Report Investment Rating - Not provided in the documents Core Views - Analysts predict the 2025/2026 US soybean yield to be 4.338 billion bushels, with a range of 4.3 - 4.4 billion bushels, lower than the USDA's 4.37 billion bushels from the Agricultural Outlook Forum [2] - Anec expects Brazil's May 2025 soybean exports to be 12.6 million tons and soybean meal exports to be 1.87 million tons, both lower than last year [2] - Protein meal: Night - trading of soybean and rapeseed meal oscillated. The market is cautious about the Sino - US economic and trade talks. US soybean exports face pressure, and the abundant domestic supply in Q2 will pressure prices [2] - Oils: Night - trading of palm oil was weakly oscillating, while soybean and rapeseed oils rose. The short - term domestic soybean supply is tight, but will be sufficient in Q2. Palm oil fundamentals are weaker due to the production - increasing season [2] Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, etc. are given, with price changes and percentage changes. For example, soybean oil rose 26 points (0.34%), palm oil fell 60 points (-0.75%) [1] - **Spreads and Ratios**: Spreads and ratios such as Y9 - 1, P9 - 1, etc. are presented, showing current and previous values [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, etc. are provided, along with price changes and percentage changes. For example, BMD palm oil fell 94 points (-2.42%) [1] Domestic Spot Market - **Prices and Changes**: Spot prices of various oils and meals in different regions are given, with percentage changes. For example, Tianjin's first - grade soybean oil rose 0.12% [1] - **Basis and Spreads**: Spot basis and spreads are presented, showing current and previous values [1] Import and Crushing Profit - **Values and Changes**: Import and crushing profit values for different products are given, showing current and previous values. For example, the profit of near - month Malaysian palm oil improved from - 838 to - 769 [1] Warehouse Receipts - **Quantities and Changes**: Warehouse receipt quantities for different products are provided, showing current and previous values. For example, the soybean oil warehouse receipt quantity remained at 5,355 [1]

Report Summary 1) Report Industry Investment Rating - The investment strategy for both the粕类 and corn sectors is neutral [1][3] 2) Core Viewpoints - For the粕类 market, the USDA's April supply - demand report didn't significantly adjust South American data. Brazil's soybean harvest is bountiful, and the large quantity of arrivals starting from April will bring supply pressure to China. However, the report raised the US domestic soybean crushing demand, which is positive for US domestic soybean oil consumption, leading to a rebound in CBOT soybean prices. The impact of tariff policies on prices is significant, and future impacts need continuous attention to macro - policies. In China, it's the arrival window for Brazilian soybeans. Although the Brazilian soybean premium remains firm, the overall arrival volume in the next few months is large, and short - term downstream supply isn't tight. Policy changes and domestic soybean arrivals should be closely watched [2] - For the corn market, in China, farmers have mostly sold their remaining grain, and the supply subject has shifted to traders. The sales rhythm of traders is stable. On the demand side, the operating rate of deep - processing enterprises is declining, the inventories at North and South ports are high, the procurement of feed enterprises in the sales areas is average, and port de - stocking is slow. The upcoming wheat harvest in North China will limit the upward space of corn prices. The impact of international trade policy changes should be closely monitored, and corn prices are expected to be stable with range - bound fluctuations [5] 3) Summary by Related Catalogs 粕类 - **Market News and Important Data** - Futures: The closing price of the soybean meal 2509 contract was 3104 yuan/ton, up 22 yuan/ton or 0.71% from the previous day; the rapeseed meal 2505 contract was 2721 yuan/ton, up 31 yuan/ton or 1.15% [1] - Spot: In Tianjin, the soybean meal spot price was 3660 yuan/ton, up 180 yuan/ton; in Jiangsu, it was 3310 yuan/ton, up 200 yuan/ton; in Guangdong, it was 3210 yuan/ton, up 200 yuan/ton. The rapeseed meal spot price in Fujian was 2650 yuan/ton, up 80 yuan/ton [1] - Market Information: Brazilian farmers have sold over half of the 2024/25 soybean output, at least 86 million tons. The premium of Brazilian soybeans fluctuated slightly last weekend. On April 14, the CNF premium for imported Brazilian soybeans from May - July was 158 - 182 cents/bu, with a fluctuation of - 5 - 6 cents/bu from the previous day [1] - **Market Analysis** - The USDA report didn't adjust South American data much. Brazil's soybean harvest is good, and the large - scale arrival will bring supply pressure. The report raised US domestic soybean crushing demand, which is positive for US soybean oil consumption, and CBOT soybean prices rebounded. Tariff policies change rapidly and have a great impact on prices. In China, it's the arrival window for Brazilian soybeans. Although the premium is firm, the future arrival volume is large, and short - term supply isn't tight [2] Corn - **Market News and Important Data** - Futures: The closing price of the corn 2505 contract was 2267 yuan/ton, down 3 yuan/ton or 0.13%; the corn starch 2505 contract was 2661 yuan/ton, down 2 yuan/ton or 0.08% [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged [3] - Market Information: The corn harvest in Argentina accelerated slightly last week, advancing 2.8%. As of April 8, the harvest progress was 23.1%, and the harvested output was 13.6 million tons. The USDA predicted Argentina's 2024/25 corn output to be 50 million tons, unchanged from the previous month and last year. Ukraine raised the minimum export prices of wheat and corn in April [3][4] - **Market Analysis** - In China, farmers have sold most of their remaining grain, and the supply subject has shifted to traders. The sales rhythm of traders is stable. On the demand side, the operating rate of deep - processing enterprises is declining, port inventories are high, and port de - stocking is slow. The upcoming wheat harvest in North China will limit the upward space of corn prices. Corn prices are expected to be stable with range - bound fluctuations, and international trade policy changes should be closely monitored [5]