Group 1 - The U.S. Environmental Protection Agency (EPA) proposed to redistribute the biofuel blending obligations exempted for small refineries to large refineries, offering two options of 50% and 100% [1] - Chicago Board of Trade (CBOT) soybean oil futures prices surged, reaching the highest level in three weeks [1] - Domestic oilseed futures prices strengthened, with rapeseed oil leading the increase, surpassing 10,000 yuan per ton [1] Group 2 - According to Guoyuan Futures, the recent domestic rapeseed oil import volume is low, but alternative resources like Australian canola present variables [5] - The market is focusing on Sino-Canadian trade relations and import policy dynamics, while rapeseed oil prices are affected by supply-demand and external factors, lacking sustained upward momentum [5]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million, primarily due to a decrease in marine fuel prices [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% from $1.62 million to $0.99 million [12][10] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days, highlighting excellent cash cycle management [12][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw significant growth, with sales increasing by 154.7% year-on-year and volume growth reaching 189.5% [15][16] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [42] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [15] Market Data and Key Metrics Changes - Seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9%, indicating a steady recovery in global trade [6][7] - CBL operates in 13 out of the top 15 global container ports, serving 9 out of the top 12 global container liners, representing around 16% market share [7][10] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][52] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [16][23] - CBL's strategy includes customer diversification and maintaining strong relationships with current customers while targeting new segments [42][52] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth and reducing losses [28][29] - The company is well-positioned to capture demand from rerouted trade flows due to geopolitical tensions, particularly in the Eurasian and Asia-Pacific corridors [36][56] - Future plans include enhancing operational efficiency and exploring advanced technologies for continuous improvement [47][50] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][16] - The company launched a share repurchase program and initiated an at-the-market offering to fund future business expansion [18][17] - CBL has received several awards for its corporate communication and investor relations efforts [20] Q&A Session Summary Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% in the first half of 2025, driven by strategic expansions and partnerships despite geopolitical challenges [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was attributed to investments in expanding the port network, customer base, and biofuel operations, alongside a 17% reduction in operating expenses [32][33] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL has targeted increased demand from rerouted vessels and has seen additional requirements for services due to geopolitical tensions affecting shipping routes [36][37] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and leveraging a cost-plus pricing model [39][40] Question: What are the primary cost efficiencies achieved leading to a decrease in operating expenses? - The decrease in operating expenses was due to streamlining operations and rationalizing resources, alongside non-recurring expenditures from previous investments [45][46] Question: What are the expansion plans for the second half of 2025? - CBL plans to continue strengthening its service network, grow sales volume, and explore sustainable fuels while maintaining strong relationships with current customers [48][50] Question: What is the impact of U.S. new reciprocal tariffs on CBL? - CBL's direct impact from U.S. tariff changes is minimal, but the company is leveraging changes in trade flows to meet increased demand for bunkering services in alternative corridors [56][57]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For rapeseed meal, the supply - side pressure of US soybeans still exists, but the reduction in planting area supports the price. In the domestic market, the relatively high oil - mill operating rate and the accumulation of soybean meal inventory suppress the rapeseed meal price, while the uncertainty of fourth - quarter ship purchases and the seasonal increase in aquaculture demand support it. The overall rapeseed meal market is in a strong - side shock, and a bullish view is maintained [2]. - For rapeseed oil, the increase in Canada's rapeseed production and inventory, along with China's anti - dumping measures, may put pressure on Canadian rapeseed prices. Domestically, the off - season of oil consumption and sufficient supply restrain the price, but low oil - mill operating rates, fewer third - quarter rapeseed purchases, and anti - dumping measures reduce supply pressure. The rapeseed oil market shows a narrow - range shock and is recommended to be participated in with a bullish view [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Rapeseed oil: The futures closing price of the active contract is 9821 yuan/ton, down 70 yuan; the 1 - 5 month spread is 167 yuan/ton, down 7 yuan. The main - contract position is 290274 lots, down 1009 lots; the net long position of the top 20 futures holders is 5402 lots, down 963 lots; the number of warehouse receipts is 3487, unchanged [2]. - Rapeseed meal: The futures closing price of the active contract is 2526 yuan/ton, down 21 yuan; the 1 - 5 month spread is 63 yuan/ton, down 11 yuan. The main - contract position is 432019 lots, up 9503 lots; the net long position of the top 20 futures holders is - 10950 lots, down 6068 lots; the number of warehouse receipts is 7987, down 79 [2]. - ICE rapeseed: The futures closing price of the active contract is 660.4 Canadian dollars/ton, down 4.6 Canadian dollars [2]. - Rapeseed: The futures closing price of the active contract is 4857 yuan/ton, up 14 yuan [2]. 3.2 Spot Market - Rapeseed oil: The spot price in Jiangsu is 9980 yuan/ton, up 30 yuan; the average price is 10045 yuan/ton, up 30 yuan. The basis of the main rapeseed oil contract is 89 yuan/ton, up 29 yuan [2]. - Rapeseed meal: The spot price in Nantong is 2600 yuan/ton, up 20 yuan. The basis of the main rapeseed meal contract is 74 yuan/ton, up 41 yuan [2]. - Rapeseed: The spot price in Yancheng, Jiangsu is 5700 yuan/ton, unchanged [2]. - Substitute products: The spot price of fourth - grade soybean oil in Nanjing is 8730 yuan/ton, unchanged; the spot price of 24 - degree palm oil in Guangdong is 9470 yuan/ton, down 150 yuan; the spot price of soybean meal in Zhangjiagang is 3050 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Global rapeseed production forecast is 89.77 million tons, up 0.21 million tons; the annual forecast of rapeseed production is 12378 thousand tons, unchanged. The total rapeseed import volume is 17.6 tons, down 0.85 tons; the import cost of rapeseed is 8191.22 yuan/ton, down 155.75 yuan/ton. The total rapeseed inventory in oil mills is 15 tons, unchanged; the weekly operating rate of imported rapeseed is 12.79%, up 0.85% [2]. 3.4 Industry Situation - Import volume: The import volume of rapeseed oil and mustard oil is 15 tons, up 4 tons; the import volume of rapeseed meal is 0.05 tons, up 0.05 tons [2]. - Inventory: The coastal rapeseed oil inventory is 10.5 tons, up 2.1 tons; the coastal rapeseed meal inventory is 27.03 tons, down 0.45 tons. The rapeseed oil inventory in the East China region is 53.6 tons, down 0.6 tons; the rapeseed meal inventory in the East China region is 32.86 tons, down 0.73 tons. The rapeseed oil inventory in the Guangxi region is 4.9 tons, down 0.1 tons; the rapeseed meal inventory in the South China region is 21.4 tons, down 0.4 tons [2]. -提货量: The weekly rapeseed oil提货量 is 2.81 tons, down 0.95 tons; the weekly rapeseed meal提货量 is 2.79 tons, down 0.45 tons [2]. 3.5 Downstream Situation - The monthly output of feed is 2937.7 tons, up 175.6 tons; the monthly output of edible vegetable oil is 476.9 tons, up 41.8 tons; the monthly catering revenue in social consumer goods retail is 4707.6 billion yuan, up 129.4 billion yuan [2]. 3.6 Option Market - Rapeseed meal: The implied volatility of at - the - money call options is 20%, down 0.89%; the implied volatility of at - the - money put options is 19.99%, down 0.9%. The 20 - day historical volatility is 32.42%, up 0.1%; the 60 - day historical volatility is 21.71%, down 0.4% [2]. - Rapeseed oil: The implied volatility of at - the - money call options is 14.32%, down 0.07%; the implied volatility of at - the - money put options is 14.32%, down 0.08%. The 20 - day historical volatility is 17.48%, down 2.08%; the 60 - day historical volatility is 14.4%, down 0.45% [2]. 3.7 Industry News - On Monday, the Canadian rapeseed futures on the Intercontinental Exchange (ICE) rose first and then fell, with the benchmark contract down 1.07%, following the decline of Chicago soybean oil and Malaysian palm oil futures. The Pro Farmer report predicts that the average yield of US soybeans will reach a record - high of 53.0 bushels per acre, and the total output is expected to be 4.246 billion bushels [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, the CBOT November soybean contract rose 15.5 to close at 1058.25 cents per bushel, a 1.49% increase; the soybean meal 01 contract fell 49 to close at 3088 yuan per ton, a 1.56% decrease; the South China soybean meal spot price fell 30 to close at 2950 yuan per ton, a 1.01% decrease; the rapeseed meal 01 contract fell 3 to close at 2543 yuan per ton, a 0.12% decrease; the Guangxi rapeseed meal spot price rose 20 to close at 2550 yuan per ton, a 0.79% increase [4][7]. - U.S. soybeans fluctuated and rose, mainly driven by U.S. soybean oil. The exemption volume of biofuels for small refineries announced by the U.S. Environmental Protection Agency was lower than expected, boosting the expected growth of biodiesel demand. Soybean meal fluctuated and declined during the week, mainly due to market news that imported reserve soybeans will be auctioned and released in November to ease the tight supply situation, leading to a reduction of long - position funds and a cooling of sentiment [4][7]. - The final report of the 2025 ProFarmer survey shows that since the number of soybean pods per unit sample in most production areas is higher than the same period last year, the expectation of a bumper harvest remains unchanged. The final yield is estimated to be 53 bushels per acre, lower than the 53.6 bushels per acre in the August USDA report. The precipitation in mid - to late August was lower than the average, so attention should still be paid to weather changes and the adjustment of September report data. The first shipment of Argentine soybean meal was diverted to other areas due to quality problems. There are expectations that imported reserve soybeans in China will be released in November, easing the expectation of tight supply in the distant future. However, short - term U.S. soybean purchases may be difficult to start, which supports the far - month contracts. After imposing policies on Canadian rapeseed imports, the import cost has increased. Last week, it was reported that COFCO restarted Australian rapeseed purchases since 2020, with a shipping date of November. Overall, short - term Dalian soybean meal may fluctuate [4][12]. Summary by Directory Market Data - The CBOT November soybean contract rose 15.5 to 1058.25 cents per bushel, a 1.49% increase; the CNF import price of Brazilian soybeans rose 1 to 490 dollars per ton, a 0.20% increase; the CNF import price of U.S. Gulf soybeans rose 14 to 470 dollars per ton, a 3.07% increase; the Brazilian soybean crushing profit on the futures market decreased 46.71 to - 63.99 yuan per ton; the DCE soybean meal 01 contract fell 49 to 3088 yuan per ton, a 1.56% decrease; the CZCE rapeseed meal 01 contract fell 3 to 2543 yuan per ton, a 0.12% decrease; the soybean - rapeseed meal price difference decreased 46 to 545 yuan per ton; the East China spot price of soybean meal fell 20 to 3000 yuan per ton, a 0.66% decrease; the South China spot price of soybean meal fell 30 to 2950 yuan per ton, a 1.01% decrease; the South China spot - futures price difference increased 19 to - 138 yuan per ton [5]. Market Analysis and Outlook - U.S. soybeans fluctuated and rose due to the boost of U.S. soybean oil, while soybean meal fluctuated and declined due to the expected release of imported reserve soybeans in November [4][7]. - The ProFarmer survey shows high pod numbers in most U.S. soybean - producing areas, with a final yield estimate of 53 bushels per acre, lower than the USDA report. The U.S. soybean excellent - good rate as of August 17 was 68%, the flowering rate was 95%, and the pod - setting rate was 82%. About 9% of the planting area was affected by drought as of August 19, and future precipitation is expected to be lower than average [8][9]. - As of August 14, the current - market - year net export sales of U.S. soybeans were - 0.6 million tons, and the cumulative export sales in the 2024/2025 season reached 51.06 million tons, completing the USDA target. The net export sales of U.S. soybeans in the 2025/2026 season were 1.143 million tons, with cumulative sales of 5.86 million tons, and China has not purchased new - crop U.S. soybeans [9]. - As of August 15, the U.S. soybean crushing gross profit was 2.62 dollars per bushel, the 48% protein soybean meal spot price in Illinois was 287.98 dollars per short - ton, the soybean oil truck quote in Illinois was 53.49 cents per pound, and the average price of No. 1 yellow soybeans was 10.39 dollars per bushel [10]. - Brazil's soybean export volume in August is expected to reach 8.9 million tons, and the soybean meal export volume is expected to reach 2.33 million tons [10]. - As of August 15, the main oil mills' soybean inventory was 6.804 million tons, the soybean meal inventory was 1.0147 million tons, and the unexecuted contracts were 5.7562 million tons. The national port soybean inventory was 8.926 million tons. As of August 22, the national weekly average daily trading volume of soybean meal was 168,680 tons, the daily average pick - up volume was 194,040 tons, the main oil mills' crushing volume was 2.27 million tons, and the feed enterprises' soybean meal inventory days were 8.51 days [11]. Industry News - Brazil's soybean exports in the first two weeks of August reached 5.17167139 million tons, with a daily average export volume 29% higher than that of August last year [13]. - As of August 10, Canada's rapeseed export volume increased 864.4% to 254,600 tons compared with the previous week. From August 1 to August 10, 2025, Canada's rapeseed export volume was 254,600 tons, a 33.6% decrease compared with the same period last year, and the commercial inventory was 940,200 tons [13]. - The expansion of Brazil's soybean planting area in the 2025/2026 season will be the smallest in recent years. Analysts' forecasts for the planting area growth range from 1.2% to 2.9%, and the production forecasts range from 166.56 million tons to 178.2 million tons [14]. - Brazil's competition management agency plans to investigate the signatories of the "Soybean Moratorium Plan", and the Brazilian National Association of Grain Exporters will appeal [15]. - Australia's rapeseed exports in June 2025 decreased significantly to 102,064 tons, and monthly exports are unlikely to exceed 150,000 tons before November [15]. - As of August 17, the EU's palm oil, soybean, soybean meal, and rapeseed imports in the 2025/2026 season decreased compared with last year [16]. - The U.S. Soybean Association urged the Trump administration to reopen the Chinese market [16]. Relevant Charts - The report provides charts on the trends of U.S. soybean contracts, Brazilian soybean CNF prices, ocean freight, RMB exchange rates, regional crushing profits, management funds' net positions in CBOT, soybean meal contract trends, regional soybean meal spot prices, etc. [18][20][22]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Last week, BMD Malaysian palm oil main contract rose 53 to close at 4,531 ringgit/ton, up 1.18%; palm oil 01 contract rose 132 to close at 9,592 yuan/ton, up 1.40%; soybean oil 01 contract fell 76 to close at 8,458 yuan/ton, down 0.89%; rapeseed oil 01 contract rose 133 to close at 9,890 yuan/ton, up 1.36%; CBOT US soybean oil main contract rose 1.98 to close at 55.2 cents/pound, up 3.72%; ICE canola active contract rose 4.5 to close at 665 Canadian dollars/ton, up 0.68% [4][7] - The domestic oil sector has entered a shock adjustment phase. High - frequency data shows that Malaysian palm oil production has shown a moderate growth trend, with overall supply pressure not significant; Malaysian palm oil export demand is relatively strong; Indonesia's inventory continued to decline in June, reaching a low level in the same period. The CBOT US soybean oil shock performance was relatively strong, mainly because the US Environmental Protection Agency's exemption volume for small refineries' biofuels was lower than expected [4][7] - Macroscopically, Powell signaled a possible interest - rate cut in September, but the process is tortuous and his statement is cautious. The US dollar index closed down in shock. Attention should be paid to whether Russia and Ukraine can reach a peace agreement smoothly, and oil prices are running in a shock. In the producing areas, Malaysian palm oil production increased moderately in the first and middle of August, with low supply pressure. Due to the inventory - building demand for India's Diwali, export demand is good; Indonesia's end - of - June inventory continued to decline, providing support for prices. The US Environmental Protection Agency's biofuel exemption volume for small refineries was lower than market expectations, and US soybean oil rose significantly as a result. Overall, palm oil may run with a slight upward bias in the short term [4][11] 3. Summary by Directory 3.1 Market Data - The table shows the trading data of various contracts on August 22 and August 15, including CBOT soybean oil main contract, BMD Malaysian palm oil main contract, DCE palm oil, DCE soybean oil, CZCE rapeseed oil, etc., along with their price changes and percentage changes [5] 3.2 Market Analysis and Outlook - Production data: From August 1 - 20, 2025, according to SPPOMA, Malaysian palm oil yield per unit decreased by 2.12% month - on - month, oil extraction rate increased by 0.46% month - on - month, and production increased by 0.3% month - on - month. According to MPOA, Malaysian palm oil production from August 1 - 20 was estimated to increase by 3.03% compared with the same period last month [8] - Export data: According to ITS, Malaysian palm oil exports from August 1 - 20 were 929,051 tons, a 13.61% increase from the previous month; according to AmSpec, exports were 869,780 tons, a 17.5% increase; according to SGS, exports were estimated to be 667,278 tons, a 37.19% increase [8][9] - Indonesia's data: As of the end of June, Indonesia's palm oil inventory decreased by 13% month - on - month to 2.53 million tons. In June, palm oil exports reached 3.61 million tons, a 35.4% month - on - month increase. June's crude palm oil production soared by 15.8% month - on - month to 4.82 million tons; the total production in the first half of the year (including palm kernel oil) reached 27.89 million tons, a 6.5% year - on - year increase [9] - US EPA data: The US EPA approved 63 full exemption applications and 77 partial exemption applications for small refineries' biofuel exemption requests, and rejected 28 requests. The exemption quota for small refineries is about 5.34 billion gallons of RINS [9] - Inventory data: As of the week of August 15, 2025, the soybean inventory of major oil mills was 6.804 million tons, a decrease of 301,600 tons from the previous week and 243,500 tons from the same period last year; the soybean meal inventory was 1.0147 million tons, an increase of 11,200 tons from the previous week and a decrease of 481,800 tons from the same period last year; the unfulfilled contracts were 5.7562 million tons, a decrease of 913,600 tons from the previous week and 45,200 tons from the same period last year. The national port soybean inventory was 8.926 million tons, a decrease of 12,000 tons from the previous week and an increase of 222,200 tons from the same period last year [10] - Transaction data: As of the week of August 22, 2025, the weekly average daily trading volume of soybean oil in key national regions was 51,440 tons, compared with 27,540 tons in the previous week; the weekly average daily trading volume of palm oil was 1,113 tons, compared with 690 tons in the previous week [10] 3.3 Industry News - MPOC predicts that Malaysian palm oil prices will remain above 4,300 ringgit, driven by biodiesel demand, tight soybean oil supply, and a slowdown in palm oil supply growth [12] - Malaysia's Ministry of Plantation Industries and Commodities says that the direct impact of US market restrictions on the Malaysian palm oil industry is expected to be limited, mainly due to the uniqueness and non - substitutability of Malaysian Sustainable Palm Oil (MSPO) certified products. In 2024, Malaysia's palm oil exports to the US were 191,231 tons, accounting for only 1.1% of the annual total exports. The government will continue to provide assistance through various measures [12][13] - Indonesia plans to increase its crude palm oil annual production from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the increasing demand and has launched a plantation revitalization plan [13] 3.4 Related Charts - The report provides 22 charts, including the price trends of Malaysian palm oil, US soybean oil, and domestic oil futures and spot prices, as well as the production, export, and inventory data of Malaysian and Indonesian palm oil, and the commercial inventory data of domestic oils [15]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The report is bullish on the medium - to long - term outlook for vegetable oils, suggesting retaining existing long positions and adding new ones in small amounts. It also maintains a medium - term bullish view on double - meal products and recommends new long positions [1][2][3]. 3. Summary by Related Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Review - On August 22, supported by macro factors and pressure release after previous adjustments, the vegetable oil futures market closed higher. The main contracts of soybean oil, palm oil, and rapeseed oil all saw price increases and position growth, except for the secondary main contract of rapeseed oil which had a slight position reduction [1]. 3.1.2 Important News - At the global central bank annual meeting on August 22, Federal Reserve Chairman Powell's speech was extremely dovish, increasing the probability of a rate cut and boosting global financial market enthusiasm. - The US Environmental Protection Agency approved some exemption applications for small refineries, which is expected to maintain or increase the overall demand for biofuels, benefiting the demand for soybean oil as a key raw material for biodiesel. - Canada's AAFC estimated the country's rapeseed production at 20.1 million tons, a 12.9% increase from the July estimate. The governor of Saskatchewan plans to visit China to discuss rapeseed issues. - Malaysia's palm oil production from August 1 - 20 increased by 3.03% compared to the same period last month, and exports increased by 37.2% [1]. 3.1.3 Spot Market - As of August 22, the average spot price of soybean oil in Zhangjiagang was 8,660 yuan/ton, up 30 yuan/ton; the average spot price of palm oil in Guangdong was 9,540 yuan/ton, down 80 yuan/ton; the spot price of rapeseed oil in Jiangsu was 10,010 yuan/ton, up 100 yuan/ton [2]. 3.1.4 Market Logic - Externally, Powell's dovish remarks increased the expectation of a US rate cut in September, and the US bio - diesel policy was favorable, leading to a sharp rise in US soybean oil. The strong export data supported the upward trend of Malaysian palm oil. Domestically, policies and macro - economic factors were positive, and the inventory of the three major oils rebounded, mainly driven by soybean oil. With the approaching of the autumn semester and Mid - Autumn Festival, demand is expected to increase, and the soybean oil inventory in factories may peak soon and then gradually decline, with the possibility of an increase in spot basis quotes [2]. 3.1.5 Trading Strategies - For single - side trading, hold existing long positions and add new ones in small amounts. Provide support and resistance levels for each contract [2]. 3.2 Double - Meal Market 3.2.1 Market Review - On August 22, rumors of state - reserve auctions and expectations of a bumper US soybean harvest weakened South American discounts, causing double - meal futures prices to decline [2]. 3.2.2 Important News - The US Midwest Pro Farmer crop tour results showed a potential bumper harvest of US soybeans this year, increasing supply - side pressure. - According to the US Department of Agriculture's weekly export sales report, US soybean export sales met expectations, with new - crop soybean sales exceeding expectations. - Brazil's Anec estimated that Brazil's soybean and soybean meal exports in August would increase [2][3]. 3.2.3 Spot Market - As of August 22, the spot price of soybean meal was 3,078 yuan/ton, down 43 yuan/ton; the spot price of rapeseed meal was 2,515 yuan/ton, down 90 yuan/ton [3]. 3.2.4 Market Logic - Externally, although the US soybean yield exceeded expectations, market rumors of Chinese purchases and possible state - reserve auctions eased the supply - shortage expectation for the first quarter of next year, causing the double - meal futures prices to decline. Domestically, the soybean meal inventory of oil mills was at a high level, but market transactions improved, and the upward trend of the spot price remained unchanged [3]. 3.2.5 Trading Strategies - For single - side trading, new long positions can be established. Provide support and resistance levels for each contract [3].

Group 1 - The core viewpoint of the news highlights the strong performance of Chicago Board of Trade (CBOT) soybean oil futures, with prices showing an upward trend [1][2] - On August 25, the opening price for soybean oil futures was reported at 55.29 cents per pound, with a current price of 55.38 cents per pound, reflecting a 0.33% increase [1] - The highest price during the trading session reached 55.47 cents per pound, while the lowest dipped to 55.04 cents per pound [1] Group 2 - On August 22, the soybean oil futures opened at 53.85 cents, peaked at 55.98 cents, and closed at 55.44 cents, marking a 2.72% increase [2] - The USDA forecast indicates that for the 2025/26 market year, 15.5 billion pounds of U.S. soybean oil will be used for biodiesel, accounting for over half of the total usage [2] - On August 22, the national first-grade soybean oil transaction volume was 71,000 tons, which is a 3.20% increase compared to the previous trading day [2] - The Dalian Commodity Exchange reported a soybean oil futures warehouse receipt of 15,760 lots on August 22, an increase of 450 lots from the previous trading day [2]

Report Industry Investment Ratings - Soybean: ☆☆☆ [1] - Soybean Oil: ★☆☆ [1] - Palm Oil & Soybean Meal: ★☆☆ [1] - Rapeseed Meal: ★☆☆ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★☆☆ [1] - Live Pigs: ☆☆☆ [1] - Eggs: ★★★ [1] Core Views - The report analyzes the market conditions of various agricultural products, including supply and demand, price trends, and policy impacts. It provides investment suggestions based on these analyses, such as considering buying at low prices for some products and being cautious about market uncertainties [2][3][4]. Summary by Related Catalogs Soybean - The price of domestic soybean futures contracts decreased with increasing positions. Short - term auction of domestic soybeans brought supply pressure, and weak demand depressed prices. The price difference between domestic and imported soybeans rebounded from a low level. US soybean prices were strong despite high - record yields due to a decrease in area and lower ending stocks. Short - term attention should be paid to weather, policies, and the performance of imported soybeans [2]. Soybean & Soybean Meal - The domestic futures market continued to decline with decreasing positions. Globally, the "crushing for oil" pattern emerged due to biodiesel policies. In China, the supply in Q4 is sufficient, but there may be a shortage in Q1 next year due to US tariff policies. Future weather in the US may challenge new - season crops. The relationship between US soybeans and domestic futures has weakened. If no trade agreement is reached by the end of this year, domestic soybean meal prices may rise. The medium - to - long - term outlook is cautiously bullish [3]. Soybean Oil & Palm Oil - US soybean prices were strong due to a decrease in area and lower ending stocks. Attention should be paid to the China - US soybean trade relationship. The US EPA's policy on small refineries may cause structural adjustments in biofuel demand. Indonesia's policies on palm oil may drive up prices. In the medium - term, overseas palm oil is in the production cycle. In the long - term, the development trend of biodiesel in the US and Indonesia remains. Investors can consider buying soybean and palm oil at low prices [4]. Rapeseed Meal & Rapeseed Oil - The domestic rapeseed oil price rose while the rapeseed meal price fell. The vegetable oil sector was boosted by the overnight overseas market. The demand for rapeseed oil in the biofuel fields of the US and the EU is expected to increase. The domestic rapeseed supply - demand is tight, and futures prices may continue to rise [6]. Corn - The Dalian corn futures contract showed a short - term adjustment trend. The auction of imported corn by CGSGB had a low success rate. The supply in Shandong is relatively sufficient. The weather in domestic corn - producing areas is favorable, and new - season production may increase. Dalian corn futures may continue to be weak at the bottom [7]. Live Pigs - The government announced a central frozen - pork purchase and storage plan, which led to a higher opening of the futures market. The supply of live pigs in the second half of the year is expected to be high, and the spot price may continue to decline. The policy aims to promote industry capacity reduction, but no inflection point has been seen yet. Attention should be paid to the game between fundamentals and policies [8]. Eggs - Egg futures prices dropped rapidly in the past month due to over - capacity in the industry and weak prices during the peak season. The industry has been in losses for four months. If egg prices remain weak during the peak season, there may be a significant capacity reduction, which could support prices next year. Investors can consider buying at low prices [9].

Investment Ratings No investment ratings for the industry are provided in the report. Core Views - Geopolitical factors such as sanctions on Iran and the stagnation of Russia - Ukraine peace talks are affecting the oil market, and short - term geopolitical risks remain uncertain. For precious metals, wait for Powell's speech and the progress of Russia - Ukraine talks to find a better entry point. In the base metals market, various metals show different trends based on supply - demand fundamentals and macro - factors. Agricultural products are influenced by weather, policies, and international trade relations. Financial products like stocks and bonds are affected by geopolitical, monetary policy, and market sentiment factors [2][3][48] Summary by Categories Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 10 - contract up 0.94%. Sanctions on Iran and the stagnation of Russia - Ukraine peace talks led to a correction in the market's previous pricing of geopolitical easing. It is recommended to hold a long straddle strategy of out - of - the - money options for hedging and then enter medium - term short positions after volatility increases [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Both high - and low - sulfur fuel oils rose driven by the rebound in crude oil. The shipment of high - sulfur fuel oil from the Middle East to Asia increased, and the inventory in Fujairah decreased. The 8 - month arrival volume increased by 733,000 tons (25.1%) compared with June, and FU warehouse receipts decreased by 7,000 tons to 73,710 tons. The high - low sulfur spread narrowed slightly [21] - **Liquefied Petroleum Gas**: The overseas market has stabilized. Although exports are increasing, the procurement demand in East Asia provides support. In China, the import arrival volume and refinery output have increased, and domestic gas is under pressure. After the decline of naphtha driven by crude oil, the cost advantage of propane is weakened. The market is expected to be in low - level oscillation, waiting for the realization of bearish expectations [23] Precious Metals - **Precious Metals**: Overnight, precious metals oscillated. The Fed's meeting minutes showed that officials generally supported keeping rates unchanged, and the market is waiting for Powell's speech at the Jackson Hole Global Central Bank Annual Meeting. With the progress of Russia - Ukraine talks, the upward momentum of gold is insufficient. It is necessary to wait patiently for a better entry point after a correction [3] Base Metals - **Copper**: Overnight, LME copper rose after hitting an intraday low. The August manufacturing PMI in Europe and the US was better than expected and above the boom - bust line. The market is waiting for the interest - rate stance at the Jackson Hole meeting. Hold short positions above 79,000 yuan for Shanghai copper [4] - **Aluminum**: Overnight, Shanghai aluminum oscillated strongly. Downstream开工率 began to stabilize and rebound, and the social inventory of aluminum ingots and aluminum rods decreased. It is expected to oscillate between 20,300 - 21,000 yuan in the short term [5] - **Zinc**: The supply - increase and demand - weak fundamentals lead to a weak oscillation of Shanghai zinc. The SMM0 zinc has a discount of 40 yuan/ton to the near - month contract. There is an expectation of inventory accumulation in domestic zinc social inventory. In the short term, it oscillates, and in the medium - term, short positions on rebounds are a major strategy [8] - **Nickel and Stainless Steel**: Shanghai nickel is in the middle - late stage of a rebound, and it is advisable to actively enter short positions. The social inventory of stainless steel has decreased for six consecutive times, but downstream acceptance of high - price goods is poor, and the supply is expected to increase [10] - **Tin**: Overnight, LME tin closed down. After the concentrated delivery on the third Wednesday, the 0 - 3 - month spread became a discount of $2. The inventory remains at a low level of 1,740 tons. Hold short - term long positions based on the MA60 moving average [11] Chemicals - **Carbonate Lithium**: The futures price of carbonate lithium oscillated, and the market was active in trading. Downstream material enterprises increased their inquiry enthusiasm. The total market inventory was basically flat at 142,000 tons. The futures price is expected to oscillate, and risk control should be done [12] - **Industrial Silicon**: The market is affected by news of energy - consumption standards and small - furnace capacity elimination, but it has not been confirmed. The supply and demand are both increasing, and the improvement space is limited. The market is in oscillation, and there may be a correction if policy expectations cool down [13] - **Polysilicon**: The polysilicon futures continued to oscillate. The price of N - type re -投料 was raised to 49,000 yuan/ton. In August, production increased significantly, but downstream demand growth was limited, and there was inventory pressure. The market is in a stage of oscillation adjustment supported by policy expectations [14] Building Materials - **Steel**: Night - trading steel prices oscillated weakly. The apparent demand for rebar increased, production decreased, and inventory continued to rise. The demand for hot - rolled coils improved, production increased, and inventory also increased. Iron - water production remained high, and the market faced negative - feedback pressure. The steel market is under short - term pressure, and attention should be paid to the changes in the commodity - market trend [15] - **Iron Ore**: The iron - ore futures oscillated overnight. The global shipment was strong, and the domestic arrival volume increased, with port inventory rising. Terminal demand is weak, but short - term demand is supported by high iron - water production. There is an expectation of production reduction around the parade, and the downward pressure on the futures price may increase [16] - **Coke and Coking Coal**: Coke prices oscillated downward. There is an expectation of production restriction in East - China coking plants. The seventh round of price increase has improved coking profits, and daily production has increased slightly. Coking coal prices also oscillated downward. The production of coking coal mines increased, and the spot - auction market had a slightly higher non - trading rate. Both are affected by "anti - involution" policy expectations and have large price fluctuations [17][18] Agriculture - **Soybeans and Soybean Meal**: In the next two weeks, the lack of rain in the US soybean - producing areas may challenge new - season crop growth. The global oil - strong trend may drive soybean crushing. In China, the supply in the fourth quarter is sufficient, but there may be a supply gap in the first quarter of next year. Bullish factors are emerging, and soybean - meal prices can be cautiously bullish in the medium - long term [36] - **Edible Oils**: Overnight, US soybean oil prices rose sharply. Policy on bio - fuels is expected to have a structural adjustment. Indonesian palm - oil inventory decreased. In the medium - term, overseas palm oil is in a production - reduction cycle. It is advisable to buy on dips for soybean and palm oils, with attention to risk control [37] - **Rapeseed Meal and Rapeseed Oil**: The supply - side variables in the overseas rapeseed market are decreasing, and the focus will shift to the demand side. The import of Australian rapeseed is a hot topic. The supply of rapeseed products is expected to be tight in the fourth quarter, and the futures price is expected to rise [38] - **Corn**: The auction of imported corn by CGSGB continued, but the transaction rate was low. The low - price Xinjiang corn affected market expectations. Dalian corn futures may continue to be weak at the bottom [40] Livestock and Poultry - **Pigs**: The pig - grain ratio fell below 6:1, and the government will conduct a 10,000 - ton frozen - pork purchase. This is expected to boost market sentiment, and the previous short - position strategy should be changed to a wait - and - see approach [41] - **Eggs**: Egg futures continued to fall and hit a new low, but still maintained a premium over the spot. Spot prices continued to fall in many places. The far - month contracts are strong due to the logic of capacity reduction. Attention should be paid to the spot - price performance and the risk of short - covering rebounds [42] Textiles - **Cotton**: US cotton maintained a narrow - range oscillation, and its excellent - rate improved. Brazilian cotton harvesting progress was slow. Zhengzhou cotton oscillated, with weak short - term upward momentum. The downstream orders were weak, but there is an expectation of demand improvement in August. It is advisable to wait and see [43] - **Short - Fiber and Bottle - Chip**: The supply and demand of short - fiber are stable, and it is mainly driven by cost. Consider long - position allocation in the medium - term. The long - term over - capacity of the bottle - chip industry limits the repair of processing margins. Attention should be paid to the implementation of petrochemical industry policies [32] Others - **Sugar**: Overnight, US sugar oscillated. The international market has sufficient supply, and US sugar is under pressure. In China, the import of syrup is low, and domestic sugar sales are fast. The 25/26 sugar - production in Guangxi is uncertain. Sugar prices are expected to oscillate [44] - **Apple**: Apple futures oscillated. The remaining cold - storage inventory is small, and early - maturing apples are priced high but with average quality. The market focuses on the new - season output estimate. There are differences in production estimates, and it is advisable to wait and see [45] - **Wood and Pulp**: Wood futures oscillated. The overseas price has rebounded, and domestic supply may remain low. Pulp futures continued to fall, and the port inventory increased. Domestic demand is weak. It is advisable to wait and see or use an oscillation - range strategy for pulp [46][47] - **Stock Index**: The A - share market冲高回落, and small - cap stocks adjusted significantly. The trading volume was 2.46 trillion yuan. The performance of stock - index futures was divided. Global hedge funds are accelerating their entry into the Chinese stock market. Pay attention to Powell's speech at the central - bank meeting and macro - factors [48] - **Treasury Bonds**: Treasury - bond futures mostly rose, with the 30 - year contract up 0.34%. The short - term Shibor mostly declined. Treasury - bond prices are under pressure, and the yield curve is expected to steepen [49]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The derivatives system includes futures and options products for raw materials such as corn, soybean oil, and European rapeseed oil, as well as fuel products like RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals - The development of the biofuel market requires a balance among policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its toolbox of derivatives and provide risk management solutions to support global energy transition and low-carbon goals [1] Group 3: Industry Impact - The innovation and development of the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization in the context of accelerating global climate action [1]