油脂数据日报-20250430

Report Summary 1. Investment Rating - The report does not provide an investment rating for the industry. 2. Core View - Short - term international crude oil prices are volatile, and dry weather in the US and Europe may bring bullish speculation. Short - term oil and fat prices are expected to fluctuate upwards [2]. 3. Summary by Content Spot Price - 24 - degree Palm Oil: On April 29, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9230, 9030, and 8980 respectively, down 100 from April 28 [1]. - First - grade Soybean Oil: On April 29, 2025, prices in Tianjin, Zhangjiagang, and Huangpu remained unchanged from April 28 at 8220, 8370, and 8270 respectively [1]. - Fourth - grade Rapeseed Oil: On April 29, 2025, prices in Zhangjiagang, Wuhan, and Chengdu were 9370, 9400, and 9530 respectively, down 30 from April 28 [1]. Futures Data - Soybean - Palm Oil Main Contract Spread: On April 29, 2025, it was - 340, up 20 from April 28 [1]. - Rapeseed - Soybean Main Contract Spread: On April 29, 2025, it was 1522, up 3 from April 28 [1]. - Palm Oil Warehouse Receipts: There were no changes on April 29, 2025, remaining at 0 [1]. - Soybean Oil Warehouse Receipts: On April 29, 2025, there were 4005, an increase of 970 from April 28 [1]. - Rapeseed Oil Warehouse Receipts: There were no changes on April 29, 2025, remaining at 1357 [1]. High - frequency Data in April - Production: From April 1 - 20, 2025, Malaysia's palm oil production increased 9.11% month - on - month, with fresh fruit bunch yield per unit area up 7.69% and oil extraction rate up 0.27% [2]. - Exports: According to AmSpec, exports from April 1 - 25, 2025 reached 92.39 tons, up 14.75% month - on - month; ITS reported 95.10 tons, up 13.8%; SGS reported 70.32 tons, up 3.6% [2]. Key Information - Brazilian Soybean Harvest Progress: As of April 19, 2025, the harvest progress of Brazil's 24/25 soybean was 92.5%, compared to 88.3% the previous week and 83.2% the same period last year [2]. - US Weather and Sowing: In the next two weeks, precipitation in US soybean - producing areas will be high, which may delay new - crop sowing. As of April 20, 2025, the US soybean sowing progress was 8%, higher than the historical average of 5% [2]. - Trade Relations: The evolution of China - Canada trade relations is still uncertain, and Canadian rapeseed is a key variable [2]. - Domestic Supply: Domestic available inventory is limited, and subsequent rapeseed imports may tighten, and imported rapeseed oil cannot fill the gap caused by the tight rapeseed supply [2].