1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The September USDA report adjusted the US soybean production upwards, the global production downwards, and the US soybean inventory upwards, making the overall report neutral to bearish [7]. - Argentina's cancellation of soybean tariffs to promote exports may lead to a significant increase in domestic imports from November to January, effectively alleviating the supply - tightness expectation due to the lack of US soybean imports [7]. - There is uncertainty regarding Sino - US tariffs, and domestic soybean procurement in November is inactive. Attention should be paid to the arrival quantity of Argentine soybeans later [7]. - Recently, prices have been fluctuating, with a weak oscillation at a low level [7]. - Domestic supply - demand changes are minimal. The anti - dumping measures against Canadian rapeseed may lead to a significant decline in later imports, but there is still uncertainty [7]. - The extension of anti - dumping measures against Canadian rapeseed in China creates uncertainty for future rapeseed imports. As Canada enters the harvest season, attention should be paid to the progress of domestic rapeseed imports [7]. - With low domestic rapeseed inventory and insufficient current import procurement, rapeseed crushing may slow down, which will later affect the supply of domestic rapeseed meal and rapeseed oil [7]. - Affected by the import of Argentine soybeans and soybean meal, it may be weakened in the short term [7]. - In the case of soybean oil, soybean crushing remains at a high level, and soybean oil is in a continuous inventory - accumulation stage. The demand side is in the off - season, but the National Day peak season may have a positive impact on demand. Argentina's tariff - free exports may increase the direct import of soybean oil in China, putting pressure on the supply of soybean oil. Overall, it maintains a slightly oversupplied pattern with high inventory pressure, but there is support from peak - season demand [38][40]. - For palm oil, the MPOB report shows that inventory accumulation is less than expected, and the September report is slightly positive. Attention should be paid to the possible impact of the later crude - oil market and biodiesel, as well as the recent impact of crude oil. The domestic inventory - accumulation rate has slowed down, reducing supply - demand pressure. Later, attention should be paid to the inflection point of active inventory accumulation and the de - stocking expectation due to the possible decline in supply in the fourth quarter [40]. - Regarding rapeseed oil, the rapeseed sector currently lacks new topics, and China is in a continuous de - stocking cycle. The anti - dumping measures against Canadian rapeseed may lead to a decline in rapeseed oil supply. Later, attention should be paid to the changes in imports from Russia. Affected by continuous de - stocking, the domestic spot market is strong. With the expectation of reduced imports later, rapeseed oil may strengthen independently compared to other oils [40]. 3. Summary by Relevant Catalogs 3.1. Soybean Meal - The September USDA report has a neutral - bearish impact on the soybean market, with adjustments to US and global soybean production and inventory [7]. - Argentina's tariff policy may change the domestic soybean import pattern from November to January [7]. - Uncertain Sino - US tariffs affect domestic soybean procurement in November [7]. - Price trends show weak oscillations at a low level [7]. 3.2. Rapeseed Meal - Domestic supply - demand situation changes little, but anti - dumping measures against Canada may affect imports [7]. - Low domestic rapeseed inventory and insufficient procurement may affect rapeseed meal supply [7]. - Impacted by Argentine imports, it may be weakened in the short term [7]. 3.3. Soybean Oil - High - level soybean crushing leads to continuous inventory accumulation [38]. - Off - season demand may be boosted by the National Day peak season [40]. - Argentina's tariff - free exports may increase supply pressure [40]. 3.4. Palm Oil - MPOB report shows less - than - expected inventory accumulation, with a slightly positive September report [40]. - Attention should be paid to the impact of the crude - oil market and biodiesel [40]. - Slowed domestic inventory - accumulation rate eases supply - demand pressure [40]. 3.5. Rapeseed Oil - In a continuous de - stocking cycle with a lack of new topics [40]. - Anti - dumping measures against Canada may reduce supply [40]. - Domestic spot is strong, and it may strengthen independently later [40].

Report Industry Investment Rating The document does not provide the report industry investment rating. Core Viewpoints - The oilseed and oil sectors are facing various supply - demand challenges. The oilmeal market has potential supply contractions, while the oil market is generally weak with high inventories. Without bio - diesel speculation, the oil market is likely to return to a weak fundamental state and may experience further short - term adjustments [6][40]. Summary by Related Catalogs 1. Oilmeal Market 1.1 Soybean Meal - In August, the USDA cut the U.S. soybean area, potentially leading to a supply contraction in the global market in the fourth quarter. The U.S. soybean is entering the harvest period, and its inventory is expected to decline. There is uncertainty about Sino - U.S. tariffs, and domestic soybean purchases in November are not active. The domestic spot price has stopped falling and is in a low - level oscillation. As the domestic futures market drops, the spot basis strengthens, presenting opportunities for a low - level rebound [6]. 1.2 Rapeseed Meal - The short - term fundamentals are relatively stable. The potential anti - dumping measures on Canadian rapeseed may lead to a significant drop in imports, but there is uncertainty before the tariffs are finalized. Domestic rapeseed inventory is low, and insufficient imports may slow down rapeseed crushing, affecting the supply of domestic rapeseed meal and oil. The domestic rapeseed meal market has price but low trading volume, with low overall inventory, and the medium - term outlook is positive. The uncertainty lies in future tariff negotiations with Canada and the implementation of import policies [6]. 2. Oil Market 2.1 Soybean Oil - Domestic soybean oil production is increasing, leading to high - level inventory accumulation. The price difference with other oils may cause demand substitution. After the speculation on soybean oil exports, there is no further progress. If exports do not meet expectations, the domestic market may face an oversupply situation. Future attention should be paid to the price difference and substitution effects of overseas bio - diesel and palm oil [37]. 2.2 Palm Oil - Palm oil prices are in a high - level oscillation. The delay of Indonesia's B50 program may weaken the bio - diesel outlook. The MPOB report shows that inventory accumulation is lower than expected, and the overseas supply pressure has slightly eased, but the seasonal inventory build - up is not over. Attention should be paid to the impact of the crude oil market and bio - diesel. Domestic inventory is high and increasing, and the supply - demand situation is weak. Higher import costs may lead to price drops if the overseas market weakens [38]. 2.3 Rapeseed Oil - The rapeseed sector lacks new topics, and during the off - season, inventory reduction is slow, putting pressure on the market. However, anti - dumping measures on Canadian rapeseed may reduce the supply of rapeseed oil. Currently, the basis of East China crude rapeseed oil has fallen to near par, with low terminal purchasing willingness and weak trading in many regions, and the basis continues to decline slightly [39].

Report Summary 1) Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [1][3] 2) Core Viewpoints - The market for oilseeds will fluctuate, with future focus on supply - demand and weather conditions [1] - The soybeans market is currently in a state of oversupply, and the prices in Anhui and Jiangsu may change due to the large - scale listing of early - maturing soybeans in Hubei [2] - For peanuts, there are concerns about a potential reduction in the new - season yield due to drought in Henan, and the attitude of holders of high - quality cold - storage peanuts towards price support has strengthened, but demand - side procurement is cautious [3] 3) Summary by Related Catalogs Soybean View - **Market Analysis** - Futures: The closing price of the bean one 2509 contract yesterday was 4199.00 yuan/ton, up 10.00 yuan/ton or 0.24% from the previous day [1] - Spot: The edible bean spot basis was A09 + 101, down 10 or 32.14% from the previous day. Northeast soybean prices remained stable today, with prices in different regions unchanged from the previous day [1] - Market Situation: Yesterday, the bean one futures continued to fluctuate in a narrow range. Today, Sinograin will start two - way auctions, leading to strong market wait - and - see sentiment. The situation outside the pass is stable, while inside the pass, due to the listing of early - maturing soybeans in Hubei and weak off - season demand, inquiries and purchases have decreased, and old soybean prices are under pressure. Domestic spot prices in the Northeast have good growth conditions, and prices inside the pass are stable with a weakening trend. Downstream enterprise operations are stable, and the market state is unlikely to change significantly. After mid - August, the market may change with the start of preparations for the new semester [2] - **Strategy** - The strategy for soybeans is neutral [1] Peanut View - **Market Analysis** - Futures: The closing price of the peanut 2510 contract yesterday was 8206.00 yuan/ton, down 16.00 yuan/ton or 0.19% from the previous day [3] - Spot: The average spot price of peanuts was 8700.00 yuan/ton, unchanged from the previous day. The spot basis was PK10 - 106.00, up 16.00 or - 13.11% from the previous day. The domestic peanut market was oscillating and stable yesterday, with raw material procurement in production areas basically completed, mainly trading cold - storage goods, and general inquiry and purchase. Peanut prices vary in different regions [3] - Market Situation: Yesterday, the main peanut futures contract fluctuated weakly. Currently, raw material procurement in production areas has basically ended, and the market mainly trades cold - storage goods. There are concerns about a reduction in the new - season peanut yield due to drought in Henan, and imports are still low. Holders of high - quality cold - storage peanuts have a stronger attitude towards price support, but demand - side procurement is cautious. Future attention should be paid to rainfall in production areas [3] - **Strategy** - The strategy for peanuts is neutral [3] - **Risk** - The risk for peanuts is weakening demand [4]