Core Insights - Hubei Benmo Qiai Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The company is involved in a wide range of activities including information technology consulting, medical device production and sales, and traditional Chinese medicine [1] Company Overview - The legal representative of the company is Deng Wenbin [1] - The business scope includes general projects such as technical services, medical device sales, and agricultural product processing [1] Industry Activities - The company engages in the production, sale, and processing of agricultural products, as well as the cultivation and purchase of traditional Chinese herbs [1] - It also offers a variety of retail and wholesale services for personal hygiene products, cosmetics, and daily necessities [1]

油脂油料早报 研究中心农产品团队 2025/08/27 隔 夜 市 场 信 息 ： Anec：巴西8月大豆出口量料为890万吨 巴西全国谷物出口商协会（Anec）表示，巴西8月大豆出口量料为890万吨，前一周预估为894万吨。巴西8月豆粕出 口量料为213万吨，前一周预估为233万吨。 SPPOMA：马来西亚8月1-25日棕榈油产量环比下滑1.21% 南部半岛棕榈油压榨商协会（SPPOMA）发布的数据显示，2025年8月1-25日，马来西亚棕榈油产量环比下滑1.21%， 鲜果串单产下降3.26%，出油率增加0.40%。 主 产 国 降 水 情 况 进 口 大 豆 盘 面 压 榨 利 润 油 脂 进 口 利 润 现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/08/20 | 3000 | 2630 | 8530 | 9500 | 9950 | | 2025/08/21 | 2990 | 2580 | 8550 | 9450 | 9910 | | 2025/08/22 | ...

| 农产品早报 | | --- | 研究中心农产品团队 2025/08/27 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/08/20 2230 | 2210 | 2454 | 2380 | 40 | 35 300 | 2850 | 2980 | 366 | -25 | | 2025/08/21 2230 | 2210 | 2446 | 2380 | 44 | 30 302 | 2850 | 2980 | 371 | -25 | | 2025/08/22 2230 | 2190 | 2434 | 2360 | 15 | 30 258 | 2850 | 2980 | 357 | -5 | | 2025/08/25 2230 | 2210 | 2434 | 2360 | 56 | 10 254 | 2850 | 2930 | 3 ...

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core View of the Report - The consumption of sugar has seasonally recovered due to the demand for summer cold drinks, and sugar imports have increased significantly recently. However, the total annual import volume is still expected to be within the anticipated range. The extreme precipitation in Yunnan and Inner Mongolia since July may have an impact on sugar production, and continuous monitoring is required. [1][3] - The cotton in most parts of the country is in the peak flowering period, and some areas in Xinjiang have entered the boll - opening and flocculation stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage. Currently, the commercial inventory of cotton is continuously decreasing, and the peak season for cotton textile is approaching, so the cotton price is supported at the bottom. [1][3] - The recommended strategy is to mainly wait and see. [3] Summary According to Relevant Catalogs Information - Nanning sugar spot price is 5,950 yuan, Kunming sugar spot price is 5,860 yuan, and Xinjiang cotton spot price is 15,100 yuan. [1] Disk - US sugar closed at 16.42, with a change of 0.18%. US cotton closed at 66.67, with a change of - 1.05%. [1] Supply and Demand - Sugar: The demand for sugar has seasonally recovered due to the demand for summer cold drinks, and sugar imports have increased significantly recently due to the widening price difference between domestic and foreign markets. [1] - Cotton: In August, the temperature in the cotton - growing areas of Xinjiang and the Yangtze River Basin is high and the precipitation is low, so the risk of heat damage to cotton is relatively high. Currently, the commercial inventory of cotton is continuously decreasing, and the peak season for cotton textile is approaching, so the cotton price has bottom support. [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 15,315, with a change of - 0.45%. Zhengzhou cotton warehouse receipts are 6,977, with a change of - 1.79%. [2] Data Quick View Outer - Market Quotes - US sugar: On August 25, 2025, it was 16.39 dollars, and on August 26, 2025, it was 16.42 dollars, with a change of 0.18%. - US cotton: On August 25, 2025, it was 67.38 dollars, and on August 26, 2025, it was 66.67 dollars, with a change of - 1.05%. [4] Spot Prices - Sugar (Nanning): On August 25, 2025, it was 5,970 yuan, and on August 26, 2025, it was 5,950 yuan, with a change of - 0.34%. - Sugar (Kunming): On August 25, 2025, it was 5,860 yuan, and on August 26, 2025, it was 5,860 yuan, with a change of 0.00%. - Cotton Index 328: On August 25, 2025, it was 3,281, and on August 26, 2025, it was 3,280, with a change of 0.65%. - Cotton (Xinjiang): On August 25, 2025, it was 15,100 yuan, and on August 26, 2025, it was 15,100 yuan, with a change of 0.00%. [4] Spread Quick View - SR01 - 05: On August 25, 2025, it was 42.0, and on August 26, 2025, it was 33.0, with a change of - 21.43%. - SR05 - 09: On August 25, 2025, it was - 74.0, and on August 26, 2025, it was - 79.0, with a change of 6.76%. - SR09 - 01: On August 25, 2025, it was 32.0, and on August 26, 2025, it was 46.0, with a change of 43.75%. - CF01 - 05: On August 25, 2025, it was 45.0, and on August 26, 2025, it was 45.0, with a change of 0.00%. - CF05 - 09: On August 25, 2025, it was 275.0, and on August 26, 2025, it was 275.0, with a change of 0.00%. - CF09 - 01: On August 25, 2025, it was - 320.0, and on August 26, 2025, it was - 320.0, with a change of 0.00%. - Sugar 01 basis: On August 25, 2025, it was 172.0, and on August 26, 2025, it was 228.0, with a change of 32.56%. - Sugar 05 basis: On August 25, 2025, it was 214.0, and on August 26, 2025, it was 261.0, with a change of 21.96%. - Sugar 09 basis: On August 25, 2025, it was 140.0, and on August 26, 2025, it was 182.0, with a change of 30.00%. - Cotton 01 basis: On August 25, 2025, it was 1,115.0, and on August 26, 2025, it was 1,234.0, with a change of 10.67%. - Cotton 05 basis: On August 25, 2025, it was 1,160.0, and on August 26, 2025, it was 1,279.0, with a change of 10.26%. - Cotton 09 basis: On August 25, 2025, it was 1,435.0, and on August 26, 2025, it was 1,554.0, with a change of 8.29%. [4] Import Prices - Cotton cotlookA: On August 25, 2025, it was 78.9, and on August 26, 2025, it was 78.9, with a change of 0.00%. [4] Profit Margins - Sugar import profit: On August 25, 2025, it was 1,515.0, and on August 26, 2025, it was 1,515.0, with a change of 0.00%. [4] Options - SR601C5600: Implied volatility is 0.0865, and the futures underlying is SR601, with a historical volatility of 6.38. - SR601P5600: Implied volatility is 0.0863. - CF601C14000: Implied volatility is 0.1046, and the futures underlying is CF601, with a historical volatility of 5.63. - CF601P14000: Implied volatility is 0.1048. [4] Inventory Warehouse Receipts (sheets) - Sugar: On August 25, 2025, it was 15,385.0, and on August 26, 2025, it was 15,315.0, with a change of - 0.45%. - Cotton: On August 25, 2025, it was 7,104.0, and on August 26, 2025, it was 6,977.0, with a change of - 1.79%. [4]

Report Industry Investment Ratings No relevant content found. Core Views of the Reports 1. Oils and Fats - Palm oil: Futures may have an upward trend due to limited production growth and expected lower - than - estimated month - end inventory. Long - term view is cautiously bullish for Malaysian palm oil and oscillatingly bullish for domestic palm oil [2]. - Soybean oil: Affected by US biodiesel policy with uncertainties. CBOT soybean oil shows range - bound adjustment. Domestic spot basis quotes may be supported, and there is potential for basis quotes to rise if factory inventories decrease [2]. 2. Corn and Corn Starch - Short - term: Supply and demand are both weak, with the market in a weak and oscillating state. Spring corn listing, old - grain selling, and import auctions increase supply, while demand is sluggish [4]. - Medium - term: New - season corn cost is lower, and with good growth, supply pressure in the fourth quarter is significant, and the market value may move towards the new - season cost [4]. 3. Sugar - International: Raw sugar is suppressed by expected supply increase but has a risk of production downward revision in Brazil. It is expected to trade in the 15 - 17 cents/lb range in the short term [8]. - Domestic: Zhengzhou sugar is expected to remain oscillatingly weak as the supply is becoming more abundant despite some digestion of import increase expectations [8]. 4. Live Hogs - Spot prices are stable with a slight downward trend. Suggest waiting and watching. If there is room to reduce the slaughter weight, there may be support for the far - month contract, and small - scale long positions in the far - month 01 contract can be considered below 14,000 [9]. 5. Cotton - Short - term: Domestic cotton prices may trade in a range as old - crop inventory is tight and the issuance of sliding - scale tariffs is lower than expected. - Long - term: New - season cotton production is expected to increase steadily, putting pressure on prices after new cotton hits the market [11]. 6. Eggs - Egg prices are expected to remain bearish due to sufficient supply and slow downstream digestion [14]. 7. Meal - The decline space of domestic meal is limited as the cost side provides good support. The global soybean supply in the fourth quarter is not abundant, and the cost support for domestic meal is still strong [17]. Summary by Related Catalogs 1. Oils and Fats - **Soybean oil**: On August 26, the spot price in Jiangsu was 8,740 yuan, the futures price of Y2601 was 8,536 yuan, and the basis was 204 yuan. The spot basis quote in Jiangsu in August was 01 + 220 [2]. - **Palm oil**: The spot price in Guangdong on August 26 was 9,470 yuan, down 1.56% from the previous day. The futures price of P2601 was 9,424 yuan, down 0.67%. The basis was 46 yuan, down 65.15%. The import cost and profit in Guangzhou Port in January showed a decline [2]. - **Rapeseed oil**: The spot price in Jiangsu on August 26 was 10,020 yuan, up 0.40%. The futures price of OI601 was 9,941 yuan, down 0.57%. The basis was 79 yuan, up 538.89% [2]. - **Spreads**: Soybean oil 09 - 01 spread increased by 66.67%, palm oil 09 - 01 spread increased by 19.15%, and rapeseed oil 09 - 01 spread increased by 12.15%. The spot soybean - palm oil spread increased by 17.05% [2]. 2. Corn and Corn Starch - **Corn**: On August 26, the price of corn 2511 at Jinzhou Port was 2,158 - 2,260 yuan, the basis was 102 yuan, and the 11 - 3 spread was - 24 yuan. Import cost decreased, and import profit increased slightly [4]. - **Corn starch**: The price of corn starch 2511 was 2,475 yuan, down 0.24%. The spot prices in Changchun and Weifang decreased. The basis and 11 - 3 spread both declined [4]. 3. Sugar - **Futures**: On August 26, the price of sugar 2601 was 5,632 yuan, down 0.98%, and the price of sugar 2509 was 5,678 yuan, down 0.73%. ICE raw sugar主力 was at 16.42 cents/lb, up 0.18% [8]. - **Spot**: Spot prices in Nanning and other places decreased slightly. Imported Brazilian sugar prices (both quota - in and quota - out) decreased [8]. - **Industry situation**: National sugar production and sales increased year - on - year, while industrial inventories decreased. Sugar imports increased significantly [8]. 4. Live Hogs - **Futures**: The price of the main contract of live hogs decreased slightly. The 11 - 1 spread was - 340 yuan, down 3.03% [9]. - **Spot**: Spot prices in various regions were stable with a slight decline. Slaughter volume increased slightly, and self - breeding and外购 breeding profits improved [9]. 5. Cotton - **Futures**: On August 26, the price of cotton 2509 was 13,780 yuan, down 0.14%, and the price of cotton 2601 was 14,100 yuan, down 0.14%. ICE US cotton主力 was at 66.67 cents/lb, down 1.05% [11]. - **Spot**: Xinjiang arrival price and CC Index increased, while FC Index decreased. The basis between 3128B and 01 contract increased by 11.92% [11]. - **Industry situation**: Commercial inventory decreased, import volume increased, and textile industry indicators showed mixed trends [11]. 6. Eggs - **Futures**: The price of the egg 09 contract was 2,916 yuan/500KG, down 1.19%, and the price of the egg 10 contract was 3,013 yuan/500KG, down 0.26% [13]. - **Spot**: The egg - producing area price was 3.19 yuan/jin, up 2.42%. The basis increased by 84.78% [13]. - **Related indicators**: Egg - chick prices decreased, and the egg - feed ratio increased. Breeding profits improved [13]. 7. Meal - **Soybean meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%. The futures price of M2601 was 3,081 yuan, down 1.15%. The basis was - 31 yuan, up 45.61%. Brazilian 10 - month shipping schedule's crushing profit increased by 81.7% [17]. - **Rapeseed meal**: The spot price in Jiangsu was 2,600 yuan, up 0.78%. The futures price of RM2601 was 2,526 yuan, down 0.82%. The basis was 74 yuan, up 124.24% [17]. - **Soybeans**: The spot price of Harbin soybeans was 3,980 yuan, up 0.76%. The futures price of the soybean - one main contract was 3,974 yuan, down 0.45%. The basis increased by 114.29% [17]. - **Spreads**: The 01 - 05 spread of soybean meal decreased by 10.62%, and the oil - meal ratio increased slightly [17].

Group 1 - The 15th China-Northeast Asia Expo is held from August 27 to 31 in Changchun, Jilin Province, co-hosted by the Ministry of Commerce, China Council for the Promotion of International Trade, and the Jilin Provincial Government [1] - The expo features a 150 square meter special exhibition area for Liaoning, showcasing nearly 30 enterprises and highlighting quality products in machinery, textiles, agricultural products, and light industrial goods to promote trade and enhance Liaoning's international image [1] - This year's expo marks the 20th anniversary of the China-Northeast Asia Expo, which is the only international comprehensive expo involving six Northeast Asian countries and open to the global market [1] Group 2 - The total exhibition area is 73,000 square meters, featuring over 70,000 domestic and international brand products displayed both online and offline [1] - A key feature of this year's expo is the establishment of a "Modern Industry Pavilion," which gathers Fortune Global 500 companies, China’s top 500 companies, and specialized enterprises [1] - The provincial commerce department aims to leverage this event to strengthen various domestic and international exhibition platforms, promoting the theme "Liaoning Looks Global, Products Renowned Worldwide" to help foreign trade enterprises capture orders and diversify international market expansion [1]

Core Insights - The A-share market experienced a slight decline in the Shanghai Composite Index by 0.39%, while the Shenzhen Component Index rose by 0.26%. The overall market showed mixed performance with a total trading volume of approximately 2.71 trillion yuan, indicating a slight contraction in market activity [2][11][24]. Market Performance - The A-share market opened lower but saw a rebound before a slight drop at the close. The leading sectors included agricultural products (+2.62%), media and internet (+1.40%), and social services (+1.31%). Conversely, sectors such as comprehensive finance (-1.14%) and healthcare (-1.08%) faced declines [7][11][23]. - The trading volume decreased by 467.1 billion yuan compared to the previous day, with 2,802 stocks rising [11][24]. Sector Analysis - The agricultural products sector led the gains, driven by news regarding the stabilization of the pig market and the announcement of central frozen pork reserves by the National Development and Reform Commission. Other strong performers included media and internet, social services, and chemicals [11][12]. - High valuation stocks saw a retreat, particularly in sectors like comprehensive finance, healthcare, and telecommunications [11][12]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, suggesting that monetary and fiscal support policies may still be forthcoming. Historical trends indicate that domestic policy interventions can help mitigate external risks and market volatility [11]. - Investment strategies should focus on non-bank financial sectors, AI computing, innovative pharmaceuticals, and military industries, while also considering sectors benefiting from improved supply-demand dynamics such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [11].

Group 1 - The core viewpoint of the articles highlights the success of "Qilu Nongchao" in promoting lesser-known agricultural products, such as Jin Feng Huo Zhuzi and Linqu Goose Liver, transforming them into popular online products through effective marketing strategies [1][2] - "Qilu Nongchao" has provided a platform for both regional public brands and lesser-known brands, enabling them to gain visibility and market opportunities that were previously limited [1] - The initiative has significantly contributed to the growth of agricultural brands in Shandong, showcasing the potential of small and medium-sized brands in the agricultural brand system [2] Group 2 - The company has focused on the needs of small and medium-sized brands, addressing issues like low brand awareness and narrow market channels, thereby stimulating agricultural market vitality and promoting diversified development [2] - The upcoming event on August 28 in Jinan aims to further enhance the influence of "Qilu Nongchao" and showcase Shandong's achievements in rural revitalization and high-quality agricultural development [2]

Core Insights - Thailand is seeking to strengthen trade and investment opportunities with Argentina, particularly in the automotive sector, food, and consumer goods exports [1] - The discussions between Thailand's Deputy Director-General of the International Trade Promotion Department and Argentina's Deputy Minister of Economy focused on enhancing economic cooperation to commemorate the 70th anniversary of diplomatic relations [1] - Argentina is interested in opening its market to Thai agricultural products, especially fruits like mangoes and coconuts, as part of its free trade policy to combat inflation [1] Trade Statistics - In the first six months of this year, the total trade volume between Thailand and Argentina reached $1.08 billion, with Thai exports amounting to $883 million, reflecting a year-on-year increase of 24.2% [1] - Major Thai export products include automobiles, automotive parts and accessories, internal combustion piston engines and parts, machinery and parts, steel products, and rubber products [1] - Thailand's imports from Argentina totaled $199 million, primarily consisting of fresh, chilled, and frozen aquatic animals, plant and animal products, as well as pharmaceuticals, ropes, and fibers [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons, meeting market expectations, and the cumulative export inspection volume this crop year is higher than the same period last year [1]. - As of August 24, 2025, the U.S. soybean good-to-excellent rate rose to 69%, stronger than market expectations, and the pod-setting rate and leaf - falling rate are also reported [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with the daily average export volume increasing by 24% compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, showed an increase compared to the same period last month according to two different institutions' data [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons (expected 200,000 - 500,000 tons, previous week revised to 502,794 tons), and the cumulative export inspection volume this crop year is 49,279,891 tons, higher than 44,214,289 tons in the same period last year. The export inspection volume to China was 0 tons [1]. - As of August 24, 2025, the U.S. soybean good - to - excellent rate was 69% (expected 67%, previous week 68%, same period last year 67%), the pod - setting rate was 89% (previous week 82%, same period last year 88%, five - year average 89%), and the leaf - falling rate was 4% (same period last year 6%, five - year average 4%) [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with a daily average export volume of 453,614.86 tons, a 24% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, increased by 10.9% (ITS data) and 16.4% (AmSpec data) compared to the same period last month [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 August 19 - 25, 2025, are provided in a table [2]. Protein Meal Basis No detailed information provided [3]. Oil Basis No detailed information provided [6]. Oil and Oilseed Futures Price Spreads No detailed information provided [9].