1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report The report comprehensively presents the overnight and spot market conditions of multiple commodities, including palm oil, soybean, and their by - products. It also details important fundamental information such as weather in crop - producing areas, international and domestic supply - demand situations, and macro - economic news both globally and in China. Additionally, it shows the capital flow in the futures market and provides an arbitrage tracking overview. 3. Summary by Directory 3.1 Overnight Market Conditions - The closing prices and percentage changes of various futures contracts including BMD palm oil, ICE Brent crude, NYMEX WTI crude, CBOT soybeans, etc. are presented. For example, the closing price of BMD palm oil 01 is 4150.00, with a previous day's increase of 0.68% and an overnight increase of 0.27% [1]. - The latest prices and percentage changes of multiple currency pairs like the US dollar index, CNY/USD, MYR/USD, etc. are given. For instance, the US dollar index is at 99.44, down 0.12% [1]. 3.2 Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil 2601, DCE豆油 2601, and DCE豆粕 2601 in different regions are provided. For example, for DCE palm oil 2601 in North China, the spot price is 8890, with a basis of 100 and no change in basis from the previous day [2]. - CNF premiums, premium changes, and CNF quotes for imported soybeans from different regions such as the US Gulf, US West, and Brazil are presented. For example, the CNF premium for US Gulf soybeans is 250 cents per bushel, and the CNF quote is 506 dollars per ton [4]. 3.3 Important Fundamental Information 3.3.1 Producing Area Weather - Brazil will continue to have rainfall this week with temperatures near normal. Different states have different weather patterns, and later in the week, southern Brazil may become drier [5]. - Argentina may have precipitation in the next two days, but the weather may turn drier later. If the temperature rises, the weather conditions for corn and soybeans may change significantly [5]. 3.3.2 International Supply - Demand - CIMB Securities predicts that Malaysia's palm oil inventory will increase by 4.0% month - on - month to 2.57 million tons in November due to a 10% month - on - month decline in exports, and production is expected to fall by 8.0% month - on - month to 1.88 million tons after peaking in October [7]. - SPPOMA data shows that from November 1 - 10, 2025, Malaysia's palm oil yield decreased by 4.14% month - on - month, the oil extraction rate decreased by 0.4% month - on - month, and production decreased by 2.16% month - on - month [7]. - As of November 10, Indonesia's biodiesel consumption this year has reached 12.25 million kiloliters, and the government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025 [7]. - Analysts' average prediction for the global 2025/26 soybean ending stocks in the USDA November report is 124.21 million tons, with a range of 122.5 - 126 million tons, compared to the USDA's September estimate of 123.99 million tons [7]. - Analysts' average prediction for the US 2025/26 soybean production is 4.266 billion bushels, with a range of 4.152 - 4.336 billion bushels; the average predicted yield is 53.1 bushels per acre, with a range of 51.7 - 54.0 bushels per acre; and the average predicted ending stocks are 304 million bushels, with a range of 187 - 494 million bushels [8]. - Anec expects Brazil's soybean exports in November to reach 4.26 million tons and soybean meal exports to reach 2.47 million tons, both higher than the previous week [8]. - Secex data shows that Brazil exported 1.1774562 million tons of soybeans in the first week of November, with an average daily export volume 75% higher than that of November last year [8]. - Imea data shows that the soybean crushing profit in Mato Grosso from November 3 - 7 was 459.16 Brazilian reals per ton, lower than the previous week [9]. - As of November 9, 2025/26, the EU's palm oil imports were 1.01 million tons, soybeans imports were 4.15 million tons, and rapeseed imports were 1.31 million tons, all lower than the same period last year [9]. - The EU is considering delaying the implementation of its zero - deforestation law by one year to December 2026 [9]. - Germany's rapeseed industry association predicts that the winter rapeseed planting area in 2026 will be between 1.1 - 1.15 million hectares, almost unchanged from 2025 [9]. - On Tuesday, the Baltic Dry Index fell slightly due to a decline in Capesize ship freight rates. The Capesize ship freight index decreased by 2.2%, while the Panamax ship freight index increased by 1.1% [10]. 3.3.3 Domestic Supply - Demand - On November 11, the total trading volume of soybean oil and palm oil was 40,000 tons, a 1% decrease from the previous day. The trading volume of soybean meal was 314,100 tons, an increase of 120,500 tons from the previous day. The overall oil mill operating rate was 53.51%, a 2.55% decrease from the previous day [12]. - From November 3 - 7, 2025, the average weekly price of lean - type white - striped pork in 16 provinces and municipalities was 16.04 yuan per kilogram, a 1.5% week - on - week decrease and a 27.9% year - on - year decrease [12]. - On November 11, the "Agricultural Product Wholesale Price 200 Index" was 125.57, a 0.01 - point decrease from the previous day, and the "Vegetable Basket" product wholesale price index was 127.67, a 0.01 - point increase from the previous day. The average price of pork in the national agricultural product wholesale market was 18.11 yuan per kilogram, a 0.1% decrease from the previous day [12]. 3.4 Macro - economic News 3.4.1 International News - The probability of the Fed cutting interest rates by 25 basis points in December is 67.6%, and the probability of keeping rates unchanged is 32.4%. By January next year, the probability of a cumulative 25 - basis - point cut is 53.2%, and the probability of a cumulative 50 - basis - point cut is 27.7% [14]. - ADP data shows different estimates of private - sector employment changes. One series shows a weekly decrease of 11,250 jobs in the four weeks ending October 25, while another series predicts an increase of 42,000 jobs in October [15]. - The US House Rules Committee will hold a meeting on November 11 (EST) to advance the government funding plan for a vote the next day [15]. - The year - on - year growth rate of US red - book commercial retail sales in the week ending November 3 was 5.9%, higher than the previous value of 5.7% [15]. - The US NFIB Small Business Optimism Index in October was 98.2, lower than the expected 98.5 and the previous value of 98.8 [15]. 3.4.2 Domestic News - On November 11, the US dollar/Chinese yuan exchange rate was 7.0866, with a 10 - point increase (yuan depreciation) [17]. - On November 11, the People's Bank of China conducted 403.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 286.3 billion yuan after 117.5 billion yuan of 7 - day reverse repurchases matured [17]. - The PBC's Q3 2025 monetary policy report proposes to implement a moderately loose monetary policy, maintain relatively loose social financing conditions, and improve the monetary policy framework [17]. - The US has suspended the implementation of the export control penetration rule from November 10, 2025, to November 9, 2026, which is an important measure to implement the consensus of the China - US Kuala Lumpur economic and trade consultations [17]. 3.5 Capital Flow - On November 11, 2025, the futures market had a net capital outflow of 2.554 billion yuan. Commodity futures had a net capital inflow of 5.118 billion yuan, including 795 million yuan in agricultural product futures, 463 million yuan in chemical futures, a net outflow of 622 million yuan in black - series futures, and 4.483 billion yuan in metal futures. Stock index futures had a net capital outflow of 7.44 billion yuan, and treasury bond futures had a net capital outflow of 356 million yuan [20]. 3.6 Arbitrage Tracking There is no specific information provided in the given text about arbitrage tracking.

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 - No relevant content provided. Core Viewpoints - The report presents a comprehensive overview of the futures market, including spot prices, fundamental information, macro - news, fund flows, and arbitrage tracking. It details the production, export, and growth conditions of agricultural products such as palm oil and soybeans, as well as macro - economic indicators and central bank policies at home and abroad [1][6][16]. Summary by Related Catalogs 01 & 02 Spot Market - **Futures Prices**: The closing prices and price changes of various futures contracts are presented, including BMD palm oil, ICE Brent, NYMEX crude oil, CBOT soybeans, etc. For example, the closing price of BMD palm oil 12 is 4369.00, with a previous - day increase of 0.41% and an overnight decrease of 1.64% [1]. - **Spot Prices and Basis**: Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided. For instance, the spot price of DCE palm oil 2601 in North China is 9440, with a basis of 80 and a basis change of - 20 [2]. - **CNF Quotes**: CNF quotes and CNF premium changes of imported soybeans from different regions are given. The CNF quote for Brazilian soybeans is 485 dollars per ton, with a premium of 295 cents per bushel [2]. 03 Important Fundamental Information 3.1 Production Area Weather - The future weather outlook (September 27 - October 1) in major US soybean - producing states shows that temperatures are generally higher and precipitation is generally lower [3]. 3.2 International Supply and Demand - **Palm Oil**: From September 1 - 20, 2025, Malaysia's palm oil production decreased by 7.89% compared to the same period last month according to SPPOMA. Different institutions have different statistics on palm oil exports, with ITS showing an 8.7% increase, AmSpec an 8.3% increase, and SGS a 16.1% decrease [6]. - **Soybeans**: As of the week of September 21, the US soybean good - to - excellent rate was 61%, lower than the expected 62%. The export inspection volume for the week of September 18 was 484,116 tons, at the lower end of the expected range. As of last Thursday, Brazil's 2025/26 soybean sowing area reached 0.9% of the expected total area, the same as the previous year [6][7]. 3.3 Domestic Supply and Demand - **Oil and Meal Trading**: On September 22, the total trading volume of soybean oil and palm oil was 15,234 tons, a 177% increase from the previous day. The trading volume of soybean meal was 16.66 tons, an increase of 6.75 tons from the previous day. The operating rate of oil mills was 69.32%, up 1.77% from the previous day [11]. - **Inventory**: As of September 19, the commercial inventory of palm oil decreased by 8.79% week - on - week, and the commercial inventory of soybean oil decreased by 1.22% week - on - week. As of September 22, the port inventory of imported soybeans decreased by 14.343 tons week - on - week [11][12][13]. - **Import Volume**: In August 2025, China's imports of palm oil, soybeans, and rapeseed all had different degrees of change compared to the previous month and the same period last year [12][13]. - **Agricultural Product Prices**: As of September 22, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" both increased compared to last Friday. The prices of pork, eggs, and white - striped chickens also increased [14]. 04 Macro - news 4.1 International News - **Interest Rate Expectations**: The probability of the Fed keeping interest rates unchanged in October is 10.2%, and the probability of a 25 - basis - point rate cut is 89.8%. In December, the probability of keeping interest rates unchanged is 1.7%, and the probability of a cumulative 50 - basis - point rate cut is 75.3% [16]. - **Economic Indicators**: The Eurozone's September consumer confidence index preliminary value was - 14.9, better than expected [16]. 4.2 Domestic News - **Exchange Rate and Central Bank Operations**: On September 22, the US dollar/Chinese yuan exchange rate was adjusted downwards (yuan appreciation). The central bank carried out reverse - repurchase operations, achieving a net investment of 26.05 billion yuan [18]. - **LPR**: The central bank kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [18]. 05 Fund Flows - On September 22, 2025, the futures market had a net capital inflow of 5.146 billion yuan. Commodity futures had a net capital inflow of 9.919 billion yuan, while stock index futures had a net capital outflow of 5.003 billion yuan, and treasury bond futures had a net capital inflow of 209 million yuan [20]. 06 Arbitrage Tracking - No relevant content provided.

Core Viewpoint - Palm oil futures have declined due to market concerns that China may purchase U.S. soybeans as a substitute for palm oil, raising questions about whether this is a result of long positions being liquidated in advance [1] Group 1 - The decline in palm oil futures is linked to uncertainty surrounding the outcomes of U.S.-China talks [1] - Market participants are worried about the potential shift in China's procurement strategy, which could impact palm oil demand [1] - The situation has led to speculation about whether traders are preemptively exiting long positions in palm oil [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot market conditions, important fundamental information, macro - economic news, fund flows, and arbitrage tracking. It focuses on commodities such as palm oil, soybeans, and related products, as well as currency exchange rates and central bank policies [1][2][16]. 3. Summary by Directory Overnight Market Conditions - Overnight closing prices and price changes of various futures contracts are presented, including palm oil, crude oil, soybeans, soybean meal, and soybean oil. Currency exchange rates such as the US dollar index and various currency pairs are also provided [1]. Spot Market Conditions - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal are given for different regions. CNF quotes and CNF premium changes for imported soybeans are also included [2]. Important Fundamental Information - **Weather Conditions** - US soybean - producing states are expected to have mostly lower - than - normal temperatures and precipitation close to or above the median from August 27th to 31st. The Midwest had rain and temperature drops over the weekend, and the 6 - 10 - day outlook shows a mix of dry and rainy conditions with lower - than - normal temperatures. Brazil's 9 - month rainfall pattern is weak, and the region will become warmer [3][5][6]. - **International Supply and Demand** - Malaysia's palm oil production from August 1 - 20 increased by 3.03% compared to the same period last month, and exports increased by 37.19%. CBOT futures contracts had changes in long and short positions. Pro Farmer predicts high yields for US corn and soybeans. Brazil's 2025/2026 soybean production is expected to increase by 3%, and Argentina's 2024/25 soybean production and planting area are also expected to rise. Canada's rapeseed production is expected to increase by 12.9% [9][11]. - **Domestic Supply and Demand** - On August 22nd, the total trading volume of domestic soybean oil and palm oil increased by 3% compared to the previous trading day. The trading volume of soybean meal decreased, and the oil - mill operating rate decreased slightly. The self - breeding and self - raising pig farming profit increased, while the profit from purchasing piglets remained in the red. The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" decreased slightly [13][14]. Macro - economic News - **International News** - The probability of the Fed cutting interest rates in September is 91.1%. Powell's speech at Jackson Hole opened the door for a September rate cut. Canada decided to cancel some retaliatory tariffs on US goods [16]. - **Domestic News** - On August 22nd, the US dollar/Chinese yuan exchange rate was adjusted upwards. The central bank conducted 3612 billion yuan of 7 - day reverse repurchase operations, achieving a net injection of 1232 billion yuan on that day and 13652 billion yuan for the week. On August 25th, the central bank will conduct 6000 billion yuan of 1 - year MLF operations. From January to July 2025, the country absorbed 4673.4 billion yuan of foreign investment [18][19]. Fund Flows - On August 22nd, the futures market had a net inflow of 144.8 billion yuan. Commodity futures had a net outflow of 16.11 billion yuan, while stock - index futures had a net inflow of 160.91 billion yuan. The report also lists the fund flows of various futures contracts [22]. Arbitrage Tracking No specific content is provided in the given report for this section.

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents a comprehensive overview of the agricultural and energy futures markets, including overnight and spot market conditions, important fundamental information, macro - economic news, and capital flow data. It also provides insights into international and domestic supply - demand dynamics for various commodities such as palm oil, soybeans, and grains. 3. Summary by Directory 3.1 Overnight Market Conditions - Overnight closing prices and price changes of various futures contracts are provided, including BMD palm oil, ICE Brent crude, NYMEX WTI crude, CBOT soybeans, soybean meal, and soybean oil. For example, BMD palm oil 11 closed at 4529.00 with a previous - day decline of 0.51% and an overnight increase of 0.71% [1]. - Exchange rate data for major currencies are also presented, such as the US dollar index, CNY/USD, MYR/USD, etc. For instance, the US dollar index was at 98.22 with a decline of 0.05% [1]. 3.2 Spot Market Conditions - Spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are given. For example, DCE palm oil 2601 in North China had a spot price of 9820 with a basis of 100 and no change in basis from the previous day [2]. - CNF quotes and CNF premium changes for imported soybeans from different origins are also included, with Brazilian soybeans having a CNF premium of 307 cents per bushel and a CNF quote of 495 dollars per ton [2]. 3.3 Important Fundamental Information 3.3.1 Production Area Weather - The future weather outlook for US soybean - producing states from August 25 - 29 indicates that temperatures will be below normal and precipitation will mostly be near to below the median. Some parts of the US Midwest will experience rainfall and temperature drops [4][6]. 3.3.2 International Supply - Demand - Malaysian palm oil exports from August 1 - 20 increased by 17.5% according to AmSpec and 13.61% according to ITS compared to the same period last month [7]. - Indonesia plans to increase its crude palm oil production from 48.2 million tons in 2024 to 60 million tons by 2030 [8]. - Nebraska's soybean pod count is at a 22 - year high, while Indiana's is slightly lower than 2024 but higher than the three - year average [9]. 3.3.3 Domestic Supply - Demand - On August 20, the total trading volume of soybean oil and palm oil was 79,066 tons, a 152% increase from the previous day. The trading volume of soybean meal was 114,900 tons, an increase of 6,800 tons from the previous day [14]. - China's palm oil imports in July 2025 decreased by 47.22% month - on - month and 46.79% year - on - year. Soybean imports decreased by 4.86% month - on - month but increased by 18.39% year - on - year. Rapeseed imports decreased by 4.61% month - on - month and 56.63% year - on - year [14][15]. 3.4 Macro - economic News 3.4.1 International News - According to CME's "FedWatch", the probability of the Fed keeping interest rates unchanged in September is 18.1%, and the probability of a 25 - basis - point rate cut is 81.9% [16]. - The Eurozone's CPI annual rate in July was 2%, and the monthly rate was 0%. The Indonesian central bank cut interest rates by 25 basis points [17]. 3.4.2 Domestic News - On August 20, the US dollar/CNY exchange rate was 7.1384, up 25 points (CNY depreciation). The Chinese central bank conducted 616 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 497.5 billion yuan [19]. 3.5 Capital Flow - On August 20, 2025, the futures market had a net capital inflow of 3.705 billion yuan. Commodity futures had a net capital outflow of 12.337 billion yuan, while stock index futures had a net capital inflow of 16.042 billion yuan [23]. 3.6 Arbitrage Tracking No relevant content provided.

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 information provided. Core Viewpoints The report provides a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information on weather, international and domestic supply - demand, macro news, fund flows, and arbitrage tracking for commodities such as palm oil, soybeans, and related products. Specific Summaries by Section Overnight Quotes - The closing price of BMD Malaysian palm oil 10 was 4,218.00, with a previous - day decline of 1.39% and an overnight decline of 0.76% [1]. - Brent 10 (ICE) closed at 68.68, with a previous - day decline of 1.21% and an overnight decline of 0.85% [1]. - NYMEX US crude oil 09 closed at 66.24, with a previous - day decline of 1.52% and an overnight decline of 0.94% [1]. - CBOT US soybeans 11 closed at 994.50, with a previous - day increase of 0.66% and an overnight decline of 0.13% [1]. Spot Quotes - For DCE palm oil 2509, the spot price in North China was 8,920, with a basis of 120 and no change in basis from the previous day [2]. - For DCE soybean oil 2509, the spot price in Shandong was 8,330, with a basis of 80 and a basis decline of 2 from the previous day [2]. - For DCE soybean meal 2509, the spot price in Shandong was 2,900, with a basis of - 118 and a basis decline of 9 from the previous day [2]. Important Fundamental Information Weather in Production Areas - US soybean - producing states are expected to have above - normal temperature and precipitation from August 9 - 13 [4]. - The Midwest planting belt in the US will be mostly dry this week, with soil moisture remaining good. A front has passed, bringing cooler temperatures [6]. International Supply - Demand - Reuters survey shows that Malaysia's palm oil inventory in July 2025 is expected to be 2.25 million tons, an increase of 10.8% from June [8]. - As of June 30, 2025, 89.6% (5.03 million hectares) of Malaysia's oil palm plantations had MSPO certification [8]. - The US soybean good - to - excellent rate as of August 3, 2025, was 69%, in line with market expectations [10]. Domestic Supply - Demand - On August 4, 2025, the total trading volume of soybean oil and palm oil was 33,150 tons, a 25% decrease from the previous trading day [14]. - As of August 1, 2025, the total commercial inventory of three major oils in key regions in China was 2.3611 million tons, a 0.03% decrease from the previous week [14]. Macro News International News - The probability of the Fed keeping interest rates unchanged in September is 5.6%, and the probability of a 25 - basis - point rate cut is 94.4% [17]. - The US factory orders in June decreased by 4.8% month - on - month, in line with expectations [17]. Domestic News - On August 4, 2025, the central parity rate of the RMB against the US dollar was 7.1395, up 101 points (appreciation of the RMB) [19]. - On August 4, 2025, the central bank conducted 544.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 49 billion yuan [19]. Fund Flows On August 4, 2025, the futures market had a net inflow of 778 million yuan, with a net inflow of 2.6 billion yuan in commodity futures and a net outflow of 1.822 billion yuan in stock index futures [21]. Arbitrage Tracking No specific content provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents a comprehensive overview of the futures market on August 4, 2025, covering overnight and spot market quotes, important fundamental information, macro - economic news, capital flows, and arbitrage tracking. It focuses on the performance of various commodities such as palm oil, soybeans, and crude oil, as well as international and domestic economic indicators. 3. Summary by Directory Overnight Quotes - The closing price of BMD Malaysian palm oil in October was 4,245.00, with a previous day's increase of 0.35%. Brent crude oil in October on ICE was at 69.52, a decrease of 3.15% the previous day and 0.20% overnight. NYMEX US crude oil in September was at 67.26, down 3.03% the previous day and 0.06% overnight [1]. - The US dollar index was at 98.67, a decrease of 1.32%. The exchange rates of various currencies against the US dollar showed different trends, with the Malaysian ringgit, Indonesian rupiah, Brazilian real, and Singapore dollar appreciating, while the Argentine peso depreciated [1]. Spot Quotes - For DCE palm oil 2509, the spot prices in North China, East China, and South China were 9,040, 8,910, and 8,900 respectively, with corresponding basis values of 120, - 10, and - 20, and basis changes of - 10, - 40, and 0 [2]. - For DCE soybean oil 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 8,300, 8,520, 8,460, and 8,390 respectively, with basis values and changes varying by region [2]. - For DCE soybean meal 2509, the spot prices in Shandong, Jiangsu, Guangdong, and Tianjin were 2,890, 2,890, 2,870, and 2,970 respectively, with corresponding basis values and changes [2]. - The CNF quotes for imported soybeans from Brazil and Argentina were 474 and 452 dollars per ton respectively, with CNF premiums of 300 and 240 cents per bushel [2]. Important Fundamental Information - **Weather in Production Areas**: US soybean - producing states are expected to have above - average temperatures from August 6 - 10, with more precipitation in the northwest and northeast. The weather in the US Midwest is currently favorable for corn and soybean growth, with occasional rainfall and temperature fluctuations [3][5]. - **International Supply and Demand**: In July 2025, Malaysian palm oil production increased by 7.07% according to SPPOMA. Indonesia exported 2.07 million tons of crude palm oil and its products in June. There were also changes in the positions of various agricultural products futures, US soybean crushing volume, Canadian rapeseed exports, and Nigeria's plan to double soybean planting area by 2027 [9][10][11]. - **Domestic Supply and Demand**: On August 1, the total trading volume of soybean oil and palm oil increased by 31% compared to the previous day. There were also changes in the trading volume and开机 rate of soybean meal, soybean crushing volume, Brazilian soybean shipping plans to China, pig - breeding profits, and agricultural product wholesale prices [14][15]. Macro - economic News - **International News**: US economic data in July showed mixed results, with lower - than - expected non - farm payrolls, slightly higher unemployment rate, and inflation expectations. The ISM and S&P Global manufacturing PMIs also had different performances. There were discussions about OPEC+ production increases [18][20]. - **Domestic News**: On August 1, the US dollar/Chinese yuan exchange rate was adjusted upwards. The Chinese central bank carried out reverse - repurchase operations, resulting in a net withdrawal of funds on the day and a net injection for the week. Newly - issued government bond interest income will be subject to VAT starting from August 8 [22]. Capital Flows - On August 1, 2025, the futures market had a net capital outflow of 9.63 billion yuan, with 1.091 billion yuan from commodity futures (697 million yuan inflow in agricultural product futures, 140 million yuan inflow in chemical futures, 1.293 billion yuan outflow in black - series futures, and 635 million yuan outflow in metal futures) and 8.539 billion yuan from stock - index futures [25]. - The capital flows of major futures varieties varied, with inflows in some commodities like soybean oil and gold, and outflows in others such as crude oil and copper [24]. Arbitrage Tracking No relevant information provided.

Core Viewpoint - Palm oil futures in Malaysia have dropped nearly 2%, driven by market expectations of a 10% surge in palm oil inventory for July, indicating that this decline may just be the beginning [1] Group 1 - The decline in palm oil futures reflects growing concerns over inventory levels in Malaysia [1] - A projected increase of 10% in palm oil stocks for July suggests potential oversupply in the market [1] - The current market trend may signal further price decreases in the near future [1]