Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The USDA did not adjust the U.S. soybean crushing volume in the November report. In October, U.S. soybean crushing reached a record 227.65 million bushels, with a 15% month - on - month and 14% year - on - year increase. The December USDA report may keep the crushing unchanged, with little adjustment to U.S. soybean supply and demand and ending stocks [3]. - Malaysian palm oil inventories soared to a six - year high in November due to lower exports, increasing 10% month - on - month to 2.71 million tons, 47% higher than a year ago [3]. - Night trading of soybean and rapeseed meal was strong. The USDA report lowered the U.S. soybean yield forecast for 2025/2026, but the actual report data was less bullish than expected. U.S. soybean crushing demand is strong, while domestic soybean meal remains in a loose pattern with high inventories, and Dalian soybean meal is expected to adjust following U.S. soybeans [3]. - Night trading of soybean and palm oil was weak, and rapeseed oil closed up in a volatile manner. The MPOB report showed an increase in Malaysian palm oil production and exports, and inventories continued to build up. The market rumor of the EPA's RVO plan boosted the demand expectation of soybean oil for biodiesel, but the upcoming arrival of Australian rapeseeds and frequent state reserve sales pressured rapeseed oil prices [3]. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 8286, 8730, 9711, 3046, 2408, and 8844 respectively. The price changes were - 2, 10, - 34, 1, - 15, and 26, and the percentage changes were - 0.02%, 0.11%, - 3.15%, 0.03%, - 0.62%, and 0.29% respectively [1]. - **Spreads and Ratios**: The current spreads and ratios of various futures contracts are presented, such as Y9 - 1 at - 256, P9 - 1 at - 134, etc., with corresponding changes compared to the previous values [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4099 ringgit/ton, 1116 cents/bushel, 52 cents/pound, and 311 dollars/ton respectively. The price changes were 39, - 8, - 1, - 0, and the percentage changes were 0.96%, - 0.69%, - 1.65%, - 0.13% respectively [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals, such as Tianjin and Guangzhou first - grade soybean oil, Zhangjiagang and Guangzhou 24° palm oil, etc., are given, along with their percentage changes. The spot basis and spreads are also presented [1]. Import and Profitability - **Import Profits**: The current import profits of near - month Malaysian palm oil, U.S. Gulf soybeans, Brazilian soybeans, U.S. West soybeans, Canadian crude rapeseed oil, and Canadian rapeseeds are - 476, - 197, 50, - 153, 362, and 785 respectively, with changes compared to the previous values [1]. Warehouse Receipts - **Quantities**: The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 24,627, 730, 4,131, 40,840, 2,000, and 0 respectively, with corresponding previous values [1][2].

Report Industry Investment Rating - Not provided in the report Core View - Southeast Asian floods have limited impact on palm oil, with potential negative expectation gaps [2] Summary by Related Catalogs Spot Price - On December 1, 2025, the spot price of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu remained unchanged compared to November 28, 2025, at 8710, 8670, and 8570 respectively [1] - The spot price of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu increased by 50 on December 1, 2025, compared to November 28, 2025, reaching 8470, 8610, and 8620 respectively [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu decreased by 30 on December 1, 2025, compared to November 28, 2025, reaching 10080, 10130, and 10330 respectively [1] Futures Data - On December 1, 2025, the spread between the main contracts of soybean oil and palm oil was - 364, an increase of 18 compared to November 28, 2025 [1] - The spread between the main contracts of rapeseed oil and soybean oil was 1482, a decrease of 31 compared to November 28, 2025 [1] - The palm oil warehouse receipts remained unchanged at 352; the soybean oil warehouse receipts increased by 5469 to 5469; the rapeseed oil warehouse receipts decreased by 110 to 3855 [1] Important Information - Indonesia - Indonesia's GAPKI believes that floods in Sumatra have not had a significant impact on palm oil production [1] - From January to October 2025, Indonesia exported a total of 19.49 million tons of crude and refined palm oil, a 7.83% increase compared to the same period last year. In October, 1.91 million tons of palm oil were exported, up from 1.38 million tons in September [1] Important Information - Malaysia - According to SPPOMA, the average yield per unit of palm oil in Malaysia in November decreased by 0.2% compared to the same period last month [1] - According to ITS, from November 1 - 30, Malaysian palm oil exports decreased by 19.7% compared to the same period last month; from November 1 - 20, exports decreased by 20.5%; from November 1 - 15, exports decreased by 15.5%; from November 1 - 10, exports decreased by 12.8% [1] - According to AmSpec, from November 1 - 30, Malaysian palm oil exports decreased by 15.9% compared to the same period last month; from November 1 - 20, exports decreased by 14%; from November 1 - 15, exports decreased by 10%; from November 1 - 10, exports decreased by 10% [1] Other Information - In September, the U.S. usage of soybean oil for biofuel production rose to 1.053 billion pounds, up from 1.041 billion pounds in August [1] - In the 2025/26 season, the overall growth of Brazilian soybeans indicates that the yield potential in most regions will be lower than in the 2024/25 season. The current sowing progress is 86.97%, compared to 89.54% in the same period last year and a five - year average of 85.13% [2] - As of the week ending October 16, the net sales of U.S. soybeans for the 2025/2026 season were 1.108 million tons, in line with expectations, up from 0.785 million tons the previous week; the net sales for the 2026/2027 season were 0 tons, down from 0.1 million tons the previous week. The export shipments of U.S. soybeans for the 2025/2026 season were 1.73 million tons, up from 0.693 million tons the previous week [2]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Palm oil is experiencing a weakening of high - yield marginal trading and a technical rebound [1]. - Soybean oil lacks a strong driving force from US soybeans and is mainly in a range - bound pattern [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: - Palm oil: The day - session closing price was 8,626 yuan/ton with a 1.15% increase, and the night - session closing price was 8,646 yuan/ton with a 0.23% increase. Trading volume was 410,968 lots with an increase of 27,550 lots, and the open interest was 331,361 lots with a decrease of 33,791 lots [1]. - Soybean oil: The day - session closing price was 8,244 yuan/ton with a 0.24% increase, and the night - session closing price was 8,280 yuan/ton with a 0.44% increase. Trading volume was 172,181 lots with a decrease of 53,408 lots, and the open interest was 347,390 lots with a decrease of 10,124 lots [1]. - Rapeseed oil: The day - session closing price was 9,757 yuan/ton with a - 0.15% change, and the night - session closing price was 9,785 yuan/ton with a 0.29% increase. Trading volume was 235,179 lots with a decrease of 5,362 lots, and the open interest was 175,955 lots with a decrease of 5,986 lots [1]. - Malaysian palm oil (Malaysian ringgit/ton): The closing price was 4,114 with a 0.59% increase [1]. - CBOT soybean oil (US cents/pound): The closing price was 52.08 with a 2.06% increase [1]. - **Spot Data**: - Palm oil (24 - degree, Guangdong): The spot price was 8,570 yuan/ton with a 180 - yuan increase [1]. - First - grade soybean oil (Guangdong): The spot price was 8,570 yuan/ton with no change [1]. - Fourth - grade imported rapeseed oil (Guangxi): The spot price was 10,280 yuan/ton with a 100 - yuan increase [1]. - Malaysian palm oil FOB (continuous contract): The price was 1,030 US dollars/ton with a 10 - dollar increase [1]. - **Basis Data**: - Palm oil (Guangdong): The basis was - 56 yuan/ton [1]. - Soybean oil (Guangdong): The basis was 326 yuan/ton [1]. - Rapeseed oil (Guangxi): The basis was 523 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures spread: 1,131 yuan/ton (previous two - day value: 1,244 yuan/ton) [1]. - Soybean - palm oil futures spread: - 382 yuan/ton (previous two - day value: - 304 yuan/ton) [1]. - Palm oil 1 - 5 spread: - 52 yuan/ton (previous two - day value: - 62 yuan/ton) [1]. - Soybean oil 1 - 5 spread: 204 yuan/ton (previous two - day value: 222 yuan/ton) [1]. - Rapeseed oil 1 - 5 spread: 256 yuan/ton (previous two - day value: 233 yuan/ton) [1]. 3.2 Macro and Industry News - **Palm Oil News**: - ITS reported that Malaysia's palm oil exports in November were expected to be 1,316,455 tons, a 19.7% decrease [2]. - Indonesia set the reference price for crude palm oil in December at 926.14 US dollars/ton, lower than 963.75 US dollars/ton in November. The export tariff will drop to 74 US dollars/ton from 124 US dollars/ton in the previous month, and there is an additional 10% export special tax [2][3]. - Indonesian suppliers are expected to postpone the shipment of 310,000 tons of palm oil from November to December due to an expected export tax reduction of over 50 US dollars/ton in December [3]. - **Soybean News**: - A private US exporter reported the sale of 312,000 tons of soybeans to China for the 2025/2026 delivery [4]. - In September, the US used 1.053 billion pounds of soybean oil for biofuel production, up from 1.041 billion pounds in August [4]. - In the 2025/2026 season, the overall growth of Brazil's soybean crops indicates that the yield potential in most areas will be lower than in the 2024/2025 season. The sowing progress is 86.97%, compared with 89.54% in the same period last year and a five - year average of 85.13% [4]. - Agroconsult expects Brazil's soybean production in the 2025/2026 season to reach a record 178.1 million tons [4]. - In the 2025/2026 season, the soybean planting in South Mato Grosso, Brazil, is nearing completion. As of November 21, 95.6% of the expected area (4.583 million hectares) has been sown, with 93.7% of the crops in good condition. The estimated average yield is 52.8 bags per hectare, and the expected total output is 15.1 million tons [5]. - In South Rio Grande do Sul, Brazil, the soybean sowing area has reached 60% of the expected area, and the crops are in the germination and vegetative development stages with good emergence [5]. - As of November 27, Argentina's 2025/2026 soybean planting rate was 39% (last week: 25%, last year: 47%) [5]. - As of November 26, Argentina's soybean sowing progress was 36% (last week: 24.6%, last year: 45%). The proportion of crops in good condition was 62% (last week: 70%, last year: 21%), and 38% were in normal condition (last week: 30%, last year: 79%) [6]. - Expana estimates that the EU's soybean production in the 2026/2027 season will be 3.2 million tons, up from 3 million tons in the 2025/2026 season [6]. - Due to a significant increase in the planting area, Expana expects the EU's rapeseed production in the 2026/2027 season to be 20.8 million tons, a 1.5% increase from 20.5 million tons in the 2025/2026 season [6]. - Expana estimates that the EU's sunflower seed production in the 2026/2027 season will be 9.8 million tons, compared with 8.4 million tons in the 2025/2026 season [6]. 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0, indicating a neutral outlook [7].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The overall inventory pressure in the oilseed industry remains high, but the absolute price is too low to have much downward space, and the supply - demand relationship has not improved significantly. Attention should be paid to the import volume of US soybeans from December to January, as well as the import changes of rapeseed under the influence of tariffs. In the oil market, different oils face different supply - demand situations, with some facing supply pressure and some having relatively strong price patterns due to supply tightening [5][40]. 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal - USDA's current report lowered US soybean production, inventory, and exports, but the figures were lower than market expectations. Brazil's soybean sowing is going smoothly, and an increase in area and production is expected, which may put pressure on supply from March to May next year [5]. - Domestic port soybean inventory is sufficient, at a three - year high, and supply pressure is large. The loss in the aquaculture industry has suppressed purchasing enthusiasm, resulting in weak demand [5]. - The progress of domestic purchases of US soybeans is still slow, and attention should be paid to the purchase volume from December to January [5]. - Import reduction has led to domestic rapeseed inventory approaching zero, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. The import of Canadian rapeseed has not been resumed, and the arrival of Australian imports has increased recently. The expected rapeseed import volume in December and January remains at the historical average [5]. - With the end of the peak season for aquatic product demand, demand support will further weaken [5]. 3.2 Fats and Oils - **Soybean Oil**: Supply has improved with the increase in crushing, but overall inventory pressure is large. Overseas biodiesel topics have slowed down, and the decline in US soybean oil prices has put pressure on import costs. The weakening of the biodiesel topic in the crude oil market has also had a short - term impact. However, the approaching year - end demand peak season provides some support for demand [39][40]. - **Palm Oil**: Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main production areas and obvious supply pressure. Short - term Chinese imports have slowed down, and demand is weak. However, the approaching Spring Festival demand peak season may drive demand improvement. The possible delay of Indonesia's B50 plan and the delay of US biodiesel subsidies have weakened the demand expectation for palm oil [40]. - **Rapeseed Oil**: High tariffs on imported rapeseed in China and uncertain import volume of Canadian rapeseed have affected the supply of rapeseed oil raw materials. Low domestic rapeseed arrivals, reduced oil mill operating rates, and tightened supply of imported rapeseed oil have led to continuous inventory reduction, resulting in a relatively strong price pattern for rapeseed oil [41].

Group 1 - The company, Chuangye Group Holdings, announced the acquisition of a 12% stake in Guangxi Ronghe Bioenergy Technology Co., Ltd. for a total consideration of RMB 24 million, with the transaction expected to be completed by November 26, 2025 [1] - Guangxi Ronghe primarily engages in the processing and sales of industrial oils, biodiesel, and bio-plasticizers, with key products including first-generation biodiesel (UCOM) and marine biodiesel (B24) [1] - The target company is investing in a biodiesel production facility in Nanning, China, which will have an annual production capacity of approximately 200,000 tons, with the first phase of construction scheduled for completion by November 2025 [1] Group 2 - The board believes that the acquisition aligns with the company's development strategy and is expected to enhance its market share, competitiveness, and brand image in China [2] - This move represents an opportunity to expand the company's biodiesel business portfolio and is anticipated to positively contribute to the prospects of both the target company and the biodiesel industry [2] - Global demand for biodiesel and sustainable aviation fuel (SAF) is expected to rise due to supportive global policy frameworks, including the EU's target to reduce transport-related greenhouse gas emissions by 90% by 2050 [1][2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - USDA's recent report lowered US soybean production and inventory, but the reduction was less than market expectations, and US soybean exports were also cut. Brazilian soybean sowing is progressing smoothly, and the market anticipates an increase in area, which may exert pressure on supply from March to May next year. In China, port soybean inventories are abundant, at a three - year high, leading to significant supply pressure. Weak demand is due to losses in the aquaculture industry, which dampens purchasing enthusiasm. Import reduction has led to near - zero domestic rapeseed inventories, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. Canadian rapeseed imports remain restricted, while Australian imports have recently increased, with expected imports in December and January at historical average levels. As the peak season for aquaculture demand ends, demand - side support will further weaken. Attention should be paid to the impact of tariffs on rapeseed imports in the future [7]. - For soybean oil, recent increases in oil mill operations have led to a rise in supply, with significant overall inventory pressure. Falling crude oil prices have narrowed biofuel processing margins, dragging down the oil market. A slowdown in overseas biodiesel topics has led to a decline in US soybean oil prices, pressuring soybean oil from the import cost side. Recent macro - economic weakness has also affected overall oil prices [37]. - Regarding palm oil, Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main producing areas and obvious supply pressure. Demand is weak, and the seasonal production - reduction cycle has not yet begun. Indonesia's B50 plan may be postponed, weakening the demand outlook for palm oil as a biodiesel raw material. Delays in US biodiesel subsidies may slow down biodiesel demand, which is unfavorable for palm oil demand in the short term [38]. - For rapeseed oil, the uncertain China - Canada relationship has kept rapeseed imports under high tariffs, with uncertain Canadian rapeseed import volumes affecting rapeseed oil raw material supply. Low domestic rapeseed arrivals have led to a decline in oil mill operating rates, tightening rapeseed oil supply and continuously reducing rapeseed oil inventory. Tight domestic supply has stimulated a relatively strong rapeseed oil market [39]. Summary by Relevant Catalogs Soybean Meal and Rapeseed Meal - **Supply - side factors**: USDA lowered US soybean production, inventory, and exports; Brazilian soybean sowing is smooth with expected area increase; Chinese port soybean inventories are at a three - year high; import reduction has led to near - zero domestic rapeseed inventories; Canadian rapeseed imports are restricted, while Australian imports are increasing [7]. - **Demand - side factors**: Weak demand due to aquaculture losses; end of the peak season for aquaculture demand weakens demand - side support [7]. Oils Soybean Oil - **Supply**: Increased oil mill operations have led to higher supply and significant inventory pressure [37]. - **External factors**: Falling crude oil prices, a slowdown in overseas biodiesel topics, and weak macro - economic conditions have pressured soybean oil prices [37]. Palm Oil - **Supply**: Malaysia's production and inventory have increased, with sufficient supply in the main producing areas [38]. - **Demand**: Weak demand, postponed Indonesia's B50 plan, and delayed US biodiesel subsidies have affected palm oil demand [38]. Rapeseed Oil - **Supply**: Uncertain China - Canada relationship, high tariffs on rapeseed imports, low domestic rapeseed arrivals, and reduced oil mill operating rates have tightened supply [39]. - **Market situation**: Tight supply has led to a relatively strong rapeseed oil market [39].

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - Brazilian soybean production is expected to continue increasing, and the oil market will fluctuate [1] - Palm oil has been under pressure recently due to inventory build - up expectations, declining exports, and rising production, but the expectation of biodiesel experiments still provides support, and it is not likely to fall sharply in the short term [2] - The passage of the bill by the US House of Representatives and the upcoming USDA report on the 14th will put some pressure on the oil market [2] Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 8752.00 yuan/ton, a change of +8 yuan or +0.09% [1] - The closing price of the soybean oil 2601 contract yesterday was 8316.00 yuan/ton, a change of +28.00 yuan or +0.34% [1] - The closing price of the rapeseed oil 2601 contract yesterday was 9975.00 yuan/ton, a change of +135.00 yuan or +1.37% [1] Spot - The spot price of palm oil in Guangdong was 8650.00 yuan/ton, a change of -30.00 yuan or -0.35%, and the spot basis was P01 - 102.00, a change of -38.00 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8460.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%, and the spot basis was Y01 + 144.00, a change of -18.00 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10330.00 yuan/ton, a change of +140.00 yuan or +1.37%, and the spot basis was OI01 + 355.00, a change of +5.00 yuan [1] Market Information Summary Brazilian Soybean Forecast - The estimated soybean production in Brazil for the 2025/26 season is 177.6016 million tons, an increase of 6.1199 million tons or 3.6% year - on - year [2] - The estimated soybean planting area in Brazil for the 2025/26 season is 49.0634 million hectares, an increase of 1.7169 million hectares or 3.6% year - on - year [2] - The estimated soybean yield in Brazil for the 2025/26 season is 3.62 tons per hectare, a decrease of 2.0 kg per hectare or 0.1% year - on - year [2] International News - The US House of Representatives has enough votes to pass the temporary appropriation bill, which will be submitted to Trump for signature today [2] - Indian palm oil imports in October were 602,381 tons, compared with 833,017 tons in September [2]

Core Insights - The biodiesel sector is experiencing significant positive developments, with core stocks showing notable price increases due to favorable policies and market conditions [1][4] - The International Air Transport Association (IATA) projects that Sustainable Aviation Fuel (SAF) will contribute approximately 65% to the aviation sector's net-zero carbon target by 2050 [1] - The Chinese government has set ambitious targets for biodiesel utilization, aiming for 2 million tons by 2025 and 5 million tons by 2030, alongside mandatory blending standards [2] Industry Developments - The European SAF FOB price has risen over 58% since the beginning of the year, reaching $2840-$2860 per ton, while domestic prices have increased to $2450-$2650 per ton [1] - The National Development and Reform Commission's "14th Five-Year Plan" emphasizes the importance of biodiesel in renewable energy development [2] - The International Maritime Organization is promoting biodiesel as a key option for reducing emissions in the shipping sector [2] Technological Advancements - Third-generation biodiesel technologies have achieved conversion efficiencies exceeding 92%, significantly reducing pollutant emissions and ensuring compatibility with existing maritime and aviation equipment [3] - Leading domestic companies are extending their production capabilities into the SAF supply chain, enhancing product value [3] Market Activity - The demand for biodiesel is expanding into high-value applications, with increased trading activity in the sector as market expectations for growth rise [4] - Core stocks in the biodiesel sector are attracting significant investor interest, driven by policy and price catalysts [4] Company Spotlight: Shango Environmental - Shango Environmental (000803.SZ) is a leading player in the biodiesel raw material sector, focusing on the resource utilization of used cooking oil (UCO) [5] - The company has an annual production capacity of 60,000 tons of UCO and is well-positioned to benefit from the explosive growth in global SAF demand [5] - For the first half of 2025, the company anticipates a net profit of 40-45 million yuan, representing a year-on-year increase of 214.28%-228.56% [5] Competitive Advantages - Shango has established a robust network for collecting used cooking oil, enhancing its raw material self-sufficiency [6] - The company is upgrading its production facilities to meet both domestic and international SAF production standards, supporting future market expansion [6] - Plans to increase biodiesel production capacity to 500,000 tons per year are in place, leveraging raw material advantages to extend the supply chain into SAF production [6]

Core Insights - The biodiesel sector is experiencing a resurgence, with companies like Langkun Technology and Shango Environmental hitting their daily price limits, while Jiaao Environmental has reached a new historical high with an increase of nearly 8% [1] - The International Air Transport Association (IATA) predicts that by 2050, 65% of carbon reduction in the aviation industry will be achieved through the use of Sustainable Aviation Fuel (SAF) [1] - SAF is projected to reduce carbon emissions by 80% compared to traditional aviation fuels without requiring significant modifications to existing aircraft and aviation infrastructure [1] Company Performance - Langkun Technology and Shango Environmental have both reached their daily trading limits, indicating strong market interest and investor confidence [1] - Jiaao Environmental has achieved a new historical high, reflecting positive market sentiment and potential growth in the biodiesel sector [1] - Other companies such as Pengyao Environmental, Zhuoyue New Energy, and Haineng Technology are also experiencing upward movement in their stock prices, suggesting a broader trend in the industry [1] Industry Outlook - The aviation industry is increasingly focusing on carbon reduction strategies, with SAF playing a crucial role in achieving sustainability goals [1] - The forecast by IATA highlights the significant potential for SAF to transform the aviation fuel landscape, emphasizing the importance of innovation in fuel technology [1] - The anticipated 80% reduction in carbon emissions through SAF usage positions the biodiesel sector as a key player in the transition to greener aviation practices [1]

Report Overview - The report is the Agricultural Products Morning Report of Wukuang Futures on November 12, 2025, covering market information and strategy views on soybeans, oilseeds, sugar, cotton, eggs, and hogs [1][2] Market Information Soybeans and Soybean Meal - Overnight CBOT soybeans were basically stable, and the market awaited the USDA monthly report. Brazilian soybean premiums fell slightly on Tuesday, increasing the cost of imported soybeans. Domestic soybean meal spot prices were stable, with the price in East China at 2,990 yuan/ton. Soybean meal trading was weak, but pick-up was good. Chinese ports' soybean inventories exceeded 10 million tons last week due to large arrivals and a decline in the operating rate. MYSTEEL estimated that soybean crushing volume at oil mills this week would be 2.1579 million tons, up from 1.8057 million tons last week [2] - In the next two weeks, rainfall in the southeastern soybean-producing areas of Brazil will be uneven and scarce, while other areas will be normal. As of last Thursday, the sowing rate of Brazil's 2025/26 soybean crop had reached 61% of the expected level, compared with 67% at the same time last year. ANEC predicted that Brazil's soybean exports in November are expected to reach 426,000 tons, up from 377,000 tons the previous week [2] Oils - ITS and AMSPEC data showed that Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month. SPPOMA data showed that Malaysia's palm oil production in the first five days of November increased by 6.8% month-on-month, and production from November 1 - 10 decreased by 2.16% compared with the same period last month. - The US Department of Agriculture will release monthly supply and demand estimates on November 14, providing yield data for grain and oilseed futures. - An Indonesian energy ministry official said that as of November 10, the country's biodiesel consumption this year had reached 12.25 million kiloliters, using FAME as raw material. The Indonesian government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025. - Domestic oils rebounded slightly on Tuesday. The MPOB report showed that Malaysia's palm oil exports in October exceeded expectations, and high-frequency data showed a slight decline in exports and a slight decrease in production in the first 10 days of November. Domestic spot basis was stable at a low level [6] Sugar - Zhengzhou sugar futures continued to fluctuate on Tuesday. The closing price of the January contract was 5,480 yuan/ton, up 5 yuan or 0.09% from the previous trading day. - Guangxi sugar - making groups had no offer for old sugar. Yunnan sugar - making groups' offers were between 5,530 - 5,580 yuan/ton, unchanged from the previous trading day. The mainstream offer range for processed sugar mills was 5,770 - 5,880 yuan/ton, also unchanged. - India's food minister said that the central government had decided to allow the export of 1.5 million tons of sugar in the 2025/26 sugar - crushing season. According to Mutian Technology, sugar mills in Guangxi are expected to start operation as early as November 15, 7 days later than last year. As of November 9, 2025, 3 sugar mills in Yunnan had started operation in the 2025/26 season, 1 more than last year [11] Cotton - Zhengzhou cotton futures continued to fluctuate on Tuesday. The closing price of the January contract was 13,560 yuan/ton, down 20 yuan or 0.15% from the previous trading day. - The China Cotton Price Index (CCIndex) 3128B was 14,842 yuan/ton, down 2 yuan from the previous trading day. The basis between CCIndex 3128B and the main cotton contract (CF2601) was 1,282 yuan/ton. - As of the week of November 7, the spinning mill operating rate was 65.4%, down 0.2 percentage points from the previous week, 6.3 percentage points lower than the same period last year, and 8.64 percentage points lower than the five - year average of 74.04%. - On November 10, the purchase index of machine - picked cotton in Xinjiang was 6.25 yuan/kg, and that of hand - picked cotton was 6.94 yuan/kg, both unchanged from the previous day [14] Eggs - The national egg price was mostly stable with a slight decline yesterday. The average price in the main production areas dropped 0.02 yuan to 2.96 yuan/jin. The price in Heishan dropped 0.1 yuan to 2.8 yuan/jin, and the price in Guantao remained unchanged at 2.76 yuan/jin. Supply was stable, farmers sold eggs as usual, market demand was average, and downstream traders' purchasing intention weakened. It is expected that today's egg price will be stable in some areas and slightly decline in others [17] Hogs - Domestic hog prices were half stable and half falling yesterday. The average price in Henan dropped 0.21 yuan to 11.98 yuan/kg, the average price in Sichuan dropped 0.01 yuan to 11.53 yuan/kg, and the average price in Guangxi remained unchanged at 11.59 yuan/kg. Farmers were eager to sell hogs, supply was sufficient, demand showed no obvious improvement, trading was average, and today's hog prices will continue to be weak [21] Strategy Views Soybean Meal - Import costs are expected to fluctuate. China's soybean inventory is at a record high, and soybean meal inventory is large, putting pressure on crushing margins. However, as the de - stocking season approaches, there is some support. It is expected that soybean meal prices will rise in the short term following import costs, and crushing margins will recover, stimulating purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and the strategy is to sell on rallies [4] Oils - The unexpectedly high palm oil production in Malaysia and Indonesia has suppressed the palm oil market. The recent improvement in Malaysian palm oil exports provides support, and its sustainability should be observed. The current situation of inventory accumulation due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production does not continue, the de - stocking time may come earlier. If Indonesia maintains high production, palm oil will remain weak. The strategy is to view the market as range - bound and turn bullish if there are signs of production decline [9] Sugar - The recent strengthening of import controls on syrup and premixed powder has driven up Zhengzhou sugar prices, but the external market remains weak. Brazil's sugar production in the central - southern region has exceeded last year's due to a significant increase in the proportion of sugar cane used for sugar production, leading to a continuous decline in raw sugar prices. With the expected increase in production in the Northern Hemisphere's main producing countries in the 2025/26 season, the upside for raw sugar is limited, and import profits have reached a five - year high. The strategy is to wait for the rebound to weaken and then look for short - selling opportunities [12] Cotton - Fundamentally, downstream demand is weak, and the operating rate of the downstream industry chain is significantly lower than in previous years. There is also significant selling pressure from hedging due to a domestic bumper harvest this year. However, the previous decline in the futures market has digested some negative factors, and there is currently no strong driving force for the market. It is expected that cotton prices will continue to fluctuate in the short term [15] Eggs - Low replenishment and high culling rates have led to expectations of a peak and decline in egg - laying hen inventories. After the temperature drops, hoarding sentiment has increased, breaking the previous downward spiral of egg prices. With subsequent consumption themes such as the Double Eleven shopping festival and pre - holiday stocking, improved sentiment is expected to drive inventory accumulation in the market. The futures market has anticipated price increases in advance, but with a premium over the spot market, bulls are generally cautious, and the expectation of high supply still exists. It is expected that egg prices will be relatively strong in the short term, and the strategy is to wait and see or engage in short - term trading. In the medium term, pay attention to the upper resistance and wait for short - selling opportunities [19] Hogs - The recent rebound in hog prices was mainly driven by frozen pork storage and second - fattening. The subsequent supply generated by these factors, together with the basic supply and future pre - supply, will create a bearish pattern of high slaughter volume and large hog weights before the Spring Festival. With an oversupply, the long - term strategy is to sell on rallies. However, the current situation of low prices and high open interest has created a game - like market, and there may be a short - term rebound. Considering the large near - term supply and the expectation of capacity reduction in the long term, the recommended strategy is to first engage in reverse arbitrage and then wait for rallies to sell short [22]