Report Summary 1. Industry Investment Rating No industry investment rating was provided in the given reports. 2. Core Views - The probability of the current ENSO neutral climate transitioning to La Nina climate between October and December 2025 has been raised to 71% [2]. - From September 1 - 10, 2025, Malaysian palm oil yield per unit decreased by 2.70% month - on - month, oil extraction rate decreased by 0.09% month - on - month, and production decreased by 3.17% month - on - month [2]. - Protein meal: Night - session soybean and rapeseed meal fluctuated and closed higher. Despite uncertainties in US soybean exports due to Sino - US trade tariffs, lower planting area and poor weather since August are expected to lead to a downward adjustment of US soybean yield per unit. US soybeans have strong support at the bottom with limited downside. In China, the expectation of abundant raw material supply continues, and it is expected to continue narrow - range fluctuations in the short term [2]. - Oils: Night - session oils trended strongly. Malaysia's palm oil production in August was 1.85 million tons, a 2.35% month - on - month increase; exports were 1.32 million tons, a 0.29% month - on - month decrease; and inventory was 2.2 million tons, a 4.18% month - on - month increase. Short - term palm oil prices may be under pressure. US biodiesel policy has a negative impact on soybean oil, but the upcoming USDA report may boost soybean oil futures prices. Attention should be paid to Sino - Canadian trade relations and US biodiesel policy [2]. 3. Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8336, 9330, and 9893 respectively, with price changes of 80, 86, and 123, and percentage changes of 0.97%, 0.93%, and - 3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 3088, 2550, and 8844 respectively, with price changes of 22, - 15, and 26, and percentage changes of 0.72%, - 0.58%, and 0.29% respectively [1]. - **Spreads and Ratios**: The current values of spreads such as Y9 - 1, P9 - 1, and OI9 - 1 were - 68, 116, and 87 respectively, showing changes compared to the previous values. Ratios and spreads like M9 - 1, RM9 - 1, and M - RM09 also had corresponding current and previous values [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4340, 1025, 51, and 286 respectively, with price changes of - 40, - 6, 1, and - 3, and percentage changes of - 0.91%, - 0.53%, 1.17%, and - 1.00% respectively [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of domestic products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil were 8520, 8640, and 9330 respectively, with percentage changes of 0.12%, 0.12%, and - 0.53% respectively. Spot prices of other products also had corresponding changes [1]. - **Basis and Spreads**: Spot basis and spreads such as those between different grades of oils and meals had current and previous values, showing corresponding changes [1]. Import and Profit - **Import Profit**: The current import profits of products such as Malaysian palm oil, US Gulf soybeans, and Brazilian soybeans were - 292, 105, and - 70 respectively, showing changes compared to the previous values [1]. Warehouse Receipts - **Warehouse Receipt Quantities**: The current warehouse receipt quantities of products such as soybean oil, palm oil, and rapeseed oil were 24,544, 639, and 6,953 respectively, with some showing no change compared to the previous values [1].

Report Information - Report Date: September 12, 2025 [1][17][21][26][31][33][38] - Report Title: Guotai Junan Futures Commodity Research Morning Report - Agricultural Products [2] Industry Investment Ratings - Not provided in the report Core Views - **Palm Oil**: Supported by US soybean oil, focus on low - buying strategies [3][5] - **Soybean Oil**: Stabilized as US soybeans closed higher [3][5] - **Soybean Meal**: Rebounded following US soybeans, awaiting USDA supply - demand report [3][14] - **Soybean No.1**: Rebounded and fluctuated [3][14] - **Corn**: Traded in a range [17] - **Sugar**: Consolidated in a narrow range [21] - **Cotton**: Monitor the listing of new cotton [26] - **Eggs**: Continued trading range [31] - **Hogs**: Spot market was weak, while policy was strong [33] - **Peanuts**: Monitor the listing of new peanuts [38] Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures closed at 9,330 yuan/ton (day session) with a 0.93% increase, and 9,348 yuan/ton (night session) with a 0.19% increase; soybean oil futures closed at 8,336 yuan/ton (day session) with a 0.97% increase, and 8,326 yuan/ton (night session) with a - 0.12% decrease [5] - **News**: From September 1 - 10, 2025, Malaysian palm oil production decreased by 3.17% month - on - month; analysts expect Malaysian palm oil inventory in September to increase by 6% to 2.3 million tons due to weak exports and domestic demand [6][7] - **Trend Intensity**: Neutral (0) [13] Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2511 closed at 3,911 yuan/ton (day session) with a - 0.13% decrease, and 3,957 yuan/ton (night session) with a 0.79% increase; DCE soybean meal 2601 closed at 3,066 yuan/ton (day session) with a - 0.33% decrease, and 3,090 yuan/ton (night session) with a 0.49% increase [14] - **News**: On September 11, CBOT soybeans closed higher as traders adjusted positions before the USDA supply - demand report; analysts expect a slight decrease in US soybean yield but a large overall production [14][16] - **Trend Intensity**: Slightly bullish (+1) [16] Corn - **Fundamentals**: C2511 closed at 2,202 yuan/ton (day session) with a 0.14% increase, and 2,201 yuan/ton (night session) with a - 0.05% decrease; C2601 closed at 2,172 yuan/ton (day session) with a - 0.09% decrease, and 2,169 yuan/ton (night session) with a - 0.14% decrease [18] - **News**: Northern corn port prices were stable, while North China corn prices were slightly down [19] - **Trend Intensity**: Neutral (0) [20] Sugar - **Fundamentals**: Raw sugar price was 16.47 cents/pound, mainstream spot price was 5,940 yuan/ton, and futures main contract price was 5,556 yuan/ton [21] - **News**: Indian monsoon rainfall increased; Brazilian sugar exports decreased; Conab lowered Brazil's 25/26 sugar production forecast [21] - **Trend Intensity**: Neutral (0) [24] Cotton - **Fundamentals**: CF2601 closed at 13,835 yuan/ton (day session) with a - 0.14% decrease, and 13,830 yuan/ton (night session) with a - 0.04% decrease; ICE US cotton 12 closed at 66.74 cents/pound with a 0.03% increase [26] - **News**: Cotton spot trading was light; US cotton exports decreased [27][28] - **Trend Intensity**: Neutral (0) [30] Eggs - **Fundamentals**: Egg 2510 closed at 3,043 yuan/500 kg with a 0.36% increase; Egg 2601 closed at 3,349 yuan/500 kg with a - 0.71% decrease [31] - **Trend Intensity**: Neutral (0) [31] Hogs - **Fundamentals**: Henan spot price was 13,530 yuan/ton; Sichuan spot price was 13,400 yuan/ton; Guangdong spot price was 14,240 yuan/ton; Futures contracts showed different price changes [34] - **Market Logic**: Spot prices may decline further due to large supply in September - October; short - term LH2511 support is 12,500 yuan/ton, and resistance is 13,500 yuan/ton [36] - **Trend Intensity**: Neutral (0) [35] Peanuts - **Fundamentals**: Liaoning 308 general peanuts were priced at 8,200 yuan/ton; Henan Baisha general peanuts were priced at 8,360 yuan/ton with a 100 - yuan decrease [38] - **News**: New peanuts in some areas are expected to be listed soon; trading volume was affected by rainfall [39] - **Trend Intensity**: Neutral (0) [40]