| 油脂产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0019938 | 王法庭 | 2025年8月25日 | | | | | | | | | | | 臣治 | 8月22日 | 8月21日 | 张跌幅 | 涨跌 | | | | | | | | | 0.35% | 8690 | 8660 | 江苏一级 | 30 | 现价 | Y2601 | 8492 | 8422 | 70 | 0.83% | 期价 | | 墓差 | Y2601 | 198 | 238 | -16.81% | -40 | 01+190 | 江苏8月 | 01 + 180 | 现货墓差报价 | 10 | - | | 仓单 | 15760 | 15310 | 450 | 2.94% | 棕榈油 | | | | | | | | 8月22日 | 8月21日 | 涨跌 | 涨跌幅 | -0.83% | 广东24度 | 9620 | - ...

油料产业周报 2025/8/15 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the BMD Malaysian palm oil main contract rose 9 to close at 4,254 ringgit/ton, a 0.21% increase; the palm oil 09 contract rose 70 to close at 8,980 yuan/ton, a 0.79% increase; the soybean oil 09 contract rose 126 to close at 8,400 yuan/ton, a 1.52% increase; the rapeseed oil 09 contract rose 50 to close at 9,574 yuan/ton, a 0.52% increase; the CBOT US soybean oil main contract fell 1.47 to close at 52.43 cents/pound, a 2.73% decrease; the ICE canola active contract fell 12.9 to close at 670 Canadian dollars/ton, a 1.89% decrease [3]. - The domestic oil and fat sector continued to fluctuate. Palm oil was still in the process of oscillatory adjustment. On one hand, there was long - term support from the biodiesel policy. On the other hand, market institutions expected the Malaysian palm oil inventory in July to increase to 225,000 tons, suppressing short - term price space. Indian palm oil imports decreased in July, and due to the cost - effectiveness advantage, soybean oil substitution imports increased, with some coming from China. Additionally, domestic soybean oil trading volume increased, and the expectation of tight soybean supply in the distant future supported soybean oil, making it relatively strong [3][5]. - Macroscopically, the leaders of the US and Russia will meet in Alaska on the 15th to seek a cease - fire agreement in the Russia - Ukraine conflict, but the process is expected to be tortuous. The US dollar index is oscillating at a relatively low level; oil prices dropped significantly during the week, mainly because OPEC+ is expected to increase production, tariffs affect demand prospects, and there may be a cease - fire in the Russia - Ukraine conflict. Fundamentally, waiting for the release of today's MPOB report, the abundant supply of Malaysian palm oil suppresses the upside space, while the increasing long - term demand for biodiesel provides support. In the short term, palm oil may oscillate and adjust [3][9]. Group 3: Summary by Directory Market Data - The CBOT soybean oil main contract fell from 53.9 cents/pound to 52.43 cents/pound, a decrease of 1.47 cents/pound and a 2.73% decline; the BMD Malaysian palm oil main contract rose from 4,245 ringgit/ton to 4,254 ringgit/ton, an increase of 9 ringgit/ton and a 0.21% increase; the DCE palm oil 09 contract rose from 8,910 yuan/ton to 8,980 yuan/ton, an increase of 70 yuan/ton and a 0.79% increase; the DCE soybean oil 09 contract rose from 8,274 yuan/ton to 8,400 yuan/ton, an increase of 126 yuan/ton and a 1.52% increase; the CZCE rapeseed oil 09 contract rose from 9,524 yuan/ton to 9,574 yuan/ton, an increase of 50 yuan/ton and a 0.52% increase [3][4][5]. Market Analysis and Outlook - The domestic oil and fat market continued to fluctuate, with palm oil in an adjustment phase due to long - term biodiesel policy support and the expectation of increased Malaysian palm oil inventory in July. Indian palm oil imports decreased in July, and soybean oil substitution imports increased. Domestic soybean oil trading volume increased, and the expectation of tight soybean supply in the future supported soybean oil [3][5]. - According to Reuters survey, it is expected that the Malaysian palm oil inventory in July 2025 will be 2.25 million tons, a 10.8% month - on - month increase; production is expected to be 1.83 million tons, an 8% month - on - month increase; exports are expected to be 1.3 million tons, a 3.2% month - on - month increase [6]. - From August 1 - 5, 2025, Malaysian palm oil yield per unit decreased by 19.32% month - on - month, oil extraction rate increased by 0.39% month - on - month, and production decreased by 17.27% month - on - month. In July 2025, Malaysian palm oil production increased by 9.01%, with different trends in different regions [6]. - Different institutions' data on Malaysian palm oil exports in July 2025 showed a decline compared to the previous month [7]. - Indian palm oil imports in July 2025 decreased by 10% to 858,000 tons, while soybean oil imports increased by 38% to 495,000 tons, reaching a three - year high. Sunflower oil imports decreased by 7% to 201,000 tons. Total edible oil imports increased by 1.5% to 1.53 million tons, the highest level since November last year [8]. - The estimated palm oil production in Malaysia in the 2024/25 season is adjusted up to 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons, a 1% increase from the previous estimate. The estimated palm oil production in Indonesia in the 2024/25 season is 48.8 million tons, the same as the previous estimate, with an estimated range of 43.8 - 53.8 million tons [8]. - As of the week of August 1, 2025, the total inventory of the three major oils in key domestic regions was 2.3611 million tons, a decrease of 700 tons from the previous week and an increase of 234,300 tons from the same period last year. Among them, soybean oil inventory was 1.1174 million tons, an increase of 29,300 tons from the previous week and a decrease of 8,600 tons from the same period last year; palm oil inventory was 582,200 tons, a decrease of 33,300 tons from the previous week and an increase of 3,400 tons from the same period last year; rapeseed oil inventory was 661,500 tons, an increase of 3,300 tons from the previous week and an increase of 239,500 tons from the same period last year [9]. - As of the week of August 8, 2025, the average daily trading volume of soybean oil in key domestic regions was 30,880 tons, compared with 49,300 tons in the previous week; the average daily trading volume of palm oil was 437 tons, compared with 526 tons in the previous week [9]. Industry News - As of June 30 this year, 5.03 million hectares or 89.6% of Malaysia's oil palm plantation area has obtained the Malaysian Sustainable Palm Oil (MSPO) certification [10]. - The Malaysian government plans to increase the allocation for the palm oil replanting project to 1.4 billion ringgit (about $331 million) from 2026 to 2030 to accelerate the national replanting process, especially to support small - scale farmers. In 2024, Malaysia's national replanting rate was only 2%, far below the government's target of 4%. This year, the government has provided 100 million ringgit (about $24 million) in subsidy funds to encourage small - scale farmers to participate in replanting [10]. - The estimated palm oil production in Thailand in the 2024/25 season is 3.52 million tons, the same as the previous estimate, with an estimated range of 3.02 - 4.02 million tons. In May 2025, Thailand's palm oil production increased to 520,000 tons, a 23.5% increase from April. The cumulative production in the first five months of 2025 reached 1.52 million tons, a 9.6% increase from the same period in 2024 [11]. - The Nigerian vice - president revealed that the country's president has ordered the planting of 100 million oil palm trees and plans to revitalize the cocoa industry as part of economic diversification and agricultural productivity improvement [11]. - Malaysia's palm oil plantation giant, Sime Darby Plantation Group, expects the price of crude palm oil to stabilize at around 4,000 ringgit per ton (about $946.52) for the rest of this year, supported by Indonesia's biodiesel mandatory blending policy [12]. Relevant Charts - The report includes charts such as the trend of the Malaysian palm oil main contract, the US soybean oil main contract, the futures price index trends of the three major oils, the spot price trends of palm oil, soybean oil, and rapeseed oil, the basis of soybean oil and palm oil, the price spreads between different oils, the import profit of palm oil, and the monthly production, export, and inventory data of Malaysian and Indonesian palm oil, as well as the commercial inventory data of domestic oils [13][14][15]

格林大华期货交易咨询业务资格： 证监许可【2011】1288号 成文时间：2025年8月4日 期货研究院 格林大华期货研究院专题报告 美国5-6月非农数据造假风波对全球商品市场影响 期货市场风险提示 1、数据修正的滞后影响 劳工统计局可能在 9 月年度基准修正中进一步下修 5-6 月数 据，加剧市场对全球经济衰退的担忧，新能源金属需求预期 或再遭下调。 2、地缘政治叠加风险 若美国与主要产油国的贸易摩擦升级，可能打破当前原油市 更多精彩内容请关注格林大华期货官方微信 场的脆弱平衡，间接影响生物柴油政策执行力度，加剧油脂 市场波动。 综上所述，此次美国 5-6 月非农数据造假事件通过"经济预 期修正-货币政策转向-产业政策博弈"的传导链条，重塑了 新能源金属、铁矿石及油脂油料农产品的定价逻辑。不同品 种因政策敏感性差异呈现分化：碳酸锂、多晶硅等新能源金 属受产能出清与技术迭代主导，铁矿石受制于供应预期与绿 色转型，油脂油料农产品则陷入贸易政策与生物燃料逻辑的 双重博弈。投资者需密切关注9月美联储议息会议与中国"双 碳"政策细则，这两大事件可能成为市场二次定价的关键节 | | 格林大华期货研发团队 | | | - ...

Report Information - Reported industry: Soybean meal [1] - Date: August 4, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - Not provided in the given content Core View - Short - term soybean meal may oscillate at a low level as US weather improves, while the view that its mid - term center of gravity will shift upward remains unchanged [6] Summary by Section 1. Market Review and Operation Suggestions - **Market Quotes of Contracts**: For the Soybean Meal 2601 contract, the previous settlement price was 3041, the opening price was 3038, the highest price was 3049, the lowest price was 3024, the closing price was 3037, with a decrease of 4 and a decline rate of - 0.13%. The trading volume was 486,810, the open interest was 1,443,501, and the open interest change was 52,869. For the Soybean Meal 2509 contract, the previous settlement price was 3006, the opening price was 2996, the highest price was 3022, the lowest price was 2989, the closing price was 3010, with an increase of 4 and an increase rate of 0.13%. The trading volume was 1,016,300, the open interest was 1,396,108, and the open interest change was - 19,167. For the Soybean Meal 2511 contract, the previous settlement price was 3044, the opening price was 3033, the highest price was 3058, the lowest price was 3027, the closing price was 3047, with an increase of 3 and an increase rate of 0.10%. The trading volume was 113,663, the open interest was 623,912, and the open interest change was - 2,169 [6] - **External Market Situation**: The US soybean futures contracts in the external market oscillated weakly, with the main contract at 990 cents. Sino - US talks had no new additional news, and the previous tariffs were extended for 3 months. The demand outlook for US soybeans was suppressed. The new - season US soybeans were growing well, with a latest weekly good - to - excellent rate of 70%, higher than the market - expected 67%, the previous week's 68%, and the same period last year's 67%. Only 5% of the US soybean planting areas were affected by drought, and the soil moisture had some leeway. The expectation of a bumper harvest was gradually strengthening. Although the US had reached trade agreements with many countries recently, including an agreement with Indonesia where Indonesia needs to purchase $4.5 billion worth of agricultural products from the US, China, the largest exporter of US soybeans, still maintained a 23% import tariff on US soybeans. It was expected that the export of new - season US soybeans would decline inevitably, and US soybeans were running weakly with insufficient recent bullish factors [6] - **Domestic Situation**: Domestic soybean meal was stronger than the external market, currently in a state of wide reality and tight expectation. The import window for US soybeans is in the fourth quarter. As the time approaches, there are topics and themes for soybean meal to rise, but it should also be noted that China has started importing Argentine soybean meal, and the export tax rate of Argentine soybeans has recently decreased. Although there is an expectation of an increase in the cost of imported soybeans in China in the fourth quarter, the imagination space may be relatively limited [6] 2. Industry News - **USDA Export Sales Report**: As of the week ending July 24, the net increase in US soybean export sales was 778,700 tons, in line with expectations. The net increase in US soybean export sales in the 2024/25 market year was 349,200 tons, a significant increase from the previous week and a 4% increase from the average of the previous four weeks. The market previously estimated an increase of 100,000 - 300,000 tons. The net increase in US soybean export sales in the 2025/26 market year was 429,500 tons, and the market previously estimated a net increase of 100,000 - 600,000 tons. The US soybean export shipments were 499,600 tons, a 65% increase from the previous week and a 63% increase from the average of the previous four weeks. The new sales of US soybeans in the 2024/25 market year were 365,700 tons, and the new sales of US soybeans in the 2025/26 market year were 429,500 tons [9] - **USDA Drought Monitoring Report**: As of the week ending July 29, about 5% of the US soybean planting areas were affected by drought, compared with 8% in the previous week and 4% in the same period last year [9] - **EIA Data**: The US Energy Information Administration (EIA) data released on Thursday showed that the amount of soybean oil used for biofuel production in the US in May increased to 1.025 billion pounds. In April, the amount of soybean oil used for biodiesel production was 829 million pounds. Soybean oil remains the largest raw material for biodiesel production in the US [10] 3. Data Overview - Not provided with specific data summaries in the content, only mentioned data sources such as Wind and the research and development department of Jianxin Futures [12][14][15][16][17][18][19][20]

策略参考 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 8 月 1 日） 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：由于中美谈判结果不及预期，美豆出口前景悲观，美豆期价跌破 1000 美分/蒲式耳整数关口。 国内远期采购缺口对市场情绪的推动有所减弱，短期豆粕期价或维持震荡偏弱运行，整体走势较外盘表现 相对抗跌。 品种：棕榈油(P) 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2509 震荡 震荡 震荡 偏弱 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Palm oil has reached its short - term upward limit, and investors should be wary of a decline in sentiment [1]. - Soybean oil will trade in a range, and investors should pay attention to the progress of Sino - US trade [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: closing price (day session) was 8,936 yuan/ton with a decline of 1.85%, closing price (night session) was 8,922 yuan/ton with a decline of 0.16%. Trading volume was 673,443 lots, an increase of 45,660 lots, and open interest was 456,448 lots, a decrease of 59,879 lots [2]. - Soybean oil主力: closing price (day session) was 8,144 yuan/ton with a decline of 0.27%, closing price (night session) was 8,112 yuan/ton with a decline of 0.39%. Trading volume was 382,038 lots, a decrease of 18,122 lots, and open interest was 504,638 lots, a decrease of 17,389 lots [2]. - Rapeseed oil主力: closing price (day session) was 9,457 yuan/ton with a decline of 0.37%, closing price (night session) was 9,384 yuan/ton with a decline of 0.77%. Trading volume was 309,343 lots, an increase of 44,920 lots, and open interest was 210,783 lots, a decrease of 1,202 lots [2]. - **Spot Data**: - 24 - degree palm oil in Guangdong: spot price was 9,000 yuan/ton, a decrease of 50 yuan/ton [2]. - First - grade soybean oil in Guangdong: spot price was 8,330 yuan/ton, an increase of 20 yuan/ton [2]. - Fourth - grade imported rapeseed oil in Guangxi: spot price was 9,470 yuan/ton, unchanged [2]. - **Basis and Spread Data**: - Palm oil basis in Guangdong was 64 yuan/ton; soybean oil basis in Guangdong was 186 yuan/ton; rapeseed oil basis in Guangxi was 13 yuan/ton [2]. - The spread between rapeseed oil and palm oil futures was 521 yuan/ton; the spread between soybean oil and palm oil futures was - 792 yuan/ton [2]. 3.2 Macro and Industry News - AmSpec reported that Malaysia's palm oil exports from July 1 - 25 were 896,484 tons, a 15.22% decrease compared to the same period last month [3]. - ITS reported that Malaysia's palm oil exports from July 1 - 25 were 1,029,585 tons, a 9.2% decrease compared to the same period last month [5]. - The Indian Vegetable Oil Producers Association (IPA) and the Indonesian Palm Oil Association (IPOA) signed a three - year agreement to deepen economic ties and ensure food security [5]. - The US Soybean Export Association (USSEC) believes it is reasonable for India to import soybeans from the US. In 2023/24, India imported 970,000 tons of non - GM soybeans from African countries, but in 2024/25, imports decreased by 84% to 154,000 tons [5]. - In Q2 2025, Brazil's biodiesel production increased by 5.6% year - on - year to 2.08 million tons, and from January to June, production reached 3.97 million tons (+7.3%). From April to June, soybean oil consumption as a raw material increased by 10% to 1.6 million tons, and its proportion in biodiesel production reached a record 79% in May and June. During this period, Brazil's soybean oil exports remained at 420,000 tons [6]. - After Argentina raised export taxes, soybean sales slowed down last week. As of July 16, farmers had pre - sold 26.64 million tons of 2024/25 soybeans, 400,000 tons more than the previous week; 450,000 tons of 2025/26 soybeans, 30,000 tons more than the previous week; and 40.71 million tons of 2023/24 soybeans, 10,000 tons more than the previous week [7]. - Expana raised its forecast for EU rapeseed production this year to 19.6 million tons, up from 19.2 million tons last month and a 16.7% increase from last year. The soybean production forecast remained unchanged at 3 million tons, a 3.2% decrease from last year [8]. - As of the week ending July 20, Canada's rapeseed exports increased by 151.12% to 202,400 tons compared to the previous week. From August 1, 2024, to July 20, 2025, exports were 9.437 million tons, a 40.93% increase from the same period last year. As of July 20, the commercial inventory was 1.1823 million tons [8]. - In the 2024/25 season, global rapeseed production decreased by 4.4 million tons, with EU production decreasing by 3 million tons and Ukraine's by 1 million tons to 3.7 million tons. Ukraine's rapeseed exports were 3.1 million tons, a 16% decrease year - on - year. In the 2025/26 season, due to adverse weather, UkrAgro Consult estimated Ukraine's rapeseed production to be between 2.7 - 2.8 million tons [9]. 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is also 0, indicating a neutral outlook [10].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. The supply - demand structure of oils is stable, the expectation of loose supply remains unchanged, and with the support of biodiesel, the prices will continue to oscillate [3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2509 contract yesterday was 8,926.00 yuan/ton, a change of +16 yuan or +0.18% compared to the previous day. The closing price of the soybean oil 2509 contract was 8,076.00 yuan/ton, a change of -16.00 yuan or -0.20%. The closing price of the rapeseed oil 2509 contract was 9,477.00 yuan/ton, a change of -86.00 yuan or -0.90% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,960.00 yuan/ton, a change of +10.00 yuan or +0.11%, with a spot basis of P09 + 34.00, a change of -6.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,210.00 yuan/ton, a change of -20.00 yuan/ton or -0.24%, with a spot basis of Y09 + 134.00, a change of -4.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,580.00 yuan/ton, a change of -80.00 yuan or -0.83%, with a spot basis of OI09 + 103.00, a change of +6.00 yuan [1] Market News - Russia cuts its 2025 wheat production forecast to 88 - 90 million tons from 90 million tons and its 2025/26 market - year wheat export forecast to 43 - 44 million tons from 45 million tons [2] - Malaysia's palm oil exports in June 2025 reached 1.26 million tons, a high level, but the inventory rose to an 18 - month high of 2.03 million tons. Kenya became the second - largest buyer of Malaysian palm oil in the first half of 2025, and is expected to import 1.3 million tons for the whole year. Shipments from July 1 - 20 are estimated at 486,404 tons, down 35.99% from the same period last month [2] - China's soybean imports in May and June hit record highs, leading to a short - term accumulation of soybean stocks. Since July, with the decline in imported soybean arrivals and high crushing volume, soybean stocks have declined for two consecutive weeks and are at the lowest level in nearly two months. As of the end of the 29th week of 2025, the total inventory of imported soybeans was 6.832 million tons, a decrease of 272,000 tons from last week [2]

Report Industry Investment Ratings - Soybean: ★★★ [1] - Soybean Oil: ★★★ [1] - Palm Oil: ★★★ [1] - Soybean Meal: ★★★ [1] - Rapeseed Meal: ★★★ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★★★ [1] - Live Hogs: ★☆☆ [1] - Eggs: ★★☆ [1] Core Viewpoints - The development of biodiesel can support vegetable oils in the long - term, and a strategy of buying on dips for vegetable oils is recommended. Short - term price trends of various agricultural products are affected by weather, policies, and trade news [3][4] - Supply and demand of the domestic corn market have no major contradictions currently, and attention should be paid to the phased supply in the circulation link [7] - The overall supply of the live hog industry in the later period is abundant, and prices are under downward pressure in the medium - term [8] - Egg prices have not reached the bottom of the cycle in the long - term, and the rebound strength of spot prices should be monitored [9] Summary by Category Soybean - Domestic soybeans continue to rebound. There is a risk of short - term waterlogging in some areas, and the policy procurement auction had zero transactions this week. For U.S. soybeans, there are risks of higher - than - normal temperatures and lower - than - normal precipitation in the central and southern production areas in the next 6 - 10 days [2] Soybean & Soybean Meal - As of July 15, about 7% of U.S. soybean production areas were affected by drought. The overall price of U.S. agricultural products rose, driving the continuous rebound of Dalian soybean meal. In China, the spot price of soybean meal increased, the oil mill operating rate remained high, and inventory continued to increase [3] Soybean Oil & Palm Oil - The palm oil contract rose strongly, and soybean oil followed. Indonesia is studying the B50 biodiesel plan, and the U.S. will reduce tariffs on Indonesian products. In the long - term, a strategy of buying on dips for vegetable oils is recommended [4] Rapeseed Meal & Rapeseed Oil - Domestic rapeseed products generally rose. Canadian rapeseed futures prices are expected to fluctuate in the short - term. The Sino - Australian rapeseed trade has limited impact on near - month supply and demand. There is still room for a short - term rebound in domestic rapeseed products [6] Corn - Dalian corn rebounded with increased positions. The auction of imported U.S. corn had a low transaction rate, and the market sentiment was pessimistic. The supply of Shandong deep - processing enterprises decreased. Dalian corn futures may continue to fluctuate at the bottom [7] Live Hogs - The live hog 09 contract rose slightly. The spot price continued to decline, and the supply was accelerating. The overall supply in the later period is abundant, and prices are under downward pressure in the medium - term [8] Eggs - The spot price of eggs increased, and the futures market had intense long - short competition. Due to high production capacity, off - season contracts are under pressure, while peak - season contracts are relatively supported [9]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The protein meal market: Night trading of soybean and rapeseed meal showed a strong and volatile trend. The US - Indonesia trade agreement reduced the soybean tariff from 32% to 19%, with Indonesia planning to purchase $4.5 billion worth of US agricultural products. There were also sales of US soybeans to unknown destinations, and the US soybean biodiesel policy supported prices. However, the domestic supply - side pressure limited the upside, and the domestic continuous meal was expected to maintain a strong and volatile short - term trend [3]. - The oil market: Night trading of oils was strong. The MPOB report was neutral - bearish, but high - frequency data showed a month - on - month increase in Malaysian palm oil exports. Indian imports changed significantly, with a 60% month - on - month increase in palm oil imports in June. With strong demand, palm oil prices were expected to be supported, and the overall oil market was expected to remain in a volatile pattern [3]. 3. Summary by Related Categories Futures Market - **Domestic Futures**: For domestic futures, the previous day's closing prices of soybean oil, palm oil, and other varieties had different changes. For example, the closing price of soybean oil futures was 8072, up 30 with a 0.37% increase; palm oil was 8796, up 74 with a 0.85% increase; and rapeseed oil was 9440, down 30 with a - 3.15% decrease. There were also changes in spreads and price - ratio spreads [2]. - **International Futures**: In the international futures market, the previous day's closing price of BMD palm oil was 4158 ringgit/ton, up 49 with a 1.19% increase; CBOT soybeans were 1027 cents/bushel, up 8 with a 0.74% increase; CBOT US soybean oil was 56 cents/pound, up 1 with a 2.71% increase; and CBOT US soybean meal was 284 dollars/ton, up 1 with a 0.21% increase [2]. Spot Market - **Domestic Spot Prices**: Domestic spot prices also had different changes. For example, the spot price of Tianjin first - grade soybean oil was 8230, with a 0.00% change; Guangzhou first - grade soybean oil was 8240, with a 0.24% increase; and the spot price of Zhangjiagang 24° palm oil was 8870, with a 0.00% change [2]. - **Spot Spreads and Basis**: There were corresponding changes in spot spreads and basis. For example, the spot spread between Guangzhou first - grade soybean oil and 24° palm oil remained at - 570, and the spot basis of Tianjin first - grade soybean oil was 158 [2]. Industry Information - **Palm Oil Industry**: Indonesia increased the mandatory biodiesel blending ratio from 35% to 40%. Malaysia's August reference price for crude palm oil was significantly higher than that in July, and the export tax increased from 8.5% to 9% [3]. - **Protein Meal Industry**: The US and Indonesia reached a trade agreement to reduce the soybean tariff, and Indonesia planned to purchase $4.5 billion worth of US agricultural products, which boosted the market's confidence in US soybean exports [3].