Report Industry Investment Rating - No relevant information provided Core Viewpoints - The report presents the latest data on the export inspection volume of US soybeans, the progress of soybean harvesting in Brazil, the policy adjustment of palm oil blending ratio in Indonesia, and various price and spread data of oils and fats and oilseeds [1] Summary by Related Catalogs US Soybean Export Inspection - As of the week ending March 26, 2026, the US soybean export inspection volume was 586,427 tons, falling short of the market expectation of 600,000 - 1,250,000 tons, and the previous week's revised volume was 1,114,711 tons [1] - The soybean export inspection volume to the Chinese mainland during the same week was 270,424 tons, accounting for 46.11% of the total export inspection volume [1] - As of the week ending March 27, 2025, the US soybean export inspection volume was 817,870 tons [1] - So far this crop year, the cumulative US soybean export inspection volume is 29,783,385 tons, compared with 40,774,757 tons in the same period of the previous year [1] Brazil Soybean Harvest - According to Safras & Mercado, as of March 27, the soybean harvest of Brazil's 2025/26 season has completed 71.5% of the planted area. Although the progress has advanced compared with the previous week, it is still behind the same period of previous years [1] - AgRural reported that as of last Thursday, the soybean harvest rate of Brazil's 2025/26 season was 75%, an increase of 7 percentage points from the previous week, but lower than the 82% reported in the same period last year [1] - AgRural also raised its forecast for the 2025/26 soybean production from 178 million tons to 178.4 million tons [1] Indonesia's Palm Oil Policy - Indonesian President Prabowo Subianto announced on Monday during a visit to Japan that the country will increase the palm oil blending ratio in biodiesel from 40% to 50% this year, which means the country will promote the B50 biodiesel policy [1] Price and Spread Data - The report provides data on the import profit of various oils and fats (soybean oil, palm oil, rapeseed oil), the basis of protein meals (soybean meal, rapeseed meal) and oils and fats (soybean oil, palm oil, rapeseed oil), and the price spreads of various oilseeds and oils and fats [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Palm oil prices are affected by oil price fluctuations and are expected to fluctuate at a high level; the upward space of soybean oil is limited due to weak drivers from the soybean sector [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of palm oil futures (day session) was 9,942 yuan/ton with a daily increase of 2.31%, and the night - session price was 9,588 yuan/ton with a decrease of 3.56%. The closing price of soybean oil futures (day session) was 8,740 yuan/ton with a daily increase of 1.30%, and the night - session price was 8,588 yuan/ton with a decrease of 1.74%. The closing price of rapeseed oil futures (day session) was 9,950 yuan/ton with a daily increase of 0.75%, and the night - session price was 9,770 yuan/ton with a decrease of 1.81%. The price of CBOT soybean oil futures was 65.71 cents/pound with an increase of 0.31% [1] - **Trading Volume and Open Interest**: The trading volume of palm oil futures was 465,152 lots, an increase of 57,742 lots compared to the previous day, and the open interest was 317,752 lots, a decrease of 1,698 lots. The trading volume of soybean oil futures was 270,684 lots, an increase of 44,960 lots, and the open interest was 612,272 lots, an increase of 18,176 lots. The trading volume of rapeseed oil futures was 224,994 lots, an increase of 23,990 lots, and the open interest was 239,709 lots, an increase of 2,276 lots [1] - **Spot Price**: The spot price of 24 - degree palm oil in Guangdong was 9,920 yuan/ton, an increase of 170 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 9,040 yuan/ton, an increase of 100 yuan/ton; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,220 yuan/ton, an increase of 40 yuan/ton. The FOB price of Malaysian palm oil was 1,215 US dollars/ton, unchanged [1] - **Basis**: The basis of palm oil in Guangdong was - 22 yuan/ton; the basis of soybean oil in Guangdong was 300 yuan/ton; the basis of rapeseed oil in Guangxi was 270 yuan/ton [1] - **Price Spread**: The spread between rapeseed oil and palm oil futures was 8 yuan/ton; the spread between soybean oil and palm oil futures was - 1,202 yuan/ton; the 5 - 9 spread of palm oil was 54 yuan/ton; the 5 - 9 spread of soybean oil was 74 yuan/ton; the 5 - 9 spread of rapeseed oil was 119 yuan/ton [1] 3.2 Macro and Industry News - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 68%, 7 percentage points higher than the previous week but lagging behind 80% in the same period last year [2] - In the first three weeks of March, Brazil exported 9,501,524.99 tons of soybeans, with an average daily export volume of 633,435.00 tons, a 18% decrease compared to the average daily export volume in March last year [3][4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [5]

Core Insights - Brazil's soybean harvest for the 2025/26 season reached 2% completion as of January 15, 2024, marking an increase of 1.4 percentage points from the previous week and slightly above the 1.7% completion rate from the same period last year [1] Group 1 - The soybean harvest rate in Brazil is currently at 2% [1] - The harvest rate increased by 1.4 percentage points compared to the previous week [1] - The current harvest rate is slightly higher than the 1.7% recorded at the same time last year [1]

Report Summary Core Viewpoints - As of April 19, 2025, the soybean harvest rate in Brazil's 2024/25 season was 92.5%, up from 88.3% the previous week and 83.2% the same period last year [1] - In the first three weeks of April, Brazil exported 9,422,639.91 tons of soybeans, with a daily average export volume of 724,818.45 tons, a 9% increase from the daily average export volume of 667,629.19 tons in the whole month of April last year The total export volume in April last year was 14,687,842.09 tons [1] Spot Prices - The report provides the 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 April 16 to April 22, 2025 [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The Brazilian soybean production in 2025 is expected to increase, while the US soybean crushing volume in March was lower than expected, and the Malaysian palm oil exports from April 1 - 15 increased [1][2]. 3) Summary by Related Contents Brazil Soybean - IBGE estimates Brazil's 2025 soybean production at 164.26 million tons, a 13.3% increase from the previous year, with a planting area of 47.362525 million hectares, a 2.9% increase from the previous month's estimate and unchanged from the previous year [1]. - Conab reports that as of April 13, the 2024/25 soybean harvest rate in Brazil reached 88.3%, 3 percentage points higher than the previous week, 5.2 percentage points faster than the same period last year, and 0.9 percentage points faster than the five - year average [1]. US Soybean - NOPA reports that the US soybean crushing volume in March was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024, and lower than analysts' estimates [1]. - The daily average soybean crushing volume in March was 6.276 million bushels, the lowest since September [1]. - As of March 31, NOPA member units' soybean oil inventory was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year, also lower than analysts' estimates [1]. Malaysian Palm Oil - SGS data shows that Malaysia's palm oil product exports from April 1 - 15, 2025, were 376,584 tons, a 7.05% increase from the same period of the previous month [1][2]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from April 10 - 16, 2025, are provided [7].