Core Insights - The article highlights the efforts of Lai Shui County in Hebei Province to leverage media and e-commerce for rural revitalization, particularly focusing on the promotion of local agricultural products like hemp walnuts [1][2][3] Group 1: Media and E-commerce Initiatives - Lai Shui County has implemented a "media + market linkage" strategy to enhance the sales of local agricultural products, resulting in significant sales growth for hemp walnuts [1][2] - A specialized task force has been established to learn from advanced experiences in "media +" empowerment for rural revitalization, aiming to broaden perspectives and explore new cooperation models [2] - The county has organized over 50 events this year, including product exhibitions and competitions, to promote local specialties and train over 3,000 farmers and business personnel in e-commerce skills [2] Group 2: Product Market Expansion - Traditional industries in Lai Shui, such as hemp walnuts, cloisonné, copper hot pot, and redwood furniture, are expanding their market reach beyond the Beijing-Tianjin-Hebei region to southern markets like the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The sales revenue of hemp walnuts has increased by over 100 million yuan compared to the same period last year, indicating strong market demand [3]

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [3][5] Group 2: Core Viewpoints of the Report - The supply of new and old soybeans is stable, while the peanut market lacks confidence. The soybeans futures showed a weak oscillation, and the low - protein auction soybeans prices are under pressure. The peanut futures had a weak adjustment, with the demand side remaining sluggish and traders lacking confidence [1][3][4] Group 3: Summary by Related Catalogs Soybean View Market Analysis - Futures: The closing price of the bean - one 2511 contract yesterday was 4036.00 yuan/ton, down 10.00 yuan/ton (-0.25%) from the previous day. Spot: The edible soybean spot basis was A11 + 224, up 10 (+32.14%) from the previous day [1] - In the northeast market, soybean prices in some producing areas dropped slightly due to the decline in low - protein prices and the impact of state - reserve auctions. In the sales areas, the trading volume was relatively low due to high temperatures and poor demand. Specific prices in different regions of Heilongjiang showed some declines or remained stable [1] - The bean - one futures showed a weak oscillation. The auctions of central and local soybeans continued, and the lower reserve price increased the transaction rate, but the Heilongjiang provincial - reserve soybean auction failed. The soybeans in the northeast and inland areas are in the late growth stage with good growth and weather conditions. High - protein soybean prices were stable, while low - protein soybean prices were under pressure [2] Strategy - The strategy for soybeans is neutral [3] Peanut View Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 7782.00 yuan/ton, down 46.00 yuan/ton (-0.59%) from the previous day. Spot: The average peanut spot price was 8260.00 yuan/ton, unchanged from the previous day. The spot basis was PK10 + 318.00, up 46.00 (+16.91%) from the previous day [3] - The peanut market is in the transition period between new and old peanuts. The average price of old peanuts is stable, and they are being cleared from inventory. New peanuts' prices are rising steadily, and the number of new - peanut - listing areas and the supply are increasing. The peanut futures had a weak adjustment. The overall trading atmosphere of domestic peanut spots is average, and the demand is sluggish [3][4] Strategy - The strategy for peanuts is neutral [5]

Group 1: Report Core Views - Australia's 2025/26 rapeseed crop output is expected to be 5.7 million tons, unchanged from the previous forecast, with the forecast range between 5.4 - 6.3 million tons. The near - normal temperatures by October will support crop growth, but the cooling forecast from August 25 - 31 is worth attention due to possible light frost in some areas [1] - Malaysia's palm oil product exports from August 1 - 20 increased by 13.6% compared to the same period last month, reaching 929,051 tons [1] - Indonesia plans to increase its crude palm oil annual output from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the growing demand. To achieve this goal, BPDP has implemented human resource improvement plans and the government has launched a plantation revival plan [1] Group 2: Spot Prices - 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 14 - 20, 2025 are provided, showing price fluctuations during this period [1][8]

Group 1 - The American Soybean Association urges the U.S. government to reach an agreement with China to eliminate tariffs and encourage significant purchases of U.S. soybeans, warning of severe long-term economic consequences for U.S. agriculture if China continues to avoid U.S. soybeans [1] - Due to ongoing trade tensions and negotiations, China is accelerating its soybean purchases from Brazil and has not pre-purchased U.S. soybeans for the upcoming harvest, causing concern among traders and farmers [1] - The American Soybean Association highlights the decline in soybean prices while production costs for farmers have significantly increased, putting financial pressure on growers [1] Group 2 - In the 2023-2024 marketing year, China purchased 54% of U.S. soybean exports, totaling $13.2 billion, but the USDA reports a 39% year-on-year decline in U.S. soybean imports from China for the first half of 2025 [2] - The White House states that President Trump is focused on farmers' interests and aims to create a fair competitive environment, having previously urged China to triple its soybean purchases, which led to a temporary price increase [2] - Farmers express skepticism about the feasibility of achieving the target for increased soybean purchases from China [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, and fund flow. It also provides updates on crop conditions, international and domestic supply - demand situations, and regulatory developments. Summary by Directory 01 Overnight行情 - Overnight prices and percentage changes are provided for various futures including palm oil, crude oil, soybeans, and related products. Currency exchange rates and their changes are also given [1]. 02 Spot行情 - Spot prices, basis, and basis changes are presented for DCE palm oil, DCE豆油, and DCE豆粕 in different regions. CNF quotes and relevant information for imported soybeans are also included [2]. 03 Important Fundamental Information 产区天气 - US soybean - producing states will have below - normal temperatures and mostly near - to above - median precipitation from August 24th to 28th. Cool and dry weather is expected in the US Midwest in late August, with a 20 - 40 mm rain deficit in 10 - 15 days, and a possible warm and moderately rainy pattern in early September [3][5]. 国际供需 - Malaysian palm oil prices are expected to stay above 4300 ringgit. Pro Farmer estimates soybean pod numbers in Ohio and South Dakota. USDA reports soybean exports, and the 2025/26 Brazilian soybean planting area may increase by 1.2% - 2.9%. Brazilian 8 - month soybean and soybean meal exports are expected to rise. A Brazilian regulatory body plans to investigate the "Soybean Moratorium Plan". EU 2025/26 imports of palm oil, soybeans, soybean meal, and rapeseed are lower than last year. Australian rapeseed exports have declined, and the Baltic Dry Index has dropped [7][9][12]. 国内供需 - On August 19th, the total trading volume of soybean oil and palm oil increased by 170% compared to the previous day. The trading volume of soybean meal decreased, and the oil - mill startup rate dropped slightly. China's refined edible vegetable oil production in July increased by 4.0% year - on - year. National soybean oil port inventory increased. China's feed production in July decreased slightly from the previous month but increased by 5.95% year - on - year. Agricultural product prices showed some changes [13][14]. 04 Macro要闻 国际要闻 - US retail sales, new home construction, and API crude oil inventory data are reported. The euro - zone's current account balance increased. Malaysia's economic growth may slow due to US tariffs [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate increased on August 19th. The Chinese central bank conducted a net injection of 4657 billion yuan through reverse repurchase operations. China's fiscal revenue from January to July increased slightly year - on - year, and securities transaction stamp duty increased significantly [17]. 05资金流向 - On August 19th, the futures market had a net capital outflow of 157.57 billion yuan, with 27.53 billion yuan from commodity futures and 130.04 billion yuan from stock - index futures. Agricultural product futures had a net inflow, while other sectors had net outflows [19][20]. 06套利跟踪 No relevant information provided.

Group 1 - The core viewpoint emphasizes the importance of modern agricultural industrial parks in promoting high-quality agricultural development through policy support and resource optimization [1] - The Ministry of Agriculture and Rural Affairs has cumulatively supported the construction of 400 modern agricultural industrial park projects from 2017 to 2025, establishing a leading pattern for agricultural modernization [1] - The initiative encourages the integration of various industries, promoting rural leisure tourism and the development of diverse agricultural-related industries [1] Group 2 - The Ministry of Agriculture and Rural Affairs is advancing technological innovation in key industries such as peanuts and broilers, with over 40 new peanut varieties created since 2024 and a market share of over 28% for domestic white-feathered broilers [2] - The promotion of mechanization in peanut production is being supported through subsidies for relevant machinery, enhancing the overall equipment level in the industry [2] - The establishment of a national peanut processing technology research center aims to improve processing techniques and expand product categories in the meat chicken sector [2] Group 3 - The Ministry is focused on building a regional peanut trading center and enhancing the agricultural product market system, with significant improvements in infrastructure and market management [3] - Since 2011, the Ministry has collaborated with 20 provinces to establish 33 national agricultural product markets, facilitating the development of regional and local markets [3] - Future plans include continued support for modern agricultural industrial park projects and the development of a high-quality agricultural product market system [3]

Core Insights - Ningxia has made significant progress in agricultural foreign exchange cooperation through various initiatives, including agricultural exchange platforms, upgrading agricultural product export trade, and modernizing agricultural industries [1][2] Group 1: Agricultural Exchange and Cooperation - Ningxia has successfully hosted six agricultural activities at the China-Arab Expo and established two national-level platforms to support agricultural foreign cooperation [1] - The total import and export value of Ningxia's agricultural products reached 2.39 billion yuan in 2024, nearly quadrupling since 2012, with exports amounting to 1.76 billion yuan, a year-on-year increase of 23.3% [1] Group 2: Industry Development and Branding - Ningxia focuses on six national-level advantageous specialty industry clusters, including wine, goji berries, milk, beef, and cool-season vegetables, achieving a processing conversion rate of 73% for agricultural products [1] - Three brands, including Helan Mountain wine, Zhongning goji berries, and Yanchi sheep, rank among the top 25 in China's regional brand value [1] Group 3: Technology Transfer and International Cooperation - Ningxia has introduced over 20 foreign high-quality varieties of melons, vegetables, and forage, and established 12 Sino-foreign cooperative smart agriculture demonstration zones [2] - The region has promoted over 50 applicable agricultural technologies to developing countries, enhancing local agricultural development in regions such as Africa, West Asia, and Central Asia [2]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q2 2025 reached $55 million, with year-to-date EBITDA amounting to $91 million, reflecting a 60% year-over-year decline in both periods [10][11][12] - Sales totaled $392 million during Q2, with year-to-date sales reaching $716 million, driven by higher volumes sold across operations despite lower prices [10][11] Business Line Data and Key Metrics Changes - In the Sugar, Ethanol, and Energy business, crushing volume was 20% lower year-over-year due to fewer effective milling days and a selective slower milling pace [12][13] - Farming business reported a 12% year-over-year increase in total production, attributed to higher planted area and record productivity in rice operations [12][20] - Adjusted EBITDA for the Farming business totaled $1 million during the quarter, with year-to-date EBITDA at $18 million, impacted by lower international prices and higher costs [21][23] Market Data and Key Metrics Changes - Rice prices have significantly decreased, but customized rice varieties at premium prices are being offered to offset global price drops [7] - Dairy processing volumes are increasing due to a growing market presence, while efforts are ongoing to expand the product portfolio [7][20] Company Strategy and Development Direction - The company aims to be the lowest cost producer while diversifying operations across geographies and products, which serves as a natural hedge against commodity price fluctuations and weather risks [5][6] - A memorandum of understanding was signed with Tether to explore using a portion of energy production for bitcoin mining, indicating a potential innovative project [8] - The company is focusing on improving margins by reducing leased area by approximately 30% in response to challenging price and cost conditions [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching similar crushing levels to the previous year despite a difficult start to the season, citing improved crushing rates in July and August [31][32] - The company is constructive about sugar and ethanol prices, anticipating a potential increase due to lower sugarcane yields and strong ethanol demand [35][36] - Management acknowledged the need to maintain a net leverage ratio below 2.0 times EBITDA while exploring both organic and inorganic growth opportunities [67][68] Other Important Information - Net debt increased to $699 million, 11% higher year-over-year, primarily due to higher short-term borrowings for working capital [23][24] - The company has committed $45 million to shareholder distribution, including dividends and share repurchases [27] Q&A Session Summary Question: Expectations for crushing figures and sugar prices - Management indicated that despite a challenging first quarter, they expect to crush similar amounts of sugarcane as last year, driven by improved performance in July and August [31][32] - They anticipate sugar prices to react positively due to lower sugarcane yields and strong ethanol demand [35][36] Question: Quality of cane and yield expectations - Management expects yields to be flat year-over-year, with a slight decrease in TRS content due to frost affecting sugarcane [41][45] Question: Triggers for hedging next season - Management believes sugar prices could react in the short term based on Brazilian crop impacts, with plans to accelerate hedging once market conditions clarify [54][55] Question: Partnership with Tether and its impact - The partnership is seen as a potential opportunity to sell energy at attractive prices, with ongoing evaluations to determine feasibility [74]

Group 1 - The harvesting season for various agricultural products is underway in different regions of China, including Xinjiang, Ningxia, and Qinghai, leading to increased economic benefits for local farmers [2][6] - In Xinjiang Changji, all processed tomatoes are now grown under order-based planting, ensuring stable income for farmers [2] - In Ningxia Yinchuan, the harvest of sweet melons has resulted in the daily shipment of 20,000 boxes to domestic and Southeast Asian markets, creating over 800 jobs and increasing annual income by 40,000 yuan per person [2] - In Qinghai Haixi, over 420,000 acres of goji berries are being harvested, with improved cold chain logistics allowing fresh berries to reach markets within 60 hours [2] Group 2 - In Sichuan Bazhong, the grape industry has reached an economic benefit of over 4 million yuan, with a planting area of over 1,000 acres [4] - In Heilongjiang Shuangyashan, the high sugar content of goji berries has made them a sought-after product, with sales extending to over 20 cities nationwide [6] - In Hebei Qinglong, the cultivation area for chestnuts has exceeded 1 million acres, with a comprehensive output value surpassing 1.3 billion yuan, contributing to rural revitalization [6]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint - The corn market is in a stage of oscillating downward, and the later price center is expected to decline. Due to high yields, imported corn supplements the market supply, and the overall supply is sufficient. The price difference between corn and wheat remains in the substitutable range, with wheat being widely used as a substitute for corn. Alongside the substitution of millet and other grains, these factors suppress the corn price. The planting area of new crops is high, and the expected yield per unit is good, so the new crop yield is still expected to be abundant. The lowest planting cost of the new crop on the futures market is about 2,000 yuan/ton, and the cost center continues to shift downward. Under multiple negative factors, it is expected that c2509 will oscillate downward, and the later price center is expected to shift downward [7]. 3. Summary by Directory Domestic Corn Supply - **Supply**: The domestic corn price continues to oscillate weakly, and the growth of new - season corn is good. The current main variable is the weather during the growth period, especially rainfall. The NDVI data shows that the growth of corn in Northeast China is significantly better than in previous years, while in North China, although affected by extreme weather, the growth is still around the annual average. Overall, the expected yield per unit of corn in the main production areas is good [9][10]. - **Import**: The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the total corn import volume was 785,300 tons, a year - on - year decrease of 92.88%. The USDA estimates that China's corn imports in the 2024/25 season will be 4 million tons, lower than 23.41 million tons in the 2023/24 season [17][19][20]. - **Substitutes**: Feed enterprises are purchasing wheat to replace corn, and the substitution pressure of imported substitutes is decreasing. The price difference between corn and wheat in North China is near parity, and wheat has a high cost - effectiveness, exerting great pressure on the feed - use substitution of corn. In June 2025, the import volume of barley decreased by 23.83% year - on - year, and the import volume of sorghum decreased by 32.71% year - on - year [29][30]. Demand - **Feed and Livestock Farming**: The feed demand in the livestock farming industry is rigid, but the breeding profit is average. In June 2025, the national industrial feed production was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, the parent - stock of white - feather broilers, and the hatching volume of laying - hen chicks are all at high levels, indicating a rigid feed demand. However, the breeding profit of self - breeding and self - raising pigs is at a low level, the profit of broiler breeding is seasonally rising, and the profit of laying - hen breeding has deteriorated [34][35][36]. - **Deep - processing**: The operating rate of corn starch enterprises in Heilongjiang has increased significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has rebounded to a neutral level, with Shandong and Heilongjiang showing relatively high rates. The corn starch production has also increased, but the downstream提货量 is low, and the production profit is severely in the red. The consumption of corn by corn alcohol enterprises has slowed down, and the operating rate has reached a new low [55][56]. Inventory - **Corn Trade and Inventory**: The inventory of trade channels and downstream users is gradually decreasing, and the starch inventory is significantly high. As of August 8, the inventory of the four northern ports continued to decline, and the domestic trade inventory of southern ports fluctuated downward. The inventory of feed enterprises continued to decrease, and the inventory of deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises continued to reach a new high in the past eight years [83][84][85]. Basis and Spread - **Basis**: The report provides the basis data of corn 01, 05, 09 contracts at Jinzhou Port and the basis data of starch 01, 05, 09 contracts in Jilin area on August 14, 2025 [117][119][121]. - **Spread**: The report provides the spread data of corn 5 - 9, 9 - 1, and the spread data of starch 1 - 5, 5 - 9, 9 - 1, as well as the spread data between corn and starch 01, 05, 09 contracts [127][128][129]. Corn Warehouse Receipt Quantity - As of August 14, 2025, the corn warehouse receipt quantity was 222,298 hands, and the corn starch warehouse receipt quantity was 25,000 hands [140]. Industrial Chain Operation Suggestions - **Traders**: For procurement management, build inventory and seek to buy corn at low prices. Use a 100% hedging ratio, buy the c2509 - C - 2400 option at an entry price of 8. For inventory management, sell corn at high prices and use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4]. - **Downstream Enterprises**: For procurement management, when in need of corn raw materials and worried about price increases, use a 100% hedging ratio, buy the c2509 - C - 2400 option. For inventory management, when the raw material inventory is high and worried about price drops, use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4].