Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - **Protein Meal**: Night trading of soybean meal oscillated and closed higher. Although the South American soybean harvest is in a high - yield pattern, recent institutions have lowered their forecasts for Brazilian soybean production. The US President's potential announcement of biofuel blending rules boosts US soybean crushing demand, but the medium - term domestic supply surplus still suppresses prices [4]. - **Oils and Fats**: Night trading of oils and fats oscillated strongly. Southeast Asian palm oil production areas are entering the production - increasing season, but geopolitical conflicts and potential export restrictions in Indonesia may support palm oil prices. US biodiesel policies will boost the demand for US soybean oil, and short - term price fluctuations of oils and fats are expected to be large [4]. 3. Summary by Relevant Catalogs Futures Market - **Domestic Futures**: For domestic futures, the previous day's closing prices of soybean oil, palm oil, and rapeseed oil were 8540, 9692, and 9780 respectively, with price drops of - 104, - 262, and - 53 and percentage drops of - 1.20%, - 2.63%, and - 3.15%. The previous day's closing prices of soybean meal, rapeseed meal, and peanuts were 3036, 2443, and 8844 respectively, with price changes of - 34, - 42, and 26 and percentage changes of - 1.11%, - 1.69%, and 0.29% [3]. - **International Futures**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4548 ringgit/ton, 1164 cents/bushel, 65.50 cents/pound, and 322 dollars/ton respectively, with price changes of - 77.0, 7.3, - 0.4, and 9.4 and percentage changes of - 1.66%, 0.63%, - 0.59%, and 3.01% [3]. Spot Market - **Domestic Spot**: The current spot prices of Tianjin and Guangzhou first - grade soybean oils are 8830 and 8770 respectively, with percentage drops of - 0.34% and - 0.57%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oils are 9860, with a percentage drop of - 1.00%. The current spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oils are 10280 and 10100 respectively, with percentage drops of - 0.58% and - 0.59% [3]. - **Spot Basis and Spread**: The current spot basis of Tianjin first - grade soybean oil is 290, and that of Zhangjiagang 24° palm oil is 168. The current spot spread between Guangzhou first - grade soybean oil and 24° palm oil is - 170, and the spread between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil is 1470 [3]. Import and Profit - The current import 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 rapeseeds are - 585, - 204, 87, - 80, 305, and 426 respectively [3]. Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 25,714, 823, 905, 36,952, 586, and 900 respectively [3]. Industry Information - The US Department of Agriculture (USDA) announced that a private exporter reported the export of 120,000 tons of soybean meal to an unknown destination for delivery in the 2026/2027 sales year. S&P expects the US soybean planting area in 2026 to be 85 million acres, higher than the January forecast and the 2025 planting area [4]. - As of March 15, the Brazilian soybean harvest rate was 59.2%, compared with 50.6% last week, 69.8% in the same period last year, and a five - year average of 58.4%. Conab expects the 2025/2026 Brazilian soybean production to reach 178 million tons, a 3.7% increase year - on - year [4].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - As of the week ending March 12, US soybean export sales are expected to increase by 35 - 90 million tons, with 35 - 80 million tons in the 2025 - 26 fiscal year and 0 - 10 million tons in the 2026 - 27 fiscal year. US soybean meal export sales are expected to increase by 15 - 35 million tons, with 15 - 30 million tons in the 2025 - 26 fiscal year and 0 - 5 million tons in the 2026 - 27 fiscal year. US soybean oil export sales are expected to decrease by 2 million tons to an increase of 2.2 million tons, with a decrease of 1 million tons to an increase of 1.2 million tons in the 2025 - 26 fiscal year and a decrease of 1 million tons to an increase of 1 million tons in the 2026 - 27 fiscal year [1] - A private exporter reported the sale of 120,000 tons of soybean cake and soybean meal to an unknown destination for delivery in the 2026/2027 market year [1] - According to customs data released on March 18, China's edible oil imports in February were 860,000 tons, a year - on - year increase of 31.7%; edible vegetable oil imports from January to February were 1.89 million tons, a year - on - year increase of 45.3%. China's soybean oil imports in February were 10,000 tons, a year - on - year decrease of 17.5%, and the cumulative imports from January to February were 10,000 tons, a year - on - year decrease of 2%. China's palm oil imports in February were 260,000 tons, a year - on - year increase of 168.9%, and the cumulative imports from January to February were 520,000 tons, a year - on - year increase of 142.4%. China's rapeseed oil and mustard oil imports in February were 200,000 tons, a year - on - year decrease of 13.8%, and the cumulative imports from January to February were 450,000 tons, a year - on - year increase of 16.2% [1] Summary by Directory Overnight Market Information - US soybean export sales are expected to increase by 35 - 90 million tons, with 35 - 80 million tons in the 2025 - 26 fiscal year and 0 - 10 million tons in the 2026 - 27 fiscal year. US soybean meal export sales are expected to increase by 15 - 35 million tons, with 15 - 30 million tons in the 2025 - 26 fiscal year and 0 - 5 million tons in the 2026 - 27 fiscal year. US soybean oil export sales are expected to decrease by 2 million tons to an increase of 2.2 million tons, with a decrease of 1 million tons to an increase of 1.2 million tons in the 2025 - 26 fiscal year and a decrease of 1 million tons to an increase of 1 million tons in the 2026 - 27 fiscal year [1] - A private exporter reported the sale of 120,000 tons of soybean cake and soybean meal to an unknown destination for delivery in the 2026/2027 market year [1] - China's edible oil imports in February were 860,000 tons, a year - on - year increase of 31.7%; edible vegetable oil imports from January to February were 1.89 million tons, a year - on - year increase of 45.3%. China's soybean oil imports in February were 10,000 tons, a year - on - year decrease of 17.5%, and the cumulative imports from January to February were 10,000 tons, a year - on - year decrease of 2%. China's palm oil imports in February were 260,000 tons, a year - on - year increase of 168.9%, and the cumulative imports from January to February were 520,000 tons, a year - on - year increase of 142.4%. China's rapeseed oil and mustard oil imports in February were 200,000 tons, a year - on - year decrease of 13.8%, and the cumulative imports from January to February were 450,000 tons, a year - on - year increase of 16.2% [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 March 12 to March 18, 2026 [2] Protein Meal Basis - No relevant information provided Fat Basis - No relevant information provided Fat and Oil Futures Spread - No relevant information provided

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Before the USDA report, analysts estimated that U.S. soybean export sales from February 1 to 19, 2026, would net increase by 40 - 110 tons, with the 2025/26 market year expected to net increase by 40 - 100 tons and the 2026/27 market year by 0 - 10 tons. U.S. soybean meal export sales are expected to net increase by 25 - 50 tons, and U.S. soybean oil export sales are expected to net decrease by 1 ton to net increase by 1.6 tons [1] - The U.S. Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1] - MPOA data shows that Malaysia's crude palm oil production from February 1 to 20, 2026, decreased by 12.29% compared to the previous month, with varying decreases in different regions [1] - Independent inspection company AmSpecAgri reported that Malaysia's palm oil product exports from February 1 to 25, 2026, decreased by 16.1% compared to the previous month, while ship - cargo inspection agency ITS reported a 12.1% decrease [1] - Statistics Canada data shows that Canada's rapeseed crushing volume in January 2026 was 1,053,420 tons, a 2.17% decrease from the previous month and a 4.24% increase from the same period last year. Rapeseed oil and rapeseed meal production also had corresponding changes [1] Summary by Relevant Catalogs Overnight Market Information - U.S. soybean export sales from February 1 to 19, 2026, are expected to net increase by 40 - 110 tons, with different expectations for different market years. U.S. soybean meal export sales are expected to net increase by 25 - 50 tons, and U.S. soybean oil export sales are expected to net decrease by 1 ton to net increase by 1.6 tons [1] U.S. Biofuel Regulations - The U.S. Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1] Malaysia's Palm Oil Production and Exports - Malaysia's crude palm oil production from February 1 to 20, 2026, decreased by 12.29% compared to the previous month, with different decreases in different regions [1] - Malaysia's palm oil product exports from February 1 to 25, 2026, decreased by 16.1% (AmSpecAgri data) and 12.1% (ITS data) compared to the previous month [1] Canada's Rapeseed Crushing - Canada's rapeseed crushing volume in January 2026 was 1,053,420 tons, a 2.17% decrease from the previous month and a 4.24% increase from the same period last year. Rapeseed oil and rapeseed meal production also had corresponding changes [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 February 11 to 25, 2026, are provided [1][2]

Group 1 - The domestic oilseed market is showing a strong performance with the main contract for rapeseed oil opening at 8863.00 CNY/ton and reaching a high of 9158.00 CNY, reflecting a 2.44% increase [1] - Current market sentiment for rapeseed oil is characterized by strong realities but weak expectations, with low domestic inventories but concerns over potential increases in rapeseed and oil imports due to ongoing trade negotiations between China and Canada [2] - The international oilseed prices are supported by rising US soybean oil prices, which may reduce the likelihood of direct imports of Canadian rapeseed oil into China, leading to a shift from a weak trend to a wide-ranging fluctuation in domestic rapeseed oil futures [2] Group 2 - Oil mills are currently in a shutdown state, maintaining a destocking mode for rapeseed oil, which supports its price and keeps the basis at a high level [2] - The arrival of Australian rapeseed and the anticipated easing of China-Canada trade relations may increase supply pressure in the future [2] - The domestic oilseed supply remains stable, with a neutral outlook on the fundamentals, while the market is experiencing fluctuations due to geopolitical tensions affecting US soybean exports [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Night trading of protein meal (soybean meal and rapeseed meal) closed higher. The expected high yield of South American soybeans and high domestic soybean meal inventory will continue to pressure prices, but the suspension and resumption of imported soybean auctions and strong downstream demand have affected the price trend [3]. - Night trading of oils was strong. The December MPOB report on palm oil was in line with market expectations, with production down and exports up, and inventory growth within expectations, having a neutral impact on the market. Soybean oil prices are supported by supply concerns, and it is expected that soybean and palm oils will fluctuate strongly in the short - term. Rapeseed oil is expected to maintain a weak oscillation due to the expected easing of China - Canada trade relations [3]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures were 7994 for soybean oil, 8724 for palm oil, 8980 for rapeseed oil, 2790 for soybean meal, 2770 for rapeseed meal, and 8844 for peanuts. The price changes were 0, 42, - 62, 4, - 18, and 26 respectively, with corresponding percentage changes of 0.00%, 0.48%, - 3.15%, 0.14%, - 0.65%, and 0.29% [2]. - **Spreads and Ratios**: The current spreads and ratios have changed compared to the previous values, such as the Y9 - 1 spread changing from - 390 to - 364, and the M9 - 1 spread changing from - 179 to - 238 [2]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures were 3970 ringgit/ton for BMD palm oil, 1051 cents/bushel for CBOT soybeans, 50.35 cents/pound for CBOT soybean oil, and 298 dollars/ton for CBOT soybean meal. The price changes were - 15, - 12, 1, and - 5 respectively, with corresponding percentage changes of - 0.38%, - 1.15%, 1.39%, and - 1.78% [2]. Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals have different percentage changes. For example, the prices of Tianjin and Guangzhou first - grade soybean oil increased by 0.12%, while the prices of Zhangjiagang and Guangzhou 24° palm oil decreased by 0.35% [2]. - **Basis and Spreads**: The current basis and spreads of domestic spot products have also changed compared to the previous values, such as the basis of Tianjin first - grade soybean oil being 526, and the spread between Guangzhou first - grade soybean oil and 24° palm oil remaining at - 150 [2]. Import Profit and Crush Margin - The current import profit and crush margin values of various imported products have changed compared to the previous values. For example, the import profit of Malaysian palm oil changed from - 235 to - 232, and the import profit of Canadian rapeseed changed from 581 to 577 [2]. Warehouse Receipts - The current warehouse receipts of various products have changed compared to the previous values. For example, the warehouse receipts of soybean oil changed from 29,426 to 29,197, and the warehouse receipts of palm oil changed from 560 to 1,248 [2]. Industry Information - Malaysian palm oil exports from January 1 - 10 increased by 17.65% compared to the same period last month, reaching 466,457 tons [3]. - According to MPOB data, Malaysian palm oil production in December decreased by 5.46% month - on - month to 1,829,761 tons, exports increased by 8.52% month - on - month to 1,316,522 tons, and inventory increased by 7.58% month - on - month to 3.05 million tons [3]. - As of the week of January 3, the Brazilian soybean sowing rate was 98.2%, and the harvesting rate was 0.1%, with a high - yield expectation [3].

Group 1 - The global trade friction and the adjustment of biodiesel policies in major producing countries are the two main themes affecting the oilseed market in 2025 [1] - The U.S. soybean export volume is expected to decline significantly, with a forecast of 44.5 million tons for 2025, a decrease of 13 percentage points from 2024 [1] - The share of U.S. soybean exports to China is projected to drop from 46.7% in 2024 to 18.7% in 2025, while exports to other regions are increasing [1] Group 2 - Brazil's soybean exports surged, with a total of over 100 million tons exported in the first ten months of the year, a year-on-year increase of 6.73% [2] - Argentina's soybean exports also saw significant growth, with a total of 9.2961 million tons exported in the first ten months, a year-on-year increase of 106.62% [2] - The majority of Argentina's soybean exports are directed to China, with 8.4592 million tons exported by the end of October, reflecting a 115.87% increase compared to the previous year [2] Group 3 - China's soybean imports increased despite halting purchases from the U.S. in September, with a cumulative import of 95.6686 million tons by the end of October, a year-on-year increase of 6.37% [3] - The market share of Brazilian soybeans in China rose from 71% to 74%, while U.S. soybeans' share decreased from 21% to 17% [3] Group 4 - COFCO Group has resumed purchasing U.S. soybeans, acquiring 180,000 tons, but the short-term recovery of U.S. soybean exports to China is unlikely [4] - The initial agreement for a 12 million ton purchase of U.S. soybeans has seen only 2 million tons executed so far, with the remainder postponed to 2026 [4] - Predictions indicate that soybean supply will be ample in early 2026, which may keep soybean meal prices in a bearish trend [4]

Report Summary 1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents overnight market information on the export sales of soybeans, soybean meal, and soybean oil in the United States and Brazil, as well as palm oil in Malaysia, along with price and precipitation - related data [1] 3. Summary by Relevant Content 3.1 Export Sales Information - A private exporter reported selling 198,000 tons of soybeans to China and 125,000 tons to unknown destinations for the 2025/2026 market year [1] - Analysts estimated that US soybean export sales for the week ending November 27, 2025, would net increase by 60 - 200 million tons (60 - 200 thousand tons), 20 - 45 million tons (20 - 45 thousand tons) for soybean meal, and 0.5 - 2.5 million tons (0.5 - 2.5 thousand tons) for soybean oil in the 2025 - 26 year, with 0 tons in 2026 - 27 [1] - ANEC predicted that Brazilian soybean exports in December 2025 would be 357 million tons (357 thousand tons) and soybean meal exports would be 200 million tons (200 thousand tons), up from previous forecasts [1] 3.2 Palm Oil Information - SGS data showed that Malaysian palm oil product exports from December 1 - 15, 2025, were 435,882 tons, a 30.39% increase from the same period last month [1] - MPOB announced a reduction in Malaysia's January 2026 crude palm oil reference price to 3,946.17 Malaysian ringgit per ton and the export tariff to 9.5% [1] 3.3 Price Information - The report listed 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 December 11 - 17, 2025 [1] - It also mentioned protein meal basis, oil basis, and oil - seed futures spreads, but no specific data were provided [1] 3.4 Other Information - Information on precipitation in major producing countries, imported soybean crushing profit on the futures market, and oil import profit were mentioned, but no details were given [1]

1. Industry Investment Rating - No information provided 2. Core Viewpoints - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of soybean meal and 0.9 million tons of soybean oil, with soybean, soybean meal, and soybean oil ending inventories of 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, with a year - on - year increase of 6.4% and a 9.4% increase compared to the average of last year [1] 3. Summary by Related Catalogs Overnight Market Information - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, with 3.36 million tons of soybean meal and 0.9 million tons of soybean oil produced, and the ending inventories of soybean, soybean meal, and soybean oil were 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, increasing by 6.4% year - on - year and 9.4% compared to the average of last year [1] Spot Prices - 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 December 10 - 16, 2025 are presented in a table [2] Protein Meal Basis - No information provided [3] Oil and Fat Futures Spread - No information provided [6] Oil and Fat Basis - No information provided [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The export and sales data of US soybeans and soybean meal show fluctuations, with some indicators decreasing compared to previous periods. Brazil's soybean export in the first week of December increased significantly compared to the daily average of last December, and the sowing progress of the 2025/26 soybean season is close to completion, but there are still concerns in some regions [1]. - China's soybean imports from January to November increased by 6.9% year - on - year, while the imports of edible vegetable oil decreased by 3% [1]. 3. Summary by Related Catalogs Overnight Market Information - A private exporter reported selling 132,000 tons of soybeans to China for delivery in the 2025/2026 market year [1]. - As of the week ending December 4, 2025, the US soybean export inspection volume was 1,018,127 tons, within the market forecast range. The export inspection volume to the Chinese mainland was 119,895 tons, accounting for 11.8% of the total. The cumulative export inspection volume of US soybeans this crop year is 12,899,667 tons, compared to 23,556,424 tons in the same period of the previous year [1]. - As of the week ending November 6, the net increase in US soybean export sales was 51.42 tons, at the lower end of the forecast range. The net increase in soybean export sales to the Chinese mainland was 23.2 tons. The soybean export shipment was 92.78 tons, and the new sales of the current market year were 58.08 tons, with 0.36 tons for the next market year [1]. - As of the week ending November 6, the net increase in US soybean meal export sales was 9.35 tons, in line with expectations. The soybean meal export shipment was 21.62 tons, and the new sales of the current market year were 10.83 tons, with 0 tons for the next market year [1]. - Brazil exported 970,871.13 tons of soybeans in the first week of December, with a daily average export volume 103% higher than that of December last year [1]. China's Import Data - China's soybean imports from January to November were 10,379 tons, a year - on - year increase of 6.9%. The imports of edible vegetable oil from January to November were 627 tons, a year - on - year decrease of 3% [1]. Brazil's Soybean Sowing - As of last Thursday, the sowing of Brazil's 2025/26 soybean season was 94% complete, 5 percentage points higher than a week ago but slightly lower than 95% in the same period last year. The rainfall has brought some relief to the Cerrado region, but attention still needs to be paid to the lack of soil moisture in Rio Grande do Sul. The estimated soybean output remains at 178.5 million tons [1]. Spot Prices - 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 December 2 to December 8, 2025, showed some fluctuations [2].

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]