Core Viewpoint - Canada imposed tariffs on China but failed to gain any benefits from the U.S., resulting in a $3.7 billion agricultural order being redirected to Australia [1][3]. Group 1: Impact on Canada - Canadian Prime Minister Carney's decision to impose tariffs was intended to signal a stance against China, but it backfired as China redirected a significant order to Australia [3][4]. - The agricultural sector in Canada is facing severe disruptions, with a backlog of 8 million tons of canola and nearly 2,000 containers of grain stuck at ports due to delayed orders from China [3][4]. Group 2: China's Response - China demonstrated its ability to switch suppliers easily, indicating that it values stable and respectful trade relationships over political posturing [5][8]. - The lack of long-term commitments in the new orders from Australia suggests that China is willing to explore other suppliers if necessary, emphasizing the importance of reliability and trust in trade [5][6]. Group 3: Australia's Advantage - Australia is benefiting significantly from the redirected orders, with expectations of purchasing between 150,000 to 250,000 tons of canola from China [4][5]. - The situation highlights Australia's competitive edge in agricultural exports, as it capitalizes on Canada's missteps in trade relations with China [4][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.

Group 1 - In September and October of this year, China has secured approximately 12 million tons of soybean supply from South America, accounting for about half of its demand during the same period, which has forced the U.S. to lose its traditional autumn export window [2] - Data indicates that China's total soybean imports for 2024 are projected to be around 105 million tons, with approximately 22.13 million tons sourced from the U.S., while over 70% will come from Brazil, and Argentina's supply is also rapidly increasing, providing China with diversified procurement options [4] - This strategy is not a "one-size-fits-all" approach but rather a rational choice for supply-demand restructuring and supply security, as diversifying imports helps mitigate risks from trade frictions and promotes the synergy between South American supply chains and the Chinese market [5]

Core Viewpoint - The "Media+" initiative aims to enhance agricultural cooperation between Guangdong and Jilin provinces, focusing on the promotion of high-quality agricultural products and the establishment of a robust market system through cultural empowerment and media integration [10][11][12]. Group 1: Event Overview - The Jilin-Guangdong Agricultural Sharing Economy and Quality Specialty Agricultural Products Promotion Conference was held during the 24th Changchun International Agricultural and Food Expo [2][3]. - The conference emphasized themes such as technological agriculture, green agriculture, quality agriculture, and brand agriculture [4][5]. Group 2: Media Empowerment - The "Media+" initiative is seen as a transformative approach to empower agricultural market systems, integrating culture and media to enhance product value and market reach [9][30]. - The initiative has sparked a wave of exploration and discussion across various industries, promoting a new paradigm of cooperation between Jilin and Guangdong [11][12]. Group 3: Agricultural Cooperation - The collaboration between Jilin and Guangdong has led to the development of numerous products, market connections, and export enterprises, establishing a new cooperative model known as the "Four Shares" [12][13]. - Jilin officials expressed the intention to adopt Guangdong's successful experiences in cultural empowerment and media integration to boost local agricultural products [14][15]. Group 4: Brand Development - The initiative aims to transform regional products into trusted national brands by connecting cultural narratives with consumer experiences through media [16][17]. - Various companies are leveraging the "Media+" strategy to enhance brand recognition and market presence, focusing on consumer trends and product innovation [39][40]. Group 5: Future Directions - Guangdong plans to collaborate with Jilin to create a "New Year Dish" matrix, elevating local specialties like Jilin ginseng into culturally significant products through media promotion [48][49].

Core Viewpoint - The article discusses the fragility of trade agreements made by the Trump administration, highlighting the potential for these agreements to be more about political posturing than actual economic benefits. It emphasizes that the agreements may not lead to the expected outcomes and could result in a shift in global trade dynamics away from U.S. dominance [5][7][27]. Group 1: Trade Agreements and Their Viability - The U.S. and China have agreed to pause the implementation of 24% tariffs for 90 days, indicating a potential thaw in trade tensions, but the effectiveness of these agreements remains questionable [5]. - Many of the trade agreements, such as those with the EU and Japan, lack concrete details and written records, leading to skepticism about their enforceability and actual economic impact [11][19]. - The commitments made by countries to purchase U.S. goods, such as the EU's promise to buy $750 billion in energy products, are viewed as unrealistic given the current export levels from the U.S. [13][14]. Group 2: Economic Impact and Criticism - The Trump administration's trade policies have resulted in the highest tariffs in nearly a century, costing American households an average of $2,400 annually [8]. - Job losses in the manufacturing sector have continued, with 11,000 jobs lost in July alone, contradicting the administration's claims of job creation through these policies [8]. - The article argues that the focus on tariffs has led to increased costs for consumers and has not effectively brought manufacturing jobs back to the U.S. [25]. Group 3: Global Trade Dynamics - The article suggests that the aggressive trade policies have led to a shift in alliances, with traditional U.S. allies like the EU and Japan seeking closer ties with China and reducing their dependence on the U.S. [25][27]. - The potential for a "anti-U.S. alliance" is highlighted, as countries look to diversify their trade relationships in response to U.S. policies [25]. - The article concludes that the Trump administration's approach may lead to the decline of the existing international trade system, with new rules potentially being established without U.S. leadership [27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the protein meal market, international soybean prices are affected by factors such as US policies, weather, and USDA reports, showing a volatile upward trend. Domestic soybean meal prices are also influenced by international prices and domestic supply and demand, with the price center rising. In the oil market, international oil prices are differentiated, with US soybean oil falling and Malaysian palm oil rising. Domestic oil prices are generally rising, but there are differences among varieties [6][59]. - Looking ahead to the next week, in the protein meal market, international soybeans may be affected by high - temperature weather, and the market is expected to be volatile and strong. Domestic soybean meal is also expected to be volatile and strong, with the M2601 contract oscillating between 3000 - 3200. In the oil market, international US soybean oil is volatile and domestic oils are strong, but further upward movement requires external forces [112][113]. Summary by Directory Part 1: Protein Meal Market Analysis 1. Market Trend - This week, CBOT soybeans first rose and then fell. The initial rise was due to expectations of improved US soybean export demand and hot and dry weather in some Midwestern farmlands, as well as the adjustment of positions by grain traders before the USDA report. The subsequent fall was due to profit - taking by investors and concerns about export demand. Affected by this, the domestic soybean meal market also first rose and then fell, with the price center rising [6]. 2. Export and Supply - related Data - US soybean export inspection volume exceeded market expectations, with a 18% decrease compared to the previous week but a 48% increase compared to the same period last year. As of August 7, 2025, the export inspection volume was 518,066 tons. The total export inspection volume for the 2024/25 season reached 48,367,647 tons, a 11.5% year - on - year increase [11]. 3. Weather and Planting Progress - In North America, most parts of the US are dry, which is beneficial for field operations but reduces soil moisture. Some areas have significant rainfall and strong thunderstorms. In Canada's prairie region, wet weather increases soil moisture but affects the early stage of small - grain cereal harvesting [26][30]. - As of August 10, 2025, the US soybean excellent - good rate was 68%, the flowering rate was 91%, and the pod - setting rate was 71% [22]. 4. Global Supply and Demand - For the US 2025/26 soybean season, the planting area is estimated to be 80.9 million acres, a decrease of 2.5 million acres from July. The yield is estimated to be 4.292 billion bushels, a decrease from July. The ending inventory is estimated to be 290 million bushels, a decrease from July. For the 2024/25 season, the export and crush expectations of US soybeans are increased, and the ending inventory of US soybean oil is increased. Globally, the 2025/26 soybean production is estimated to be 426 million tons, a decrease of 1.29 million tons from July, and the ending inventory is decreased by 1.17 million tons to 124 million tons [32][33]. 5. Domestic Market Indicators - Domestic spot and futures crushing profits have declined. As of the end of this week, the import soybean inventory at ports is about 6.8435 million tons, and the theoretical crush days are 19 days. The domestic soybean oil mill's average startup rate is 62.56%, an increase of 1.25% from last week. The domestic soybean meal inventory is 1.04 million tons, a decrease of 31,000 tons from last week [40][45]. Part 2: Oil Market Analysis 1. Market Trend - This week, international oil prices were differentiated. US soybean oil oscillated downward due to factors such as the decline of international crude oil, the fall of US soybeans, and uncertain biodiesel policies. Malaysian palm oil oscillated upward, but there are doubts about the sustainability of its export growth. Domestic oils generally rose, with soybean oil rising due to increased import costs, palm oil following Malaysian palm oil, and rapeseed oil first rising due to policies and then falling [59]. 2. International Oil - related Information - Indonesia may postpone the implementation of the B50 biodiesel plan, which may ease concerns about palm oil supply shortages. From August 1 - 10, Malaysian palm oil exports increased by 23.3% - 23.7% compared to the same period in July. In July 2025, Malaysian palm oil production was 1.8124 million tons, exports were 1.309 million tons, and the ending inventory was 2.1132 million tons [61][62]. 3. Domestic Oil - related Indicators - As of the 32nd week of 2025, the total inventory of the three major domestic edible oils was 2.6066 million tons, a decrease of 3400 tons from the previous week. Among them, soybean oil inventory was 1.3079 million tons, an increase of 13,300 tons; edible palm oil inventory was 526,200 tons, a decrease of 3400 tons; rapeseed oil inventory was 772,500 tons, a decrease of 13,400 tons [78]. Part 3: Market Outlook 1. Technical Analysis - For protein meals, the short - term and medium - term indicators of soybean meal and rapeseed meal are bullish, while the long - term indicators are entangled. For oils, the short - term, medium - term, and long - term indicators of soybean oil and palm oil are bullish, and the short - term indicators of rapeseed oil are entangled, with medium - term indicators bullish and long - term indicators entangled [112]. 2. Fundamental Analysis - Protein meals: Internationally, US soybeans may be affected by high - temperature weather, and the market is expected to be volatile and strong. Domestically, the soybean oil mill's startup rate remains high, and soybean meal inventory may decrease steadily. The market is expected to be volatile and strong, with the M2601 contract oscillating between 3000 - 3200. - Oils: Internationally, US soybean oil is volatile due to lack of positive news. Malaysian palm oil has pressure at around 4500. Domestically, oils are strong, but further upward movement requires external forces [113].

Group 1 - The 2025 "Gui Brand" agricultural product promotion event was held in Changchun, Jilin Province, during the 24th China Changchun International Agricultural and Food Expo, with a signed amount exceeding 450 million yuan [1] - Guangxi has successfully developed ten major characteristic industrial clusters, including grain and oil, sugar, and fruits, becoming known as the "sugar jar," "vegetable basket," and "fruit plate" of China, with a total output of garden fruits exceeding 33 million tons, accounting for about one-seventh of the national total [1] - Jilin is recognized as China's "big granary" and "big meat warehouse," famous for its specialty agricultural products such as corn, rice, and deer antler [2] Group 2 - The event aimed to invite merchants from Jilin and other provinces to participate in the second Guangxi International Agricultural Expo in Nanning in November, promoting a mechanism for agricultural product supply and demand connection between provinces [2] - Six companies from Guangxi, including Dongyun Agricultural Investment Co., Ltd. and Daqiyuren Food Co., Ltd., reached cooperation intentions with six companies from Jilin, including Jilin Jinhe Agriculture Co., Ltd. and Jilin Huaxi Agriculture Technology Co., Ltd. [2]

Group 1 - The 35th Hong Kong Food Expo showcases Hainan's agricultural products, including Wenchang chicken, seafood, tropical fruits, and rainforest tea drinks, highlighting the unique charm of Hainan's agriculture [1] - From 2019 to 2024, Hainan's agricultural product import and export trade volume increased from 6.732 billion to 20.866 billion, with an average annual growth rate of 20.75% [1] - In 2024, Hainan's export value to Hong Kong reached 119 million, a year-on-year increase of 66.3%, indicating strong recognition and preference for Hainan's agricultural products among Hong Kong consumers [1] Group 2 - During the expo, Hainan's exhibition team engaged with major Hong Kong enterprises such as China Resources Five Star and Maxim's Group to promote Hainan's quality products [2] - Brands like Hainan Springlight Foods and Yonghong Wenchang Chicken have already entered multiple chain supermarkets and food supply chains in Hong Kong [2]

过去几年，加拿大总是追随美国围堵中国。现在中国动真格的，直接用关税反制加拿大。没多久，加拿大总理卡尼就就急忙释放"希望对话"的信号。显然， 反华的后果，加拿大承受不起。 今年3月，中国对加拿大油菜籽及相关产品加征了100%的关税，同时要求进口商缴纳高额保证金。这一政策一出，加拿大的出口商们立刻陷入两难：如果缴 纳关税，产品价格毫无竞争力；如果放弃进入中国市场，只能低价转卖给其他国家，眼下折价幅度甚至高达30%。对依赖出口的加拿大农户来说，这几乎等 于断了生计。 事实上，这并非中国突然翻脸，而是一次有计划的反制行动。去年9月，加拿大政府紧跟美国步伐，对中国电动车征收100%关税，并对钢铁、铝制品加征 25%关税。中方早就启动了对加拿大油菜籽的反倾销调查，如今结果明确，就是要通过加征关税让加拿大感受到切实的经济压力。 数据显示，加拿大有六成油菜籽出口目的地是中国，而中国市场中高达96%的油菜籽原本来自加拿大。换句话说，中加在这一领域几乎是深度绑定。正因如 此，关税打击才会如此致命。 本以为双方"唇齿相依"，中国不会轻易下狠手。但现实却证明，中国完全有能力通过调整进口渠道来替代加拿大供应。对加拿大而言，失去中国市场 ...

8月15日，第二十四届中国长春国际农业·食品博览（交易）会期间，由自治区农业农村厅主办的2025 年"桂字号"品牌农产品（长春）推介会在吉林省长春市举行，签约金额超4500万元。广西东云农业投资 有限公司、广西打鱼人食品有限公司等6家广西企业与吉林省金禾农业有限公司、吉林省华玺农业科技 有限公司等6家吉林企业现场达成合作意向。（广西日报） ...