京粮控股（SZ 000505，收盘价：6.85元）7月30日晚间发布公告称，公司第十届第二十次董事会会议于 2025年7月30日在北京市大兴区欣宁街8号院1号楼首农科创大厦B座701会议室召开。会议审议了《关于 募集资金投资项目重新论证并延期的议案》等文件。 2024年1至12月份，京粮控股的营业收入构成为：油脂油料占比91.71%，食品制造业占比7.42%，其他 业务占比0.87%。 （文章来源：每日经济新闻） ...

油脂油料产业日报 2025/07/28 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 ...

Core Insights - The training program aims to enhance risk management capabilities of enterprises in Inner Mongolia, particularly in coal chemical and soft commodity industries, by utilizing the futures market [1] - The participation rate of listed companies in hedging activities has steadily increased, with 1,503 companies announcing hedging plans in 2024, representing a participation rate of 28.6% [1][2] - The volatility in commodity prices and intense industry competition are driving companies to improve their risk management strategies [2] Group 1: Training and Participation - The training session was attended by nearly a hundred representatives from state-owned enterprises and listed companies in Inner Mongolia, focusing on practical paths for utilizing the futures market for risk management [1] - Companies like Huayou Cobalt, Yuntianhua, and COFCO have integrated futures tools into their overall development strategies, establishing mature risk management models [1][2] - The number of industry clients participating in trading specific commodities, such as soybean meal and glass, has increased by over 20% in 2024 [1] Group 2: Industry Challenges and Solutions - Companies in sectors like chemicals, grain and oil, and livestock often operate near breakeven points, making raw material cost management critical for survival [2] - Sichuan Agricultural Fertilizer Co. has successfully implemented hedging strategies, achieving a profit of 50 yuan per ton through futures contracts [2] - The "five-in-one" methodology for integrating business and finance in hedging practices was proposed to address challenges in applying hedge accounting [3] Group 3: Market and Regulatory Environment - The futures market is recognized as a professional platform for risk management, with a comprehensive system of commodity futures and options covering key sectors of the economy [4] - Inner Mongolia has 29 listed companies with a total market capitalization of 786.88 billion yuan, but only 6 companies, or 20.69%, are engaged in hedging activities, which is below the national average [4] - Local regulatory bodies are working with exchanges to enhance the utilization of futures tools among enterprises to promote high-quality development of the capital market [4] Group 4: Feedback and Future Directions - Attendees expressed that the training deepened their understanding of the futures market's functions and they plan to explore hedging models tailored to their business needs [5]

1. Report Industry Investment Rating - The report gives a short - term bearish rating on high - frequency exports of the oil and fat industry, indicating "short - term bearish" [1] 2. Core Viewpoints of the Report - Fundamentally, factors such as the unexpected U.S. biodiesel policy draft, limited potential for palm oil production increase in Southeast Asia, low inventories of vegetable oils in India for rigid demand, and the expected B50 policy in Indonesia support the price center of oils and fats. From July to September, if demand countries maintain normal imports and palm oil production in producing areas remains at a neutral level, the inventory in producing areas may remain stable, supporting a strong and volatile price quotation. There may be an upward price expectation in the fourth quarter due to the Indonesian B50 policy. However, the current valuation is relatively high, and the upward space is restricted by factors such as the annual - level expectation of increased oil and fat production, relatively high palm oil production in producing areas, the undetermined RVO rules, macro - factors, and demand adjustments in major importing countries. The market is expected to be volatile [11][12][13] 3. Summaries According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Market Review**: Palm oil rose slightly at the beginning of the week following the optimistic sentiment in commodities, but it was difficult to continue the upward trend due to the record - high net long positions of foreign capital in the three major oils and fats and the bearish high - frequency export and production data. It fell at the end of the week following the overall decline in commodities. Malaysian palm oil exports in the first 25 days were expected to decline by 9.2% - 15.22% month - on - month, and the production in the first 20 days of July increased by 6.19% month - on - month. The lower - than - expected exports may imply increased production in Indonesia or weak demand in consuming areas. The narrative of increased palm oil production and weak demand still suppresses the market. Although there are medium - term positive factors such as the expected B50 policy in Indonesia and limited potential for palm oil production increase in Southeast Asia, short - term data deviations bring correction pressure to the market. The price of foreign - traded rapeseed entered a volatile phase after falling from a high level, and the contact between China and Australia on rapeseed purchases suppressed the high valuation of rapeseed oil [11] - **International Oils and Fats**: The USDA July monthly report estimated that the U.S. will increase about 1.5 million tons of industrial demand for soybean oil in the 2025/2026 season, which will be supplemented by a decline in soybean oil exports and increased压榨 output. The estimated import of rapeseed oil is only expected to increase by 200,000 tons year - on - year. The shipment volume of Canadian rapeseed is still high, and exports are at a seasonally high level, with signs of inventory accumulation in commercial inventories. The contact between China and Australia on rapeseed trade also suppresses the rapeseed price. The foreign - traded rapeseed price has been mainly volatile this week. The AAFC significantly increased the production of old - crop rapeseed based on large export data, but the new - crop rapeseed is facing a production decline, which supports the rapeseed price. India purchased a large amount of vegetable oils in June, possibly starting a replenishment process, which will support the subsequent export demand for palm oil [11] - **Domestic Oils and Fats**: The trading volume of soybean oil and palm oil was weak this week, and the spot basis was at a low level. The total domestic inventory of oils and fats is about 400,000 tons higher than last year, indicating sufficient supply. Among them, the rapeseed oil inventory is 300,000 tons higher than last year, the palm oil inventory is about 100,000 tons higher than last year, and the soybean oil inventory is the same as last year. In the next two months, the soybean crushing volume will increase with the arrival of soybeans, and the export willingness of palm oil will also increase after production rises. The rapeseed oil inventory is at a high level, but the high price difference and weak consumption lead to slow inventory reduction. It is difficult to see a downward trend in the total domestic inventory of oils and fats for now [11] - **Trading Strategy Recommendation**: For unilateral trading, the market is expected to be volatile. The core driving logic is the same as the core viewpoints mentioned above. There is no specific recommendation for arbitrage trading [13] 3.2 Futures and Spot Market - The report presents multiple charts related to the basis of palm oil, soybean oil, and rapeseed oil, including the FOB - futures price difference of Malaysian palm oil, the seasonal basis of Malaysian palm oil futures, and the basis of 09 contracts of domestic palm oil, soybean oil, and rapeseed oil, which are used to analyze the relationship between futures and spot prices [18][21][23][25] 3.3 Supply Side - **Production and Export of Malaysian Palm Oil**: The report shows charts of the monthly production and export of Malaysian palm oil, as well as the monthly production and export of palm oil and palm kernel oil in Indonesia. It also includes charts of the weekly arrival of soybeans, soybean port inventory, monthly import of rapeseed, and monthly import of rapeseed oil, which are used to analyze the supply situation of different oils and fats [28][29][30][31] - **Weather in Palm - Producing Areas**: The report presents charts of weighted precipitation in Indonesian and Malaysian palm - producing areas, as well as the NINO 3.4 index and the impact of La Nina on global climate, which are used to analyze the impact of weather on palm oil production [33][35] 3.4 Profit and Inventory - **Inventory Situation**: The report shows charts of the total inventory of domestic three major oils and fats, the inventory of imported vegetable oils in India, the import profit and commercial inventory of palm oil, the spot crushing profit of imported soybeans in Guangdong and the inventory of major soybean oil mills, the average spot crushing profit of rapeseed along the coast and the commercial inventory of rapeseed oil in East China, and the inventory of palm oil in Malaysia and Indonesia, which are used to analyze the profit and inventory situation of different oils and fats [41][44][46][47][49] 3.5 Cost Side - **Cost of Malaysian Palm Oil**: The report shows charts of the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil, which are used to analyze the cost of Malaysian palm oil [51][52] - **Cost of Rapeseed Oil and Rapeseed**: The report shows charts of the CNF import price of rapeseed oil and the import cost price of imported rapeseed in China, which are used to analyze the cost of rapeseed oil and rapeseed [55] 3.6 Demand Side - **Oils and Fats Trading Volume**: The report shows charts of the cumulative trading volume of palm oil and soybean oil in the crop year, which are used to analyze the trading demand for different oils and fats [58] - **Biodiesel Profit**: The report shows charts of the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil), which are used to analyze the profit situation of biodiesel [60]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - For rapeseed oil, short - term participation is recommended, and it has shown weaker performance than soybean and palm oil recently due to the potential resumption of China - Australia trade. The current growth of Canadian rapeseed is in the "weather - dominated" stage, and factors such as weather, trade, and domestic supply and demand affect its price [8][9]. - For rapeseed meal, short - term participation is also recommended, and attention should be paid to China - US and China - Canada economic and trade relations. The price of rapeseed meal fluctuates greatly in the short term, influenced by factors like US soybean conditions, domestic supply and demand, and trade agreements [11][12]. 3. Summary by Relevant Catalogs 3.1. Weekly Key Points Summary Rapeseed Oil - Strategy: Short - term participation [8] - Market Review: This week, rapeseed oil futures fluctuated and closed down. The closing price of the 09 contract was 9457 yuan/ton, a decrease of 129 yuan/ton from the previous week [9] - Market Outlook: Canadian rapeseed growth is weather - sensitive. The potential resumption of China - Australia rapeseed trade, the situation of palm oil, and domestic supply - demand conditions all impact the price. Although there are some bearish factors, the reduction in supply pressure and oil mill output also provide support [9] Rapeseed Meal - Strategy: Short - term participation, focus on China - US and China - Canada economic and trade relations [11] - Market Review: This week, rapeseed meal futures rose first and then fell. The closing price of the 09 contract was 2675 yuan/ton, a decrease of 47 yuan/ton from the previous week [12] - Market Outlook: US soybean conditions, domestic supply - demand, and trade agreements affect the price. Although there are bearish factors, the reduction in short - term supply and seasonal demand increase provide support, while also facing substitution pressure [12] 3.2. Futures and Spot Market Futures Market - Rapeseed oil futures fluctuated and closed down this week, with a total position of 210,783 lots, a decrease of 36,060 lots from last week. Rapeseed meal futures rose first and then fell, with a total position of 483,508 lots, a decrease of 54,942 lots from the previous week [17] - The net long positions of the top 20 in rapeseed oil and rapeseed meal futures both decreased this week [23] Spot Market - The spot price of rapeseed oil in Jiangsu was 9540 yuan/ton, showing a decline from last week. The basis between the active contract futures price and the Jiangsu spot price was + 83 yuan/ton [38] - The spot price of rapeseed meal in Nantong, Jiangsu was 2520 yuan/ton, slightly lower than last week. The basis between the Jiangsu spot price and the active contract futures price was - 155 yuan/ton [44] Spread and Ratio - The 9 - 1 spread of rapeseed oil was + 56 yuan/ton, and that of rapeseed meal was + 270 yuan/ton, both at medium levels in recent years [50] - The ratio of the 09 contract of rapeseed oil to rapeseed meal was 3.535, and the ratio of the average spot prices was 3.786 [53] - The 09 contract spread of rapeseed - soybean oil was 1313 yuan/ton, and that of rapeseed - palm oil was 521 yuan/ton, both narrowing this week [62] - The 09 contract spread of soybean - rapeseed meal was 346 yuan/ton, and the spot spread as of Thursday was 290 yuan/ton [68] 3.3. Industry Chain Situation Rapeseed - Supply: As of July 18, 2025, the total rapeseed inventory of oil mills was 200,000 tons. The estimated arrival volumes of rapeseed in June, July, and August 2025 were 260,000, 130,000, and 485,000 tons respectively. The import rapeseed spot crushing profit was + 384 yuan/ton as of July 24. The crushing volume of rapeseed in coastal main oil mills in the 29th week of 2025 was 53,000 tons, an increase of 10,000 tons from last week, with an operating rate of 12.96%. In June 2025, China's rapeseed import volume was 184,500 tons, a significant year - on - year and month - on - month decrease [74][78][82][86] Rapeseed Oil - Supply: As of the end of the 29th week of 2025, the inventory of domestic imported and crushed rapeseed oil was 812,000 tons, a decrease of 19,000 tons from last week. In June 2025, the import volume of rapeseed oil was 150,300 tons, a year - on - year and month - on - month increase [90] - Demand: As of March 31, 2025, the monthly output of edible vegetable oil was 4.404 million tons, and as of May 31, the catering revenue was 457.82 billion yuan. As of the end of the 29th week of 2025, the contract volume of domestic imported and crushed rapeseed oil was 128,000 tons, a decrease of 7000 tons from last week [94][98] Rapeseed Meal - Supply: As of the end of the 29th week of 2025, the inventory of domestic imported and crushed rapeseed meal was 11,000 tons, an increase of 7000 tons from last week. In June 2025, the import volume of rapeseed meal was 270,300 tons, a year - on - year and month - on - month increase [102][106] - Demand: As of May 31, 2025, the monthly output of feed was 2.7621 million tons [110] 3.4. Options Market Analysis - As of July 25, the implied volatility of rapeseed meal options was 23.32%, a 2.63% increase from last week, at a slightly high level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [113]

油脂油料产业日报 2025/07/25 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 ...

| 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/07/18 | 2880 | 2600 | 8290 | 8980 | 9670 | | 2025/07/21 | 2890 | 2610 | 8260 | 8920 | 9690 | | 2025/07/22 | 2890 | 2620 | 8230 | 8940 | 9600 | | 2025/07/23 | 2900 | 2630 | 8250 | 9000 | 9580 | | 2025/07/24 | 2830 | 2560 | 8270 | 9110 | 9540 | 蛋 白 粕 基 差 ： 油 脂 基 差 ： 油脂油料早报 研究中心农产品团队 2025/07/25 隔 夜 市 场 信 息 ： USDA：7月17日止当周美国大豆出口销售合计净增39.97万吨，符合预期 美国衣业部（USDA）周四公布的出口销售报告显示，7月17日止当周，美国当前市场年度大豆出口销售净增16.09万 吨，较之前一周减少41%，较前四周均值减少5 ...

Report Summary 1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views - The outlook for US soybean oil consumption is positive due to bio - diesel policies, leading to a relatively strong performance in US soybean oil. However, the price of CBOT soybeans is under pressure because of favorable growing conditions for US soybeans. In China, high oil - mill operating rates have increased soybean oil supply, causing continuous inventory accumulation and limiting the upside potential of soybean oil prices [2]. - GAPKI data shows that Indonesia's palm oil inventory decreased by 4.27% month - on - month in May, driven by increased demand from India and China. But ASA data indicates that the export of Malaysian palm oil decreased by 15.2% month - on - month in the first half of July, suggesting a recent weakening in exports. In China, the rapid recovery of import profits for near - term shipments has led to active purchasing and an increase in domestic palm oil inventory. The supply - demand pattern of Malaysian palm oil is widening, which may limit the upside of palm oil prices [2]. - Due to the improvement in China - Australia trade relations, future imports of Australian rapeseed will increase domestic rapeseed supply, putting pressure on rapeseed oil prices. However, domestic rapeseed oil is expected to continue de - stocking. Current demand for rapeseed oil is low, maintaining a pattern of weak supply and demand and mainly following the trends of other oils [2]. 3. Summary by Relevant Catalogs Industry News - The growing conditions for US soybeans are good, putting pressure on the price of CBOT soybeans. Indonesia's palm oil inventory decreased by 4.27% month - on - month in May due to strong export demand, but the export of Malaysian palm oil decreased by 15.2% month - on - month in the first 25 days of July [5]. - As of the week ending July 20, 2025, the good - to - excellent rate of US soybeans was 68%, lower than the market expectation of 71% and the previous week's 70%, but the same as the same period last year. Indonesia's palm oil inventory in May decreased to 2.9 million tons, a 4.27% month - on - month decrease. Its export volume of palm oil and refined products reached 2.66 million tons, a nearly 50% increase from April and a 35.64% year - on - year increase. The production of crude palm oil in May was 4.17 million tons, lower than April's 4.48 million tons but a 7.2% increase from last year. The export volume of Malaysian palm oil products from July 1 - 25, 2025, was 896,484 tons, a 15.2% decrease compared to the same period in June [6]. Soybean Oil - According to Steel Union research, last week, the actual soybean oil production of sample oil mills was 438,000 tons, with an operating rate of 64.81%. The operating rate is expected to decline this week. As of July 18, the commercial inventory of soybean oil in key regions of China was 1.0918 million tons, a 4.04% week - on - week increase. Terminal consumption is weak, and the basis is weak. The supply pressure limits the upside of soybean oil prices [9]. Palm Oil - As of July 18, the commercial inventory of palm oil in key regions of China was 591,400 tons, a 5.04% month - on - month increase and a 23.49% year - on - year increase. Indonesia's biodiesel consumption has reached 7.42 million kiloliters this year, completing 47.5% of the 2025 quota. The new industrial consumption expectation has made palm oil prices run strongly. However, the supply - demand pattern of Malaysian palm oil is widening, which may limit the upside of palm oil prices [12]. Rapeseed Oil - As of July 18, the rapeseed crushing volume of major coastal oil mills was 59,000 tons, an increase of 22,000 tons from the previous period. The rapeseed oil inventory of major coastal oil mills was 92,500 tons, a decrease of 400 tons from last week. Due to tight raw material supply, oil mills are expected to maintain a low operating rate. The improvement in China - Australia trade relations will increase the supply of imported rapeseed, putting pressure on rapeseed oil prices [15]. Vegetable Oil Price Spread - The improvement in China - Australia trade relations and the expected increase in Australian rapeseed imports will lead to an increase in rapeseed supply. Rapeseed oil is relatively weak in the oil and fat sector [18]. 4. Next Week's Focus - USDA weekly crop growth report; Malaysian palm oil export report and production report [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The Malaysian Palm Oil Board (MPOB) expects Malaysia's crude palm oil production to reach 19.5 million tons and exports to reach 17 million tons in 2025 [2] - The Indian Vegetable Oil Producers Association (IVPA) anticipates that India's palm oil imports may increase in the second half of this year, with total edible oil imports remaining at 16 million tons in the 2024/25 season ending in October [2] - As of the week ending July 22, about 8% of the US soybean - growing areas were affected by drought, up from 7% the previous week and 4% the same period last year [2] - Night - time trading of soybean and rapeseed meal showed a decline. The US soybean good - to - excellent rate dropped to 68%, lower than the expected 71%. With possible high - temperature stress in the southwest and improved export prospects, US soybean futures are expected to fluctuate in the short term. In China, due to the push for soybean meal substitution and a loose supply, Dalian soybean meal futures are weak in the short term [2] - Night - time trading of rapeseed and palm oil showed a slight decline, while soybean oil fluctuated strongly. Positive fundamentals in Indonesia and expected growth in palm oil exports to the EU in the second half of 2025 will support palm oil prices. In the medium - to - long - term, with biofuel policies, the central price of edible oils is expected to rise slowly [2] 3. Summary by Related Catalogs Domestic Futures Market - The previous day's closing prices of domestic futures were 8166 for soybean oil, 9104 for palm oil, 9492 for rapeseed oil, 3025 for soybean meal, 2671 for rapeseed meal, and 8844 for peanuts. The price changes were 92, 110, 36, - 70, - 78, and 26 respectively, with percentage changes of 1.14%, 1.22%, - 3.15%, - 2.26%, - 2.84%, and 0.29% [1] - For spreads, the current values of Y9 - 1, P9 - 1, OI9 - 1, Y - P09, OI - Y09, and OI - P09 were 52, 44, 53, - 938, 1326, and 388 respectively, compared to previous values of 44, 20, 53, - 920, 1382, and 462 [1] - For ratio - spreads, the current values of M9 - 1, RM9 - 1, M - RM09, M/RM09, Y/M09, and Y - M09 were - 34, 270, 343, 1.13, 2.70, and 5141 respectively, compared to previous values of - 21, 314, 337, 1.12, 2.61, and 4979 [1] International Futures Market - The previous day's closing prices of international futures were 4244 (Malaysian ringgit/ton) for BMD palm oil, 1025 (cents/bushel) for CBOT soybeans, 56 (cents/pound) for CBOT US soybean oil, and 283 (US dollars/ton) for CBOT US soybean meal. The price changes were 48, 3, 0, and - 2 respectively, with percentage changes of 1.14%, 0.24%, 0.86%, and - 0.84% [1] Domestic Spot Market - The current spot prices of domestic products were 8280 and 8330 for Tianjin and Guangzhou first - grade soybean oil, 9150 and 9050 for Zhangjiagang and Guangzhou 24° palm oil, 9540 and 9460 for Zhangjiagang and Fangchenggang third - grade rapeseed oil, with percentage changes of 0.61%, 0.85%, 0.55%, 0.56%, - 0.42%, and - 0.42% respectively [1] - The current spot prices of other products were 2870 and 2890 for Nantong and Dongguan soybean meal, 2570 and 2560 for Nantong and Dongguan rapeseed meal, 7600 and 7550 for Linyi and Anyang peanuts, with percentage changes of - 2.05%, - 1.70%, - 3.38%, - 3.40%, 0.00%, and 0.00% respectively [1] - The current spot spreads were - 670 for the difference between Guangzhou first - grade soybean oil and 24° palm oil, 1350 for the difference between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, and 240 for the difference between Dongguan soybean meal and rapeseed meal, compared to previous values of - 670, 1310, and 239 respectively [1] Import and Crushing Profit - The current import and crushing profits for near - month products were - 311 for Malaysian palm oil, - 235 for US Gulf soybeans, - 62 for Brazilian soybeans, 93 for US West soybeans, 696 for Canadian crude rapeseed oil, and 369 for Canadian rapeseeds, compared to previous values of - 297, - 207, - 13, 129, 657, and 402 respectively [1] Warehouse Receipts - The current warehouse receipts were 21,695 for soybean oil, 334 for palm oil, 3,487 for rapeseed oil, 40,714 for soybean meal, 0 for rapeseed meal, and 0 for peanuts, compared to previous values of 21,695, 854, 3,487, 41,446, 0, and 0 respectively [1]

Report Core View - Due to a significant increase in exports, Indonesia's palm oil inventory at the end of May decreased by 4.27% month-on-month to 2.9 million tons, with exports in May reaching 2.66 million tons, a nearly 50% month-on-month increase and a 35.64% year-on-year increase [1]. - Malaysia's crude palm oil production from July 1 - 20 increased by 11.24% compared to the same period in June, with different production changes in different regions [1]. - AAFC adjusted its forecasts in the July supply - demand report, increasing the estimated production of Canadian rapeseed in the 2024/25 season, raising the export volume forecast of old - crop rapeseed, lowering the production forecast for the 2025/26 season by 200,000 tons, increasing the domestic usage forecast by 500,000 tons, and lowering the ending inventory forecast by 750,000 tons [1]. Key Data Palm Oil Data - Indonesia's palm oil inventory at the end of May was 2.9 million tons, a 4.27% month - on - month decrease [1]. - Indonesia exported 2.66 million tons of palm oil in May, a nearly 50% month - on - month increase and a 35.64% year - on - year increase [1]. - Indonesia's crude palm oil production in May was 4.17 million tons, lower than April's 4.48 million tons but a 7.2% year - on - year increase [1]. - Malaysia's crude palm oil production from July 1 - 20 increased by 11.24% compared to June 1 - 20, with a 18.95% increase in the Malay Peninsula, a 0.14% decrease in Sabah, a 0.41% increase in Sarawak, and a 0.01% increase in East Malaysia [1]. Rapeseed Data - AAFC estimates the 2024/25 Canadian rapeseed production to be close to 19.19 million tons, previously forecasted as 17.85 million tons [1]. - AAFC raised the export volume forecast of old - crop Canadian rapeseed to 9.5 million tons [1]. - AAFC lowered the 2025/26 Canadian rapeseed production forecast by 200,000 tons to 17.8 million tons, based on a yield of 2.08 tons per hectare [1]. - AAFC increased the 2025/26 domestic usage forecast of Canadian rapeseed by 500,000 tons to 11.9 million tons and lowered the ending inventory forecast by 750,000 tons to 1.1 million tons [1]. Spot Price Data | Date | Soybean Meal in Jiangsu | Rapeseed Meal in Guangdong | Soybean Oil in Jiangsu | Palm Oil in Guangzhou | Rapeseed Oil in Jiangsu | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025/07/17 | 2860 | 2600 | 8230 | 8820 | 9570 | | 2025/07/18 | 2880 | 2600 | 8290 | 8980 | 9670 | | 2025/07/21 | 2890 | 2610 | 8260 | 8920 | 9690 | | 2025/07/22 | 2890 | 2620 | 8230 | 8940 | 9600 | | 2025/07/23 | 2900 | 2630 | 8250 | 9000 | 9580 | [1]