Core Viewpoint - Palm oil futures showed a strong performance, with the main contract rising by 1.22% to 9484.00 yuan/ton as of the report date [1] Market Inventory and Trade Data - As of September 12, 2025, the commercial inventory of palm oil in key regions reached 641,500 tons, an increase of 22,200 tons from the previous week, representing a growth of 3.58%. Year-on-year, this is an increase of 128,000 tons from 513,500 tons, marking a 24.92% rise [2] - On September 15, the trading volume of 24-degree palm oil at national ports was 200 tons, a decrease of 85.71% compared to the previous trading day [2] - According to shipping survey agency ITS, Malaysia's palm oil export volume from September 1 to 15 was 742,648 tons, an increase of 2.6% compared to 724,191 tons in the same period last month [2] Institutional Perspectives - Zhonghui Futures indicated that the biodiesel policies in Indonesia and Malaysia are favorable for palm oil market consumption expectations, with buying demand from China and India. The fundamental outlook remains bullish, suggesting a buy-on-dips strategy [3] - Jinxin Futures noted that the recent cumulative increase in the oilseed market has been significant, and with rising inventory pressure and lack of demand, the market's momentum for further gains is diminishing, leading to increased profit-taking pressure. A bearish outlook is suggested [3]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily unfalsifiable [2] Group 2: Core Viewpoints - The report presents price changes of 24 - degree palm oil, first - grade soybean oil, and fourth - grade rapeseed oil in different regions on August 20, 2025, compared to August 19, 2025, with most showing a downward trend [1] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and there are concerns about future rapeseed supply. The estimated rapeseed arrivals in August are about 200,000 tons, and the average monthly arrivals from September to October are about 130,000 tons [2] - The USDA report adjusted the US soybean new - crop area and yield. Although the yield per acre was raised to a historical high, the planting area was unexpectedly reduced, resulting in a lower - than - expected production [2] - The weather in the US in the next two weeks is favorable for soybean yield, and the good - to - excellent rates of US soybeans and corn are in line with market expectations [2] Group 3: Summary by Related Content Spot Price - 24 - degree palm oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9,660, 9,540, and 9,510 respectively, down 200 from August 19 [1] - First - grade soybean oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 8,510, 8,630, and 8,610 respectively, down 200 from August 19 [1] - Fourth - grade rapeseed oil: On August 20, 2025, prices in Zhangjiagang, Wuhan, and Chengdu were 9,900, 9,950, and 10,160 respectively, down 130 from August 19 [1] Futures Data - The price difference between soybean and palm oil main contracts was - 1,140 on August 20, 2025, down 26 from August 19 [1] - The price difference between rapeseed and soybean main contracts was 1,414 on August 20, 2025, up 90 from August 19 [1] - Palm oil warehouse receipts were 1,404 on August 20, 2025, down 16 from August 19; soybean oil warehouse receipts remained unchanged at 15,310; rapeseed oil warehouse receipts remained unchanged at 3,487 [1] Rapeseed - related Information - The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed, and from August 14, 2025, importers need to pay a 75.8% deposit on Canadian rapeseed [2] Palm Oil - related Information - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - In Malaysia, from August 1 - 5, palm oil yield per unit decreased 17.27% month - on - month, and from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] Soybean - related Information - The USDA report raised the US soybean yield per acre to 53.6 bushels/acre but cut the 2025/26 planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 - million - bushel reduction in production to 4.292 billion bushels [2] - As of the week ending August 10, the good - to - excellent rate of US soybeans was 68%, and that of US corn was 72%, both in line with market expectations [2]

Report Industry Investment Rating - The report recommends going long on oils and fats as the bullish drivers are temporarily difficult to disprove [2] Core Viewpoints - The report analyzes the price, inventory, production, and export data of palm oil, soybean oil, and rapeseed oil, and points out that due to the anti - dumping investigation on Canadian rapeseed, the supply of rapeseed may be tight; the production and export situation of palm oil in Malaysia is complex; and the production of US soybeans has both high - yield expectations and area reduction [1][2] Summary by Related Content Price Data - **Palm Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 9710, 9640, and 9300 respectively, while on August 18, they were 9440, 9370, and 9570, with a one - price change of 270 [1] - **Soybean Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8660, 8780, and 8760 respectively, and on August 18, they were 8710, 8830, and 8810, with a one - price change of 50 [1] - **Rapeseed Oil**: On August 15, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9900, 10080, and 10160 respectively, and on August 18, they were 10030, 9950, and 10290, with a one - price change of 130 [1] Futures Data - The spread between soybean and palm oil main contracts changed from - 926 to - 1068, a decrease of 142; the spread between rapeseed and soybean main contracts changed from 1310 to 1223, a decrease of 87; palm oil warehouse receipts remained at 1420, and soybean oil warehouse receipts increased from 14840 to 15310, an increase of 470 [1] Supply and Demand Information - **Rapeseed**: The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed. From August 14, 2025, importers need to pay a 75.8% deposit. The procurement of domestic distant - month rapeseed is slow, and the supply may be tight. The estimated arrival volume in August is about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - **Palm Oil**: Bloomberg's July MPOB estimate shows that production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons. In Malaysia, from August 1 - 5, production decreased 17.27% month - on - month; from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] - **Soybean**: The USDA report increased the yield per acre of US soybeans to 53.6 bushels/acre but decreased the planting area by 2.5 million acres to 80.9 million acres, resulting in a production decrease of 43 million bushels to 4.292 billion bushels. The weather in the next two weeks is favorable for yield, and as of August 10, the good - to - excellent rate of US soybeans was 68% [2]

Core Viewpoint - Palm oil futures have shown a significant increase in price and trading volume, indicating a bullish trend in the market despite underlying supply and demand challenges [1][2][3] Market Performance - As of August 11, 2025, palm oil futures closed at 9460 yuan/ton, with a weekly increase of 4.97% [1] - The trading volume increased by 175,121 contracts compared to the previous week [1] - The weekly trading range was between 8914 yuan/ton and 9536 yuan/ton [1] Import and Cost Analysis - The CNF price for 24-degree palm oil for September-October shipments rose by 30 to 49 USD/ton, reaching 1118 USD/ton and 1105 USD/ton respectively [2] - The landed cost in South China increased by 260 to 430 yuan/ton, amounting to 9580 yuan/ton and 9450 yuan/ton [2] - India's palm oil imports in July were 855,695 tons, down from 955,683 tons in June [2] Supply and Demand Insights - Malaysia is entering a seasonal production increase, with expectations of the highest inventory levels in nearly two years [3] - Domestic consumption in China remains weak, with low port inventories and a declining spot basis [3] - Competition from alternative oils, particularly soybean oil, is exerting downward pressure on palm oil prices [3] Technical Analysis and Future Outlook - The market is currently in an overbought condition, suggesting limited short-term upward momentum [3] - If supply continues to increase without a corresponding improvement in demand, palm oil futures may face further downward pressure [3] - The domestic oilseed supply remains stable, with a neutral outlook for palm oil prices in the near term [3]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily hard to disprove [2] Group 2: Core View of the Report - The report provides a comprehensive analysis of the spot and futures prices of palm oil, soybean oil, and rapeseed oil, as well as relevant market data and news, suggesting a long - position in the oils and fats market due to non - falsifiable bullish drivers [1][2] Group 3: Summary Based on Different Data Spot Price - On August 13, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 9520, 9450, and 9380 respectively, with a daily increase of 120 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8720, 8840, and 8820 respectively, with a daily increase of 170 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10260, 10310, and 10520 respectively, with a daily increase of 500 [1] Futures Data - On August 13, 2025, the spread between soybean and palm oil main contracts was - 848, up 38 from the previous day; the spread between rapeseed and soybean oil main contracts was 1488, up 162 [1] - The number of palm oil warehouse receipts was 1420, unchanged; the number of soybean oil warehouse receipts was 22170, an increase of 216; the number of rapeseed oil warehouse receipts was 3487, unchanged [1] Market News - The Ministry of Commerce preliminarily ruled that imported Canadian rapeseed was dumped. From August 14, 2025, importers need to pay a 75.8% deposit on Canadian companies [2] - Affected by the anti - dumping investigation on Canadian rapeseed, the domestic long - term rapeseed procurement progress is slow. The imported rapeseed arrival volume in August is expected to be about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - From August 1 - 5, Malaysia's palm oil yield per unit decreased 19.32% month - on - month, the oil extraction rate increased 0.39% month - on - month, and production decreased 17.27% month - on - month [2] - From August 1 - 10, Malaysia's palm oil exports increased 23.3% and 23.7% respectively compared with the same period last month according to ITS and AmSpec [2] - The USDA report adjusted the new - crop soybean yield per acre from 52.5 bushels/acre to a record high of 53.6 bushels/acre but unexpectedly reduced the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 million - bushel reduction in production to 4.292 billion bushels [2] - The US soybean and corn good - to - excellent rates as of August 10 were 68% and 72% respectively, in line with market expectations [2]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests going long on the palm oil 09 contract and the soybean oil 09 contract [2] Group 3: Summary of Related Data Spot Price - On August 7, 2025, the spot price of 24 - degree palm oil in Tianjin was 9120 yuan, up 50 yuan from the previous day; in Zhangjiagang it was 9050 yuan, up 50 yuan; in Huangpu it was 9000 yuan, up 50 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8550 yuan, up 50 yuan; in Zhangjiagang it was 8630 yuan, up 50 yuan; in Huangpu it was 8670 yuan, up 50 yuan [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang was 9630 yuan, down 70 yuan; in Wuhan it was 9680 yuan, down 70 yuan; in Chengdu it was 9890 yuan, down 70 yuan [1] Futures Data - On August 7, 2025, the price difference between the soybean and palm oil main contracts was - 544, up 20 from the previous day; the price difference between the rapeseed and soybean oil main contracts was 1090, down 66 [1] - The palm oil warehouse receipts were 570, unchanged; the soybean oil warehouse receipts were 15370, an increase of 3830; the rapeseed oil warehouse receipts were 3487, unchanged [1] Import Data of India - In July, India's palm oil imports decreased by 10% month - on - month to 858,000 tons; soybean oil imports soared by 38% month - on - month to 495,000 tons; sunflower oil imports decreased by 7% month - on - month to 201,000 tons; total edible oil imports increased by 1.5% month - on - month to 1.53 million tons [2] Malaysian Data - Bloomberg's July MPOB forecast: production increased by 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased by 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased by 10% to 2.23 million tons [2] - From July 1 - 31, Malaysia's palm oil yield per unit increased by 7.19% month - on - month, the oil extraction rate decreased by 0.02% month - on - month, and production increased by 7.07% month - on - month [2] - According to ITS, from July 1 - 31, exports decreased by 6.7% compared to the previous month; according to AmSpec, exports decreased by 9.6% compared to the previous month [2] Other Data - Indonesia raised the reference price of crude palm oil (CPO) in August to $910.91 per metric ton, up from $877.89 in July, and the export tax will increase from $52 per ton in July to $74 per ton [2] - From July 27 to August 2, Brazil's soybean exports were 2.5504 million tons, up from 2.2902 million tons the previous week [2] - In the next two weeks, the overall precipitation in the US soybean - growing areas is good, which is beneficial to the soybean yield per unit [2] - As of the week ending July 27, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the flowering rate was 76% [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report suggests caution as the oils and fats market may experience a correction after the cooling of macro - sentiment, and recommends a wait - and - see approach [2]. 3. Summary by Relevant Content Spot Price Information - **Palm Oil**: On July 29, 2025, the spot price in Tianjin was 9070, down 50 from July 28; in Zhangjiagang it was 9020, down 50; and in Huangpu it was 8920, down 50 [1]. - **Grade I Soybean Oil**: On July 29, 2025, the spot price in Tianjin was 8270, up 20 from July 28; in Zhangjiagang it was 8370, up 20; and in Huangpu it was 8320, up 20 [1]. - **Grade IV Rapeseed Oil**: On July 29, 2025, the spot price in Zhangjiagang was 9590, up 50 from July 28; in Wuhan it was 9610, up 50; and in Chengdu it was 9820, up 50 [1]. Futures Data - **Contract Spreads**: On July 29, 2025, the spread between soybean and palm oil main contracts was - 744, up 82 from July 28; the spread between rapeseed and soybean oil main contracts was 1266, down 20 [1]. - **Warehouse Receipts**: On July 29, 2025, palm oil warehouse receipts were 570, unchanged; soybean oil warehouse receipts were 21113, down 382; and rapeseed oil warehouse receipts were 3487, unchanged [1]. Palm Oil Supply and Demand Information - **Indonesia**: In May, due to a surge in exports, Indonesia's palm oil inventory decreased 4.27% month - on - month to 2.9 million tons. Exports reached 2.66 million tons, a nearly 50% increase from April and a 35.64% year - on - year increase. May's crude palm oil production was 4.17 million tons, lower than April but a 7.2% increase from last year [2]. - **Malaysia**: From July 1 - 20, the yield per unit area increased 7.03% month - on - month, the oil extraction rate decreased 0.16% month - on - month, and production increased 6.19% month - on - month. Export data from different institutions showed varying degrees of decline compared to the previous month [2]. - **India**: In June, India's palm oil imports increased 61% month - on - month to 953,000 tons, the highest in 11 months [2]. Other Information - **US Soybeans**: As of the week ending July 20, 2025, the good - excellent rate of US soybeans was 68%, lower than the expected 71%. The flowering rate was 62%, and the pod - setting rate was 26% [2]. - **Australian Rapeseed**: Australian rapeseed is expected to enter the domestic market, which will alleviate the shortage of rapeseed imports caused by the tense China - Canada relationship [2].

Group 1: Report Title and Date - The report is titled "Guofu Palm Oil Research Weekly Report: Biodiesel News Disturbs, Palm Oil Prices Rise" and is dated July 21, 2025 [1] Group 2: Report Outline - The report includes sections on market review (BMD and DGE palm oil),产区天气 (palm oil producing area weather), international supply - demand (Malaysian palm oil July forecast and other important news), domestic supply - demand (China's June palm oil imports, import profit, palm oil transactions, and palm oil inventory), and domestic and international palm oil futures - spot prices and spreads [4] Group 3: International Supply - Demand (Malaysian Palm Oil Export Forecast) AmSpec Data - Malaysian palm oil exports on July 15, 2025 were 574,121, a - 5.29% change from the previous month and a - 27.42% change from the same period last year. Among them, crude palm oil exports were 159,392, a 2.23% increase from the previous month and a - 33.11% decrease from last year; 24 - degree palm oil exports were 87,042, a - 22.77% change from the previous month and a - 53.10% change from last year [17] SGS Data - Malaysian palm oil exports on July 15, 2025 were 399,366, a - 22.18% change from the previous month and a - 49.24% change from the same period last year. Exports to China were 22,074, a - 59.27% change from the previous month and a - 69.88% change from last year; exports to the US were 33,750, a - 18.76% change from the previous month and a 170.00% change from last year; exports to India were 49,800, a - 15.99% change from the previous month and a - 58.46% change from last year [18]

Core Viewpoint - The palm oil market is experiencing fluctuations due to a slight decrease in Malaysian palm oil production and positive export demand, while concerns about supply increases and declining international oil prices persist [2][3]. Group 1: Production Data - Malaysian palm oil production for June is estimated to decrease by 4.69%, with the peninsula increasing by 0.68% and significant reductions in Sabah (11.95%), Sarawak (8.98%), and Borneo (11.24%) [2]. - SPPOMA forecasts a 17.06% month-on-month decrease in palm oil production for the first 10 days of June, with a slight increase of 2.5% for the first 20 days [2]. Group 2: Export Data - High-frequency export data indicates that Malaysian palm oil exports are expected to increase by 8.07%-26.4% for the first 10 days of June, with a 10.88%-14.31% increase for the first 20 days [2]. Group 3: Market Analysis - According to Ruida Futures, the slight decrease in June production and good export demand may support palm oil prices, but caution remains due to potential supply increases and softening international oil prices [3]. - Donghai Futures notes that OPEC+ plans to increase production in August, which may pressure the oil market and limit the positive impact on international oilseed prices [3]. - The domestic market is seeing increased palm oil imports and commercial inventories, with a weak basis, while the overall market is expected to maintain a range-bound and slightly strong trend [3].

1. Report Industry Investment Rating - No information provided in the given documents 2. Core View of the Report - After the stagnation or decline of crude oil, the oils and fats are expected to experience a compensatory decline due to the weak fundamentals. It is recommended to take short positions with a light hand or buy put options [2] 3. Summary According to Relevant Catalogs 3.1 Spot Price - **24 - degree palm oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu remained unchanged compared to the previous day at 8640, 8570, and 8490 respectively [1] - **First - grade soybean oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu decreased by 20 compared to the previous day, reaching 8140, 8240, and 8190 respectively [1] - **Fourth - grade rapeseed oil**: On June 25, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu decreased by 100 compared to the previous day, reaching 9680, 9700, and 9880 respectively [1] 3.2 Futures Data - **Soybean - palm oil main contract spread**: On June 25, 2025, it was - 360, an increase of 16 compared to the previous day [1] - **Rapeseed - soybean main contract spread**: On June 25, 2025, it was 1492, a decrease of 130 compared to the previous day [1] - **Palm oil warehouse receipts**: On June 25, 2025, it remained at 0 [1] - **Soybean oil warehouse receipts**: On June 25, 2025, it remained at 18882 [1] - **Rapeseed oil warehouse receipts**: On June 25, 2025, it remained at 100 [1] 3.3 Palm Oil Information - **Malaysian production**: According to MPOA, from June 1 - 20, production decreased by 4.55% compared to the same period last month; according to SPPOMA, from June 1 - 20, production increased by 2.5% compared to the same period last month, from June 1 - 15, it decreased by 4%, from June 1 - 10, it decreased by 17%, and from June 1 - 5, it increased by 10% [2] - **Malaysian exports**: According to ITS, from June 1 - 25, exports increased by 7% compared to the previous period; from June 1 - 20, exports increased by 14% compared to the same period last month; from June 1 - 15, it increased by 26.3%; from June 1 - 10, it increased by 26.3% [2] - **Weather**: Malaysian precipitation is expected to be moderately low, which is beneficial for current production [2] 3.4 Soybean Information - **Argentine soybean harvest**: As of June 18, the harvest progress of the 2024/25 soybean season in Argentina was 96.5%, 3.3 percentage points higher than a week ago but still 2 percentage points behind last year. Early - sown soybeans were 98.4% harvested with an average yield of 3.16 tons per hectare, and late - sown soybeans were 91% harvested with an average yield of 2.5 tons per hectare [2] - **US soybean situation**: According to USDA, as of the week ending June 22, the sowing progress of US soybeans reached 96%, higher than the previous week's 93% but lower than the analysts' average expectation of 97% and the five - year average of 97%. The emergence rate was 90%, higher than the previous week's 84% and in line with the historical average. The first - reported flowering rate this week was 8%, higher than last year's and the historical average of 7%. The good - to - excellent rate was 66%, the same as last week and lower than the analysts' expectation of 67% [2] - **US weather**: Precipitation in the US is expected to be moderately high in the next two weeks, which is beneficial for improving soil moisture [2]