Core Insights - China's agricultural product exports reached nearly 600 billion yuan in the first ten months of this year, with 838 categories exported to 223 countries and regions, indicating a simultaneous increase in export scale, variety, and market coverage, which supports stable foreign trade and benefits people's livelihoods [1] Group 1 - The Yellow River Basin, an important agricultural region in China, saw exports of agricultural products amounting to 178.1 billion yuan in the first ten months, with new products like milk protein, fresh vegetables, and selenium sand melons being exported to Central Asia and the Middle East [3] - A training session on compliance and international market access rules was held in Yinchuan, attended by nearly 100 representatives from over 70 agricultural product companies, aimed at providing professional support for agricultural exports [3] - The deputy director of Yinchuan Customs emphasized the need for companies to understand and master the technical regulations and standards of target markets to expand export shares and diversify markets, highlighting the importance of quality control from the source [5] Group 2 - To address the challenges of differentiated agricultural product exports and unblock key bottlenecks in international trade, customs authorities are conducting specialized seminars nationwide to provide precise services, facilitating the global reach of Chinese agricultural products [7]

央视网消息：据海关统计，今年前10个月我国农产品出口近6000亿元，出口品类达838种，出口至 223个国家和地区。出口规模、品类丰富度和市场覆盖面同步提升，成为稳外贸、惠民生的重要支撑。 ...

据海关统计，今年前10个月我国农产品出口近6000亿元，出口品类达838种，出口至223个国家和地区。 出口规模、品类丰富度和市场覆盖面同步提升，成为稳外贸、惠民生的重要支撑。 ...

Core Insights - Malaysia's palm oil export volume for November 1-30 is projected to be 779,392 tons, representing a 39.21% decrease compared to the 1,282,036 tons exported in the same period last month [1] Group 1 - The expected palm oil export volume for Malaysia in November is significantly lower than the previous month [1] - The decrease in export volume indicates potential challenges in the palm oil industry [1]

Core Insights - Hangzhou's agricultural product exports reached 9.79 billion yuan in the first ten months of the year, marking a year-on-year increase of 17.2% [1] Group 1: Ecological Fish Head Exports - The ecological fish from Qiandao Lake is being exported to Southeast Asia, particularly Singapore, through specialized cold chain logistics [2] - The customs authority has implemented a "green channel" for fresh fish exports, ensuring quick inspections and approvals [2] - The company aims to expand its market reach to Malaysia and Indonesia, promoting the ecological taste of Qiandao Lake [2] Group 2: Live Turtle Exports - The live turtle products from Dongzhilan Agricultural Development Co., Ltd. are gaining popularity in Southeast Asia due to their high quality [3] - The customs has established a professional support team to assist with compliance to international quarantine requirements and improve product traceability [3] - The streamlined customs process has significantly reduced clearance times, allowing for faster exports [3] Group 3: Bamboo Shoot Industry - The bamboo shoot industry in Fuyang is a key economic driver, with 250 out of 276 villages engaged in bamboo shoot cultivation [4] - The customs authority has utilized digital platforms to simplify export procedures, enhancing operational efficiency for local businesses [4] - Fuyang's bamboo shoot processing companies are expanding their product range and markets, moving beyond traditional Southeast Asia to Europe and Australia [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the CBOT soybean January contract rose 4 to close at 1126.5 cents per bushel, a 0.36% increase; the soybean meal 01 contract fell 80 to close at 3012 yuan per ton, a 2.59% decrease; the South China soybean meal spot price fell 50 to 2990 yuan per ton, a 1.64% decrease; the rapeseed meal 01 contract fell 59 to 2431 yuan per ton, a 2.37% decrease; the Guangxi rapeseed meal spot price fell 80 to 2510 yuan per ton, a 3.09% decrease [4][7]. - The higher - than - expected soybean crushing volume in the US in October and optimistic export expectations led to a significant strengthening of the outer market at the beginning of the week. As private exporters reported continuous purchases of US soybeans by China, with a cumulative purchase volume of 1.584 million tons during the week, the export expectations were fulfilled and US soybeans declined. The import cost dropped, the spot supply was sufficient, the previously worried about long - term supply gap was filled, downstream buyers purchased a large number of long - term basis contracts, and the Dalian soybean meal futures prices declined from high levels. Rapeseed meal is in the off - season of seasonal demand and declined during the week [4][7]. - Precipitation increased in the central and western regions of Brazil, which was beneficial for improving soil moisture; the Argentine产区 was relatively dry, which was conducive to sowing progress and the soil moisture was acceptable. Positive expectations for South American crop yields were maintained. Last week, private exporters reported a total of 1.584 million tons of US soybean exports to China, effectively supplementing the domestic soybean supply for the December - January shipping period. The trading volume of long - term basis contracts increased. With lower costs, sufficient spot supply, and alleviated concerns about long - term supply, soybean meal prices declined from high levels. It is expected that the Dalian soybean meal futures will fluctuate weakly in the short term [4][12]. 3. Summary by Directory Market Data - The CBOT soybean price rose 4 to 1126.5 cents per bushel, a 0.36% increase; the CNF import price of Brazilian soybeans fell 10 to 491 dollars per ton, a 2.00% decrease; the CNF import price of US Gulf soybeans fell 3 to 497 dollars per ton, a 0.60% decrease; the Brazilian soybean crushing profit on the futures market increased 204.75 to 47.01 yuan per ton; the DCE soybean meal 01 contract fell 80 to 3012 yuan per ton, a 2.59% decrease; the CZCE rapeseed meal 01 contract fell 59 to 2431 yuan per ton, a 2.37% decrease; the soybean meal - rapeseed meal price difference decreased 21 to 581 yuan per ton; the East China soybean meal spot price fell 40 to 3000 yuan per ton, a 1.32% decrease; the South China soybean meal spot price fell 50 to 2990 yuan per ton, a 1.64% decrease; the South China spot - futures price difference increased 30 to - 22 yuan per ton [5]. Market Analysis and Outlook - **US Market**: The US soybean harvest rate as of November 16, 2025, was 95%, compared with 98% last year and a five - year average of 96%. Private exporters reported 1.584 million tons of US soybean exports to China for the 2025/2026 market year. The net increase in US soybean export sales for the 2025/2026 year as of October 2 was 919,400 tons, in line with expectations. The US soybean crushing gross profit in the week of November 14, 2025, was 2.81 dollars per bushel, up from 2.02 dollars per bushel the previous week. The 48% protein soybean meal spot price in Illinois was 338.4 dollars per short ton, up from 322.08 dollars per short ton the previous week. The truck - quoted price of crude soybean oil in Illinois was 51.58 cents per pound, up from 48.02 cents per pound the previous week. The average price of No. 1 yellow soybeans was 11.15 dollars per bushel, up from 11.14 dollars per bushel the previous week. In October, the US soybean crushing volume was 227.647 million bushels, a 15.1% increase from September and a 13.9% increase from October 2024, also breaking the monthly crushing record set in December 2024. As of October 31, the NOPA member companies' soybean oil inventory rose to 1.305 billion pounds, a 5.0% increase from the end of September and a 21.5% increase from the same period last year [8][9]. - **South American Market**: As of November 15, 2025, the Brazilian soybean planting rate was 69% (Conab data), and 71% (AgRural data), but lagging behind last year's 80% due to irregular rainfall. Brazil is expected to export 4.71 million tons of soybeans in November, up from 4.26 million tons the previous week. As of November 19, 2025, the Argentine soybean sowing progress was 24.6%. In the next 15 days, precipitation in the Brazilian soybean - producing areas will be slightly lower than normal, but the increase in precipitation in the central and western regions is beneficial for soil moisture; precipitation in Argentina will decrease in the next two weeks, which is conducive to sowing progress and the soil moisture is sufficient [10]. - **Domestic Market**: As of November 14, 2025, the major oil mills' soybean inventory was 7.4771 million tons, a decrease of 142,400 tons from the previous week but an increase of 2.1711 million tons from the same period last year; the soybean meal inventory was 992,900 tons, a decrease of 5700 tons from the previous week but an increase of 214,300 tons from the same period last year; the unexecuted contracts were 5.3507 million tons, a decrease of 650,800 tons from the previous week but an increase of 965,400 tons from the same period last year. The national port soybean inventory was 9.926 million tons, a decrease of 408,000 tons from the previous week but an increase of 3.0947 million tons from the same period last year. As of November 21, 2025, the national daily average trading volume of soybean meal was 242,600 tons, including 70,960 tons of spot trading and 171,640 tons of forward trading, compared with a daily average total trading volume of 222,860 tons the previous week; the daily average soybean meal pickup volume was 190,360 tons, up from 183,700 tons the previous week; the major oil mills' crushing volume was 2.3344 million tons, up from 2.0776 million tons the previous week; the soybean meal inventory days of feed enterprises were 7.98 days, up from 7.74 days the previous week [11]. Industry News - Secex reported that Brazil exported 2.3021241 million tons of soybeans in the first two weeks of November, with a daily average export volume of 230,212.4 tons, a 71% increase from the daily average export volume in November last year. The total export volume in November last year was 2.5530339 million tons [13]. - The Brazilian Soybean Industry Association (Abiove) predicted that the Brazilian soybean production in the 2025/2026 season would be a record - high 177.7 million tons (previously estimated at 178.5 million tons), higher than 172.1 million tons in the previous year. The soybean crushing volume in the 2025/2026 season is expected to be 60.5 million tons, the same as the previous estimate and higher than 58.5 million tons in the previous year. The Brazilian soybean export volume in 2026 is expected to reach 111 million tons, the same as the previous estimate and higher than 109 million tons in 2025 [13]. - As of November 17, the soybean sowing rate in Paraná state was 92%, up 6 percentage points from the previous week but lower than 96% last year. The growth of soybeans improved slightly, with 92% of the evaluated areas in good condition. According to the latest estimate, the soybean harvest in Paraná state in the 2025/2026 season is estimated to be 21.96 million tons, a 4% increase from the previous year [14]. - As of November 16, the EU's palm oil imports in the 2025/2026 year were 1.08 million tons, compared with 1.32 million tons last year; soybean imports were 4.4 million tons, compared with 5.25 million tons last year; soybean meal imports were 6.74 million tons, compared with 7.37 million tons last year; rapeseed imports were 1.4 million tons, compared with 2.44 million tons last year [14]. - S&P Global Energy predicted that the US corn planting area in 2026 would be reduced by 3.8% compared with 2025 to 95 million acres, a decrease of 3.7 million acres; the soybean planting area would be increased by 4% to 84.5 million acres, an increase of 3.4 million acres [15]. - Safras& Mercado estimated that the Brazilian soybean production in the 2025/2026 season would be 178.76 million tons, a reduction of more than 2 million tons from the September forecast. The soybean production is still expected to reach a record high, a 4% increase from the previous year. In Tocantins state, the yield potential decreased from 3800 kg/ha to 3660 kg/ha, with an expected output of about 5.7 million tons. In Paraná state, due to adverse weather conditions such as tornadoes, the production estimate was adjusted to 21.7 million tons, still higher than the previous year. The soybean planting area is expected to increase by 1.4% to 48.31 million hectares [15]. - As of November 12, Argentine farmers sold 533,500 tons of 2024/2025 season soybeans, bringing the cumulative sales volume to 39.3662 million tons [16]. - The soybean planting in Rio Grande do Sul state, Brazil, "steadily" advanced last week, reaching 43% of the estimated planting area, but still lagging behind last year and the five - year average [16]. Relevant Charts - The report includes charts on the trends of US soybean futures contracts, Brazilian soybean CNF arrival prices, RMB spot exchange rates, regional soybean crushing profits, management fund CBOT net positions, regional soybean meal spot prices, soybean meal spot - futures price differences, soybean meal 1 - 5 month spread, South American soybean产区 precipitation and temperature, Brazilian and Argentine soybean sowing progress, US soybean sales and export volume, US oil mill crushing profits, soybean meal trading and pickup volume, port and oil mill soybean inventory, oil mill crushing volume, unexecuted contracts, oil mill soybean meal inventory, and feed enterprise soybean meal inventory days [17 - 47].

Core Insights - The article highlights the successful export of 8 tons of high-quality ice sugar oranges from Hunan Mayang to international markets, including Malaysia, Russia, and East Africa, marking a significant step in expanding the region's agricultural exports [1][2][3]. Group 1: Export Activities - The ice sugar oranges sent to Malaysia represent a continuation of efforts to penetrate the Southeast Asian market, following a successful initial shipment in April [2]. - Mayang has also been actively expanding its presence in the African market, establishing trade relations with international merchants from Kenya and Somalia [2]. - The total agricultural export value from Huaihua reached 390 million yuan from January to October this year, showcasing the region's growing international trade [4]. Group 2: Quality Control and Logistics - Huaihua Customs has been proactive in ensuring the quality of the ice sugar oranges by guiding companies to improve their quality management systems and conducting risk monitoring at planting bases [2]. - To address the time-sensitive nature of fruit exports, Huaihua Customs has optimized the "export green channel," implementing a 24/7 appointment system for inspections and promoting remote inspections and batch testing reforms [2][4]. - The company responsible for the oranges, Mayang Blue Phoenix Agricultural Development Co., is ramping up production to meet overseas demand and has additional varieties stored in cold storage [2]. Group 3: Strategic Support - Huaihua Customs is committed to supporting the development of local specialty industries by implementing more facilitative customs policies [4]. - The customs authority aims to enhance regulatory services to facilitate the export of high-quality agricultural products, contributing to local economic development and rural revitalization strategies [4].

Core Insights - The signing of the plant quarantine protocol for Rwandan avocados to enter the Chinese market is expected to boost Rwanda's agricultural exports and open new opportunities for local farmers [1][2] - Rwandan exporters are optimistic about the potential of the Chinese market, which has 1.4 billion consumers, and are actively seeking to promote their products through platforms like the China International Import Expo [1][2] - The agreement is seen as a significant step in enhancing bilateral trade relations and diversifying Rwanda's export products, potentially increasing the added value of Rwandan agricultural products [2] Group 1 - The protocol allows Rwandan avocados to enter China, expanding the variety of Rwandan agricultural products exported to the country [1] - Rwandan exporters, such as Bahage Foods, anticipate a significant increase in export demand and are preparing to showcase their avocados to Chinese consumers [1][2] - The agreement is expected to make Rwandan products more competitive due to China's zero-tariff policy on certain imports [1] Group 2 - The Rwandan Horticultural Exporters Association believes that China could become a major export destination for Rwandan avocados [2] - Local farmers are ready to capitalize on the opportunities presented by the Chinese market, which is viewed as an excellent opportunity for growth [2] - The agreement is part of a broader trend of increasing trade between China and Rwanda, with bilateral trade expected to reach $669 million in 2024, a 21.4% increase year-on-year [2]

Core Insights - The dried figs from the Beni Maouche region in Béjaïa province are accelerating their entry into the international market, with a significant shipment to the United States scheduled for November 2025 [1] Group 1: Export Developments - The local producers have successfully shipped 25 quintals (approximately 2.5 tons) of dried figs to the U.S., following positive feedback from a small batch exported last year [1] - This export marks a crucial step for the traditional product as it begins to integrate into the international supply chain and establish a foothold in the demanding U.S. market [1] Group 2: Production and Quality Standards - The successful export is attributed to improved organization among local cooperatives, enhanced processing capabilities, and effective responses to U.S. market feedback [1] - The exporting party adhered strictly to U.S. standards, implementing specialized designs for packaging, moisture control, freshness, and transportation safety to maintain product quality during long-distance shipping [1] Group 3: Market Demand and Pricing - Dried figs remain in high demand locally due to their unique flavor, traditional sun-drying methods, and meticulous manual selection, with current market prices ranging from 1,800 to 2,600 dinars per kilogram [1] - The ongoing exports not only reflect the traditional skills of local farmers but also indicate that the dried fruit industry in the region is moving towards higher standardization and professionalism, enhancing the international visibility and competitiveness of Algerian agricultural products [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Palm oil has short - term support but there is a risk of a second decline; for soybean oil, with the rebound of US soybeans, the spread between soybean oil and palm oil is expected to widen [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of palm oil主力 was 8,828 yuan/ton (down 0.16% during the day session, 8,806 yuan/ton at night, down 0.25%); soybean oil主力 was 8,168 yuan/ton (up 0.44% during the day session, 8,156 yuan/ton at night, down 0.15%); rapeseed oil主力 was 9,529 yuan/ton (up 0.04% during the day session, 9,468 yuan/ton at night, down 0.64%); Malaysian palm oil主力 was 4,260 ringgit/ton (up 0.19% during the day session, 4,269 ringgit/ton at night, up 0.21%); CBOT soybean oil主力 was 49.58 cents/pound (down 1.16%) [1] - **Trading Volume and Open Interest**: The trading volume of palm oil主力 was 483,690 lots (down 243,616 lots), and the open interest was 391,870 lots (up 3,383 lots); for soybean oil主力, the trading volume was 286,316 lots (down 152,541 lots), and the open interest was 489,700 lots (down 3,447 lots); for rapeseed oil主力, the trading volume was 167,186 lots (down 189,402 lots), and the open interest was 226,014 lots (down 7,051 lots) [1] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 8,750 yuan/ton (unchanged); the price of first - grade soybean oil in Guangdong was 8,500 yuan/ton (up 50 yuan/ton); the price of fourth - grade imported rapeseed oil in Guangxi was 9,900 yuan/ton (unchanged); the FOB price of Malaysian palm oil was 1,065 dollars/ton (down 10 dollars/ton) [1] - **Basis**: The basis of palm oil in Guangdong was - 78 yuan/ton; for soybean oil in Guangdong, it was 332 yuan/ton; for rapeseed oil in Guangxi, it was 371 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures主力 was 701 yuan/ton (previous two - day spread was 683 yuan/ton); the spread between soybean oil and palm oil futures主力 was - 660 yuan/ton (previous spread was - 710 yuan/ton); the 1 - 5 spread of palm oil was - 46 yuan/ton (previous spread was - 48 yuan/ton); the 1 - 5 spread of soybean oil was 184 yuan/ton (previous spread was 172 yuan/ton); the 1 - 5 spread of rapeseed oil was 319 yuan/ton (previous spread was 349 yuan/ton) [1] 3.2 Macro and Industry News - Malaysia's MPIC aims to strengthen the downstream development of palm oil in Sabah, especially in biodiesel production. Sabah, the largest crude palm oil - producing region in Malaysia, had a production of 4.27 million tons in 2024, accounting for 22.1% of the national total. The state has over 1.48 million hectares of oil palm plantations, about 26.43% of the national total, and 129 palm oil mills. There are three licensed biodiesel plants in Sabah, creating about 160 jobs [2][3] - As of the week ending October 28, about 34% of US soybean - growing areas were affected by drought, down from 39% the previous week and 73% last year [3] - The estimated soybean production in Paraná, Brazil for the 2025/26 season is 21.96 million tons, higher than the September forecast of 21.94 million tons [3] - Brazil exported 1.347347 million tons of soybeans, 0.451508 million tons of soybean meal, and 1.551232 million tons of corn from October 19 - 25. It plans to export 1.832822 million tons of soybeans, 0.48587 million tons of soybean meal, and 1.369037 million tons of corn from October 26 - November 1 [4] - Since the start of the 2024/25 season, the EU's imports of five major oilseed meals reached a record high of 24.99 million tons. The increase in soybean meal imports was the most significant, reaching 20.34 million tons from October 2024 to August 2025, an increase of 3.5 million tons. Imports from Argentina, Brazil, and India increased by 2 million tons, 1.4 million tons, and 0.55 million tons respectively, while imports from the US decreased by 0.4 million tons. Rapeseed meal imports (mainly from Canada) slightly rebounded to 0.421 million tons (lower than last year's 0.647 million tons). Sunflower seed meal imports totaled 2.49 million tons (3.06 million tons last year), and palm kernel meal imports were 1.45 million tons (1.41 million tons last year) [4] - In September 2025, Canada's rapeseed crushing volume was 1.007389 million tons, up 16.07% from the previous month and 7.97% from the same period last year. Rapeseed oil production was 0.42533 million tons (up 15.8% month - on - month and 7.72% year - on - year), and rapeseed meal production was 0.589724 million tons (up 14.52% month - on - month and 8.32% year - on - year). The cumulative rapeseed crushing volume for the 2025/26 season was 1.875333 million tons, rapeseed oil production was 0.792629 million tons, and rapeseed meal production was 1.104666 million tons [5] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0. The range of trend intensity is from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]