1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The global market is significantly affected by the geopolitical situation in the Middle East, with asset prices showing high volatility. The A - share market is in an oscillating pattern, and the bond market is expected to oscillate in the short - term. Different commodity prices are affected by factors such as the Middle East conflict, supply - demand relationships, and cost factors [2][3] - The end - of - war signals between the US and Iran have led to a rebound in risk appetite in the overseas market, and the prices of various metals and agricultural products have shown different trends. The price trends of different varieties are mainly affected by factors such as the geopolitical situation, supply - demand fundamentals, and cost [4][6][23] 3. Summary of Each Section 3.1 Macro - Overseas: The US - Iran situation is in the stage of "fighting while negotiating, using pressure to promote negotiation". China and Pakistan call for cooling down the situation in the Middle East, and the market risk appetite has rebounded. The Nasdaq rose nearly 4%, oil prices fell about 3%, precious metals continued to recover, the US bond yield fell below 4.4%, and the US dollar index dropped to 99.7 [2] - Domestic: In March, China's official PMI rebounded overall, and the manufacturing PMI returned to the expansion range. However, the recovery sustainability is restricted. The A - share market is in an oscillating pattern, and the bond market is expected to oscillate in the short - term [3] 3.2 Precious Metals - International precious metal futures prices rose sharply on Tuesday. The end - of - war signals from the US and Iran have eased market concerns, but the geopolitical signals are still changing, and the precious metal prices are expected to oscillate in the short - term [4][5] 3.3 Copper - The copper price rebounded. The overall conflict situation is cooling down, the overseas risk appetite has rebounded, and the US dollar has fallen, which has boosted the metal market. The mine supply is still tight, and the refined copper production capacity expansion is restricted. The copper price is expected to continue to rebound in the short - term [6][7] 3.4 Aluminum - The aluminum price remained strong. Although there are expectations of conflict mitigation in the Middle East, the conflict is still expected to continue for some time. The domestic spot consumption is recovering seasonally, and the aluminum price is expected to maintain a strong performance [8][9] 3.5 Alumina - The alumina price oscillated. The overseas alumina surplus has increased, and the domestic new - production capacity is gradually being released, putting pressure on the price. However, the cost provides support, and it is expected to oscillate within a range [10] 3.6 Cast Aluminum - The cast aluminum price is in a relatively strong operation. The cost provides support, the supply is limited, and the demand is weak and stable. It is mainly dominated by macro and cost factors and is expected to perform strongly [11] 3.7 Zinc - The zinc price had a weak rebound. The end - of - war signals between the US and Iran have led to a rebound in market sentiment. The overseas zinc mine supply is tightening, the cost support is stable, the supply and demand are both increasing, and the zinc price is expected to have a weak rebound in the short - term [12][13] 3.8 Lead - The lead price oscillated at a low level. The supply of electrolytic lead is increasing steadily, and the supply of recycled lead is decreasing. The demand recovery is weak, the short - term supply - demand contradiction is dull, and the lead price is expected to oscillate at a low level [14] 3.9 Tin - The tin price had a weak rebound. The end - of - war signals have led to a rebound in market sentiment. The tin mine supply is gradually recovering, the refined tin supply is increasing steadily, and the short - term fundamental contradiction is limited. The tin price is expected to maintain a weak rebound pattern [15] 3.10 Nickel - The nickel price oscillated narrowly. The overall conflict situation is cooling down, the overseas risk appetite has rebounded, and the US dollar has fallen, which has boosted the metal market. The cost support of high - nickel iron is strong, but the downstream demand recovery is less than expected, and the nickel price is expected to oscillate in the short - term [16][17] 3.11 Lithium Carbonate - The lithium carbonate price oscillated widely. The market sentiment has cooled down, the supply is increasing, the demand resistance to high - priced raw materials is increasing, and the inventory is at a low level. The futures market is expected to oscillate widely [18] 3.12 Steel and Iron - Steel: The steel price is expected to oscillate. The PMI has returned to the expansion range, the terminal demand is in a weak recovery, and the supply and demand situation of different varieties is different [19] - Iron Ore: The iron ore price is expected to oscillate at a high level. The overseas port inventory has decreased, the iron water production has increased, the steel mill profit has recovered, and the raw material demand is rising [20][21] 3.13 Coking Coal and Coke - The coking coal and coke prices are expected to oscillate. The end - of - war signals between the US and Iran have led to a decline in energy prices, which has affected the coking coal and coke prices. The upstream production is increasing steadily, the downstream demand is warming up, and the inventory is decreasing [22] 3.14 Soybean and Rapeseed Meal - The soybean and rapeseed meal prices are expected to oscillate weakly. The new - season US soybean planting area estimate is slightly lower than expected, the spill - over effect of the Middle East conflict on fertilizer and fuel prices is emerging, and the domestic soybean supply is increasing. The soybean and rapeseed meal prices are expected to oscillate weakly in the short - term [23][24] 3.15 Palm Oil - The palm oil price is expected to oscillate at a high level. Indonesia will restart the B50 bio - diesel policy, which has greatly boosted market sentiment. The Malaysian palm oil export demand in March was good, which is conducive to inventory reduction [25][26] 3.16 Metal Trading Data - The trading data of various metals on the previous day, including contract closing prices, price changes, trading volumes, and open interest, are provided [27] 3.17 Industrial Data - The industrial data of various metals, such as inventory, spot price, and basis, on March 31 and March 30 are provided, including the comparison of data changes between the two days [28][31][33]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views - Brazilian 2025/26 soybean harvest rate reaches 65.79%, lags behind last year's 73.84% but is close to the five - year average of 66.96%. Rainfall in central Brazil is a concern, but overall situation is positive, and Mato Grosso leads with a 99.1% harvest rate [1] - Malaysian palm oil exports from March 1 - 20 increase by 49.6% (AmSpec) and 38.1% (ITS) compared to the same period last month [1] - China's January 2026 palm oil imports decrease by 5.94% month - on - month, and February imports decrease by 1.61% month - on - month. January rapeseed imports increase by 117.54% month - on - month, and February imports decrease by 42.39% month - on - month. January rapeseed meal imports increase by 11.26% month - on - month, and February imports decrease by 31.14% month - on - month [1] Group 3: Summary by Related Catalogs Overnight Market Information - Brazilian soybean harvest rate, palm oil export data from Malaysia, and China's palm oil, rapeseed, and rapeseed meal import data are presented [1] Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from March 16 - 20, 2026 are provided [2] Protein Meal Basis and Oil Basis - Only the headings are given, no specific content [3] Oil and Oilseed Futures Price Spreads - Only the heading is given, no specific content [5] Main Producing Country Precipitation Conditions - Only the heading is given, no specific content [1] Imported Soybean Futures Crushing Profit - Only the heading is given, no specific content [1] Oil Import Profit - Only the heading is given, no specific content [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The U.S. soybean crush volume in November 2025 is expected to decline by 3.2% from October's record high but increase by 14.0% from November 2024 [1]. - The estimated soybean oil inventory of NOPA members as of November 30, 2025, is expected to reach a seven - month high, up 7.9% from the end of October and 29.9% from the previous year [1]. - From November 1 - 20, 2025, the U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, with 0 tons for 2026 - 27 [1]. - The 2025/26 global soybean export volume is expected to increase mainly driven by Brazil, while the exports of the U.S. and Argentina may decline [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, increased by 46.98% compared to the same period last month [1]. Group 3: Summary by Category Overnight Market Information - U.S. November 2025 soybean crush volume is estimated to be 220.285 million bushels, with an estimated range of 213 million to 224.332 million bushels and a median of 220.85 million bushels [1]. - As of November 30, 2025, NOPA's soybean oil inventory is expected to be 1.408 billion pounds, with an estimated range of 1.32 billion to 1.508 billion pounds and a median of 1.4 billion pounds [1]. - From November 1 - 20, 2025, U.S. 2025/26 soybean export sales are expected to net increase by 80 - 300 million tons, 2025 - 26 U.S. soybean meal export sales by 10 - 45 million tons, and 2025 - 26 U.S. soybean oil export sales by 0.5 - 2.5 million tons [1]. - In 2025/26, Brazil's soybean exports are expected to reach a record 110 million tons, up 6.7% from 2024/25, and production is expected to reach 178.3 million tons, up 4.1% from the previous year [1]. - In 2025/26, the U.S. soybean exports are expected to be 43 million tons, down 14% from 2024/25, and Argentina's soybean exports are likely to decline due to reduced production and increased crush volume [1]. - Malaysia's palm oil exports from December 1 - 10, 2025, were 280,048 tons, up 46.98% from the same period last month [1]. Spot Price - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 8 - 12, 2025, are presented in a table [2].

Report Investment Rating - No investment rating information provided Core Viewpoints - The report presents the latest information on the supply and demand of major oilseeds and oils in the 2025/26 period, including data on soybeans, rapeseeds, and palm oil, as well as the expected trend of U.S. soybean crushing volume and inventory [1] Summary by Related Catalogs 2025/26 Annual U.S. Soybean Information - The estimated production for the 2025/26 U.S. soybean season is 4.253 billion bushels, down from the September estimate of 4.301 billion bushels - The estimated planting area is 81.1 million acres, the same as the September estimate - The estimated harvested area is 80.3 million acres, consistent with the September estimate - The estimated yield per acre is 53 bushels, down from the September estimate of 53.5 bushels - The estimated export volume is 1.635 billion bushels, down from the September estimate of 1.685 billion bushels - The estimated ending stocks are 290 million bushels, down from the September estimate of 300 million bushels [1] 2025/26 Annual Global Soybean Information - Brazil's estimated soybean production is 175 million tons, the same as the September estimate, and the estimated export volume is 112.5 million tons, up from the September estimate of 112 million tons - Argentina's estimated soybean production is 48.5 million tons, the same as the September estimate, and the estimated export volume is 8.25 million tons, up from the September estimate of 6 million tons - China's estimated soybean imports are 112 million tons, the same as the September estimate - Global estimated soybean production is 421.75 million tons, down from the September estimate of 425.87 million tons, and the estimated ending stocks are 121.99 million tons, down from the September estimate of 123.99 million tons [1] U.S. October Soybean Crushing Volume - The estimated U.S. soybean crushing volume in October is 209.522 million bushels, an increase of 5.9% from September's 197.863 million bushels and 4.8% from October 2024's 199.943 million bushels, setting a new record high [1] U.S. October Soybean Oil Inventory - The estimated U.S. soybean oil inventory in October is 1.257 billion pounds, an increase of 1.1% from the end - of - September inventory of 1.243 billion pounds and 17.0% from October 2024's 1.074 billion pounds [1] 2025/26 Annual Global Rapeseed Information - Global estimated rapeseed production is 92.273 million tons, an increase of 6.274 million tons year - on - year, and the estimated ending stocks are 11.336 million tons, an increase of 1.504 million tons year - on - year - Global estimated rapeseed oil production is 35.009 million tons, an increase of 0.873 million tons year - on - year, and the estimated ending stocks are 3.19 million tons, a decrease of 0.016 million tons year - on - year - Global estimated rapeseed meal production is 50.005 million tons, an increase of 0.949 million tons year - on - year, and the estimated ending stocks are 1.541 million tons, an increase of 0.153 million tons year - on - year - Canada's estimated rapeseed export volume is 6.7 million tons, a decrease of 2.631 million tons year - on - year; the estimated rapeseed oil export volume is 3.375 million tons, an increase of 0.06 million tons year - on - year; the estimated rapeseed meal export volume is 5.5 million tons, a decrease of 0.299 million tons year - on - year [1] Malaysia Palm Oil Export - Malaysia's palm oil product export volume from November 1 - 15 is 728,995 tons, a decrease of 15.5% compared to the same period last month [1] Indonesia Palm Oil Production - Indonesia's palm oil production in 2026 is expected to increase by 3 - 4%, lower than this year's estimated growth rate of 4 - 7%, and the 2025 palm oil export is expected to increase by 6 - 7% [1] Spot Prices - The report provides spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 10 - 14, 2025 [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Palm Oil - International market: Malaysian BMD crude palm oil futures are in a low - level oscillatory consolidation. After short - term consolidation, there is a need to rebound to 4,200 - 4,250 ringgit. However, beware of the risk of a technical decline due to concerns about slow exports and high seasonal production, with a possible second dip to 4,000 ringgit for support [3]. - Domestic market: Dalian palm oil futures are in an oscillatory rebound. Driven by the continuous rebound of soybean and rapeseed oils, it may follow the upward trend and test the annual - line resistance at 8,900 yuan, and may briefly break through to fill the gap around 8,950 yuan. But it may also follow the decline to seek support at 8,500 yuan if Malaysian palm oil has a second dip to 4,000 ringgit [3]. Soybean Oil - Domestic soybean oil: Due to the swelling of soybean meal warehouses, the recent factory operating rate has decreased, resulting in reduced soybean oil output and inventory. The recent rebound of soybean oil and the "buy - on - rising" psychology of some traders have boosted the futures market. However, the limited fluctuations of international related varieties have restricted the increase of Dalian soybean oil. The upper pressure of the CBOT soybean oil January contract is around 8,350 yuan on the daily upper - track. If the USDA monthly report fails to boost CBOT soybeans and soybean oil, CBOT soybeans may回调, dragging down Dalian soybean oil [4]. Oilseeds - Soybean Meal - Futures: Although China has made moderate purchases of US soybeans, the continuous poor crushing profit of oil mills has led to less than 50% of the ship - buying progress from December to February. The low crushing profit provides bottom support for prices, but the continuous increase of short positions by COFCO restricts the upward space. It is expected that Dalian soybean meal will remain oscillating in the range of 3,030 - 3,070 yuan in the short term [13]. - Spot: The fixed - price of oil mills remains stable, and the near - month basis has been partially reduced by 10 yuan. The news of Cofco's reserve rotation has affected market sentiment, and the downstream purchasing rhythm is slow. Some make moderate replenishments before the release of the US agricultural report. The short - term spot price is expected to be sorted out in the range of 3,000 - 3,250 yuan/ton [13]. 3. Summary by Related Catalogs Oil - Fat Price and Spread - **Month - to - month and variety - to - variety spreads**: Various spreads such as P 1 - 5, Y - P 01, etc. have different price changes. For example, P 1 - 5 is - 84 yuan/ton with a daily increase of 18 yuan, and Y - P 01 is - 532 yuan/ton with a daily decrease of 70 yuan [5]. - **Palm oil prices**: Palm oil 01 is 8,744 yuan/ton with a decline of 0.3%, BMD palm oil main contract is 4,123 ringgit/ton with a decline of 0.34%, etc [5]. - **Soybean oil prices**: Soybean oil 01 is 8,288 yuan/ton with an increase of 0.16%, CBOT soybean oil main contract is 51.04 cents/pound with an increase of 1.01%, etc [9]. Oilseed Price and Spread - **Futures prices**: For example, the closing price of bean粕01 is 3,059 with an increase of 5 and a rise - rate of 0.16%, and the closing price of菜粕01 is 2,494 with a decrease of 6 and a decline - rate of - 0.24% [14]. - **Price spreads**: M01 - 05 is 218 with a daily decrease of 16, RM01 - 05 is 79 with a daily decrease of 20, etc [15].

Core Insights - The domestic futures market for oilseeds and oils showed significant gains on November 6, with the main soybean futures rising nearly 2% [1] - The main contracts for various oilseed products experienced mixed performance, with some increasing while others, like peanuts, saw a slight decline [1] Price Movements - Soybean oil futures opened at 8138.00 and closed at 8120.00, while palm oil opened at 8582.00 and closed at 8618.00 [2] - The main contracts for canola meal and soybean meal also showed upward trends, with canola meal rising to 2547.00 and soybean meal to 3073.00 [1][2] Warehouse Receipt Data - As of November 5, the number of warehouse receipts for canola oil decreased by 702 to 8738, while palm oil receipts increased by 650 to 650 [3] - Soybean meal receipts decreased by 210 to 42122, and soybean oil receipts decreased by 200 to 27444 [3] Basis and Spot Prices - The basis for canola oil was reported at 302, with a basis rate of 3.10%, indicating that the spot price is higher than the futures price [4] - Other products like soybean and palm oil also showed positive basis values, reflecting a similar trend in the market [4]

Group 1 - Canada is expected to have a bumper crop of canola for the 2025/2026 season, with a production estimate of 20.028 million tons, a 12% increase year-on-year, despite a 2% decrease in planting area [2] - Canadian canola exports are projected to decline by 7% to 7 million tons, with only 1.095 million tons exported as of October 17, compared to 2.599 million tons during the same period last year [2] - The carryover stock of Canadian canola is expected to rise significantly by 92% to 2.5 million tons, indicating a substantial increase in inventory pressure [2] Group 2 - Russia's canola production is projected to increase to 5.5 million tons, with a corresponding rise in canola oil exports, as China continues to import Russian canola oil [3] - Australia is in its canola harvest season, with an expected production of 6.4 million tons, but exports to China will be limited as Australia prioritizes meeting EU demand [3] - China's canola imports have sharply decreased to 2.446 million tons in the first nine months of the year, down from 4.23 million tons in the same period last year, with significant declines in imports from Canada and Russia [4] Group 3 - Domestic oilseed crushing has significantly slowed, with coastal oil mills reporting only 0.6 thousand tons of canola stock remaining as of October 24 [4] - The domestic supply of canola oil is heavily reliant on imported canola seeds, with a total canola oil supply of approximately 2.6 million tons in the first nine months, a 14% decrease year-on-year [5] - The demand for canola meal remains stable, with imports of canola meal from Dubai and India increasing despite a 35.5% decrease in imports from Canada due to tariffs [4][5]

Core Insights - The domestic futures market for oilseeds and oils showed a positive trend on November 3, with the main contract for rapeseed meal rising over 4% [1] - The main contracts for palm oil and soybean meal also experienced increases, while soybean oil saw a slight decline [1] Price Movements - Rapeseed meal main contract rose by 4.14% to 2489.00 CNY/ton - Palm oil main contract increased by 1.41% to 8676.00 CNY/ton - Soybean meal main contract went up by 1.60% to 3053.00 CNY/ton - Soybean oil main contract decreased by 0.56% to 8106.00 CNY/ton [1][2] Warehouse Data - As of October 31, the warehouse receipts for soybean oil remained stable at 27,644 lots - The warehouse receipts for soybean one increased by 48 lots to 7,238 lots - The warehouse receipts for soybean meal remained unchanged at 42,332 lots [3] Basis Data - The phenomenon of "backwardation" was observed in several contracts, where spot prices exceeded futures prices - For example, the basis for rapeseed oil was 284 CNY with a basis rate of 2.91% - The basis for rapeseed meal was 103 CNY with a basis rate of 4.13% [3]

Core Viewpoint - The domestic oilseed market experienced a mixed performance on August 26, with palm oil futures declining over 1% while peanut futures saw a slight increase of 0.31% [1] Price Movements - As of August 26, the main futures prices are as follows: - Palm oil down 1.14% at 9504.00 CNY/ton - Soybean meal down 0.64% at 3090.00 CNY/ton - Rapeseed meal down 0.39% at 2549.00 CNY/ton - Peanut up 0.31% at 7802.00 CNY/ton [1][2] Warehouse Receipt Data - As of August 25, warehouse receipt data indicates: - Soybean oil futures unchanged at 15760 contracts - Palm oil futures unchanged at 0 contracts - Rapeseed oil futures unchanged at 3987 contracts - Soybean meal futures unchanged at 10925 contracts - Rapeseed meal futures decreased by 187 contracts to 8101 contracts - Soybean futures decreased by 115 contracts to 12082 contracts [3] Basis and Basis Rate - The basis and basis rates for various commodities are as follows: - Rapeseed oil: Basis 116, Basis Rate 1.16% - Rapeseed meal: Basis 61, Basis Rate 2.33% - Palm oil: Basis 24, Basis Rate 0.25% - Soybean: Basis 302, Basis Rate 7.02% - Soybean meal: Basis 10, Basis Rate 0.32% - Soybean oil: Basis 96, Basis Rate 1.12% [4]

Core Viewpoint - The domestic oilseed market shows mixed performance, with canola meal futures rising while other oil futures decline as of June 30, indicating volatility in the sector [1]. Price Movements - Canola meal futures increased by 1.14% to 2572.00 CNY/ton - Canola oil futures decreased by 0.43% to 9421.00 CNY/ton - Palm oil futures fell by 0.69% to 8308.00 CNY/ton - Soybean oil futures dropped by 0.32% to 7976.00 CNY/ton [1][2]. Futures Market Data - Soybean oil opened at 7994.00 CNY, closing at 8002.00 CNY - Palm oil opened at 8366.00 CNY, closing at 8366.00 CNY - Canola oil opened and closed at 9466.00 CNY - Soybean meal opened at 2942.00 CNY, closing at 2938.00 CNY - Canola meal opened at 2558.00 CNY, closing at 2543.00 CNY [2]. Warehouse Receipt Data - Soybean oil warehouse receipts remained stable at 18882 lots - Palm oil warehouse receipts increased by 470 lots to 470 lots - Canola oil warehouse receipts remained stable at 300 lots - Soybean meal warehouse receipts rose by 9610 lots to 35561 lots - Canola meal warehouse receipts decreased by 1141 lots to 21544 lots [3]. Basis and Spot Prices - Canola meal spot price is 2475 CNY, with a futures price of 2509 CNY, resulting in a basis of -68 CNY and a basis rate of -2.75% - Palm oil spot price is 8586 CNY, with a futures price of 8366 CNY, resulting in a basis of 220 CNY and a basis rate of 2.56% - Soybean one spot price is 4295 CNY, with a futures price of 4144 CNY, resulting in a basis of 151 CNY and a basis rate of 3.52% - Soybean meal spot price is 2906 CNY, with a futures price of 2938 CNY, resulting in a basis of -32 CNY and a basis rate of -1.10% - Soybean oil spot price is 8254 CNY, with a futures price of 8002 CNY, resulting in a basis of 252 CNY and a basis rate of 3.05% [4].