Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - Overnight, CBOT soybeans rose significantly, and DCE soybean meal may rebound; DCE soybeans are expected to fluctuate in a rebound [1]. - The trend strength of soybean meal is +1, and that of soybeans is 0 (only referring to the price fluctuations of the main - contract futures on the day - session of the reporting day) [3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Prices** - DCE soybeans 2511 closed at 3999 yuan/ton during the day - session, down 23 yuan (-0.57%), and 3995 yuan/ton at night - session, down 18 yuan (-0.45%) [1]. - DCE soybean meal 2601 closed at 3113 yuan/ton during the day - session, down 33 yuan (-1.05%), and 3105 yuan/ton at night - session, down 23 yuan (-0.74%) [1]. - CBOT soybeans 11 closed at 1055 cents/bushel, up 19.5 cents (+1.88%) [1]. - CBOT soybean meal 12 closed at 293.8 dollars/short - ton, down 3.2 dollars (-1.08%) [1]. - **Spot Basis** - In Shandong, the spot basis of soybean meal has different ranges and changes for different months, mostly remaining flat or with minor adjustments [1]. - In East China, the spot basis of soybean meal also shows different levels for different months, remaining mostly flat [1]. - In South China, the spot basis of soybean meal varies by region and month, with some prices down 10 yuan compared to the previous day [1]. - **Industrial Data** - The trading volume of soybean meal was 13.8 million tons per day on the previous trading day, compared with 9.55 million tons two trading days ago [1]. - The inventory of soybean meal was 97.4 million tons per week on the previous trading week, compared with 96.09 million tons two trading weeks ago [1]. [Macro and Industry News] - On August 21, 2025, CBOT soybean futures closed higher, with the benchmark contract up 1.9%, driven by short - covering and bargain - hunting. However, the good growth of the US soybean crop and the heavy supply outlook still overshadow the market [3]. - The results of the third - day of the Midwest crop inspection showed that the soybean yield potential in Illinois and western Iowa was above average. Traders are waiting for the report of the fourth - day inspection [3]. - The USDA's weekly export sales report showed that for the week ending August 14, 2025, the net sales of US soybeans in the 2024/25 season decreased by 5,700 tons, while the net sales in the 2025/26 season were 1,142,600 tons, exceeding market expectations [3].

Core Viewpoint - The article discusses the risks associated with the decline of palm oil futures, highlighting the tension between high inventory levels and buying interest at lower prices [1] Group 1: Inventory Pressure - High inventory levels are creating downward pressure on palm oil futures, raising concerns about potential price declines [1] - The current inventory situation is significantly impacting market sentiment and pricing dynamics [1] Group 2: Buying Interest - There is a notable interest in buying palm oil futures at lower price points, which may provide some support against further declines [1] - Market participants are weighing the potential for price recovery against the backdrop of high inventory [1]

Core Viewpoint - Global stock markets are approaching record highs, with some analysts predicting that buying on dips will support further market increases [1] Group 1: Market Performance - The MSCI Global Index is just 0.5% away from its record closing high of 887.72 points set on February 18 [1] - The index has rebounded 19% from its low in April following President Trump's announcement of increased tariffs [1] Group 2: Investor Sentiment - Many investors may feel they missed the opportunity and are looking for potential pullback opportunities to deploy cash [1] - Analysts forecast an 11% increase in the MSCI Global Index over the next 12 months [1] Group 3: Strategic Adjustments - Strategists are beginning to increase allocations to major markets [1]

Core Viewpoint - Spot gold prices have reversed from a decline to an increase, driven by bargain buying, as Federal Reserve officials are set to speak, raising questions about the sustainability of the gold price increase [1] Group 1 - Spot gold prices have stopped falling and are now rising due to increased buying interest [1] - The upcoming statements from Federal Reserve officials may influence market sentiment and gold prices [1] - The potential for sustained increases in gold prices remains uncertain [1]

Group 1 - International gold prices experienced significant fluctuations, with a peak of $3167.74 per ounce on April 3, followed by a drop below $3100, marking one of the most volatile trading days since 2025, with a price swing of nearly $110 per ounce [1][3] - As of April 4, spot gold was reported at $3099.44 per ounce, down 0.48%, while COMEX gold futures were at $3116.7 per ounce, down 0.14% [1] - The increase in gold prices this year has been approximately 20%, with COMEX gold rising over $500 per ounce since 2025 [4] Group 2 - The recent volatility in gold prices is attributed to the implementation of U.S. tariffs, which initially spurred safe-haven buying, pushing prices to historical highs, followed by profit-taking that led to a sharp decline [3] - The upcoming U.S. non-farm payroll report and comments from Federal Reserve Chairman Jerome Powell are expected to influence short-term gold price movements [3] - Domestic gold jewelry prices remained stable around 960 yuan per gram due to the Qingming Festival holiday, with several brands reporting prices exceeding this threshold [4] Group 3 - UBS Wealth Management's recent outlook suggests that if tariff-related or geopolitical risks increase, gold prices could potentially reach $3500 per ounce [4] - The Shanghai Gold Exchange has issued a notice urging members to enhance risk prevention measures due to increased market volatility and uncertainty [6]