Report Summary 1. Industry Investment Rating - No information provided 2. Core Viewpoints - The USDA's weekly export sales report is expected to show that US soybean export sales from June 1 - 5, 2025, will net increase by 10 - 70 tons, with 10 - 50 tons from the 2024 - 25 season and 0 - 20 tons from the 2025 - 26 season. US bean meal and soybean oil export sales are also expected to increase within certain ranges [1]. - Malaysia's palm oil production from June 1 - 10, 2025, increased by 3.53% month - on - month, with a 1.9% increase in fresh fruit bunch yield and a 0.3% increase in oil extraction rate [1][2]. - CIMB predicts that Malaysia's palm oil inventory in June 2025 will increase by 1% month - on - month to 2 million tons, while exports will increase by 8% to 1.5 million tons [3]. - CIMB expects the average price of crude palm oil in 2025 to be 4,200 Malaysian ringgit per ton [4]. 3. Summaries by Related Catalogs 3.1 USDA Report Forecast - For US soybean export sales as of June 5, 2025, 2024 - 25 season: net increase of 10 - 50 tons; 2025 - 26 season: net increase of 0 - 20 tons. Total net increase: 10 - 70 tons. - For US bean meal export sales, 2024 - 25 season: net increase of 15 - 40 tons; 2025 - 26 season: net increase of 0 - 5 tons. Total net increase: 15 - 45 tons. - For US soybean oil export sales, 2024 - 25 season: net increase of 0 - 2.2 tons; 2025 - 26 season: net increase of 0 - 1 tons. Total net increase: 0 - 3.2 tons [1] 3.2 Malaysia Palm Oil Data - Production from June 1 - 10, 2025: month - on - month increase of 3.53%, fresh fruit bunch yield increase of 1.9%, oil extraction rate increase of 0.3% [1][2] - June 2025 inventory forecast: increase of 1% month - on - month to 2 million tons; export forecast: increase of 8% to 1.5 million tons [3] 3.3 Price and Policy Information - CIMB expects the 2025 average price of crude palm oil to be 4,200 Malaysian ringgit per ton [4] - India halved the basic import tax on crude edible oils to 10% from May 30, 2025, effectively reducing the total import tax to 16.5% [3] - Indonesia raised the export tax on crude palm oil to 10% starting from May 17, 2025 [4] 3.4 Spot Price - Spot prices of various products (including bean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from June 5 to June 11, 2025, are presented in a table [13]

行业 油脂 日期 2025 年 5 月 7 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 华东一级豆油：y2509+280，6-9 月。华南菜油贸易商报价：三级菜油 09+40-50。 华东基差报价下调：港口 2 ...