Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Internationally, abundant rainfall in the main soybean - producing areas of the US has cooled the weather - speculation sentiment. The upcoming China - US negotiations provide some support to the market, leading to a slight rebound in CBOT soybean futures. High - frequency data shows a decline in Malaysian palm oil exports since July and a month - on - month increase in production. The news of a significant increase in Indonesia's palm oil exports in June has pushed up Malaysian palm oil futures again. Domestically, soybean oil inventory continues to rise, but the peak of South American soybean imports has passed, and there is great uncertainty in the medium - and long - term supply of imported soybeans. Attention should be paid to the progress of China - US trade negotiations. Palm oil inventory has slightly increased, maintaining a pattern of weak supply and demand overall, and domestic prices mainly follow the external market. For rapeseed oil, domestic spot supply is sufficient, the weather in the Canadian rapeseed - growing area is good, ICE rapeseed futures have fallen, and rapeseed oil prices have continued to fluctuate within a range [5][6] Summary by Relevant Catalogs 1. Macro and Industry News - Malaysia's palm oil production from July 1 - 20 is estimated to increase by 11.24% compared to the same period last month, with an 18.95% increase in the Malay Peninsula, a 0.14% decrease in Sabah, a 0.41% increase in Sarawak, and a 0.01% increase in East Malaysia [2] - The Canadian Agriculture and Agri - Food Department (AAFC) has significantly raised the estimated 2024/25 rapeseed production to about 19.19 million tons, up from the previous forecast of 17.85 million tons. The export forecast of old - crop rapeseed has also been raised to 9.5 million tons [2] - Indonesia's palm oil inventory in May decreased by 4.27% month - on - month to 2.9 million tons. The export volume of palm oil and refined products in May reached 2.66 million tons, a nearly 50% increase from April and a 35.64% increase year - on - year. The crude palm oil production in May was 4.17 million tons, lower than April's 4.48 million tons but 7.2% higher than last year [2] - As of July 1, 2025, the soybean inventory in Argentine factories was 3,515,877 tons, the soybean oil inventory was 283,900 tons, and the soybean meal inventory was 814,862 tons [2] 2. Fundamental Data Charts - Not provided 3. Views and Strategies - Internationally, the weather in the US soybean - producing areas has reduced weather - speculation sentiment, and the upcoming China - US negotiations support the market, causing a slight rebound in CBOT soybean futures. Malaysian palm oil exports have declined in July, production has increased, and the news of Indonesia's export increase in June has pushed up Malaysian palm oil futures [5] - Domestically, soybean oil inventory is rising, but the peak of South American soybean imports has passed, and there is uncertainty in future soybean supply. Palm oil inventory has slightly increased, maintaining a weak supply - demand pattern, and domestic prices follow the external market. Rapeseed oil has sufficient domestic supply, the Canadian rapeseed - growing area has good weather, ICE rapeseed futures have fallen, and rapeseed oil prices are in a range - bound decline [5][6]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Report's Core View - Crude oil prices have reached a three - week high, and concerns about potential US sanctions on Russia may tighten global supply. Coupled with increased Chinese crude oil imports, the stronger crude oil prices drive the plant oils to fluctuate on the strong side [3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2509 contract was 8,748.00 yuan/ton, with a daily change of +66 yuan (+0.76%); the closing price of the soybean oil 2509 contract was 7,994.00 yuan/ton, with a daily change of +8.00 yuan (+0.10%); the closing price of the rapeseed oil 2509 contract was 9,424.00 yuan/ton, with a daily change of -15.00 yuan (-0.16%) [1] Spot Prices - In the Guangdong region, the spot price of palm oil was 8,770.00 yuan/ton, with a daily change of +20.00 yuan (+0.23%), and the spot basis was P09 + 22.00, with a daily change of -46.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,140.00 yuan/ton, with a daily change of -10.00 yuan/ton (-0.12%), and the spot basis was Y09 + 146.00, with a daily change of -18.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,550.00 yuan/ton, with a daily change of -20.00 yuan (-0.21%), and the spot basis was OI09 + 126.00, with a daily change of -5.00 yuan [1] Market News - India's palm oil imports in June surged 60% month - on - month to 955,683 tons, soybean oil imports decreased 9.8% to 359,504 tons, and sunflower oil imports increased 17.8% to 216,141 tons. The total vegetable oil imports in June were 1,549,825 tons, a 30.6% increase from May [2] - As of the end of June, China's broad money (M2) balance was 330.29 trillion yuan, a year - on - year increase of 8.3%; narrow money (M1) balance was 113.95 trillion yuan, a year - on - year increase of 4.6%. The stock of social financing scale at the end of June 2025 was 430.22 trillion yuan, a year - on - year increase of 8.9% [2] - As of July 11, 2025 (week 28), the commercial inventory of palm oil in key regions of China was 563,000 tons, a week - on - week increase of 27,900 tons (5.21%) and a year - on - year increase of 47,300 tons (9.18%); the commercial inventory of soybean oil in key regions was 1,049,400 tons, a week - on - week increase of 29,700 tons (2.91%) [2] Import Prices - Canadian rapeseed (October shipment) C&F price was 573 US dollars/ton, up 2 US dollars/ton from the previous trading day; Canadian rapeseed (December shipment) C&F price was 563 US dollars/ton, up 2 US dollars/ton from the previous trading day [2] - Argentine soybean oil (August shipment) C&F price was 1,137 US dollars/ton, up 28 US dollars/ton from the previous trading day; Argentine soybean oil (October shipment) C&F price was 1,087 US dollars/ton, up 18 US dollars/ton from the previous trading day [2] - Import rapeseed oil C&F quotes: Canadian rapeseed oil (August shipment) was 1,040 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (October shipment) was 1,020 US dollars/ton, unchanged from the previous trading day [2] - US Gulf soybeans (August shipment) C&F price was 449 US dollars/ton, down 3 US dollars/ton from the previous trading day; US West soybeans (August shipment) C&F price was 444 US dollars/ton, down 3 US dollars/ton from the previous trading day; Brazilian soybeans (August shipment) C&F price was 463 US dollars/ton, down 4 US dollars/ton from the previous trading day [2] - Import soybean premium quotes: Mexican Gulf (August shipment) was 220 cents/bushel, unchanged from the previous trading day; US West Coast (August shipment) was 193 cents/bushel, unchanged from the previous trading day; Brazilian ports (August shipment) was 253 cents/bushel, down 5 cents/bushel from the previous trading day [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. The significant increase in Brazilian soybean exports led to a loose domestic soybean supply. Coupled with the weak MPOB export data and the accumulation of Malaysian palm oil inventory, the oil prices were under pressure and oscillated [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2509 contract yesterday was 8,638.00 yuan/ton, with a环比 change of -40 yuan and a decline of -0.46% - The closing price of the soybean oil 2509 contract yesterday was 7,944.00 yuan/ton, with a环比 change of +24.00 yuan and an increase of +0.30% - The closing price of the rapeseed oil 2509 contract yesterday was 9,468.00 yuan/ton, with a环比 change of -42.00 yuan and a decline of -0.44% [1] Spot - The spot price of palm oil in Guangdong was 8,720.00 yuan/ton, with a环比 change of -10.00 yuan and a decline of -0.11%. The spot basis was P09 + 82.00, with a环比 change of +30.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8,120.00 yuan/ton, with a环比 change of +20.00 yuan/ton and an increase of +0.25%. The spot basis was Y09 + 176.00, with a环比 change of -4.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,600.00 yuan/ton, with a环比 change of -40.00 yuan and a decline of -0.41%. The spot basis was OI09 + 132.00, with a环比 change of +2.00 yuan [1] Group 4: Recent Market Consultation Summary Brazilian Exports - ANEC expects Brazilian soybean exports in July to reach 11.93 million tons, a 24.27% increase from 9.6 million tons in the same period last year - It expects soybean meal exports to be 2.19 million tons, an 8.96% increase from 2.01 million tons last year - It expects corn exports to be 4.34 million tons, a 7.66% decrease from 4.7 million tons last year [2] US Drought Report - As of the week ending July 8, about 9% of US soybean growing areas were affected by drought, up from 8% the previous week and the same as last year - About 12% of US corn growing areas were affected by drought, the same as the previous week and up from 7% last year - About 3% of US cotton growing areas were affected by drought, the same as the previous week and down from 22% last year [2] Brazilian Soybean Production Forecast - The 2024/25 Brazilian soybean production is expected to reach 169.4879 million tons, a 14.7% increase of 21.7666 million tons year-on-year and a 0.1% decrease of 0.1179 million tons环比 - The sown area is expected to reach 47.6149 million hectares, a 3.2% increase of 1.4653 million hectares year-on-year and a decrease of 0.0049 million hectares环比 - The yield per unit area is expected to be 3.56 tons per hectare, an 11.2% increase of 358.638 kg per hectare year-on-year and a 0.1% decrease of 2.108 kg per hectare环比 [2] MPOB Monthly Report - Malaysian palm oil exports in June were 1,259,354 tons, a 10.52% decrease环比 - Production was 1,692,310 tons, a 4.48% decrease环比 - Imports were 70,015 tons, a 1.51% increase环比 - Inventory was 2,030,580 tons, a 2.41% increase环比 [2]

Report Summary 1) Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2) Core View of the Report - The prices of the three major oils and fats oscillated and declined yesterday. Geopolitical factors caused a significant drop in crude oil prices, and the improved weather in US production areas put downward pressure on the overall oils and fats market [3] 3) Summary by Related Catalogs Market Analysis - **Futures Prices**: Yesterday, the closing price of the palm oil 2509 contract was 8,326.00 yuan/ton, a decrease of 194 yuan or 2.28% compared to the previous day. The closing price of the soybean oil 2509 contract was 7,950.00 yuan/ton, a decrease of 176.00 yuan or 2.17%. The closing price of the rapeseed oil 2509 contract was 9,572.00 yuan/ton, a decrease of 149.00 yuan or 1.53% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 8,480.00 yuan/ton, a decrease of 140.00 yuan or 1.62%, with a spot basis of P09 + 154.00, an increase of 54.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,160.00 yuan/ton, a decrease of 120.00 yuan/ton or 1.45%, with a spot basis of Y09 + 210.00, an increase of 56.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,750.00 yuan/ton, a decrease of 150.00 yuan or 1.52%, with a spot basis of OI09 + 178.00, a decrease of 1.00 yuan [1] - **Market News**: US President Trump called on Israel to stop bombing Iran, stating that it "seriously violated" the fragile cease - fire agreement between the two countries announced a few hours ago. China's central bank and five other departments jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", which mentioned implementing monetary policies and strengthening counter - cyclical and cross - cyclical adjustments. In the short term, the domestic soybean crushing volume remains at a peak level, with soybean oil production exceeding downstream提货量, and inventory continuing to rise. As of the end of the 25th week of 2025, the domestic soybean oil inventory was 986,000 tons, an increase of 29,000 tons or 3.06% compared to the previous week. Among them, the coastal inventory was 892,000 tons, an increase of 23,000 tons or 2.59% compared to the previous week [2] - **Import Prices**: The C&F price of Canadian rapeseed (July shipment) was 613 US dollars/ton, a decrease of 3 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (August shipment) was 603 US dollars/ton, a decrease of 3 US dollars/ton. The C&F price of Argentine soybean oil (July shipment) was 1,118 US dollars/ton, a decrease of 25 US dollars/ton; the C&F price of Argentine soybean oil (September shipment) was 1,116 US dollars/ton, a decrease of 22 US dollars/ton. The C&F price of imported rapeseed oil from Canada (July shipment) was 1,050 US dollars/ton, unchanged from the previous trading day; the C&F price of Canadian rapeseed oil (September shipment) was 1,030 US dollars/ton, unchanged. The C&F price of US Gulf soybeans (July shipment) was 461 US dollars/ton, a decrease of 4 US dollars/ton; the C&F price of US West soybeans (July shipment) was 456 US dollars/ton, a decrease of 4 US dollars/ton; the C&F price of Brazilian soybeans (August shipment) was 462 US dollars/ton, a decrease of 3 US dollars/ton. The import soybean premium quotes: Mexico Gulf (July shipment) was 226 cents/bushel, a decrease of 3 cents/bushel; US West Coast (July shipment) was 199 cents/bushel, a decrease of 3 cents/bushel; Brazilian ports (August shipment) was 200 cents/bushel, unchanged [2] Strategy - The recommended strategy is neutral [4]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils fluctuated yesterday. The market is a mix of bullish and bearish factors, with significant differences in the oil market, leading to a volatile adjustment in the market [3] Group 3: Futures and Spot Market Conditions - **Futures**: The closing price of the palm oil 2509 contract was 8,518 yuan/ton, a change of +72 yuan or +0.85% compared to the previous day; the soybean oil 2509 contract closed at 8,084 yuan/ton, a change of +112 yuan or +1.40%; the rapeseed oil 2509 contract closed at 9,703 yuan/ton, a change of +120 yuan or +1.25% [1] - **Spot**: In the Guangdong region, the spot price of palm oil was 8,770 yuan/ton, a change of +40 yuan or +0.46%, with a spot basis of P09 + 252 yuan, a change of -32 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,250 yuan/ton, a change of +60 yuan/ton or +0.73%, with a spot basis of Y09 + 166 yuan, a change of -52 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,900 yuan/ton, a change of +120 yuan or +1.23%, with a spot basis of OI09 + 197 yuan, a change of 0 yuan [1] Group 4: Recent Market Information - **Import Prices**: Argentina's July - shipment C&F price of soybean oil was 1,143 US dollars/ton, up 59 US dollars/ton from the previous trading day; the September - shipment price was 1,138 US dollars/ton, up 66 US dollars/ton. The C&F quotes of imported rapeseed oil from Canada were 1,050 US dollars/ton for the July - shipment and 1,030 US dollars/ton for the September - shipment, both unchanged. The C&F prices of Canadian rapeseed were 616 US dollars/ton for the July - shipment and 606 US dollars/ton for the August - shipment, both unchanged. The C&F prices of US Gulf soybeans and US West soybeans for the July - shipment were 467 US dollars/ton and 462 US dollars/ton respectively, both unchanged, and the August - shipment C&F price of Brazilian soybeans was 465 US dollars/ton, up 1 US dollar/ton [2] - **Import Soybean Premiums**: The import soybean premium quotes for the Mexican Gulf (July - shipment) were 229 cents/bushel, unchanged; for the US West Coast (July - shipment) were 202 cents/bushel, unchanged; for Brazilian ports (August - shipment) were 193 cents/bushel, down 1 cent/bushel [2] - **Palm Oil Exports**: According to data from the shipping survey agency ITS, Indonesia's palm oil exports in May increased by 43.3% or 599,000 tons month - on - month to 1.983 million tons, and the exports of crude palm oil in May increased by more than four times month - on - month [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [3] Group 2: Report's Core View - The weather risk is constant and the oil market is experiencing wide - range fluctuations [1] Group 3: Market Analysis Futures - The closing price of the palm oil 2509 contract was 8106.00 yuan/ton, with a环比 change of +108 yuan and a幅度 of +1.35% - The closing price of the soybean oil 2509 contract was 7820.00 yuan/ton, with a环比 change of +44.00 yuan and a幅度 of +0.57% - The closing price of the rapeseed oil 2509 contract was 9395.00 yuan/ton, with a环比 change of +34.00 yuan and a幅度 of +0.36% [1] Spot - The spot price of palm oil in Guangdong was 8620.00 yuan/ton, with a环比 change of +110.00 yuan and a幅度 of +1.29%, and the spot basis was P09 + 514.00, with a环比 change of +2.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8080.00 yuan/ton, with a环比 change of +30.00 yuan/ton and a幅度 of +0.37%, and the spot basis was Y09 + 260.00, with a环比 change of - 14.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 9580.00 yuan/ton, with a环比 change of +40.00 yuan and a幅度 of +0.42%, and the spot basis was OI09 + 185.00, with a环比 change of +6.00 yuan [1] Market News - As of May 18, the EU's 2024/25 palm oil imports were 2.51 million tons, compared with 3.08 million tons in the same period last year - The EU's 2024/25 soybean meal imports were 16.82 million tons, compared with 13.46 million tons in the same period last year - The EU's 2024/25 rapeseed imports were 6.28 million tons, compared with 5.07 million tons in the same period last year - The estimated palm oil exports from Malaysia from May 1 - 20 were 651,381 tons, a 13.73% increase from the 572,729 tons exported in the same period last month - The three major oil prices fluctuated yesterday. Argentina experienced heavy rainfall from the 13th - 18th, with a total precipitation of about 100mm in the northern part of Buenos Aires. Although 34% of the soybeans were still not harvested, satellite remote - sensing monitoring showed limited impact [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. After the oils oscillated higher, the upward momentum was insufficient. There was a significant reduction in positions in the external market, and the domestic market returned to fundamentals [3] Group 3: Market Analysis Futures - Yesterday, the closing price of the palm oil 2509 contract was 8,048 yuan/ton, a decrease of 136 yuan or 1.66% compared to the previous period - The closing price of the soybean oil 2509 contract was 7,796 yuan/ton, a decrease of 118 yuan or 1.49% - The closing price of the rapeseed oil 2509 contract was 9,296 yuan/ton, a decrease of 142 yuan or 1.50% [1] Spot - In the Guangdong region, the spot price of palm oil was 8,580 yuan/ton, a decrease of 110 yuan or 1.27%, and the spot basis was P09 + 532 yuan, an increase of 26 yuan - In the Tianjin region, the spot price of first - grade soybean oil was 8,150 yuan/ton, a decrease of 90 yuan or 1.09%, and the spot basis was Y09 + 354 yuan, an increase of 28 yuan - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,480 yuan/ton, a decrease of 110 yuan or 1.15%, and the spot basis was OI09 + 184 yuan, an increase of 32 yuan [1] Market News - Malaysian independent inspection agency Amspec reported that Malaysia's palm oil exports from May 1 - 15 were 514,713 tons, a 14.21% increase compared to the same period last month - Shipping survey agency ITS data showed that Malaysia's palm oil exports from May 1 - 15 were 524,596 tons, a 6.63% increase compared to the same period last month - It is estimated that Brazil's soybean production in the 2024/25 season will reach 168.3418 million tons, an increase of 20.6205 million tons or 14% year - on - year, and an increase of 0.472 million tons or 0.3% month - on - month - The estimated soybean planting area in Brazil in the 2024/25 season is 47.6127 million hectares, an increase of 1.4631 million hectares or 3.2% year - on - year, and an increase of 0.097 million hectares or 0.2% month - on - month - The estimated soybean yield per hectare in Brazil in the 2024/25 season is 3.54 tons, an increase of 334.7 kg or 10.5% year - on - year, and an increase of 2.7 kg or 0.1% month - on - month [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - International oil price rebound provides short - term support for palm oil, and soybean oil remains relatively strong among varieties [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 7,908 yuan/ton (down 0.08% during the day, up 0.56% at night), soybean oil主力 at 7,760 yuan/ton (down 0.33% during the day, up 0.93% at night), and rapeseed oil主力 at 9,372 yuan/ton (up 0.40% during the day, up 0.11% at night). The Malaysian palm oil主力 closed at 3,801 ringgit/ton (up 1.99% during the day, up 0.89% at night), and CBOT soybean oil主力 at 48.40 cents/pound (up 2.26%) [1] - **Trading Volume and Open Interest**: Palm oil主力 trading volume was 685,958 lots (down 62,759), open interest was 428,821 lots (up 2,700); soybean oil主力 trading volume was 342,797 lots (down 13,586), open interest was 607,347 lots (up 4,521); rapeseed oil主力 trading volume was 444,856 lots (up 9,308), open interest was 313,272 lots (up 10,848) [1] - **Spot Prices**: 24 - degree palm oil in Guangdong was 8,520 yuan/ton (down 30 yuan), first - grade soybean oil in Guangdong was 8,160 yuan/ton (unchanged), and fourth - grade imported rapeseed oil in Guangxi was 9,410 yuan/ton (up 70 yuan). The FOB price of Malaysian palm oil was 945 dollars/ton (down 25 dollars) [1] - **Basis**: Palm oil basis in Guangdong was 612 yuan/ton, soybean oil basis in Guangdong was 400 yuan/ton, and rapeseed oil basis in Guangxi was 38 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures主力 was 1,464 yuan/ton, between soybean oil and palm oil futures主力 was - 148 yuan/ton. Palm oil 5 - 9 spread was 248 yuan/ton, soybean oil 5 - 9 spread was 140 yuan/ton, and rapeseed oil 5 - 9 spread was 28 yuan/ton [1] 3.2 Macro and Industry News - BIMP - EAGA Business Council plans to strengthen the quality monitoring of crude palm oil in Sabah through cooperation [2][3] - Kenya is interested in cooperating with Malaysia to build a palm oil processing center in Mombasa Industrial Park [3] - As of the week of May 6, about 15% of US soybean - growing areas were affected by drought, the same as the previous week and higher than 11% last year [3] - Private exporters reported selling 22.5 tons of soybeans to Pakistan for 2025/26 delivery [4] - Anec predicted that Brazil's soybean exports from May 7 to May 10 would be 351.36 tons (down from 376.78 tons last week), and soybean meal exports would be 69.31 tons (up from 52.28 tons last week) [4] - The Buenos Aires Grain Exchange raised the forecast of Argentina's 2024/25 soybean harvest from 48.6 million tons to 50 million tons [4] - As of March 31, 2025, Canada's rapeseed inventory decreased by 38.7% year - on - year to 5.9 million tons. Exports increased by 73.6% to 6.8 million tons, and domestic consumption reached a record 8.1 million tons [5] 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was 0 [6]