Report Overview Report Industry Investment Rating No investment rating information is provided in the reports. Report's Core View The reports present a comprehensive overview of the global oils and fats and oilseeds market, covering planting progress, production, imports, and price trends in major producing and consuming regions. Key factors influencing the market include weather conditions, price differentials between various oils, and demand fluctuations in major importing countries like India. Summary by Relevant Catalog Overnight Market Information - As of October 30, 2025, Brazil's 2025/26 soybean planting rate reached 47% of the expected area, lower than 54% in the same period last year and up from 36% the previous week. The planting rate of the first - season corn in Brazil's central - southern region was 60%, compared to 59% last year [1]. - Expana predicts that the EU's 2026/27 rapeseed planting area will reach 6.46 million hectares, a 7% increase from the current year and 11% above the five - year average, the highest since 2010/11. Sunflower and soybean planting areas for harvest in 2027 are also expected to increase. The organization maintains the current - year rapeseed production forecast at 20.4 million tons, a 20.9% increase from last year; sunflower seed production at 8.4 million tons, a 3.4% decrease; and soybean production at 3 million tons, a 3.2% decrease [1]. - SPPOMA data shows that Malaysia's palm oil production in October 2025 increased by 5.55% month - on - month, with fresh fruit bunch yield up 4.50% and oil extraction rate up 0.20% [1]. - India's palm oil imports in October dropped to a five - month low of 600,000 tons, a 27.6% month - on - month decrease. The 2024/25 market - year imports decreased by 16% to 7.56 million tons, the lowest in five years. Meanwhile, India's 2024/25 soybean oil imports soared 61.6% to a record 5.56 million tons, while sunflower oil imports decreased by 17.7% to 2.88 million tons. In October, India's total edible oil imports decreased by 20.7% month - on - month to 1.27 million tons, while the 2024/25 total imports increased by 0.3% to 16 million tons [1]. Spot Prices - Spot prices of various oils and oilseeds in different regions of China from October 28 to November 3, 2025, are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Others - Information on protein meal basis, oils and fats basis, and oils and fats and oilseeds futures price spreads is mentioned, but no specific data is provided [3][5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report provides a comprehensive overview of the current situation in the global oilseeds and oils market, including soybean processing, production, and trade in the US and Brazil, palm oil exports in Malaysia, and edible oil imports in India, along with price - related data [1] 3. Summary by Relevant Catalog US Soybean Processing and Inventory - In September 2025, the US soybean processing volume reached the fourth - highest monthly level on record, with NOPA member companies processing 197.863 million bushels, a 4.2% increase from August and an 11.6% increase from September 2024. The market expected a decline to 186.34 million bushels [1] - The average daily processing volume in September was 6.595 million bushels, the second - highest on record [1] - As of September 30, NOPA member companies' soybean oil inventory dropped to a nine - month low of 1.243 billion pounds, a 0.2% decrease from the end of August but a 16.6% increase from the previous year. Analysts predicted it to drop to 1.22 billion pounds [1] - In September, the US produced 4,700,448 short tons of soybean meal and 2.352435 billion pounds of soybean oil [1] Brazil's Soybean Production and Trade - The Brazilian Institute of Geography and Statistics (IBGE) estimated that Brazil's 2025 soybean production would be 165.865717 million tons, a 14.4% increase from the previous year. The planting area was estimated to be 47.696481 million hectares, a 3.6% increase from the previous month's estimate and a 0.1% increase from the previous year [1] - Industry analysts expected Brazil's 2025/26 soybean production to reach a record high of 177.6 million tons, a 3.6% increase from the previous year, mainly due to a record - high planting area. Current estimates are higher than the USDA's September report [1] - Conab data showed that Brazil's 2025/2026 soybean exports were expected to increase to 112.11 million tons, with production at 177.64 million tons, planting area at 49.1 million hectares, and a yield of 3.62 tons per hectare [1] Malaysia's Palm Oil Exports - According to ITS, Malaysia's palm oil exports from October 1 - 15, 2025, were 862,724 tons, a 16.2% increase from the same period last month [1] - AmSpec reported that Malaysia's palm oil exports from October 1 - 15, 2025, were 781,006 tons, a 12.3% increase from the same period last month [1] India's Edible Oil Imports - In September 2025, India's palm oil imports dropped 16.3% to 829,017 tons, the lowest since May, as refineries favored cheaper soybean oil. Soybean oil imports surged 36.8% to 503,240 tons, the highest since July 2022, and sunflower oil imports increased about 6% to 272,386 tons, the highest since January [1] - The decline in palm oil imports dragged down India's total edible oil imports in September by 1% to 1.6 million tons [1] - A dealer predicted that India's palm oil imports in October might drop to about 600,000 tons, while soybean oil imports might exceed 450,000 tons [1] Price - related Data - The report provides historical data on the crushing profit of imported soybeans, import profit of various oils (soybean oil, palm oil, rapeseed oil), spot prices of palm oil, soybean meal, rapeseed meal, soybean oil, and rapeseed oil, as well as basis and price spreads of protein meals and oils [1][2]

Group 1 - The celebration of the "Chinese Farmers' Harvest Festival" highlights the importance of agricultural modernization and rural revitalization, with a focus on enhancing farmers' livelihoods and food security [1][2][3] - The agricultural sector is experiencing a positive trend, with summer grain production stable and early rice yield increased, indicating a potential for another bumper harvest [1][2] - The introduction of high-protein corn varieties and modern agricultural machinery is expected to significantly boost grain production capabilities [2][4] Group 2 - The emphasis on improving rural living conditions includes transforming existing houses into high-quality accommodations to attract tourism and enhance local economies [3][4] - The government is implementing various policies to support farmers, including promoting employment opportunities and developing local industries to ensure sustainable income for rural populations [4][5] - The integration of e-commerce and local agricultural products is being leveraged to expand market reach and enhance the economic vitality of rural areas [4][5]

Core Points - The article emphasizes the importance of agricultural modernization and the role of farmers in achieving this goal, as highlighted by President Xi Jinping during the "Chinese Farmers' Harvest Festival" [2][3] - The focus is on food security, with achievements in grain production despite natural disasters, indicating a positive outlook for the agricultural sector [3][4] - The integration of technology in agriculture is underscored as a key factor for enhancing production capabilities and ensuring food security [4][6] Group 1: Agricultural Production - The article reports that summer grain production has been stable, with early rice yields increasing, and expectations for a good harvest this year [3] - A cooperative managing over 1,300 acres reported an average increase of over 50 pounds per acre in summer grain production [3] - In Heilongjiang Province, a company is trialing high-protein corn varieties, utilizing modern agricultural machinery to support grain production [4] Group 2: Rural Development - The article discusses efforts to improve rural living conditions, including the transformation of old houses into high-quality guesthouses to attract tourism [5] - There is a focus on sustainable income for farmers, with initiatives to develop specialty industries and create more job opportunities in rural areas [5][6] - The promotion of cultural resources and rural tourism is highlighted as a strategy to enhance the vibrancy of rural communities [6] Group 3: Policy Support - The article notes the increasing support from the government for agricultural policies aimed at benefiting farmers and enhancing rural development [6] - Emphasis is placed on the need for local governments to implement these policies effectively to improve farmers' livelihoods [6] - The article mentions the importance of integrating modern agricultural practices and technologies to boost productivity and farmer income [6]

Core Insights - The celebration of the "Chinese Farmers' Harvest Festival" emphasizes the importance of agricultural modernization and rural revitalization, as highlighted by President Xi Jinping's message to farmers [1][2][3] Group 1: Agricultural Production - The average yield of summer grain managed by a cooperative increased by over 50 pounds per acre this year, with expectations for corn yield to exceed 1,500 pounds per acre [2] - The emphasis on agricultural technology is crucial for ensuring food security, with companies adopting modern farming techniques and equipment to enhance production capabilities [2][3] Group 2: Rural Development - The modernization of rural areas is essential for improving the quality of life for farmers, with initiatives to enhance living conditions and promote tourism [3][4] - Local governments are focusing on developing specialty industries and creating job opportunities to ensure sustainable income for farmers [4][5] Group 3: Policy Support - The central government has implemented a series of policies aimed at supporting agriculture and rural development, which are increasingly comprehensive and impactful [5] - There is a strong push for the integration of modern agricultural practices, such as unmanned farms and biological breeding laboratories, to enhance productivity and farmer income [5][6]

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - Corn futures showed an adjustment performance on Wednesday, with the November contract encountering resistance and falling back. The spot market's supply is expected to increase before the new grain is on the market, and the corn price is showing a weak performance. The futures market has rebounded recently, which has a certain positive impact on market sentiment. Technically, the November contract of corn encountered resistance and fell back at the 2200 yuan integer mark on Wednesday, and the futures price returned to a volatile performance [2]. - CBOT soybeans fell to a two - week low on Wednesday due to concerns about the demand prospects of US soybeans. In the domestic market, both soybean meal and rapeseed meal continued to fluctuate, with a small increase. The strategy is to participate in the short - term [2]. - BMD palm oil fell on Wednesday, dragged down by the trends of competing vegetable oils and crude oil. The domestic oil prices oscillated and adjusted, with palm oil rising and then falling. The strategy is to participate in the short - term [2]. - The main contract of eggs on Wednesday continued to rebound, and the spot price was mostly stable with a few small increases. The egg price is expected to have a seasonal rebound according to the normal seasonal pattern, but it is affected by the supply - side pressure. In the medium - to - long - term, pay attention to the change in the number of old hens being culled. It is recommended to wait and see for now [2][3]. - The main contract of live pigs on Wednesday oscillated and adjusted. The fundamentals and market sentiment have not changed much compared with the previous period, and the live pig price is expected to remain volatile. Pay attention to whether the future demand and market sentiment can boost the market [3]. Group 3: Market Information - On September 5, 2025, Sinograin's e - commerce platform will organize a special session for the competitive sale of domestic soybeans, with 45,299 tons of domestic soybeans for sale [4]. - On September 5, Sinograin's e - commerce trading center will organize a two - way competitive trading session for sunflower oil, with 3,450 tons of grade - three sunflower oil for trading [4]. - A research institution predicts that Australia's rapeseed production in the 2025/26 season will increase to 5.9 million tons, a 3% increase from the previous forecast, due to good weather conditions [4]. - Indian palm oil imports in August increased by 16% month - on - month to 993,000 tons, reaching the highest level in 13 months, while soybean oil imports decreased by 28% month - on - month to 355,000 tons, hitting the lowest level in six months [5]. Group 4: Variety Spreads 4.1 Contract Spreads - The report presents contract spreads such as corn 1 - 5 spread, corn starch 1 - 5 spread, soybeans 1 - 5 spread, soybean meal 1 - 5 spread, soybean oil 1 - 5 spread, palm oil 1 - 5 spread, egg 1 - 5 spread, and live pig 1 - 5 spread [6][7][8][12][16]. 4.2 Contract Basis - The report shows contract basis including corn basis, corn starch basis, soybean basis, soybean meal basis, soybean oil basis, palm oil basis, egg basis, and live pig basis [14][15][18][19][22]. Group 5: Research Team Members - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute, with multiple honors and rich experience. Her futures qualification number is F0243534, and her trading consultation number is Z0001262 [27]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with over a decade of futures experience and many honors. Her futures qualification number is F3048706, and her trading consultation number is Z0013637 [27]. - Kong Hailan is a researcher of eggs and live pigs at Everbright Futures Research Institute, with a master's degree in economics. Her futures qualification number is F3032578, and her trading consultation number is Z0013544 [27].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The report presents the latest information on the global oilseeds and oils market, including U.S. export sales, Brazilian production forecasts, and Indian import trends. These data provide a basis for market participants to understand the supply - demand dynamics of the industry [1]. 3. Key Points by Category U.S. Export Sales - For the week ending August 7, U.S. current - market - year soybean export sales net decreased by 37.76 tons, a 181% drop from the previous week and a 235% decrease from the four - week average. Next - year soybean export sales net increased by 113.3 tons. Export shipments were 53.31 tons, a 23% decrease from the previous week but a 26% increase from the four - week average [1]. - For the same week, U.S. current - market - year bean meal export sales net increased by 2.63 tons, an 84% decrease from the previous week and an 86% decrease from the four - week average. Next - year bean meal export sales net increased by 24.67 tons. Export shipments were 36 tons, a 14% increase from the previous week and a 15% increase from the four - week average [1]. Brazilian Production Forecasts - Abiove raised Brazil's 2024/25 soybean production forecast to 170.3 million tons from 169.7 million tons. It also increased the soybean crushing volume forecast to 58.1 million tons from 57.8 million tons and the soybean export forecast to 109.5 million tons from 109 million tons [1]. - The 2024/25 bean meal export forecast was maintained at 23.6 million tons, the soybean oil export forecast at 1.35 million tons. The soybean oil production forecast was increased to 11.65 million tons from 11.6 million tons, and the bean meal production forecast to 44.8 million tons from 44.5 million tons [1]. Indian Import Trends - In July, Indian palm oil imports declined by 10.5% to 855,695 tons due to canceled contracts. Meanwhile, soybean oil imports jumped 36.9% to 492,336 tons, reaching a three - year high. Sunflower oil imports decreased by 7.5% to 200,010 tons [1]. - The increase in soybean oil imports drove the total edible oil imports in July to rise 1.1% to 1.55 million tons, the highest since November last year. Indian 2024/25 soybean oil imports are expected to surge 60% year - on - year to a record 5.5 million tons [1]. Spot Prices - Spot prices for various oilseeds and oils in different regions (Jiangsu and Guangdong) from August 8 to August 14, 2025, are presented, including those for bean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil [4].

1. Report Industry Investment Ratings - Corn: Bullish [1] - Soybean Meal: Bullish with a focus on spreads and long - side approach [1] - Oils: Bullish [1] - Eggs: Bearish [1] - Pigs: Bullish [2] 2. Core Views of the Report - Corn prices are supported by the purchase price increase of deep - processing enterprises in Northeast China, but the market is waiting for news of imported corn auctions. Technically, it is advisable to participate in short - term long positions with a light position [1]. - The decline in soybean meal prices is due to the drop in import costs and increased domestic supply pressure. It is recommended to hold long spreads and maintain a long - side single - position strategy [1]. - Palm oil prices are affected by factors such as strong crude oil prices and a weakening Malaysian ringgit. For oils, a strategy of long futures and selling out - of - the - money call options, along with buying September and selling January contracts for soybean oil and palm oil, is suggested [1]. - Egg prices are under pressure from supply and the negative impact of the rainy season on demand. It is recommended to wait and see, paying attention to farmers' culling intentions and market sentiment [1]. - Pig prices are rising, with the spot price rebound supporting the futures price. It is recommended to hold long positions and observe [2]. 3. Summary by Relevant Catalogs 3.1 Market Information - Israel is continuing to attack Iran's military infrastructure while seeking to end the war as soon as possible [3]. - From June 1 - 20, 2025, Malaysia's palm oil yield increased by 2.67% month - on - month, the oil extraction rate decreased by 0.03% month - on - month, and production increased by 2.5% month - on - month [3]. - India's soybean oil imports in June are expected to decline by 18% month - on - month, reaching the lowest level in four months [3]. - China calls on the international community to promote conflict de - escalation to prevent the regional situation from affecting the global economy [3]. - Iran's Revolutionary Guard has launched the 21st round of the "True Commitment - 3" operation, targeting military and logistics support centers across Israel [3]. - China National Grain and Oils Reserves Corporation plans to hold a competitive procurement session for 14,000 tons of sunflower oil on June 26 [3]. 3.2 Variety Spreads - The report presents various contract spreads, including those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [5][7][8][12] - The report also shows various contract basis, such as those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [14][18][19][25]

Report Core View - In May 2025, Malaysia's palm oil production increased, and export volume rose significantly; India's palm oil imports jumped to a six - month high, and the total import volume of edible oils also increased [1] Key Points by Category Overnight Market Information - SPPOMA data shows that from May 1 - 31, 2025, Malaysia's palm oil production increased by 3.53% compared with April 1 - 30, with a 1.90% increase in fresh fruit bunch yield per unit and a 0.30% increase in oil extraction rate [1] - AmSpec data shows that Malaysia's palm oil product exports in May 2025 were 1,230,787 tons, a 13.2% increase from the previous month [1] - SGS data shows that Malaysia's palm oil product exports in May 2025 were 1,069,643 tons, a 29.6% increase from the previous month [1] - Indian traders estimate that India's palm oil imports in May 2025 jumped 87% to 600,000 tons, the highest since November 2024; soybean oil imports increased 10% to 398,000 tons; sunflower oil imports increased 2% to 184,000 tons; the total import volume of edible oils increased 37% to 1.18 million tons [1] - Sandeep Bajoria of SunvinGroup says India's palm oil imports may further increase to 750,000 tons in June and 850,000 tons in July; India halved the basic import tax on crude edible oils to 10% last Friday [1] Spot Price - 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 May 27 to June 3, 2025 are provided [1] Others - Information on precipitation in major producing countries, import soybean crushing profit on the futures market, and grease import profit are also presented, but no specific data is given [1]

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The report presents a comprehensive overview of the global soybean, oilseed, and palm oil markets, including export sales, production, quality, and price - related information, as well as policy changes in India's edible oil import tariffs [1]. 3. Summary by Related Catalogs 3.1 US Soybean Export Sales - For the week ending May 22, 2025, US 2024/2025 market - year soybean export sales net increased by 14.6 million tons, a 53% decrease from the previous week and a 58% decrease from the four - week average. Market expectation was a net increase of 15 - 50 million tons, with a net decrease of 200 tons in sales to the Chinese mainland. The 2025/2026 market - year soybean export sales net increased by 3.28 million tons, with a market expectation of 0 - 25 million tons. US soybean export shipments were 20.93 million tons, a 17% decrease from the previous week and a 45% decrease from the four - week average. The new sales of 2024/2025 market - year soybeans were 16.48 million tons, and 3.28 million tons for 2025/2026 market - year soybeans [1]. 3.2 US Soybean Export Inspection - For the week ending May 29, 2025, US soybean export inspection volume was 268,343 tons, in line with the market expectation of 75,000 - 450,000 tons. The inspection volume to the Chinese mainland was 64,998 tons, accounting for 24.2% of the total export volume. As of the week ending May 30, 2024, the inspection volume was 361,217 tons. The cumulative soybean export inspection volume for the current crop year was 44,608,089 tons, compared with 40,309,329 tons in the same period of the previous year [1]. 3.3 US Soybean Quality and Planting Progress - As of the week ending June 1, 2025, the US soybean good - to - excellent rate was 67%, lower than the market expectation of 68%. The planting rate was 84%, lower than the market expectation of 86%, compared with 76% in the previous week, 77% in the same period last year, and a five - year average of 80%. The emergence rate was 63%, compared with 50% in the previous week, 53% in the same period last year, and a five - year average of 57% [1]. 3.4 US Soybean and Corn Processing Data - The USDA monthly oilseed processing report showed that the US soybean processing volume in April 2025 was 6.07 million short tons (202.4 million bushels), compared with 6.2 million short tons (206.6 million bushels) in March and 5.33 million short tons (178 million bushels) in April 2024. The corn consumption for fuel alcohol production in April was 4.258 billion bushels, higher than 422.6 million bushels in the same period last year. The US corn dry distillers grains (DDGS) production in April was 1.63 million tons, lower than 1.756 million tons in the same period last year [1]. 3.5 Brazilian Soybean Production - AgRural raised its forecast for Brazil's 2024/2025 soybean production due to improved crop yields in multiple regions, increasing the forecast by 1.3 million tons to 169 million tons. StoneX predicted Brazil's 2024/2025 soybean production to be 168.25 million tons [1]. 3.6 US Biofuel - related Data - The US Energy Information Administration (EIA) reported that the use of soybean oil for biofuel production in March 2025 increased to 832 million pounds, compared with 576 million pounds for biodiesel production in February. Soybean oil remains the largest biodiesel raw material in the US [1]. 3.7 Malaysian and Indonesian Palm Oil Data - According to the data released by the shipping inspection agency ITS, Malaysia's palm oil product exports in May 2025 were 1.320914 million tons, a 17.9% increase from April. Indonesia exported 6.41 million tons of crude and refined palm oil from January to April 2025, a 5.37% decrease from the same period last year. However, due to price increases, the palm oil export value in the first four months reached $7.05 billion, a 20% increase from the same period last year [1]. 3.8 Indian Edible Oil Import Policy - India halved the basic import tax on crude edible oils to 10% on Friday, effectively reducing the total import tax on crude palm oil, crude soybean oil, and crude sunflower oil from 27.5% to 16.5%. The import tax on refined palm oil, refined soybean oil, and refined sunflower oil remains at 35.75%. The import tax difference between refined and crude edible oils has increased to 19.25%, which is expected to promote the import of crude edible oils and the development of the local refining industry [1]. 3.9 Spot Prices - The spot prices of various oils and meals from May 26 to May 30, 2025, are provided, including the prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2].