Core Points - The United States and the European Union have reached an agreement on a trade framework, indicating a shift towards closer cooperation in technology, security, and commerce [1] - The agreement includes a reduction of tariffs, with the US imposing a maximum of 15% tariffs on EU products, while the EU will eliminate many tariffs on US goods [1] - The framework encompasses 19 areas, including agriculture, automobiles, aircraft, semiconductors, energy, environmental regulations, cybersecurity, and digital trade barriers [1] Group 1 - The EU plans to procure at least $40 billion worth of US artificial intelligence chips and align on technology security standards to prevent sensitive technology from reaching "relevant destinations," primarily targeting China [1][2] - The EU is committed to large-scale purchases of US energy products, including liquefied natural gas, oil, and nuclear energy, with expected purchases reaching $750 billion by 2028 [2] - European companies are set to invest an additional $600 billion in strategic sectors in the US and increase military and defense equipment procurement [2] Group 2 - The agreement marks a significant shift in EU-US relations, moving away from previous tensions and reflecting a decision by the EU to deepen cooperation with the US [2] - The resumption of economic security cooperation includes bilateral investment reviews and export controls aimed at limiting China's access to advanced technologies [2]

软商品日报 2025/08/22 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 ...

好逛好玩更好 吃！"中山香 农"即将空降"书 香市集"_南方+_ 南方plus 这个周末（8月 23日-24日） 饲好三种禽、养 好五条鱼、育好 六种果"的 "13356"农业产 业发展布局 在市农业农村局 指导下 中山市农业投资 发展有限公司 "中山香农"带着 满满的"中山味 道"来啦！ 2025年"品读湾 区"9+2城市悦读 之旅 暨"湾区图书馆 之夜"主题活动 即将在中山纪念 图书馆隆重举行 为深入贯彻中山 市委强镇兴村富 民"13388"行动 落实打造"种好 一粒米、培好三 朵花、 ✅必来的N个理 由： （以下简称"市 农投公司"） 将组织"中山香 农"品牌产品暖 心助阵 为市民和大湾区 游客带来一场地 道的 中山农产品盛 宴！ ✨ 打卡超有文 化气息的星空帐 篷书屋和草地音 乐会！ ✨ 率先尝 鲜"13356"体系 下的优质农产 品！ ✨ 还有各种中 山特色零食水果 现场试吃，吃货 狂喜！ 8月23日（周 六）晚上7:00- 9:00 | 浪漫夜集 氛围感拉满！ 8月24日（周 日）上午9:00- 12:00 | 清爽晨集 等你来淘！ 别忘了来市集找 我们 ——"中山香 农"品牌专区， 邀您共鉴！ ...

Group 1 - India and Russia announced an expansion of bilateral trade cooperation, indicating that U.S. tariffs on Indian imports of Russian oil are unlikely to disrupt their partnership [1] - The bilateral trade volume between India and Russia is projected to reach a record $68.7 billion by March 2025, with India facing a trade deficit of $59 billion due to increased oil imports [1] - India aims to increase exports of pharmaceuticals, agricultural products, and textiles to Russia to address the current trade imbalance [1] Group 2 - India has become the second-largest buyer of Russian oil, importing an average of 1.6 million barrels per day in the first half of 2025, a significant increase from 50,000 barrels per day in 2020 [2] - The geopolitical dynamics suggest that U.S. tariffs may serve as leverage for trade negotiations rather than solely targeting Russian oil revenue [3] - The ongoing energy cooperation between India and Russia is seen as a strategic alliance amidst global geopolitical tensions [3]

最近国际经贸圈这出"大豆大戏"看得人眼花缭乱，特朗普深夜在社交平台上急吼吼喊话，又是呼吁中国"尽快把美国大豆订单增至四倍"，又是拍胸脯保 证"快速服务"，那股子慌神的劲儿，跟之前动辄喊关税的强硬派模样完全对不上。明眼人都清楚，他这是看着美国大豆在中国市场要栽大跟头，急得开 始"服软"了——毕竟往年中国给美国的2200万吨大豆订单，今年眼看着就要清零，这可不是闹着玩的。 可特朗普忘了，贸易合作得讲互利，不是单方面施压就能成的。中国驻美大使早就说过，美国一边在高科技领域卡中国脖子，一边逼着中国买大豆、牛肉这 些低附加值产品，哪有这么不公平的道理？他想靠大豆缩小贸易逆差，更是本末倒置，就算中国真买四倍美豆，也只能填平中美贸易逆差的17%，根本解决 不了问题。 现在的局面完全是特朗普自找的。关税政策把美国大豆的中国市场作没了，巴西却捡了大便宜。中国这些年在巴西的仓库、铁路、港口投了不少钱，让巴西 大豆运到中国更方便，加上中巴还要签署双边协议，互认农产品的环境认证和可追溯体系，巴西大豆在中国市场的优势只会越来越大。美国大豆出口协会首 席执行官吉姆·萨特也哀叹"我们找遍全球，没有第二个中国"，可再哀叹也没用，谁让美国自己 ...

Summary of Key Points Core Viewpoint - The food safety supervision and sampling plan for 2025 in the Huatang District of Zhuzhou City has been announced, detailing the results of 130 batches of food samples, with 122 passing and 8 failing the safety tests [3]. Group 1: Sampling Results - A total of 130 batches were tested, with 122 batches deemed qualified and 8 batches found to be unqualified [3]. - Among the qualified samples, 83 batches were agricultural products, 8 batches were catering foods, and 4 batches were grain products [3]. - The unqualified samples included 6 batches of agricultural products, 1 batch of catering food, and 1 batch of grain products [3]. Group 2: Consumer Guidance - Consumers are advised to purchase food from legitimate channels and retain shopping receipts [3]. - Important factors to consider when purchasing food include checking the manufacturer's name and address, production date, and expiration date [3].

黔东南州常年森林覆盖率维持在70%左右。活动的主角——蓝莓与百香果，生长于云雾缭绕的苗岭 深处、清澈见底的清水江畔，得天独厚的自然条件赋予其"生态、有机、健康"的核心价值。 "食材是黔东南州的金字招牌。"黔东南州人民政府副秘书长、粤黔协作工作队黔东南工作组组长匡 东明表示，生态环境造就黔东南食材的优越品质。当前，黔东南州拥有56个绿色食品认证，111个有机 食品认证，20个农业地理标志产品。 蓝莓和百香果，不仅是黔东南的"生态名片"，更是佛黔协作的"甜蜜纽带"。活动现场展出的每一颗 蓝莓、每一枚百香果，都是佛黔两地深化合作的生动注脚。 匡东明表示，佛黔协作为黔东南州农特产品打入大湾区消费市场提供了关键支撑。当前，黔东南州 共认定大湾区菜篮子基地125个。佛黔协作5年来，累计推动消费帮扶数额达144亿元。 中新网佛山8月22日电 (记者 王坚)蓝莓、百香果等来自贵州的山珍21日亮相粤港澳大湾区，促成20 家单位现场达成产销合作签约，签约金额达1400万元。 当日，以"百香悦岭南蓝莓凝山海"为主题的贵州省黔东南州蓝莓&百香果进大湾区专场活动(下 称"活动")在佛山举办。活动以产业推介、产销签约、联名推广等形式，持 ...

（文章来源：新华财经） 据船运调查机构SGS公布数据显示，预计马来西亚8月1日-20日棕榈油出口量为667278吨，较前一月同 期出口的486404吨增加37.19%。 ...

Report Industry Investment Ratings - Cotton: ☆☆☆ [1] - Pulp: ☆☆☆ [1] - Sugar: ☆☆ [1] - Apple: ☆☆ [1] - Timber: ☆☆ [1] - Natural Rubber: ☆☆ [1] - 20 -号 Rubber: ☆☆ [1] - Butadiene Rubber: ☆☆☆ [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and timber, and suggests a wait - and - see approach for most commodities due to different influencing factors such as supply, demand, and inventory [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton slightly declined today, with stable spot sales basis and average spot trading. Pure cotton yarn trading was okay with stable prices. - In July 2025, domestic cotton inventory digestion slowed down, expected to improve in August as the peak season approaches. - In July, cotton imports were 50,000 tons, a year - on - year decrease of 149,400 tons and a month - on - month increase of 22,600 tons. From January to July 2025, cumulative imports were 520,000 tons, a year - on - year decrease of 74.2% or 1.48 million tons. - There is a strong expectation of increased production in Xinjiang this year with more planting area and good weather. - Short - term upward momentum of Zhengzhou cotton is limited by weak downstream orders and poor profits of inland enterprises. It is recommended to wait and see [2] Sugar - Overnight, US sugar fluctuated. Due to insufficient precipitation, the sugarcane yield per unit in Brazil decreased. As of the end of June, the cumulative yield per hectare in the central - southern region of Brazil was 79.32 tons, a year - on - year decrease of 11.04%. - The production progress this year was slow, leading to a significant year - on - year decrease in sugarcane and sugar production. - The proportion of sugarcane used for sugar production increased year - on - year, and the sugar - alcohol ratio is at the upper edge of the historical range, so there is pressure on the upside of US sugar. - In the domestic market, Zhengzhou sugar fluctuated. Sales were fast this year, with inventory decreasing year - on - year and relatively light spot pressure. - The market focus has shifted to imports and the estimated output of the next crushing season. Syrup imports decreased significantly this year, reducing the sales pressure of domestic sugar. However, the output of the 25/26 crushing season is uncertain, and subsequent weather and sugarcane growth should be monitored [3] Apple - The futures price fluctuated. The price of early - maturing apples was basically stable, with high - quality apples having a high price and good purchasing enthusiasm from merchants. - The remaining inventory of cold - storage apples was small, and market demand was average. As of August 14, the national cold - storage apple inventory was 461,300 tons, a year - on - year decrease of 49.4%. Last week, the de - stocking volume was 50,700 tons, a year - on - year decrease of 32.31%. - The market focus has shifted to the estimated output of the new season. Although the western production area was affected by cold snaps and strong winds during the flowering period, the impact on output was small, mainly increasing the risk of fruit rust. There are still differences in the estimated output due to sufficient flower quantity in the production area this year. It is recommended to wait and see [4] 20 -号 Rubber, Natural Rubber & Synthetic Rubber - Today, RU, NR, and BR all rose slightly. The domestic prices of natural rubber and synthetic rubber increased, the port price of external butadiene was stable, and the prices in the Thai raw material market fluctuated. - Globally, natural rubber supply is entering the high - yield period, and there is still heavy rainfall in most Southeast Asian production areas. Last week, the operating rate of domestic butadiene rubber plants continued to decline, with some plants restarting and some under maintenance or low - load operation. The operating rate of upstream butadiene plants increased significantly. - Last week, the operating rate of domestic all - steel tires rebounded, while that of semi - steel tires continued to decline, and the finished product inventory of tire enterprises increased. - This week, the total natural rubber inventory in Qingdao decreased to 617,000 tons, with an increase in bonded area inventory and a decrease in general trade inventory. Last week, the social inventory of Chinese butadiene rubber decreased to 11,500 tons, and this week, the port inventory of Chinese butadiene increased significantly to 27,300 tons as imported goods arrived. - Overall, demand is average, rubber supply is increasing, inventory is decreasing, and market sentiment has improved. It is recommended to wait and see [5] Pulp - Today, pulp futures continued to decline. The spot price of coniferous pulp Moon was stable at 5,450 yuan/ton, the price of Russian coniferous pulp in Jiangsu, Zhejiang, and Shanghai was 5,150 yuan/ton, and the price of broad - leaved pulp Goldfish decreased by 50 yuan to 4,150 yuan/ton. - As of August 21, 2025, the inventory of mainstream Chinese pulp ports was 2.132 million tons, an increase of 33,000 tons from the previous period, a month - on - month increase of 1.6%. - In July, domestic social retail data weakened month - on - month, indicating a decline in domestic demand. Currently, port inventory is relatively high year - on - year, pulp supply is relatively abundant, and demand is average. It is recommended to wait and see or trade within a range [6] Timber - The futures price fluctuated. The mainstream spot price was stable. - Last week, the arrival volume decreased significantly. The external price has rebounded for two consecutive months, while the increase in domestic spot price was small, increasing the pressure on traders. It is expected that imports will not increase significantly in the short term, and domestic supply may remain low. - After entering the off - season, the average daily outbound volume at ports fluctuates around 600,000 cubic meters, with good overall outbound conditions. - As of August 15, the total national port log inventory was 3.06 million cubic meters, a month - on - month decrease of 0.65%. The total log inventory is low, with relatively small inventory pressure. - Overall, the supply - demand situation has improved, but peak - season demand has not started yet. It is recommended to wait and see [7]

Report Investment Rating - The report maintains a bullish view on the oil and fat industry [2] Core View - The U.S. biofuel policy shows that the negative factors are exhausted, which is beneficial to the oil and fat industry, so it maintains a bullish view [2] Summary by Related Catalogs Spot Price - **24-degree palm oil**: On August 21, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 9770, 9650, and 9620 respectively, with a daily increase of 110 in all three places compared to August 20 [1] - **First-grade soybean oil**: On August 21, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8540, 8660, and 8640 respectively, with a daily increase of 30 in all three places compared to August 20 [1] - **Fourth-grade rapeseed oil**: On August 21, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9900, 9950, and 10160 respectively, remaining unchanged compared to August 20 [1] Futures Data - **Soybean-palm oil main contract price difference**: On August 21, 2025, it was -1106, an increase of 34 compared to August 20 [1] - **Rapeseed oil-soybean oil main contract price difference**: On August 21, 2025, it was 1397, a decrease of 17 compared to August 20 [1] - **Palm oil warehouse receipts**: On August 21, 2025, there were 790, a decrease of 614 compared to August 20 [1] - **Soybean oil warehouse receipts**: On August 21, 2025, there were 15310, remaining unchanged compared to August 20 [1] - **Rapeseed oil warehouse receipts**: On August 21, 2025, there were 3487, remaining unchanged compared to August 20 [1] U.S. Biofuel - On the evening of the 21st, sources said that the Trump administration is expected to rule on small refineries' applications for exemption from the biofuel mandatory blending requirement as early as Friday. Additionally, it is expected to issue a supplementary regulation on the reallocation of exemption production as early as next week, which will include multiple options [1] Palm Oil - **Malaysian production**: According to SPPOMA, from August 1 - 20, the yield per unit was -2.12% compared to the same period last month, the oil extraction rate was +0.46%, and the production was +0.3% [1] - **Malaysian exports**: According to ITS, from August 1 - 20, exports were +13.6% compared to the same period last month [1] U.S. Soybeans - **Weather**: In the next two weeks, the weather for U.S. soybeans will turn dry, which may have an adverse impact on the yield per unit, but considering the low temperature forecast and the current excellent crop conditions, the marginal impact is expected to be small [1][2] - **Production situation**: As of the week of August 17, the good and excellent rate of U.S. soybeans was 68%, higher than the market expectation of 67%, the same as the previous week and the same period last year [2]