1. Core Insights - US soybean export sales net increase was 695,600 tons in the week ending November 13, at the lower end of the forecast range, up 36% from the previous week and down 35% from the four - week average, with a net decrease of 100,000 tons in exports to the Chinese mainland; exports were loaded at 1,552,800 tons, up 67% from the previous week and 24% from the four - week average; new sales were 812,500 tons for the current market year and 0 tons for the next market year [1] - US soybean meal export sales net increase was 357,900 tons in the week ending November 13, in line with expectations, up 283% from the previous week and down 4% from the four - week average; exports were loaded at 415,800 tons, up 92% from the previous week and 44% from the four - week average; new sales were 377,700 tons for the current market year and 0 tons for the next market year [1] - Conab lowered the forecast of Brazil's 2025/26 soybean production by about 550,000 tons to 177.12 million tons, but it would still set a record high if the forecast came true; the estimated export volume was 112 million tons [1] - BGE estimated Brazil's 2025 soybean production at 165.96 million tons, a 14.5% year - on - year increase; the 2026 production was estimated to increase by 1.0% compared to the 2025 forecast [1] - SPPOMA data showed that Malaysia's palm oil production from December 1 - 10, 2025, increased by 6.87% month - on - month, with a 7.24% increase in fresh fruit bunch yield and a 0.07% decrease in oil extraction rate [1] 2. Summary by Relevant Catalogs Overnight Market Information - Private exporters reported sales of 226,000 tons of soybeans to unknown destinations and 264,000 tons to China for the 2025/2026 market year [1] US Soybean and Soybean Meal Export Sales - In the week ending November 13, US soybean export sales and loading data showed specific changes compared to the previous week and four - week average, with a net decrease in exports to the Chinese mainland [1] - In the same week, US soybean meal export sales and loading data also showed significant changes compared to the previous week and four - week average [1] Brazil's Soybean Production and Export Forecast - Conab adjusted Brazil's 2025/26 soybean production and export forecasts due to irregular rainfall in some areas last month [1] - BGE estimated Brazil's 2025 and 2026 soybean production, showing year - on - year and sequential increases [1] Malaysia's Palm Oil Production - Malaysia's palm oil production from December 1 - 10, 2025, had a month - on - month increase, along with changes in fresh fruit bunch yield and oil extraction rate [1] Spot Prices - Spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil in different regions from December 5 - 11, 2025, were provided [1]

Core Insights - Brazil's soybean production for the 2025/26 season is projected to reach a record high of 177.6 million tons, with exports expected to hit 112.1 million tons, also a historical peak [1] - The increase in soybean crushing is anticipated to rise to 59.37 million tons in 2026, driven by higher biodiesel blending mandates and sustained demand for protein in animal feed [1] - In contrast, Brazil's corn production for the 2025/26 season is expected to decline by 1.6% to 139 million tons compared to the previous year [1] Summary by Category Soybean Production and Exports - Brazil's soybean production is forecasted at 177.6 million tons for the 2025/26 season, marking a historical high [1] - Soybean exports are also expected to reach 112.1 million tons, setting a new record [1] Crushing and Demand Factors - The soybean crushing volume is projected to increase to 59.37 million tons in 2026, influenced by the rise in biodiesel blending ratios and ongoing demand for protein in animal feed [1] Corn Production - Brazil's corn production for the 2025/26 season is estimated at 139 million tons, reflecting a decrease of 1.6% from the previous year [1]

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]