Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Core View of the Report - The prices of the three major oils fluctuated yesterday. The USDA report will be released on Friday night. Due to the dry conditions in the eastern soybean - producing areas in August, there are differences in institutional expectations regarding the soybean yield in the USDA report. Some expect a yield cut, while others think the yield will remain unchanged or increase. The market is waiting for the USDA report and is currently in a state of fluctuating operation [1][3] Summary by Related Catalog Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9330.00 yuan/ton, a change of +86 yuan or +0.93% compared to the previous day; the closing price of the soybean oil 2601 contract was 8336.00 yuan/ton, a change of +80.00 yuan or +0.97%; the closing price of the rapeseed oil 2601 contract was 9893.00 yuan/ton, a change of +123.00 yuan or +1.26% [1] - Spot: In the Guangdong area, the spot price of palm oil was 9160.00 yuan/ton, a change of -110.00 yuan or -1.19%, and the spot basis was P01 + - 170.00, a change of -196.00 yuan; in the Tianjin area, the spot price of first - grade soybean oil was 8440.00 yuan/ton, a change of -20.00 yuan/ton or -0.24%, and the spot basis was Y01 + 104.00, a change of -100.00 yuan; in the Jiangsu area, the spot price of fourth - grade rapeseed oil was 10090.00 yuan/ton, a change of +120.00 yuan or +1.20%, and the spot basis was OI01 + 197.00, a change of -3.00 yuan [1] Market Information Summary - Brazil: The Brazilian Institute of Geography and Statistics (IBGE) expects the soybean planting area in Brazil in 2025 to be 47.666743 million hectares, a 3.5% increase from last month's forecast and a 0.2% increase from the previous year. The soybean production is estimated to be 165.89 million tons, a 0.2% increase from last month's forecast and a 14.5% increase from the previous year. CONAB predicts that the soybean production in Brazil in the 2024/25 season will reach 171.4723 million tons, an increase of 20.1889 million tons or 13.3% year - on - year [2] - US: As of the week ending September 4, the net sales of US soybeans for the 2025/2026 season were 541,000 tons, compared with 818,000 tons in the previous week [2] - Malaysia: The European Union's recognition of the Malaysian Sustainable Palm Oil (MSPO) certification is an important milestone for Malaysian exporters. It is expected to facilitate trade, strengthen market access, enhance consumer confidence, and promote international cooperation in deforestation - free trade. From September 1 - 10, 2025, the palm oil yield per unit area in Malaysia decreased by 2.70% compared to the same period last month, the oil extraction rate decreased by 0.09%, and the production decreased by 3.17% [2]