Report Industry Investment Rating No relevant content provided. Core Viewpoints The report mainly presents the overnight and spot market conditions of various commodities, important fundamental information including weather, international and domestic supply - demand, macro news, fund flows, and mentions the expected significant increase in global palm oil prices by the end of 2025 due to supply - demand factors [9]. Summary by Directory 01 Overnight行情 - The closing prices, previous day's and overnight percentage changes of various futures such as Malaysian palm oil, Brent crude oil, US crude oil, US soybeans, etc. are provided. Also, the latest prices, percentage changes, and ten - day percentage changes of major currencies are given [1]. 02 Spot行情 - Spot prices, basis, and basis daily changes of DCE palm oil, DCE豆油, and DCE豆粕 in different regions are presented. CNF quotes and CNF升贴水 of imported soybeans from different origins are also shown [2]. 03 Important Fundamental Information -产区天气 - - The future weather outlook (July 22 - 26) of US soybean - producing states shows that most areas will have rainfall and temperatures close to or higher than normal. The Midwest has good soil moisture, with corn and soybeans entering the pollination period, but some areas like northern Indiana need attention [3][5]. -国际供需 - - Malaysia's August crude palm oil reference price is raised, increasing the export tax from 8.5% to 9%. Indonesia has various palm - related policies and production situations. Global palm oil prices are expected to rise by 33% by the end of 2025. The US soybean and related product export sales and production forecasts of different countries are also reported [7][9]. -国内供需 - - On July 17, the trading volume of domestic oils and meals changed. The national sow inventory decreased, and the agricultural department will take measures to stabilize pig production. The agricultural product wholesale price index increased slightly [15]. 04 Macro要闻 -国际要闻 - - The probabilities of the Fed's interest - rate decisions in July and September are given. US economic data such as initial jobless claims, manufacturing index, etc., and Eurozone CPI data are presented [18]. -国内要闻 - - On July 17, the US dollar/renminbi exchange rate decreased (renminbi appreciated), and the central bank conducted reverse repurchase operations with a net investment of 3605 billion yuan [19]. 05资金流向 - On July 17, 2025, the futures market had a net capital inflow of 135.16 billion yuan, including 63.7 billion yuan in commodity futures and 71.46 billion yuan in stock index futures. The capital inflows of different types of commodity futures are also detailed [22]. 06套利跟踪 No relevant content provided.