免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 油脂油料早报 研究中心农产品团队 2025/08/25 隔 夜 市 场 信 息 ： AgResource：巴西2025/26年度大豆产量预计增长3% 咨询机构AgResource表示，巴西2025/2026年度大豆产量预计为1.765亿吨，较上一年度增长3%。 AgResource数据显示，2025/ ...

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]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report provides a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, and capital flows. Key events include Malaysia's increase in the September export tax on crude palm oil, expected low sunflower seed production in Ukraine, and potential impacts of weather on US crops. [1][9][12] 3. Summary by Relevant Catalogs Overnight Market Quotes - The closing prices and percentage changes of various futures, including Malaysian palm oil, Brent crude, US crude oil, US soybeans, and others, are presented. Currency exchange rates such as the US dollar index and several other currencies against the US dollar are also provided. [1] Spot Market Quotes - Spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are given. CNF premiums and quotes for imported soybeans from different origins are also included. [2] Important Fundamental Information Weather in Production Areas - US soybean - producing states are expected to have higher - than - normal temperatures and mostly median precipitation from August 18th to 22nd. A slow - moving front in the US Midwest will bring rain and temperature changes, which may benefit some crops but also cause flooding in some areas. [5][8] International Supply - related News - Malaysia has raised the reference price and export tax of crude palm oil for September. Indonesia has saved at least $3.68 billion in foreign exchange through the use of palm - based biodiesel. Forecasts for US soybean, soybean meal, and soybean oil export sales are provided. Brazil's soybean, soybean meal, and corn export volumes for a specific period are predicted. Argentina's soybean sales data is released. Ukraine's rapeseed and sunflower seed production is expected to decline. The Baltic Dry Index has risen. [9][10][11][12] Domestic Supply and Demand - On August 13th, the total trading volume of soybean oil and palm oil increased, while the trading volume of soybean meal decreased. The national oil mill operating rate declined. Price changes of various agricultural products and livestock products are reported. [14][15][16] Macro News International News - Market expectations for the Fed's interest rate cuts in September and October are high. The US Treasury Secretary believes the Fed should cut rates. US mortgage application and oil reserve data are provided. The IEA has lowered global oil demand growth forecasts. UAE's refined oil inventory has decreased. [18][19] Domestic News - The US dollar/renminbi exchange rate has decreased (renminbi appreciation). The central bank has conducted reverse repurchase operations and achieved a net withdrawal of funds. China's July financial statistics show the growth of M2, M1, and M0. [20] Capital Flows - On August 13th, the futures market had a net capital inflow of 27.391 billion yuan, with 5.129 billion yuan in commodity futures (including inflows in agricultural and chemical futures and outflows in black - series futures) and 22.262 billion yuan in stock index futures. [24]

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 油脂油料早报 研究中心农产品团队 2025/08/14 隔 夜 市 场 信 息 ： 调查：截至8月7日当周美国大豆出口销售料净增60-160万吨 行业分析师调查结果显示，截至8月7日当周，美国大豆出口销售料净增60-160万吨。其中2024-25年度料净增20-70 万吨，2025-26年度料净增40 ...

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]

Group 1 - The core viewpoint of the article indicates that Indonesia's crude palm oil production is expected to reach 50 million tons by 2025, which is higher than the industry forecast of 48.2 million tons [1] Group 2 - The expected production increase reflects a positive outlook for the palm oil industry in Indonesia, suggesting potential growth opportunities for stakeholders [1] - The difference between the expected production and the industry forecast highlights a potential upward revision in market expectations for palm oil supply [1]

金十期货7月24日讯，马来西亚棕榈油局（MPOB）：预计2025年毛棕榈油产量将达到1950万吨，相较 于去年的1930万吨有所增加；2025年棕榈油出口量将达到1700万吨，相较于去年的1690万吨有所增加。 ...

Group 1: Silver Market Performance - The main silver futures contract in Shanghai closed at 9249 yuan per kilogram, up 1.00%, with an intraday high of 9437 yuan and a low of 9301 yuan [1] - COMEX silver closed at 39.24 USD per ounce, up 2.12%, with an intraday high of 39.38 USD and a low of 38.37 USD [1] Group 2: COMEX Silver Inventory Data - As of July 21, 2025, COMEX silver inventory was 15478.52 tons, equivalent to approximately 497,645,563 ounces [2] - The inventory increased from 15466.03 tons on July 18, 2025, indicating a rise in silver stock levels [2] Group 3: Trade Relations and Tariffs - Indonesia is negotiating details of a new trade agreement with the U.S., with recent tariff rates on Indonesian exports reduced from 32% to 19% [2] - Indonesia is seeking exemptions for its exports of palm oil and nickel, along with other commodities like cocoa and rubber [2] - The U.S. is considering imposing tariffs of at least 15% to 20% on any agreements reached with the EU, while maintaining a 25% tariff on Japanese automobiles [3]

Group 1: Report Title and Date - The report is titled "Guofu Palm Oil Research Weekly Report: Biodiesel News Disturbs, Palm Oil Prices Rise" and is dated July 21, 2025 [1] Group 2: Report Outline - The report includes sections on market review (BMD and DGE palm oil),产区天气 (palm oil producing area weather), international supply - demand (Malaysian palm oil July forecast and other important news), domestic supply - demand (China's June palm oil imports, import profit, palm oil transactions, and palm oil inventory), and domestic and international palm oil futures - spot prices and spreads [4] Group 3: International Supply - Demand (Malaysian Palm Oil Export Forecast) AmSpec Data - Malaysian palm oil exports on July 15, 2025 were 574,121, a - 5.29% change from the previous month and a - 27.42% change from the same period last year. Among them, crude palm oil exports were 159,392, a 2.23% increase from the previous month and a - 33.11% decrease from last year; 24 - degree palm oil exports were 87,042, a - 22.77% change from the previous month and a - 53.10% change from last year [17] SGS Data - Malaysian palm oil exports on July 15, 2025 were 399,366, a - 22.18% change from the previous month and a - 49.24% change from the same period last year. Exports to China were 22,074, a - 59.27% change from the previous month and a - 69.88% change from last year; exports to the US were 33,750, a - 18.76% change from the previous month and a 170.00% change from last year; exports to India were 49,800, a - 15.99% change from the previous month and a - 58.46% change from last year [18]

Core Views - This week, the US is conducting trade negotiations with multiple countries, and Indonesia has proposed B50 again [1] - There are hot - spot reviews of domestic and foreign protein meal and oil futures markets, including soybean - rapeseed meal and oil, palm - based oil, and comprehensive aspects [1] Soybean - Rapeseed Meal and Oil - As of the week of July 15, about 7% of US soybean planting areas were affected by drought, compared with 9% in the previous week and 5% in the same period last year [2] Palm - Based Oil - Indonesia is researching to increase the biodiesel blending ratio to 50%, and relevant research is expected to be completed by the end of the year. As of July 16, Indonesia's biodiesel consumption this year has reached 7.42 million kiloliters [3] - Malaysia's August crude palm oil reference price is 3,864.12 ringgit per ton (about $910.28), a significant increase from July's 3,730.48 ringgit/ton, and the export tax will be raised from 8.5% in July to 9% [3] Comprehensive - On July 16, US President Trump announced a trade agreement with Indonesia. Indonesia will increase purchases of US aircraft, energy (worth $15 billion) and agricultural products (worth $4.5 billion), and the US will reduce the tariff rate from the threatened 32% to 19%. The US may maintain the tariff rate set for Japan and may reach a trade agreement with India [4] - Indonesia is still negotiating the details of the trade agreement with the US. It has requested the US to exempt tariffs on cocoa, rubber, crude palm oil and nickel. All imported US goods except alcohol and pork will enjoy zero - tariff, and some US goods will be exempt from import quota regulations [5]