| 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/09/18 | 2910 | 2540 | 8500 | 9220 | 10210 | | 2025/09/19 | 2930 | 2600 | 8550 | 9240 | 10320 | | 2025/09/22 | 2940 | 2620 | 8580 | 9280 | 10370 | | 2025/09/23 | 2870 | 2530 | 8250 | 8980 | 10180 | | 2025/09/24 | 2880 | 2490 | 8330 | 9050 | 10120 | 蛋 白 粕 基 差 ： 油 脂 基 差 ： 油脂油料早报 研究中心农产品团队 2025/09/25 隔 夜 市 场 信 息 ： 民间出口商报告向危地马拉出口销售101,400吨豆饼和豆粕 民间出口商报告向危地马拉出口101,400吨豆饼和豆粕，2025/2026市场年度付运。 分析机构对美国9月1日大豆库存的平均预估为3.23亿蒲式耳 分析机构对美国 ...

Group 1: Investment Rating - No investment rating was provided in the report. Group 2: Core Views - Protein meal: Night trading of soybean and rapeseed meal was weak. The September USDA report raised the planting area to 81.1 million acres, lowered the estimated soybean yield to 53.5 bushels per acre, raised the estimated crush to 2.555 billion bushels, and lowered the estimated export to 1.685 billion bushels, resulting in an increase in the 2025/2026 US soybean ending stocks to 300 million bushels. The report's impact on the market was neutral to bearish. With the improvement signal of Sino-US trade relations, the domestic supply is expected to increase, and the short - term Dalian meal is expected to be under pressure [3]. - Oils: Night trading of oils was weakly volatile. The August MPOB report showed that Malaysian palm oil production increased by 2.35% month - on - month, exports decreased by 0.29% month - on - month, and the inventory increased by 4.18% month - on - month. The bearish impact of the data has been mostly digested. The flood in Sabah, Malaysia has reduced the concern about production, and the US biodiesel blending obligation allocation proposal has brought certainty to the oil market. Oils are expected to fluctuate overall [3]. Group 3: Summary by Related Catalogs Domestic Futures Market - **Futures Prices**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8366, 9424, and 9999 respectively, with changes of - 52, - 58, and - 54, and percentage changes of - 0.62%, - 0.61%, and - 3.15% respectively. For soybean meal and rapeseed meal, the previous day's closing prices were 3002 and 2490, with changes of - 39 and - 40, and percentage changes of - 1.28% and - 1.58% respectively. The peanut futures price was 8844, with a change of 26 and a percentage change of 0.29% [2]. - **Spreads and Ratios**: The current values of Y9 - 1, P9 - 1, and OI9 - 1 spreads were - 68, 116, and 87 respectively, compared with previous values of 6, 202, and 129. The current values of M9 - 1 and RM9 - 1 spreads were - 57 and - 17, compared with previous values of - 35 and 17 [2]. International Futures Market - **Futures Prices**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4383 ringgit per ton, 1049 cents per bushel, 53 cents per pound, and 286 dollars per ton respectively. The changes were - 42, - 5, - 1, and - 1, and the percentage changes were - 0.95%, - 0.48%, - 2.58%, and - 0.21% respectively [2]. Domestic Spot Market - **Spot Prices**: The current spot prices of Tianjin and Guangzhou first - grade soybean oil were 8580 and 8700, with percentage changes of - 0.69% and - 0.57% respectively. The spot prices of Zhangjiagang and Guangzhou 24° palm oil were 9560 and 9450, with a percentage change of 0.53%. The spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oil were 10250, with a percentage change of 0.29% [2]. - **Spot Basis**: The spot basis of Tianjin and Guangzhou first - grade soybean oil was 214 and 334, the spot basis of Zhangjiagang and Guangzhou 24° palm oil was 136 and 26, and the spot basis of Zhangjiagang and Fangchenggang third - grade rapeseed oil was 251 [2]. Import and Crush - The current values of import profit for near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed were - 280, - 28, - 188, 211, 827, and 879 respectively, compared with previous values of - 223, 32, - 148, 219, 879, and 992 [2]. Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 24,544, 1,570, 8,202, 29,065, 10,104, and 0 respectively, remaining unchanged from the previous values for soybean oil, palm oil, and peanuts, and with a decrease of 110 for rapeseed meal [2]. Industry Information - Palm oil: From September 1 - 15, 2025, Malaysian palm oil yield decreased by 6.94% month - on - month, oil extraction rate decreased by 0.21% month - on - month, and production decreased by 8.05% month - on - month according to SPPOMA. The export volume from September 1 - 15 was 695,716 tons, a 0.1% decrease compared with the same period last month according to AmSpec [3]. - Protein meal: The September USDA report had a neutral - bearish impact on the market. Sino - US trade relations showed a positive signal, and the domestic supply of soybean meal was expected to increase [3]. - Oils: The August MPOB report showed that Malaysian palm oil production increased, exports decreased, and inventory increased. The bearish impact of the data was mostly digested. The flood in Sabah, Malaysia reduced production concerns, and the US biodiesel blending obligation allocation proposal brought certainty to the oil market [3].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - For protein meal, the night - session of soybean meal showed weak fluctuations, while rapeseed meal closed slightly higher. The September USDA report had a neutral - bearish impact on the market. With expectations of improved domestic supply, short - term soybean meal futures are expected to fluctuate weakly. For oils, the night - session of oils showed strong performance. Despite the lower - than - expected August palm oil exports from Malaysia, the bearish impact has been mostly digested. Due to flood concerns in Sabah and strong Indian imports, short - term oils are expected to fluctuate strongly [3]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8418, 9482, and 10053 respectively, with price changes of 42, 60, and 153, and percentage changes of 0.50%, 0.64%, and - 3.15%. For soybean meal, rapeseed meal, and peanuts, the closing prices were 3041, 2530, and 8844, with price changes of - 1, 21, and 26, and percentage changes of - 0.03%, 0.84%, and 0.29% [2]. - **Spreads and Ratios**: The current spreads of Y9 - 1, P9 - 1, and OI9 - 1 were - 68, 116, and 87, compared to previous values of 6, 202, and 129. The current M9 - 1 and RM9 - 1 spreads were - 57 and - 17, compared to previous values of - 35 and 17 [2]. International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4383 ringgit/ton, 1043 cents/bushel, 52 cents/pound, and 286 dollars/ton. The price changes were - 42, 6, 1, and 0, with percentage changes of - 0.95%, 0.55%, 1.72%, and 0.07% [2]. Domestic Spot Market - **Prices and Changes**: The current spot prices of Tianjin and Guangzhou first - grade soybean oil were 8640 and 8750, with percentage changes of 0.70% and 0.69%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oil were 9510 and 9400, with percentage changes of 0.85% and 0.86% [2]. - **Spreads and Basis**: The current spot spread between Guangzhou first - grade soybean oil and 24° palm oil was - 590, compared to a previous value of - 610. The current spot basis of Tianjin first - grade soybean oil was 222 [2]. Import and Crushing Profits - **Profits**: The current import and crushing profits of near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed were - 223, 32, - 148, 219, 879, and 992, compared to previous values of - 287, 13, - 176, 203, 722, and 891 [2]. Industry Information - **Brazilian Exports and Production**: Brazil's September soybean export forecast rose to 753 million tons from 743 million tons the previous week. September soybean meal export forecast rose to 219 million tons from 211 million tons, and corn export forecast reached 712 million tons from 696 million tons. Brazil's 2024/25 soybean production forecast remained at 17030 million tons, 2025 export forecast remained at 10950 million tons, and 2025 crushing forecast was raised to 5850 million tons [3]. MPOb Report - **Malaysian Palm Oil Data**: Malaysia's August palm oil production was 1.85 million tons, a 2.35% month - on - month increase. Exports were 1.32 million tons, a 0.29% month - on - month decrease. The inventory at the end of August was 2.2 million tons, a 4.18% month - on - month increase [3].

Report Overview - The report provides overnight market information on oilseeds and oils, including data from USDA reports, export figures, and news on biodiesel projects [1]. - It also presents spot prices of various oilseeds and oils from September 8 - 12, 2025 [2]. USDA Oilseed Report Highlights Rapeseed - Global 2025/26 rapeseed production is expected to reach 9096.1 million tons, a year - on - year increase of 523.5 million tons; ending stocks are expected to be 1137.4 million tons, up 101 million tons [1]. - Global 2025/26 rapeseed oil production is expected to be 3469.9 million tons, up 59.8 million tons; ending stocks are expected to be 312.2 million tons, down 8.8 million tons [1]. - Global 2025/26 rapeseed meal production is expected to be 4958.2 million tons, up 57.3 million tons; ending stocks are expected to be 157.9 million tons, up 19.8 million tons [1]. - Canada's 2025/26 rapeseed exports are expected to be 670 million tons, down 263.5 million tons; rapeseed oil exports are expected to be 337.5 million tons, up 3.5 million tons; rapeseed meal exports are expected to be 550 million tons, down 29.9 million tons [1]. Palm Oil - Global 2025/26 palm oil production is expected to be 8081.6 million tons, an increase of 8 million tons from last month's estimate [1]. - Global 2025/26 palm oil ending stocks are expected to be 1524 million tons, up 20.6 million tons from last month's estimate [1]. - Global 2025/26 palm oil exports are expected to be 4570.8 million tons, a downward revision of 45.5 million tons from last month's estimate [1]. - Indonesia's palm oil exports are expected to be 2400 million tons, unchanged from last month's estimate; Malaysia's palm oil exports are expected to be 1610 million tons, also unchanged [1]. Soybean - Brazil's 2025/26 soybean production is estimated at 175 million tons, the same as the August estimate; exports are estimated at 112 million tons, unchanged from August [1]. - Argentina's 2025/26 soybean production is estimated at 48.5 million tons, the same as in August; exports are estimated at 6 million tons, up from 5.8 million tons in August [1]. - China's 2025/26 soybean imports are estimated at 112 million tons, the same as the August estimate [1]. - Global 2025/26 soybean production is estimated at 425.87 million tons, down from 426.39 million tons in August; ending stocks are estimated at 123.99 million tons, down from 124.9 million tons in August [1]. Other Market Information - Malaysia's palm oil exports from September 1 - 10, 2025, were 244,940 tons, a 27.8% decline from the same period last month [1]. - Indonesia may increase the mandatory palm oil content in biodiesel to 45% (B45) before reaching B50, currently at 40% [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 September 8 - 12, 2025, are presented in a table [2].

1. Report Industry Investment Ratings | Product | Rating | | --- | --- | | Oils and Fats | Bullish Oscillation | | Protein Meal | Oscillation | | Corn and Starch | Bearish Oscillation | | Hogs | Oscillation | | Natural Rubber and 20 - rubber | Oscillation | | Synthetic Rubber | Oscillation | | Cotton | Bullish Oscillation | | Sugar | Oscillation | | Pulp | Oscillation | | Logs | Bearish Oscillation | [7][8][10] 2. Core Viewpoints of the Report - Multiple favorable factors drive the oils and fats market to run strongly. Protein meal is affected by emotions and supply pressure. Corn shows signs of restocking downstream. Hog futures are expected to correct. Rubber experiences a pull - back after a rise. Synthetic rubber has limited variables. Pulp is considered bullish in the short - term. Cotton prices are boosted by a reduction in US cotton production. Sugar prices rebound due to supply expectation adjustments. Logs are affected by new warehouse receipt pressure [1]. 3. Summary by Product Oils and Fats - **Industry Information**: USDA's August report unexpectedly cut the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, increased the yield per acre by 1.1 bushels to 53.6 bushels, and cut the expected yield by 1.16 million tons to 116.82 million tons, with a year - on - year decrease of 2.02 million tons [1][7]. - **Logic**: Multiple factors contributed to the rise of domestic oils. From a macro perspective, there are expectations of a Fed rate cut, and the US - China tariff policy is extended. From an industrial perspective, the reduction in US soybean area and production, lower - than - expected palm oil inventory in Malaysia, and anti - dumping rulings on Canadian rapeseed are positive. However, US soybean growth is good, and palm oil is in the production season [2][7]. - **Outlook**: The oils and fats market is likely to continue to run strongly in the near future [3][7]. Protein Meal - **Industry Information**: On August 13, 2025, the international soybean trade premium and discount quotes showed different changes week - on - week and year - on - year. The average profit of Chinese imported soybean crushing also increased [8]. - **Logic**: Internationally, the US soybean supply - demand situation in the 25/26 season is tightening. Domestically, there is short - term inventory pressure, but long - term demand is expected to increase. The anti - dumping ruling on Canadian rapeseed is positive for the far - month [8]. - **Outlook**: The market pattern of strong domestic and weak overseas, near - term weakness and far - term strength will continue. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or price at low prices [8]. Corn and Starch - **Industry Information**: The prices of corn in Jinzhou Port and the domestic average showed small changes. The closing price of the main contract increased [10]. - **Logic**: The domestic corn price is stable to weak, with supply inventory being digested and demand being weak. There are signs of restocking in South China ports. New - season corn production is normal [10]. - **Outlook**: There is uncertainty in the short - term due to old - crop de - stocking, and there is a downward drive after new - crop listing [10]. Hogs - **Industry Information**: On August 13, the spot price of hogs in Henan increased slightly, and the futures price decreased [11]. - **Logic**: After the end of the symposium, the market hype subsided. In the short - term, the planned slaughter volume increases. In the medium - term, the supply will increase. In the long - term, there is an expectation of capacity reduction [11]. - **Outlook**: The hog futures market fluctuates greatly. The spot and near - term have high - weight inventory pressure, while the far - term has a bullish expectation. Pay attention to reverse - spread strategies [11]. Natural Rubber - **Industry Information**: The prices of various rubber products in Qingdao Free Trade Zone and Thailand's raw material market showed different changes. Cambodia's latex exports decreased in the first 7 months of 2025 [14]. - **Logic**: Rubber prices adjusted after a rise. It is in the seasonal rising period, with many speculation themes. The short - term supply may decrease, and demand is rigid [14]. - **Outlook**: The rubber price is expected to oscillate strongly in the short - term [14]. Synthetic Rubber - **Industry Information**: The prices of butadiene rubber and butadiene showed increases [16]. - **Logic**: The BR futures followed natural rubber to adjust. It is affected by natural rubber sentiment and raw material cost support. The supply of butadiene is tight, and downstream demand is good [16]. - **Outlook**: The butadiene price may rise slightly, and the futures may run strongly in an oscillatory manner [16]. Cotton - **Industry Information**: As of August 13, the number of registered warehouse receipts and the closing prices of Zhengzhou cotton futures contracts increased [16]. - **Logic**: The USDA report cut US cotton production, tightening global supply. Demand is weak, and inventory is low. The suspension of tariffs boosts market confidence [17]. - **Outlook**: Cotton prices are expected to oscillate strongly before new - flower listing [17]. Sugar - **Industry Information**: As of August 13, the closing prices of Zhengzhou sugar futures contracts increased [18]. - **Logic**: In the long - term, the global sugar market is expected to have a surplus. In the short - term, supply pressure increases seasonally, but the rebound of the external market supports the domestic market [18]. - **Outlook**: In the long - term, sugar prices have a downward drive; in the short - term, they are expected to run in the range of 5600 - 5900 [18]. Pulp - **Industry Information**: The prices of various pulp products in Shandong increased [18]. - **Logic**: The pulp fundamentals are weak, with high supply and weak demand overseas. However, the price is at a low level, and the negative factors have been fully priced in [18]. - **Outlook**: Pulp futures are expected to run in a wide - range oscillation [18]. Logs - **Logic**: The log futures price weakened due to new warehouse receipt pressure. The cost has increased, and supply pressure has eased. There is a marginal improvement in fundamentals [20]. - **Outlook**: The log futures are expected to run in the range of 800 - 850 [20].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - For protein meals, night - session soybean and rapeseed meals showed weak and volatile trends. The overall growth of US soybeans is good, but trade uncertainties make the export outlook of US soybeans worrying, causing the futures price of US soybeans to decline. Considering trade tariff uncertainties, the global soybean - related prices are expected to rise in Q4, and the room for further decline in soybean meal prices is limited [2]. - For oils, night - session oils closed up with volatility. The latest fundamental data from Indonesia is positive, and the head of the Economic and Fiscal Policy Strategy Bureau of the Indonesian Ministry of Finance expects an increase in palm oil product exports to the EU in H2 2025, which will boost palm oil export demand and support palm oil prices. In Malaysia, the latest production and export data are negative in the short - term, but with the support of biodiesel policies in various countries, the medium - and long - term price center of oils is expected to slowly move up [2]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8120, 8946, and 9406 respectively, with changes of - 24, 10, and - 51 and percentage changes of - 0.29%, 0.11%, and - 3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 2990, 2647, and 8844 respectively, with changes of - 31, - 23, and 26 and percentage changes of - 1.03%, - 0.86%, and 0.29% respectively [1]. - **Spreads and Ratios**: For spreads like Y9 - 1, P9 - 1, and OI9 - 1, the current values are 44, 14, and 49 respectively, compared with previous values of 40, 8, and 56. For ratios - spreads such as M9 - 1, RM9 - 1, and M - RM09, the current values are - 51, 267, and 330 respectively, compared with previous values of - 38, 270, and 346 [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4258 (ringgit/ton), 1012 (cents/bu), 56 (cents/lb), and 279 (dollars/ton) respectively, with changes of 14, - 10, 0, and - 2 and percentage changes of 0.33%, - 1.00%, 0.09%, and - 0.82% respectively [1]. Domestic Spot Market - **Prices and Changes**: The current prices of domestic spot products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil are 8260, 8310, and 9070 respectively, with percentage changes of - 0.36%, - 0.36%, and - 0.33%. For spot products like Nantong soybean meal, Dongguan soybean meal, and Nantong rapeseed meal, the current prices are 2870, 2890, and 2560 respectively, with percentage changes of 0.00%, 0.70%, and - 0.78% [1]. - **Basis and Spreads**: The current spot basis values for Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil are 140, 190, and 124 respectively. The current spot spreads such as the spread between Guangzhou first - grade soybean oil and 24° palm oil, and the spread between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil are - 670 and 1350 respectively [1]. Import and Crushing Profits - The current import and crushing profits for near - month Malaysian palm oil, near - month US Gulf soybeans, and near - month Brazilian soybeans are - 437, - 271, and - 165 respectively, compared with previous values of - 526, - 249, and - 76 [1]. Warehouse Receipts - The current warehouse receipt values for soybean oil, palm oil, and rapeseed oil are 21,495, 0, and 3,487 respectively, remaining the same as the previous values [1]. Industry Information - As of the week ending July 24, 2025, the US soybean export inspection volume was 409,714 tons, compared with 377,020 tons (revised) in the previous week [2]. - As of the week ending July 27, 2025, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the good - to - excellent rate of US corn was 73%, in line with market expectations [2].

Report Industry Investment Rating - No relevant content found Core Viewpoints of the Report - The domestic supply glut will still pressure the upside space of protein meal, but it is expected to maintain a relatively strong oscillation in the short - term due to import cost support. For oils and fats, the fundamentals have limited changes, and it is expected to maintain an oscillating pattern. [2] Summary by Related Catalogs Futures Market - **Domestic Futures**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties were 8072, 8796, etc. with corresponding price changes and percentage changes. For example, soybean oil rose 30 with a 0.37% increase, and palm oil rose 74 with a 0.85% increase. There were also changes in spreads and ratios. [1] - **International Futures**: The previous day's closing prices of international futures such as BMD palm oil were 4158, with price changes and percentage changes. For example, BMD palm oil rose 49 with a 1.19% increase. [1] Spot Market - **Domestic Spot**: The current spot prices of domestic products like Tianjin first - grade soybean oil were 8230, with corresponding percentage changes. For example, Guangzhou first - grade soybean oil rose 0.24%. There were also data on spot basis and spot spreads. [1] Import and Profit - The current values of import profits for near - month Malaysian palm oil, near - month US Gulf soybeans, etc. were - 417, - 248, etc., with changes compared to the previous values. [1] Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, etc. were 22,131, 854, etc., with changes compared to the previous values. [1] Industry Information - Malaysian palm oil exports from July 1 - 20 decreased by 3.5% compared to the same period last month according to ITS data. The Canadian rapeseed crop had different excellent - good rates in different provinces. [2] Comments and Strategies - **Protein Meal**: The US and Indonesia reached a trade agreement, reducing the soybean tariff from 32% to 19%, and Indonesia will purchase 4.5 billion US dollars of US agricultural products. The improvement of Sino - US trade relations is expected to increase, and the US soybean price is supported by the biodiesel policy. The domestic supply is loose, but the continuous meal is expected to maintain a relatively strong oscillation. [2] - **Oils and Fats**: The MPOB report this month was neutral to bearish, but the high - frequency data showed a month - on - month increase in Malaysian palm oil exports. Indian imports increased sharply, especially palm oil imports which increased by 60% in June. Palm oil prices are expected to be supported, and the overall oils and fats are expected to maintain an oscillating pattern. [2]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The report presents overnight market information on US soybean and soybean meal exports, as well as adjustments to Brazil's soybean export, production, and processing estimates, and changes in Malaysia's palm oil export tax [1]. Summary by Relevant Catalogs Overnight Market Information - For the week ending on the 10th, US soybean export sales totaled a net increase of 801,500 tons as expected. Current - market - year soybean export sales had a net increase of 271,900 tons, a 46% decrease from the previous week and a 39% decrease from the four - week average. Next - market - year soybean export sales had a net increase of 529,600 tons. US soybean export shipments were 276,400 tons, a 30% decrease from the previous week and an 8% decrease from the four - week average. Current - market - year new soybean sales were 300,600 tons, and next - market - year new soybean sales were 529,800 tons [1]. - For the week ending on the 10th, US soybean meal export sales totaled a net increase of 530,500 tons as expected. Current - market - year soybean meal export sales had a net increase of 356,500 tons, a 72% increase from the previous week and an 86% increase from the four - week average. Next - market - year soybean meal export sales had a net increase of 174,000 tons. US soybean meal export shipments were 343,200 tons, a 17% increase from the previous week and a 26% increase from the four - week average. Current - market - year new soybean meal sales were 410,400 tons, and next - market - year new soybean meal sales were 179,800 tons [1]. Brazil's Soybean Estimates - Abiove raised Brazil's 2024/25 soybean export estimate from 108.2 million tons to 109 million tons, maintained the production estimate at 169.7 million tons, and increased the soybean crushing estimate from 57.5 million tons to 57.8 million tons. The increase in the mandatory biodiesel blending ratio in diesel boosted the outlook for Brazil's soybean processing volume to a record high. The 2024/25 soybean meal export estimate was maintained at 23.6 million tons, the soybean oil export estimate was lowered from 1.4 million tons to 1.35 million tons, the soybean oil production estimate was raised from 11.45 million tons to 11.6 million tons, and the soybean meal production estimate was increased from 44.1 million tons to 44.5 million tons [1]. Malaysia's Palm Oil - Malaysia raised its monthly reference price for crude palm oil, increasing the export tax to 9%. The monthly reference price was 3,864.12 Malaysian ringgit ($910.28) per ton, compared to 3,730.48 Malaysian ringgit per ton with an 8.5% export tax previously [1]. Spot Prices - Spot prices of various products in different regions from July 11 to July 17, 2025, are presented. For example, the price of soybean meal in Jiangsu increased from 2,810 to 2,860, and the price of rapeseed meal in Guangdong increased from 2,520 to 2,600 [2]. Others - The report also mentions protein meal basis [3], grease basis [6], and grease and oilseed futures price spreads [7] but does not provide detailed data.

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The overall performance of the July USDA report on soybeans is neutral to bearish, with US soybean futures prices breaking down after the report. However, the biodiesel policy will support prices, and US soybeans are expected to trade in a range. In China, the ample supply will limit the upside, and Dalian soybean meal is also expected to trade sideways [3]. - The MPOB report has a neutral - to - bearish impact on the market, but high - frequency data shows an increase in Malaysian palm oil exports. With strong demand, especially from India, palm oil prices are expected to be supported. The fundamentals of the oil market have limited changes, and the overall market is expected to remain volatile [3]. Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures were 8012 for soybean oil, 8708 for palm oil, 9404 for rapeseed oil, 2978 for soybean meal, 2651 for rapeseed meal, and 8844 for peanuts. The price changes were 18, - 40, - 20, - 14, 133, and 26 respectively, with percentage changes of 0.23%, - 0.46%, - 3.15%, - 0.47%, 5.28%, and 0.29% [1]. - **Spreads and Ratios**: The current values of spreads such as Y9 - 1, P9 - 1, OI9 - 1, etc., and ratios like M9 - 1, RM9 - 1, M - RM09, etc., are provided, along with their previous values [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures were 4109 for BMD palm oil (in ringgit per ton), 1003 for CBOT soybeans (in cents per bushel), 54 for CBOT soybean oil (in cents per pound), and 280 for CBOT soybean meal (in dollars per ton). The price changes were - 6, - 5, 0, and - 2 respectively, with percentage changes of - 0.15%, - 0.47%, 0.76%, and - 0.57% [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals in different regions, along with their percentage changes, are provided. For example, the current price of Tianjin first - grade soybean oil is 8210 with a 0.24% change [1]. - **Basis and Spreads**: The current and previous values of spot basis and spreads for different products are given, such as the spot basis of soybean oil, palm oil, etc., and the spreads between soybean oil and palm oil, rapeseed oil and soybean oil, etc. [1]. Import and Crush Profit - The current and previous values of import and crush profit for near - month Malaysian palm oil, US Gulf soybeans, Brazilian soybeans, etc., are presented [1]. Warehouse Receipts - The current and previous values of warehouse receipts for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are provided [1][2]. Industry Information - **Brazil Exports**: Brazil's estimated exports in July are 1219 million tons of soybeans, 225 million tons of soybean meal, and 460 million tons of corn, which are higher than previous estimates [3]. - **Malaysia Palm Oil Exports**: According to ITS, Malaysia's palm oil exports from July 1 - 15 were 621770 tons, a 6.16% decrease from the same period last month. According to Amspec, the exports were 574121 tons, a 5.29% decrease [3]. - **USDA Report on Soybeans**: The USDA reduced the estimated planted and harvested areas of US soybeans in the 2025/26 season, while keeping the yield per acre unchanged. The production estimate was reduced, but the crush volume was increased, and the export volume was slightly decreased, resulting in an increase in the ending inventory [3]. - **India's Vegetable Oil Imports**: In June, India's palm oil imports increased by 60% to 955683 tons, soybean oil imports decreased by 9.8% to 359504 tons, and sunflower oil imports increased by 17.8% to 216141 tons. The total vegetable oil imports increased by 30.6% [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core View The reports mainly present overnight market information, production, export data, and spot prices of the oil and fat industry. Key data include US soybean export sales, Brazilian crop production forecasts, and Malaysian palm - oil production and export data. 3. Summary by Relevant Content Overnight Market Information - For the week ending June 19, US current - market - year soybean export sales net increased by 53.95 million tons, up 779% from the previous week and 204% from the four - week average; next - market - year export sales net increased by 7.52 million tons. Export shipments were 40.61 million tons, down 10% from the previous week but up 33% from the four - week average. New sales for the current and next market years were 54.99 million tons and 7.52 million tons respectively [1]. - On June 26, private exporters reported selling 110,000 tons of soybeans to Egypt for the 2024/2025 market - year delivery [1]. - Datagro raised Brazil's 2024/25 corn production forecast to 134 million tons, nearly 1% higher than the previous estimate and 10% higher than 2023/24; soybean harvest was estimated at 173.5 million tons, about 0.8% higher than the previous estimate and 12% higher than 2023/24 [1]. - From June 1 - 25, 2025, Malaysia's palm - oil production increased 3.83% month - on - month, with fresh fruit bunch yield up 4.09% and oil extraction rate down 0.05%. Export volume was 748,145 tons, a 21.02% decrease from the previous month [1]. Spot Prices - From June 20 to June 26, 2025, the spot prices of bean meal in Jiangsu decreased from 2900 to 2790; rapeseed meal in Guangdong decreased from 2550 to 2420; soybean oil in Jiangsu decreased from 8390 to 8220; palm oil in Guangzhou decreased from 8740 to 8510; and rapeseed oil in Jiangsu decreased from 9900 to 9620 [2].