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Core Insights - Shandong Province achieved a record high agricultural product export value of 39.95 billion yuan in Q1 2025, marking a 6.7% increase and accounting for 22.9% of the national agricultural product export value, maintaining its position as the largest agricultural exporter in China [1] Group 1: Agricultural Export Performance - The main agricultural products contributing to the export growth include vegetables and edible fungi, which reached 10.94 billion yuan with an 8.5% increase; aquatic products at 8.08 billion yuan with a 17.2% increase; and dried and fresh fruits and nuts at 2.64 billion yuan with a 17.3% increase, collectively representing 54.2% of the total agricultural export value [1] - The customs authorities are enhancing smart customs initiatives and implementing a series of facilitation measures to promote the international market presence of Shandong's high-quality agricultural products [1] Group 2: Innovative Measures for Export Facilitation - Innovative measures have been introduced to expedite agricultural product exports, such as data sharing with agricultural and big data departments, which reduced customs clearance time by 6 days for edible fungi exports [2] - A new integrated management model for meat exports to the EU has been implemented, reducing clearance time from 5 days to seconds, resulting in a 29.6% increase in meat exports to the EU in Q1 [2] - The use of international road transport (TIR) for fresh vegetables has led to a 56.4% increase in agricultural product exports via road in Q1 [2] Group 3: Policy Support and Market Expansion - A comprehensive set of ten measures has been established to support the development of national agricultural open development pilot zones, with the Weifang National Agricultural Comprehensive Zone exporting agricultural products worth 4.04 billion yuan, a 5.4% increase in Q1 [2] - The establishment of the Yellow River Basin Agricultural and Food Products Evaluation Base Alliance has helped address foreign technical trade barriers, leading to significant export growth for garlic (14%), honey (63.6%), and broccoli (36.8%) [2] - Shandong's agricultural products were exported to 192 countries and regions globally in Q1, with exports to RCEP member countries totaling 19.68 billion yuan, accounting for 49.2% of the province's agricultural export value [3]

Group 1 - The core viewpoint of the news is that Hubei's "Qianjiang Lobster" has officially entered the Middle Eastern market with the first export of 20 tons of seasoned crayfish to Saudi Arabia, marking a significant milestone for the region's seafood industry [1] - Hubei Qianjiang is known as the "hometown of Chinese crayfish," and over 20 years, it has developed a complete industrial chain for crayfish, including breeding, farming, deep processing, sales, and exports, with over 20 product varieties [1] - The local customs authority has facilitated the export process by providing support and guidance to ensure product quality and safety, including establishing a "green channel" for efficient customs clearance [1] Group 2 - The local customs has implemented targeted measures to support the export of Qianjiang crayfish, including collecting feedback from enterprises, enhancing food safety management systems, and providing timely information on inspection and quarantine requirements for export destinations [2] - In the first quarter of this year, the customs authority supervised the export of 268.8 tons of crayfish products, with a total value of 16.223 million yuan, representing year-on-year increases of 14.2% and 12.7%, respectively [2]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints - The decline in US soybean oil inventory supports international oils and fats. The impact of the macro - environment on soybean oil weakens, and it is in a range - bound consolidation phase [1] 3. Summaries by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - Palm oil主力: Closing price (day session) is 8,720 yuan/ton with a decline of 0.32%, and (night session) is 8,148 yuan/ton with a decline of 6.56%. Trading volume decreased by 177,914 to 296,037 lots, and open interest decreased by 22,181 to 134,408 lots [1] - Soybean oil主力: Closing price (day session) is 7,706 yuan/ton with a decline of 0.36%, and (night session) is 7,708 yuan/ton with an increase of 0.03%. Trading volume decreased by 8,033 to 57,797 lots, and open interest decreased by 6,166 to 137,712 lots [1] - Rapeseed oil主力: Closing price (day session) is 9,255 yuan/ton with a decline of 1.36%, and (night session) is 9,302 yuan/ton with an increase of 0.51%. Trading volume decreased by 2,198 to 273,054 lots, and open interest decreased by 22,875 to 82,760 lots [1] - Malaysian palm oil主力: Closing price is 4,107 ringgit/ton with a decline of 1.51%, and (night session) is 4,121 ringgit/ton with an increase of 0.32% [1] - CBOT soybean oil主力: Closing price is 47.80 cents/pound with an increase of 2.03% [1] 3.1.2 Spot - 24 - degree palm oil in Guangdong: Spot price is 9,150 yuan/ton, down 100 yuan/ton [1] - First - grade soybean oil in Guangdong: Spot price is 8,100 yuan/ton, down 30 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: Spot price is 9,230 yuan/ton, down 150 yuan/ton [1] - Malaysian palm oil FOB price: 1,060 dollars/ton, down 10 dollars/ton [1] 3.1.3 Basis - Palm oil (Guangdong): Basis is 430 yuan/ton [1] - Soybean oil (Guangdong): Basis is 394 yuan/ton [1] - Rapeseed oil (Guangxi): Basis is - 25 yuan/ton [1] 3.1.4 Spreads - Rapeseed - palm oil futures spread: 1,152 yuan/ton, compared with 635 yuan/ton previously [1] - Soybean - palm oil futures spread: - 458 yuan/ton, compared with - 1,050 yuan/ton previously [1] - Palm oil 5 - 9 spread: 586 yuan/ton, compared with 578 yuan/ton previously [1] - Soybean oil 5 - 9 spread: 30 yuan/ton, compared with 36 yuan/ton previously [1] - Rapeseed oil 5 - 9 spread: - 31 yuan/ton, same as before [1] 3.2 Macro and Industry News - ITS: Malaysia's palm oil exports from April 1 - 15 were 491,984 tons, a 16.95% increase from the same period last month [2] - AmSpec: Malaysia's palm oil exports from April 1 - 15 were 450,657 tons, a 13.55% increase from the same period last month [2] - Malaysia will keep the crude palm oil export tax at 10% in May and lower the reference price. The May reference price is 4,449.35 ringgit/ton (1,008.47 dollars/ton), compared with 4,547.79 ringgit/ton in April [4] - NOPA: US soybean crushing volume in March increased month - on - month but was lower than market expectations. The daily average crushing volume declined for the third consecutive month. The March soybean crushing volume was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024. The soybean oil inventory at the end of March was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year [5] - Anec: Brazil's soybean exports in April are expected to reach 14.5 million tons, higher than last week's forecast. If confirmed, it will be about 1 million tons more than last year but lower than the record in March. Brazil's soybean meal exports in April are expected to reach 2.4 million tons, higher than last week's forecast [6] - IMEA: The soybean crushing profit in Mato Grosso from April 7 - 11 was 655.59 reais/ton, up from 635.63 reais/ton the previous week [6] - Ukraine experienced severe cold snaps and frosts in early April, almost halting the development of grain crops. Rapeseed may be the most affected, with the 2025 harvest possibly at a three - year low, a potential 8% decrease to 3.39 million tons. Rapeseed exports in the 2025/26 season may also decline by 13% to 2.7 million tons [7] 3.3 Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral outlook [8]