1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The price of US soybeans rose significantly this week driven by crude oil. The price increase order is US soybean oil futures > US soybean futures > US inland soybean spot > US soybean meal > Brazilian port spot and US port spot > Brazilian inland spot > Argentine May FOB price. The main drivers of this price increase are the sharp rise in crude oil prices leading to increased shipping costs and optimistic expectations for biodiesel consumption. The supply pressure will gradually emerge in the medium term, and the price range of 1200 - 1250 cents per bushel may face significant pressure [1]. - South America has a bumper harvest, so there is no basis for a bull market. However, demand is expected to improve, limiting the downside space. Overall, the market is expected to be volatile and slightly bullish, with a price range of 1050 - 1250 cents per bushel [5]. 3. Summary by Relevant Catalogs 3.1. Overall View and Bull - Bear Logic of US Soybeans - **Overall View**: South America has a bumper harvest, no basis for a bull market; demand is expected to improve, limited downside space, overall volatile and slightly bullish, with a price range of 1050 - 1250 cents per bushel [5]. - **Bearish Logic**: After China purchases US soybeans, the Trump administration's support for biodiesel addition policies may weaken; Brazil's harvest is accelerating, continuing the pattern of a good harvest; Argentina is expected to receive precipitation after a short - term drought, with little impact on the final yield [6]. - **Bullish Logic**: After China purchases 12 million tons of US soybeans, it adds an additional 8 million tons of soybeans for this crop year; Argentina experienced early - stage drought, and the yield may be revised down; the sharp rise in global crude oil prices may lead to inflation [8]. 3.2. Spot and Futures Market Prices - As of March 6, 2026, the price of the US soybean futures continuous contract rose 43.5 cents per bushel to 1200.75 cents per bushel; the US soybean meal futures continuous contract rose $1.7 per short ton to $317.2 per short ton; the US soybean oil futures continuous contract rose 5.29 cents per pound to 66.58 cents per pound [8]. - As of March 5, 2026, the spot soybean purchase price in Illinois rose 17 cents per bushel to 1176.75 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port rose 4.5 cents per bushel to 1268.25 cents per bushel compared to the previous week [8]. - As of March 6, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, rose 0.8 reais per bag to 102.43 reais per bag compared to the previous week; the spot price at the Paranagua port rose 2.71 reais per bag to 129.54 reais per bag compared to the previous week [9]. - As of March 4, 2026, the FOB price of Argentine soybeans for the May shipment decreased by $2 per ton to $416 per ton; the price for the June shipment remained flat at $423 per ton [9]. 3.3. Weather Conditions in Main Producing Areas - According to the weather forecast released on March 7, 2026, in the next week, precipitation in Brazil will be mainly concentrated in the central and northern regions, with less precipitation in the southern and eastern regions. In the next two weeks, the cumulative precipitation in the central region will be higher than the normal level, while that in the southern and northern regions will be lower. In specific main - producing states, Mato Grosso will have slightly more than normal precipitation; South Mato Grosso will have more than normal precipitation in the next week; Paraná will have less rain in the next two weeks, which is conducive to the harvest; Rio Grande do Sul will have light rain in the next week and less rain in the second week, which is not conducive to crop yield [12]. - In the next week, Argentina will have less precipitation, concentrated in the central and northern producing areas. In the next two weeks, Buenos Aires will have little precipitation, and Córdoba will have light rain in the next week and dry conditions in the second week [12]. 3.4. US Soybean Demand - According to USDA data, as of the week ending February 27, 2026, the US soybean export inspection and quarantine volume was 1.119 million tons, compared with 0.8114 million tons in the previous week; the net sales for this crop year were 383,400 tons, compared with 407,000 tons in the previous week; the net sales for the next crop year were 0 tons, the same as in the previous week; the shipment volume to China was 734,600 tons, compared with 344,800 tons in the previous week [31]. 3.5. CFTC Positions and Planting Costs - According to CFTC data, as of March 3, 2026, the net long positions of funds in soybean futures and options were 214,100 lots, an increase of 9,300 lots compared to the previous week; the net long positions of funds in soybean oil futures and options were 65,900 lots, an increase of 8,800 lots compared to the previous week; the net short positions of funds in soybean meal futures and options were 62,000 lots, an increase of 30,000 lots compared to the previous week. From the perspective of fund positions, the operation idea for soybeans, soybean oil, and soybean meal is to continue to increase long positions [38]. - In terms of planting costs, the cost in the US remains high, while the cost in Brazil is lower than that in the US but has also increased compared to the previous year. The US planting cost is expected to be 1200 - 1250 cents per bushel, and the Brazilian cost is expected to be 950 - 1000 cents per bushel [39].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The price of US soybeans is likely to continue to fluctuate within a range. South America's bumper harvest means there is no basis for a bull market, but demand is expected to improve, limiting the downside. Overall, it is expected to oscillate moderately, with a price range of 1000 - 1200 cents per bushel [2][6] 3. Summary by Relevant Catalog 3.1. Overall View and Long - Short Logic of US Soybeans - **Overall View**: South America's bumper harvest, no basis for a bull market; demand is expected to improve, limited downside, overall oscillating moderately in the range of 1000 - 1200 cents per bushel [6] - **Short Logic**: 1. After China purchases US soybeans, the Trump administration's support for biodiesel addition policies may weaken; 2. Brazil has entered the harvest stage, continuing the harvest pattern; 3. Argentina is expected to receive precipitation after a brief drought; 4. The strengthening of the Brazilian exchange rate puts pressure on the premium quote [7] - **Long Logic**: 1. After China purchases 12 million tons of US soybeans, it will purchase an additional 8 million tons of soybeans in the current crop year; 2. Due to the previous drought in Argentina, the yield per unit may be reduced; 3. The weakening of the US dollar supports US soybeans [8] 3.2. Spot and Futures Market Prices - As of February 27, 2026, the price of the continuous US soybean futures contract rose by 19.75 cents per bushel to 1157.25 cents per bushel; the continuous US soybean meal futures contract rose by $5.7 per short ton to $315.5 per short ton; the continuous US soybean oil futures rose by 2.37 cents per pound to 61.29 cents per pound [8] - As of February 27, 2026, the spot soybean purchase price in Illinois increased by 21.25 cents per bushel to 1159.25 cents per bushel compared to the previous week; the soybean quote at the US Gulf port increased by 24.25 cents per bushel to 1264.75 cents per bushel compared to the previous week [8] - As of February 27, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, decreased by 0.21 reais per bag to 101.63 reais per bag compared to the previous week; the spot price at the Paranagua port increased by 0.34 reais per bag to 126.83 reais per bag compared to the previous week [9] - As of February 25, 2026, the FOB price of Argentine soybeans for May shipment increased by $4 per ton to $418 per ton; the price for June shipment increased by $3 per ton to $421 per ton [9] 3.3. Weather Conditions in Main Producing Areas - According to the weather forecast released on February 28, 2026, in the next week, precipitation in Brazil will be mainly concentrated in the central region, with less precipitation in the south and north; in the next two weeks, the cumulative precipitation in the central region will be slightly higher than the normal level, and less in the southern region. In specific major producing states, the harvest in Mato Grosso is nearly complete, with normal to slightly more precipitation; in the next two weeks, precipitation in South Mato Grosso will be less, which is conducive to the progress of the harvest; in the next two weeks, precipitation in Parana will be less, which is conducive to the harvest work; in the next week, precipitation in Rio Grande do Sul will be scarce, and it will return around March 6 [12] - In the next week, precipitation in Argentina will be less and concentrated in the central and northern producing areas, and the cumulative precipitation in the next two weeks will be generally less, with less precipitation in the southern producing areas and still insufficient cumulative rainfall [12] 3.4. US Soybean Demand - According to data released by the USDA, as of the week ending February 20, 2026, the US soybean export inspection and quarantine volume was 814,900 tons, compared with 1.29 million tons in the previous week; the net sales in the current crop year were 407,000 tons, compared with 798,000 tons in the previous week; the net sales in the next crop year were 0 tons, compared with 66,000 tons in the previous week; the shipment to China was 344,800 tons, compared with 684,000 tons in the previous week [30] 3.5. CFTC Positions and Planting Costs - According to data released by the CFTC, speculative funds increased their net long positions in soybeans. As of February 24, 2026, the net long positions of funds in soybean futures and options were 204,700 contracts, an increase of 16,000 contracts compared to the previous week; the net long positions of funds in soybean oil futures and options were 57,000 contracts, an increase of 20,000 contracts compared to the previous week; the net long positions of funds in soybean meal futures and options were 31,600 contracts, an increase of 33,400 contracts compared to the previous week. From the perspective of fund positions, the operation idea for soybeans, soybean oil, and soybean meal is to reduce short positions and increase long positions [36] - In terms of planting costs, the cost in the United States remains high, while the cost in Brazil is lower than that in the United States but has also increased compared to the previous year. The US planting cost is expected to be 1200 - 1250 cents per bushel, and the Brazilian cost is expected to be 950 - 1000 cents per bushel [37]

Group 1 - The core point of the article is that soybean meal futures have increased by 2%, reaching a price of $297.8 per short ton [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The global vegetable oil demand in the 2025/26 period is expected to reach a record high, with the import volume of eight major oils increasing by 3.1 million tons to 94.5 million tons. The main driving force for the import increase is the expected 6.1 million - ton rise in global vegetable oil consumption, more than twice that of the previous year. However, vegetable oil prices will still face pressure in 2025/26 [10]. - The implementation of Indonesia's B50 policy may significantly reduce its exportable palm - oil supply, and the global vegetable oil demand in the coming year will rely heavily on sunflower oil [11]. - The weather in the US and Brazil will have an impact on crop growth and harvesting. In the US, future rainfall may help relieve drought but may also delay crop harvesting; in Brazil, the current dry weather is beneficial for farmers' field operations [6][8]. 3. Summary by Directory 01 Overnight Quotes - Futures quotes: The closing prices and daily/overnight percentage changes of commodities such as Malaysian palm oil, Brent crude oil, and US soybeans are presented. For example, the closing price of Malaysian palm oil 01 (BMD) is 4466.00, with a previous - day increase of 0.36% and an overnight decrease of 0.09% [1]. - Currency quotes: The latest prices and percentage changes of the US dollar index and various currencies against the US dollar are provided, including the US dollar index at 98.92 with a 0.05% increase [1]. 02 Spot Quotes - Spot prices and basis information for DCE palm oil 2601, DCE soybean oil 2601, and DCE soybean meal 2601 in different regions are given. For example, the spot price of DCE palm oil 2601 in North China is 9330, with a basis of 90 and a basis change of 0 [3]. - CNF quotes and CNF premium information for imported soybeans from different regions are provided, such as the CNF premium of Brazilian soybeans at 285 cents per bushel and the CNF quote at 483 dollars per ton [3]. 03 Important Fundamental Information - Production Area Weather - US soybean - producing states: The future weather (October 28 - November 1) in most of the US soybean - producing states will have temperatures above normal and precipitation above the average. In addition, frost may occur in some areas in the Midwest in the coming days, and precipitation may delay crop harvesting [4][6]. - Brazil: The current dry weather in Brazil is beneficial for farmers' field operations. A new front will bring showers to the southern and central regions this weekend and early next week, which is generally favorable for soybean planting [7][8]. - International Supply and Demand - Global vegetable oil: The expected increase in global vegetable oil demand in 2025/26 is mainly due to the strong demand from the biodiesel industries in the US, Indonesia, and Brazil. However, traditional exporters may reduce their exports, and Indonesia's biodiesel policy is an unstable factor [10]. - Palm oil in Indonesia: If Indonesia implements the B50 policy, the amount of palm oil used for blending will increase, and the exportable supply will decrease significantly [11]. - Soybean: The IGC predicts that the global soybean output in 2025/26 will decrease by 1 million tons to 428 million tons, the trade volume will increase by 2 million tons to 187 million tons, and the consumption will decrease by 1 million tons to 430 million tons [12]. - Domestic Supply and Demand - Commodity trading volume: On October 23, the trading volume of soybean oil was 11,000 tons, and that of palm oil was 3,600 tons, with a total trading volume of 14,600 tons, a 2.67% decrease from the previous trading day [16]. - Soybean meal trading and oil - mill operation: On October 23, the trading volume of soybean meal in major domestic oil mills was 148,600 tons, an increase of 20,500 tons from the previous day. The operating rate of all - sample oil mills was 68.13%, a 0.38% increase from the previous day [16]. - Agricultural product prices: On October 23, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" both increased. The prices of various agricultural products such as pork, beef, and eggs also changed to different extents [16]. 04 Macroeconomic News - International News - Fed rate - cut expectations: The probability of the Fed cutting interest rates by 25 basis points in October is 98.3%, and the probability of cumulative 50 - basis - point rate cuts in December is 93.4% [18]. - US economic data: US September existing - home sales totaled 4.06 million units, in line with expectations; the Kansas City Fed manufacturing composite index in October was 6, higher than expected [18]. - EU sanctions: The EU has imposed new sanctions on Russia due to the Russia - Ukraine conflict and has also sanctioned some Chinese and Indian companies. China has expressed strong dissatisfaction and opposition [18]. - Domestic News - Exchange rate: On October 23, the US dollar/Chinese yuan exchange rate was 7.0918, a 36 - point decrease (appreciation of the Chinese yuan) [20]. - Central bank operations: On October 23, the People's Bank of China conducted 212.5 billion yuan of 7 - day reverse repurchase operations, with 236 billion yuan of 7 - day reverse repurchases maturing, resulting in a net withdrawal of 23.5 billion yuan [20]. - Policy news: The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China proposed to build a strong domestic market and accelerate the construction of a new development pattern. China and the US will hold economic and trade consultations in Malaysia from October 24 - 27 [21]. 05 Capital Flows - On October 23, 2025, the net inflow of funds into the futures market was 27.536 billion yuan, including 3.42 billion yuan into commodity futures, 24.868 billion yuan into stock - index futures, and a net outflow of 729 million yuan from bond futures [24]. 06 Arbitrage Tracking No relevant content provided.

Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating. However, some institutions have provided ratings for specific sectors: Goldman Sachs maintains an "overweight" stance on Chinese stocks, and Standard Chartered Bank maintains an "overweight" rating on Chinese stocks in its "2025 H2 Global Market Outlook" [36]. Core Viewpoints - The domestic futures market had a mixed performance overnight, with most contracts falling. International precious metals generally rose, while international oil prices slightly declined. The global economic and policy environment is complex, with various factors influencing different markets such as macro - policies, corporate operations, and international trade relations [3][4][5]. Summary by Directory Overnight Night - Market Trends - **Domestic Futures**: Most domestic futures main contracts fell. Soda ash dropped over 2%, and glass, coke, cotton, etc., dropped over 1%. Shanghai silver and caustic soda rose over 1% [3]. - **International Precious Metals**: COMEX gold futures rose 1.13% to $3516.1 per ounce, and COMEX silver futures rose 2.62% to $40.723 per ounce [4]. - **International Oil Prices**: WTI crude oil main contract fell 0.48% to $64.01 per barrel, and Brent crude oil main contract fell 0.28% to $67.48 per barrel [5]. - **London Base Metals**: All London base metals rose. LME zinc rose 1.19%, LME nickel rose 0.93%, etc. [5]. - **International Agricultural Products**: International agricultural product futures had mixed performances. US soybeans rose 0.45%, US corn rose 2.25%, etc. [7]. Important Information Macro Information - As of July 2025, there were 150 futures companies in China, with a trading volume of 10.99 billion lots and an operating income of 4.282 billion yuan in July [9]. - As of August 29, the Shanghai Export Containerized Freight Index dropped 29.7 points, and the China Export Containerized Freight Index dropped 1.6% [9]. - The NDRC will introduce policies to promote private investment and set minimum private investment participation ratios for major projects [9]. - From August 27 - 29, Chinese and US officials held talks on Sino - US economic and trade relations [9]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the non - manufacturing business activity index was 50.3%, up 0.2 percentage points [10][12]. - The Fed entered a "quiet period" before its September meeting [12]. Energy and Chemical Futures - From September 1, 2025, the maximum daily opening position for non - futures company members or clients in the caustic soda 2601 contract is 10,000 lots [14]. - Last week, PVC production enterprises' capacity utilization rate was 76.02%, down 1.59% month - on - month [14]. - In June, US crude oil production reached a record high, and LNG production increased by 12,000 barrels per day [14]. Metal Futures - Tin Industry Co., Ltd. will conduct a routine shutdown for equipment maintenance, expected to last no more than 45 days, with little impact on the annual production plan [16][17]. - Last week, copper inventory decreased by 1,950 tons, and aluminum inventory increased by 991 tons [18]. - The US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal [18]. Black - Series Futures - The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points from last week [20]. - The total inventory of imported iron ore in 45 ports was 137.6302 million tons, down 821,800 tons [20]. - Shanxi Coking Coal's subsidiary had a safety accident and stopped production, with an annual approved capacity of 4 million tons [21]. - This week, the total urban inventory was 8.8916 million tons, up 349,900 tons from last week [23]. - In August, the steel industry PMI was 49.8%, down 0.7 percentage points from the previous month [23]. - Colombia banned coal exports to Israel [23]. Agricultural Product Futures - As of August 29, the self - breeding and self - raising pig farming profit was 32.24 yuan per head, and the profit from purchasing piglets was a loss of 148.41 yuan per head [25]. - Zhengzhou Commodity Exchange revised the rules for fresh apple futures [25]. - India allocated 2.35 million tons of sugar for domestic sales in September 2025, the same as in 2024 [25]. - Indonesia set the reference price for CPO in September at $954.71 per ton, up from August [27]. - In the first half of August, Brazil's central - southern region had a 8.17% year - on - year increase in sugarcane crushing volume [27]. - The ISO expects the global sugar supply shortage in 2025/2026 to narrow significantly to 231,000 tons [28]. - Malaysia's palm oil exports from August 1 - 31 were 1.421486 million tons, up 10.2% from the previous month [29]. Financial Market Finance - Next week, 29 A - share stocks will face unlocking, with a total unlocking market value of 18.877 billion yuan, down 73.51% week - on - week [31]. - In H1 2025, Shanghai - listed companies' operating income was 24.68 trillion yuan, down 1.3% year - on - year, and net profit was 2.39 trillion yuan, up 1.1% [33]. - As of the end of August, the scale of Shanghai ETFs exceeded 3.7 trillion yuan, with a net inflow of over 350 billion yuan this year [33]. - As of June 30, 2025, the five A - share listed insurance companies' stock investment scale was nearly 1.8 trillion yuan, up 405.356 billion yuan from the end of 2024 [35]. - In August, A - shares continued to rise. Institutions expect the market to be volatile in September and focus on resource sectors, innovation drugs, etc. [36]. - Many foreign financial institutions are optimistic about the Chinese market. Hedge funds are net buyers of Chinese stocks [36]. - In the first eight months, the A - share market was strong, and the average return of active equity funds was 23.83% [36]. - Hesai Technology passed the Hong Kong Stock Exchange's hearing and plans to list in Hong Kong [37]. - Hefei Xinqi Microelectronics Equipment Co., Ltd. and Easy Health Group submitted IPO applications to the Hong Kong Stock Exchange [37]. Industry - Since August, nearly 20 small and medium - sized banks have lowered deposit interest rates [38]. - From January to August, the sales of TOP100 real estate enterprises were 2.32705 trillion yuan, down 13.3% year - on - year [40]. - In August, the inventory warning index for Chinese auto dealers was 57.0%, up 0.8 percentage points year - on - year [40]. - In 2025, China's total box office (including overseas) exceeded 40 billion yuan [40]. - The mother - fund market cooled significantly this year, with 33 new mother - funds established [41]. - Shanghai's leading commercial health insurance companies are developing new group insurance products [41]. Overseas - Trump's global tariff policy and the lawsuit to remove Fed Governor Cook are facing the US Supreme Court's final ruling [42]. - Japan and the US are discussing a package deal including tariff reduction and a $550 billion investment plan [44]. - ECB Governing Council member Rehn said inflation risks are "downward - biased" [44]. International Stock Market - Tata Capital will launch a $2 billion IPO in September [45]. Commodity - Malaysia's palm oil exports in August were 1.421486 million tons, up 10.22% month - on - month [46]. Bond - Yuzhou Group's overseas debt restructuring became effective, involving about $6.68 billion in debt, and is expected to reduce the repayment pressure by about $3.5 billion [47]. Foreign Exchange - In the past two weeks, the RMB has strengthened against the US dollar, driven by the weakening US dollar index and narrowing Sino - US interest rate differentials [49]. - The Canadian dollar has risen 4.68% against the US dollar this year, being the worst - performing G10 currency [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight and spot market conditions of multiple commodities, including palm oil, soybeans, and related products, along with important fundamental information on weather, international and domestic supply - demand, macroeconomic news, and capital flows in the market. It details price changes, production, consumption, and trade data to assist in understanding the market trends of these commodities [1][2][8]. Summary by Directory 1. Overnight Market Conditions - Overnight closing prices and percentage changes of various commodities such as Malaysian palm oil, Brent crude, US crude, US soybeans, and related products are provided. Also, the latest prices and percentage changes of currency indices and exchange rates are given [1]. 2. Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are presented. CNF quotes and changes of imported soybeans from different origins are also included [2]. 3. Important Fundamental Information 3.1产区Weather - US soybean - producing states' future weather (August 20 - 24) shows that most areas will have above - normal temperatures and half of the regions will have precipitation close to the median. The Midwest will experience temperature increases and varying precipitation patterns, which may impact crops differently [4][6]. 3.2 International Supply - Demand - Malaysian palm oil exports from August 1 - 15 increased significantly compared to the same period in July according to AmSpec and ITS. Indonesia will crack down on illegal palm plantation activities. CFTC持仓 reports show changes in positions of various agricultural products. North American field surveys on corn and soybeans will be conducted. NOPA data indicates US soybean crushing and soybean oil inventory in July. Canadian and Ukrainian agricultural production and harvest progress are also reported. The Baltic Dry Bulk Freight Index shows different trends for different types of ships [8][9][10]. 3.3 Domestic Supply - Demand - On August 15, the trading volume of soybean oil and palm oil decreased significantly compared to the previous day. The trading volume of soybean meal also changed, and the oil mill's开机 rate decreased slightly. The actual soybean crushing volume in the 33rd week was lower than expected. Pig - raising profits and agricultural product wholesale prices showed certain changes [14][15]. 4. Macroeconomic News 4.1 International News - US economic data such as inflation expectations, manufacturing index, consumer confidence index, retail sales, import prices, industrial output, and business inventory are reported [17]. 4.2 Domestic News - The RMB exchange rate, central bank's open - market operations, national economic data, monetary policy report, and a WTO lawsuit against Canada are presented [19]. 5. Capital Flows - The capital flow data of major futures varieties on August 15 are provided, including the net inflow and outflow of funds in different types of futures such as commodity futures and stock index futures [21][22]. 6. Arbitrage Tracking No relevant content provided.

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic commodity market experienced a rare daily limit surge on Tuesday, with the main contracts of six varieties, including glass, soda ash, coking coal, coke, industrial silicon, and polysilicon, closing at the daily limit. The core driving force for this rally is the continuous release of the "anti-involution" policy signal by the state, combined with the coal mine production inspection notice circulated on the same day, which triggered expectations of supply tightening [2][46]. - The international precious metal futures generally closed higher, while international oil prices slightly declined. London's base metals mostly rose, and international agricultural product futures showed mixed performance [3][4][5]. - In the financial market, A-shares continued to rise, and the Hong Kong stock market also showed an upward trend. The science and technology innovation board celebrated its 6th anniversary, and Central Huijin increased its holdings of ETFs on a large scale in the second quarter [30]. - Overseas, there are various events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel, and corporate financial reports [10][11][43]. Summaries by Relevant Catalogs Overnight Night Market Trends - Domestic commodity market: Six varieties' main contracts closed at the daily limit, and the black series continued to rise at night, with coking coal up 11% and coke up 5.29% [2]. - International precious metal futures: COMEX gold futures rose 1.10% to $3444.00 per ounce, and COMEX silver futures rose 0.83% to $39.66 per ounce [3]. - International oil prices: WTI crude oil main contract fell 0.76% to $65.45 per barrel, and Brent crude oil main contract fell 0.66% to $68.75 per barrel [4]. - London base metals: Most rose, with LME zinc up 0.53%, LME copper up 0.39%, LME tin up 0.32%, and LME aluminum up 0.21% [4]. - International agricultural product futures: Mixed performance, with US soybeans down 0.17%, US corn down 1.18%, US soybean oil down 0.59%, US soybean meal up 1.13%, and US wheat up 1.34% [5]. Important Information Macroeconomic Information - The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high-quality development of rural highways [8]. - As of the end of the second quarter of 2025, the balance of RMB loans of financial institutions was 268.56 trillion yuan, a year-on-year increase of 7.1%. The balance of RMB real estate loans was 53.33 trillion yuan, a year-on-year increase of 0.4% [8]. - The current market has no obvious unilateral expectation of RMB appreciation or depreciation, and market transactions are rational and orderly [9]. - There are various international events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel [10][11][12]. Energy and Chemical Futures - The next round of China-US talks may discuss China's purchase of Russian and Iranian oil [15]. - As of the week of July 21, the social inventory of domestic asphalt increased by 0.3%, and the factory inventory decreased by 2.6% [15]. Metal Futures - The Ministry of Industry and Information Technology will support the stable operation and high-quality development of the non-ferrous metal industry [17][18]. - China's alumina exports in June 2025 decreased by 17.71% month-on-month but increased by 8.95% year-on-year [18]. - In May 2025, the global refined copper market had a surplus of 97,000 tons, and from January to May, the surplus was 272,000 tons [18]. Black Series Futures - Some steel mills plan to raise the price of wet-quenched coke by 50 yuan/ton and dry-quenched coke by 55 yuan/ton on July 23 [20]. - The inventory of imported iron ore in 47 ports in China increased by 722,500 tons compared with last Monday [20]. Agricultural Product Futures - Russia reduced its wheat production and export volume forecasts for 2025 [22]. - Malaysia's palm oil exports in June 2025 remained high, but the inventory reached an 18-month high [23]. - It is expected that the new cotton yield per mu in 2025 will be 158.7 kg, a year-on-year increase of 2.5% [23]. - Various other agricultural product data, including soybean, pig, and sugar production and trade information [25][26][28]. Financial Market Finance - A-shares continued to rise, with the Shanghai Composite Index rising 0.62% to 3581.86 points, and the market turnover expanding to 1.93 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 0.54% to 25,130.03 points, and the southbound capital had a net inflow of HK$2.717 billion [30]. - The science and technology innovation board celebrated its 6th anniversary, with 589 companies listed, raising a total of 925.7 billion yuan in IPOs and 186.7 billion yuan in refinancing [30]. - Central Huijin increased its holdings of ETFs by over 200 billion yuan in the second quarter [32]. - Overseas institutions mainly surveyed companies in the electronics, machinery, pharmaceutical, and non-ferrous metal industries in July [32]. - Zhongyou Insurance triggered a mandatory tender offer by buying 726,000 shares of Green Power Environmental Protection H shares [32]. - The Shanghai Stock Exchange took regulatory measures against abnormal trading behavior in *ST Yazhen [32]. - The Shanghai Stock Exchange and China Securities Index Company will launch the Shanghai Science and Technology Innovation Private Enterprise Index and the Shanghai Science and Technology Innovation Private Enterprise Strategy Index on July 23 [33]. - SenseTime plans to enter the field of embodied intelligence [33]. Industry - The National Data Administration has guided the construction of data annotation bases in 7 cities and plans to layout data industry agglomeration areas in the second half of the year [34]. - 127 domestic games and 7 imported games obtained game licenses in July [36]. - The game "Late Ming: Feather of the Abyss" topped the Steam bestseller list [36]. - The news of "Beijing banning fuel vehicles from ride-hailing platforms" was false [36]. - China's shipbuilding industry maintained its global leading position in the first half of the year [36]. - Telecommunication business revenue in the first half of the year was 905.5 billion yuan, a year-on-year increase of 1% [37]. Overseas - Trump called for the Federal Reserve to cut interest rates and said that Fed Chairman Powell would leave office soon [38]. - US Treasury Secretary Yellen said that tariff revenue was "huge" and supported Powell to complete his term [38]. - Various international events, including trade negotiations, policy statements, and corporate financial reports [38][40][43]. International Stock Markets - US stocks closed mixed, with the Dow Jones rising 0.4%, the S&P 500 rising 0.06%, and the Nasdaq falling 0.39% [43]. - European stocks closed mixed, with the German DAX falling 1.09%, the French CAC40 falling 0.69%, and the UK FTSE 100 rising 0.12% [43]. - Coca-Cola's second-quarter adjusted revenue and earnings per share were better than expected [43]. - General Motors' second-quarter revenue and net profit declined [44]. - Lockheed Martin's second-quarter net sales and operating profit were lower than expected, and it lowered its full-year earnings per share forecast [45]. Commodities - Similar to the overnight night market trends, the domestic commodity market had a daily limit surge, and international precious metal, oil, and base metal futures showed different performances [2][3][4][46]. - Russia maintained its forecast for grain production and export volume [48]. Bonds - The domestic bond market was weak, with treasury bond futures closing down [49]. - As of the end of June, overseas institutions held 4.23 trillion yuan of interbank market bonds, accounting for about 2.5% of the total [50]. - The Asian Infrastructure Investment Bank successfully issued a 20 billion yuan panda bond [50]. - Japanese government bond yields attracted record foreign capital inflows [52]. - US bond yields declined across the board [52]. Foreign Exchange - The RMB appreciated by 1.9% against the US dollar in the first half of the year, and the market had no obvious unilateral expectation [53]. - The onshore RMB against the US dollar rose 12 points, and the offshore RMB rose 5 points [54][55]. - The US dollar index fell 0.49%, and most non-US currencies rose [54]. Upcoming Events - There are various events scheduled for July 23, including central bank operations, press conferences, and industry exhibitions [56].

Report Summary 1. Overnight Night - Market Trends - Domestic futures: Most domestic futures rose. SC crude oil rose 6.13%, PX and PTA rose over 3%, short - fiber, LPG, methanol, fuel oil, low - sulfur fuel oil, and bottle chips rose over 2%. Coking coal and iron ore fell slightly [2] - International crude oil: US crude oil rose 4.97% to $73.74 per barrel, Brent crude rose 4.96% to $76.86 per barrel [3] - International precious metals: COMEX gold fell 0.32% to $3406.50 per ounce, COMEX silver rose 2.01% to $37.18 per ounce [4] - London base metals: Most London base metals fell. LME copper fell 0.34% to $9670 per ton, LME lead fell 1.57% to $1976 per ton [5] - International agricultural products: International agricultural products were mixed. US soybeans rose 0.40%, US corn fell 0.92%, US soybean oil fell 0.76%, US soybean meal rose 0.53%, and US wheat rose 2.33% [6] 2. Important News Macro News - Geopolitical: Trump denied Macron's statement about his return to Washington. Israel wants to destroy Iran's nuclear program. Iran attacked Israeli intelligence agencies. Russia attacked Kiev with drones and missiles [9][10] - US economy: US retail sales in May fell more than expected due to weak auto sales. Retail sales fell 0.9% in May after a 0.1% decline in April [12][13] Energy and Chemical Futures - Oil market: IEA predicts oil demand will peak in 2029 and supply will be sufficient by 2030. Russia's Novak said OPEC+ may change its production - increase decision. The EU plans to ban long - term LNG services to Russian customers from 2026 [15][16] Metal Futures - Gold: Citi expects gold to fall below $3000 per ounce in the next few quarters. 95% of central banks surveyed by the World Gold Council think global central banks will increase gold reserves in the next 12 months [18][20] Black - Series Futures - Iron ore: On June 17, China's 47 - port iron ore inventory decreased by 24.99 tons. Australian and Brazilian port inventories also declined [22] Agricultural Futures - Soybeans and related products: As of June 13, domestic soybean and bean - meal inventories changed. Some US states may have less soybean planting due to rain. India cut edible - oil tariffs. EU's imports of agricultural products changed. Brazil's June soybean export forecast was adjusted [24][26][27] 3. Financial Markets Stocks - A - shares: On Tuesday, A - shares had a narrow range. The Shanghai Composite Index fell 0.04%, Shenzhen Component Index fell 0.12%, and ChiNext Index fell 0.36%. The trading volume was 1.24 trillion yuan [29] - Hong Kong stocks: The Hang Seng Index fell 0.34%. South - bound capital had net purchases of HK$63 billion. Many companies had IPO - related news [31][32] - US stocks: US stocks fell. The Dow fell 0.7%, S&P 500 fell 0.84%, and Nasdaq fell 0.91% [42] - European stocks: European stocks fell due to geopolitical risks and economic concerns [42] Commodities - Oil: Oil prices rose. US API crude inventory decreased more than expected. IEA predicts a supply surplus in 2025 [44][46] - Precious metals: Gold fell 0.32%, silver rose 2.01%. Central banks are likely to increase gold reserves [44][46] - Base metals: Most base metals fell, affected by Fed policy and demand [44] Bonds - Domestic bonds: Domestic bonds were strong. Short - term bonds performed better. Bond funds' investment heat increased [47] - US bonds: US bond yields fell due to geopolitical risks and expected Fed rate cuts [48] - EU bonds: EU bond yields rose due to increased bond supply expectations [50] Foreign Exchange - RMB: On Tuesday, the on - shore RMB against the US dollar fell. The US dollar index rose due to its safe - haven property [51]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The increase in Malaysia's biodiesel blending ratio in transport vehicles and the rainfall in the US soybean - growing areas may impact the market. The MPOB April report on Malaysian palm oil is bearish, while the USDA May report on US soybeans is bullish. [7][18] - Attention should be paid to the subsequent production and export changes of Malaysian palm oil and the impact on the inventory - building rhythm, as well as the impact of US weather on soybean production. [18] 3. Summary by Relevant Catalogs 01 Overnight Quotes - Overnight quotes for commodities such as Malaysian palm oil, Brent crude, US crude, US soybeans, and related products, as well as currency quotes including the US dollar index and various exchange rates, are presented, along with their price changes. For example, the closing price of Malaysian palm oil 08 (BMD) is 3903.00, with a previous day's decline of 0.87% and an overnight decline of - 0.76%. [1] 02 Spot Quotes - Spot prices, basis, and basis changes for futures contracts such as DCE palm oil 2505, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are provided. For instance, the spot price of DCE palm oil 2509 in East China is 8620, with a basis of 450 and a basis change of 0. [2] 03 Important Fundamental Information - Production Area Weather - The future weather outlook (June 3 - 7) for US soybean - producing states shows that temperature and precipitation are close to or higher than normal levels in most areas. The Midwest has more rainfall, which is beneficial for sown areas, but may affect sowing in some southern regions. [3][6] - Policy and Market News - Malaysia plans to increase the biodiesel blending ratio in transport vehicles from B10 to B20. Indonesia has implemented a B40 mandatory blending plan and is considering raising it to B50. [7] - An EU anti - deforestation law will impose new import restrictions. Four countries are classified as "high - risk" and major palm - oil producing countries are "standard - risk", with different compliance inspection rates. [8] - Export and Inventory Data - Market expectations for US soybean, soybean meal, and soybean oil export sales are given. Canadian rapeseed export volume decreased by 10.36% to 16.01 tons in the week ending May 25, but increased by 59.29% year - on - year from August 1, 2024, to May 25, 2025. As of May 25, the commercial inventory was 91.99 tons. [8][9] - Domestic Supply and Demand - On May 29, the total trading volume of soybean oil and palm oil increased by 1026% compared to the previous day. The trading volume of soybean meal in major oil mills increased, and the overall oil mill startup rate was 63.44%, up 0.75% from the previous day. [11] 04 Macro - economic News - International News - The probability of the Fed maintaining interest rates in June is 96.2%, and the probability of a 25 - basis - point cut is 3.8%. US economic data such as initial jobless claims, GDP, and the existing home sales index are released. [13] - There are developments regarding US tariffs and trade agreements, including a federal court's suspension of a tariff - related ruling. [14] - Domestic News - The central bank conducted 2660 billion yuan of 7 - day reverse repurchase operations on May 29, with a net investment of 1115 billion yuan. [16] 05 Supply - Demand Reports - The MPOB April report on Malaysian palm oil shows a significant increase in production and inventory, which is bearish. The USDA May report on US soybeans shows an increase in exports and a decrease in ending stocks, which is bullish. [18] 06 Capital Flows - On May 29, 2025, the futures market had a net capital inflow of 197.96 billion yuan. Commodity futures had a net outflow of 22.39 billion yuan, while stock index futures had a net inflow of 220.35 billion yuan. [22] 07 Arbitrage Tracking No relevant content provided.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The MPOA data shows a 9.48% increase in Malaysian palm oil production from March 1 - 20, while export data from multiple agencies indicates a decline in exports from March 1 - 25. The USDA quarterly inventory report is expected to show high soybean and wheat inventories in the US in Q1 2025 [1][5]. - The MPOB February data shows a decrease in Malaysian palm oil inventory, with production, exports, and imports down, and consumption up. The USDA March report has little impact on the soybean market [15][16]. - The futures market had a net capital inflow of 1.917 billion yuan on March 25, 2025, with commodity futures having a net outflow and stock - index futures having a net inflow [19]. 3. Summary by Directory 01 Overnight Quotes - The closing prices and daily/overnight percentage changes of various futures such as Malaysian palm oil, Brent crude, and US soybean are presented. The exchange rates of multiple currencies against the US dollar and their percentage changes are also provided [1]. 02 Spot Quotes - Spot prices, basis, and basis daily changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are given. CNF premiums and quotes for soybean crushing in different regions are also included [2]. 03 Important Fundamental Information - Production Area Weather - Brazil is expected to have rain this week, but the rainfall may be less than expected. Argentina's soybean - producing areas are expected to receive beneficial rainfall [4]. - International Supply and Demand - Malaysian palm oil production increased by 9.48% from March 1 - 20, and exports decreased from March 1 - 25 according to different agencies. The USDA quarterly inventory report is expected to show specific inventory levels for US grains. The soybean crushing profit in Mato Grosso decreased. EU's imports of soybeans, rapeseed, and palm oil have different trends. The Baltic Dry Index decreased slightly [5][6][7]. - Domestic Supply and Demand - On March 25, the total trading volume of soybean oil and palm oil decreased. The trading volume of soybean meal increased, and the oil - mill operating rate rose. The soybean oil port inventory decreased. The agricultural product wholesale price index increased slightly, and the pork price decreased [8]. 04 Macroeconomic News - International News - The probability of the Fed maintaining or cutting interest rates in May and June is estimated. US economic data such as the manufacturing index, new - home sales, and consumer confidence are reported. India plans to cut tariffs on US - imported goods [11][12]. - Domestic News - On March 25, the US dollar/Chinese yuan exchange rate was adjusted upwards, and the Chinese central bank conducted reverse - repurchase operations, resulting in a net capital injection [14]. 05 Key Information Analysis - The MPOB February palm oil data shows a decrease in inventory, with production, exports, and imports down and consumption up, having a slightly bearish impact. The USDA March report on soybeans has a neutral impact [15][16]. 06 Capital Flows - On March 25, 2025, the futures market had a net capital inflow of 1.917 billion yuan, with commodity futures having a net outflow of 199 million yuan and stock - index futures having a net inflow of 2.116 billion yuan. The capital flows of major futures varieties are also presented [18][19]. 07 Arbitrage Tracking No relevant content provided.