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]

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]