Report Industry Investment Ratings - 豆一: 未明确体现趋势性评级 [1] - 豆粕: 未明确体现趋势性评级 [1] - 豆油: 未明确体现趋势性评级 [1] - 棕榈油: 未明确体现趋势性评级 [1] - 莱粕: 未明确体现趋势性评级 [1] - 菜油: 未明确体现趋势性评级 [1] - 玉米: 未明确体现趋势性评级 [1] - 生猪: 一颗星代表偏空，判断趋势有下跌的驱动，但盘面可操作性不强 [1][9] - 鸡蛋: 一颗星代表偏空，判断趋势有下跌的驱动，但盘面可操作性不强 [1][9] Core Views - 农产品各品种受多种因素影响，走势各异，需综合考虑天气、政策、供需等因素进行投资决策 [2][4][5][6][7] Summary by Related Catalogs 豆一 - 黑龙江和内蒙古大豆处于结荚时段，本周东北地区降水利于生长，豆一和豆二价差缩窄，豆一弱于进口大豆，进口大豆短期天气风险不大，价格止跌企稳，后续关注国产大豆产区天气及震荡指引 [2] 大豆&豆粕 - 截至8月3日当周，美国大豆优良率为69%，依旧处于历史同期高位，未来两周美豆主产区降雨略低于常值，温度先降后升，土壤湿度好于去年同期，国内油厂压榨率稳定，周度压榨量超200万吨，豆粕库存增至百万吨左右，中美贸易关税未公布最终方案，美豆或有早期丰产预期，延续弱势，关税问题明朗前，豆粕行情先以震荡对待 [2] 豆油&棕榈油 - 今日国内商品大部分上涨，豆棕油表现强势，均大幅增仓，豆油基差止跌反弹，国内豆油出口窗口打开，边际压力缓和，关税矛盾下远期豆油供应端有不确定性风险，四季度是需求旺季，需谨慎中期市场情绪发酵，美豆油长期需求受产能扩张和政策支持，价格底部有支撑，小型炼厂豁免问题未解决，影响价格波动和阶段需求，预计中期美豆油震荡中性或偏强，国内外豆油价差有向零值或负值波动的概率，今年内外价差收敛靠国内补涨概率大，对豆油棕榈油维持逢低多配思路，棕榈油中期面临四季度减产周期，需放大波动空间 [2] 菜粕&菜油 - 国内菜系今日均收涨，菜粕未摆脱窄区间震荡格局，菜油受植物油板块提振但走势最弱，加拿大菜籽主产区天气利于生长，优良率与单产预估较好，未来半月降雨预计较好，天气升水有望缩窄，加菜籽新作期价预计在700加元/吨以下波动，加拿大菜籽2025/26年度总供给下滑，但因欧盟下调进口需求、中加经贸关系存隐忧，加菜籽平衡表紧张与否取决于中加关系走向，中加菜系短期维持区间震荡，关注中加经贸关系前景 [4] 玉米 - 8月5日，中储粮进口玉米拍卖19.84万吨，成交率13%，截至目前共进行11次拍卖，共计约268.8万吨，粮源投放影响市场预期，大连玉米期货持续下跌，山东现货稳定供应，国内玉米市场未出现政策引导的供需结构性转变，关注流通环节阶段性供应情况，美玉米价格下行背景下，大连玉米期货或继续底部偏弱运行 [5] 生猪 - 生猪期货偏弱震荡回落，现货价格今日基本稳定，8月规模企业生猪计划出栏量环比增加6.6%，中期生猪供应量充足，政策驱动行情上周降温，生猪期货大概率已见顶，后期震荡回落概率加大，建议产业以逢高套期保值为主，关注行业出栏节奏、出栏体重及产能变化 [6] 鸡蛋 - 鸡蛋现货价格部分地区稳定，部分地区下跌，盘面09合约减仓下跌，其他合约不同程度反弹，7月在产存栏继续增加，有冷库蛋出库压力，盘面越远月合约越强、越抗跌，未来价格拐点取决于行业大量淘汰产能出清过剩产能的时间，26年之后的期货合约走势比25年下半年的期货合约强劲，预计在市场交易蛋价周期性反转前这一特征将持续存在，盘面仍以熊市周期未完结看待，套利建议反套思路 [7]

Report Industry Investment Ratings - **Buy**: Bean oil, Palm oil, Rapeseed oil [1] - **Neutral**: Soybean, Soybean meal, Rapeseed meal [1] - **Sell**: Live pigs, Eggs [1] Core Views - The overall commodity market in China is experiencing a decline, with anti - involution related varieties falling and market sentiment cooling. Attention should be paid to weather and policy guidance in the short term [2][4] - The Fed's July interest - rate meeting maintained the interest rate, and the third round of Sino - US economic and trade negotiations suspended the addition of tariffs. The weather in the US soybean - producing areas is good, and the soybean has a high excellent rate, which may lead to an early bumper harvest [3] - For soybean oil and palm oil, a strategy of buying on dips is maintained, and caution should be exercised regarding the short - term situation of strong oil and weak meal [4] - For eggs, if the egg price can complete capacity reduction through price decline in the second half of this year, there may be a cyclical reversal [9] Summary by Category Soybean - The main contract of domestic soybeans reduced positions and the price pulled back. The market sentiment cooled, and there were policies on two - way purchase and sale. Short - term attention should be paid to precipitation in the Northeast and the weather in the US Midwest [2] Soybean & Soybean Meal - The commodity market declined. The Fed maintained the interest rate, and Sino - US trade negotiations were the focus. The US soybean has a high excellent rate, and the domestic soybean meal inventory is gradually increasing. The market is expected to be volatile [3] Soybean Oil & Palm Oil - Domestic soybean oil and palm oil reduced positions and adjusted. The US soybean oil is in a sideways shock, and the oil - meal ratio is at a historical high. A strategy of buying on dips is maintained [4] Rapeseed Meal & Rapeseed Oil - Rapeseed - related contracts fell, and the main contract positions declined slightly. Rapeseed meal pulled back 1.3% today. Short - term strategy is to wait and see [6] Corn - The corn futures continued to be weak in a shock. There were corn auctions, and the US corn has a high excellent rate. The Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The live pig futures fell sharply. The supply is sufficient in the medium - term, and the probability of a decline after the peak is high. It is recommended for the industry to hedge on rallies [8] Eggs - The egg futures fell, and the off - season contracts broke through the support level. If the egg price can reduce capacity in the second half of the year, there may be a cyclical reversal next year [9]

Report Industry Investment Ratings No relevant content provided. Core Views - The oil market has continued the inventory accumulation trend since the third - quarter peak season, with supply - demand surplus pressure due to OPEC+ production increases. Oil prices are mainly under pressure in the short term but may be supported by geopolitical factors later [2]. - Precious metals are in a wide - range oscillation as economic data shows resilience and the probability of extreme tariff confrontation is decreasing [3]. - Different commodities have various trends influenced by factors such as supply - demand, policies, and geopolitical situations, and corresponding investment strategies are proposed for each commodity [2 - 49]. Summary by Categories Energy Crude Oil - Since the third - quarter peak season, the oil market has seen crude oil inventory decline by 0.6% and refined oil inventory increase by 1.7%. The supply - demand surplus pressure persists. Oil prices are under pressure in the short term but may be supported by geopolitical factors later [2]. Fuel Oil & Low - Sulfur Fuel Oil - The 18th round of EU sanctions on Russia has reduced the supply risk of high - sulfur resources. FU is relatively weak, and LU follows crude oil with less volatility [22]. Asphalt - It is supported at around 3590 yuan/ton. August refinery production is expected to decline, and demand recovery is delayed. Low inventory provides support but limits the upside [23]. Liquefied Petroleum Gas - Overseas market decline has driven the domestic market down. With weak supply and demand, the domestic market may stabilize, and the futures market is weak [24]. Metals Copper - The copper market is cautious, with resistance at the upper integer level. It is recommended to hold a short position lightly [4]. Aluminum - The Shanghai aluminum market is in a narrow - range oscillation, with resistance at around 21,000 yuan. Attention should be paid to inventory changes [5]. Zinc - Supported by cost, it oscillates around 23,000 yuan. There is a chance to go short at a high level [8]. Lead - With tight raw material supply and cost support, it shows limited downside. It is recommended to buy call options lightly [9]. Nickel and Stainless Steel - The nickel market is in the middle - late stage of a rebound. Wait for a short - selling opportunity [10]. Tin - The Shanghai tin market has risen above 270,000 yuan, but the long - term trend is not optimistic. Consider reducing short positions [11]. Manganese and Silicon - Manganese - Silicon - manganese inventory is decreasing, and it follows the trend of rebar with a relatively small increase [19]. Iron Ore - Supply is stable, and demand is resilient. It follows the black - series trend but is at a relatively high price [16]. Coke and Coking Coal - Both coking coal and coke are expected to maintain an upward trend in the short term [17][18]. Chemicals Urea - Agricultural demand is approaching the end of the peak season, and overall demand is weak. The market is expected to oscillate [25]. Methanol - The futures market is strong, affected by policies. Inventory is decreasing, and attention should be paid to market rhythm [26]. Pure Benzene - Its price has strengthened, with seasonal improvement expected in the third - quarter and pressure in the fourth - quarter. Consider monthly spread trading [27]. Styrene - It continues to move sideways, with weakening macro - support and poor spot trading [28]. Polypropylene, Plastic, and Propylene - Propylene supply pressure increases, polyethylene has weak fundamentals, and polypropylene's short - term increase is limited [29]. PVC and Caustic Soda - PVC is strong due to policies, but long - term growth is uncertain. Caustic soda is also strong, and attention should be paid to capacity reduction [30]. PX and PTA - Their prices are rising, with PTA having room for processing margin repair. Follow domestic policies [31]. Ethylene Glycol - It is rising, supported by coal market sentiment and policies. Attention should be paid to the pressure at the previous high [32]. Short - Fiber and Bottle - Chip - Their prices follow raw materials. Short - fiber may be bullish in the medium - term, and bottle - chip's profit repair is limited [33]. Agricultural Products Soybean and Soybean Meal - The soybean meal market is expected to oscillate before tariff and weather issues are clear [37]. Soybean Oil and Palm Oil - Maintain a strategy of buying on dips, and pay attention to weather and policies [38]. Rapeseed Meal and Rapeseed Oil - The rapeseed - related products are expected to oscillate weakly in the short term [39]. Corn - The corn market has few contradictions, and Dalian corn futures may continue to oscillate weakly [41]. Live Pigs - Near - month contracts may face a risk of decline, while far - month contracts are affected by capacity reduction expectations [42]. Eggs - Near - month contracts may be under pressure, and far - month contracts may rise after capacity reduction [43]. Cotton - The Zhengzhou cotton market is in a high - level oscillation. Wait and see or conduct intraday trading [44]. Sugar - The sugar price is expected to oscillate, with pressure on US sugar and uncertainties in domestic production [45]. Apples - The futures price is oscillating, and attention should be paid to the price of new - season early - maturing apples [46]. Others Timber - The futures price is oscillating. Supply is limited, but demand is in the off - season, so wait and see [47]. Pulp - It may oscillate strongly following commodities. Consider buying on dips lightly [48]. Stock Index - The stock index has risen, and the market risk preference is stable. Increase allocation to the technology - growth sector [49]. Treasury Bonds - Bond yields are rising. Pay attention to the opportunity for curve steepening [50]. Shipping - The container shipping index (European line) may oscillate widely in the short term. Consider short - selling on rallies [21].

Report Industry Investment Ratings - **One Star (Bullish with Limited Operability)**: Soybean No. 1, Soybean Meal, Live Hogs [1] - **Two Stars (Clear Bullish/Bearish Trend and Market Fermentation)**: None - **Three Stars (Clearer Bullish/Bearish Trend and Investment Opportunities)**: Soybean Oil, Palm Oil, Rapeseed Meal, Rapeseed Oil, Corn, Eggs [1] - **White Star (Balanced Trend and Poor Operability, Observe)**: None Core Viewpoints - The prices of various agricultural products are affected by multiple factors such as weather, policy, trade relations, and supply - demand. In the face of uncertainties in tariff and weather issues, the market trends of different agricultural products vary, and continuous attention to relevant factors is required [2][3][4] Summary by Commodity Soybean No. 1 - Domestic soybeans show a volatile and slightly strong rebound. Spot prices are relatively stable, and today's tender procurement had zero transactions. In the next week, there will be more showers in Northeast China and northern North China, which is beneficial for soil moisture but may cause short - term waterlogging. For imported soybeans, in the next two weeks in the US soybean - producing areas, higher - than - normal temperature and precipitation can ease the high - temperature risk. Short - term attention should be paid to weather and policy [2] Soybean & Soybean Meal - As of the week ending July 20, the US soybean good - to - excellent rate was 68%, lower than the expected 71%. In the next two weeks, rainfall in the US soybean - producing areas will be slightly lower than normal, and there will be high - temperature days in the central and southeastern regions. The suspension of Sino - US tariffs is about to end, and China's soybean procurement decision is a market focus. Domestically, the oil mill crushing rate is stable, and the soybean meal inventory is increasing. Before the tariff and weather issues are clear, the soybean meal market will be volatile [3] Soybean Oil & Palm Oil - The main contracts of domestic palm oil and soybean oil show position reduction and price adjustment. Currently, major domestic industrial products are rising strongly, but palm oil does not follow. The palm oil futures main contract price is near the previous high, with position reduction. In the next two weeks in the US soybean - producing areas, high temperature and precipitation can ease the high - temperature risk. Short - term data shows that Malaysia's palm oil production increased and exports decreased in July 1 - 20. Due to the long - term development of US and Indonesian biodiesel and the palm oil's fourth - quarter production reduction cycle, a strategy of buying on dips is maintained [4] Rapeseed Meal & Rapeseed Oil - Today, rapeseed meal is strong and rapeseed oil is weak. The stagnant rise and decline of overseas oilseeds and oils are mainly reflected in the oil market. The peak season of aquatic feed demand is coming, and the consumption of East China granular meal has improved. Coastal oil mills' rapeseed meal inventory is low, supporting the short - term rapeseed meal price. The uncertainty of rapeseed imports remains, and there are variables in Sino - US and Sino - Canadian economic and trade relations. The short - term strategy for rapeseed products is to observe, focusing on weather and trade negotiations [6] Corn - Today, Sinograin held an imported corn sales auction with 198,558 tons, and the transaction rate was 27%. As of the week ending July 20, the US corn good - to - excellent rate was 74%, in line with expectations. The US corn is growing well. Currently, the domestic corn market has few contradictions, and the Dalian corn futures may continue to fluctuate at the bottom [7] Live Hogs - The live hog futures market continues the upward trend of the January contract leading the rise. The far - month contracts are stronger than the near - month ones. The rise is driven by policy expectations. The spot market is weak. The long - term supply indicators show sufficient potential supply. Attention should be paid to policy guidance [8] Eggs - Egg futures increased positions and slightly declined today. Spot prices are stable in some areas and rising in others. The spot price is in the seasonal rebound stage, but attention should be paid to the pressure of cold - storage egg release. The off - season contracts are affected by insufficient old - hen culling and high production capacity. In the long - term, the egg price cycle has not bottomed out [9]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - As of the week ending July 13, the good-to-excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the previous week was 66%, and the same period last year was 68%. The flowering rate was 32%, and the pod-setting rate was 15%. The good-to-excellent rate of US soybeans increased significantly. The good-to-excellent rate of US corn was 74%, in line with market expectations, 73% the previous week, and 68% the same period last year. The silking rate was 18%, and the dough stage rate was 7%. US corn continued to grow well. In the next two weeks, generally, the rainfall in the US soybean/corn producing areas will be higher than normal, and the temperature will be slightly lower than normal, which is conducive to crop growth. It has entered the weather trading time window, and there is still some room for future price increases, but the US weather has not changed severely for the time being, and the good-to-excellent rates of US soybeans and corn are at relatively high levels, so investors need to continue to observe and wait [1] 3. Summary by Relevant Catalog - **Soybean Growth Indicators**: The good-to-excellent rate was 70% (expected 67%, previous week 66%, last year 68%); the flowering rate was 32%; the pod-setting rate was 15%. The sowing rate was 97%, the emergence rate was 96% [1] - **Corn Growth Indicators**: The good-to-excellent rate was 74% (in line with expectations, previous week 73%, last year 68%); the silking rate was 18%; the dough stage rate was 7%. The sowing rate was 98%, the emergence rate was 98% [1] - **Weather Impact**: In the next two weeks, the rainfall in the US soybean and corn producing areas will be higher than normal, and the temperature will be slightly lower than normal, which is beneficial for crop growth [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report As of the week ending July 6, the good-to-excellent rate of US soybeans was 66%, flat with market expectations and the previous week, but lower than 68% in the same period last year. The emergence rate was 96% and the flowering rate was 32%. The good-to-excellent rate of US corn was 74%, higher than the market expectation of 73%, up from 73% the previous week and 68% in the same period last year, with a silking rate of 18%. The growth of US corn continued to improve. In the next two weeks, rainfall in most US soybean-growing areas will fluctuate slightly around normal, and temperatures will be slightly below normal, with rainfall forecasts down significantly from previous weeks. As it has entered the weather trading window, investors should closely monitor the driving changes brought by weather changes from July to August. With no severe weather changes in the US for now, there is still some room for future price increases [1]. 3) Summary by Relevant Catalog - **Soybean Data**: The good-to-excellent rate of US soybeans was 66%, the emergence rate was 96%, and the flowering rate was 32%. The good-to-excellent rate remained flat compared to the previous week, while the emergence rate and flowering rate showed certain changes compared to the previous week and the same period last year [1]. - **Corn Data**: The good-to-excellent rate of US corn was 74%, higher than market expectations and the previous week, and also higher than the same period last year. The silking rate was 18%, indicating that the growth of US corn continued to improve [1]. - **Weather Outlook**: In the next two weeks, rainfall in most US soybean-growing areas will fluctuate slightly around normal, and temperatures will be slightly below normal. Rainfall forecasts have decreased significantly compared to previous weeks. It has entered the weather trading window, and investors should pay close attention to weather changes from July to August [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - As of the week ending June 29, the good-to-excellent rate of U.S. soybeans was 66%, lower than the market expectation of 67%, the same as the previous week and lower than 67% of the same period last year. The emergence rate was 94% and the flowering rate was 17%. The good-to-excellent rate remained flat [1]. - The good-to-excellent rate of U.S. corn was 73%, higher than the market expectation of 70%, up from 70% the previous week and 67% of the same period last year. The silking rate was 8%, indicating that the growth of U.S. corn continued to improve [1]. - In the next two weeks, rainfall and temperature in most soybean and corn - growing areas in the U.S. will be higher than the same - period average, which is conducive to the planting and growth of soybeans and corn. The market has entered the weather - trading window, and investors should pay close attention to the driving changes brought by weather changes from June to August. Since the U.S. weather has not deteriorated for the time being, there is still some room for future price increases [1]. 3. Summary by Related Catalogs - **Soybean Data** - Good - to - excellent rate: 66% (current), 66% (previous week), 67% (same period last year), 67% (market expectation) [1]. - Emergence rate: 94% (current), 90% (previous week), 94% (same period last year) [1]. - Flowering rate: 17% (current), 18% (previous week), 16% (same period last year) [1]. - Seeding rate: 96% (current), 97% (previous week), 97% (same period last year), 98% (5 - year average) [1]. - **Corn Data** - Good - to - excellent rate: 73% (current), 70% (previous week), 67% (same period last year), 70% (market expectation) [1]. - Silking rate: 8% (current), 10% (previous week), 8% (same period last year) [1]. - Emergence rate: 97% (current), 98% (previous week), 96% (same period last year) [1]. - Seeding rate: 96% (current), 97% (previous week), 97% (same period last year), 98% (5 - year average) [1].

Group 1: Report's Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of the week ending June 15, the good-to-excellent rate of US soybeans was 66%, lower than the market expectation of 68%, the previous week's 68%, and last year's 70%. The planting rate was 93%, and the emergence rate was 84%, with a slightly lower good-to-excellent rate. The good-to-excellent rate of US corn was 72%, higher than the market expectation of 71%, the previous week's 71%, and the same as last year's 72%. The emergence rate of corn was 94% [1]. - In the next two weeks, most soybean - growing areas in the US will have rainfall and temperatures higher than the same - period average, which is continuously beneficial for soybean planting and growth [1]. - Recently, geopolitical factors have driven up crude oil prices, which have a significant impact on some oil futures. The time is gradually entering the weather - trading window, and investors need to closely monitor the driving changes brought about by weather changes from June to August [1]. Group 3: Summary by Relevant Catalogs Soybeans - The current planting rate is 93%, compared to the previous week's 90%, the 5 - year average of 94%, and last year's 94% [1]. - The emergence rate is 84%, compared to the previous week's 75%, the 5 - year average of 83%, and last year's 80% [1]. - The good - to - excellent rate is 66%, compared to the previous week's 68%, the 5 - year average of 67%, and last year's 70% [1]. Corn - The planting has stopped. The previous week's rate was 97%, the 5 - year average was 92%, and last year's was 97% [1]. - The emergence rate is 94%, compared to the previous week's 92%, the 5 - year average of 87%, and last year's 92% [1]. - The good - to - excellent rate is 72%, compared to the previous week's 71%, the 5 - year average of 72%, and last year's 72% [1].

Report Overview - **Report Name**: Zhengxin Futures Palm Oil Weekly Report 20250428 - **Analyst**: Zhang Cuiping - **Investment Consulting License Number**: Z0016574 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Long holidays approaching lead to capital risk - aversion, making it difficult for oils and fats to rebound further. Last week, the price centers of domestic and international oils and fats and oilseeds moved up overall. In the producing areas, Malaysia's palm oil exports increased by 3 - 15% in the first 25 days of April, and production increased by 9 - 20% in the first 20 days. Indonesia exported 2.02 million tons of crude and refined palm oil in March. As of April 20, the US soybean sowing progress was 8%. In China, the spot demand for soybean oil is good, and the inventory has dropped to a low level of around 650,000 tons; there are purchases for both near - and far - term contracts of palm oil, and the inventory has stopped decreasing; the direct import level of rapeseed oil is high, and the inventory remains at a high level of over 800,000 tons. [7] - The sowing of new - season US soybeans has begun with a good initial progress, and weather - related trading has not started yet. However, the recovery of US biodiesel consumption and the improved outlook have driven the CBOT soybean price back above 1050. There is a lack of news about Indonesia's B40. The international soybean - palm oil price spread has ended an eight - month inversion, and recent purchases by China and India have continued to improve Malaysia's palm oil exports. But Malaysia's palm oil production in April continued the significant increase trend in March, and the producer quotes have dropped significantly. The producing areas have entered the production - increasing cycle, and the inventory has reached an inflection point, putting pressure on BMD crude palm oil. [7] - In terms of operation, as the tariff sentiment is released, the three major oils and fats have further recovered their previous declines. The palm oil is generally slightly weaker than soybean and rapeseed oils both at home and abroad. In the medium - to - long term, the strategy of expanding the price spread between rapeseed oil and palm oil should be maintained. And as the May Day holiday approaches, attention should be paid to the short - term volatility risks caused by capital outflows. [8] 3. Summary by Catalog 3.1 Main Views - Palm oil: With the approaching long holiday, capital is seeking safety, and it is difficult for oils and fats to rebound further. The prices of domestic and international oils and fats and oilseeds moved up last week. In the producing areas, Malaysia's palm oil exports and production increased in April, and Indonesia exported 2.02 million tons of crude and refined palm oil in March. In China, the inventory of soybean oil has decreased, the inventory of palm oil has stopped decreasing, and the inventory of rapeseed oil remains high. [7] - Strategy: The sowing of new - season US soybeans has started, and the CBOT soybean price has rebounded. The international soybean - palm oil price spread has ended the inversion, and Malaysia's palm oil exports have improved, but production has increased significantly. The producing areas are in the production - increasing cycle, and the inventory has reached an inflection point, putting pressure on BMD crude palm oil. The long - term strategy is to expand the price spread between rapeseed oil and palm oil, and pay attention to short - term volatility risks during the holiday. [7][8] 3.2 Market Review - Last week, CBOT soybean oil reached a new high in nearly one and a half years, the prices of CBOT soybeans and China's three major oils and fats moved up, while Malaysia's palm oil was under pressure and tested the support level of 4000. [9] 3.3 Fundamental Analysis - **Policy**: The global tariff trading sentiment has further cooled down. [12] - **US Soybeans**: As of April 20, 2025, the US soybean sowing progress was 8%, slightly faster than expected. The trading related to weather has not started yet. The consumption outlook of biodiesel is promising, and both the soybean crushing volume and biodiesel consumption in the US increased in March. [12][13] - **Palm Oil**: From April 1 - 25, Malaysia's palm oil exports increased by 3 - 14%, and production increased by 7 - 20% from April 1 - 20. Indonesia exported 2.02 million tons of crude and refined palm oil in March. The international soybean - palm oil price spread has recovered, and China and India's purchases have increased. SEA estimates that India's palm oil imports from May to September will be 500,000, 0, 700,000, 700,000, and 700,000 tons respectively. [12] - **Import and Crushing**: From January to March 2025, China's cumulative imports of soybeans were 17.109 million tons, a year - on - year decrease of 7.9%; palm oil imports were 380,000 tons, a year - on - year decrease of 30.6%; rapeseed oil imports were 730,000 tons, a year - on - year increase of 40.7%; and rapeseed imports were 898,800 tons, a year - on - year increase of 4.48%. The crushing rates of soybeans and rapeseed are low, the soybean inventory in oil mills has reached a nearly three - year high, and the rapeseed inventory is 300,000 - 350,000 tons. [12] - **Inventory**: As of mid - April 2025, the soybean oil inventory has decreased to 650,000 tons, the palm oil inventory has stopped decreasing at 350,000 - 360,000 tons, the rapeseed oil inventory remains above 800,000 tons, and the total inventory of the three major oils and fats is 1.73 million tons, compared with 1.68 million tons in the same period in 2024. [12][41] - **Spot**: Last week, the spot prices of oils and fats increased. As of April 25, the price of soybean oil was 8,407 yuan/ton, a 4.24% increase from the previous week; the price of palm oil was 9,288 yuan/ton, a 1.42% increase; and the price of rapeseed oil was 9,586 yuan/ton, a 2.9% increase. [12][45] - **Demand**: As the prices recovered from previous declines, the spot trading volume of oils and fats decreased significantly last week. The spot trading volume of soybean oil was 86,700 tons, compared with 282,300 tons in the previous week; the trading volume of palm oil was 959 tons, compared with 766 tons in the previous week; and the trading volume of rapeseed oil was 0 tons, the same as in the previous week. [12][48] 3.4 Spread Tracking No specific content provided in the given text.