Group 1 - The core focus of the "China-U.S. Agricultural Trade Cooperation Forum" is to enhance agricultural trade cooperation and mutual trust between China and the U.S., contributing to global food security and sustainable development goals [1][2] - The forum emphasizes the importance of U.S.-China soybean trade, with China projected to import 105 million tons of soybeans in 2024, maintaining its status as the largest soybean importer globally [2] - The U.S. Department of Agriculture forecasts global soybean production to reach 427 million tons in the 2025-2026 period, with the U.S. contributing over 25% and China maintaining imports around 100 million tons [2] Group 2 - U.S. agricultural representatives express optimism about the recovery of agricultural trade relations, highlighting agriculture as a bridge for international cooperation and trust [2] - The Chinese Ministry of Commerce emphasizes the mutual benefits of agricultural cooperation, stating that stable economic relations foster agricultural collaboration, which in turn promotes healthy bilateral relations [2] - The forum participants discuss the need to strengthen cooperation and investment to achieve long-term win-win outcomes, focusing on expanding trade and market opportunities [3] Group 3 - The California Almond Association highlights its significant investment in the Chinese market over the past 30 years, with China being a key destination for its almond exports [4] - The California Wine Association, participating for the first time, notes that California produces 85% of U.S. wine and aims to meet the diverse and high-quality demands of Chinese consumers [4] - The Wisconsin Ginseng Growers Association reports that 65% of its ginseng production is exported directly to China, showcasing a long-standing trade relationship [4] Group 4 - The U.S. Rice Industry Association emphasizes its commitment to sustainability and high quality, with American rice being non-GMO and traceable from farm to table [5] - Participants note a trend of "consumer-driven supply" in the Chinese market, indicating the need for improved insights into Chinese consumer demands as a competitive advantage [5]

Group 1 - The eighth China International Import Expo (CIIE) was held in Shanghai from November 5 to 10, showcasing a variety of products from the company, including animal nutrition solutions, food ingredients, and instant coffee products [1] - The company launched its "Soyadoc" specialty feed protein brand, featuring a comprehensive range of animal nutrition products, including super fermented soybean meal, yeast hydrolyzed protein, plant-based fish meal protein, and fortified phospholipids, all making their global debut [1] - The company's animal nutrition products aim to enhance the efficiency of animal nutrition utilization, improve animal health, and optimize breeding cost-effectiveness, leveraging the innovation capabilities of its Shanghai R&D center and integrated production facilities [1] Group 2 - The company emphasized that China's open policies have created numerous opportunities for collaboration with regional partners, with the CIIE serving as a key platform for deepening engagement with the vibrant Chinese market [2] - The company is committed to investing in innovation in China to create shared value and achieve long-term development [2]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, the CBOT soybean market fluctuated with news of China's soybean purchases from the US, and the domestic soybean meal market followed suit. The soybean oil market was weak, and the palm oil market awaited the MPOB report. The domestic vegetable oil market showed a differentiated trend [6][60]. - Next week, the protein - meal market will focus on the USDA report, with expectations of a significant reduction in US soybean inventory. The domestic soybean meal market has high inventory pressure and is driven by cost. The oil market will pay attention to the MPOB report and 11 - day export data in November. The overall oil market is weakly operating, awaiting the guidance of the two reports [125][126]. 3. Summary by Directory 3.1 Protein Meal Market Analysis 3.1.1 Weekly Market Review - The CBOT soybean price first rose and then fell this week. The domestic soybean meal market followed the trend of US soybeans, with the futures price rising first and then falling. Although the domestic soybean meal inventory reached a new high, the oil mills' willingness to support the price of soybean meal increased due to losses [6]. 3.1.2 US Market - US Soybean Export Situation - As of the week ending October 30, 2025, the US soybean export inspection volume was 965,063 tons, a decrease from the previous week and the same period last year. The cumulative export inspection volume in the 2025/26 season decreased by 40.0% year - on - year, and the export reached 17.0% of the annual target [13]. 3.1.3 North American Market - South American Weather - As of October 30, 2025, the sowing progress of Brazilian soybeans in the 2025/26 season was 47%, higher than that of the previous week but lower than the same period last year. Some regions had problems such as excessive rainfall or insufficient rainfall [24]. 3.1.4 Domestic and Foreign Oilseed Markets - Chinese importers increased their purchases of Brazilian soybeans due to price advantages. The US Department of Agriculture will release a production report and a supply - demand report on November 14, which will adjust the production expectations of major crops [24][31]. 3.1.5 Soybean - Port Inventory and Pressing Profit - As of the end of the 44th week, the domestic port's imported soybean inventory was about 8.4022 million tons, and the theoretical inventory at the end of next week is expected to be 5.04 million tons. The domestic soybean pressing is still in a loss situation, but the loss has narrowed [37]. 3.1.6 Soybean - Import Cost and Domestic - Foreign Price Difference - The cost of US Gulf soybeans arriving at the port in December (with additional tariffs) is 4,891 yuan/ton, and that of Brazilian soybeans arriving in November is 3,949 yuan/ton. The Brazilian premium dropped significantly this week [41]. 3.1.7 Soybean Meal - Soybean Starting Rate and Soybean Meal Inventory - As of the end of the 44th week, the average starting rate of domestic soybean oil mills was 61.59%, a decrease of 4.83% from the previous week. The domestic soybean meal inventory was 1.208 million tons, an increase of 156,000 tons from the previous week [45]. 3.1.8 Soybean Meal and Rapeseed Meal - Weekly Apparent Consumption - The estimated apparent consumption of soybean meal in the 44th week was 1.6624 million tons, a decrease from the previous week [47]. 3.1.9 Rapeseed Meal - Rapeseed Starting Rate and Pressing Volume - As of the end of the 44th week, the starting rate of domestic imported rapeseed processing enterprises was 1.47%, an increase of 0.49% from the previous week. The pressing volume of imported rapeseed was 0.6 million tons, an increase of 0.2 million tons from the previous week [53]. 3.2 Grease Market Analysis 3.2.1 Weekly Market Review - This week, the US soybean oil was in a low - level shock, and the Malaysian palm oil oscillated downward. The domestic vegetable oil market showed a differentiated trend. The soybean oil rose slightly, the palm oil was weak, and the rapeseed oil rebounded slightly [60]. 3.2.2 International Grease Information - The MPOB will release monthly supply - demand data on November 10. It is estimated that the Malaysian palm oil inventory in October will reach 2.44 million tons, a month - on - month increase of 3.4%. Indian edible oil imports in October are estimated to have dropped to a five - month low [64][65]. 3.2.3 Three Major Vegetable Oil Futures and Spot Price Trends - The futures and spot prices of the three major vegetable oils showed different trends, with the overall performance of rapeseed oil > soybean oil > palm oil this week, and the soybean - palm oil price difference continued to rise [98]. 3.2.4 Domestic Grease Inventory - As of the end of the 44th week, the total inventory of the three major domestic edible oils was 2.5728 million tons, a week - on - week decrease of 58,200 tons. Among them, the soybean oil inventory was 1.4618 million tons, the palm oil inventory was 0.5383 million tons, and the rapeseed oil inventory was 0.5728 million tons [81]. 3.2.5 Grease Basis Analysis - The basis of soybean oil, palm oil, and rapeseed oil showed different trends, with the basis of each variety fluctuating [89][92][95]. 3.2.6 Grease and Oilseed Variety Arbitrage Relationship - This week, the oil - meal ratio of soybeans and rapeseed decreased, and the price difference between the main contracts of soybean meal and rapeseed meal narrowed [103]. 3.2.7 Protein Meal Inter - Monthly Spread Arbitrage Relationship - This week, the 1 - 5 spread of soybean meal continued to rise [108]. 3.2.8 Grease Inter - Monthly Spread Arbitrage Relationship - This week, the 1 - 5 spread of soybean oil rebounded slightly, the 1 - 5 spread of palm oil fluctuated narrowly, and the 1 - 5 spread of rapeseed oil also fluctuated narrowly [111]. 3.3 Market Outlook 3.3.1 Seasonal Analysis - The seasonal analysis of the US soybean, soybean meal, domestic soybean meal, and other markets shows their historical price trends in different months [115][116][118]. 3.3.2 Next - Week Market Outlook - **Technical Level**: The short - term and medium - term indicators of soybean meal and rapeseed meal are bullish, and the long - term indicators are entangled. The short - term, medium - term, and long - term indicators of soybean oil and rapeseed oil are entangled. The short - term and medium - term indicators of palm oil are bearish, and the long - term indicators are entangled [124]. - **Fundamentals**: The protein - meal market focuses on the USDA report, with expectations of a significant reduction in US soybean inventory. The domestic soybean meal market has high inventory pressure and is driven by cost. The oil market pays attention to the MPOB report and 11 - day export data in November. The overall oil market is weakly operating, awaiting the guidance of the two reports [125][126].

Core Viewpoint - The article discusses the shifting dynamics in China's soybean imports, highlighting a recent decision by Chinese importers to purchase approximately 20 shipments of Brazilian soybeans due to lower prices, despite expectations of increased U.S. soybean exports to China amid easing trade tensions [1][3]. Group 1: Market Dynamics - Chinese buyers previously slowed down Brazilian soybean purchases due to high prices, but have resumed buying as prices have decreased, making Brazilian soybeans more attractive compared to U.S. soybeans [3][5]. - The price of U.S. soybeans has risen to a near 15-month high due to positive signals regarding U.S.-China trade negotiations, which has led to a decrease in the premium of Brazilian soybeans [3][5]. Group 2: Supply and Demand - China's annual soybean import demand is around 100 million tons, with over 80 million tons of South American soybeans exported to China this year, significantly reducing the domestic supply gap to approximately 10 million tons [7]. - The renewed purchases of Brazilian soybeans by Chinese buyers indicate a further reduction in market space for U.S. soybeans, as the market share of U.S. soybeans in China has been declining in recent years [7]. Group 3: Price Trends - The expectation of sufficient imported soybean supply limits the likelihood of significant increases in soybean meal prices, especially with the recent announcement of tariff adjustments on U.S. imports [9][10]. - The stable demand for soybean meal, supported by high inventory levels and strong livestock populations, suggests that while there is potential for price increases, significant fluctuations are unlikely in the short term, with prices expected to range between 2,900 and 3,300 yuan per ton [10].

Core Viewpoint - The "China-US Agricultural Trade Cooperation Forum" emphasizes the importance of agricultural cooperation between China and the US, highlighting mutual benefits and the potential for enhancing global food security and economic prosperity [3][6]. Group 1: Forum Overview - The forum was held during the 8th China International Import Expo, co-hosted by various US agricultural associations and the China Chamber of Commerce for Import and Export of Foodstuffs and Native Produce [3][6]. - Key representatives from 14 US agricultural associations and Chinese agricultural trade experts attended, indicating a strong commitment to fostering agricultural trade [3][6]. Group 2: Agricultural Trade Significance - Agricultural cooperation is deemed a crucial component of the economic relationship between the two countries, with both sides recognizing the vast potential for collaboration [6][7]. - The US Department of Agriculture projects that global soybean production will reach 427 million tons in the 2025/26 season, with the US contributing over 25% [6]. Group 3: Future Outlook - US agricultural leaders express optimism about the recovery and revitalization of agricultural trade with China, viewing agriculture as a bridge for international cooperation [6][8]. - The US Grain Council's president emphasizes the long-standing commitment to the Chinese market, stating that the US will continue to supply agricultural products as long as there is demand [8][9]. Group 4: Market Dynamics - The US is a major supplier of sorghum to China, with 5.683 million tons imported in 2024, accounting for 65.65% of total imports [9]. - The US agricultural sector faces challenges such as high input costs and declining prices, but remains optimistic about future trade opportunities [10].

Core Viewpoint - Fengshihui (Suzhou) Agricultural Commerce and Trade Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the agricultural commerce sector [1] Company Overview - The legal representative of the company is Jin Jianzhong [1] - The registered capital is 100,000 RMB [1] Business Scope - The company is involved in various business activities, including: - Food sales (subject to approval by relevant authorities) [1] - General projects such as: - Sales of agricultural and sideline products [1] - Sales agency [1] - Sales of beans and tubers [1] - Sales of network equipment [1] - Sales of musical instrument parts [1] - Sales of office equipment [1] - Sales of building waterproofing materials [1] - Sales of office supplies [1] - Sales of toys, animation, and gaming products [1] - Sales of entertainment products [1] - Sales of building materials [1] - Sales of gifts and flowers [1] - Sales of paper products [1] - Sales of labor protection products [1] - Retail of computer software and hardware [1] - Wholesale of fresh fruits [1] - Wholesale and retail of edible agricultural products [1] - Retail of daily necessities [1] - Retail of fresh fruits [1] - Sales of electronic products [1] - Sales of building metal accessories (excluding projects requiring approval) [1]

Group 1: Mato Grosso State Participation - Mato Grosso State participated in the China International Import Expo (CIIE) for the third time, showcasing its agricultural strength as Brazil's largest producer of corn, meat, ethanol, cotton, and soybeans [1] - The state increased its exhibition space from 54 square meters in 2023 to 200 square meters in 2024, reflecting its commitment to the Chinese market [1] - The delegation included nearly 70 business leaders, presenting high-quality agricultural products such as sesame, various beans, and premium beef [1] Group 2: Importance of CIIE - The CIIE serves as a significant platform for understanding the Chinese market and expanding trade opportunities, enhancing brand recognition for participating countries [2] - The event fosters trust and partnerships, allowing countries to solidify their competitive advantages in international agricultural trade [2] - Mato Grosso aims to become a benchmark for sustainable production and agricultural innovation through deeper cooperation with China [2] Group 3: East Timor Coffee Association - Coffee is a major export product for East Timor, with organic coffee gaining recognition in the Chinese market through the CIIE [3] - The association has participated in the CIIE for seven consecutive years, establishing direct connections with Chinese coffee importers and roasters [3][4] - The CIIE has enabled East Timor coffee to expand its market presence, moving from small batch sales to broader consumer visibility [3] Group 4: Support from China - China has provided free exhibition spaces for least developed countries since the first CIIE, supporting East Timor's coffee quality improvement through training and equipment donations [4] - The zero-tariff policy on 100% of products for least developed countries enhances the price competitiveness of East Timor coffee in China [4] Group 5: Cargill's Commitment - Cargill has participated in the CIIE for eight consecutive years, showcasing over 100 products across its agricultural trade and food sectors [5] - The company emphasizes "innovation" as a key focus in its development strategy in China, investing approximately $4 million to upgrade its Shanghai innovation center [5][6] - Cargill's commitment to the Chinese market is reflected in its ongoing investments and collaborative innovations with local partners [6] Group 6: Kyrgyzstan's Participation - Kyrgyzstan showcased its unique products such as honey, jams, and wool at the CIIE, marking its first national exhibition [6][7] - The high-altitude environment of Kyrgyzstan contributes to the quality of its honey, which is a focus for expanding market presence [7] - The CIIE has facilitated numerous business connections, with over 3,500 new enterprises registered in Kyrgyzstan engaging with Chinese businesses this year [7] Group 7: Benin's Agricultural Exports - Benin's CAFRICOM Ltd. presented cashews, cocoa, and shea butter at the CIIE, aiming to find more partners and expand its market reach [8] - The zero-tariff policy for products from least developed countries starting in December 2024 is expected to significantly benefit Benin's agricultural exports [8] Group 8: IKEA's Market Insights - IKEA has participated in the CIIE for eight years, using the platform to launch innovative products tailored to Chinese consumer needs [9] - The company has established a complete value chain in China, from procurement to logistics and digital innovation [9][10] - IKEA's commitment to sustainability aligns with China's green development goals, as evidenced by its recent collaboration on biodiversity protection projects [10]

Group 1: Trade Opportunities and Market Expansion - Mato Grosso state in Brazil is actively participating in the China International Import Expo (CIIE) to enhance trade relations with China, showcasing its agricultural products like high-quality beef and sesame [5][6] - East Timor's coffee industry has leveraged CIIE to increase visibility and establish long-term partnerships with Chinese importers, marking a significant growth in market access since its first participation in 2019 [6][7] - The participation of Kyrgyzstan at CIIE has allowed the country to promote its unique products such as honey and wool, aiming to expand its market presence and learn from Chinese market practices [10][11] Group 2: Investment and Innovation - Cargill has emphasized innovation as a key focus in its operations in China, investing approximately $5 million to upgrade its Shanghai innovation center, which serves as a collaborative platform for product development [9][10] - IKEA has highlighted the importance of CIIE as a window to observe industry trends and consumer preferences, showcasing products that cater to local demands while also promoting innovations developed in China to global markets [14][15] Group 3: Sustainable Development and Cooperation - Mato Grosso state is committed to sustainable agricultural practices and aims to position itself as a benchmark for global sustainable production through its participation in CIIE [5] - East Timor's coffee association has benefited from China's support in enhancing coffee quality and production, which aligns with the country's goals for sustainable agricultural development [7] - IKEA's initiatives in biodiversity conservation and sustainable development resonate with China's green development goals, indicating a strong alignment between corporate strategies and national priorities [15]

Core Insights - The resumption of U.S. soybean imports by China signals a recovery in trade and a strategic international positioning [1] - China's adjustment of tariffs on U.S. imports has led to a significant increase in soybean prices, with Chicago CBOT prices reaching a 15-month high [3] - The direct reason for China's renewed purchases of U.S. soybeans is the seasonal supply gap from Brazil, which is insufficient to meet China's demand [5][6] Group 1: Trade Dynamics - China has resumed purchasing U.S. soybeans, with COFCO Group acquiring approximately 180,000 tons for shipment from U.S. West Coast ports [6] - The seasonal nature of Brazilian soybean supply creates a risk of shortage for China, necessitating imports from the U.S. to ensure supply [5][6] Group 2: Supply Chain Strategy - China is implementing a diversified import strategy to secure its soybean supply chain, collaborating with traditional suppliers like Brazil and Argentina while also exploring new sources [9] - The establishment of a robust national reserve system is crucial for stabilizing domestic supply and managing market fluctuations [9] Group 3: Geopolitical Implications - The resumption of U.S. soybean imports is viewed as a positive signal for the easing of U.S.-China trade relations, with both sides expressing a commitment to expanding agricultural trade [11] - Agriculture plays a vital role in stabilizing U.S.-China relations amidst geopolitical tensions and trade disputes [11][13]

Core Points - A new company named Lincang Yixiang Tiankai Trading Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Luo Rongju [1] - The business scope includes the sale of pre-packaged food, agricultural products, and various related services [1] Company Overview - The company is engaged in general projects such as food sales (limited to pre-packaged food) and internet sales of food [1] - It also involves the sale and retail of agricultural products, including edible agricultural products and nuts [1] - The company is authorized to conduct activities related to agricultural production, including technology, information, and facility construction operations [1] Agricultural Focus - The company is involved in the cultivation of tea, nuts, and coffee beans [1] - It provides services related to the production, sale, processing, transportation, and storage of agricultural products [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]