Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View As of the week ending September 14, the good-to-excellent rate of US soybeans was 63%, in line with market expectations but down slightly from the previous week and the same period last year The good-to-excellent rate of US corn was 67%, higher than market expectations and also slightly down from the previous week but better than the same period last year The harvest rate of US soybeans and corn is at a certain level, and the good-to-excellent rate remains relatively good However, in the next two weeks, the dry weather in the main production areas of US soybeans and corn has eased, but the temperature is higher than normal, which poses challenges to the harvest of new crops Soil moisture has decreased week-on-week but is better than the same period last year Continuous monitoring of weather changes in the production areas is required [1] 3. Summary by Related Catalog US Soybean - **Good-to-excellent rate**: The current good-to-excellent rate is 63%, matching market expectations, down from 64% in the previous week and 64% in the same period last year, showing a slight decline [1] - **Harvest rate**: The harvest rate is 5%, in line with market expectations, compared to 3% in the previous week, 6% in the same period last year, and a five - year average of 3% [1] US Corn - **Good-to-excellent rate**: The current good-to-excellent rate is 67%, higher than the market - expected 66%, down from 68% in the previous week, and better than 65% in the same period last year It remains in a relatively good state [1] - **Harvest rate**: The harvest rate is 7%, lower than the market - expected 9%, up from 4% in the previous week, compared to 8% in the same period last year, and in line with the five - year average of 7% [1] Weather Impact In the next two weeks, the less - rainy problem in the main production areas of US soybeans and corn has eased, but the temperature is higher than the same period, which continues to challenge the harvest of new crops Soil moisture has decreased week - on - week but is better than last year [1]

单位：% 本期数据 上期数据 去年同期 5年平均 单位：% 本期数据 上期数据 去年同期 5年平均 优良率 65 69 65 优良率 69 71 65 播种率(停) 96 97 96 播种率(停) 97 98 96 出苗率(停) 96 98 98 出苗率(停) 97 98 96 开花率(停) 95 94 95 吐丝率(停) 97 97 98 结荚率 93 89 94 94 蜡熟率 89 83 90 91 数据来源：USDA，国投期货整理 免责声明 国投期货有限公司是经中国证监会批准设立的期货经营机构，已具备期货投资咨询业务资格。 到本报告而视其为客户。如接收人并非国投期货客户，请及时退回并删除。 本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。本报告所载的资料、意见及推测只 提供给客户作参考之用。本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的期货或期权的 价格、价值可能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。客户不应视本报告为其做 出投资决策的唯一因素。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投 ...

Market Overview - The domestic grain market experienced a significant decline this week, with early indica rice futures remaining unchanged at 2500.00 CNY/ton as of the report [1] U.S. Corn Export Data - According to the USDA's export inspection report, the corn export inspection volume for the week ending August 28, 2025, was 1,407,050 tons, exceeding the high end of expectations, marking a 5% increase from the previous week and a 46% year-on-year increase [1] EU Corn Import Statistics - The European Commission reported that the corn import volume for the 2025/26 season reached 1.88 million tons as of August 31, compared to 3.76 million tons during the same period last year [1] U.S. Corn Crop Condition - The USDA's crop report indicated that the good-to-excellent rating for U.S. corn was 69% as of August 31, down from 71% the previous week and up from 65% the same time last year, aligning with market expectations [1] Brazil Corn Harvest Update - The Brazilian Ministry of Agriculture's National Supply Company (CONAB) reported that the second corn harvest completion rate was 100% as of August 30, up from 94.8% the previous week and compared to 97.0% last year, with a five-year average of 93.2% [1]