Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The US soybean crush volume in June was higher than market expectations, while the soybean oil inventory dropped to a five - month low. The crush capacity reached a record level, but was not fully utilized due to the oversupply of soybean meal [1]. - Brazil's estimated soybean and soybean meal exports in July have increased compared to previous forecasts [1]. - Malaysia's palm oil exports from July 1 - 15 showed a decline according to two different inspection agencies [1]. 3. Summary by Related Catalogs Overnight Market Information - US soybean crush: In June, NOPA member units crushed 185.709 million bushels of soybeans, a 3.7% decrease from May and a 5.8% increase from June 2024. The average forecast of eight analysts was 185.195 million bushels. The daily crush volume in June was 6.19 million bushels, down from 6.22 million bushels in May [1]. - US soybean oil inventory: As of June 30, the soybean oil inventory of NOPA member units dropped to 1.366 billion pounds, a 0.5% decline from the end of May and a 15.8% decrease from the same period last year. Analysts expected it to rise slightly to 1.374 billion pounds [1]. - US soybean meal and soybean oil production in May: The soybean meal production was 4,417,754 short tons, and the soybean oil production was 2.25336 billion pounds [1]. - Brazil's export forecast: Brazil's soybean exports in July are expected to be 12.19 million tons (previously 11.93 million tons), and soybean meal exports are expected to be 2.25 million tons (previously 2.19 million tons) [1]. - Malaysia's palm oil exports: ITS data showed a 6.2% decline in palm oil exports from July 1 - 15 compared to the same period in June, while AmSpec data showed a 5.29% decrease [1]. Spot Prices - The report provides 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 9 - 15, 2025 [2]. Protein Meal Basis The report mentions protein meal basis but does not provide specific data [3]. Fat Basis The report mentions fat basis but does not provide specific data [6]. Fat and Oil Futures Spread The report mentions fat and oil futures spread but does not provide specific data [8]

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]

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: Global Export Data - In 2023, Sudan emerged as the largest exporter of sesame, live sheep, and peanut meal globally, and is also a major exporter of shelled peanuts and gum arabic [1][2] - The global sesame export value reached $4.3 billion in 2023, with Sudan contributing $613 million, marking a 7.42% year-on-year increase [1] - The total global live sheep export value was $2.91 billion in 2023, with Sudan's exports amounting to $693 million, reflecting a significant 33.1% year-on-year growth [1] Group 2: Major Export and Import Countries - Major importers of sesame include China ($1.48 billion), Turkey ($483 million), and Japan ($322 million) [1] - For live sheep, Saudi Arabia was the largest importer at $1.17 billion, followed by Oman ($345 million) and Kuwait ($283 million) [1] - In the peanut meal sector, China was the top importer at $48.8 million, with Chile and Myanmar following [2] Group 3: Specific Commodity Performance - The global peanut meal export total was $98.5 million in 2023, showing a decline of 19.4%, with Sudan's share at $48.4 million [2] - The shelled peanut export value reached $4.18 billion, with Sudan contributing $437 million, an increase of 8.29% year-on-year [2] - The global gum arabic export value was $506 million, with Sudan's exports at $141 million, experiencing a slight decline of 2.87% [2]

Group 1 - Gansu's agricultural products, including fresh fruits and vegetables, are increasingly being exported, with a notable rise in the export of specialty products like cherries, melons, fresh-cut flowers, and nuts [1] - In the first five months of this year, Gansu's agricultural product export value reached 1.39 billion yuan, accounting for nearly 20% of the province's total exports [1] - The international trade company in Tianshui is actively expanding sales channels for Gansu's specialty products, with high-quality "Gansu flavor" products receiving positive feedback from international customers [1] Group 2 - Lanzhou Customs is facilitating the export of fresh fruits by providing online resources for companies to efficiently obtain export qualifications and ensuring strict quality control from production to export [2] - Gansu's diverse geography and climate provide significant advantages for agricultural development, with the mushroom industry being highlighted as a key contributor to rural revitalization [2] - The customs authority has developed an online business application to streamline the export process for agricultural products, ensuring convenient and efficient customs clearance [2] Group 3 - The export of nuts and other specialty products from Gansu is also accelerating, with walnut orders being produced for the Central Asia region and plans to expand into the European market [3] - A company in Tianshui has successfully exported pine nuts after passing customs inspection, indicating a growing international market for Gansu's agricultural products [3]

Core Viewpoint - The article highlights the successful export of Litchi from Shantou's Leiling Town to North America, marking 22 consecutive years of overseas sales, which boosts confidence in future production and sales connections [6][9]. Group 1: Export Details - A total of approximately 60,000 pounds of Leiling Wuye Litchi was shipped to the North American market [3][10]. - The export process ensures freshness, with litchis being picked and transported on the same day, and a sorting process in place to guarantee quality [10][12]. Group 2: Local Impact - Leiling Town is recognized as the "Hometown of Litchi in Eastern Guangdong," and the recent export activity has invigorated local farmers and the community [4][6]. - The local Litchi Association reported an increase in the first batch of exports compared to the previous year, indicating a positive trend in production [9]. Group 3: Future Plans - The company plans to expand its export markets to the Middle East and Southeast Asia, further enhancing its international presence [17][18]. - In addition to exports, some litchis are expected to be sold in domestic supermarkets [13].

2025 年 6 月 6 日 棕榈油：产地压力分歧较大，震荡磨底 豆油：豆系驱动不强，区间震荡 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价(日 盘） | 涨跌幅 | 收盘价 （夜 盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,126 | -0.05% | 8,158 | 0.39% | | | 豆油主力 | 元/吨 | 7,676 | -0.16% | 7,704 | 0.36% | | | 菜油主力 | 元/吨 | 9,152 | 0.56% | 9,201 | 0.54% | | 期 货 | 马棕主力 | 林吉特/吨 | 3,904 | -1.16% | 3,921 | 0.46% | | | CBOT豆油主力 | 美 分/磅 | 46.62 | -0.41% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 535,659 | -120,537 | 429,954 | -2,827 | | | 豆 ...

Core Insights - China is a major agricultural country, with agricultural products playing a crucial role in export trade, contributing to rural employment, farmer income, agricultural industry development, and modernization [1] Group 1: Export Performance - In the first two months of this year, China's agricultural product exports reached $15.225 billion, a year-on-year increase of 3%, marking the highest level for the same period in five years [2][3] - Agricultural products accounted for 2.8% of China's total foreign trade exports, indicating a sustained and steady growth in the agricultural export market [1][2] Group 2: Key Product Categories - Seafood and related products had an export value of $2.965 billion, up 2.3% year-on-year, making up 19.5% of total agricultural exports [2] - The export value of fruits and related products reached $1.32 billion, a significant increase of 12.7% year-on-year, with notable growth in grape exports by 124.9% [3] - Vegetable exports slightly decreased by 0.4% to $2.33 billion, with fresh vegetables seeing a decline of 2.2% [3] Group 3: Market Dynamics - Exports to "Belt and Road" countries totaled $7.56 billion, up 3% year-on-year, while exports to RCEP countries slightly decreased by 2.9% to $6 billion [3] - The top ten exporting provinces included Shandong, Guangdong, and Fujian, with Shandong leading at $3.44 billion, a 3.9% increase [4] Group 4: Opportunities and Innovations - Emerging markets in the Middle East, Africa, and Southeast Asia are becoming key platforms for China's agricultural globalization, driven by the "Belt and Road" initiative and RCEP benefits [4] - Customs authorities are implementing measures to facilitate the export of local specialty agricultural products, addressing challenges faced by exporters [5][6] - New farmers are leveraging live streaming and social media to promote local agricultural products, enhancing market access and sales [7][8]

政府数据显示：巴西五月出口大豆总量为1410万吨，较去年同期的1344万吨有所增加。 ...

据韩国农林畜产食品流通公社数据显示，5月21日，韩国大米按每公斤单价计算，约为日本大米价格的 三分之一，不少日本游客来韩国背米回国。 韩国民众的大米消费量持续下滑，为避免库存积压，韩国农业部门一直苦寻对策。自4月8日至5月20 日，韩国对日本大米出口已突破120吨，一个半月内激增至60倍。韩国越来越多的大米产区正推进向日 本出口事宜，近日甚至有日本买家提出进口500吨大米的意向。韩国农协表示，尽管目前对日大米出口 数量规模仍有限，但这对缓解韩国国内大米过剩问题具有重要意义。（总台环球资讯） ...