The combination of 20% retaliatory tariffs, as well as value-added taxes (VAT) and most favored nation (MFN) taxes, have pushed China’s overall duty rate on U.S. soybeans to 34% in 2025, the industry group said. U.S. soybean prices for overseas buyers became “prohibitively more expensive” than South American soybean supplies ahead of the U.S. harvest this fall, it added.Global protein demand has surged over the past three decades, and the U.S. is well positioned to help meet it — but retaliatory tariffs hav ...

The growing demand for renewable fuels has flipped the script on soybean value, with soybean oil now driving soybean crushing in the United States. What's next for this evolving market? Presented by @cmegroup https://www.cmegroup.com/openmarkets/quicktake-by-bloomberg.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insight ...

阿根廷政府宣布，在10月31日之前，或出口总额达到70亿美元之前，暂免大豆（此前26%关税）、豆油（24%）、豆粕（24%）、玉米（9.5%）和小麦（9.5%）等农产品出口关税。路透援引贸易商消息报道，在阿根廷宣布免税后，中国买家已从阿根廷预订了至少10船大豆，为第四季度建立库存。另有贸易商称15船。外汇交易员 (@myfxtrader):上周米莱在接受记者采访时坦言“市场正处于恐慌状态”。过去一个月，阿根廷债券股票外汇全线下跌，资本外流速度明显加快。丰业银行资本市场经济主管Derek https://t.co/Du2qsFUeeQ ...

阿根廷政府宣布，在10月31日之前，或出口总额达到70亿美元之前，暂免大豆（此前26%关税）、豆油（24%）、豆粕（24%）、玉米（9.5%）和小麦（9.5%）等农产品出口关税。路透援引贸易商消息，在阿根廷宣布免税后，中国买家已从阿根廷预订了至少10船大豆，为第四季度建立库存。另有贸易商称15船。外汇交易员 (@myfxtrader):上周米莱在接受记者采访时坦言“市场正处于恐慌状态”。过去一个月，阿根廷债券股票外汇全线下跌，资本外流速度明显加快。丰业银行资本市场经济主管Derek https://t.co/Du2qsFUeeQ ...

Group 1 - The U.S.-China trade war has negatively impacted Argentina's soy crushing industry despite a six-year high in overall soybean sales [1] - Idle capacity at Argentina's crushing facilities rose to 31% in July, indicating a growing issue for local processors [2] - The trade conflict has resulted in fewer jobs and lower export value for Argentina's oilseed industry, according to industry leaders [3] Group 2 - Exports of unprocessed soybeans from Argentina have surged to 8.81 million metric tons for the 2024/25 harvest, driven by strong demand from China [4] - China, as the largest soybean customer, is purchasing raw beans to process domestically, with a significant portion of Argentina's harvest still unsold [5] - The future of Argentina's bean exports is uncertain and heavily dependent on the developments in U.S.-China trade relations, particularly with a trade waiver expiring in November [5]

Core Insights - The domestic oilseed and oil futures market showed mixed performance on September 5, with canola and palm oil prices rising over 1% while soybean meal experienced a slight decline [1][2] Price Movements - Canola futures rose by 1.57% to 5225.00 CNY/ton - Palm oil futures increased by 1.34% to 9502.00 CNY/ton - Soybean meal futures decreased by 0.10% to 3060.00 CNY/ton - Soybean oil futures rose by 0.84% to 8418.00 CNY/ton [1] Futures Market Data - The opening and closing prices for various contracts on September 5 were as follows: - Soybean oil: Opened at 8340.00 CNY, closed at 8348.00 CNY - Palm oil: Opened at 9382.00 CNY, closed at 9376.00 CNY - Canola oil: Opened at 9725.00 CNY, closed at 9713.00 CNY - Soybean meal: Opened at 3043.00 CNY, closed at 3063.00 CNY - Canola meal: Opened at 2514.00 CNY, closed at 2524.00 CNY [2] Warehouse Receipt Data - As of September 4, warehouse receipts showed the following changes: - Soybean oil: Increased by 1284 contracts to 16344 contracts - Palm oil: Increased by 200 contracts to 639 contracts - Canola oil: Increased by 235 contracts to 6879 contracts - Soybean meal: Increased by 3750 contracts to 19375 contracts - Canola meal: Decreased by 210 contracts to 4846 contracts [3] Basis Data - The basis data as of September 4 indicated a phenomenon of "inverted futures" for several contracts, where spot prices exceeded futures prices: - Canola oil: Spot price 9858.33 CNY, futures price 9713 CNY, basis 145 CNY - Canola meal: Spot price 2631.67 CNY, futures price 2524 CNY, basis 107 CNY - Palm oil: Spot price 9400 CNY, futures price 9376 CNY, basis 24 CNY - Soybean one: Spot price 4305 CNY, futures price 3966 CNY, basis 339 CNY - Soybean meal: Spot price 3084 CNY, futures price 3063 CNY, basis 21 CNY - Soybean oil: Spot price 8428 CNY, futures price 8348 CNY, basis 80 CNY [4]

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]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core View of the Report - Short - term palm oil: 7 - month Malaysia palm oil inventory accumulation was less than expected, and it is expected to continue to increase production and accumulate inventory in August. Indonesia's production increased significantly in June, but the inventory remained low, and the price was firm. The short - term market may experience a callback due to weakened sentiment, but the callback range is expected to be limited, maintaining a buy - on - dips strategy [4][27]. - Short - term soybean oil: The US SRE application ruling has limited impact on the demand for biofuels. August is the critical growth period for US soybean pod setting. Weather conditions in August need to be closely monitored. If the weather is unfavorable, there is a risk of yield decline. There are rumors of domestic soybean oil exports. Supported by factors such as US biodiesel, soybean oil has strong support at the bottom and is expected to maintain a volatile and upward trend in the short term [4][22][27]. - Short - term rapeseed oil: The domestic rapeseed oil fundamentals have not changed much, with a supply - exceeding - demand pattern continuing. However, rapeseed oil inventory is gradually decreasing slightly, and there is still support at the bottom [4][25][27]. 3. Summary by Relevant Catalogs 3.1 Recent Core Events & Market Review - Palm oil production and inventory: SPPOMA estimates that Malaysia's palm oil production from August 1 - 20 increased by 0.3% month - on - month, while MPOA estimates a 3% increase. Gapki data shows that Indonesia's palm oil production in June increased by 16% to 529 million tons, and inventory decreased to 253 million tons [4][8][12]. - US SRE application ruling: Among 175 SRE applications, 63 (36%) got full exemption, 77 (44%) got partial exemption, 28 (16%) were rejected, and 7 (4%) did not meet the exemption conditions. The total SRE exemption volume from 2016 - 2024 reached 5.34 billion RIN [13]. 3.2 International Market - Malaysia palm oil: It is estimated that the production in August will be around 1.88 million tons. The export in August was average, and the inventory is expected to increase to 2.2 - 2.3 million tons. The CPO spot price is oscillating strongly around 4,400 ringgit, and the later decline space may be limited [8]. - Indonesia palm oil: The production in June increased significantly, and the inventory continued to decrease. The annual production is expected to increase by more than 2 million tons year - on - year. The CPO tender price is oscillating strongly, and the inventory is expected to remain below 3 million tons in the next few months [12]. 3.3 Domestic Market - Domestic soybean oil: As of August 15, 2025, the commercial inventory was 1.1427 million tons, with a slight increase. The import volume of soybeans in August and September is expected to be 10 million tons per month on average, and the inventory will continue to accumulate. However, with factors such as reduced soybean arrivals and export rumors, there may be a slight inventory reduction later. Supported by US biodiesel, it is expected to maintain a volatile and upward trend [22]. - Domestic palm oil: As of August 15, 2025, the commercial inventory was 617,300 tons, with an increase of 2.92%. The import profit has improved, and the number of purchases has increased. The fundamentals are good, and it is advisable to buy on dips [19]. - Domestic rapeseed oil: As of August 15, 2025, the coastal rapeseed oil inventory was 660,000 tons, showing a continuous marginal decline. The import profit has an expanded deficit, and there are rumors of contract cancellations. The spot market is weak, and the basis is stable with a slight decline. It is expected to maintain a wide - range oscillation [25]. 3.4 Strategy Recommendation - Unilateral strategy: Short - term oils may experience a callback, and it is advisable to buy on dips after the callback [29]. - Arbitrage strategy: Consider doing a positive spread on P1 - 5 after the callback [29]. - Option strategy: Stay on the sidelines [29].

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][22] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11][15] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy, affecting performance across all regions [15] - Milling results improved in North America but were offset by lower results in South America [15] - Corporate expenses decreased primarily due to performance-based compensation [16] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year, driven by a record bean crop, while margins in Argentina also showed improvement due to strong farmer selling [31] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [33] - Q2 margins in China improved but were still slightly down from the prior year, with expectations for lower margins in the second half [33] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5][10] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [9][10] - The strategy includes ongoing portfolio optimization and leveraging synergies from the merger to enhance operational efficiencies [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong path ahead with the integration of Viterra and the potential for operational synergies [8][26] - The company is navigating a complex macro environment but believes its diversified asset base positions it well to capture value [24][25] - The outlook for 2025 includes expectations for improved processing results, particularly in Q4, driven by better crush margins [22][59] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [19] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position with $8.7 billion in committed credit facilities [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [20] Q&A Session Summary Question: Can you provide details on soy crush performance and outlook? - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [30][31] Question: What is the outlook for the SREs and their impact? - Management expects a decision on SREs in August or September, with a belief that the administration understands their potential impact on RVO [35][36] Question: Can you clarify the combined company guidance including Viterra? - Management emphasized the strategic rationale for the merger and expressed confidence in the combined company's ability to navigate market challenges [42][45] Question: What is the outlook for the oil segment? - The oil segment was impacted by lower energy demand and uncertainty around biofuels policy, but management expects improvement in the second half [61] Question: How are the organic investments progressing? - Key projects like Morristown and Destrehan are on track, with commissioning expected in Q4 and early next year [64][66] Question: What is the outlook for the milling side in the U.S.? - Demand for soybean meal remains strong, supported by good economics in the animal protein segment, with North America enhancing export capabilities [70][71] Question: How does the company view the interplay between SBO and other seed oils? - Management sees opportunities in offering a full suite of seed oils to customers, adapting to market demands [86] Question: What are the implications of recent global trade developments? - Management noted that China's actions reflect a focus on food security and a shift towards new import options, indicating a dynamic global market [92][93]

Financial Data and Key Metrics Changes - The second quarter reported earnings per share (EPS) was $2.61 compared to $0.48 in the same quarter of 2024, reflecting a significant increase [13] - Adjusted EPS was $1.31 in the second quarter versus $1.73 in the prior year, indicating a decrease [14] - Adjusted segment earnings before interest and taxes (EBIT) was $376 million in the quarter compared to $519 million last year [14] - The company maintained its full-year adjusted EPS outlook of approximately $7.75 for the legacy standalone Bunge, excluding the second half earnings from the corn milling business due to its sale [12][23] Business Line Data and Key Metrics Changes - Processing results in South America, particularly Brazil and Argentina, were better than expected due to large soybean crops and farmer selling [11] - Fine and Specialty Oils were negatively impacted by uncertainty related to U.S. Biofuel policy [12] - In merchandising, improved performance in global grains and oils was offset by lower results in financial services and ocean freight businesses [15] - Milling results were higher in North America but lower in South America [15] Market Data and Key Metrics Changes - Q2 margins in Brazil improved year over year due to a record bean crop, while Argentina also saw better margins driven by strong farmer selling [32] - In Europe, Q2 margins were good but down slightly from a strong prior year, with expectations of tougher conditions in the second half due to competing imports [34] - In China, Q2 margins improved but were still slightly down from the prior year, with expectations for lower margins in the second half [34] Company Strategy and Development Direction - The completion of the combination with Viterra is seen as a pivotal moment, creating a premier agribusiness solutions company [5] - The company is focused on capturing cost savings and commercial opportunities post-merger, with a strong emphasis on integration planning [6][10] - The strategy includes ongoing portfolio optimization and leveraging a global approach to risk management [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential commercial synergies from the Viterra integration, highlighting the importance of a balanced global footprint [25][26] - The company is navigating a complex macro environment but believes it is well-positioned to serve customers across the value chain [25][26] - The outlook for the second half of the year includes expectations for improved processing margins, particularly in Q4, despite challenges in merchandising and specialty oils [58] Other Important Information - The company generated $693 million of adjusted funds from operations year to date, with $560 million of discretionary cash flow available after capital expenditures [17] - The adjusted leverage ratio was 1.1 times at the end of the second quarter, indicating a strong liquidity position [20] - Following the merger with Viterra, S&P upgraded the company's credit rating to A minus, reflecting an improved business risk profile [21] Q&A Session Summary Question: Soy crush performance and fundamentals outlook - Management noted that Q2 outperformance was driven by rising vegetable oil values and lower bean costs, with expectations for improved margins in Q4 [31][32] Question: Concerns about Viterra earnings base - Management acknowledged challenges during the transition but expressed confidence in the combined company's potential and the strategic rationale behind the merger [42][46] Question: Implications of U.S. crush margins on global markets - Management indicated that the combined company is well-positioned to adapt to changing market conditions and emphasized the importance of a balanced global footprint [52][53] Question: Shareholder returns and buyback plans - The company has $800 million remaining under its $2 billion buyback commitment and plans to execute on this soon [103][105] Question: Outlook for refining margins and competition - Management expects refining margins to moderate over time but believes domestic soybean oil will remain competitive due to supportive policies [76][82]