24%；毛棕榈油产量预计环比下降4.04%至170万吨；出口预计增加4.16%至145万吨；国内消费量预计为326,677吨 [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 June 27 to July 3, 2025, showed certain fluctuations [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The U.S. soybean inventory in the quarter ending June 1, 2025, was higher than expected, while the planting area was lower than expected, and the good-to-excellent rate was also lower than expected [1]. - Malaysia's palm oil exports showed varying degrees of increase in June 2025 according to different institutions' data [1]. - Indonesia raised the reference price of crude palm oil in July, but the export tax remained unchanged [1]. 3. Summary by Relevant Catalogs Overnight Market Information - U.S. 2025 Q2 soybean inventory was 1.007664 billion bushels, higher than the estimated 0.98 billion bushels. Farm - in inventory was 0.4117 billion bushels, and farm - out inventory was 0.595964 billion bushels [1]. - The estimated U.S. 2025 soybean planting area was 83.38 million acres, lower than the market estimate of 83.655 million acres, and the 2024 actual planting area was 87.05 million acres [1]. - As of the week ending June 29, 2025, the U.S. soybean good - to - excellent rate was 66%, lower than the expected 67%. The emergence rate was 94%, the flowering rate was 17%, and the pod - setting rate was 3% [1]. - A private exporter reported selling 204,000 tons of soybean meal to an unknown destination for the 2025/2026 market year [1]. - As of the week ending June 26, 2025, the U.S. soybean export inspection volume was 224,787 tons, in line with expectations. The cumulative export inspection volume this crop year was 45.851787 million tons, compared with 41.554272 million tons in the same period last year [1]. - The estimated U.S. May 2025 soybean crushing volume was 204.7 million bushels, 1.1% higher than April and 6.8% higher than May 2024. The estimated May 31 soybean oil inventory was 1.871 billion pounds, down 5.3% from the end of April and 14.5% from May 2024 [1]. - AmSpec reported that Malaysia's June 2025 palm oil exports increased 4.3% month - on - month; ITS reported a 4.7% increase; SGS reported an 11.74% increase [1]. - Indonesia raised the July reference price of crude palm oil to $877.89 per ton from $856.38 in June, with the export tax remaining at $52 per ton [1]. Imported Soybean Futures Crushing Profit No detailed information provided [2]. Futures Price Spreads of Oils and Fats No detailed information provided [5]. Spot Prices - The table shows 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 June 24 - 30, 2025 [3]. Basis of Protein Meal and Oils and Fats No detailed information provided [3][7].

Group 1: USDA Report Forecast - The average forecast of analysts is that the soybean planting area in the United States in 2025 will be 83.655 million acres, with a forecast range between 82.5 - 85.3 million acres. The USDA predicted the soybean planting area to be 83.495 million acres in the March 31 report. The USDA will release the planting area report at 00:00 on July 1, Beijing time [1]. - Analysts expect the corn planting area in the United States in 2025 to be 95.35 million acres, with a forecast range between 93.75 - 96.8 million acres. The March 31 planting intention report estimated it to be 95.326 million acres [1]. Group 2: Brazilian Soybean Exports - The Brazilian National Association of Grain Exporters (Anec) estimates that Brazil's soybean exports in June will reach 14.99 million tons, higher than the previous week's estimate of 14.36 million tons [1]. Group 3: EU Imports - As of June 22, the EU's palm oil imports in the 2024/25 season (starting from July) have reached 2.76 million tons, lower than 3.41 million tons in the same period last year. The EU's soybean imports have reached 13.79 million tons, higher than 12.89 million tons in the same period last year. The EU's rapeseed imports total 7.16 million tons, higher than 5.59 million tons in the same period last year. The EU's soybean meal imports have reached 18.88 million tons, higher than 14.93 million tons in the same period last year [1]. Group 4: Indonesian Palm Oil - The Indonesian Palm Oil Association (GAPKI) data shows that Indonesia exported 1.78 million tons of palm oil (including refined products) in April, a 38.14% decrease from 2.18 million tons in the same period last year. The decline in exports is due to reduced demand from the EU, India, the US, Pakistan, and Bangladesh [1]. - Indonesia's crude palm oil production in April was 4.48 million tons, higher than 4.39 million tons in March. Palm oil inventory at the end of April increased by 50% to 3.04 million tons, the highest level since May last year, due to decreased exports [1]. Group 5: Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/06/18 | 2900 | 2560 | 8300 | 8780 | 9910 | | 2025/06/19 | 2910 | 2560 | 8380 | 8770 | 9900 | | 2025/06/20 | 2900 | 2550 | 8390 | 8740 | 9900 | | 2025/06/23 | 2860 | 2530 | 8340 | 8670 | 9870 | | 2025/06/24 | 2850 | 2530 | 8200 | 8510 | 9710 | [1][6]

投资咨询业务资格:证监许可【2012】31号 投资咨询号:Z0021658 从业资格号:F03110419 2025/6/6 | | 指标 | 6月5日 | 涨跌 | | | 豆粕主力合约基差(张家港) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | -38 | -19 | 2500 1000 | | ===== 19/20 ===== 20/21 ===== 21/22 ====== 22/23 | | | - 23/24 | 24/25 | | | | | | 2000 | | | | | | | | | 天津 | -98 | -19 | 1500 | | | | | | | | | 日照 | -158 | -39 | 500 | | | | | | | | 43%豆粕现货基差 | 张家港 | -58 | -19 | -500 | | | | | | | | (对主力合约) | | | | 09/21 | 10/22 11/77 | 02/23 | 03/25 | 04/75 05 ...