Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents a comprehensive overview of the agricultural and financial markets, including overnight and spot prices, important fundamental information, macro news, and fund flows. It provides insights into the supply and demand dynamics of various commodities, as well as the economic and policy environment at both international and domestic levels [1][2][3] Summary by Directory Overnight行情 - Overnight prices and price changes are provided for various commodities such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil. Currency exchange rates and their changes are also presented [1] Spot行情 - Spot prices, basis, and basis changes are reported for different regions for DCE palm oil, DCE soybean oil, and DCE soybean meal. CNF premiums and quotes are given for imported soybeans from different origins [2] Important Fundamental Information 产区天气 - Brazil's soybean - producing regions are expected to receive precipitation this week, which will accelerate soybean pod - filling in January. However, the hot and dry conditions in the central - eastern regions may pose concerns for soybean growth. Argentina's soybean - producing regions are expected to have dry weather this week, which may stress soybean growth [3] 国际供需 - A private exporter reported selling 100,000 tons of soybeans to Egypt for delivery in the 2025/2026 season. The US soybean export inspection volume for the week ending December 25, 2025, was 750,312 tons, meeting expectations. As of December 27, Brazil's soybean sowing rate was 97.9%, and the harvesting rate was 0.1% [5][6] 国内供需 - On December 29, the total trading volume of soybean oil and palm oil increased by 4200 tons (43%) compared to the previous trading day. The trading volume of soybean meal decreased. The palm oil inventory increased by 4.87% week - on - week, while the soybean oil inventory decreased by 3.07%. The imported soybean port inventory decreased by 6203 tons. Agricultural product prices showed mixed trends [8][9] Macro News 国际要闻 - The probability of the Fed cutting interest rates by 25 basis points in January 2026 is 16.1%. The US November existing - home sales contract index monthly rate was 3.3%. Various EIA inventory data for the week ending December 19, 2025, are provided [10] 国内要闻 - On December 29, the US dollar/Chinese yuan exchange rate was adjusted down (yuan appreciation) by 27 points. The Chinese central bank conducted 4823 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 4150 billion yuan [12] Fund Flows - On December 29, 2025, the futures market had a net capital outflow of 43.66 billion yuan, including 21.944 billion yuan from commodity futures and 20.358 billion yuan from stock index futures [15]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents a comprehensive overview of the agricultural and energy futures markets, including overnight and spot prices, fundamental information, macro news, fund flows, and arbitrage tracking. It also provides data on domestic and international supply and demand, as well as weather conditions in major producing regions [1][2][4][6][9][11][12][15] 3. Summary by Directory 3.1 Overnight Market - The closing prices and daily/overnight percentage changes of various futures contracts, including Malaysian palm oil, Brent crude, US crude, US soybeans, US soybean meal, and US soybean oil, are presented. Additionally, the latest prices and percentage changes of several currency indices are provided [1] 3.2 Spot Market - The report shows the spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions of China, as well as the CNF premiums and quotes for imported soybeans from different countries [2] 3.3 Key Fundamental Information 3.3.1 Producing Area Weather - In Brazil, rainfall in eastern São Paulo and Minas Gerais decreased last week but is expected to return this week; weather conditions in other regions are generally favorable for soybean growth. In Argentina, soil moisture in the major soybean - producing areas is mostly suitable for soybean growth [4] 3.3.2 International Supply and Demand - From December 1 - 25, 2025, Malaysian palm oil production decreased by 9.12% month - on - month, while export volume increased according to different institutions. In Brazil, the nutritional growth of soybeans in Rio Grande do Sul is satisfactory, and the yield is expected to increase significantly. In Argentina, the soybean planting rate as of December 23 was 77% [6][7] 3.3.3 Domestic Supply and Demand - On December 26, the total trading volume of soybean oil and palm oil decreased, while the trading volume of soybean meal increased. The actual soybean crushing volume of domestic oil mills in the 52nd week of 2025 decreased, and the estimated crushing volume in January 2026 increased year - on - year. Pig farming is in a loss, and the prices of agricultural products have changed slightly [9][10] 3.4 Macro News 3.4.1 International News - Japan's November unemployment rate remained stable at 2.6%. Japan's December Tokyo CPI and core CPI annual rates decreased, and the unadjusted CPI monthly rate was negative [11] 3.4.2 Domestic News - On December 26, the US dollar/Chinese yuan exchange rate decreased (the yuan appreciated). The central bank conducted 7 - day reverse repurchase operations, with a net injection on the day and a net withdrawal for the week. The profit of national industrial enterprises from January to November increased slightly year - on - year, but decreased in November [12] 3.5 Fund Flows - On December 26, 2025, the futures market had a net inflow of 34.966 billion yuan, with different inflow and outflow situations in various sub - markets [15] 3.6 Arbitrage Tracking - Not provided in the content