Report Industry Investment Rating - Not provided in the content Core Viewpoints - As of the week ending September 3, the good-to-excellent rate of US soybeans was 65%, lower than the market expectation of 68%, and the pod-setting rate was 93%, with the good-to-excellent rate declining from a historically high level in the same period [1]. - The good-to-excellent rate of US corn was 69%, in line with market expectations, and the dough stage rate was 89%, with the good-to-excellent rate slightly decreasing [1]. - In the next two weeks, the temperature in the main growing areas of US soybeans and corn will be slightly lower, and the lack of rain will gradually become more severe, posing challenges to the growth of new-season crops [1]. - The US ProFarmer crop tour results show that the predicted yields per unit of US soybeans and corn are lower than the data in the August USDA monthly report but are still at a record high [1]. Summary by Related Data Soybean Data - Good-to-excellent rate: Current 65%, previous week 69%, same period last year 65%, 5-year average 69% [1]. - Sowing rate (stopped): Current 96%, previous data 97%, same period last year 96% [1]. - Emergence rate (stopped): Current 96%, previous data 98%, same period last year 98% [1]. - Flowering rate (stopped): Current 95%, previous data 94%, same period last year 95% [1]. - Pod-setting rate: Current 93%, previous data 89%, same period last year 94%, 5-year average 94% [1]. Corn Data - Good-to-excellent rate: Current 69%, previous week 71%, same period last year 65% [1]. - Sowing rate (stopped): Current 97%, previous data 98%, same period last year 96% [1]. - Emergence rate (stopped): Current 97%, previous data 98%, same period last year 96% [1]. - Silking rate (stopped): Current 97%, previous data 97%, same period last year 98% [1]. - Dough stage rate: Current 89%, previous data 83%, same period last year 90%, 5-year average 91% [1]. - Concave damage rate: 58% [1].

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 yuan/ton as of the report date [1] Group 2 - According to Sovecon, Russia's grain export volume in August is expected to reach 4.7 million tons, an increase from 2.9 million tons in July [2] - As of August 23, Brazil's second corn harvest rate is 94.8%, up from 89.3% the previous week, but down from 97.9% year-on-year and slightly above the five-year average of 92.6% [2] - In August 2025, Brazil has shipped a total of 4.9604 million tons of corn, compared to 6.0632 million tons in August of the previous year, with an average daily shipment of 310,000 tons, which is a 12.49% increase from last August's 275,600 tons [2] - The USDA's weekly crop progress report indicates that as of August 24, the good-to-excellent rating for U.S. corn is 71%, above the market expectation of 70%, unchanged from the previous week, and up from 65% year-on-year [2] - The maturity rate of U.S. corn is at 7%, compared to 3% the previous week and 10% year-on-year, aligning with the five-year average of 7% [2] - The wax maturity rate is reported at 83%, up from 72% the previous week and matching last year's figure, but slightly below the five-year average of 84% [2] - The dent rate stands at 44%, an increase from 27% the previous week, consistent with last year's figure and the five-year average [2]

Core Insights - The latest USDA weekly crop progress report indicates that as of the week ending August 3, the good-to-excellent rating for U.S. cotton stands at 55%, unchanged from the previous week and up from 45% year-over-year [1] - The cotton setting rate is reported at 55%, an increase from 44% the previous week but down from 59% year-over-year, with a five-year average of 58% [1] - The current blooming rate is at 87%, up from 80% the previous week but down from 90% year-over-year, with a five-year average of 89% [1]