油脂油料早报 研究中心农产品团队 2025/08/26 隔 夜 市 场 信 息 ： 8月21日止当周美国大豆出口检验量为382,806吨，符合预期 美国农业部公布的周度出口检验报告显示，截至2025年8月21日当周，美国大豆出口检验量为382,806吨，此前市场 预估为200,000-500,000吨，前一周修正后为502,794吨，初值为473,605吨。 当周，对中国大陆的大豆出口检验量为0吨。 截至2024年8月22日当周，美国大豆出口检验量为419,563吨。 本作物年度汽今，美国大豆出口检验量累计为49,279,891吨，上一年度同期为44,214,289吨。 截至8月24日当周美国大豆优良率升至69%，强于市场预期 美国农业部(USDA）在每周作物生长报告中公布称，截至2025年8月24日当周，美国大豆优良率为69%，高于市场预 期的67%，前一周为68%，上年同期为67%。 截至当周，美国大豆结英率为89%，上一周为82%，上年同期为88%，五年均值为89%。 截至当周，美国大豆落叶率为4%，上年同期为6%，五年均值为4%。 Secex：巴西8月前四周出口大豆7,257,837.70吨 Sece ...

Group 1: Report Core Views - Australia's 2025/26 rapeseed crop output is expected to be 5.7 million tons, unchanged from the previous forecast, with the forecast range between 5.4 - 6.3 million tons. The near - normal temperatures by October will support crop growth, but the cooling forecast from August 25 - 31 is worth attention due to possible light frost in some areas [1] - Malaysia's palm oil product exports from August 1 - 20 increased by 13.6% compared to the same period last month, reaching 929,051 tons [1] - Indonesia plans to increase its crude palm oil annual output from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the growing demand. To achieve this goal, BPDP has implemented human resource improvement plans and the government has launched a plantation revival plan [1] Group 2: 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 August 14 - 20, 2025 are provided, showing price fluctuations during this period [1][8]

中新社重庆8月13日电题：重庆"水中人参"游向世界 给莼菜田换水、采摘新鲜莼菜、上架新产品、忙直播带货……近日，走进全球规模最大的莼菜生产区 ——重庆市石柱土家族自治县，一幅产销两旺的生动画卷徐徐展开。 据悉，莼菜是一种多年生水生宿根草本植物，有"水中人参"之称。从白居易的"犹有鲈鱼莼菜兴，来春 或拟往江东"，到苏轼的"旧因莼菜求长假，新为杨枝作短行"，历代文人墨客的诗文，记录了莼菜在中 国悠久的种植、食用历史。 近日，重庆市石柱土家族自治县黄水镇，莼农在田间采摘莼菜。谭艳波摄 莼菜对水质、土壤等生态环境要求非常高，目前，在中国浙江杭州、重庆石柱、湖北利川及日本北海道 等地，有规模化种植。 石柱土家族自治县农业农村委员会提供的资料显示，目前，该县莼菜种植面积1.4万亩、产量1.4万吨， 开发上市休闲食品、饮料及美容护肤等系列产品35种，畅销韩国、日本、马来西亚等地。 "我们有不少日韩客户，初季莼菜会选择空运。采摘后，次日清晨即可送至食客餐桌。"石柱土家族自治 县福吉利蔬菜股份合作社负责人何显福说，莼菜采摘季持续4个月左右，订单不断，且量比较大。因保 鲜技术成熟，莼菜可保存一年乃至更久，除初季外，多采用"货车+ ...

油脂油料早报 研究中心农产品团队 2025/08/12 隔 夜 市 场 信 息 ： 8月7日止当周美国大豆出口检验量为518,066吨，高于预期 USDA周度出口检验报告显示，截至8月7日当周，美国大豆出口检验量为518,066吨，此前市场预估为20-50万吨，前 一周修正后为628,110吨，初值为612,539吨。 截至2024年8月8日当周，美国大豆出口检验量为350,958吨。 本作物年度迄今，美国大豆出口检验量累计为48,367,647吨，上一年度同期为43,388,486吨。 截至8月10日当周美国大豆优良率为68%一如市场预期 美国农业部（USDA）在每周作物生长报告中公布称，截至2025年8月10日当周，美国大豆优良率为68%，一如市场预 期，前一周为69%，上年同期为68%。 截至当周，美国大豆开花率为91%，上一周为85%，上年同期为90%，五年均值为92%。 截至当周，美国大豆结英率为71%，上一周为58%，上年同期为70%，五年均值为72%。 Secex：巴西8月第一周出口大豆2,774,453.27吨 Secex公布的出口数据显示，巴西8月第一周出口大豆2,774,453.27吨，日 ...

Core Insights - The article highlights the commencement of longan exports from Maoming, Guangdong, with an initial shipment of 18 tons heading to Canada, marking the start of the 2025 export season for Maoming longan [1] Group 1: Industry Overview - Maoming is recognized as the "Hometown of Longan" in China, with a long history of over 2000 years in longan cultivation, primarily focusing on the Shuliang and Shixia varieties [1] - The total area dedicated to longan cultivation in Maoming has reached 780,000 acres, with Shuliang longan being a national geographical indication product known for its small seeds, thick flesh, and sweet flavor [1] Group 2: Export Dynamics - Maoming longan is exported to various countries, including the United States, Canada, and Japan, and is well-received by consumers both domestically and internationally [1] - To facilitate the export of longan, which has a short shelf life and is difficult to store and transport, Maoming Customs has established a fast track for fresh agricultural products, implementing a "one-on-one" special connection for expedited processing [1]

1. Report Industry Investment Rating - The report gives a neutral strategy for the oil and fat industry [4] 2. Core View of the Report - The weather in the US soybean production areas is favorable, with a decreasing drought rate and good growth. As the weather window gradually closes, there are strong expectations of a bumper harvest, which puts pressure on the oil and fat market, leading to an oscillatory adjustment [1][3] 3. Summary by Relevant Catalogs Market Analysis - **Futures**: The closing price of the palm oil 2509 contract was 8,950 yuan/ton, a decrease of 20 yuan or 0.22% compared to the previous day; the soybean oil 2509 contract closed at 8,406 yuan/ton, unchanged from the previous day; the rapeseed oil 2509 contract closed at 9,496 yuan/ton, a decrease of 66 yuan or 0.69% [1] - **Spot**: In the Guangdong region, the spot price of palm oil was 8,940 yuan/ton, a decrease of 40 yuan or 0.45%, with a spot basis of P09 + -10 yuan, a decrease of 20 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,510 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y09 + 104 yuan, a decrease of 20 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,610 yuan/ton, a decrease of 60 yuan or 0.62%, with a spot basis of OI09 + 114 yuan, an increase of 6 yuan [1] Recent Market Information Summary - **US Drought**: As of the week ending August 5, about 3% of the US soybean planting area was affected by drought, down from 5% the previous week and 4% last year [2] - **Brazilian Soybeans**: The 2025/26 soybean planting area in Brazil is expected to grow at the slowest pace in nearly 20 years, with an estimated planting area of 48.13 million hectares (118.9 million acres), a 1.43% increase from the previous year, the smallest increase since the 2006/07 season. The estimated production is 166.56 million tons, lower than the previous year's 168.74 million tons. Brazil's soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year [2] - **US Soybean Exports**: The net sales of US soybean exports in the 2024/2025 season were 468,000 tons, up from 349,000 tons the previous week; the net sales in the 2025/2026 season were 545,000 tons, up from 429,000 tons the previous week [2] - **Brazilian Exports**: Brazilian soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year; soybean meal exports are expected to be 1.74 million tons, compared to 2.1 million tons last year; corn exports are expected to be 7.58 million tons, compared to 6.42 million tons last year [2] - **Import Prices**: Canadian rapeseed (October shipment) C&F price is $561/ton, down $7/ton; Canadian rapeseed (December shipment) C&F price is $551/ton, down $7/ton. Argentine soybean oil (September shipment) C&F price is $1,141/ton, down $12/ton; Argentine soybean oil (November shipment) C&F price is $1,120/ton, down $21/ton [2]

Core Insights - Chile's Agriculture Ministry has signed a plant quarantine agreement with Indonesia, officially opening the fresh lemon export market to Indonesia, which is the world's fourth most populous country and the largest Muslim nation [1] - This development presents new opportunities for Chilean agricultural exports, particularly in the lemon sector, which has seen significant growth [1] Export Growth - Chile's lemon export industry is experiencing robust growth, with export value projected to increase from $65 million in 2023 to $87 million in 2024, representing a 34% year-on-year growth [1] - Current export markets include the United States, parts of Europe, and South Korea, with the addition of Indonesia expected to benefit regions such as Coquimbo, Valparaíso, and the capital area [1] Bilateral Relations - The achievement is attributed to the collaboration between public and private sectors in Chile [1] - President Boric plans to visit Indonesia during the 2025 APEC summit to further deepen bilateral economic and trade relations [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the CBOT November soybean contract rose 27.5 to close at 1035 cents per bushel, a 2.73% increase; the September soybean meal contract rose 80 to close at 3056 yuan per ton, a 2.69% increase; the South China soybean meal spot price rose 30 to 2850 yuan per ton, a 1.06% increase; the September rapeseed meal contract rose 89 to 2850 yuan per ton, a 3.38% increase; the Guangxi rapeseed meal spot price rose 90 to 2600 yuan per ton, a 3.59% increase [4][7]. - The U.S. soybeans closed higher in a volatile market. Firstly, the U.S. soybean crushing volume exceeded expectations, and driven by the boost of the biodiesel policy, the strength of U.S. soybean oil led to the increase. Secondly, the export sales progress of new - crop soybeans accelerated, and the agricultural product procurement agreement between the U.S. and Indonesia was conducive to increasing the export demand for U.S. agricultural products. Thirdly, precipitation in the production areas during the critical growth period in August might decrease compared with the previous period, and the temperature would rise, with the possibility of drought still existing. The Brazilian premium fluctuated within a limited range, and combined with the strength of the external market, there was support from the import cost. There was an expectation of tight soybean supply in the fourth quarter, and there was still no news of soybean procurement. The Dalian soybean meal rose in a volatile market. In the near - term, soybean meal was in the process of continuous inventory accumulation, the supply was relatively loose, and the rebound strength of the spot price was limited [4][7]. - In the next two weeks, the cumulative precipitation in the production areas will be slightly higher than the average, but the precipitation forecast at the end of July has decreased compared with the previous period, and the temperature is relatively high, so there are still concerns about drought. Attention should be paid to the U.S. tariff trade negotiations, as an agricultural product agreement may be reached, which is conducive to boosting the export expectations of U.S. agricultural products. Under the effect of the U.S. biodiesel policy, U.S. soybean oil has risen significantly, supporting the increase in U.S. soybeans. The near - term crushing capacity utilization rate is at a high level, the spot supply is sufficient, and the rebound strength is limited. Attention should be paid to further Sino - U.S. economic and trade negotiations. If the relationship improves, it may be conducive to starting the procurement of U.S. soybeans. The Brazilian premium is stable, and the increase in the external market has raised the import cost. In the short term, the Dalian soybean meal may run in a slightly stronger and volatile manner [4][11]. 3. Summary According to Relevant Catalogs Market Data | Contract | July 18 | July 11 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | CBOT Soybean | 1035.00 | 1007.50 | 27.50 | 2.73% | Cents per bushel | | CNF Import Price: Brazil | 472.00 | 467.00 | 5.00 | 1.07% | Dollars per ton | | CNF Import Price: U.S. Gulf | 458.00 | 452.00 | 6.00 | 1.33% | Dollars per ton | | Brazilian Soybean Crushing Margin on the Futures Market | - 17.41 | - 32.57 | 15.16 | | Yuan per ton | | DCE Soybean Meal | 3056.00 | 2976.00 | 80.00 | 2.69% | Yuan per ton | | CZCE Rapeseed Meal | 2722.00 | 2633.00 | 89.00 | 3.38% | Yuan per ton | | Soybean Meal - Rapeseed Meal Spread | 334.00 | 343.00 | - 9.00 | | Yuan per ton | | Spot Price: East China | 2900.00 | 2830.00 | 70.00 | 2.47% | Yuan per ton | | Spot Price: South China | 2850.00 | 2820.00 | 30.00 | 1.06% | Yuan per ton | | Spot - Futures Spread: South China | - 206.00 | - 156.00 | - 50.00 | | Yuan per ton | [5] Market Analysis and Outlook - U.S. soybean market: The U.S. soybean crushing volume in June was higher than the average expectation of market analysts, and the soybean oil inventory dropped to a five - month low. As of the week ending July 13, 2025, the U.S. soybean good - to - excellent rate was 70%, higher than the market expectation of 67%. As of the week ending July 15, about 7% of the U.S. soybean planting area was affected by drought. The export sales of U.S. soybeans showed different trends in different periods. The 2024/2025 annual cumulative export sales volume was 5065 tons, with a sales progress of 99.8%. The 2025/2026 annual weekly export net sales were 53 tons, and the cumulative sales volume of this year was 237 tons [7][8][9]. - Brazilian soybean market: The Brazilian National Association of Grain Exporters (Anec) estimated that the soybean export volume in July was expected to be 1219 tons. The 2025 soybean production forecast in Brazil reached a record 1.697 billion tons, and the processing volume and export volume forecasts were also adjusted upwards [10][15]. - Inventory situation: As of the week ending July 11, 2025, the main oil mills' soybean inventory was 657.49 tons, the soybean meal inventory was 88.62 tons, the unexecuted contracts were 548.8 tons, and the national port soybean inventory was 823.1 tons. As of the week ending July 18, the national weekly average daily trading volume of soybean meal was 132,540 tons, the weekly average daily pick - up volume was 185,240 tons, the main oil mills' crushing volume was 2.3055 million tons, and the feed enterprises' soybean meal inventory days were 8.26 days [10][11]. Industry News - Brazil's soybean export in the first two weeks of July was 4,331,243.97 tons, with an average daily export volume of 481,249.33 tons, a 1.61% decrease compared with the average daily export volume in July last year [12]. - As of the week ending July 2, the good - to - excellent rate of rapeseed in Saskatchewan, Canada was 58.97%. As of the week ending July 8, the good - to - excellent rate of rapeseed growth in Alberta was 63.7%. In Manitoba, rapeseed was at different growth stages [12]. - The soybean crushing profit in Mato Grosso, Brazil from July 7 to July 11 was 443.58 reais per ton [13]. - As of July 13, the EU's 2025/26 palm oil, soybean, soybean meal, and rapeseed import volumes were all lower than the same period last year [13]. - The 2025/26 Ukrainian rapeseed production was expected to remain at 3.25 million tons, and the Ukrainian parliament passed a bill to impose a 10% export tariff on rapeseed and soybeans [14]. - The U.S. renewable fuel blending credit limit in June increased compared with May. The ethanol (D6) blending credit limit was about 1.25 billion gallons, and the biodiesel (D4) blending credit limit increased from 602 million gallons last month to 629 million gallons in June [14]. - The Rosario Grain Exchange in Argentina raised the 2024/25 soybean production forecast to 49.5 million tons [15]. Relevant Charts The report includes 28 charts, covering the trends of U.S. soybean continuous contracts, Brazilian soybean CNF arrival prices, freight rates, RMB spot exchange rates, management fund CBOT net positions, soybean meal contract trends, spot prices in different regions, and various inventory and trading volume data trends [16][17][18][19][20][21][23][25][27][29][31][35][38][39][41][43][48][49]

Core Insights - The article highlights that U.S. soybean export volumes have exceeded market expectations, leading to increased trader confidence and speculation about further price increases [1] Group 1: Market Performance - U.S. soybean exports are performing better than anticipated, which is a positive indicator for the market [1] - Increased trader confidence is noted as a result of the favorable export data, suggesting a bullish sentiment in the market [1] Group 2: Price Outlook - The article raises the question of how much further prices may rise, indicating ongoing speculation about future price movements in the soybean market [1]

Core Insights - Shandong Province is a major agricultural exporter in China, leading the nation in agricultural product exports with a total export value of 804.7 billion yuan in the first half of 2023, reflecting a growth of 3.5% [3][4] - The province has 21 brands included in the National Agricultural Brand Boutique Cultivation Program, the highest in the country, and 171 brands listed under the "Good Products Shandong" brand [3] Export Performance - The main categories of agricultural exports, including vegetables, seafood, and fruits, have shown strong growth, with vegetable and edible fungus exports reaching 206.8 billion yuan (up 1%), seafood at 175.9 billion yuan (up 16%), and dried and fresh fruits and nuts at 50.3 billion yuan (up 20.1%) [3][4] - Ten out of 16 cities in Shandong reported positive growth in agricultural exports, with Zaozhuang and Weihai showing growth rates of 19.2% and 12.1%, respectively [4] Market Expansion - Exports to major markets such as Japan (161.9 billion yuan, up 2.2%), ASEAN (137.7 billion yuan, up 6.6%), and the EU (117 billion yuan, up 4.1%) have all increased [4] - Emerging markets have also seen significant growth, with exports to the Arab League, Africa, Central Asia, and India growing by 28.1%, 33.8%, 38.5%, and 32.6%, respectively [4] Business Dynamics - A total of 6,082 enterprises engaged in agricultural exports were recorded, an increase of 522 from the previous year, with private enterprises accounting for 5,527 of these, contributing 644.6 billion yuan in export value [4][5] - The provincial government is focused on enhancing the agricultural value chain and promoting deep integration of agricultural production and processing, which has led to a continuous increase in agricultural export value for 26 years [5][6] Value Addition - The average export price of dried garlic reached 24.3 yuan per kilogram, significantly higher than the 9 yuan per kilogram for fresh garlic, indicating a successful strategy in increasing the value of agricultural products [5] - The government is implementing measures to facilitate agricultural exports, including promoting AEO certification for food processing enterprises and providing support for companies entering international markets [5][6]