Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the latest overnight market information on oilseeds and oils, including export sales, production estimates, and export volume data from major producing countries, as well as spot prices, basis, and price spreads [1][2]. 3. Summary by Relevant Catalog Overnight Market Information - **US Soybean Export Sales**: For the week ending June 12, US current market - year soybean export sales net increased by 53.95 million tons, up 779% from the previous week and 204% from the four - week average, exceeding market expectations. Next market - year export sales net increased by 7.52 million tons. Export shipments were 40.61 million tons, down 10% from the previous week but up 33% from the four - week average [1]. - **Argentine Soybean Production**: The 2024/25 soybean planting area is estimated at 17.8 million hectares, up 0.6% from last month's estimate and 7.2% from the previous year. Production is estimated at 49.9 million tons, up 1.8% from last month's estimate and 3.5% from the previous year [1]. - **Malaysian Palm Oil Exports**: SGS data shows that exports from June 1 - 20, 2025 were 759,881 tons, up 16.66% from the same period last month. ITS data shows exports were 847,695 tons, up 14.3% from the same period last month [1]. - **Canadian Rapeseed Exports**: For the week ending June 15, exports decreased 17% to 131,400 tons. From August 1, 2024 to June 15, 2025, exports were 8.8139 billion tons, up 54.2% from the same period last year. As of June 15, commercial inventory was 117,290 tons [1]. Spot Prices - Spot prices of various oilseeds and oils in different regions from June 16 - 20, 2025 are provided, including those of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Others - There are also sections on protein meal basis, oil basis, and oilseed price spreads, but no specific content is provided in the given text [3][6][7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - As of the week ending June 12, US soybean export sales are expected to increase by 0 - 600,000 tons, with 0 - 400,000 tons for the 2024 - 2025 season and 0 - 200,000 tons for the 2025 - 2026 season. US soybean meal export sales are expected to increase by 150,000 - 450,000 tons, with 150,000 - 350,000 tons for the 2024 - 2025 season and 0 - 100,000 tons for the 2025 - 2026 season. US soybean oil export sales are expected to increase by 0 - 32,000 tons, with 0 - 22,000 tons for the 2024 - 2025 season and 0 - 10,000 tons for the 2025 - 2026 season [1]. - The estimated soybean production in Argentina for the 2024/2025 season is 4.88 million tons, slightly higher than the previous estimate. The US Department of Agriculture predicts the production to be 4.9 million tons, the same as the May estimate. The Buenos Aires Grain Exchange and the Rosario Grain Exchange currently estimate the production to be 5.03 million tons and 4.85 million tons respectively [1]. - As of now, Argentina's soybean harvest rate has reached 95%, slightly lower than 97% in the same period last year. The weather is expected to be drier in the next two weeks, which will help complete the remaining harvest on time [1]. - In May, China's palm oil imports were 180,000 tons, a year - on - year decrease of 8.4%. From January to May, palm oil imports were 720,000 tons, a year - on - year decrease of 19.6%. In May, China's soybean oil imports were 10,000 tons, a year - on - year decrease of 86.6%. From January to May, soybean oil imports were 30,000 tons, a year - on - year decrease of 75.8%. In May, China's rapeseed oil and mustard oil imports were 110,000 tons, a year - on - year decrease of 20.3%. From January to May, imports were 1.03 million tons, a year - on - year increase of 26.0% [1]. Summary by Related Catalogs Export Sales Forecast - US soybean export sales are expected to increase by 0 - 600,000 tons as of the week ending June 12, with 0 - 400,000 tons for the 2024 - 2025 season and 0 - 200,000 tons for the 2025 - 2026 season [1]. - US soybean meal export sales are expected to increase by 150,000 - 450,000 tons, with 150,000 - 350,000 tons for the 2024 - 2025 season and 0 - 100,000 tons for the 2025 - 2026 season [1]. - US soybean oil export sales are expected to increase by 0 - 32,000 tons, with 0 - 22,000 tons for the 2024 - 2025 season and 0 - 10,000 tons for the 2025 - 2026 season [1]. Argentina's Soybean Production - The estimated soybean production in Argentina for the 2024/2025 season is 4.88 million tons, slightly higher than the previous estimate. The US Department of Agriculture predicts 4.9 million tons, the Buenos Aires Grain Exchange estimates 5.03 million tons, and the Rosario Grain Exchange estimates 4.85 million tons [1]. - As of now, Argentina's soybean harvest rate has reached 95%, slightly lower than 97% in the same period last year. The weather will be drier in the next two weeks, helping to complete the remaining harvest on time [1]. China's Oil Imports - In May, China's palm oil imports were 180,000 tons, a year - on - year decrease of 8.4%. From January to May, imports were 720,000 tons, a year - on - year decrease of 19.6% [1]. - In May, China's soybean oil imports were 10,000 tons, a year - on - year decrease of 86.6%. From January to May, imports were 30,000 tons, a year - on - year decrease of 75.8% [1]. - In May, China's rapeseed oil and mustard oil imports were 110,000 tons, a year - on - year decrease of 20.3%. From January to May, imports were 1.03 million tons, a year - on - year increase of 26.0% [1]. Spot Prices - The spot prices of various oils and meals in different regions from June 12 to June 18, 2025, are presented, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Basis and Spread - Multiple charts show the basis and spread of protein meals and oils, including the basis of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different delivery months in different regions, as well as the price spreads between different varieties and different delivery months [3][5][8].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The production of key global agricultural products in May 2025 shows different trends. The yields of US soybeans, corn, and cotton are expected to be optimistic, with single - yield estimates higher than USDA expectations. The rapeseed growth in Canada and Australia is slow, and the Australian single - yield is lower than USDA expectations. The climate in Southeast Asian palm oil producing areas is stable, and the production is expected to be positive. The impact of recent extreme weather is limited [3]. 3. Summary by Relevant Catalogs Global Key Agricultural Product Yield Estimation - **Yield Estimation Varieties, Time Window, and Method** - The monitoring period is May, covering key agricultural products such as US soybeans, corn, cotton, Canadian rapeseed, Australian rapeseed, and Southeast Asian palm oil. The time - cycle includes 20 years of current and historical data from 2005 - 2025. Data sources include satellite remote sensing, meteorological data, and field observations, with 24 key indicators. A self - built yield model is constructed using multi - spectral and hyperspectral remote sensing data, combined with meteorological and historical yield data [7][8][13]. - **Yield Estimation Results** - US soybeans are expected to have a single - yield of over 52 bushels per acre, corn about 180.2 bushels per acre, and cotton 980 kg per hectare, all higher than USDA expectations. The single - yield of Australian rapeseed is 1.63 tons per hectare, lower than USDA expectations [3][14]. Global Key Agricultural Product Growth Monitoring - **Malaysian and Indonesian Palm Oil Producing Areas** - In May 2025, the vegetation index, precipitation, and temperature in palm oil producing areas are within the historical reasonable range. The vegetation index in each producing area is better than or close to the historical average. Precipitation shows regional differentiation, and temperature shows the characteristics of "mild in the east and slightly hot in the west". Only the subsequent precipitation supplement in Sumatra and local waterlogging in Kalimantan need attention [17][20][26]. - **US Soybean and Corn Producing Areas** - In May 2025, there are no extreme climate factors in the US soybean and corn producing areas, but there are significant regional differences. The vegetation growth in the central - western main producing areas is slightly weak, the Great Lakes region needs to be vigilant against the risk of waterlogging and low - temperature superposition, and the western plain area may have yield differentiation due to insufficient precipitation and mild low - temperature. The overall production is expected to be good [27][28][35]. - **US Cotton Producing Areas** - In May 2025, the growth environment of US cotton producing areas shows significant regional differences. The vegetation index in the southeastern producing areas is prominent, and the precipitation is "more in the east and less in the west". The southeast needs to prevent waterlogging, and the risk in the western arid areas is controllable. The temperature conditions are generally suitable [36][37][42]. - **Canadian Rapeseed Producing Areas** - No detailed growth status information is provided in the given content. - **Australian Rapeseed Producing Areas** - The growth progress of rapeseed in Australia is slow, and the single - yield of 1.63 tons per hectare is lower than USDA expectations [3][14]. Recent Extreme Weather Impact Analysis - **Analysis of Extreme Precipitation Impact in South American Argentina** - The extreme precipitation in Argentina in May did not cause large - scale waterlogging [3]. - **Analysis of Cold Wave Impact in European Rapeseed Producing Areas** - The spring cold wave in Europe in 2025 is milder than that in 2024, and the growth of rapeseed in the main producing areas is not significantly affected [3]. - **Analysis of Historical and Future Weather in US Producing Areas** - The precipitation distribution in the US from April to June is uneven, with more in the east and less in the central - west. In the next month, the overall precipitation is sufficient, with more in the central - west and south, and drier in Iowa. The risk of waterlogging is still a focus this year [3].

Group 1: Overnight Market Information - As of the week ending May 15, 2025, the U.S. soybean export inspection volume was 217,842 tons, lower than the market forecast of 300,000 - 550,000 tons, and the previous week's revised volume was 439,545 tons [8] - As of the week ending May 18, 2025, the U.S. soybean planting rate was 66%, higher than the market expectation of 65%, the previous week was 48%, last year's same - period was 50%, and the five - year average was 53%. The emergence rate was 34%, the previous week was 17%, last year's same - period was 25%, and the five - year average was 23% [8] - Private exporters reported the export sale of 145,000 tons of soybean cake and soybean meal to the Philippines for the 2024/25 market year [8] - Abiove raised the forecast of Brazil's 2024/25 soybean production to 169.7 million tons, previously 169.6 million tons, and slightly lowered the export volume forecast to 108.2 million tons, previously 108.5 million tons. It maintained the forecasts of soybean oil production, soybean meal export volume, and soybean meal production [8] - From the first three weeks of May, Brazil exported 7,836,693.24 tons of soybeans, with a daily average export volume of 712,426.66 tons, a 11.34% increase compared to the daily average export volume in May of the previous year [8] - In April 2025, China's palm oil imports were 160,000 tons, a 6.4% year - on - year increase. From January to April, the imports were 540,000 tons, a 22.8% year - on - year decrease. The January - April soybean oil imports were 20,000 tons, a 69.5% year - on - year decrease. The April rapeseed oil and mustard oil imports were 180,000 tons, an 18.4% year - on - year increase, and the January - April imports were 910,000 tons, a 35.6% year - on - year increase [8] - From May 1 - 15, 2025, Malaysia's palm oil production increased by 8.50% month - on - month, fresh fruit bunch yield increased by 6.34%, and oil extraction rate increased by 0.41% [8] Group 2: Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from May 13 - 19, 2025 are provided [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Argentina's Rosario Grain Exchange raised the forecast for the country's 2024/25 soybean production to 4,850 tons, up from the previous 4,550 tons, and predicted the 2025/26 wheat production to be 2,100 tons, higher than the 2,010 tons in 2024/25 [1] - If China and the US fail to resolve trade disputes, US soybean exports are expected to decrease by 20%, and the price paid to farmers will decline [1] - Indonesia increased the special export tax on crude palm oil from 7.5% to 10% of the reference price of crude palm oil, and adjusted the special export tax on refined palm oil products to 4.75%-9.5% [1] - India's palm oil imports in a certain month decreased by 24.29% month-on-month, while soybean oil imports increased by 1.6% and sunflower oil imports decreased by 5.5% [1] Summary by Relevant Catalog Annual Production Forecast - Argentina's 2024/25 soybean production forecast was raised to 4,850 tons, and the 2025/26 wheat production forecast is 2,100 tons [1] US Soybean Exports - If trade disputes remain unresolved, US soybean exports may drop from the initial forecast of 1.865 billion bushels to 1.5 billion bushels, and the average price paid to farmers is expected to fall to $9.10 per bushel in 2025/26 [1] Indonesia's Palm Oil Policy - Indonesia increased the special export tax on crude palm oil and adjusted that on refined palm oil products, aiming to raise funds for biodiesel blending and other projects [1] India's Oilseeds Imports - India's palm oil imports decreased by 24.29% month-on-month, soybean oil imports increased by 1.6%, and sunflower oil imports decreased by 5.5% [1] Spot Prices - From May 8 to May 14, 2025, the spot prices of various oilseeds and oils in different regions showed fluctuations [2]