油脂：多头节前减仓，观望油脂持续回落

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - International factors such as the faster - than - expected US soybean planting progress, the delay of the US EPA's decision on biodiesel blending standards, the narrowing growth of Malaysian palm oil exports, and the lack of progress in Indonesia's B40 plan have led to a decline in peripheral oil prices. In the domestic market, different oils have different situations: soybean oil may enter a stockpiling phase with increasing imports and rising refinery operating rates, causing price pressure; palm oil prices revolve around import costs with low inventory and mainly rigid - demand transactions; rapeseed oil shows a pattern of short - term supply surplus but a long - term bullish outlook due to falling rapeseed stocks [7] 3. Summary by Relevant Catalogs 3.1 Macro and Industry News - China's imports of US feed grains and oilseeds account for a low proportion of domestic consumption, are mostly feed grains, have high substitutability, and will not affect domestic food supply even if imports stop [2] - On April 25, the total commercial inventory of the three major domestic oils was 175 million tons, with week - on - week, month - on - month, and year - on - year changes of - 7 million tons, - 20 million tons, and + 15 million tons respectively. Different oils had different inventory changes [2] - Malaysian palm oil exports from April 1 - 25 increased by 13.8% (ITS data) and 14.8% (AmSpec Agri Malaysia data) compared to the same period in March, driven by Indian restocking and palm oil's discount to soybean oil [3] - US agricultural products are affected by China's import suspension measures, with some product prices dropping by over 20% [4] 3.2 Fundamental Data Charts - No specific content provided 3.3 Views and Strategies - Internationally, the faster - than - expected US soybean planting progress and the delay of the US EPA's decision on biodiesel blending standards have led to a decline in CBOT soybean and soybean oil prices. Malaysian palm oil exports' growth has narrowed, and Indonesia's B40 plan lacks progress, causing a continuous decline in Malaysian palm oil prices [7] - Domestically, soybean oil may enter a stockpiling phase as imports increase and refinery operating rates rise, putting pressure on prices. Palm oil prices revolve around import costs with low inventory and mainly rigid - demand transactions. Rapeseed oil has short - term supply surplus but a long - term bullish outlook due to falling rapeseed stocks [7]