Core Points - The wildfires in Cyprus, which erupted on the 23rd, have burned over 100 square kilometers of land, marking one of the most severe wildfires in history [1] - The fires have resulted in 2 fatalities and multiple injuries, with significant damage to homes, power facilities, and vineyards in the Limassol and Paphos regions [1] - Initial assessments indicate that approximately 124 square kilometers have been affected, and the fires are suspected to be caused by arson [1] - Cyprus is currently experiencing prolonged drought and severe heat waves, with temperatures reaching 44 degrees Celsius on the 24th, setting a record for the highest temperature this year [1]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report focuses on the cost support of soybean oil and provides comprehensive data on the fundamentals of edible oils, including futures, spot prices, positions, and spreads [1]. Group 3: Summary by Directory 1. Fundamental Tracking - **Futures Prices**: The closing prices of palm oil, soybean oil, and rapeseed oil futures on the previous trading day were 8,360 yuan/ton, 8,000 yuan/ton, and 9,482 yuan/ton respectively, with corresponding daily price changes of 0.19%, 0.20%, and 0.06%. The night - session closing prices were 8,378 yuan/ton, 8,014 yuan/ton, and 9,463 yuan/ton, with changes of 0.22%, 0.17%, and - 0.20% [1]. - **Positions**: The positions of palm oil, soybean oil, and rapeseed oil futures were 595,784 hands, 828,034 hands, and 410,903 hands respectively, with position changes of 5,856 hands, 10,946 hands, and - 20,706 hands [1]. - **Spot Prices**: The spot prices of 24 - degree palm oil in Guangdong, fourth - grade soybean oil in Zhangjiagang, and fourth - grade rapeseed oil in Guangxi were 8,490 yuan/ton, 8,190 yuan/ton, and 9,490 yuan/ton respectively, with price changes of 0, 0, and - 20 yuan/ton [1]. - **Basis**: The basis of palm oil in Guangdong, soybean oil in Guangdong, and rapeseed oil in Guangxi were 130 yuan/ton, 190 yuan/ton, and 8 yuan/ton respectively [1]. - **Spreads**: The spreads between rapeseed oil and palm oil futures, soybean oil and palm oil futures, and the 9 - 1 spreads of palm oil, soybean oil, and rapeseed oil were presented. For example, the 9 - 1 spread of soybean oil increased from 46 yuan/ton to 62 yuan/ton [1]. 2. Macro and Industry News - As of the week ending June 24, about 12% of the US soybean planting areas were affected by drought, down from 13% the previous week and up from 6% in the same period last year [2]. - From June 1 - 25, the production of Malaysian palm oil increased by 3.83% month - on - month, compared with a 2.5% increase from June 1 - 20 [4]. 3. Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral outlook [5].

Group 1 - The report from the European Union Commission's Joint Research Centre indicates that over half of Europe and the Mediterranean basin experienced drought in mid-May, marking the highest level since monitoring began in 2012 [1] - The drought affected 53% of the region from May 11 to 20, which is over 20 percentage points higher than the average from 2012 to 2024 [1] - 42% of the affected areas are experiencing water shortages at the warning level, while 5% are at the alert level, indicating abnormal vegetation growth [1] Group 2 - High temperatures and reduced rainfall are the primary causes of the drought, which is expanding in range and severity [1] - In Northern, Eastern, and Central Europe, drought conditions are at a high alert level, with approximately 19% of Ukraine's land facing alert-level drought affecting crop growth [2] - The UK has experienced its warmest spring since records began in 1884, with 98% of the regions facing drought conditions since mid-March, and rainfall 40% below the long-term average [2] Group 3 - The reduction in precipitation, soil dryness, and river drying are putting pressure on ecosystems, agriculture, and transportation across Europe and surrounding areas [2] - The European Central Bank has warned that the eurozone economy heavily relies on natural ecosystems and related industries, with drought potentially leading to significant economic risks [2] - A lack of surface water could put nearly 15% of the eurozone's economic output at risk [2]

Core Viewpoint - Guangxi's Hechi city has experienced a prolonged drought since October of last year, leading to significant agricultural damage, but recent rainfall has provided relief to the affected areas [1] Summary by Relevant Sections - **Weather Conditions** - Hechi city has faced continuous drought conditions for six months, with natural water inflow in major rivers significantly lower than historical averages [1] - On April 22 and 23, parts of Hechi, including Yizhou, Jinchengjiang, Huanjiang, and Luocheng, received moderate to heavy rainfall, alleviating the prolonged dry weather [1] - **Impact on Agriculture** - A large area of crops has suffered varying degrees of damage due to the ongoing drought conditions [1] - **Severe Weather Events** - The recent rainfall was accompanied by strong convective weather, including thunderstorms, strong winds, and hail in localized areas [1]