Group 1 - The core viewpoint of the news highlights the strong performance of Chicago Board of Trade (CBOT) soybean oil futures, with prices showing an upward trend [1][2] - On August 25, the opening price for soybean oil futures was reported at 55.29 cents per pound, with a current price of 55.38 cents per pound, reflecting a 0.33% increase [1] - The highest price during the trading session reached 55.47 cents per pound, while the lowest dipped to 55.04 cents per pound [1] Group 2 - On August 22, the soybean oil futures opened at 53.85 cents, peaked at 55.98 cents, and closed at 55.44 cents, marking a 2.72% increase [2] - The USDA forecast indicates that for the 2025/26 market year, 15.5 billion pounds of U.S. soybean oil will be used for biodiesel, accounting for over half of the total usage [2] - On August 22, the national first-grade soybean oil transaction volume was 71,000 tons, which is a 3.20% increase compared to the previous trading day [2] - The Dalian Commodity Exchange reported a soybean oil futures warehouse receipt of 15,760 lots on August 22, an increase of 450 lots from the previous trading day [2]

Report Industry Investment Ratings - Soybean: ☆☆☆ [1] - Soybean Oil: ★☆☆ [1] - Palm Oil & Soybean Meal: ★☆☆ [1] - Rapeseed Meal: ★☆☆ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★☆☆ [1] - Live Pigs: ☆☆☆ [1] - Eggs: ★★★ [1] Core Views - The report analyzes the market conditions of various agricultural products, including supply and demand, price trends, and policy impacts. It provides investment suggestions based on these analyses, such as considering buying at low prices for some products and being cautious about market uncertainties [2][3][4]. Summary by Related Catalogs Soybean - The price of domestic soybean futures contracts decreased with increasing positions. Short - term auction of domestic soybeans brought supply pressure, and weak demand depressed prices. The price difference between domestic and imported soybeans rebounded from a low level. US soybean prices were strong despite high - record yields due to a decrease in area and lower ending stocks. Short - term attention should be paid to weather, policies, and the performance of imported soybeans [2]. Soybean & Soybean Meal - The domestic futures market continued to decline with decreasing positions. Globally, the "crushing for oil" pattern emerged due to biodiesel policies. In China, the supply in Q4 is sufficient, but there may be a shortage in Q1 next year due to US tariff policies. Future weather in the US may challenge new - season crops. The relationship between US soybeans and domestic futures has weakened. If no trade agreement is reached by the end of this year, domestic soybean meal prices may rise. The medium - to - long - term outlook is cautiously bullish [3]. Soybean Oil & Palm Oil - US soybean prices were strong due to a decrease in area and lower ending stocks. Attention should be paid to the China - US soybean trade relationship. The US EPA's policy on small refineries may cause structural adjustments in biofuel demand. Indonesia's policies on palm oil may drive up prices. In the medium - term, overseas palm oil is in the production cycle. In the long - term, the development trend of biodiesel in the US and Indonesia remains. Investors can consider buying soybean and palm oil at low prices [4]. Rapeseed Meal & Rapeseed Oil - The domestic rapeseed oil price rose while the rapeseed meal price fell. The vegetable oil sector was boosted by the overnight overseas market. The demand for rapeseed oil in the biofuel fields of the US and the EU is expected to increase. The domestic rapeseed supply - demand is tight, and futures prices may continue to rise [6]. Corn - The Dalian corn futures contract showed a short - term adjustment trend. The auction of imported corn by CGSGB had a low success rate. The supply in Shandong is relatively sufficient. The weather in domestic corn - producing areas is favorable, and new - season production may increase. Dalian corn futures may continue to be weak at the bottom [7]. Live Pigs - The government announced a central frozen - pork purchase and storage plan, which led to a higher opening of the futures market. The supply of live pigs in the second half of the year is expected to be high, and the spot price may continue to decline. The policy aims to promote industry capacity reduction, but no inflection point has been seen yet. Attention should be paid to the game between fundamentals and policies [8]. Eggs - Egg futures prices dropped rapidly in the past month due to over - capacity in the industry and weak prices during the peak season. The industry has been in losses for four months. If egg prices remain weak during the peak season, there may be a significant capacity reduction, which could support prices next year. Investors can consider buying at low prices [9].

Investment Ratings No investment ratings for the industry are provided in the report. Core Views - Geopolitical factors such as sanctions on Iran and the stagnation of Russia - Ukraine peace talks are affecting the oil market, and short - term geopolitical risks remain uncertain. For precious metals, wait for Powell's speech and the progress of Russia - Ukraine talks to find a better entry point. In the base metals market, various metals show different trends based on supply - demand fundamentals and macro - factors. Agricultural products are influenced by weather, policies, and international trade relations. Financial products like stocks and bonds are affected by geopolitical, monetary policy, and market sentiment factors [2][3][48] Summary by Categories Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 10 - contract up 0.94%. Sanctions on Iran and the stagnation of Russia - Ukraine peace talks led to a correction in the market's previous pricing of geopolitical easing. It is recommended to hold a long straddle strategy of out - of - the - money options for hedging and then enter medium - term short positions after volatility increases [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Both high - and low - sulfur fuel oils rose driven by the rebound in crude oil. The shipment of high - sulfur fuel oil from the Middle East to Asia increased, and the inventory in Fujairah decreased. The 8 - month arrival volume increased by 733,000 tons (25.1%) compared with June, and FU warehouse receipts decreased by 7,000 tons to 73,710 tons. The high - low sulfur spread narrowed slightly [21] - **Liquefied Petroleum Gas**: The overseas market has stabilized. Although exports are increasing, the procurement demand in East Asia provides support. In China, the import arrival volume and refinery output have increased, and domestic gas is under pressure. After the decline of naphtha driven by crude oil, the cost advantage of propane is weakened. The market is expected to be in low - level oscillation, waiting for the realization of bearish expectations [23] Precious Metals - **Precious Metals**: Overnight, precious metals oscillated. The Fed's meeting minutes showed that officials generally supported keeping rates unchanged, and the market is waiting for Powell's speech at the Jackson Hole Global Central Bank Annual Meeting. With the progress of Russia - Ukraine talks, the upward momentum of gold is insufficient. It is necessary to wait patiently for a better entry point after a correction [3] Base Metals - **Copper**: Overnight, LME copper rose after hitting an intraday low. The August manufacturing PMI in Europe and the US was better than expected and above the boom - bust line. The market is waiting for the interest - rate stance at the Jackson Hole meeting. Hold short positions above 79,000 yuan for Shanghai copper [4] - **Aluminum**: Overnight, Shanghai aluminum oscillated strongly. Downstream开工率 began to stabilize and rebound, and the social inventory of aluminum ingots and aluminum rods decreased. It is expected to oscillate between 20,300 - 21,000 yuan in the short term [5] - **Zinc**: The supply - increase and demand - weak fundamentals lead to a weak oscillation of Shanghai zinc. The SMM0 zinc has a discount of 40 yuan/ton to the near - month contract. There is an expectation of inventory accumulation in domestic zinc social inventory. In the short term, it oscillates, and in the medium - term, short positions on rebounds are a major strategy [8] - **Nickel and Stainless Steel**: Shanghai nickel is in the middle - late stage of a rebound, and it is advisable to actively enter short positions. The social inventory of stainless steel has decreased for six consecutive times, but downstream acceptance of high - price goods is poor, and the supply is expected to increase [10] - **Tin**: Overnight, LME tin closed down. After the concentrated delivery on the third Wednesday, the 0 - 3 - month spread became a discount of $2. The inventory remains at a low level of 1,740 tons. Hold short - term long positions based on the MA60 moving average [11] Chemicals - **Carbonate Lithium**: The futures price of carbonate lithium oscillated, and the market was active in trading. Downstream material enterprises increased their inquiry enthusiasm. The total market inventory was basically flat at 142,000 tons. The futures price is expected to oscillate, and risk control should be done [12] - **Industrial Silicon**: The market is affected by news of energy - consumption standards and small - furnace capacity elimination, but it has not been confirmed. The supply and demand are both increasing, and the improvement space is limited. The market is in oscillation, and there may be a correction if policy expectations cool down [13] - **Polysilicon**: The polysilicon futures continued to oscillate. The price of N - type re -投料 was raised to 49,000 yuan/ton. In August, production increased significantly, but downstream demand growth was limited, and there was inventory pressure. The market is in a stage of oscillation adjustment supported by policy expectations [14] Building Materials - **Steel**: Night - trading steel prices oscillated weakly. The apparent demand for rebar increased, production decreased, and inventory continued to rise. The demand for hot - rolled coils improved, production increased, and inventory also increased. Iron - water production remained high, and the market faced negative - feedback pressure. The steel market is under short - term pressure, and attention should be paid to the changes in the commodity - market trend [15] - **Iron Ore**: The iron - ore futures oscillated overnight. The global shipment was strong, and the domestic arrival volume increased, with port inventory rising. Terminal demand is weak, but short - term demand is supported by high iron - water production. There is an expectation of production reduction around the parade, and the downward pressure on the futures price may increase [16] - **Coke and Coking Coal**: Coke prices oscillated downward. There is an expectation of production restriction in East - China coking plants. The seventh round of price increase has improved coking profits, and daily production has increased slightly. Coking coal prices also oscillated downward. The production of coking coal mines increased, and the spot - auction market had a slightly higher non - trading rate. Both are affected by "anti - involution" policy expectations and have large price fluctuations [17][18] Agriculture - **Soybeans and Soybean Meal**: In the next two weeks, the lack of rain in the US soybean - producing areas may challenge new - season crop growth. The global oil - strong trend may drive soybean crushing. In China, the supply in the fourth quarter is sufficient, but there may be a supply gap in the first quarter of next year. Bullish factors are emerging, and soybean - meal prices can be cautiously bullish in the medium - long term [36] - **Edible Oils**: Overnight, US soybean oil prices rose sharply. Policy on bio - fuels is expected to have a structural adjustment. Indonesian palm - oil inventory decreased. In the medium - term, overseas palm oil is in a production - reduction cycle. It is advisable to buy on dips for soybean and palm oils, with attention to risk control [37] - **Rapeseed Meal and Rapeseed Oil**: The supply - side variables in the overseas rapeseed market are decreasing, and the focus will shift to the demand side. The import of Australian rapeseed is a hot topic. The supply of rapeseed products is expected to be tight in the fourth quarter, and the futures price is expected to rise [38] - **Corn**: The auction of imported corn by CGSGB continued, but the transaction rate was low. The low - price Xinjiang corn affected market expectations. Dalian corn futures may continue to be weak at the bottom [40] Livestock and Poultry - **Pigs**: The pig - grain ratio fell below 6:1, and the government will conduct a 10,000 - ton frozen - pork purchase. This is expected to boost market sentiment, and the previous short - position strategy should be changed to a wait - and - see approach [41] - **Eggs**: Egg futures continued to fall and hit a new low, but still maintained a premium over the spot. Spot prices continued to fall in many places. The far - month contracts are strong due to the logic of capacity reduction. Attention should be paid to the spot - price performance and the risk of short - covering rebounds [42] Textiles - **Cotton**: US cotton maintained a narrow - range oscillation, and its excellent - rate improved. Brazilian cotton harvesting progress was slow. Zhengzhou cotton oscillated, with weak short - term upward momentum. The downstream orders were weak, but there is an expectation of demand improvement in August. It is advisable to wait and see [43] - **Short - Fiber and Bottle - Chip**: The supply and demand of short - fiber are stable, and it is mainly driven by cost. Consider long - position allocation in the medium - term. The long - term over - capacity of the bottle - chip industry limits the repair of processing margins. Attention should be paid to the implementation of petrochemical industry policies [32] Others - **Sugar**: Overnight, US sugar oscillated. The international market has sufficient supply, and US sugar is under pressure. In China, the import of syrup is low, and domestic sugar sales are fast. The 25/26 sugar - production in Guangxi is uncertain. Sugar prices are expected to oscillate [44] - **Apple**: Apple futures oscillated. The remaining cold - storage inventory is small, and early - maturing apples are priced high but with average quality. The market focuses on the new - season output estimate. There are differences in production estimates, and it is advisable to wait and see [45] - **Wood and Pulp**: Wood futures oscillated. The overseas price has rebounded, and domestic supply may remain low. Pulp futures continued to fall, and the port inventory increased. Domestic demand is weak. It is advisable to wait and see or use an oscillation - range strategy for pulp [46][47] - **Stock Index**: The A - share market冲高回落, and small - cap stocks adjusted significantly. The trading volume was 2.46 trillion yuan. The performance of stock - index futures was divided. Global hedge funds are accelerating their entry into the Chinese stock market. Pay attention to Powell's speech at the central - bank meeting and macro - factors [48] - **Treasury Bonds**: Treasury - bond futures mostly rose, with the 30 - year contract up 0.34%. The short - term Shibor mostly declined. Treasury - bond prices are under pressure, and the yield curve is expected to steepen [49]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The derivatives system includes futures and options products for raw materials such as corn, soybean oil, and European rapeseed oil, as well as fuel products like RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals - The development of the biofuel market requires a balance among policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its toolbox of derivatives and provide risk management solutions to support global energy transition and low-carbon goals [1] Group 3: Industry Impact - The innovation and development of the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization in the context of accelerating global climate action [1]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlights the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Biofuel Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The raw material side includes futures and options products for corn, soybean oil, and European rapeseed oil, while the fuel product side encompasses futures for RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals and Innovations - The development of the biofuel market requires a balance between policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its derivatives toolbox to provide risk management solutions, supporting global energy transition and low-carbon goals [1] - Innovations in the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization amid accelerating global climate action [1]

Core Viewpoint - The demand side continues to support Chicago soybean futures prices, while domestic soybean meal prices are expected to be boosted by rising raw material prices, despite weak domestic demand [1][3]. Group 1: Soybean Market Dynamics - As of mid-August, the excellent rate of U.S. soybeans remains high at 68%, although it has decreased for three consecutive weeks, the market's reaction has been muted [3]. - The USDA's August supply and demand report has lowered the forecast for soybean production and inventory, which has contributed to the rise in soybean futures prices [3]. - The July soybean crush volume was reported at 195.699 million bushels, exceeding market expectations of 191.59 million bushels and significantly higher than June's 185.709 million bushels, indicating strong domestic demand for U.S. soybeans [1]. Group 2: Domestic Soybean Meal Market - Domestic soybean meal prices are expected to fluctuate between 3,100 to 3,200 yuan per ton until the end of August due to weak demand, despite the support from rising soybean prices [1][3]. - The daily demand for domestic soybean meal reached a yearly high at the beginning of August, primarily driven by forward contracts for next year, with spot demand showing no significant improvement [3]. - As of August 15, the daily transaction volume of soybean meal was 275,000 tons, but excluding the peak on August 5, the daily volume was only 124,000 tons, reflecting cautious purchasing attitudes [3]. Group 3: U.S. Soy Oil Demand - The increase in U.S. soybean oil demand has been a key driver for the unexpected rise in soybean demand, with July soybean oil production reported at 2.348 billion pounds, showing growth month-on-month [4]. - The rising demand for biofuels is the main factor contributing to the increase in soybean oil production, which is expected to provide long-term support for soybean futures prices [4].

Company Level - Zhuoyue New Energy is the first domestic company specializing in the research and production of biodiesel from waste oils, and it is a leading enterprise in ester-based biodiesel production [1] - The company demonstrates investment value due to three main reasons: 1) Long-term industry-leading performance and maintained profitability despite extreme tariff policies, with strong cost control and supplier management [1] 2) Continuous expansion of domestic and overseas production capacity, with current ester-based capacity near 500,000 tons and potential expansion to nearly 1.3 million tons [1] 3) External negative impacts are diminishing, with better-than-expected effects from EU anti-dumping duties, and the establishment of overseas biodiesel bases will provide a larger base for non-tax sales [1] Industry Level - The biofuel industry has significant growth prospects and investment opportunities due to: 1) Domestic and international policies driving demand growth, with the EU being the largest consumer of biodiesel and China’s largest export market [2] 2) Profit opportunities from carbon pricing and marginal cost improvements, as the economic viability of biodiesel is expected to increase with the advancement of carbon market policies [2] Profit Forecast and Investment Rating - Revenue projections for the company from 2025 to 2027 are expected to reach 4.807 billion, 7.304 billion, and 8.529 billion yuan, with year-on-year growth rates of 34.9%, 51.9%, and 16.8% respectively [3] - Net profit forecasts for the same period are 360 million, 619 million, and 774 million yuan, with growth rates of 141.6%, 71.8%, and 25.2% respectively [3] - The company is rated as "buy" due to strong overseas sales channel expansion, stable biodiesel prices, and significant growth potential from production capacity expansion [3] Stock Price Catalysts - Catalysts for stock price include the commissioning of new domestic and overseas production capacity, a decrease in raw oil costs, and accelerated demand growth driven by domestic policies [4]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Internationally, the good-to-excellent rate of US soybeans decreased by 1% from the previous week. Driven by short-covering, CBOT soybean futures rebounded slightly but remained weak overall. The estimated inventory of Malaysian palm oil at the end of July reached a two-year high, but the market expected the export data at the beginning of August to improve, leading to a resonant rebound of Malaysian palm oil futures and domestic oils. Domestically, the soybean oil inventory continued to rise, but the increase in domestic exports alleviated the inventory pressure to some extent. Recently, the South American soybean premium has been rising continuously, combined with trade risk premiums, soybean oil continued to strengthen. The palm oil inventory changed from increasing to decreasing, continuing the pattern of weak supply and demand. Driven by the rebound of import costs, Dalian palm oil rebounded strongly. Regarding rapeseed oil, the domestic inventory continued to decline, and the uncertainty of China-Canada trade policies supported the rapeseed oil price, with rapeseed oil fluctuating strongly [6]. Summary According to Relevant Catalogs 1. Macro and Industry News - As of the week ending August 1st, the commercial inventory of the three major oils was 2.36 million tons, basically flat week-on-week, up 110,000 tons month-on-month, and up 200,000 tons year-on-year. Among them, the soybean oil inventory was 1.13 million tons, up 30,000 tons week-on-week, up 110,000 tons month-on-month, and flat year-on-year; the rapeseed oil inventory was 660,000 tons, basically flat week-on-week, down 40,000 tons month-on-month, and up 230,000 tons year-on-year; the palm oil inventory was 570,000 tons, down 30,000 tons week-on-week, up 40,000 tons month-on-month, and down 30,000 tons year-on-year [2]. - As of the week ending August 3rd, the good-to-excellent rate of US soybeans was 69%, in line with the market expectation of 69%, down from 70% in the previous week and up from 68% in the same period last year. The soybean flowering rate was 85%, up from 76% in the previous week, the same as 85% in the same period last year, and the five-year average was 86% [2]. - Brokerage StoneX predicted that Brazil's soybean production in the 2025/26 season would be 178.2 million tons, a 5.6% increase from the previous season due to increased planting area and crop yield. StoneX also expected the US soybean production in 2025 to reach 4.425 billion bushels, with an average yield of 53.6 bushels per acre [2]. - Reuters survey showed that Malaysia's palm oil inventory in July 2025 was expected to be 2.25 million tons, an increase of 10.8% from June; the production was expected to be 1.83 million tons, an increase of 8% from June; the export volume was expected to be 1.3 million tons, an increase of 3.2% from June [3]. - Brazil officially implemented a new biofuel blending standard on August 1st, increasing the ethanol blending ratio in gasoline from 27% to 30% (E30) and the biodiesel blending ratio in diesel from 14% to 15% (B15) [4]. 2. Fundamental Data Charts - Not provided 3. Views and Strategies - Internationally, the good-to-excellent rate of US soybeans decreased, and CBOT soybean futures rebounded slightly but remained weak. The estimated high inventory of Malaysian palm oil at the end of July was expected to improve in export data at the beginning of August, leading to a resonant rebound with domestic oils. Domestically, soybean oil inventory rose but was alleviated by exports, and soybean oil strengthened due to rising premiums and risk premiums. Palm oil inventory decreased, and Dalian palm oil rebounded strongly due to rising import costs. Rapeseed oil inventory declined, and the uncertainty of China-Canada trade policies supported the price, with rapeseed oil fluctuating strongly [6]

Core Viewpoint - The Andersons, Inc. has invested approximately $425 million to acquire the remaining stake in its joint venture with Marathon Petroleum, significantly increasing its investment in the biofuel ethanol sector and doubling its renewable fuel assets [1][2][3] Group 1: Acquisition Details - The acquisition includes four ethanol plants located in the Midwest, allowing The Andersons to achieve full control over its supply chain from corn procurement to ethanol processing and export logistics [2][3] - This move is part of The Andersons' broader expansion strategy, which also includes plans to build a new large trading port in Houston [1][2] Group 2: Market Context and Implications - The acquisition aligns with the U.S. government's increased biofuel blending mandates and the potential restrictions on ethanol imports, positioning The Andersons to meet rising demand [2][3] - The company aims to leverage its integrated operations to optimize the grain-fuel-feed loop, enhancing its ability to manage raw material volatility and improve profitability [2][3] Group 3: Future Growth Opportunities - The transaction is expected to open new growth avenues in carbon credit trading, overseas exports, and policy incentives, transforming The Andersons from a traditional grain trader into a comprehensive renewable energy agricultural giant [3] - The company has signed a long-term lease at the Houston port to expand its grain and biofuel shipping capabilities, targeting an export volume exceeding 2 million tons [2][3]

Core Viewpoint - The Andersons, Inc. has acquired the remaining stake in its joint venture with Marathon Petroleum for approximately $425 million, significantly increasing its investment in the biofuel sector and doubling its renewable fuel assets [1][2][3] Group 1: Acquisition Details - The acquisition includes four ethanol plants in the Midwest, allowing The Andersons to achieve full integration from grain procurement to ethanol processing and export logistics [2][3] - This move is part of the company's broader expansion strategy, which includes plans to build a new large trading port in Houston [1][2] Group 2: Market Context and Implications - The joint venture was established in 2019 amid a surplus of grain supply due to trade disputes affecting U.S. agricultural exports [1] - The U.S. government, under Trump's administration, has increased the biofuel blending quotas, which is expected to drive additional demand for biofuels [2][3] - The Andersons aims to leverage its grain sourcing capabilities to reduce raw material volatility and optimize the grain-fuel-feed supply chain [2][3] Group 3: Future Growth Opportunities - The acquisition positions The Andersons to capitalize on carbon credit opportunities, overseas exports, and policy incentives in the renewable fuel sector [2] - The company has signed a long-term lease at the Houston port to expand its grain and biofuel shipping capabilities, targeting over 2 million tons in exports [2][3] - The transaction is seen as a critical step in transforming The Andersons from a traditional grain merchant into a comprehensive renewable energy agricultural giant [3]