Report Industry Investment Rating - Not provided in the content Core Viewpoints - Malaysia's October 2025 crude palm oil production increased 12.31% month - on - month to 2.07 million tons, reaching an eight - year high. The 2025/26 annual production is estimated at 19.2 million tons, remaining unchanged from the previous forecast. The industry is entering a low - production cycle until early 2026 [1]. - Indonesia's 2025/26 annual palm oil production is expected to be 51 million tons, 4% higher than the previous forecast but lower than last year. The 2024/25 annual production was revised up to 53 million tons. However, due to structural challenges, production growth is expected to be negative [1]. - Short - term drought is expected to have a neutral impact on palm tree growth in both Malaysia and Indonesia, but concerns about drought in northern Sumatra may persist [1][2]. Summary by Relevant Catalogs Overnight Market Information - Malaysia's October 2025 crude palm oil production: 2.07 million tons, up 12.31% month - on - month. Malay Peninsula production increased 6.57%, Sabah 19.83%, and Sarawak 21.25%. The 2025/26 annual production forecast is 19.2 million tons (range: 18.7 - 19.7 million tons). The first 9 months of this year saw a 0.3% year - on - year increase, due to slow replanting and aging palm trees [1]. - Indonesia's 2025/26 annual palm oil production forecast is 51 million tons (range: 46 - 56 million tons), 4% higher than the previous forecast but lower than last year. The 2024/25 annual production was revised up to 53 million tons. The first 8 months of this year had a 13.1% year - on - year increase [1]. Spot Prices - 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 October 30, 2025, to November 5, 2025, are presented in a table [4]. Other Information - Main producer precipitation, import soybean crushing profit, and grease import profit are mentioned but no detailed data provided [3]. - Grease basis, grease and oilseed price spread, and protein meal basis are mentioned but no detailed data provided [7][10][13]

Core Insights - Malaysia's palm oil production is projected to increase by 2.07% for the period of August 1-31, with total estimated production reaching 1.85 million tons [1] Group 1: Production Changes - Production in Peninsular Malaysia is expected to decrease by 1.26% [1] - Sabah's production is anticipated to rise by 7.36% [1] - Sarawak's production is expected to increase by 8.14% [1] - East Malaysia's production is projected to grow by 7.56% [1]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests going long on the palm oil 09 contract and the soybean oil 09 contract [2] Group 3: Summary of Related Data Spot Price - On August 7, 2025, the spot price of 24 - degree palm oil in Tianjin was 9120 yuan, up 50 yuan from the previous day; in Zhangjiagang it was 9050 yuan, up 50 yuan; in Huangpu it was 9000 yuan, up 50 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8550 yuan, up 50 yuan; in Zhangjiagang it was 8630 yuan, up 50 yuan; in Huangpu it was 8670 yuan, up 50 yuan [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang was 9630 yuan, down 70 yuan; in Wuhan it was 9680 yuan, down 70 yuan; in Chengdu it was 9890 yuan, down 70 yuan [1] Futures Data - On August 7, 2025, the price difference between the soybean and palm oil main contracts was - 544, up 20 from the previous day; the price difference between the rapeseed and soybean oil main contracts was 1090, down 66 [1] - The palm oil warehouse receipts were 570, unchanged; the soybean oil warehouse receipts were 15370, an increase of 3830; the rapeseed oil warehouse receipts were 3487, unchanged [1] Import Data of India - In July, India's palm oil imports decreased by 10% month - on - month to 858,000 tons; soybean oil imports soared by 38% month - on - month to 495,000 tons; sunflower oil imports decreased by 7% month - on - month to 201,000 tons; total edible oil imports increased by 1.5% month - on - month to 1.53 million tons [2] Malaysian Data - Bloomberg's July MPOB forecast: production increased by 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased by 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased by 10% to 2.23 million tons [2] - From July 1 - 31, Malaysia's palm oil yield per unit increased by 7.19% month - on - month, the oil extraction rate decreased by 0.02% month - on - month, and production increased by 7.07% month - on - month [2] - According to ITS, from July 1 - 31, exports decreased by 6.7% compared to the previous month; according to AmSpec, exports decreased by 9.6% compared to the previous month [2] Other Data - Indonesia raised the reference price of crude palm oil (CPO) in August to $910.91 per metric ton, up from $877.89 in July, and the export tax will increase from $52 per ton in July to $74 per ton [2] - From July 27 to August 2, Brazil's soybean exports were 2.5504 million tons, up from 2.2902 million tons the previous week [2] - In the next two weeks, the overall precipitation in the US soybean - growing areas is good, which is beneficial to the soybean yield per unit [2] - As of the week ending July 27, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the flowering rate was 76% [2]

Group 1 - The core viewpoint of the article indicates that Malaysia's palm oil production is expected to increase by 9.01% for the period of July 1-31, with an estimated total production of 1.84 million tons for July [1] Group 2 - The data is sourced from the Malaysian Palm Oil Association (MPOA), highlighting the association's role in providing industry insights [1] - The increase in production may reflect favorable conditions or improvements in agricultural practices within the palm oil sector [1] - The projected production figures are significant for stakeholders in the palm oil industry, including producers, exporters, and investors [1]

Group 1 - Analysts forecast Malaysia's palm oil exports in July to be 1.3 million tons, an increase of 3.2% compared to June [1] - Production is expected to reach 1.83 million tons, reflecting an 8% growth from June [1] - As of the end of July, Malaysia's palm oil inventory is projected to be 2.25 million tons, which is a 10.8% increase from June [1]