Group 1: Modern Agriculture - The first key highlight is modern agriculture, with a total planting area of 600,000 acres for tea, citrus, and kiwi in Pujiang, which was approved as a national modern agricultural industrial park in 2019 [2] - Pujiang has implemented the "two substitutions" project, replacing chemical fertilizers with organic fertilizers and chemical pest control with green prevention methods, making it the only county in the country with all three regional public brand values in the top 40 [2] - Annual sales revenue from agricultural products exceeds 12 billion yuan, with significant contributions from cold chain logistics, which has an annual turnover of 1 million tons [2] Group 2: Industrial Development - The second key highlight is industrial development, with Pujiang being the only small and medium-sized enterprise cooperation zone in Western China approved by the Ministry of Industry and Information Technology [3] - The contribution rate of the industrial sector to the county's economy is 37%, which is 7 percentage points higher than the provincial average, particularly driven by the biomanufacturing industry, which has maintained double-digit growth for several years [3] - Global market share for products like brassinosteroids, hesperidin, and tea polyphenols exceeds 70% [3] Group 3: Ecological Development - The third key highlight is ecological development, with Pujiang being the first national ecological civilization construction demonstration county in Sichuan [3] - The county has proposed the concept of a "rural ecological business district" and aims to transform ecological value into economic benefits, with its experience recognized as an excellent case nationwide [3] - The logistics port in Pujiang is part of the national western land-sea new passage, with trade import and export volume growing at double-digit rates for three consecutive years, and exports accounting for 94% of the total [3]

日本经济新闻调查了美国农业部公布的外国企业的大豆和玉米预约采购情况。特朗普就任总统前的 1月16日以后，中国的采购一直为零。在其他农产品方面，中国也在减少美国产品…… 日本经济新闻4月21日获悉，中国已经自1月中旬起停止预约采购美国产大豆和玉米。在减 少从美国进口农产品和资源的同时，为了保证稳定供应，增加了从巴西等国家的采购。意在 对抗对中国征收高关税的美国特朗普政府，对作为其支持基础的美国农户等造成打击。 此次日本经济新闻调查了美国农业部公布的外国企业的大豆和玉米预约采购情况。特朗普 就任总统前的1月16日以后，中国的采购一直为零。虽然也有"出口目的地不明"的合同，但 2024年8月以后，每个月都有中国企业的多笔采购。 特朗普在2024年总统选举中，做出了对进口自中国的所有商品征收60%关税的竞选承诺。 实际上，截至4月，第二届特朗普政府对中国加征的关税达到了145%。 作为报复性措施，中国3月对美国产大豆、小麦、玉米、鸡肉等启动了最高达15%的额外 关税。停止采购被认为与关税措施一样，是对特朗普政府的一种震慑手段。 取代美国的中国采购来源国是巴西。巴西大豆种植户协会主席毛利西奥·布冯在接受日本 经济新闻的 ...

Core Viewpoint - Cambodian jasmine rice is gaining popularity in China, showcased at the 5th China International Consumer Products Expo, highlighting the collaboration between Cambodia and China in agricultural trade [2][4]. Group 1: Agricultural Trade - In 2022, Cambodia exported nearly 640,000 tons of rice to international markets, with approximately 300,000 tons (almost half) going to China [4]. - The demand for Cambodian rice in China is driven by consumer preferences for diverse flavors, despite China's significant rice reserves [6]. - Advanced agricultural technology from China has helped Cambodian farmers increase their rice yield by nearly double per acre [7]. Group 2: Market Access and Trade Agreements - Various trade platforms, such as the China-ASEAN Expo and the China International Import Expo, facilitate the entry of Cambodian rice into the Chinese market [9]. - The implementation of the China-Cambodia Free Trade Agreement and RCEP has led to an influx of Cambodian specialty agricultural products into China, including longan [9]. Group 3: Infrastructure Development - Recent infrastructure projects, such as the opening of the 71C National Road, enhance trade efficiency between Cambodia and China, allowing for increased transportation frequency [15][17]. - The development of key infrastructure, including highways and airports, supports the growth of tourism and trade, with the Angkor International Airport opening routes to 17 destinations in 8 countries [21]. Group 4: Bilateral Relations - The relationship between Cambodia and China is characterized by mutual cooperation in various sectors, with agriculture being a significant aspect [15][24]. - Cambodian leaders emphasize the importance of adapting trade relations to global trends such as climate change and digitalization, recognizing China as ASEAN's largest trading partner [23].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The Brazilian soybean production in 2025 is expected to increase, while the US soybean crushing volume in March was lower than expected, and the Malaysian palm oil exports from April 1 - 15 increased [1][2]. 3) Summary by Related Contents Brazil Soybean - IBGE estimates Brazil's 2025 soybean production at 164.26 million tons, a 13.3% increase from the previous year, with a planting area of 47.362525 million hectares, a 2.9% increase from the previous month's estimate and unchanged from the previous year [1]. - Conab reports that as of April 13, the 2024/25 soybean harvest rate in Brazil reached 88.3%, 3 percentage points higher than the previous week, 5.2 percentage points faster than the same period last year, and 0.9 percentage points faster than the five - year average [1]. US Soybean - NOPA reports that the US soybean crushing volume in March was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024, and lower than analysts' estimates [1]. - The daily average soybean crushing volume in March was 6.276 million bushels, the lowest since September [1]. - As of March 31, NOPA member units' soybean oil inventory was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year, also lower than analysts' estimates [1]. Malaysian Palm Oil - SGS data shows that Malaysia's palm oil product exports from April 1 - 15, 2025, were 376,584 tons, a 7.05% increase from the same period of the previous month [1][2]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from April 10 - 16, 2025, are provided [7].

研究员：刘锦 从业资格 F0276812 交易咨询：Z0011862 联系电话13633849418 格林大华 期货研究院 证监许可【2011】1288号 免责声明，本报告中的信息均采源于公开资料，我公司对这些信息的审批发完整任不作任何保证、不保证指信息已收录新交来，也不保证分析师划出所经理议员会发生组刊交费，在任何情况下，很告中的信息或所定比较息见子不动诉放 部铁&科买卖好出你动物》在任何情况下，我却不得就是一切任何内容的任何投诉做出任何完就的担保。很遗老批战致、改变网络自我熬，我公司很发出与本投音意见不一致的热忱摇，本社会反映分析体内的意见与赏欲，不 代表我公司的立场。未经我公司同意，任何人不得对本报告进行任何形式的发布、复制或对本报告进行有悖原意的删节和修改。 格林大华期货有限公司 GELIN DAHUA FUTURES CO., LTD. 2021年-2024年以来，澳大利 亚油菜籽产量在2022年达到 840万吨，其他几年维持在600 万吨上下 2021-2022年以来，澳大利亚 油菜籽出口量在500万吨-600 万吨之间。 澳大利亚国内油菜籽消耗自 2022年以来大量减少，主要用 中 市场快讯-- ...

Summary of Conference Call on Corn Market Analysis Industry Overview - The conference focused on the corn market in China, discussing supply and demand changes, import dynamics, and price trends [1][2][3]. Key Points and Arguments 1. **Increase in Corn Imports**: China began significantly increasing corn imports starting from the 2020-2021 crop year, with imports rising from 7.6 million tons in the 2019-2020 crop year to 29.5 million tons in the 2020-2021 crop year, indicating a substantial increase in reliance on imported corn [2][3]. 2. **Decline in Import Proportion**: By the 2023-2024 crop year, the proportion of imported corn decreased significantly to 13%, down from a range of 50% to 70% previously, with a shift in sourcing from the U.S. to Brazil [3][4]. 3. **Current Import Levels**: The total import volume is expected to stabilize around 7.2 million tons, similar to the 2019-2020 levels, with no significant drivers for exceeding import quotas [4][5]. 4. **Impact of Tariffs on Imports**: The increase in import tariffs, which rose to 50%, has rendered corn imports unprofitable, leading to a significant reduction in import activity [5][15]. 5. **Domestic Price Trends**: The overall price trend for domestic corn is expected to rise, supported by supply-demand dynamics, although this may take time to materialize [6][7]. 6. **Market Conditions**: The current market is characterized by a balance in supply and demand, with sufficient grain supply preventing significant price increases [8][9]. 7. **Storage and Inventory Levels**: High inventory levels at northern ports are contributing to a lack of confidence in price increases, with expectations that inventory will need to be reduced before prices can rise significantly [9][10]. 8. **Feed Demand**: The consumption of corn for feed is projected at 170 million tons, with deep processing demand at approximately 7.8 million tons, indicating stable demand levels [20][21]. 9. **Wheat and Corn Dynamics**: The relationship between wheat and corn prices is complex, with wheat prices expected to remain stable due to government support and the potential for wheat to substitute corn in feed [12][19]. 10. **Future Considerations**: Attention will be needed on the spring planting situation and potential changes in planting areas, which could impact future corn supply [17][18]. Other Important Insights - The analysis highlighted the importance of monitoring the overall agricultural policy environment and market conditions, as these factors will influence both corn and wheat prices moving forward [12][19]. - The discussion also touched on the implications of potential changes in import dynamics and domestic production levels, which could affect the overall corn market landscape in China [15][22]. This summary encapsulates the key insights from the conference call regarding the corn market, focusing on import trends, pricing dynamics, and the interplay between domestic and international factors affecting supply and demand.

Group 1 - Chinese importers purchased at least 40 vessels carrying 2.4 million tons of soybeans from Brazil, which is about one-third of China's average monthly soybean imports [1] - Brazil has replaced the United States as China's largest soybean supplier, with the U.S. market share in China's soybean imports dropping from 40% in 2016 to 18% in 2024 [1] - The ongoing trade conflict has prompted U.S. soybean farmers to express concerns about losing market share to competitors like Brazil [3][8] Group 2 - A survey indicated that over 54% of U.S. farmers do not support the use of tariffs as a negotiation tool by the Trump administration [7] - The Trump administration's trade policies have resulted in over $27 billion in losses for U.S. agricultural exports, with soybeans accounting for approximately 71% of that loss [8][9] - The imposition of retaliatory tariffs on U.S. agricultural products has created additional pressure on farmers, particularly in the context of rising costs for essential inputs like fertilizers and agricultural equipment [9]

Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - As of March 29, 2025, Brazil's 2024/25 soybean harvest rate reached 81.4%, 5 percentage points higher than the previous week and ahead of last year's 71.0% [1] - StoneX lowered Brazil's 2024/25 soybean and corn production estimates due to poor weather in Rio Grande do Sul [1] - In February 2025, the U.S. soybean crush volume was 567,000 short tons, with毛豆油 production down 11% from January and 2% from February 2024 [1] Group 3: Summary by Related Catalogs Overnight Market Information - As of March 29, 2025, Brazil's 2024/25 soybean harvest rate was 81.4%, the first - season corn harvest rate was 53.3%, and the second - season corn planting rate was 97.9% [1] - StoneX estimated Brazil's 2024/25 soybean output at 167.54 million tons, first - season corn output at 2.59 million tons, and second - season corn output at 101.62 million tons [1] - In February 2025, the U.S. soybean crush volume was 567,000 short tons, 1.89 billion bushels;毛豆油 production was 2.24 billion pounds [1] Main Producer Precipitation - No relevant information provided Imported Soybean Disk Crushing Profit - No relevant information provided Oil Import Profit - No relevant information provided Spot Prices - Spot prices of various products in different regions from March 26 to April 1, 2025 are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [1] Protein Meal Basis - No relevant information provided Oil Basis - No relevant information provided Oil and Oilseed Disk Spreads - No relevant information provided

Group 1: Core Innovation of Malu Grape RWA Financing Case - Malu Grape, a landmark agricultural brand in Shanghai, completed a 10 million yuan equity financing through a Real World Assets (RWA) project in 2024, becoming the first data asset securitization case in the agricultural sector [1] - The project combines data assetization with blockchain technology, ensuring transparency and immutability by recording environmental and economic data on the blockchain, thus addressing liquidity and financing challenges in traditional agriculture [2] - A multi-party collaboration involving Shanghai Data Exchange, Left Bank Xinhui, and law firms established a complete chain for data collection, verification, and trading, with smart contracts ensuring compliance throughout the process [3][4] Group 2: Economic Benefits and Industry Upgrade - The financing will be used for smart agricultural facility construction, such as intelligent irrigation and environmental monitoring, expected to generate an additional annual income of 3 million yuan and enhance brand premium [5] - The project promotes a shift from experience-based planting to data-driven precision management, optimizing the supply chain and enhancing product traceability [6] Group 3: RWA Model as a New Financing Paradigm - RWA transforms physical assets into on-chain tokens via blockchain technology, addressing traditional asset pain points such as enhanced liquidity and reduced investment thresholds [7] - The model improves transparency by ensuring asset authenticity and traceability through data on the blockchain, thereby reducing information asymmetry [8] Group 4: Diverse Application Scenarios - The Malu Grape case validates the feasibility of data assetization in agriculture [9] - In the renewable energy sector, Longxin Technology collaborates with Ant Group to provide low-cost financing for charging station operators through RWA [10] - Tokenization can release liquidity in real estate and support emerging asset classes like carbon credits [11] Group 5: Technology Integration and Compliance Pathways - The project integrates blockchain, AI, and IoT, utilizing smart hardware for real-time data collection and smart contracts for automated transactions [12] - A regulatory framework is necessary to balance innovation and risk, with Hong Kong exploring compliance pathways through sandbox mechanisms [12] Group 6: Comparison with Other Financing Methods - RWA offers more flexible asset segmentation and lower transaction costs compared to traditional asset-backed securities (ABS), which rely on credit and have lower liquidity [13] - RWA covers a broader range of asset types compared to security token offerings (STO), combining features of both [14] - The market for RWA assets is projected to reach trillions by 2030, covering sectors like real estate and green energy [15] Group 7: Insights and Challenges - RWA is suitable for enterprises with high-value non-standard assets needing improved liquidity, requiring data governance capabilities and compliance teams [18] - Regulatory uncertainty and technological security are challenges that need to be addressed, including the need for third-party audits to prevent data tampering and smart contract vulnerabilities [20][21]

Core Viewpoint - The development of urban agriculture in Wuqing District is a significant aspect of the cultural and ecological development along the Grand Canal, contributing to economic growth and community income enhancement [2][4]. Group 1: Economic Development - In 2024, Wuqing District achieved a GDP of 103.23 billion, reflecting a year-on-year growth of 5.5% [2] - The district's public budget revenue increased by 11% year-on-year [2] - The average annual income of villagers in Tianshuipu Village is expected to rise by 10,000 yuan due to the promotion of specialty radishes [1] Group 2: Agricultural Initiatives - The "Fuyun Wuqing" regional public brand was established to support urban agriculture, alongside the "Wuqing Fruits and Vegetables" brand [1] - Wuqing District has created a comprehensive urban agriculture park that integrates seed industry revitalization, technological innovation, and specialty planting [6] - The district's vegetable wholesale market has a transaction volume of 400 million tons, serving as a key supply base for the Beijing-Tianjin-Hebei region [9] Group 3: Cultural and Environmental Protection - Wuqing District has implemented a planning system focused on the protection and utilization of the Grand Canal's cultural heritage [4] - Over the past five years, the district has completed 36.38 kilometers of riverbank protection and planted 25 million trees [4] - The district has established a digital protection project for the Wuqing Museum, showcasing 200 high-definition images and 100 3D models of cultural relics [5] Group 4: Tourism Development - In 2024, Wuqing District received 16 million tourists, generating 5 billion in revenue [8] - The district has launched the "Wuqing New Ten Sceneries" and developed nine themed tourism routes along the Grand Canal [7] Group 5: Financial Support and Investment - Agricultural loans in Wuqing District exceeded 1.5 billion, with manufacturing loans nearing 2 billion [12] - In 2023, 36 projects were signed, with 26 completed and an investment of 1.015 billion [6] - The district has established a mechanism to support the landing of signed projects, focusing on various sectors including agriculture and cultural tourism [6][12]