Market Overview - As of the week ending November 21, 2025, the U.S. soybean crushing profit was $2.73 per bushel, a decrease of 12.2% from the previous week. The average crushing profit for 2024 is projected at $2.44 per bushel, down from $3.29 per bushel in 2023 [1] - Malaysia's palm oil exports from November 1-25 were 987,978 tons, a decrease of 16.4% compared to 1,182,216 tons in the same period last month [1] - Brazil's soybean planting rate reached 78% as of November 22, 2025, up from 69% the previous week but down from 83.3% year-on-year [1] Inventory Data - The total commercial inventory of soybean oil, palm oil, and rapeseed oil in key regions of China was 2.224 million tons, an increase of 0.1 thousand tons week-on-week, and up 253,000 tons or 12.84% year-on-year [1] - The commercial inventory of soybean oil was 1.1799 million tons, up 31,400 tons or 2.73% from the previous week, and up 114,000 tons or 10.70% year-on-year [1] - The commercial inventory of palm oil was 667,100 tons, an increase of 13,900 tons or 2.13% week-on-week, and up 159,200 tons or 31.34% year-on-year [2] - The total rapeseed oil inventory in major regions was 377,000 tons, down 44,300 tons week-on-week [2] Price Trends - The market for palm oil is under pressure due to weak export data, with prices falling below the critical psychological level of 4,000 ringgit per ton amid concerns over inventory accumulation [4]
Mhy20251125油脂晚评：本月出口大幅下滑，马棕油延续跌势