Core Insights - Palm oil futures prices have declined for two consecutive days, indicating a bearish trend in the market [1] - Malaysia's palm oil inventory is expected to decrease for the first time in four months, which could impact supply dynamics [1] - The upcoming supply and demand report may serve as a potential catalyst for market recovery [1]

Group 1 - The core viewpoint of the article discusses the end of a six-week rising trend in Malaysian palm oil futures, driven by declining production and strong demand, raising questions about the potential for price rebound [1] Group 2 - The article highlights the factors contributing to the recent price trends, including a decrease in palm oil production and robust demand, which have influenced market dynamics [1] - It poses questions regarding the future supply and demand landscape for Malaysian palm oil, indicating uncertainty in price movements [1]

Core Viewpoint - The drought situation in the U.S. Midwest is gradually easing, which is beneficial for the growth of new season crops, although there are concerns about warm and dry weather affecting recently planted soybeans [1] Group 1: U.S. Soybean Market - As of the week ending May 29, U.S. old crop soybean export sales were 194,300 tons, close to the lower end of market expectations [1] - New crop sales were only 3,500 tons, indicating a lack of significant overseas demand [1] - The market is optimistic about U.S.-China trade relations, which could lead to increased imports of U.S. agricultural products, alleviating soybean supply concerns [1] Group 2: Argentine Soybean Harvest - Argentina has completed 89% of its soybean harvest, an increase of 4% from the previous week [1] - The Buenos Aires Grain Exchange maintains its production forecast at 50 million tons, slightly above the USDA's estimate of 49 million tons [1] Group 3: Malaysian Palm Oil Production - Malaysian palm oil production increased by 3.07% month-on-month from May 1 to 31, with peninsula production up by 4.05% and East Malaysia production up by 1.90% [1] - April export volume rose by 24.6%, while March production increased by 17.66% [1] Group 4: Futures Market Trends - On Thursday, CBOT soybean futures rose moderately, closing about 0.5% higher, reaching a one-week high due to optimism in U.S.-China trade relations [1] - CBOT soybean oil futures experienced mixed results, closing about 0.3% lower due to weak export sales [1] - Domestic and international palm oil futures are experiencing narrow fluctuations due to increased production, while crude oil prices stabilize, creating a favorable atmosphere for oilseeds [1]

Group 1 - The core viewpoint of the article indicates that palm oil futures prices are declining, and Malaysia's palm oil inventory is expected to rise for the third consecutive month in May, suggesting a shift in market supply and demand dynamics [1] Group 2 - The article highlights the anticipated increase in Malaysia's palm oil inventory, which may impact future pricing and market conditions [1] - It raises questions about how the supply-demand balance will evolve and what implications this may have for price trends in the palm oil market [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and developments in various financial and commodity sectors, including futures, stocks, bonds, and foreign exchange. It also provides upcoming economic data releases and events. Summary by Directory Overnight Night - Market Trends - Domestic futures主力合约涨跌互现，烧碱、纸浆等涨超0.4%，SC原油、氧化铝等跌超1% [2] - International precious metal futures普遍收跌，COMEX黄金期货跌0.56%，COMEX白银期货跌1.39% [3] - International oil prices走弱，美油主力合约收跌1.23%，布伦特原油主力合约跌1.29% [4] - London basic metals收盘多数下跌，LME期锡、期镍、期铜均有不同程度跌幅 [5] - International agricultural product futures涨跌不一，美大豆、美玉米等有涨有跌 [6] Important Information Macro - Information - China's central bank will conduct 500 billion yuan of MLF operations on May 23, 2025 [9] - CFFEX is promoting the dual functions of financial futures [9] - SHFE will improve its product system and promote the R & D and listing of new varieties [9] - US initial jobless claims for the week ending May 17 were 227,000, a four - week low [10] - Iran vows a "devastating response" to any Israeli attack [11] - Trump's tax reform bill passed the House and is sent to the Senate, and the Senate passed a bill to end California's ban on fuel - powered vehicles [12] - Fed Governor Waller expects a rate cut in the second half of 2025 if tariffs decline [13] Energy and Chemical Futures - OPEC + is discussing a possible large - scale production increase in July [16] - China's urea production increased, and domestic soda ash inventory decreased [16] - Singapore's fuel oil, light distillate, and middle distillate inventories all rose [16] - SHFE adjusted the trading fees of natural rubber futures RU2509 contract [17] - US natural gas inventory increased, with a year - on - year decrease of 12.3% [17] - The US was not persuaded to lower the oil price cap at the G7 meeting [18] Metal Futures - Freeport Indonesia's Manyar smelter will resume production in June and reach full capacity in December [20] - CBA expects gold prices to reach $3,750 per ounce in Q4 due to rising safe - haven demand and a weakening dollar [22] - SHFE adjusted the trading fees of alumina futures AO2509 contract [22] - The global lead market had a supply shortage in March 2025 [22] Black - Series Futures - Rebar production increased, factory inventory rose, social inventory decreased, and apparent demand declined [24] - China's cumulative power generation installed capacity increased by 15.9% year - on - year as of the end of April [24] - Steel social inventory in 21 cities decreased in mid - May, with a narrowing decline [24] - Global crude steel production in April 2025 decreased by 0.3% year - on - year [25] - The average profit per ton of coke in independent coking plants varied by region [26] Agricultural Product Futures - Malaysia's palm oil production and exports are expected to increase in May [28] - Nigeria's palm oil prices may rise due to Indonesia's export tax increase [28] - Market rumors suggest the US government may grant small refinery exemptions, reducing biodiesel production and oil consumption [29] - IGC maintains the 2025/26 global soybean production forecast, with increased trade and consumption [29] - US soybean export net sales data for different periods [30] - Canada's rapeseed exports increased, and commercial inventory was reported [30] - The proportion of US soybean and corn planting areas affected by drought [30] - US cotton ON - call unpriced orders data [31] - Argentina's soybean sales accelerated in the first two weeks of May [31] Financial Market Finance - The CSRC will optimize the listing environment for technology companies and implement a more flexible IPO adjustment mechanism [33] - A - shares closed lower on Thursday, with some sectors rising and others falling [35] - Hong Kong stocks declined, but two new stocks had a strong performance in the dark - market trading [35] - CATL's H - shares will be included in MSCI indices [36] - Lenovo Group's Q4 revenue and profit increased [36] Industry - China's cumulative power generation installed capacity increased, with significant growth in solar and wind power [37] - The Cyberspace Administration of China will launch a special campaign to rectify online "black - mouth" against enterprises [37] - The world's first "Intelligent Grading of Humanoid Robots" standard was released [39] - Shanghai introduced measures to promote the high - quality development of the technology service industry [39] - A group standard for all - solid - state batteries was released [39] - TOP100 real - estate enterprises' land reserves decreased in 2024 [39] - China's narrow - sense passenger car retail sales are expected to increase in May [40] - The "JD Takeaway" platform was interviewed by the market supervision department [40] Overseas - Fed Governor Waller suggests a possible rate cut in the second half of 2025 if tariffs stabilize [41] - US manufacturing and service PMI data in May [43] - Harvard University's international student enrollment qualification was revoked [43] - US existing - home sales decreased in April, with a rising median price [43] - US initial jobless claims decreased to a four - week low [43] - Eurozone's May PMI data, with a decline in the composite PMI [44] - European Central Bank's meeting minutes and market expectations for a rate cut [44] - Japan's core machinery orders increased significantly in March [44] - Thailand's court ruled that Yingluck Shinawatra should pay compensation [46] International Stocks - US stocks closed mixed, with the S&P 500 and Nasdaq recording three - day losses [47] - European stocks closed lower due to concerns about bond yields and tax reform [47] - Berkshire Hathaway's Greg Abel met with Japanese trading company executives [48] - Kraken plans to allow non - US customers to trade stocks in token form [48] Commodity - International precious metal futures declined, affected by the US fiscal deficit, inflation, and the dollar [50] - International oil prices weakened, pressured by OPEC + production increase expectations and US inventory [50] - London basic metals mostly fell, with supply - chain changes [50] - OPEC + is discussing a production increase in July [51] - SHFE adjusted the trading fees of alumina and natural rubber futures contracts [51] Bond - China's bond market continued to fluctuate, with the central bank conducting reverse - repurchase operations [52] - A member of the Bank of Japan's council believes no intervention in the bond market is necessary [54] - US Treasury yields declined across the board [54] - European bond yields showed mixed trends [54] Foreign Exchange - The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [55] - The RMB ranked fifth in global payment currency in April [55] - Japan's foreign - exchange official stated that exchange rates should be determined by the market [55] - The US dollar index rose, and most non - US currencies fell [57] Upcoming Economic Data and Events - Economic data release schedule including UK consumer confidence, Japan's CPI, etc. [59] - Event schedule including Trump's dinner invitation, central bank operations, and corporate earnings reports [61]

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]

Group 1 - The core issue is the rising prices of Malaysian palm oil despite an increase in inventory, raising questions about whether this is a bear trap or a precursor to a bull market [1] Group 2 - The article highlights the paradox of increasing palm oil prices amidst growing stock levels, suggesting potential market dynamics at play [1] - It raises the possibility of market speculation influencing prices, indicating a complex relationship between supply and demand [1] - The discussion points towards the need for further analysis to understand the underlying factors driving the price movements in the palm oil market [1]

Core Insights - The article discusses the recent decline in Malaysian palm oil prices, highlighting a six-day consecutive drop that has breached the lower Bollinger Band, raising concerns about the stability of the critical support level at 3750 [1] Group 1: Market Trends - Malaysian palm oil prices have experienced a significant downturn, with a six-day losing streak indicating a bearish trend in the market [1] - The breach of the lower Bollinger Band suggests increased volatility and potential further declines in palm oil prices [1] Group 2: Support Levels - The critical support level at 3750 is under scrutiny, with market analysts questioning whether it will hold or collapse under current market pressures [1] - The importance of this support line is emphasized, as its failure could lead to further price declines and market instability [1]

Core Viewpoint - Malaysian palm oil prices increased by 1.46% in a single day, recovering from a seven-month low, indicating potential stabilization in the market [1] Group 1: Market Performance - The recent rise in Malaysian palm oil prices suggests that short-term support levels have been solidified [1] - The technical pattern observed indicates a double bottom reversal, which may signal a bottoming out of palm oil prices [1] - Analysts are optimistic that bottom signals for palm oil may have emerged [1]