Group 1 - Chicago futures market saw a decline in corn, wheat, and soybean prices on the 3rd, with December corn contracts closing at $4.18 per bushel, down 5 cents (1.18%), December wheat at $5.22 per bushel, down 6.25 cents (1.18%), and November soybeans at $10.32 per bushel, down 9.5 cents (0.91%) [1] - The drop in soybean prices is attributed to a lack of demand from China, leading to a bearish sentiment in the Chicago futures market for agricultural products, with potential losses of 14-16 million tons in Chinese import demand if the US-China trade agreement is not reached by mid-November [1] - Key moving averages indicate that December corn's 50-day moving average is at $4.145, while November soybeans have a 100-day moving average at $10.2975 and a 50-day moving average at $10.235, with wheat prices significantly below their moving averages [1] Group 2 - Importers and end-users are reluctant to chase higher prices in the Chicago futures market, with China continuing to purchase Brazilian soybeans and sellers from Brazil and Argentina becoming more aggressive [2] - The USDA has revised down the forecast for US farm net cash income for 2025 by $13 billion to $180.7 billion, indicating a potential impact on the agricultural sector [2] - Weather forecasts suggest mild temperatures for the next 8-9 days, with a low risk of early frost before September 17, which may affect crop conditions in the Midwest [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The export sales of US soybeans, soybean meal, and soybean oil are expected to increase, with different expected net increases in different fiscal years [1]. - Malaysia's palm oil exports from August 1 - 25, 2025, increased by 36.41% compared to the same period last month [1]. - The average estimated yield of Canadian rapeseed is 20.3 million tons, with a forecast range of 19 - 21.2 million tons [1]. - Australia's rapeseed yield this year is expected to be between 5.8 - 7.2 million tons [1]. 3. Summary by Related Catalogs Overnight Market Information - **US Exports**: Before the USDA's weekly export sales report (scheduled for 20:30 Beijing time on Thursday), a survey of industry analysts showed that as of the week ending August 21, US soybean export sales are expected to net increase by 25 - 105 tons, with a net decrease of 20 tons to a net increase of 5 tons in the 2024 - 2025 fiscal year and a net increase of 45 - 100 tons in the 2025 - 2026 fiscal year. US soybean meal export sales are expected to net increase by 12.5 - 45 tons, with 2.5 - 15 tons in the 2024 - 2025 fiscal year and 10 - 30 tons in the 2025 - 2026 fiscal year. US soybean oil export sales are expected to net increase by 0 - 1.4 tons, with 0 - 0.8 tons in the 2024 - 2025 fiscal year and 0 - 0.6 tons in the 2025 - 2026 fiscal year [1]. - **Malaysia's Palm Oil Exports**: According to SGS, Malaysia's palm oil product exports from August 1 - 25, 2025, were 933,437 tons, a 36.41% increase from 684,308 tons in the same period last month [1]. - **Canadian Rapeseed Yield**: Canada's Statistics Bureau plans to release the estimated yield of major farm crops as of the end of July 2025 at 20:30 Beijing time on Thursday. Based on the forecasts of 6 traders and analysts, the average estimated yield of rapeseed is 20.3 million tons, with a range of 19 - 21.2 million tons, compared to 19.5 million tons reported by the Statistics Bureau in August last year [1]. - **Australian Rapeseed Yield**: Australia's ABARES estimates that the country's rapeseed yield this year will be between 5.8 - 7.2 million tons, compared to 6.1 million tons last year and a 10 - year average of 4.8 million tons [1]. Spot Prices - The 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 21 - 27, 2025, are provided [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA will release a weekly export sales report at 20:30 Beijing time on Thursday. Analysts expect US soybean export sales to increase by 20 - 90 tons in the week ending July 24, with 10 - 30 tons for the 2024 - 25 season and 10 - 60 tons for the 2025 - 26 season [1]. - US soybean meal export sales are expected to increase by 20 - 55 tons, with 10 - 30 tons for the 2024 - 25 season and 10 - 25 tons for the 2025 - 26 season. US soybean oil export sales are expected to increase by 0 - 2.3 tons, with 0 - 1.5 tons for the 2024 - 25 season and 0 - 0.8 tons for the 2025 - 26 season [1]. - Datagro forecasts Brazil's 2025/26 soybean production to reach 182.9 million tons, up from 173.5 million tons in the previous year [1]. - India's reduction of import tariffs on Indonesian palm oil may boost imports above 5 million tons. India imported 4.8 million tons and 6 million tons from Indonesia in 2024 and 2023 respectively [1]. 3. Other Summaries Production and Supply - Brazil's 2025/26 soybean production is expected to increase to 182.9 million tons from 173.5 million tons in the previous year [1]. Trade and Policy - Analysts expect US soybean, soybean meal, and soybean oil export sales to increase in the week ending July 24 [1]. - India has reduced the basic import tariff on crude palm oil from 20% to 10%, which may increase imports from Indonesia above 5 million tons [1]. Price and Profit - The report provides the spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil from July 24 to July 30, 2025 [1]. - Information on import soybean crushing profit, grease import profit, protein meal basis, grease basis, and grease - oilseed price spread is also mentioned, but no specific data is presented [1].

Group 1 - The article discusses the projections for soybean and oilseed production, highlighting changes in planting area, yield, and total supply for the 2024/25 and 2025/26 seasons [1][2] - For soybeans, the harvested area is expected to decrease slightly from 86.1 million acres to 82.5 million acres, while the yield remains stable at 50.7 bushels per acre for 2024/25 [1] - The total soybean production is projected to decline from 4,366 million bushels to 4,335 million bushels in 2025/26, with a corresponding decrease in total supply from 4,734 million bushels to 4,705 million bushels [1] Group 2 - The oil production is forecasted to remain stable at 28,800 million pounds for 2024/25, with a slight increase in total supply from 30,851 million pounds to 31,871 million pounds in 2025/26 [2] - Domestic usage of oil is expected to decrease from 26,800 million pounds to 26,700 million pounds in 2024/25, while biodiesel usage is projected to drop significantly from 12,900 million pounds to 12,250 million pounds [2] - The total demand for oil is anticipated to decline slightly from 29,400 million pounds to 29,300 million pounds in 2024/25, with an increase in ending stocks from 1,451 million pounds to 1,531 million pounds in 2025/26 [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The USDA will release its weekly export sales report at 20:30 Beijing time on Thursday. A survey of industry analysts shows that as of the week ending May 15, US soybean export sales are expected to increase by 190,000 to 700,000 tons, with the current marketing year expected to increase by 100,000 to 300,000 tons and the next marketing year by 90,000 to 400,000 tons [1] - US soybean meal export sales are expected to increase by 100,000 to 450,000 tons, with the current marketing year expected to increase by 100,000 to 400,000 tons and the next marketing year by 0 to 50,000 tons [1] - US soybean oil export sales are expected to increase by 0 to 32,000 tons, with the current marketing year expected to increase by 0 to 22,000 tons and the next marketing year by 0 to 10,000 tons [1] - Data from the SPPOMA shows that from May 1 - 20, 2025, Malaysian palm oil production increased by 3.72% month - on - month, fresh fruit bunch yield increased by 1.72%, and oil extraction rate increased by 0.38% [1] 3. Summary by Related Catalogs 3.1 Spot Prices - Spot prices of various products from May 15 - 21, 2025 are presented, including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2] 3.2 Protein Meal Basis and Oil Basis - No specific data provided, only the topics are mentioned [3] 3.3 Oil and Oilseed Futures Price Spreads - Only the topic is mentioned, no specific data provided [5]

Report Overview - Report Date: April 25, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Trading Recommendations 1.1 Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2505 | 2973 | 2991 | 3097 | 2974 | 3049 | 76 | 2.56% | 411,894 | 273,326 | -11,101 | | Soybean Meal 2507 | 2904 | 2898 | 2935 | 2893 | 2911 | 7 | 0.24% | 212,342 | 515,233 | 12,657 | | Soybean Meal 2509 | 3044 | 3042 | 3075 | 3034 | 3059 | 15 | 0.49% | 1,919,721 | 2,417,063 | -1,931 | [6] 1.2 Market Analysis - **CBOT Soybeans**: After a rebound in the week after the Tomb - Sweeping Festival, CBOT soybeans entered a narrow - range oscillation last week. International trade negotiations restricted the downward pressure on prices. Pakistan's potential increase in soybean purchases and the expected 83.5 million - acre new - season US soybean planting area (a significant year - on - year decrease) make it difficult for prices to fall [6]. - **Domestic Soybean Meal**: It is in a state of tight current supply but wide future expectations. March's imported soybean volume was only 3.5 million tons, and April's customs clearance was slow. The soybean meal inventory has dropped to a multi - year low, reflected in the rising prices. However, in the long run, with the large - scale arrival of Brazilian soybeans and continuous state - reserve auctions, the supply of soybean raw materials will be relatively loose after several months [6]. 1.3 Trading Recommendations - For futures, it is recommended to be long on the 09 and subsequent far - month contracts. Although there will be supply pressure in the second quarter, factors such as the increase in import costs after the Brazilian selling pressure eases, the opening of the US weather and tariff themes will be favorable for the long side [6]. 2. Industry News - A commodity research institution lowered its 2025/26 US soybean production forecast by 1% to 115 million tons, with an estimated range of 109 - 121 million tons. The expected planting area is 84 million acres, a 3.4% decrease from the previous year, 500,000 acres higher than the USDA's March 31 forecast. The latest analyst survey shows a planting area of 83.8 million acres (range: 82.5 - 85.5 million acres), and the USDA's next survey - based forecast will be released on June 30 [7][8] - According to industry analysts' surveys, for the week ending April 17, US soybean export sales are expected to increase by 2 - 8 million tons (2 - 6 million tons for the 2024/25 season and 0 - 2 million tons for the 2025/26 season), US soybean meal export sales are expected to increase by 1.5 - 4 million tons (1.5 - 3.5 million tons for the 2024/25 season and 0 - 0.5 million tons for the 2025/26 season), and US soybean oil export sales are expected to increase by 500 - 35,000 tons (500 - 25,000 tons for the 2024/25 season and 0 - 10,000 tons for the 2025/26 season) [8] 3. Data Overview - The data sources for various charts (including soybean meal ex - factory price, 05 contract basis, 1 - 5 spread, 5 - 9 spread, USD/CNY central parity rate, and USD/BRL exchange rate) are Wind and the Research and Development Department of CCB Futures [11][14][17]