Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, and fund flow. It also provides updates on crop conditions, international and domestic supply - demand situations, and regulatory developments. Summary by Directory 01 Overnight行情 - Overnight prices and percentage changes are provided for various futures including palm oil, crude oil, soybeans, and related products. Currency exchange rates and their changes are also given [1]. 02 Spot行情 - Spot prices, basis, and basis changes are presented for DCE palm oil, DCE豆油, and DCE豆粕 in different regions. CNF quotes and relevant information for imported soybeans are also included [2]. 03 Important Fundamental Information 产区天气 - US soybean - producing states will have below - normal temperatures and mostly near - to above - median precipitation from August 24th to 28th. Cool and dry weather is expected in the US Midwest in late August, with a 20 - 40 mm rain deficit in 10 - 15 days, and a possible warm and moderately rainy pattern in early September [3][5]. 国际供需 - Malaysian palm oil prices are expected to stay above 4300 ringgit. Pro Farmer estimates soybean pod numbers in Ohio and South Dakota. USDA reports soybean exports, and the 2025/26 Brazilian soybean planting area may increase by 1.2% - 2.9%. Brazilian 8 - month soybean and soybean meal exports are expected to rise. A Brazilian regulatory body plans to investigate the "Soybean Moratorium Plan". EU 2025/26 imports of palm oil, soybeans, soybean meal, and rapeseed are lower than last year. Australian rapeseed exports have declined, and the Baltic Dry Index has dropped [7][9][12]. 国内供需 - On August 19th, the total trading volume of soybean oil and palm oil increased by 170% compared to the previous day. The trading volume of soybean meal decreased, and the oil - mill startup rate dropped slightly. China's refined edible vegetable oil production in July increased by 4.0% year - on - year. National soybean oil port inventory increased. China's feed production in July decreased slightly from the previous month but increased by 5.95% year - on - year. Agricultural product prices showed some changes [13][14]. 04 Macro要闻 国际要闻 - US retail sales, new home construction, and API crude oil inventory data are reported. The euro - zone's current account balance increased. Malaysia's economic growth may slow due to US tariffs [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate increased on August 19th. The Chinese central bank conducted a net injection of 4657 billion yuan through reverse repurchase operations. China's fiscal revenue from January to July increased slightly year - on - year, and securities transaction stamp duty increased significantly [17]. 05资金流向 - On August 19th, the futures market had a net capital outflow of 157.57 billion yuan, with 27.53 billion yuan from commodity futures and 130.04 billion yuan from stock - index futures. Agricultural product futures had a net inflow, while other sectors had net outflows [19][20]. 06套利跟踪 No relevant information provided.

Report Summary 1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Core Viewpoints The report comprehensively presents the overnight and spot market conditions of various commodities including palm oil, soybean, and related products, along with important fundamental information such as weather in the US, international and domestic supply - demand situations, macro - economic news, and capital flows in the market [1][2][5]. 3. Summary by Relevant Catalogs Overnight Market Conditions - **Futures**: The closing prices and daily and overnight price changes of commodities like Malaysian palm oil, Brent crude oil, and US soybean futures are presented. For example, the closing price of Malaysian palm oil 10 (BMD) is 4283.00, with a daily increase of 0.35% and an overnight increase of 0.68% [1]. - **Currencies**: The latest prices and price changes of the US dollar index and multiple currencies against the US dollar are provided, such as the US dollar index at 98.90, up 0.25% [1]. Spot Market Conditions - **Futures and Spot**: The spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are given. For instance, the spot price of DCE palm oil 2509 in North China is 9050, with a basis of 130 and no change in basis from the previous day [2]. - **Imported Soybean Quotes**: The CNF premiums and CNF quotes of imported soybeans from different regions are shown, like the CNF premium of Brazilian soybeans is 266 cents per bushel, and the CNF quote is 469 dollars per ton [4]. Important Fundamental Information - **Weather in Production Areas**: The future weather outlook of US soybean - producing states from August 3rd to 7th shows that the temperature is close to the average and precipitation is mostly above the median. The Midwest planting belt has rising temperatures and relatively high soil moisture [5][7]. - **International Supply - Demand**: The EU and Indonesia reached an agreement on palm oil trade, with the EU allowing zero - tariff imports of a certain quota of Indonesian palm oil. Indonesia is expected to export over 500 tons of palm oil to India in 2025. Brazil's July soybean and soybean meal export forecasts are lower than the previous week. EU's 2025/26 imports of palm oil, soybean, soybean meal, and rapeseed are all lower than the same period last year. Canada's June rapeseed crushing volume increased by 3.0% month - on - month [9][10][11]. - **Domestic Supply - Demand**: On July 29th, the total trading volume of soybean oil and palm oil increased by 152% compared to the previous trading day. The trading volume of soybean meal in major domestic oil mills increased significantly, and the operating rate of oil mills rose. The national soybean oil port inventory increased by 2.8 tons compared to the previous week [14]. Macroeconomic News - **International News**: The probability of the Fed keeping interest rates unchanged in July is 97.4%, and the probability of a 25 - basis - point rate cut is 2.6%. The US consumer confidence index in July is 97.2, higher than the expected value [15]. - **Domestic News**: On July 29th, the US dollar/Chinese yuan exchange rate was reported at 7.1511, up 44 points. The Chinese central bank conducted 4492 billion yuan of 7 - day reverse repurchase operations, achieving a net investment of 2344 billion yuan [18]. Capital Flows On July 29th, the futures market had a net capital outflow of 38.56 billion yuan. Commodity futures had a net capital outflow of 0.57 billion yuan, including an outflow of 9.38 billion yuan from agricultural product futures and 8.29 billion yuan from chemical futures, while black - series futures had a net capital inflow of 33.2 billion yuan. Index futures had a net capital outflow of 38 billion yuan [21].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents a comprehensive overview of the commodities and financial markets, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking. It highlights significant changes in international and domestic supply - demand situations and macro - economic indicators [1][2][3] Summary by Directory 01 Overnight行情 - Overnight price and percentage change data are provided for various commodities such as palm oil, crude oil, soybeans, and their related products. Currency exchange rates and their percentage changes are also given, including the US dollar index and several other currencies against the US dollar [1] 02 Spot行情 - Spot prices, basis, and basis changes for DCE palm oil, DCE豆油, and DCE豆粕 in different regions are presented. CNF quotes and CNF升贴水 for imported soybeans from different origins are also included [2] 03 Important Fundamental Information -产区天气 - The future weather outlook (July 19 - 23) for US soybean - producing states shows higher - than - normal rainfall and higher temperatures. The Midwest has a complex weather pattern with intermittent showers and temperature fluctuations. Overall, most areas of corn and soybean crops are in good condition as they enter the pollination stage [3][5] -国际供需 - India's palm oil imports in June increased by 60% month - on - month to 955,683 tons, and total vegetable oil imports rose by 30.6%. The US soybean good - to - excellent rate as of July 13 was 70%, higher than expected. US soybean export inspection volume was lower than expected. Brazil's soybean exports in the first two weeks of July decreased slightly compared to the previous year. Canada's rapeseed has different growth conditions in different provinces. The Baltic Dry Index rose to a four - week high [7][8][9] -国内供需 - On July 14, the total trading volume of soybean oil and palm oil decreased. The trading volume of soybean meal increased, and the oil mill operating rate rose. China's soybean imports in June decreased slightly from May but increased year - on - year. Imported edible vegetable oil in June increased significantly both month - on - month and year - on - year. The commercial inventory of major oils increased. Agricultural product wholesale price indices declined slightly [11][12][13] 04 Macro要闻 -国际要闻 - The probability of the Fed keeping interest rates unchanged in July is 94.8%. A Fed official hopes to see further inflation decline before supporting a rate cut. High - end economists predict US core CPI inflation. Trump threatens to impose 100% secondary tariffs on Russia. The EU may impose counter - tariffs on US imports. Brazil denies requests related to US tariffs [15][16] -国内要闻 - On July 14, the US dollar/Chinese yuan exchange rate increased (yuan depreciation). The Chinese central bank conducted reverse repurchase operations, resulting in a net injection of funds. China's M2, M1, and social financing scale increased year - on - year. China's trade surplus in June increased, and Sino - US trade showed signs of recovery [18][19] 05资金流向 - On July 14, the futures market had a net capital outflow of 19.195 billion yuan. Commodity futures had a net inflow of 2.604 billion yuan, while stock index futures had a net outflow of 21.798 billion yuan. Different commodities had varying degrees of capital inflow or outflow [21][22] 06套利跟踪 - Not provided in the content

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents comprehensive information on the futures market, including overnight and spot prices, important fundamental data, macro - news, and capital flows. It shows that various factors such as weather, international and domestic supply - demand, and macro - economic indicators are influencing the market [1][2][16] 3. Summary by Directory Overnight行情 - Overnight prices and their percentage changes are provided for various futures, including Malaysian palm oil, Brent oil, US crude oil, US soybeans, US soybean meal, and US soybean oil. Exchange rate data for multiple currencies are also given [1] Spot行情 - Spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are presented. CNF quotes and CNF升贴水 for imported soybeans from different origins are also included [2][3] Important Fundamental Information 产区天气 - The future weather outlook (July 7 - 11) for US soybean - producing states indicates that temperatures will be near to above normal, and precipitation will be generally high. The US Midwest will have local precipitation and higher - than - normal temperatures in the middle and later part of the week [4][6] 国际供需 - Indonesia's 2024/25 palm oil production is expected to be 4880 tons, and Malaysia's is expected to be 1910 tons. Global palm oil imports in 2024/25 are expected to be 4210 tons, 1.2% higher than last month's estimate. India's June palm oil imports increased by 61% month - on - month. The SOPA expects a 5% reduction in India's soybean planting area [8][9][11] 国内供需 - On July 2, the total trading volume of soybean oil and palm oil increased by 342% compared to the previous trading day. The trading volume of soybean meal in major domestic oil mills increased significantly, and the overall oil mill operating rate rose to 66.59% [13] Macro - news 国际要闻 - The probability of the Fed keeping interest rates unchanged in July is 74.7%. The US "small non - farm" data was unexpectedly negative. Other economic data such as ADP employment, Challenger enterprise layoffs, and mortgage application activity are also provided [16] 国内要闻 - On July 2, the US dollar/renminbi exchange rate was adjusted upwards, and the central bank conducted 985 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 2668 billion yuan [18] 资金流向 - On July 2, 2025, the futures market had a net capital outflow of 452 million yuan. Commodity futures had a net inflow of 2.938 billion yuan, while stock index futures had a net outflow of 3.39 billion yuan [21] 套利跟踪 - Not provided in the content

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking. It presents data on various commodities such as palm oil, soybeans, and crude oil, as well as international and domestic supply - demand situations and macroeconomic indicators. 3. Summary by Directory 01 Overnight Quotes - Overnight quotes are presented for multiple commodities including palm oil, Brent crude, WTI crude, soybeans, soybean meal, and soybean oil, along with their closing prices, previous - day and overnight price changes [1]. - Quotes for multiple currencies are also provided, including the US dollar index, RMB, Malaysian ringgit, Indonesian rupiah, Brazilian real, Argentine peso, and Singapore dollar, along with their latest prices and price changes [1]. 02 Spot Quotes - Spot prices, basis, and basis changes for DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are given [2]. - CNF quotes and CNF premium changes for imported soybeans from different origins are presented [2]. 03 Important Fundamental Information Weather Forecast - The temperature in most major soybean - producing states in the US from June 22 - 26 will be higher than normal, and precipitation will be close to or higher than the median [3]. - There will be sporadic showers in parts of the US Midwest, and field operations in the southern region may be hindered. The temperature will be close to or higher than normal [5]. International Supply - Demand - Malaysia's palm oil production in May increased by 5.05% month - on - month to 1.77 million tons, and exports soared by 25.62% to 1.38 million tons. Short - term production may slow down, and June production is expected to decrease [7][8]. - A private exporter reported selling 120,000 tons of soybean meal to an unknown destination for delivery in the 2025/2026 season [8]. - Due to frequent spring rainfall, some soybean fields in Arkansas may not be planted, and re - planting of some soybeans is uncertain [8]. - Brazil's expected soybean exports in June are 14.37 million tons, soybean meal exports are 1.97 million tons, and corn exports are 913,316 tons [8]. - The soybean crushing profit in Mato Grosso state from June 9 - 13 was 515.08 Brazilian reals per ton [9]. - As of June 15, the EU's palm oil imports in the 2024/2025 season were 2.74 million tons, soybeans were 13.58 million tons, and rapeseed was 6.91 million tons [9]. - France's 2025 winter barley and rapeseed production is expected to rebound strongly, with rapeseed production reaching 4.2 million tons, a 9.4% increase from 2024 [9]. - On Tuesday, the Baltic Dry Index declined due to lower freight rates for large vessels [10]. Domestic Supply - Demand - On June 17, the total trading volume of soybean oil and palm oil was 17,560 tons, a 55% decrease from the previous trading day [12]. - On June 17, the trading volume of soybean meal in major domestic oil mills was 219,900 tons, and the operating rate of oil mills was 67.08%, up 5.25% from the previous day [12]. - As of June 17, the port inventory of soybean oil in China was 780,000 tons, a 15,000 - ton increase from the previous week [12]. - The average prices of piglets, live pigs, and soybean meal in China decreased compared to the previous week and the same period last year [12]. - On June 17, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" remained unchanged, and the average pork price in the agricultural product wholesale market decreased by 0.7% [13]. 04 Macro News International News - The probability that the Fed will keep interest rates unchanged in June is 97.3%, and the probability of a 25 - basis - point rate cut is 2.7% [15]. - The US NAHB Housing Market Index in June was 32, lower than the expected 36 [15]. - The US industrial production in May decreased by 0.2% month - on - month, and retail sales decreased by 0.9% month - on - month [15]. - Other US economic indicators such as import price index, red - book retail sales, commercial inventory, API crude oil inventory, and the eurozone ZEW economic sentiment index are also provided [19]. Domestic News - On June 17, the USD/RMB exchange rate was lowered by 43 points [17]. - On June 17, the People's Bank of China conducted 197.3 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 183.3 billion yuan [17]. 05 Fund Flows - On June 17, the futures market had a net capital outflow of 3.222 billion yuan, with a net outflow of 4.602 billion yuan in the commodity futures market and a net inflow of 1.381 billion yuan in the stock index futures market [21]. - The fund flows of major futures varieties are presented, with positive flows in some commodities like CSI 1000 stock index futures and rapeseed oil, and negative flows in others like gold and copper [20]. 06 Arbitrage Tracking No relevant content provided.