今年丰收节全国主场活动23日将在山东省招远市大户陈家村举办，招远穗丰种植专业合作社负责人 杨瑞山正忙着为当天的活动做准备。"每年丰收节，我们都会收到习近平总书记给广大农民送上的问 候，让我们倍感温暖、备受鼓舞。"杨瑞山说。 金秋时节，江西万安县五丰镇西元村高岭自然村，成片的古银杏树正染上点点金黄，令人陶醉。曾 经的"空心村"焕然一新。 9月22日，在第八个"中国农民丰收节"到来之际，习近平总书记向全国广大农民和工作在"三农"战 线上的同志们致以节日祝贺和诚挚问候。大家表示，习近平总书记的话语温暖人心、催人奋进，要积极 投身加快农业农村现代化的实践，以扎扎实实的工作推进乡村全面振兴，齐心协力共绘"三农"新画卷。 粮食安全是"国之大者"。习近平总书记指出，今年，我们克服干旱、洪涝等自然灾害影响，实现夏 粮稳产、早稻增产，粮食有望再获丰收。 杨瑞山介绍，今年合作社管理的1300多亩地的夏粮亩均增产50多斤。"秋粮生产克服了夏季高温干 旱等考验，再过十多天就要迎来收获。根据前不久测产结果，玉米亩产预计将超1500斤。我们要继续挑 好种、种好粮，带着乡亲们把腰包再鼓一鼓！"他说。 在祖国的"大粮仓"黑龙江省，融沃（黑龙 ...

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]

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油脂油料早报 研究中心农产品团队 2025/06/03 隔 夜 市 场 信 息 ： 【美国农业部】5月22日止当周美国大豆出口销售合计净增17.88万吨，符合预期 5月22日止当周，美国2024/2025市场年度大豆出口销售净增14.6万吨，较之前一周减少53%，较前四周均值减少 58%。市场预估为净增15-50万吨。其中，对中国大陆出口销售净减200吨。 当周，美国2025/2026年度大豆出口销售净增3.28万吨。市场预估为净增0-25万吨。 当周，美国大豆出口装船20.93万吨，创市场年度低位-较之前一周减少17%，较前四周均值减少45%。 当周，美国2024/2025市场年度大豆新销售16.48万吨，2025/2026市场年度大豆新销售3.28万吨。 【美国农业部】5月22日止当周美国豆粕出口销售合计净增60.31万吨，高于预期 5月22日止当周，美国2024/2025市场年度豆粕出口销售净增42.46万吨，较之前一周增加18%，较前四周均值增加 57%。市场预估为净增15-40万吨。 当周，美国2025/2026年度豆粕出口销售净增17.85万吨，市场预估为净增0-5万吨。 当周，美国豆粕出口装船2 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Argentina's 2024/25 soybean production is expected to be 4,890 tons, slightly lower than the previous forecast due to excessive rainfall in March. Future dry weather should facilitate early harvesting [1]. - India's palm oil imports increased in March but remained below normal for four consecutive months. The premium of palm oil over soybean oil led refiners to increase soybean oil purchases. Palm oil imports may increase from May and significantly rise from July when it becomes more price - competitive [1]. 3. Summary by Relevant Content Argentina Soybean Production - A commodity research report estimates Argentina's 2024/25 soybean production at 4,890 tons, with a forecast range of 4,680 - 5,110 tons. The USDA predicts 4,900 tons, the Buenos Aires Grain Exchange predicts 4,860 tons, and the Rosario Grain Exchange predicts 4,650 tons [1]. - Excessive rainfall in March in Argentina's main Pampas region, especially in Buenos Aires and the western region, negatively affected yield potential as it occurred during the critical grain - filling period. Future dry weather will aid early harvesting [1]. - Argentina's Ministry of Agriculture and the Buenos Aires Grain Bureau will release the first soybean harvest progress report on April 4 [1]. India's Vegetable Oil Imports - India's palm oil imports in March increased by 13.2% month - on - month to 423,000 tons but were still below normal. The average monthly import in the market year ending in October 2024 was over 750,000 tons [1]. - India's soybean oil imports in March jumped 24% month - on - month to 352,000 tons, while sunflower oil imports dropped 15.5% to 193,000 tons, the lowest in six months [1]. - The increase in palm oil and soybean oil imports raised India's total edible oil imports in March to 968,000 tons, a 9.3% month - on - month increase. Imports in February hit a four - year low [1]. Spot Prices - Spot prices of various oilseeds and oils in different regions from March 27 to April 2 were presented, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [1].