Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents a comprehensive overview of the futures market on August 4, 2025, covering overnight and spot market quotes, important fundamental information, macro - economic news, capital flows, and arbitrage tracking. It focuses on the performance of various commodities such as palm oil, soybeans, and crude oil, as well as international and domestic economic indicators. 3. Summary by Directory Overnight Quotes - The closing price of BMD Malaysian palm oil in October was 4,245.00, with a previous day's increase of 0.35%. Brent crude oil in October on ICE was at 69.52, a decrease of 3.15% the previous day and 0.20% overnight. NYMEX US crude oil in September was at 67.26, down 3.03% the previous day and 0.06% overnight [1]. - The US dollar index was at 98.67, a decrease of 1.32%. The exchange rates of various currencies against the US dollar showed different trends, with the Malaysian ringgit, Indonesian rupiah, Brazilian real, and Singapore dollar appreciating, while the Argentine peso depreciated [1]. Spot Quotes - For DCE palm oil 2509, the spot prices in North China, East China, and South China were 9,040, 8,910, and 8,900 respectively, with corresponding basis values of 120, - 10, and - 20, and basis changes of - 10, - 40, and 0 [2]. - For DCE soybean oil 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 8,300, 8,520, 8,460, and 8,390 respectively, with basis values and changes varying by region [2]. - For DCE soybean meal 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 2,890, 2,890, 2,870, and 2,970 respectively, with corresponding basis values and changes [2]. - The CNF quotes for imported soybeans from Brazil and Argentina were 474 and 452 dollars per ton respectively, with CNF premiums of 300 and 240 cents per bushel [2]. Important Fundamental Information - **Weather in Production Areas**: US soybean - producing states are expected to have above - average temperatures from August 6 - 10, with more precipitation in the northwest and northeast. The weather in the US Midwest is currently favorable for corn and soybean growth, with occasional rainfall and temperature fluctuations [3][5]. - **International Supply and Demand**: In July 2025, Malaysian palm oil production increased by 7.07% according to SPPOMA. Indonesia exported 2.07 million tons of crude palm oil and its products in June. There were also changes in the positions of various agricultural products futures, US soybean crushing volume, Canadian rapeseed exports, and Nigeria's plan to double soybean planting area by 2027 [9][10][11]. - **Domestic Supply and Demand**: On August 1, the total trading volume of soybean oil and palm oil increased by 31% compared to the previous day. There were also changes in the trading volume and开机 rate of soybean meal, soybean crushing volume, Brazilian soybean shipping plans to China, pig - breeding profits, and agricultural product wholesale prices [14][15]. Macro - economic News - **International News**: US economic data in July showed mixed results, with lower - than - expected non - farm payrolls, slightly higher unemployment rate, and inflation expectations. The ISM and S&P Global manufacturing PMIs also had different performances. There were discussions about OPEC+ production increases [18][20]. - **Domestic News**: On August 1, the US dollar/Chinese yuan exchange rate was adjusted upwards. The Chinese central bank carried out reverse - repurchase operations, resulting in a net withdrawal of funds on the day and a net injection for the week. Newly - issued government bond interest income will be subject to VAT starting from August 8 [22]. Capital Flows - On August 1, 2025, the futures market had a net capital outflow of 9.63 billion yuan, with 1.091 billion yuan from commodity futures (697 million yuan inflow in agricultural product futures, 140 million yuan inflow in chemical futures, 1.293 billion yuan outflow in black - series futures, and 635 million yuan outflow in metal futures) and 8.539 billion yuan from stock - index futures [25]. - The capital flows of major futures varieties varied, with inflows in some commodities like soybean oil and gold, and outflows in others such as crude oil and copper [24]. Arbitrage Tracking No relevant information provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents a comprehensive overview of the commodity market, including overnight and spot market conditions, weather forecasts, international supply - demand situations, domestic market trading data, macro - economic news, and capital flows. It shows the complex interactions among different factors such as weather, policy, and economic indicators that influence the commodity market [1][2][9][14][16]. 3. Summary by Directory Overnight Market - Overnight prices and price changes of various commodities are presented, including palm oil, crude oil, soybeans, and related products. Also, currency exchange rates and their changes are provided [1]. Spot Market - Spot prices, basis, and basis changes of palm oil, soybean oil, and soybean meal in different regions are shown [2]. - Import soybean CNF quotes and CNF premiums in different regions are presented [4]. Weather Forecast - US soybean - producing states' weather from July 21 - 25 will have rainfall and temperatures close to or higher than normal. Most areas in the US Midwest have favorable weather with good soil moisture, which is beneficial for corn and soybean pollination [5][7]. International Supply - Demand - Malaysia's palm oil production increased by 17.06% from July 1 - 15, 2025, while exports decreased by 22.18% compared to the same period last month [9]. - AI is being used to transform the palm oil industry in Malaysia, improving oil extraction rates, increasing uptime, and reducing labor dependence [10]. - India plans to increase domestic palm oil production to 230 million tons by 2029 [10]. - A private exporter reported a 120,000 - ton soybean export sale to an unknown destination for the 2025/2026 delivery [10]. - Forecasts for US soybean, soybean meal, and soybean oil export sales are provided [11]. - Argentina's soybean sales and export registration data are presented [12]. - Ukraine imposes a 10% export tariff on rapeseed and soybeans, and its rapeseed production forecast for 2025/2026 is given [12][13]. - The Baltic Dry Bulk Freight Index reached a one - month high [13]. Domestic Market Trading - On July 16, the total trading volume of soybean oil and palm oil increased, while the trading volume of soybean meal decreased. The oil mill operating rate increased [14]. - Agricultural product wholesale price indices and prices of pork and eggs are reported [14]. Macro - Economic News - International news includes Fed interest rate probabilities, US industrial output, PPI, mortgage application, and strategic oil reserve data, as well as Indonesia's central bank interest rate cut [16][17]. - Domestic news includes the exchange rate of the US dollar against the RMB and China's central bank's reverse - repurchase operations [18]. Capital Flows - On July 16, 2025, the futures market had a net capital outflow of 14.421 billion yuan, with details on different types of futures [22]. Arbitrage Tracking No relevant content provided.

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The MPOB April palm oil supply - demand report has a negative impact due to a significant increase in production and higher - than - expected ending inventory [24]. - The USDA May supply - demand report has a positive impact as the 25/26 annual US soybean ending inventory estimate is lower than market expectations [25]. 3. Summary by Relevant Catalogs 01 Overnight Market - The closing price of BMD Malaysian palm oil 08 is 3819.00, with a previous day's decline of 0.05% and an overnight decline of - 0.26% [1]. - The closing price of ICE Brent 08 is 64.18, with a previous day's decline of - 0.33% and an overnight increase of 0.31% [1]. - The closing price of NYMEX US crude oil 07 is 61.53, with a previous day's decline of - 0.37% and an overnight increase of 0.34% [1]. - The US dollar index is 98.99, with a decline of - 0.09% [2]. - The CNY/USD exchange rate is 7.1833, with a decline of - 0.12% [2]. - The MYR/USD exchange rate is 4.2317, with a decline of - 0.83% [2]. - The IDR/USD exchange rate is 16215, with a decline of - 0.57% [2]. - The BRL/USD exchange rate is 5.6464, with a decline of - 1.03% [2]. - The ARS/USD exchange rate is 1143.000, with an increase of 1.06% [2]. - The SGD/USD exchange rate is 1.2851, with a decline of - 0.42% [2]. 02 Spot Market - For DCE palm oil 2505, the spot price in East China is 8440, with a basis of 470 and a daily basis change of - 10; in South China, the spot price is 8420, with a basis of 450 and a daily basis change of - 30 [3]. - For DCE soybean oil 2509, the spot price in Shandong is 7980, with a basis of 266 and a daily basis change of - 18; in Jiangsu, the spot price is 8020, with a basis of 306 and a daily basis change of - 8; in Guangdong, the spot price is 8000, with a basis of 286 and a daily basis change of - 38; in Tianjin, the spot price is 7900, with a basis of 186 and a daily basis change of - 18 [3]. - For DCE soybean meal 2509, the spot price in Shandong is 2880, with a basis of - 73 and a daily basis change of - 39; in Jiangsu, the spot price is 2870, with a basis of - 83 and a daily basis change of - 19; in Guangdong, the spot price is 2900, with a basis of - 53 and a daily basis change of 1; in Tianjin, the spot price is 2960, with a basis of 7 and a daily basis change of - 9 [3]. - The CNF premium for Brazilian soybeans is 145 cents per bushel, and the CNF quote is 443 dollars per ton [5]. 03 Important Fundamental Information Weather Forecast - From May 31 to June 4, in the northeastern US soybean - producing states, the temperature is higher than normal and the precipitation is generally low [6]. - In the US Midwest, there will be rainfall and low temperatures. Recent heavy precipitation is beneficial for soil moisture, but it may delay sowing in the southern areas. Frost may occur in the northern remote areas [8]. International Supply and Demand - From May 1 - 25, 2025, Malaysian palm oil production increased by 0.73%, with a 1.06% decrease in yield per unit and a 0.34% increase in oil extraction rate [10]. - From May 1 - 25, 2025, Malaysian palm oil exports were estimated to be 991,702 tons (AmSpec) and 947,248 tons (SGS), increasing by 7.3% and 34.71% respectively compared to the same period last month [10][11]. - In 2024, Malaysia's palm oil exports to Algeria increased by nearly 82% to about 79,000 tons [11]. - Thailand's domestic trade department requires the palm oil purchase price to be no less than 5 Thai baht per kilogram and the retail price of bottled palm oil to be no more than 50 Thai baht per liter [11]. - The estimated Brazilian soybean production in 2024/25 is 1.720 billion tons, and the corn production is 1.327 billion tons [11]. - As of May 24, 2024/25, the Brazilian soybean harvest rate was 99.5% [12]. - In the 4th week of May 2025, Brazil's soybean loading volume was 11.1543 million tons, and the daily average loading volume increased by 8.96% compared to May last year [12]. - The EU's 2025 rapeseed yield per unit is predicted to be 3.14 tons per hectare [12]. - In April 2025, Canada's soybean and rapeseed crushing volumes decreased by 7.2% and 10.27% respectively compared to the previous month [13]. - Ukraine's 2025/26 rapeseed price increased, and the estimated production is 3.25 million tons, lower than the 2024/25 level [14]. Domestic Supply and Demand - On May 26, the total trading volume of soybean oil and palm oil was 24,100 tons, a decrease of 42% compared to the previous trading day [16]. - On May 26, the trading volume of soybean meal was 114,600 tons, a decrease of 76,800 tons compared to the previous day [16]. - The operating rate of all - sample oil mills was 66.73%, an increase of 2.86% compared to the previous day [17]. - As of May 23, 2025, the total commercial inventory of three major oils was 1.8018 million tons, a decrease of 0.37% compared to the previous week [17]. - As of May 23, 2025, the commercial inventory of palm oil was 338,700 tons, a decrease of 5.84% compared to the previous week [17]. - As of May 23, 2025, the commercial inventory of soybean oil was 697,200 tons, an increase of 6.23% compared to the previous week [17]. - It is expected that the imported soybean arrivals in June and July will be 12 million tons and 9.5 million tons respectively, and the soybean meal inventory of oil mills will increase significantly [17]. 04 Macroeconomic News International News - The probability that the Fed will keep interest rates unchanged in June is 94.4%, and the probability of a 25 - basis - point rate cut is 5.6% [21]. - The EU plans to accelerate trade negotiations with the US, and Trump postponed the deadline for imposing a 50% tariff on the EU to July 9 [21]. - OPEC+ adjusted the July production decision - making meeting to May 31, and there are rumors that the daily production may increase by 411,000 barrels in July [21]. Domestic News - On May 26, the US dollar/renminbi exchange rate was 7.1833, a decrease of 86 points [23]. - On May 26, the central bank conducted 382 billion yuan of 7 - day reverse repurchase operations, with a net investment of 247 billion yuan [23]. 05 Supply - Demand Reports - Malaysia's April palm oil ending inventory increased by 19.37% to 1.866 million tons, with a negative impact on the market [24]. - The USDA May report adjusted the 24/25 US soybean exports upward and the ending inventory downward. The 25/26 US soybean ending inventory estimate was lower than market expectations, with a positive impact [25]. 06 Capital Flow - On May 26, 2025, the futures market had a net capital outflow of 10.219 billion yuan, with a net inflow of 1.48 billion yuan in commodity futures and a net outflow of 11.699 billion yuan in stock index futures [28].