Core Views - Malaysian BMD crude palm oil futures tumbled due to increased inventory to 220 million tons in the MPOB report and a surprise drop in the first 10-day export data, with short-term support at 4,400 ringgit and potential further decline if it breaks [3]. - Dalian palm oil futures declined following the drop in Malaysian palm oil, with short-term support at 9,200 yuan and strong support at 9,000 yuan, and it's in a 4-wave adjustment [3]. - The MPOB monthly report showed consecutive increases in Malaysian palm oil inventory and reduced exports in early September, and the approaching US soybean harvest and expected high yield pressured the CBOT soybean market and domestic soybean oil. The short-term support for the Dalian soybean oil 1-month contract is 8,200 yuan, and there's a chance of a rebound after the decline [4]. - The soybean meal market lacks clear themes, with the main contract oscillating between 3,030 - 3,080 yuan, and the spot price ranging from 2,950 - 3,200 yuan [15]. Oil Price Information Palm Oil | Name | Unit | Latest Price | Change | | --- | --- | --- | --- | | Palm Oil 01 | Yuan/ton | 9,244 | -2.55% | | Palm Oil 05 | Yuan/ton | 9,040 | -2.44% | | Palm Oil 09 | Yuan/ton | 9,446 | -0.36% | | BMD Palm Oil Main | Ringgit/ton | 4,416 | -1.41% | | Guangzhou 24-Degree Palm Oil | Yuan/ton | 9,270 | -130 | | Guangzhou 24-Degree Basis | Yuan/ton | -86 | 20 | | POGO | US dollars/ton | 497.126 | -1.168 | | International毛豆 - Crude Palm | US dollars/ton | -46.35 | 0 | [6] Soybean Oil | Name | Unit | Latest Price | Change | | --- | --- | --- | --- | | Soybean Oil 01 | Yuan/ton | 8,256 | -0.29% | | Soybean Oil 05 | Yuan/ton | 7,964 | -0.07% | | Soybean Oil 09 | Yuan/ton | 8,262 | 0% | | CBOT Soybean Oil Main | US cents/pound | 50.39 | -1.96% | | Shandong First-Grade Soybean Oil Spot | Yuan/ton | 8,420 | -100 | | Shandong First-Grade Soybean Oil Basis | Yuan/ton | 112 | 28 | | BOHO (Weekly) | US dollars/barrel | 50.752 | -12.7168 | | Domestic First-Grade Soybean Oil - 24-Degree Palm Oil | Yuan/ton | -690 | -20 | [11] Oil Spread Information Month-to-Month and Variety Spreads | Spread | Unit | Price | Change | | --- | --- | --- | --- | | P 1 - 5 | Yuan/ton | 220 | 8 | | P 5 - 9 | Yuan/ton | -214 | -148 | | P 9 - 1 | Yuan/ton | -6 | 140 | | Y 1 - 5 | Yuan/ton | 296 | 4 | | Y 5 - 9 | Yuan/ton | -342 | -46 | | Y 9 - 1 | Yuan/ton | 46 | 42 | | Y - P 01 | Yuan/ton | -1,078 | -28 | | Y - P 05 | Yuan/ton | -1,154 | -24 | | Y - P 09 | Yuan/ton | -1,026 | -126 | | Y/M 01 | - | 2.7343 | 0.1% | | Y/M 05 | - | 2.8971 | 0.17% | | Y/M 09 | - | 2.7892 | 0.11% | | OI 1 - 5 | Yuan/ton | 324 | 9 | | OI 5 - 9 | Yuan/ton | -453 | -43 | | OI 9 - 1 | Yuan/ton | 129 | 34 | | OI/RM 01 | - | 3.8631 | -0.15% | | OI/RM 05 | - | 3.9564 | -0.34% | | OI/RM 09 | - | 3.9137 | 1.76% | [5] Oilseed Futures Price | Name | Closing Price | Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3,066 | -9 | -0.29% | | Soybean Meal 05 | 2,798 | -2 | -0.07% | | Soybean Meal 09 | 3,031 | 0 | 0% | | Rapeseed Meal 01 | 2,533 | -17 | -0.67% | | Rapeseed Meal 05 | 2,405 | -3 | -0.12% | | Rapeseed Meal 09 | 2,565 | 15 | 0.59% | | CBOT Yellow Soybean | 1,030.5 | 0 | 0% | | Offshore RMB | 7.1215 | -0.0012 | -0.02% | [16] Meal Spread Information | Spread | Price | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 275 | 3 | RM01 - 05 | 142 | -2 | | M05 - 09 | -231 | -18 | RM05 - 09 | -142 | 42 | | M09 - 01 | -44 | 15 | RM09 - 01 | 0 | -40 | | Soybean Meal Rizhao Spot | 2,980 | -20 | Soybean Meal Rizhao Basis | -75 | 6 | | Rapeseed Meal Fujian Spot | 2,515 | 2 | Rapeseed Meal Fujian Basis | -35 | -6 | | Soybean - Rapeseed Meal Spot Spread | 485 | -2 | Soybean - Rapeseed Meal Futures Spread | 525 | -14 | [17][19]

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Date: September 5, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Views Palm Oil - International Market: The Malaysian BMD crude palm oil futures were closed for a public holiday and will resume trading next Monday. If the futures can effectively hold above 4,400 ringgit, there is a chance of continued upward movement. With favorable factors such as slower production growth or continued export growth, the futures may continue to rise after breaking through 4,500 ringgit. Otherwise, they may face downward pressure. Attention should be paid to the impact of next week's MPOB supply - demand data and the export data for the first 10 days of September from shipping agencies on the market [3]. - Domestic Market: The Dalian palm oil futures market showed a pattern of opening low and closing high, briefly rising above 9,500 yuan. After a rapid increase, it is expected to consolidate around 9,500 yuan. If it can effectively hold above this level and with the upward movement of Malaysian palm oil, there is a possibility of further upward movement. Attention should be paid to the guidance of Malaysian palm oil prices and whether the futures can hold above 9,500 yuan [3]. Soybean Oil - China - US negotiations have made little progress, and China has not imported US soybeans. As of September 2, the cumulative purchases for September, October, November, and December shipments were 850.2 million tons (100% progress), 706.2 million tons (88.28% progress), 85.5 million tons, and 6.6 million tons (1.47% progress) respectively. China still mainly relies on Brazilian soybeans, with the rest from Argentina and Uruguay. The soybean supply in the fourth quarter is expected to be insufficient, which will support the market. However, the current domestic soybean oil supply is still ample, and the international vegetable oil market has been affected by the pressure on crude oil (possible OPEC production increase). The increase of Dalian soybean oil futures is limited. The main January contract should first see if it can break through 8,500 yuan. If it does, the market will move further up; otherwise, it may return to around 8,300 yuan [4]. Oil Price Spreads - The report provides price spreads for various oil contracts, including P 1 - 5, P 5 - 9, Y - P 01, etc., along with their price changes and percentage changes [5]. Oil Futures and Spot Prices - Palm Oil: The report shows the prices and price changes of palm oil futures contracts (P 01, P 05, P 09) and spot prices in Guangzhou, as well as related spreads such as POGO and international毛豆 - 毛棕 [8]. - Soybean Oil: The prices and price changes of soybean oil futures contracts (Y 01, Y 05, Y 09), CBOT soybean oil futures, and Shandong soybean oil spot prices and spreads are presented [14]. Meal - Bean Meal: In a situation of weak current market conditions and strong future expectations, the main contract of Dalian bean meal futures fluctuated around 3,050 yuan. The spot market trading was slow, with oil mills' fixed - price quotes stable and near - month basis quotes down 10 - 20 yuan/ton. Due to low vehicle flow at the beginning of the month, slow trading, and increasing inventory pressure, some oil mills lowered prices to boost sales. End - users' inventories are safe due to rolling replenishment, and they are mainly fulfilling contracts. The short - term spot price is under pressure [18]. - Futures Prices: The report provides the closing prices, price changes, and percentage changes of bean meal (M 01, M 05, M 09), rapeseed meal (RM 01, RM 05, RM 09), CBOT soybeans, and the offshore RMB exchange rate [19]. - Meal Price Spreads: Price spreads between different bean meal and rapeseed meal contracts, as well as between bean meal and rapeseed meal, are provided, along with their price changes [20][22]. Pressing Profits - The report presents the international soybean pressing profits (US Gulf CNF and Brazilian CNF) and the pressing profits of imported rapeseed from Canada [35].

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 fluctuated yesterday. The palm oil market has a strong expectation of inventory accumulation in the origin, but the export data is good, consumption is strong, and there are also the impacts of biodiesel policies. The U.S. soybean harvest is about to start, with high expected yields and a relatively loose global soybean supply, but the situation of China - U.S. trade negotiations needs attention. Rapeseed still has a high - yield expectation. Overall, the oil market is a mix of long and short factors, and further drivers are needed to guide prices [3] Group 3: Market Analysis Summary Futures Prices - Yesterday, the closing price of the palm oil 2601 contract was 9390.00 yuan/ton, a change of +22 yuan or +0.23% compared to the previous day. The closing price of the soybean oil 2601 contract was 8356.00 yuan/ton, a change of - 10.00 yuan or -0.12%. The closing price of the rapeseed oil 2601 contract was 9739.00 yuan/ton, a change of +12.00 yuan or +0.12% [1] Spot Prices - In the Guangdong region, the spot price of palm oil was 9380.00 yuan/ton, a change of +80.00 yuan or +0.86%, and the spot basis was P01 + - 10.00, a change of +58.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8510.00 yuan/ton, a change of +30.00 yuan/ton or +0.35%, and the spot basis was Y01 + 154.00, a change of +40.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9900.00 yuan/ton, a change of +20.00 yuan or +0.20%, and the spot basis was OI01 + 161.00, a change of +8.00 yuan [1] Recent Market Information - The C&F prices of U.S. Gulf, U.S. West, and Brazilian soybeans (October shipment) decreased by 3 dollars/ton compared to the previous trading day. The import soybean premium quotes for different regions (October shipment) remained unchanged. The C&F prices of Argentine soybean oil (October and December shipments) remained unchanged. The C&F quotes of Canadian rapeseed oil (October and December shipments) remained unchanged, while the C&F prices of Canadian rapeseeds (November and January shipments) decreased by 10 dollars/ton and 1 dollar/ton respectively [2] - According to the Malaysian Palm Oil Association (MPOA), the estimated palm oil production in Malaysia from August 1 - 31 increased by 2.07%, with a 1.26% decrease in the Malay Peninsula, a 7.36% increase in Sabah, an 8.14% increase in Sarawak, and a 7.56% increase in East Malaysia. The estimated total palm oil production in Malaysia in August was 1.85 million tons [2] - This week, the international and domestic palm oil prices fluctuated downward, with the domestic decline greater than the international one. The price inversion of China's palm oil imports widened. The import CNF quotes of 24 - degree palm oil for October and November shipments decreased by 7 dollars/ton and 9 dollars/ton respectively, and the South China arrival duty - paid costs decreased by 70 yuan/ton and 90 yuan/ton respectively [2]

Report Summary 1. Investment Ratings - **Iron Ore**: Oscillating [2] - **Coking Coal and Coke**: Oscillating weakly [2] - **Rolled Steel and Rebar**: Weak [2] - **Glass**: Oscillating weakly [2] - **Soda Ash**: Oscillating [2] - **Stock Index Futures/Options (Shanghai 50, CSI 300, CSI 500)**: Oscillating; CSI 1000: Downward [2][4] - **Treasury Bonds (2 - year, 5 - year)**: Oscillating; 10 - year: Rebounding [4] - **Gold and Silver**: Oscillating strongly [4] - **Pulp**: Consolidating [6] - **Logs**: Weakly oscillating [6] - **Edible Oils (Soybean Oil, Palm Oil, Rapeseed Oil)**: Oscillating [6] - **Meal (Soybean Meal, Rapeseed Meal, Soybean No. 2)**: Oscillating weakly; Soybean No. 1: Oscillating weakly [6][7] - **Live Pigs**: Oscillating strongly [7] - **Rubber**: Oscillating [9] - **PX**: On - hold [9] - **PTA**: Oscillating [9] - **MEG**: On - hold [9] - **PR**: On - hold [9] - **PF**: On - hold [9] 2. Core Views - The steel industry's stable - growth policy from 2025 - 2026 does not restrict steel production, which boosts raw material sentiment. The short - term fundamentals of iron ore have limited contradictions and are expected to oscillate at high levels following finished products. The fundamentals of coking coal and coke are weakening, and the black sector is expected to oscillate weakly. The fundamentals of rebar are weak, and it is expected to run weakly. The glass market sentiment has cooled, and the short - term supply - demand pattern has not improved significantly [2]. - The stock index market is generally weak, and it is recommended to control risk preference and reduce long positions in stock indexes. The Shanghai property market's "Shanghai Six Measures" have had a positive effect, and the future property market transactions are expected to rise steadily. The bond market aims for stable and healthy development through the cooperation of the Ministry of Finance and the central bank [4]. - The pricing mechanism of gold is shifting, and short - term data supports the rise in gold prices. The uncertainty of tariffs and concerns about the Fed's independence stimulate safe - haven funds to flow into gold, and gold is expected to oscillate strongly [4]. - The pulp market presents a pattern of increasing supply and demand, but the rising space of pulp prices may be limited due to over - capacity. The supply pressure of logs is not large, and the peak season expectation remains to be verified, with prices expected to run weakly. The raw material supply of edible oils is relatively loose, and they are expected to oscillate in the short term. The meal market is affected by factors such as China's soybean procurement and high supply, and it is expected to oscillate weakly [6]. - The supply of live pigs is affected by weight - loss strategies, and the demand is expected to increase with school openings. The price of live pigs is expected to rise slightly next week. The supply of rubber is affected by weather, and the inventory is decreasing. It is expected to run strongly in the short term. The PX, PTA, MEG, PR, and PF markets are affected by factors such as oil prices and supply - demand, with different trends [7][9]. 3. Summary by Industry Black Industry - **Iron Ore**: The stable - growth policy of the steel industry boosts raw material sentiment. The fundamentals have limited contradictions, and it is expected to oscillate at high levels following finished products. The "restricted production" in the Beijing - Tianjin - Hebei region has little impact on iron ore demand. The global iron ore shipment has declined slightly, and there is no obvious inventory - building pressure under high port clearance [2]. - **Coking Coal and Coke**: The fundamentals are weakening, with continuous inventory accumulation and weakening downstream orders. The supply is increasing, and the demand is at a new low since the second quarter. It is expected to oscillate weakly in the short term [2]. - **Rolled Steel and Rebar**: The fundamentals are weak. The supply will remain at a relatively high level, and the total demand is difficult to show an anti - seasonal performance. The inventory is accumulating, and the spot demand is weak. The rebar 2601 contract is expected to run weakly [2]. - **Glass**: The market sentiment has cooled, and the short - term supply - demand pattern has not improved significantly. The spot price in Hubei has improved slightly, and the key lies in the cold - repair path for the 01 contract. The long - term demand is difficult to recover significantly, and it is necessary to pay attention to the improvement of actual demand [2]. Financial Industry - **Stock Index Futures/Options**: The market is generally weak, and it is recommended to control risk preference and reduce long positions in stock indexes. Different stock indexes have different trends, and sectors such as precious metals and power grids have capital inflows, while sectors such as diversified finance and aerospace and military industry have capital outflows [4]. - **Treasury Bonds**: The yield of the 10 - year Treasury bond has declined, and the market interest rate has fluctuated. It is recommended to hold long positions in Treasury bonds lightly [4]. - **Property Market**: The "Shanghai Six Measures" in the Shanghai property market have had a positive effect, and the future property market transactions are expected to rise steadily, which is expected to lead the recovery of the property market in first - and second - tier cities [4]. Precious Metals Industry - **Gold and Silver**: The pricing mechanism of gold is shifting, and short - term data supports the rise in gold prices. The uncertainty of tariffs and concerns about the Fed's independence stimulate safe - haven funds to flow into gold, and gold and silver are expected to oscillate strongly [4]. Light Industry - **Pulp**: The cost supports pulp prices, but the demand improvement expectation remains to be verified. The market presents a pattern of increasing supply and demand, and pulp prices are expected to oscillate and rise, but the rising space may be limited [6]. - **Logs**: The supply pressure is not large, and the peak season expectation remains to be verified. The spot price is running weakly, and the delivery willingness is weak, with prices expected to run weakly [6]. Agricultural Products Industry - **Edible Oils**: The raw material supply is relatively loose, and the demand for industrial and high - end oil products is increasing. The inventory situation of different oils varies, and they are expected to oscillate in the short term [6]. - **Meal**: Affected by factors such as China's soybean procurement and high supply, it is expected to oscillate weakly [6][7]. - **Live Pigs**: The supply is affected by weight - loss strategies, and the demand is expected to increase with school openings. The price is expected to rise slightly next week [7]. Soft Commodities and Polyester Industry - **Rubber**: The supply is affected by weather, and the inventory is decreasing. It is expected to run strongly in the short term, but the approaching military parade in early September may have an impact on downstream operations [9]. - **PX, PTA, MEG, PR, PF**: The PX price follows oil price fluctuations, and the PTA supply - demand situation has improved. The MEG supply pressure is increasing, and the PR and PF markets are expected to run weakly [9].

Report Summary 1. Core Views - **Palm Oil**: Internationally, the Malaysian BMD crude palm oil futures are oscillating at a high level, facing resistance at 4,500 ringgit. After a brief adjustment and stabilization, supported by overall bullish fundamentals, the futures may approach 4,500 ringgit. After effectively breaking through and holding above 4,500 ringgit, with potential bullish factors such as limited inventory growth at the end of August and continued export growth in September, there is a chance for an upward trend. Domestically, the Dalian palm oil futures are also in a high - level consolidation. After several unsuccessful attempts to break through 9,500 yuan, it is expected to strengthen further with the support of the rebound in Malaysian palm oil. After breaking through and stabilizing above 9,500 yuan, it may follow the upward trend of Malaysian palm oil and could even hit new highs. A near - term weak and long - term strong view is maintained [3]. - **Soybean Oil**: The expected high yield of US soybeans is weighing on CBOT soybeans and soybean oil, affecting the domestic oil market. Currently, the domestic soybean oil supply is sufficient, but downstream consumption is increasing as traders stock up for the fourth quarter. The short - term trend of Dalian soybean oil is a narrow - range oscillation. The January contract will continue to oscillate around 8,300 yuan. After the adjustment, based on the rise of international vegetable oils and the start of domestic consumption, the price may rise to around 8,500 yuan [4]. - **Bean Meal**: In the spot market, as oil mills in North China and other regions fulfill contracts normally, trading is light at the beginning of the month, and traders' quotes are down 10 - 30 yuan/ton. The impact of this week's imported soybean auction on the spot market is limited. Traders tend to replenish stocks at low prices during the oscillation. Massive trading may not occur until the middle of the month. The short - term spot price will fluctuate between 3,000 - 3,200 yuan/ton [17]. 2. Price Information 2.1 Oil Price Spreads | Spread Type | Price | Daily Change | | --- | --- | --- | | P 1 - 5 | 246 yuan/ton | - 4 | | P 5 - 9 | - 204 yuan/ton | - 8 | | P 9 - 1 | - 42 yuan/ton | 12 | | Y - P 01 | - 1,066 yuan/ton | - 30 | | Y - P 05 | - 1,108 yuan/ton | - 28 | | Y - P 09 | - 958 yuan/ton | - 18 | | Y 1 - 5 | 288 yuan/ton | - 6 | | Y 5 - 9 | - 354 yuan/ton | - 18 | | Y 9 - 1 | 66 yuan/ton | 24 | | OI 1 - 5 | 169 yuan/ton | 3 | | OI 5 - 9 | - 353 yuan/ton | - 58 | | OI 9 - 1 | 184 yuan/ton | 55 | | Y/M 01 | 2.7397 | 0.23% | | Y/M 05 | 2.8712 | 0.32% | | Y/M 09 | 2.8017 | 0.32% | | OI/RM 01 | 3.9064 | 0.16% | | OI/RM 05 | 4.0088 | 0.1% | | OI/RM 09 | 3.8974 | - 0.31% | [5] 2.2 Palm Oil Spot and Futures Prices | Contract | Price | Daily Change (Rate) | | --- | --- | --- | | Palm Oil 01 | 9,368 yuan/ton | - 0.57% | | Palm Oil 05 | 9,148 yuan/ton | - 0.31% | | Palm Oil 09 | 9,346 yuan/ton | - 0.36% | | BMD Palm Oil Main Contract | 4,434 ringgit/ton | - 0.94% | | Guangzhou 24 - degree Palm Oil | 9,300 yuan/ton | - 80 | | Guangzhou 24 - degree Basis | - 42 yuan/ton | 32 | | POGO | 492.819 dollars/ton | - 1.168 | | International Soybean - Palm Oil Spread | - 26.73 dollars/ton | - 12.5 | [7][8] 2.3 Soybean Oil Spot and Futures Prices | Contract | Price | Daily Change (Rate) | | --- | --- | --- | | Soybean Oil 01 | 8,366 yuan/ton | 0.52% | | Soybean Oil 05 | 8,070 yuan/ton | 0.39% | | Soybean Oil 09 | 8,454 yuan/ton | 0.47% | | CBOT Soybean Oil Main Contract | 52.5 cents/pound | 0.77% | | Shandong First - grade Soybean Oil Spot | 8,490 yuan/ton | 70 | | Shandong First - grade Soybean Oil Basis | 64 yuan/ton | - 8 | | BOHO (Weekly) | 56.202 dollars/barrel | - 9.3588 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil Spread | - 750 yuan/ton | - 70 | [13] 2.4 Oilseed Futures Prices | Contract | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Bean Meal 01 | 3,066 | 16 | 0.52% | | Bean Meal 05 | 2,821 | 11 | 0.39% | | Bean Meal 09 | 3,020 | 14 | 0.47% | | Rapeseed Meal 01 | 2,521 | 21 | 0.84% | | Rapeseed Meal 05 | 2,406 | 12 | 0.5% | | Rapeseed Meal 09 | 2,562 | 9 | 0.35% | | CBOT Yellow Soybeans | 1,040 | 0 | 0% | | Off - shore RMB | 7.1395 | 0.0036 | 0.05% | [18] 2.5 Bean Meal and Rapeseed Meal Spreads | Spread Type | Price | Daily Change | | --- | --- | --- | | M01 - 05 | 240 | 0 | | M05 - 09 | - 196 | - 6 | | M09 - 01 | - 44 | 6 | | RM01 - 05 | 106 | - 1 | | RM05 - 09 | - 159 | - 25 | | RM09 - 01 | 53 | 26 | | Bean Meal Rizhao Spot | 3,020 | 0 | | Bean Meal Rizhao Basis | - 30 | 4 | | Rapeseed Meal Fujian Spot | 2,508 | - 8 | | Rapeseed Meal Fujian Basis | 8 | 5 | | Bean Meal - Rapeseed Meal Spot Spread | 512 | 8 | | Bean Meal - Rapeseed Meal Futures Spread | 550 | 9 | [19][21]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures were closed on Monday, and will test the support level in the range of 4,350 - 4,400 ringgit after resuming trading on Tuesday, which is also the 20 - day moving average. After gradually bottoming out, supported by the slowdown in production growth and the increase in exports, crude palm oil futures have the opportunity to stop falling and rebound. With the overall bullish fundamentals, crude palm oil futures may return to 4,500 ringgit, and if they effectively stand above 4,500 ringgit, there may be a possibility of a rising trend. Overall, the view is that the near - term is weak and the long - term is strong, and attention should be paid to the support and the gain or loss of the 20 - day moving average [3] - Domestic market: Dalian palm oil futures are in a high - level correction, with the short - term testing the support of the 20 - day moving average around 9,200 yuan. If they can stop falling and stabilize here, driven by the rebound of Malaysian palm oil, Dalian palm oil futures may follow and start a rising trend, with the possibility of approaching 9,500 yuan. If they effectively stand above 9,500 yuan, there may be a new high. Similarly, the view is that the near - term is weak and the long - term is strong, and attention should be paid to whether they can stop falling effectively at the 20 - day moving average [3] Soybean Oil - CBOT soybean futures and BMD palm oil futures were closed. Dalian soybean oil is greatly affected by domestic fundamentals. With the start of schools, the procurement from school canteens and surrounding restaurants supports the market. However, the sufficient supply of Brazilian soybeans and the high operating rate of domestic factories create a situation of both bullish and bearish factors. Today, the January contract of Dalian soybean oil fluctuated narrowly above 8,300 yuan. From the international perspective, as the US soybean harvest is approaching and the Sino - US negotiations are under focus, if the negotiation result is poor, CBOT soybeans and soybean oil may fall further, dragging down Dalian soybean oil. The January contract may fall below 8,300 yuan to 8,200 yuan. After this decline, the expected increase in demand will boost the price again. If the international related varieties do not continue to fall, Dalian soybean oil will rise again after a period of volatile adjustment [4] Bean Meal - Spot market: The near - term basis has fully shifted to the January contract. The fixed - price of oil mills has increased by 10 - 20 yuan/ton following the market, and some traders are strongly willing to hold up prices. Since the concentrated delivery and inventory transfer of oil mills at the end of August have just ended and the September contract has entered the execution period, feed enterprises have sufficient inventory, and the market trading volume is average. Most buyers prefer to purchase the long - term contracts from January to May 2026 at low prices. The short - term spot price center has moved up, and it is expected to operate in the range of 3,000 - 3,200 yuan/ton [16] Group 3: Summary by Directory Oil Price and Spread - **Oil monthly and inter - variety spreads**: P 1 - 5 is 238 yuan/ton, down 22 yuan; Y - P 01 is - 958 yuan/ton, up 84 yuan; etc. [5] - **Palm oil futures and spot daily prices**: Palm oil 01 is 9,384 yuan/ton, up 0.73%; BMD palm oil main contract is 4,380 ringgit/ton, down 1.55%; etc. [7] - **Soybean oil futures and spot daily prices**: Soybean oil 01 is 8,348 yuan/ton, down 0.03%; CBOT soybean oil main contract is 52.1 cents/pound, down 0.52%; etc. [13] Oilseed Futures Price - **Oilseed futures prices**: Bean meal 01 closed at 3,054, down 1, or - 0.03%; CBOT yellow soybeans closed at 1,053, up 4.75, or 0.45%; etc. [17] - **Bean and rapeseed meal spreads**: M01 - 05 spread is 235, unchanged; RM01 - 05 spread is 89, up 14; etc. [18] Other Information - **International soybean crushing profit**: The report shows the historical data of international soybean crushing profit and Chinese imported rapeseed crushing profit [32]

Group 1 - The core point of the article is that Jingliang Holdings (SZ 000505) held its 21st meeting of the 10th Board of Directors on August 28, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the first half of 2025, Jingliang Holdings reported that its revenue composition was as follows: oil and fat accounted for 91.34%, food manufacturing accounted for 8.45%, and other businesses accounted for 0.21% [1]

1. Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are in a sideways adjustment. After briefly breaking below 4,500 ringgit, they gradually declined and tested the support at the 20 - day moving average of 4,400 ringgit. If it can find support here, it may stop falling. Fundamentally, the production growth is lower than the export growth, which could support the futures to return above 4,500 ringgit. With the potential bullish impact of limited inventory increase at the end of August, there is a chance for a sideways upward trend. The view is that the near - term is weak and the long - term is strong, and it's crucial to watch if it can hold at 4,400 ringgit [3]. - Domestic market: Dalian palm oil futures are also in a sideways adjustment. After breaking below the 20 - day moving average, there is downward pressure, and it is expected to seek support around 9,200 yuan and then stabilize. After this correction and effectively standing firm, with the boost of the recovery of Malaysian palm oil, Dalian palm oil futures may gradually start a sideways upward trend. After returning above 9,500 yuan and standing firm, there is a chance to follow the upward trend of Malaysian palm oil. The view is also near - term weak and long - term strong [3]. Soybean Oil - International vegetable oils have been falling continuously (the end of the fuel consumption peak season has dragged down the vegetable oil market). CBOT soybean oil has fallen for five consecutive days, and BMD palm oil has fallen four days out of five, both dragging down domestic oils. Although domestic soybean oil has fallen, the decline is limited because the consumption season has started, and funds are reluctant to short aggressively. Currently, domestic demand is good, but international related varieties continue to exert pressure, so there is still some downward space, but the decline is not large. The support for the main January contract is seen around 8,300 yuan. If downstream consumption is good later, there is a chance for it to strengthen after the correction [4]. Oilseeds - Soybean Meal - Spot market: The fixed - price of oil mills generally remains stable. Although the Dalian soybean meal futures have slightly rebounded, at the end of the month, oil mills are increasing the pressure to pick up goods, and some traders' actual transactions are negotiable due to inventory transfer pressure. In the short term, the domestic market is executing inventory and September positions, and the trading pace is slow. However, with the premium trading of imported soybean auctions and the uncertainty of Sino - US tariffs, the terminal's bullish expectation for the long - term remains unchanged, and the upward trend of soybean meal prices continues [19]. 2. Price and Spread Information Oil Price and Spread - **Price and Spread Table**: P 1 - 5 is 260 yuan/ton with a daily increase of 8 yuan; Y - P 01 is - 1,042 yuan/ton with a daily increase of 68 yuan; etc. [5] - **Palm Oil Price**: Palm oil 01 is 9,316 yuan/ton with a decline of 1.04%; BMD palm oil main contract is 4,406 ringgit/ton with a decline of 0.97%; Guangzhou 24 - degree palm oil is 9,470 yuan/ton with an increase of 30 yuan [8]. - **Soybean Oil Price**: Soybean oil 01 is 8,358 yuan/ton with an increase of 0.53%; CBOT soybean oil main contract is 52.37 cents/pound with a decline of 1.47%; Shandong first - grade soybean oil spot is 8,470 yuan/ton with a decline of 50 yuan [15]. Oilseed Price and Spread - **Futures Price**: The closing price of soybean meal 01 is 3,055 with an increase of 16 and a rise of 0.53%; the closing price of rapeseed meal 01 is 2,513 with an increase of 30 and a rise of 1.21%; CBOT yellow soybeans are at 1,048.25 with no change [20]. - **Spread Table**: M01 - 05 is 225 with a daily increase of 9; RM01 - 05 is 75 with a daily increase of 20; etc. [21][23] - **Spot and Basis**: The spot price of soybean meal in Rizhao is 3,000 with no change, and the basis is - 39 with an increase of 6; the spot price of rapeseed meal in Fujian is 2,534 with a decline of 21, and the basis is 51 with a decline of 3 [23].

Group 1: Hot News - Next month, the Ministry of Commerce will introduce several policies and measures to expand service consumption, using fiscal and financial means to optimize and enhance service supply capacity and stimulate new service consumption volume. The Ministry of Commerce and relevant departments have jointly formulated "Several Policy Measures to Promote Service Exports", and relevant documents will be publicly issued soon [2] - Shanghai has issued an implementation opinion on accelerating the renovation of urban villages, prioritizing the renovation of villages with urgent public needs and many urban safety and social governance hidden dangers. The renovation of urban villages should solicit the opinions of villagers, and the initial shareholding ratio of the town collective economic organization in the cooperative renovation should generally not be less than 10% [2] - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June and narrowing for two consecutive months. Among them, the profits of high-tech manufacturing increased by 18.9% from a 0.9% decline in June, driving the profit growth rate of all industrial enterprises above designated size to accelerate by 2.9 percentage points compared to June, showing a significant leading role [2] - As of August 27, among 89 blast furnaces of 23 sample steel enterprises surveyed, 2 new blast furnaces were under maintenance, with a newly added maintenance volume of 4340m³ and a daily average impact on hot metal production of about 10,300 tons. Currently, a total of 16 blast furnaces of steel enterprises in Tangshan are under maintenance, with a daily average impact on hot metal of about 47,400 tons, and the capacity utilization rate is 88.83%. Steel mills will gradually shut down and maintain blast furnaces at the end of the month as required. It is expected that 16 new blast furnaces will be under maintenance, with a daily average impact on hot metal production of about 116,600 tons (including previously maintained blast furnaces). The capacity utilization rate will drop to 78.13%, a decrease of 10.7% compared to the current level (August 27) and a decrease of 6.84% compared to the same period last year [3] - Goldman Sachs expects the oil surplus to intensify, with an average daily surplus of 1.8 million barrels from the fourth quarter of 2025 to the fourth quarter of 2026. By the end of 2026, global oil inventories will increase by nearly 800 million barrels. It is expected that the Brent crude oil price will fall to just over $50 by the end of 2026 [3] Group 2: Key Focus - Key commodities to focus on are urea, polysilicon, PVC, Shanghai copper, and plastic [4] Group 3: Night Session Performance - Night session performance by sector: Non-metallic building materials 2.81%, precious metals 27.04%, oilseeds 12.20%, non-ferrous metals 21.32%, soft commodities 2.52%, coal, coke, and steel ore 14.43%, energy 3.18%, chemicals 12.11%, grains 1.22%, and agricultural and sideline products 3.17% [4] Group 4: Large Asset Performance - Equity: The Shanghai Composite Index had a daily decline of 1.76%, a monthly increase of 6.36%, and an annual increase of 13.38%. The S&P 500 had a daily increase of 0.24%, a monthly increase of 2.24%, and an annual increase of 10.20%. Other indices also had their respective performance [7] - Fixed income: The 10-year treasury bond futures had a daily increase of 0.08%, a monthly decrease of 0.43%, and an annual decrease of 0.83%. Other treasury bond futures also had corresponding performance [7] - Commodities: The CRB commodity index had a daily increase of 0.76%, a monthly increase of 0.32%, and an annual increase of 1.35%. WTI crude oil had a daily increase of 0.96%, a monthly decrease of 7.74%, and an annual decrease of 11.21%. Other commodities also showed different trends [7] - Others: The US dollar index had a daily decrease of 0.05%, a monthly decrease of 1.86%, and an annual decrease of 9.48%. The CBOE volatility index had no daily change, a monthly decrease of 12.56%, and an annual decrease of 15.73% [7]

Report Core Views - For palm oil, the Malaysian BMD crude palm oil futures are in high - level consolidation. Short - term, it will test the support at 4500 ringgit, and may briefly drop to 4350 ringgit. After stabilization, it may return to 4500 ringgit. In the domestic market, Dalian palm oil futures are also in high - level consolidation, testing the 9500 yuan support. If it holds above 9500 yuan, it may rise to 9800 - 10000 yuan by the end of the month, then likely start a downward trend due to September's potential production increase [3]. - For soybean oil, affected by biodiesel policy news, CBOT soybeans are in high - level consolidation. In the domestic market, demand has started, boosting futures. However, the expected US soybean harvest may cause CBOT soybeans to fall, limiting the increase of Dalian soybean oil. The January contract of Dalian soybean oil is around 8500 yuan. If US soybean and soybean oil futures fall, it may drop to 8300 yuan; otherwise, it may rise to 8700 yuan [4]. - For soybean meal, as of the end of the 34th week in 2025, the domestic soybean meal inventory is 106.3 tons, up 1.04% from last week. Affected by environmental policies, some oil mills in North China will shut down briefly at the end of the month. Prices of oil mills and traders have risen by 10 - 30 yuan/ton [18]. Market Data Fats and Oils Price and Spread - **Palm Oil**: BMD palm oil closed at 4507 ringgit/ton, down 0.49%. Dalian palm oil futures: 01 contract at 9582 yuan/ton, down 0.1%; 05 at 9290 yuan/ton, down 0.04%; 09 at 9488 yuan/ton, down 0.23%. The spread between P 1 - 5 is 298 yuan/ton, up 2 yuan [5][8]. - **Soybean Oil**: CBOT soybean oil closed at 55.2 cents/pound, up 2.66%. Dalian soybean oil futures: 01 contract at 8488 yuan/ton, up 0.94%; 05 at 8180 yuan/ton, up 0.49%; 09 at 8536 yuan/ton, up 0.66%. The spread between Y 1 - 5 is 316 yuan/ton, unchanged [5][14]. - **Price Spread**: Y - P 01 is - 1134 yuan/ton, down 28 yuan; Y/M 01 is 2.739, unchanged [5]. Oilseed Futures Price - **Soybean Meal**: 01 contract closed at 3117, up 29 (0.94%); 05 at 2844, up 14 (0.49%); 09 at 3061, up 20 (0.66%) [19]. - **Rapeseed Meal**: 01 contract closed at 2547, up 4 (0.16%); 05 at 2473, up 4 (0.16%); 09 at 2602, up 18 (0.7%) [19]. Spread of Oilseeds - **Soybean Meal Spread**: M01 - 05 is 258, unchanged; M05 - 09 is - 211, up 18; M09 - 01 is - 47, down 4 [20][22]. - **Rapeseed Meal Spread**: RM01 - 05 is 74, down 11; RM05 - 09 is - 115, up 19; RM09 - 01 is 41, down 8 [20][22].