Group 1 - The domestic oilseed market shows a bullish trend, particularly in rapeseed meal futures, which experienced a price increase of 2.49%, reaching a high of 2723.00 CNY/ton [1] - The market is currently in a seasonal peak for aquaculture feed consumption, but the cost-effectiveness of rapeseed meal is considered poor, leading to price pressure from soybean meal due to seasonal inventory accumulation [1][2] - The new season's rapeseed production is expected to increase, but tight supply from the previous season keeps prices firm, with domestic rapeseed imports expected to decline significantly from July to September [2] Group 2 - The European Union and Canada are experiencing low rainfall, affecting soil moisture for canola planting, while global canola production is recovering but planting area is down year-on-year [2] - Domestic oil mills are seeing a reduction in rapeseed meal inventory, but year-on-year levels remain high, with a significant drop in imports due to high tariffs and strong old crop canola prices [2] - The market is currently facing uncertainty due to trade policies, with domestic meal prices showing stronger performance compared to international markets, and short-term price movements are expected to remain within a range [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are oscillating around 4,200 ringgit, facing downward pressure due to increased production and decreased exports, and are expected to decline towards 4,000 ringgit. In the domestic market, Dalian palm oil futures are in a high - level oscillatory adjustment, likely to weaken and test the 8,500 yuan support level. If it stabilizes above 8,500 yuan, there may be a short - term rebound, but the future trend depends on Malaysian palm oil [3]. - **Soybean Oil**: Many factories are experiencing severe inventory overstock, causing traders to lower basis quotes. However, the basis of forward contracts is supported as there have been no recent US soybean purchases in the domestic market, and the import volume in the fourth quarter is uncertain. Currently, soybean oil has a price advantage among the three major domestic oils, and the basis quotes are expected to rebound after the inventory overstock issue is resolved [4]. - **Soybean Meal**: Despite the pressure on spot supply, high Brazilian premiums and the lag in fourth - quarter ship purchases have led some institutions to turn to far - month contracts. Before the Sino - US negotiations next month, the short - term main contract of Dalian soybean meal faces resistance at the 3,000 yuan integer mark. The spot supply of soybean meal is generally loose due to abundant imported soybeans from May to July and accumulated oil - mill inventories [17]. 3. Summary by Relevant Catalogs 3.1. Oil Price and Spread - **Palm Oil Price and Spread**: Palm oil futures prices for different contracts (01, 05, 09) are 8,692 yuan/ton, 8,472 yuan/ton, and 8,708 yuan/ton respectively, with daily changes of - 0.3%, - 0.24%, and - 0.46%. BMD palm oil futures rose 0.96% to 4,186 ringgit/ton. The basis of Guangzhou 24 - degree palm oil is 32 yuan/ton, up 10 yuan [8]. - **Soybean Oil Price and Spread**: Soybean oil futures prices for different contracts (01, 05, 09) are 8,000 yuan/ton, 7,654 yuan/ton, and 8,042 yuan/ton respectively, with daily changes of - 0.13%, - 0.07%, and - 0.03%. CBOT soybean oil futures rose 0.76% to 54.36 cents/pound. The basis of Shandong first - grade soybean oil is 88 yuan/ton, up 12 yuan [13]. - **Oil Inter - monthly and Inter - variety Spreads**: Various spreads such as P 1 - 5, Y - P 01, etc. are provided, with different price changes and percentage changes. For example, P 1 - 5 is 226 yuan/ton, up 16 yuan; Y - P 01 is - 758 yuan/ton, down 76 yuan [5]. 3.2. Oilseed Futures Price and Spread - **Oilseed Futures Price**: Futures prices of soybean meal (01, 05, 09) are 3,011, 2,700, and 2,977 respectively, with daily changes of - 4, - 2, and - 1. Futures prices of rapeseed meal (01, 05, 09) are 2,309, 2,300, and 2,653 respectively, with daily changes of - 3, - 1, and - 2. CBOT soybeans closed at 1,002.5, unchanged [18]. - **Soybean Meal and Rapeseed Meal Spread**: Spreads such as M01 - 05, RM01 - 05, etc. are provided, with different price changes. For example, M01 - 05 is 313, down 5; RM01 - 05 is 11, up 13 [19].

Group 1: Core Views on Oils - Palm oil fundamentals are dominated by the contradiction between improved external exports and high domestic inventory. Malaysia's palm oil exports from July 1 - 15 increased by 5.5% - 7.5% month - on - month, and June exports surged 35% year - on - year to 1.85 million tons. However, domestic July crude palm oil inventory remained at 2.05 million tons, with a 0.5% month - on - month increase. Attention should be paid to export sustainability and domestic inventory reduction [3]. - Soybean oil fundamentals show an intensified internal - external divergence. The US Clean Energy Spending Act is expected to increase annual soybean oil demand by about 2 million tons, supporting the CBOT soybean oil. But in China, July's first - half imported soybean arrivals were about 4.5 million tons (9 million tons expected for the whole month), and soybean oil commercial inventory reached about 1.05 million tons as of July 15, increasing by 40,000 tons weekly. Key variables are US policy implementation progress and North American soybean - growing area weather [3]. - Rapeseed oil fundamentals maintain a pattern of high inventory and weak consumption, with limited policy support. Domestic East China rapeseed oil commercial inventory is above 650,000 tons, a year - on - year increase of over 85%. Downstream dealer purchases decreased by 15% month - on - month. Policy support is limited, and long - term supply contraction expectations have not materialized. Attention should be paid to inventory reduction and North American rapeseed - growing area weather [4]. Group 2: Oils Price and Spread - The table shows the month - to - month and variety - to - variety spreads of oils, including P 1 - 5, Y - P 01, etc., with corresponding prices and daily changes [5]. - Palm oil futures and spot daily prices are presented, including prices of palm oil 01, 05, 09, BMD palm oil, etc., along with their changes [8]. - Soybean oil futures and spot daily prices are provided, including prices of soybean oil 01, 05, 09, CBOT soybean oil, etc., and their changes [13]. Group 3: Oilseeds Situation - For imported soybeans, due to the appreciation of the Brazilian exchange rate and the weakening of the US soybean market, Brazilian premium quotes are rising, and there is a lack of effective buying profit in the fourth - quarter buying cycle. July arrivals are 11.5 million tons, August 11 million tons, and September 10 million tons. The fourth - quarter supply gap depends on Sino - US relations [17]. - For domestic soybean meal, supply - side pressure suppresses the spot price. With sufficient soybean raw materials, oil mill operating rates are rising, and supply exceeds demand. Demand - side physical inventory is mainly in middle - stream traders, so the basis spot price is expected to be under pressure [17]. - For rapeseed meal, inventory reduction is slow, and downstream addition ratios lack cost - effectiveness. Market reaction to Sino - Canadian meeting news is lackluster, and its market trend follows soybean meal, with a weak outlook [17]. Group 4: Oilseeds Futures Price and Spread - The table shows the closing prices, daily changes, and change rates of oilseed futures, including soybean meal 01, 05, 09 and rapeseed meal 01, 05, 09 [18]. - The table presents the spreads between soybean meal and rapeseed meal contracts, such as M01 - 05, RM01 - 05, etc., along with their prices and daily changes [21].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week, the trends of oils and fats diverged. The centers of soybean and palm oils moved up, while rapeseed oil declined. The USDA July report reflected the impact on US biodiesel and foreign tariffs. The consumption of US biodiesel from soybean oil was increased, soybean crushing was up, exports were down, and inventory was up. The new crop growth was good, and CBOT soybeans were under pressure. In June, Malaysian palm oil production decreased as expected, but the unexpected drop in exports led to a slight inventory build - up. High - frequency data showed that Malaysian palm oil production resumed growth in early July, and BMD crude palm oil fluctuated. Operationally, the market traded on the decline in June Malaysian palm oil production last week, and both domestic and foreign palm oils continued their strong trend. However, the increase in July production limited its short - term upside. Seek long - term long opportunities on dips [7]. Group 3: Summary of Each Section in the Table of Contents 1. Main Views - Last week, the trends of oils and fats diverged. In the producing areas, the MPOB report showed that Malaysian palm oil production and exports in June decreased by 4.48% and 10.52% respectively, and inventory increased by 2.41%. In early July, Malaysian palm oil production increased by 35% and exports increased by 5 - 12%. The USDA report adjusted the 25/26 US soybean exports, crushing, and inventory. In China, the weekly trading volume of soybean and palm oils was average. New palm oil purchase contracts were added, and soybean oil inventory reached 102 tons while palm oil inventory stopped increasing. The strategy is to seek long - term long opportunities on dips as the short - term upside of palm oil is limited by the increase in July production [7]. 2. Market Review - Last week, US soybeans tested the 1000 mark, the centers of domestic and foreign palm oils moved up, Dalian soybean oil stopped falling and rebounded, and Zhengzhou rapeseed oil's center of gravity moved down [9]. 3. Fundamental Analysis - **USDA July Report**: The 25/26 US soybean exports were estimated to be down 70 million bushels, crushing up 50 million bushels, and ending inventory up 15 million bushels. The 25/26 US soybean oil biofuel consumption was 15.5 billion pounds [12][13]. - **US Soybean Good - to - Excellent Rate**: As of the week ending July 6, the US soybean good - to - excellent rate was 66%, the same as the previous week [16]. - **Brazilian Soybean Premium**: Last week, the Brazilian soybean premium rose to a maximum of 155 cents per bushel, hitting an 8 - month high [17]. - **June Malaysian Palm Oil Data**: In June, Malaysian palm oil production was 1.69 million tons (down 4.48% month - on - month), exports were 1.26 million tons (down 10.52% month - on - month), and inventory was 2.03 million tons (up 2.41% month - on - month). In early July, production increased by 35% and exports changed from - 28% to 12% [12][20]. - **Indonesian Palm Oil Policy**: Indonesia raised the reference price of crude palm oil in July to $877.89 per ton. The US threat of a 32% tariff may reduce Indonesian palm oil exports to the US by 15 - 20% [25]. - **Indian Palm Oil Import**: It was estimated that India's palm oil imports in June increased by 61% to 953,000 tons, reaching an 11 - month high [28]. - **Domestic Oilseed Crushing Profit**: The price of by - product protein meal rebounded. The spot and futures crushing profits of imported rapeseed reached 200 - 300. The import profit of palm oil was in a slight deficit [31]. - **Oil Mill Operating Rate and Inventory**: In July, the oil mill crushing operating rate declined, and soybean inventory decreased. The rapeseed crushing operating rate stopped falling, and rapeseed inventory decreased. As of early July, soybean oil inventory reached 1.02 million tons, rapeseed oil inventory was 760,000 tons, and palm oil inventory was 520,000 tons [34][39][42]. - **Spot Price and Trading Volume of Oils and Fats**: Last week, the spot prices of oils and fats diverged. As of July 11, the price of soybean oil rose slightly, palm oil rose, and rapeseed oil fell. The overall trading volume of oils and fats was average [46][49]. 4. Spread Tracking - No specific content provided other than the section title [56]

Group 1: Report Core Views - Palm oil fundamentals are dominated by the contradiction between improved external exports and high domestic inventories. Malaysia's palm oil exports from July 1 - 10 increased by 5.1% - 5.5% MoM, and Indonesia's low - price palm oil continues to attract Asian buyers. However, domestic palm oil inventory reached 251.2 million tons as of July 10, suppressing price increases. Monitor Malaysia's export sustainability and domestic inventory reduction [3]. - Soybean oil fundamentals show a growing divergence between international and domestic markets. The US House passed the Clean Energy Spending Act, which may increase soybean oil demand by about 2 million tons if implemented. But in China, high supply from large soybean arrivals and high - level crushing, along with low consumption in summer, limit price increases. Key factors are US policy implementation and North American weather [4]. - Rapeseed oil maintains a pattern of high inventory and low consumption, with limited policy support. Domestic East - China rapeseed oil inventory is above 65 million tons, and consumption is weak. Policy support from import tariffs has limited impact. Monitor inventory reduction and North American rapeseed - growing area weather [5]. - For imported soybeans, third - quarter supply is abundant, with 11.5 million tons arriving in July, 11 million tons in August, and 9.5 million tons in September. In the fourth quarter, the supply gap depends on Sino - US relations. Domestic soybean meal supply pressure suppresses the spot market, and rapeseed meal follows soybean meal with a weak outlook [16]. Group 2: Oil Futures Price Information Palm Oil - Palm oil 01: 8648 yuan/ton, up 0.37%; Palm oil 05: 8438 yuan/ton, up 0.21%; Palm oil 09: 8682 yuan/ton, up 0.51%; BMD palm oil主力: 4137 ringgit/ton, down 0.22% [8]. Soybean Oil - Soybean oil 01: 7966 yuan/ton, up 0.74%; Soybean oil 05: 7626 yuan/ton, unchanged; Soybean oil 09: 7986 yuan/ton, up 0.74%; CBOT soybean oil主力: 53.49 cents/pound, up 0.41% [12]. Oil Spreads - P 1 - 5: 196 yuan/ton, down 20; Y - P 01: - 694 yuan/ton, up 36; etc. [6]. Group 3: Oilseed Futures Price Information Soybean Meal - Soybean meal 01: 3015, up 22 (0.74%); Soybean meal 05: 2704, unchanged; Soybean meal 09: 2976, up 22 (0.74%) [17]. Rapeseed Meal - Rapeseed meal 01: 2323, up 7 (0.3%); Rapeseed meal 05: 2311, up 2 (0.09%); Rapeseed meal 09: 2633, up 22 (0.84%) [17]. Spreads and Basis - M01 - 05: 311, up 22; RM01 - 05: 12, up 5; etc. [19].

Group 1 - The domestic commodity futures market closed mostly higher during the night session, with the black series showing a general increase [1] - Coking coal rose by 2.60%, iron ore increased by 1.87%, coking coal gained 1.52%, hot-rolled coil went up by 1.39%, and rebar climbed by 1.36% [1] - In the non-metallic building materials sector, glass increased by 2.54%, while in the chemical products category, rubber rose by 1.19%, and butadiene rubber increased by 1.18% [1] Group 2 - In the oilseed and oil category, soybean meal rose by 0.99%, and soybean oil increased by 0.81% [1] - Energy products generally declined, with fuel oil down by 1.49%, low-sulfur fuel oil decreasing by 0.57%, and LPG falling by 0.48% [1] - In the chemical products sector, asphalt decreased by 0.28%, polypropylene fell by 0.18%, and soybean oil dropped by 0.34% [1]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The prices of the three major oils oscillated yesterday. The weather in the US soybean producing areas remains favorable, with temperatures in July being temporarily lower and sufficient precipitation. Multiple institutions expect the US soybean production to continue rising, leading to significant supply pressure [3] Group 3: Summary of Market Analysis Futures Market - The closing price of the palm oil 2509 contract was 8,678.00 yuan/ton yesterday, a环比 increase of 34 yuan or 0.39%. The closing price of the soybean oil 2509 contract was 7,920.00 yuan/ton, a环比 decrease of 26.00 yuan or 0.33%. The closing price of the rapeseed oil 2509 contract was 9,510.00 yuan/ton, a环比 decrease of 88.00 yuan or 0.92% [1] Spot Market - The spot price of palm oil in Guangdong was 8,730.00 yuan/ton, a环比 increase of 110.00 yuan or 1.28%, with a spot basis of P09 + 52.00, a环比 increase of 76.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,100.00 yuan/ton, a环比 increase of 10.00 yuan/ton or 0.12%, with a spot basis of Y09 + 180.00, a环比 increase of 36.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,640.00 yuan/ton, a环比 decrease of 90.00 yuan or 0.92%, with a spot basis of OI09 + 130.00, a环比 decrease of 2.00 yuan [1] Market News - BMI predicts that after a 1.6% year - on - year decline in the 2024/25 season, Malaysia's palm oil production is expected to partially recover in the 2025/26 season, with a year - on - year increase of 0.5% to 19.5 million tons. However, domestic consumption in Malaysia in the 2025/26 season is expected to drop 2% from 39 million tons in the 2024/25 season to 38 million tons. StoneX analysts believe that the production outlook for US soybeans continues to improve due to good weather. The C&F prices of Canadian rapeseed, Argentine soybean oil, etc., have different price adjustments. Import soybean premium quotes also show some changes [2] Group 4: Charts Information - The report includes 30 charts related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil [5]

Core Viewpoint - The domestic commodity futures market experienced a majority of price increases during the night session, particularly in the chemical sector, indicating a positive trend in commodity prices overall [1] Group 1: Chemical Products - The price of 20 rubber increased by 2.91% [1] - Rubber prices rose by 2.28% [1] - Styrene saw an increase of 1.60% [1] - Butadiene rubber rose by 1.59% [1] Group 2: Black Metals - Coking coal prices increased by 2.03% [1] - Coke prices rose by 1.59% [1] - Iron ore saw a price increase of 1.09% [1] Group 3: Non-Metallic Building Materials - Glass prices increased by 1.85% [1] - PVC prices rose by 1.20% [1] Group 4: Agricultural Products - Pulp prices increased by 1.33% [1] Group 5: Oils and Fats - Soybean meal rose by 0.24% [1] - Soybean oil remained stable [1] - Soybean one decreased by 0.10% [1] - Palm oil fell by 0.44% [1] Group 6: Energy Products - LPG prices increased by 0.34% [1] - Low sulfur fuel oil decreased by 0.30% [1] - Fuel oil fell by 0.60% [1]

Report Core Views Palm Oil - Fundamental factors are supported by improved exports in Malaysia and policies in Indonesia, but high domestic inventories are suppressing price increases. Malaysian palm oil exports from July 1 - 7 increased by 3.8% - 4.2% month - on - month, continuing the positive trend in June (up 4.5% month - on - month). Indonesian exports in June surged 48% year - on - year to 1.92 million tons. However, domestic palm oil inventories reached 2.479 million tons as of July 5, a weekly increase of 22,500 tons. Key variables include the sustainability of Malaysian exports and potential adjustments to Indonesia's export tariff policy [3]. Soybean Oil - There is a divergence between international and domestic fundamentals. International policy expectations and high domestic supply are in a tug - of - war. The US House of Representatives plans to review the "Clean Energy Expenditure Act" on July 12, which could increase the demand for soybean oil in the biodiesel industry by about 2 million tons per year if passed. But in China, the supply pressure is significant, with an expected arrival of 8.6 million tons of imported soybeans in July and a high crushing volume of 2.55 million tons. The key variables are the weather in North American soybean - growing regions and the progress of US policy implementation [4]. Rapeseed Oil - The fundamentals maintain a pattern of high inventories and low consumption, with limited policy support, and it is difficult to show improvement in the short term. The commercial inventory of rapeseed oil in East China has remained above 630,000 tons, with a year - on - year increase of over 82%. Key factors to watch are the progress of inventory reduction and the weather in North American rapeseed - growing regions [5]. Imported Soybeans and Domestic Meal - For imported soybeans, the supply in the third quarter is still relatively abundant, and the supply gap in the fourth quarter depends on Sino - US relations. For domestic soybean meal, supply - side pressure is the main factor suppressing the spot market. Rapeseed meal inventory reduction is slow, and its market trend will generally follow that of soybean meal and is expected to be weak [17]. Price and Spread Information Oil Price and Spread - The table shows the monthly and inter - variety spreads of oils, including P 1 - 5, Y - P 01, etc., with corresponding prices and daily changes [6]. - Palm oil futures and spot prices are presented, including prices of different contracts, BMD palm oil, and spot prices in Guangzhou, along with their changes [7]. - Soybean oil futures and spot prices are provided, including prices of different contracts, CBOT soybean oil, and spot prices in Shandong, along with their changes [13]. Meal Price and Spread - Futures prices of soybean meal and rapeseed meal are given, including closing prices, daily changes, and price change percentages of different contracts [18]. - Information on the spot and futures spreads of soybean meal and rapeseed meal is provided, including spreads between different contracts, spot prices, and basis prices [20].

Report Summary 1. Core Data - EU's 2024/25 soybean imports reached 14.52 million tons, higher than 13.2 million tons in the same period last year [1] - EU's 2024/25 soybean meal imports were 19.39 million tons, compared to 15.28 million tons in the previous year [1] - EU's 2024/25 palm oil imports were 2.84 million tons, lower than 3.49 million tons last year [1] - EU's 2024/25 rapeseed imports totaled 7.45 million tons, higher than 5.68 million tons last year [1] - US private exporters reported selling 144,000 tons of soybean meal to the Philippines, with 97,000 tons for the 2024/2025 market year and 47,000 tons for the 2025/2026 market year [1] - Indonesia's 2024 palm oil exports declined 8.65% to $22.9 billion, down from $25 billion the previous year [1] 2. Market Conditions - Spot prices of various products from July 2 - 8, 2025, including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu, showed fluctuations [2] 3. Industry Challenges - Indonesia's palm oil industry had an average annual production growth rate of only 0.42% from 2020 - 2024 due to labor shortages and slow market development [1] - The EU's Zero Deforestation Act (EUDR) will take effect in December 2025, requiring products entering the European market to prove non - deforestation production and a minimum sampling ratio of 3% [1]