1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stocks, with the entry of incremental funds at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. - For bonds, the improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. - For precious metals, if the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. - For non - ferrous metals, most metal prices are expected to be volatile. For example, copper prices are expected to fluctuate and consolidate in the short term; aluminum prices are expected to remain high; zinc and lead prices are expected to fluctuate widely following the sentiment of the non - ferrous sector [13][15][18]. - For black building materials, steel prices are expected to continue to fluctuate at the bottom; iron ore prices are expected to fluctuate at a relatively high level; glass and soda ash markets are generally weak; coking coal and coke prices are expected to fluctuate in a range [32][34][37]. - For energy and chemicals, different products have different trends. For example, rubber is recommended to be treated neutrally; the valuation of heavy - quality oil products is raised; methanol has the feasibility of buying on dips; urea is recommended to take profits on rallies [55][57][59]. - For agricultural products, the short - term trend of hog prices is expected to be stable or slightly rising, and different trading strategies are recommended for different contract periods; egg prices are expected to be stable or rising, and different strategies are also recommended for different contract periods [79][80][81]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index - **Market Information**: China Chamber of Commerce for Import and Export of Machinery and Electronic Products promoted a "soft landing" of the EU's anti - subsidy case on electric vehicles; Lihong No.1 completed its first sub - orbital flight test; Brain - Machine Haihe Laboratory completed the first "space brain - machine interface experiment"; prices of multiple non - ferrous and precious metal futures reached new highs [2]. - **Basis Ratio of Stock Index Futures**: Different ratios are provided for IF, IC, IM, and IH contracts in different periods [3]. - **Strategy Viewpoint**: With incremental funds entering at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. 3.1.2 Treasury Bonds - **Market Information**: On Monday, the closing prices of TL, T, TF, and TS main contracts changed by 0.30%, 0.07%, 0.05%, and 0.00% respectively. The Canadian Prime Minister will visit China, and the National Development and Reform Commission and other departments issued relevant policies on government investment funds [5]. - **Liquidity**: The central bank conducted 861 billion yuan of 7 - day reverse repurchase operations on Monday, with a net investment of 361 billion yuan [6][7]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold rose 1.31%, and Shanghai silver rose 7.23%. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell, which impacted the Fed's independence [9]. - **Strategy Viewpoint**: If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. 3.2 Non - ferrous Metals 3.2.1 Copper - **Market Information**: Silver prices were strong, and the domestic equity market strengthened, driving copper prices to rise. LME copper inventory decreased, and domestic electrolytic copper social inventory increased [12]. - **Strategy Viewpoint**: The Fed's interest - rate cut expectation has weakened, and short - term sentiment may cool down. The copper mine supply is in a tight pattern, and copper prices are expected to fluctuate and consolidate in the short term [13]. 3.2.2 Aluminum - **Market Information**: The general atmosphere of bulk commodities was strong, and aluminum prices fluctuated and rose. LME aluminum inventory decreased, and domestic aluminum ingot and aluminum rod social inventories increased [14]. - **Strategy Viewpoint**: The high - level fluctuations of precious metals and non - ferrous metals have increased, and short - term sentiment may cool down. Aluminum prices are expected to remain high [15]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose, and LME zinc also increased. Zinc ingot social inventory decreased slightly [16][17]. - **Strategy Viewpoint**: The zinc price has a large room for catch - up compared with copper and aluminum. It is expected to fluctuate widely following the sentiment of the non - ferrous sector [18]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose, and LME lead also increased. Lead ingot social inventory increased [19]. - **Strategy Viewpoint**: The lead price is approaching the upper edge of the long - term oscillation range, and it is expected to fluctuate widely following the sentiment of the non - ferrous sector [19]. 3.2.5 Nickel - **Market Information**: Nickel prices rebounded, and the prices of nickel ore and nickel iron also changed accordingly [20]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, and it is expected to fluctuate widely in the short term. It is recommended to wait and see in the short term [20][21]. 3.2.6 Tin - **Market Information**: Tin prices rose significantly. The supply in Myanmar is gradually recovering, and the demand is mainly for rigid needs [22]. - **Strategy Viewpoint**: The tin market demand is weak, and the supply is expected to improve. It is recommended to wait and see. The price is expected to fluctuate following the market risk preference [22]. 3.2.7 Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy Viewpoint**: The "rush to export" effect has increased the demand expectation, but the rapid rise may increase the callback risk. It is recommended to wait and see or try with a light position [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose, and the inventory continued to accumulate [24]. - **Strategy Viewpoint**: The mine price is expected to decline, and the alumina market continues to face over - capacity. It is recommended to wait and see and consider shorting on rallies [25]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price was stable, and the social inventory decreased [26]. - **Strategy Viewpoint**: The optimistic expectation of Indonesia's RKAB supports the price. The price is expected to remain high and volatile in the short term [27]. 3.2.10 Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy rose, and the inventory increased slightly [28]. - **Strategy Viewpoint**: The cost is strong, and the supply is disturbed. The price is expected to remain high in the short term [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil increased, and the inventory of rebar increased slightly while that of hot - rolled coil decreased slightly [31]. - **Strategy Viewpoint**: The steel price is expected to continue to fluctuate at the bottom. It is necessary to pay attention to the de - stocking of hot - rolled coil and relevant policies [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price rose, and the port inventory continued to accumulate [33]. - **Strategy Viewpoint**: The overseas iron ore shipment is in the off - season, and the iron ore price is expected to fluctuate at a relatively high level. It is necessary to pay attention to the steel mill's replenishment and iron - making rhythm [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the inventory decreased. The soda ash main contract price increased, and the inventory increased [35][37]. - **Strategy Viewpoint**: The glass price is expected to fluctuate, and it is recommended to wait and see. The soda ash market is generally weak [36][37]. 3.3.4 Coking Coal and Coke - **Market Information**: The prices of coking coal and coke rose. The spot prices of coking coal and coke also changed [38]. - **Strategy Viewpoint**: The commodity market sentiment is positive, but the fundamental support for the price is limited. The price is expected to fluctuate in a range [40][41]. 3.3.5 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The spot prices also changed [42]. - **Strategy Viewpoint**: The future market trend is mainly affected by the overall market sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [45]. 3.3.6 Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon rose slightly, and the price of polysilicon decreased. The inventory of industrial silicon may increase, and the supply of polysilicon may be adjusted [46][48]. - **Strategy Viewpoint**: Industrial silicon is expected to face inventory pressure, and polysilicon is expected to be weak and volatile. It is necessary to pay attention to relevant policies and production plans [47][49]. 3.4 Energy and Chemicals 3.4.1 Rubber - **Market Information**: The rubber price fluctuated and rebounded. The tire start - up rate had marginal fluctuations, and the inventory increased [51][53]. - **Strategy Viewpoint**: The overall commodity atmosphere is positive, but the rubber seasonality is weak. A neutral strategy is recommended, and short - selling can be considered if the price falls below a certain level [55]. 3.4.2 Crude Oil - **Market Information**: The main contract price of INE crude oil rose, and the inventories of refined oil products changed [56]. - **Strategy Viewpoint**: The Latin American geopolitical situation does not have enough positive impact on the overall oil price, but the valuation of heavy - quality oil products is raised [57]. 3.4.3 Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [58]. - **Strategy Viewpoint**: The current valuation of methanol is low, and it has the feasibility of buying on dips [59]. 3.4.4 Urea - **Market Information**: The regional spot prices of urea changed slightly, and the main contract price increased [60]. - **Strategy Viewpoint**: The import window has opened, and it is recommended to take profits on rallies [62]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene rose. The inventory of pure benzene increased, and the inventory of styrene decreased [63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long - bought before the first quarter [64]. 3.4.6 PVC - **Market Information**: The PVC main contract price rose, and the inventory increased [65]. - **Strategy Viewpoint**: The domestic PVC market has a pattern of strong supply and weak demand. It is recommended to short on rallies [66]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol main contract price rose, and the inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol market needs to increase production cuts to improve the supply - demand pattern. It is necessary to beware of rebound risks [68]. 3.4.8 PTA - **Market Information**: The PTA main contract price rose, and the inventory decreased [69]. - **Strategy Viewpoint**: The PTA is expected to enter the Spring Festival inventory - accumulation stage. It is recommended to pay attention to long - buying opportunities on dips [70]. 3.4.9 p - Xylene - **Market Information**: The p - xylene main contract price rose, and the inventory decreased [71][72]. - **Strategy Viewpoint**: The p - xylene load is high, and it is recommended to pay attention to long - buying opportunities following the crude oil price [73]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE main contract price rose, and the inventory increased [74]. - **Strategy Viewpoint**: The PE price may be supported, and it is recommended to long - buy the LL5 - 9 spread on dips [75]. 3.4.11 Polypropylene (PP) - **Market Information**: The PP main contract price rose, and the inventory situation was complex [76]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [77]. 3.5 Agricultural Products 3.5.1 Hogs - **Market Information**: The domestic hog price was mixed, and the price may stabilize or rise slightly [79]. - **Strategy Viewpoint**: The short - term hog price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [80]. 3.5.2 Eggs - **Market Information**: The national egg price mostly rose, and the price is expected to be stable or rise [81]. - **Strategy Viewpoint**: The short - term egg price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [82]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The protein meal futures price fluctuated. The import cost of soybeans may have a bottom, but the fundamental situation is weak [83][84]. - **Strategy Viewpoint**: It is recommended to wait and see in the short term due to the combination of long - and short - term factors [84]. 3.5.4 Oils and Fats - **Market Information**: The oil futures price fluctuated. The palm oil inventory in Malaysia increased, and the domestic three - major oil inventories were at a relatively high level [85][86]. - **Strategy Viewpoint**: The current fundamental situation is weak, but the long - term expectation is optimistic. The oil price may be close to the bottom [86]. 3.5.5 Sugar - **Market Information**: The Zhengzhou sugar futures price fluctuated. The spot price of sugar decreased slightly [87]. - **Strategy Viewpoint**: The international sugar price may rebound after February, and it is recommended to wait and see in the short term [89]. 3.5.6 Cotton - **Market Information**: The Zhengzhou cotton futures price decreased. The cotton supply and demand situation changed [90]. - **Strategy Viewpoint**: The cotton price may fluctuate after rising. It is recommended to wait for a callback to buy [91].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The short - term prices of soybean - related futures will maintain a weakly oscillating pattern, with far - month contracts being weaker. The short - term price of palm oil futures has turned to weakly oscillating. [5][6][7] 3. Summary by Variety 3.1. Soybean Meal (M) - **Price Trend**: Short - term: weakly oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating. [5] - **Core Logic**: Last night, the price of US soybean futures rebounded from a low level due to improved export demand. Argentina's reduction of export tariffs on soybeans and their products may enhance its export competitiveness and squeeze the market share of US soybeans. Despite the USDA report keeping the 2025/26 US soybean ending stocks at 290 million bushels, there are still concerns about South American supply pressure. The domestic market shows conflicting signals. Spot prices have stopped falling, but the expectation of accelerated customs clearance for imported soybeans has intensified the expectation of loose long - term supply. Near - month contracts are relatively resistant to decline, while the cost support for far - month contracts is significantly weakened. [5][6] 3.2. Palm Oil (P) - **Price Trend**: Short - term: weakly oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating. [7] - **Core Logic**: The MPOB report shows that Malaysia's palm oil inventory at the end of November soared 13% month - on - month to 2.84 million tons, far exceeding market expectations and reaching a six - and - a - half - year high, mainly due to a cliff - like 28.1% decline in exports to 1.213 million tons. Domestic palm oil inventory has accumulated to 719,000 tons due to increased imports and weakening demand. Overall demand is lower than expected, with the growth rate of catering consumption slowing down and the procurement volume of small - package oils down 15% year - on - year. The narrowing of the soybean - palm oil price spread to 500 yuan/ton has suppressed the blending demand for palm oil. The domestic palm oil market is currently in a stage dominated by "weak reality", and the process of destocking high inventory determines the price movement center. The sentiment in the oil market has weakened. In the future, attention should be paid to Indonesia's biodiesel policy trends and the procurement rhythm of major importing countries. [7]

Report Summary - **Report Industry Investment Rating**: Not mentioned - **Core View**: The report provides overnight market information on the export sales of US soybeans, soybean meal, and soybean oil, as well as the situation of palm oil production and inventory in Malaysia and Indonesia. It also shows the spot prices of related products. Overnight Market Information - The USDA will release the export sales report for the week ending October 30 at 21:30 Beijing time on Thursday. Analysts estimate that US 2025/26 soybean export sales are expected to net increase by 600,000 - 2,000,000 tons, US soybean meal export sales are expected to net increase by 200,000 - 450,000 tons, and US soybean oil export sales are expected to net increase by 5,000 - 25,000 tons [1] - A survey shows that Malaysia's November palm oil inventory may reach a six - and - a - half - year high due to slow exports and record - high production in November. The estimated inventory is 2.66 million tons, a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month but still the highest November production on record. Exports are expected to drop 14.9% to 1.44 million tons [1] - Malaysia's palm oil production forecast remains unchanged at 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. Adverse weather restricts production growth. The EC weather model predicts drier weather in the next 15 days, but there are uncertainties in the medium - to - long - term weather patterns [1] - The 2025/26 Indonesian palm oil production forecast is raised to 51.2 million tons, a less than 1% increase from the previous forecast, with an estimated range of 46.2 - 56.2 million tons. However, there are flood risks [1] Spot Prices - The report shows the 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 November 27 to December 3, 2025 [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report comprehensively analyzes the changes in the external market during the 2025 National Day holiday, including the fluctuations of various financial and commodity indices, as well as the supply - demand situation of the international and domestic agricultural and energy industries, and international and domestic macro - economic news. 3. Summary by Related Contents External Market Fluctuations during National Day - The US dollar index rose from 97.82 to 98.84, with a 1.04% increase; the Dow Jones Industrial Average rose 0.44%, and the Nasdaq Composite Index rose 1.69% [1]. - Among agricultural products, BMD Malaysian palm oil rose 4.48%, CBOT US soybeans rose 2.90%, and ICE US cotton fell 1.19% [1]. - In the energy sector, NYMEX US fuel oil fell 1.36%, NYMEX US crude oil fell 0.21%, and ICE Brent fell 0.11% [1]. - Among non - ferrous metals, COMEX gold rose 4.45%, COMEX silver rose 3.42%, and LME copper rose 3.93% [1]. International Supply - Demand Situation - **Palm Oil**: Malaysia's September palm oil inventory is expected to decline by 2.5% compared to August, production is expected to decline by 3.3%, and exports are expected to increase by 7.7%. Indonesia's 2025/26 palm oil production is expected to decline by 1%, and Malaysia's is expected to decline by 1%. Global palm oil imports are expected to increase by 4.6% [2][3]. - **Soybeans**: S&P Global lowered the US soybean yield forecast. As of September 1, 2025, the US old - crop soybean inventory was 3.16 billion bushels. Brazilian soybean planting progress is faster than in previous years, and the 2025/26 production is expected to increase. Argentina's 2025/26 soybean production is expected to be 4850 tons, and corn production is expected to be 5800 tons [4][5][7]. - **Other Crops**: Canada's 2025/26 rapeseed production is expected to be 2002.8 tons, and exports are expected to be 700 tons. Ukraine has approved new export documents for tax - exempt rapeseed and soybean exports [13][14]. Domestic Supply - Demand Situation - On September 30, the total trading volume of domestic edible oils decreased by 71% compared to the previous trading day. The trading volume of soybean meal decreased, and the oil mill operating rate dropped by 6.41%. The national soybean oil port inventory decreased by 0.7 tons [16]. International Macro - news - The US ADP employment in September decreased by 32,000, the Challenger job - cuts in September were 54,064, and the ISM non - manufacturing PMI was 50. The US government shutdown continued, and the release of some economic data was postponed [18][19]. - OPEC + will increase production by 137,000 barrels per day in November. The eurozone's October Sentix investor confidence index was - 5.4 [19]. Domestic Macro - news - On September 30, the US dollar/renminbi exchange rate was adjusted downwards (the renminbi appreciated). The central bank conducted 242.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 33.9 billion yuan. On October 9, the central bank will conduct 1.1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations [22]. - In September, China's manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing business activity index was 50.0%, down 0.3 percentage points; the composite PMI output index was 50.6%, up 0.1 percentage point [22].

Group 1: Industry Investment Rating - No relevant content found Group 2: Core Views - Palm oil has limited short - term rebound height [3] - Soybean oil has a weak and volatile trend in the US, and the upside space is difficult to open [3] Group 3: Summary by Related Catalogs Futures Data - Palm oil futures: The previous trading day's closing price was 9,126 yuan/ton (day session) with a 0.80% increase and 9,190 yuan/ton (night session) with a 0.70% increase. Trading volume was 591,824 lots, a decrease of 429,324 lots, and positions were 376,778 lots, a decrease of 11,149 lots [2] - Soybean oil futures: The previous trading day's closing price was 8,100 yuan/ton (day session) with a 0.17% increase and 8,162 yuan/ton (night session) with a 0.77% increase. Trading volume was 310,807 lots, a decrease of 507,057 lots, and positions were 549,420 lots, an increase of 3,511 lots [2] - Rapeseed oil futures: The previous trading day's closing price was 9,921 yuan/ton (day session) with a - 0.75% decrease and 9,958 yuan/ton (night session) with a 0.37% increase. Trading volume was 345,408 lots, a decrease of 73,952 lots, and positions were 306,205 lots, a decrease of 21,837 lots [2] - Malaysian palm oil futures: The previous trading day's closing price was 4,380 ringgit/ton (day session) with a 0.90% increase and 4,425 ringgit/ton (night session) with a 1.05% increase [2] - CBOT soybean oil futures: The previous trading day's closing price was 49.77 cents/pound with a - 0.22% decrease [2] Spot Data - Palm oil (24 - degree, Guangdong): The previous trading day's price was 9,020 yuan/ton, with a price increase of 100 yuan/ton [2] - First - grade soybean oil (Guangdong): The previous trading day's price was 8,440 yuan/ton, with a price increase of 50 yuan/ton [2] - Fourth - grade imported rapeseed oil (Guangxi): The previous trading day's price was 9,900 yuan/ton, with a price decrease of 80 yuan/ton [2] - Malaysian palm oil FOB price: The previous trading day's price was 1,085 dollars/ton, with a price decrease of 20 dollars/ton [2] Basis Data - Palm oil (Guangdong) basis: - 106 yuan/ton [2] - Soybean oil (Guangdong) basis: 340 yuan/ton [2] - Rapeseed oil (Guangxi) basis: - 21 yuan/ton [2] Spread Data - Rapeseed - palm oil futures spread: 795 yuan/ton (previous trading day), compared with 942 yuan/ton two trading days ago [2] - Soybean - palm oil futures spread: - 1,026 yuan/ton (previous trading day), compared with - 968 yuan/ton two trading days ago [2] - Palm oil 1 - 5 spread: 182 yuan/ton (previous trading day), compared with 198 yuan/ton two trading days ago [2] - Soybean oil 1 - 5 spread: 248 yuan/ton (previous trading day), compared with 238 yuan/ton two trading days ago [2] - Rapeseed oil 1 - 5 spread: 484 yuan/ton (previous trading day), compared with 529 yuan/ton two trading days ago [2] Macro and Industry News - GAPKI: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. In July, Indonesia's crude palm oil production reached 5.11 million tons, a 6% month - on - month increase, and exports decreased by 1.92% month - on - month to 3.54 million tons. Domestic demand for biodiesel and food also declined slightly [3][4] - An Indonesian industry official expects that Indonesia's palm oil exports to the EU will increase in 2026 due to the signing of a bilateral trade agreement and the EU's second postponement of its anti - deforestation law. Exports to the EU are expected to increase from an estimated 3.3 million tons this year to about 4 million tons in 2026, and exports to India are expected to increase from 4.8 million tons last year to 5 million tons in 2025 [4] - USDA: A private exporter reported selling 101,400 tons of soybean meal to Guatemala for delivery in the 2025/2026 season [3][5] - USDA export sales report forecast: As of the week ending September 18, US soybean export sales are expected to increase by 60 - 160 million tons, soybean meal export sales are expected to increase by 15 - 45 million tons, and soybean oil export sales are expected to decrease by 1 million tons to increase by 3 million tons [5] - Hedge Point: Brazil's 2025/26 soybean production is expected to be 178 million tons, and exports are expected to be 112 million tons [5] - Anec: Brazil's September soybean export volume forecast was lowered from 7.53 million tons to 7.15 million tons, and soybean meal export volume forecast was lowered from 2.19 million tons to 2.1 million tons [5] - Chinese buyers have purchased about 1.3 million tons of Argentine soybeans after Argentina temporarily abolished export taxes on soybeans and grain by - products [5] - As of the week ending September 17, Argentine farmers sold 676,400 tons of 2024/25 soybeans, with cumulative sales reaching 32.5735 million tons, and 108,900 tons of 2025/26 soybeans, with cumulative sales reaching 1.1472 million tons [6] - An Indian industry official said that India's 2025 soybean production may decrease from 11 million tons last year to 9.9 million tons due to excessive rainfall damaging crops in major grain - producing states [6] Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The range of trend intensity is [- 2, 2], with - 2 being the most bearish and 2 being the most bullish [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The analysis agency's average estimate of U.S. soybean inventory on September 1st is 323 million bushels, a 5.6% decline from the previous year [1]. - HedgePoint predicts that Brazil's soybean production in the 2025/26 season will be 178 million tons, and the export volume will be 112 million tons [1]. - ANEC has lowered its export volume estimates for Brazilian soybeans and soybean meal in September [1]. - Due to increased production and weak demand, Indonesia's palm - oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons [1]. 3. Summary by Related Content Overnight Market Information - A private exporter reported the sale of 101,400 tons of soybean cake and soybean meal to Guatemala for delivery in the 2025/2026 market year [1]. - The average estimate of U.S. soybean inventory on September 1st is 323 million bushels, with a forecast range of 295 - 360 million bushels, and the USDA's previous estimate for the 2024/25 season was 330 million bushels [1]. - A survey shows that U.S. soybean export sales for the week ending September 18th are expected to increase by 60 - 160 million tons, soybean meal by 15 - 45 million tons, and soybean oil from a net decrease of 1 million tons to a net increase of 3 million tons [1]. - HedgePoint predicts Brazil's 2025/26 soybean production at 178 million tons and export volume at 112 million tons [1]. - ANEC lowered its September soybean export volume estimate from 7.53 million tons to 7.15 million tons and soybean meal from 2.19 million tons to 2.1 million tons [1]. - GAPKI data shows that Indonesia's palm - oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons, production increased by 6% month - on - month to 5.11 million tons, and exports decreased by 1.92% month - on - month to 3.54 million tons [1]. Spot Prices - The table shows the 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 September 18th to 24th, 2025 [2]. Protein Meal Basis and Oil Basis No specific information provided [3]. Oil and Oilseed Futures Price Spreads No specific information provided [5].

Core Insights - Malaysia's palm oil ending stocks for July are estimated at 2.25 million tons, reflecting a 10.8% increase compared to June [1] Group 1 - The increase in palm oil stocks indicates a potential oversupply situation in the market [1] - The data suggests that production levels may have risen, contributing to the higher inventory figures [1] - This trend could impact palm oil prices and market dynamics in the coming months [1]

Core Viewpoint - Palm oil futures in Malaysia have dropped nearly 2%, driven by market expectations of a 10% surge in palm oil inventory for July, indicating that this decline may just be the beginning [1] Group 1 - The decline in palm oil futures reflects growing concerns over inventory levels in Malaysia [1] - A projected increase of 10% in palm oil stocks for July suggests potential oversupply in the market [1] - The current market trend may signal further price decreases in the near future [1]

Core Insights - Palm oil futures have experienced two consecutive weekly declines, raising questions about the strength of the rebound despite production data aligning with analyst expectations [1] - The palm oil market is facing a significant inventory pressure with stock levels reaching 2.1 million tons, which may influence market dynamics and trading strategies [1] - The current market conditions prompt discussions on whether it is an appropriate time to short palm oil [1]

Core Insights - Indonesia's palm oil inventory decreased by 4.27% month-on-month to 2.9 million tons in May, driven by a surge in exports [1] Group 1: Inventory and Production - Indonesia's palm oil inventory stood at 2.9 million tons in May, reflecting a month-on-month decline of 4.27% [1] - The production of crude palm oil in May was 4.17 million tons, which is lower than April's production of 4.48 million tons but represents a year-on-year increase of 7.2% [1] Group 2: Export Dynamics - Palm oil and refined product exports from Indonesia reached 2.66 million tons in May, marking a nearly 50% increase compared to April and a year-on-year growth of 35.64% [1] - The increase in exports was primarily driven by rising demand from India and China [1]