Investment Rating - Investment rating for the agriculture, forestry, animal husbandry, and fishery industry is optimistic (maintained) [1] Core Insights - The August report adjusts global production forecasts for 2025/2026, increasing corn and rice production while decreasing soybean and wheat production [12] - The USDA report indicates that the increase in global corn production is due to expanded harvesting areas in the US and Ukraine, while the decrease in soybean production is attributed to reduced harvesting areas in the US and lower yields in the EU and Serbia [12][54] - The report highlights a general trend of fluctuating agricultural commodity prices, with specific attention to the impacts of weather and geopolitical factors on production and pricing [12][54] Summary by Relevant Sections Corn - The global corn production for 2025/2026 is adjusted upward by 24.92 million tons to 128.9 million tons, with exports increased by 5.05 million tons to 20.1 million tons [13][14] - Domestic consumption is projected to rise by 13.39 million tons to 128.9 million tons, while ending stocks are expected to increase by 10.46 million tons to 28.3 million tons [13][14] Soybean - The global soybean production for 2025/2026 is adjusted downward by 1.29 million tons to 42.6 million tons, with exports decreased by 190,000 tons to 18.7 million tons [26][27] - Domestic consumption is expected to decrease by 70,000 tons to 42.5 million tons, and ending stocks are projected to decline by 1.17 million tons to 12.5 million tons [26][27] Wheat - The global wheat production for 2025/2026 is adjusted downward by 1.65 million tons to 80.7 million tons, with feed consumption reduced by 1.28 million tons to 15.5 million tons [36][39] - Domestic consumption is expected to decrease by 1.09 million tons to 81 million tons, while ending stocks are projected to decline by 1.44 million tons to 26 million tons [36][39] Rice - The global rice production for 2025/2026 is adjusted upward by 190,000 tons to 54.1 million tons, with consumption increased by 350,000 tons to 54.2 million tons [54][55] - Ending stocks are expected to decrease by 58,000 tons to 18.7 million tons, reflecting a tighter supply situation [54][55]

Market Overview - On August 12, the Dalian japonica rice futures opened high but closed lower, with the main contract reported at 3613.00 CNY/ton [1] Crop Production Forecasts - Ukraine's Deputy Minister of Economy raised the 2025 grain crop production forecast from 54 million tons to 56 million tons; the corn production forecast was also increased from 26 million tons to 28 million tons [1] - As of August 9, Brazil's National Supply Company (CONAB) reported that the first corn harvest rate reached 99.9%, up from 99.8% the previous week, while the second corn harvest rate increased to 83.7% from 75.2% the prior week [1] Export Data - According to the USDA, for the week ending August 7, 2025, the U.S. corn export inspection volume was 1,491,962 tons, revised from 1,284,746 tons the previous week [1] - Cumulative U.S. corn export inspections for the current crop year reached 63,127,205 tons, compared to 48,943,159 tons during the same period last year [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Brazil's 2025/26 soybean sales reached 16.8% of the expected output, compared to 22.5% in the same period last year; 2024/25 soybean sales reached 78.4% of the expected output, compared to 82.2% in the same period last year [1] - From July to August 3, 2025 (2025/26 season), the EU's soybean imports were 970,000 tons, compared to 1.3 million tons in the same period of the previous year; the EU's soybean meal imports were 1.51 million tons, lower than 1.92 million tons in the same period last year; the EU's palm oil imports were 160,000 tons, compared to 360,000 tons in the same period of the previous year; the EU's rapeseed imports were 260,000 tons, compared to 430,000 tons in the same period of the previous year [1] - StoneX predicts that the US soybean production in 2025 will reach 4.425 billion bushels, with an average yield of 53.6 bushels per acre; the US corn production in 2025 will be 16.323 billion bushels, with an average yield of 188.1 bushels per acre, higher than the latest USDA forecasts [1] 3. Summary by Relevant Catalogs Overnight Market Information - Brazil's 2025/26 soybean sales reached 16.8% of the expected output, 2024/25 sales reached 78.4% of the expected output [1] - From July to August 3, 2025, the EU's soybean imports were 970,000 tons, soybean meal imports were 1.51 million tons, palm oil imports were 160,000 tons, and rapeseed imports were 260,000 tons [1] - StoneX predicts US 2025 soybean production of 4.425 billion bushels and corn production of 16.323 billion bushels, higher than USDA forecasts [1] Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from July 30 to August 5, 2025 are presented [2] Protein Meal Basis - No specific content provided [3] Oil Basis - No specific content provided [4] Oilseed Futures Price Spreads - No specific content provided [7]