SunSirs: Agricultural and Sidelines Industries Bulk Commodity Intelligence (August 28, 2025)

Macro

1. Promoting service exports: According to the Ministry of Commerce, a series of policy measures to promote service exports and several policy measures to expand service consumption will be launched in the near future.

2. Logistics: According to data from the China Federation of Logistics and Purchasing, from January to July, the total social logistics volume in China was 201.9 trillion RMB, a year-on-year increase of 5.2%. From a structural perspective, the total logistics volume of industrial products increased by 5.7% year-on-year, and the growth area continued to expand. 35 industries have achieved year-on-year growth in logistics demand, with a growth rate exceeding 85%. Among them, the demand for high-end manufacturing logistics is growing rapidly.

3. Federal Reserve: New York Fed President Williams said it is appropriate to lower interest rates at the appropriate time. We still maintain a moderately restrictive stance in policy, and if the neutral interest rate is 1% or slightly lower, we are now in a restricted area. He also expressed considerable optimism about the economic situation.

4. South Korean interest rate: The Bank of Korea has kept the benchmark interest rate unchanged at 2.50%, which is in line with market expectations.

Agricultural and sideline

1. Soybean meal: According to the National Grain and Oil Information Center, the weekly soybean crushing volume of oil plants in China remained at a high level of around 2.2 million tons in August. As of the 22nd, the cumulative soybean crushing volume of domestic oil plants was 7.1 million tons, and the soybean meal inventory was 1.04 million tons. It is expected that the operating rate of oil plants will rebound next week, with soybean crushing capacity reaching a high of about 2.5 million tons, and soybean meal output increasing. The soybean meal inventory of oil plants may rise to over 1.1 million tons by the end of August.

2. Soybean: The Brazilian National Association of Grain Exporters (Anec) stated that Brazil's soybean export volume for August is expected to be 8.9 million tons, compared to an estimated 8.94 million tons the previous week; The export volume of soybean meal is expected to be 2.13 million tons, with an estimated 2.33 million tons from the previous week; The expected export volume of corn is 7.8 million tons, with an estimated 8.05 million tons from the previous week.

3. Palm oil: According to data released by shipping survey agency SGS, it is expected that Malaysia's palm oil exports from August 1st to 25th will be 933,437 tons, an increase of 36.41% compared to the same period last month's export of 684,308 tons.

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