Core Viewpoint - Kazakhstan is actively developing its agricultural-industrial complex in response to presidential directives, showing stable growth in the sector [1] Group 1: Agricultural Output - The total agricultural output in Kazakhstan reached 2.4 trillion tenge (approximately 4.45 billion USD) from January to July 2025, marking a year-on-year increase of 3.7% [1] - Livestock and crop production have seen improvements, contributing to the overall growth in agricultural output [1] Group 2: Food Processing Industry - The food processing sector has demonstrated strong performance, with food production increasing by 9.2% [1] - Beverage production rose by 6.8%, while specific products such as vegetable oil (+24%), butter (+10.4%), sausages (+9%), and flour (+6.6%) also experienced significant growth [1] Group 3: Investment in Agriculture - Fixed capital investment in agriculture reached 442.7 billion tenge (approximately 820 million USD), reflecting a year-on-year growth of 26.5% [1] - Investment in grain production fixed capital amounted to 104.2 billion tenge (approximately 190 million USD), with a notable year-on-year increase of 48% [1] - The funding is primarily directed towards modernizing agriculture and implementing modern technologies [1]

Core Viewpoint - In the first half of 2025, Xiwang Food reported a significant decline in revenue and a net loss, primarily due to strategic shifts in product sales and increased raw material costs [1] Financial Performance - The company achieved a revenue of 2.118 billion yuan, representing a year-on-year decrease of 15.82% [1] - The net loss for the period was 18.57 million yuan, marking a transition from profit to loss compared to the previous year [1] Operational Insights - The decline in revenue was attributed to a focus on profit-oriented strategies that led to reduced sales of low-margin products and changes in the competitive landscape of the weight management category [1] - The gross margin decreased due to rising costs of key raw materials [1] Strategic Initiatives - In the plant oil business, the company launched a new product strategy, completed brand renewal, and upgraded product offerings [1] - Preliminary statistics indicated that the shipment volume to end customers exceeded the company's own shipment volume during the reporting period [1] - The sports nutrition segment plans to continue expanding its innovation platform, developing new product forms, and creating science-based nutritional solutions focused on performance, metabolism, and long-term health [1]

Group 1: Global Market Overview - The global central bank meeting in Jackson Hole, Wyoming, is drawing attention, with an 80% probability of a 25 basis point rate cut by the Federal Reserve in September [1] - Investor sentiment is cautious, leading to mixed performance in the Asia-Pacific markets, with Southeast Asian stock markets mostly declining [1] - The Thai SET index fell by 0.48% to 1253.39 points, while the Vietnamese Ho Chi Minh index rose by 1.04% to 1647.03 points [1] Group 2: Economic Analysis of Thailand - Thailand's economy grew by 2.8% year-on-year in Q2, slightly above market expectations but lower than the previous quarter's 3.2% [2] - The economic growth rate decreased from 0.7% in Q1 to 0.6% in Q2, with exports being the main driver, although challenges from U.S. tariff policies and declining tourism are expected to hinder sustainability [2][4] - Capital Economics forecasts Thailand's GDP growth at 2.7% for 2025, only slightly above 2024's 2.5% [3] Group 3: Regional Economic Performance - Indonesia's GDP grew by 5.12% year-on-year in Q2, exceeding market expectations and marking the fastest quarterly growth since Q2 2023 [4] - Singapore's GDP grew by 1.4% quarter-on-quarter and 4.3% year-on-year in Q2, driven by pre-tariff export activities [5] Group 4: Stock Market Trends in Southeast Asia - Malaysia's stock market has faced continuous net selling for 20 days, with global funds selling $12.9 million worth of Malaysian stocks on August 21 [6] - Foreign investors' holdings in Thai stocks decreased by 24% in the first half of 2025 compared to the end of 2024, with the SET index down by 10.49% as of August 22 [7] - The decline in foreign investment in Thailand is attributed to political uncertainties and a lack of appeal in traditional business sectors compared to growing tech investments [7] Group 5: Monetary Policy Developments - Indonesia's central bank unexpectedly cut the benchmark interest rate by 25 basis points to 5%, marking the fourth cut this year [8] - Following the rate cut, the Indonesian stock market reacted positively, with the benchmark index rising over 1% [8] - Analysts remain optimistic about Indonesia's economic growth potential, with Citibank projecting a 5.4% growth target for 2026 [8]

郎轶婷表示，全球油籽类供应整体充足，给菜粕需求带来压力。油脂成为支撑全球压榨利润的核心，美 国、巴西等地豆油价格受生物柴油政策支撑，印度植物油食用需求旺盛，共同推动形成"油强粕弱"格 局。"整体来看，国内外油粕比呈现分化态势，国际市场受生物柴油需求驱动，维持油强粕弱格局，而 国内因蛋白需求稳定，压榨利润仍主要依赖粕类支撑。"郎轶婷说。 期货日报网讯(记者郑泉)8月20日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国(郑 州)国际期货论坛隆重举行。在当日下午举行的农产品(油脂油料)论坛上，建发农产品集团资深分析师郎 轶婷发表主题演讲，深入剖析了当前菜粕市场热点及供需形势。 "2025/2026年度全球菜籽产量呈现恢复性增长，但库存偏紧、贸易政策调整等多空因素交织，使得菜粕 市场呈现'增产不宽松'的结构性特征。"郎轶婷介绍，2025/2026年度全球油菜籽产量预计达8954万吨， 同比增加446万吨，增幅为5%，主要得益于欧盟产区的恢复性增长。欧盟菜籽种植面积实现历史性扩 张，同比增幅超10%，创历史新高。不过，由于期初库存处于低位，欧盟增产部分将优先用于补充区内 库存，导致全球菜籽期末库存仅增至 ...

Group 1 - The core viewpoint of the news is that the global supply of vegetable oils is increasing, with domestic supply in China being stable, and prices are within a historically reasonable range [1] - The global production of nine major vegetable oils is expected to reach 235 million tons in the 2025/2026 season, an increase of 6.37 million tons year-on-year, with soybean oil, palm oil, and sunflower seed oil contributing significantly to this growth [1] - Key factors to watch in the future vegetable oil market include tariff policies, soybean arrival conditions in the fourth quarter, palm oil production increases, and biodiesel industry policies [1] Group 2 - Global vegetable oil consumption is projected to reach 224 million tons in the 2024/2025 season, a year-on-year increase of 2.3%, with industrial consumption growing faster than edible consumption [2] - By the 2025/2026 season, global vegetable oil consumption is expected to further increase to 230 million tons, with industrial consumption accounting for 28% of total consumption, up from 22.2% in the 2010/2011 season [2] - The growth in biodiesel production is significantly driving the increase in global industrial consumption of vegetable oils, with nearly 20% of vegetable oils being used for biodiesel [2]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the significant role of the edible vegetable oil market in China, noting that while imports have decreased, they still dominate the market. The overall price of vegetable oils in China has increased due to global supply-demand balance, but remains within a historically reasonable range. Future market trends will be influenced by tariff policies, soybean import conditions in Q4, palm oil production increases, and biodiesel industry policies [1][2]. Supply Analysis - The global production of nine major vegetable oils is on the rise, with an expected output of 235 million tons for the 2025/2026 season, an increase of 6.37 million tons year-on-year. This includes a production increase of 2.65 million tons for soybean oil, 1.79 million tons for palm oil, and 1.65 million tons for sunflower seed oil [1]. Demand Analysis - For the 2024/2025 season, global vegetable oil consumption is projected to reach 224 million tons, reflecting a year-on-year growth of 2.3%. This includes a 2.3% increase in edible consumption and a 2.7% increase in industrial consumption. By the 2025/2026 season, total consumption is expected to rise to 230 million tons. Notably, industrial consumption is anticipated to account for 28% of total consumption, up from 22.2% in the 2010/2011 season, indicating a significant shift in consumption structure [2].

Core Insights - The essential goods prices in Mongolia increased by 1.3% month-on-month in July 2025 according to the National Statistics Office of Mongolia [1] Price Changes - Potato prices rose significantly by 54.2%, reaching 2385 MNT (approximately 0.66 USD) per kilogram [1] - High-gluten flour prices increased by 2.5%, now priced at 3263 MNT (approximately 0.91 USD) per kilogram [1] - Bone-in beef prices saw a 1.3% rise, priced at 21565 MNT (approximately 6.01 USD) per kilogram [1] - Boneless beef prices increased by 0.8%, now at 24565 MNT (approximately 6.84 USD) per kilogram [1] - Bread prices experienced a slight increase of 0.2%, priced at 2497 MNT (approximately 0.7 USD) per kilogram [1] - Vegetable oil prices rose by 1.3%, now at 7548 MNT (approximately 2.1 USD) per kilogram [1] - Apple prices increased by 2%, reaching 7363 MNT (approximately 2.05 USD) per kilogram [1] Price Decreases - Prices for horse meat, bone-in mutton, low-gluten flour, milk, radishes, cabbages, onions, turnips, and beets experienced slight declines [1]

Core Insights - In July, global food prices reached a two-year high, driven by rising international meat and vegetable oil prices [1] Industry Summary - The Food Price Index of the United Nations Food and Agriculture Organization averaged 130.1 points in July, marking a 1.6% increase from June and the highest level since February 2023 [1] - In Ireland, food prices in July increased by 4.7% compared to the same month last year, according to data from the Central Statistics Office [1]

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core Viewpoints - The August USDA supply and demand report tightened the supply of oilseeds in the fourth quarter [1]. - In the domestic market, the supply of oilseeds will tighten in the fourth quarter, and the vegetable oil and soybean meal sectors are likely to rise, suggesting buying on dips [5]. - The August USDA supply - and - demand report was overall bullish, laying the foundation for a tightened global soybean supply in the second half of the year [8]. Group 3: Summary by Related Content US Soybean Supply and Demand - The US soybean planting area was 80.9 million acres (July expectation: 83.4 million acres), the harvest area was 80.1 million acres (July expectation: 82.5 million acres), the yield per acre was 53.6 bushels (July expectation: 52.5 bushels), the production was 4.292 billion bushels (July expectation: 4.335 billion bushels), and the ending stocks were 290 million bushels (July expectation: 310 million bushels) [8]. - Argentina's soybean production was 50.9 million tons (July expectation: 49.9 million tons), Brazil's was 169 million tons (July expectation: 169 million tons), and the global ending stocks were 124.9 million tons (July expectation: 126.07 million tons) [8]. Domestic Situation - As of the report, China had not purchased US soybeans. The inventories of domestic soybeans and soybean meal had reached a phased peak and would decline later, tightening the supply. Coupled with the anti - dumping of Canadian rapeseed, the overall supply of domestic oilseeds would tighten in the fourth quarter [5].

Report Summary 1. Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core View - The USDA's August supply - demand report is overall bullish, laying the foundation for a tightening of global soybean supply in the second half of the year. In the fourth quarter, the domestic overall oilseed supply will tighten, and the vegetable oil and double - low rapeseed sectors are likely to rise and difficult to fall, suggesting buying on dips [5][8]. 3. Key Points by Category Global Situation - The USDA's August supply - demand report is bullish, with the planted area unexpectedly reduced. The US soybean planted area is 80.9 million acres (July expectation: 83.4 million acres), the harvested area is 80.1 million acres (July expectation: 82.5 million acres), the yield per acre is 53.6 bushels (July expectation: 52.5 bushels), the production is 4.292 billion bushels (July expectation: 4.335 billion bushels), and the ending inventory is 290 million bushels (July expectation: 310 million bushels). Argentina's soybean production is 50.9 million tons (July expectation: 49.9 million tons), Brazil's is 169 million tons (July expectation: 169 million tons), and the global ending inventory is 124.9 million tons (July expectation: 126.07 million tons) [8]. Domestic Situation - As of the time of writing, China has not purchased US soybeans. Domestic soybean and soybean meal inventories have reached a phased peak and will decline later, laying the foundation for a tightening supply. Coupled with the anti - dumping of Canadian canola, the domestic overall oilseed supply will tighten in the fourth quarter [5].