1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Internationally, Brazilian soybean exports are expected to reach a record high, but the tense sentiment in the international energy market and the uncertainty of weather in US soybean - growing areas support soybean prices, leading to a mild increase in CBOT soybean futures. Malaysian palm oil production declined from June 1 - 15, 2025, while exports improved, reducing the inventory build - up pressure. Driven by the strength of peripheral oils and crude oil prices, Malaysian palm oil futures showed an oscillatingly strong trend [6]. - Domestically, a large number of imported soybeans have arrived at ports, oil mills are operating at a high level, and soybean oil output is relatively abundant. As the consumption of oils enters the off - season, soybean oil will continue to accumulate inventory, but the increase in import costs will strongly support soybean oil prices. The palm oil inventory has rebounded from a low level, with little change in the domestic fundamentals, and its price will continue to follow the external market. The oversupply situation of domestic rapeseed oil persists. The slow progress of China - Canada negotiations and the recent strong rise of ICE rapeseed futures support rapeseed oil prices from the cost side [7]. 3. Summary According to Relevant Catalogs Macro and Industry News - The Brazilian National Association of Grain Exporters (ANEC) stated on Tuesday that the soybean export volume from Brazil in June 2025 is 14.37 million tons, higher than the previous estimate of 14.08 million tons. ANEC expects that the Brazilian soybean export volume in 2025 may reach up to 110 million tons, which, if achieved, will be about 13 million tons more than in 2024 [3]. - The US Department of Agriculture's June global production report shows that the palm oil production in Malaysia in the 2024/25 season is expected to be 19.4 million tons, 4% higher than last month's expected value but 2% lower than in the 2023/24 season [3]. - In the first five months of 2025, the total export volume of Russian vegetable oils is estimated to be 2.72 million tons, a 19% decrease compared to the same period last year. The rapeseed oil export volume during the same period increased to 624,000 tons, a 26% year - on - year increase. More than 88% of it was shipped to China [3]. Futures and Spot Data - On June 18, DCE soybean oil futures closed at 8,084 yuan/ton, up 1.40%; DCE palm oil futures closed at 8,518 yuan/ton, up 0.85%; CZCE rapeseed oil futures closed at 9,703 yuan/ton, up 1.25%. On June 17, CBOT soybean futures closed at 1,074 cents/bushel, up 0.37%; CBOT soybean oil futures closed at 54.69 cents/pound, down 0.76%; MDE palm oil futures closed at 4,064 ringgit/ton, down 0.97% [2]. - On June 18, the spot price of first - grade soybean oil in Zhangjiagang was 8,310 yuan/ton, up 0.97%; the spot price of palm oil in Zhangjiagang was 8,840 yuan/ton, up 0.34%; the spot price of rapeseed oil in Nantong was 9,910 yuan/ton, up 1.33% [2]. - On June 18, the soybean oil basis was 226 yuan/ton, down 32 yuan; the palm oil basis was 322 yuan/ton, down 42 yuan; the rapeseed oil basis was 207 yuan/ton, up 10 yuan. The registered contracts of DCE soybean oil were 17,552, unchanged; those of DCE palm oil were 540, unchanged; those of CZCE rapeseed oil were 100, an increase of 100 [2]. - On June 18, the crushing profit of imported soybeans was 77.30 yuan/ton, an increase of 30.90 yuan; that of imported rapeseed was - 11.00 yuan/ton, unchanged; that of imported palm oil was 32.72 yuan/ton, an increase of 70.78 yuan [2].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - The soybean meal market is in a situation of weak reality and strong expectation, with a likely oscillating trend in the short - term due to the increase in import costs and sufficient domestic supply [17] - The live hog market is expected to oscillate. Although the futures price rebounds in the short - term, weak demand restricts the increase of the spot price and the upside space of the futures [17] Group 3: Summary by Relevant Catalogs 1. Market Overview - DCE soybean meal main contract 2509 rose 0.95% to 3074 yuan/ton, and coastal oil mills' quotes increased by 10 - 50 yuan/ton. DCE live hog main contract 2509 rose 0.25% to 13815 yuan/ton. CBOT US soybean main contract rose 0.14% to 1070 cents/bushel [2] 2. Weather in Major Producing Areas - From June 13th, in the western US Midwest, there will be scattered to widespread scattered showers before Sunday. Temperature differences exist between the north and south regions before Saturday, and will be above normal from Sunday to Monday. In the east, there will be scattered showers before Sunday and scattered to widespread scattered showers on Monday. Rainfall in the southern part has decreased since the middle of this week [4] 3. Macroeconomic and Industry News - In the 24th week of 2025, national major oil mills' soybean inventory decreased by 1.75% to 599.6 million tons, while soybean meal inventory increased by 7.19% to 41 million tons, and unexecuted contracts decreased by 15.19% to 460.56 million tons. Soybean meal apparent consumption increased by 4.04% to 175.69 million tons [5] - On June 17th, the import cost of US soybeans was 4606 yuan, up 3 yuan; that of Brazilian soybeans was 3811 yuan, down 1 yuan; and that of Argentine soybeans was 3669 yuan, unchanged [5] - On June 16th, national major oil mills' soybean meal transactions were 22.48 million tons, an increase of 12.75 million tons. The overall oil mills' startup rate was 61.83%, down 2.99% [6] - In May 2025, US soybean crushing volume was 192.829 million bushels, lower than the market expectation of 193.519 million bushels [6] - As of the week ending June 13th, 2025, US soybean crushing profit was 1.99 dollars/bushel, up 4% from the previous week [6] - In the second week of June 2025, the national live hog ex - factory price was 14.45 yuan/kg, down 1.77% [6] - US soybean good - excellent rate was 66%, lower than the expected 68%; sowing rate was 93%, lower than the expected 95%; emergence rate was 84% [7] - In the second week of June 2025, Brazil shipped 698.07 million tons of soybeans in 10 working days, with a daily shipping volume of 69.81 million tons/day, almost the same as last June [7] - In May, China's social retail sales increased by 6.4% year - on - year; industrial added value of large - scale industries increased by 5.8% year - on - year; from January to May, urban fixed - asset investment increased by 3.7% year - on - year, and real estate development investment decreased by 10.7% year - on - year [7] 4. Data Charts - The report includes charts of soybean meal, rapeseed meal, and live hog prices and their basis, as well as charts of Chinese soybean and soybean meal inventories [10][12][14][15] 5. Analysis and Strategies - For soybean meal, due to the increase in US soybean import costs and sufficient domestic supply, the short - term trend is likely to be oscillating [17] - For live hogs, although the futures price rebounds in the short - term, weak demand restricts the upside space, and the price is expected to oscillate [17]

Report Industry Investment Ratings - Bullish: Aluminum, Palm Oil, Soybean Oil, Rapeseed Oil [1] - Bearish: Coke, Coking Coal, BR Rubber [1] - Neutral: Gold, Silver, Copper, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Lithium Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Ferro - Silicon, Glass, Soda Ash, Cotton, Pulp, Crude Oil, Asphalt, Shanghai Rubber, PTA, Ethylene Glycol, Short Fiber, Pure Benzene, Styrene, PP, PVC, Aluminum Oxide, LPG, Container Shipping European Line [1] Core Views - Geopolitical conflicts are intensifying, and options tools can be used to hedge uncertainties [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward trend [1] - The situation has slightly eased, and the gold price may return to a volatile state in the short term; the long - term upward logic remains solid [1] - The market should pay attention to tariff - related developments and domestic and foreign economic data changes due to the repeated market sentiment affected by the Middle East geopolitical risks and the resilience of China's May economic data [1] Summaries by Industry Categories Macro - finance - Asset shortage and weak economy are favorable for bond futures, but short - term central bank warnings on interest - rate risks suppress the upward movement [1] Non - ferrous metals - Copper: Market risk appetite has declined, downstream demand has entered the off - season, and there is a risk of price correction after the copper price has risen [1] - Aluminum: Domestic electrolytic aluminum inventory has continued to decline, and the risk of a short squeeze still exists, with the aluminum price remaining strong; alumina spot price is relatively stable, while the futures price is weak, and the futures discount is obvious [1] - Nickel: The Middle East geopolitical risk persists, and the domestic May economic data shows resilience. The nickel price is in a short - term weak shock, and there is still pressure from the long - term surplus of primary nickel [1] - Stainless steel: The price of nickel iron has fallen, steel mill price limits are fluctuating, spot sales are weak, and social inventory has slightly increased. The short - term futures price is in a weak shock, and there is still long - term supply pressure [1] - Tin: The supply contradiction of tin ore has intensified in the short term, and the increase in Wa State's tin ore production still takes time, so the short - term tin price is in a high - level shock [1] Energy and chemicals - Crude oil: Geopolitical tensions are easing, and the price has fallen. The chemical industry as a whole has followed the decline in the crude oil price [1] - PTA: The spot basis remains strong, PXN is expected to be compressed due to the delay of Northeast PX device maintenance and market rumors of the postponement of Zhejiang reforming device maintenance [1] - Ethylene Glycol: It continues to reduce inventory, and the arrival volume will decrease. Polyester production cuts have an impact on the market [1] - Short fiber: In the case of a high basis, the cost is closely related to the price. Short - fiber factories have started maintenance plans [1] - Pure benzene and styrene: The price of pure benzene has started to weaken, the load of styrene devices has increased, and the basis has also weakened [1] - PP: The price is in a volatile and slightly downward trend, with limited support from maintenance [1] - PVC: After the end of maintenance and the commissioning of new devices, the downstream enters the seasonal off - season, and the supply pressure increases [1] - Alumina: The electricity price has dropped, and non - aluminum demand is weaker than last year. The market is trading the price - cut expectation in advance [1] - LPG: Geopolitical sentiment has eased, and the price premium is expected to be repaired [1] Agricultural products - Palm oil, soybean oil, and rapeseed oil: The US biodiesel RVO quota proposal exceeds market expectations, which may tighten the global oil supply - demand situation, and they are considered bullish in the short term [1] - Cotton: There are short - term disturbances in US cotton, and the long - term macro uncertainty is strong. The domestic cotton price is expected to be in a weak shock [1] - Sugar: Brazil's 2025/26 sugar production is expected to reach a record high, but the oil price may affect the sugar production through the sugar - alcohol ratio [1] - Corn: The overall supply - demand situation in the corn year is tight, and the short - term price is expected to be in a shock [1] - Bean粕: Before the release of the USDA planting area report at the end of the month, the futures price is expected to be in a shock [1] - Pulp: The current demand is light, but the downward space is limited, and it is recommended to wait and see [1] - Hog: The inventory is being repaired, the slaughter weight is increasing, and the futures price is relatively stable [1] Others - Container Shipping European Line: There is a situation of strong expectation and weak reality. The peak - season contracts can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The demand side is suppressed by the traditional off - season in May, the demand for real - estate building materials is lower than expected, the overseas quotation continues to decline, but the arrival of goods is expected to decrease significantly this week. The weak balance pattern of the fundamentals persists, and the market is expected to fluctuate weakly [3][4] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On May 14, compared with May 13, the prices of log futures contracts 2507, 2509, and 2511 all increased, with increases of 0.76%, 0.50%, and 0.56% respectively. The basis of each contract decreased, and the spot prices of various types of logs in ports remained unchanged. The overseas CFR price of radiata pine 4 - meter medium A decreased by 3.51%, and the import theoretical cost decreased by 3% [2] Supply - In terms of monthly supply, the port throughput in April was 200.3 million cubic meters, a 24.17% increase from March. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 13.79%. In terms of weekly inventory, as of April 25, the total inventory of Chinese logs decreased by 2.28%, with a decrease of 80,000 cubic meters [2][3] Demand - As of April 25, the daily average outbound volume of logs in China decreased by 10%, with a decrease of 0.71 million cubic meters. The daily average outbound volume in Shandong decreased by 15%, and in Jiangsu decreased by 6% [3]

Report Industry Investment Rating - Not provided Core Viewpoints - During the May Day holiday, the decline of the foreign LPG market was less than that of crude oil, and the oil - gas ratio decreased. The official prices of May CP were higher than market expectations, and the increase of CP discount drove up the import cost, providing some support for the propane price. The domestic civil gas price remained stable overall, with the cheapest deliverable product priced at 4,820 yuan/ton. The LPG market is expected to be dominated by weak oscillations [1]. Summary by Relevant Contents Market Price Information - From April 24 to April 30, 2025, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, MB propane spot, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylated oil showed different trends. The daily change on April 30 showed that the price of propane CFR South China increased by 17, propane CIF Japan decreased by 8, MB propane spot decreased by 9, CP forecast contract price decreased by 9, Shandong ether - after carbon four increased by 50, and the paper import profit decreased by 136, while the主力基差 decreased by 1 [1]. - On May 4, for civil gas, the price in Shandong decreased by 10 to 4,820, remained flat in East China at 4,925, and increased by 90 to 5,180 in South China; for imported gas, the price in East China increased by 15 to 5,158, and in South China increased by 80 to 5,230; the price of ether - after carbon four increased by 50 to 4,970. The lowest price was the civil gas in Shandong at 4,820 [1]. Market Conditions and Trends - Before the holiday, the PG futures market oscillated, with the basis of the 06 contract at 420 and the PG06 - 07 monthly spread at 94, which narrowed. The arbitrage window from the US to the Far East was closed [1]. - Fundamentally, the high arrival volume led to obvious port inventory accumulation; the factory inventory decreased slightly due to upstream price - cutting to clear inventory before the holiday, but the downstream replenishment demand was average. After the holiday, the arrival volume is expected to decline gradually, especially the arrival of US goods. The upstream refinery supply is expected to be stable in the short term, with an expected increase in June. Chemical demand is expected to be average, with weak demand for alkylated oil, limited willingness of factories to increase production in the short term; MTBE is expected to operate weakly overall; some PDH factories may reduce production due to raw material procurement problems [1].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The supply pressure of logs remains, and the overall demand is under pressure, with spot prices continuously decreasing. The current valuation of the log futures is moderately low, and the possibility of a deep decline is limited. It is expected to fluctuate within the range of 820 - 860 yuan per cubic meter. Attention should be paid to information related to log futures delivery on April 1st [3][4] 3. Summary by Relevant Catalogs Futures and Spot Prices - Futures prices of log contracts 2507, 2509, and 2511 decreased on March 28th compared to March 27th, with declines of -0.48%, -0.41%, and -0.94% respectively. The basis of 07, 09, and 11 contracts increased, and the spreads between 7 - 9, 9 - 11, and 7 - 11 contracts changed. Spot prices of most log varieties in ports remained stable, while some in Taicang Port decreased [2] - The import theoretical cost increased slightly from 862.94 yuan on March 27th to 863.52 yuan on March 28th, and the RMB - US dollar exchange rate also increased slightly [2] Supply - Monthly port throughput increased by 50.98% from 131.1 million cubic meters on December 31st to 197.9 million cubic meters on February 28th. The number of ships in the port increased by 18.37% from 49 to 58 [2] - Weekly log inventory in major ports increased. As of March 21st, the inventory in China was 364 million cubic meters, a 4.30% increase from March 14th. In Shandong and Jiangsu, the inventories also increased [2][3] Demand - Weekly average daily log出库量 decreased. As of March 21st, the average daily log出库量 in China was 6.42 million cubic meters, a 1% decrease from March 14th. In Shandong, it increased by 2%, while in Jiangsu, it decreased by 2% [2][3]