棕榈油：产地主动让利，短期偏弱运行，豆油：国内低库存，品种间偏强运行

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - Palm oil is expected to run weakly in the short - term as producers in the origin regions are offering concessions [1]. - Soybean oil is expected to run relatively strongly among varieties due to low domestic inventories [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Trading Volume: - Palm oil futures (domestic) closed at 8,068 yuan/ton during the day session with a - 0.79% decline and 7,980 yuan/ton at night with a - 1.09% decline. Trading volume was 740,461 lots, an increase of 120,687 lots, and open interest was 379,404 lots, an increase of 23,977 lots [2]. - Soybean oil futures closed at 7,722 yuan/ton during the day session with a 0.23% increase and 7,684 yuan/ton at night with a - 0.49% decline. Trading volume was 343,658 lots, a decrease of 23,955 lots, and open interest was 576,914 lots, an increase of 16,888 lots [2]. - Rapeseed oil futures closed at 9,280 yuan/ton during the day session with a 0.64% increase and 9,273 yuan/ton at night with a - 0.08% decline. Trading volume was 462,792 lots, a decrease of 69,931 lots, and open interest was 292,872 lots, an increase of 769 lots [2]. - Spot Prices: - The spot price of 24 - degree palm oil in Guangdong was 9,000 yuan/ton, a decrease of 100 yuan/ton. - The spot price of first - grade soybean oil in Guangdong was 8,150 yuan/ton, unchanged. - The spot price of fourth - grade imported rapeseed oil in Guangxi was 9,230 yuan/ton, unchanged [2]. - Basis and Spreads: - The basis of palm oil in Guangdong was 932 yuan/ton, soybean oil in Guangdong was 428 yuan/ton, and rapeseed oil in Guangxi was - 50 yuan/ton [2]. - The spread between rapeseed oil and palm oil futures was 1,212 yuan/ton, between soybean oil and palm oil futures was - 346 yuan/ton. Palm oil 5 - 9 spread was 472 yuan/ton, soybean oil 5 - 9 spread was 68 yuan/ton, and rapeseed oil 5 - 9 spread was - 28 yuan/ton [2]. 3.2 Macro and Industry News - Palm Oil News: - From April 1 - 20, 2025, Malaysia's palm oil production increased by 9.11% month - on - month, fresh fruit bunch yield increased by 7.69%, and oil extraction rate increased by 0.27% [3]. - AmSpec reported that Malaysia's palm oil exports from April 1 - 20, 2025 were 709,397 tons, a 18.53% increase from the same period last month. SGS estimated exports at 572,729 tons, a 3.64% increase from the same period last month [5]. - Indonesia exported 2.02 million tons of crude and refined palm oil in March 2025, slightly down from 2.06 million tons in the previous month [5]. - In the first three quarters of the fiscal year, Pakistan's imports of soybean oil and palm oil increased by 116.37% and 23.42% respectively compared to the same period last year. From July 2024 to March 2025, Pakistan imported about 237,655 tons of soybean oil worth $251.137 million and over 2.489 million tons of palm oil worth $2.572 billion [5]. - Soybean News: - As of the week ending April 20, 2025, the U.S. soybean planting rate was 8%, higher than the market expectation of 7%, 2% in the previous week, 7% in the same period last year, and a five - year average of 5% [6]. - Argentina's estimated soybean planting area for the 2024/25 season is 17.9 million hectares, a 0.6% decrease from last month's estimate but a 7.8% increase from the previous year. The estimated soybean production is 49 million tons, a 1.7% increase from the 2023/24 season. In March, Argentina exported 6,832.28 tons of soybeans, 477,495.66 tons of soybean oil, and 2,099,161.14 tons of soybean meal [6]. 3.3 Trend Intensity - The trend intensity of palm oil is - 1, indicating a weak trend. The trend intensity of soybean oil is 0, indicating a neutral trend [7].