油脂走势分化，棕榈油较为疲软

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the prices of various oils showed different trends. BMD Malaysian palm oil and domestic palm oil futures prices declined, while ICE canola futures prices rose. The price of domestic rapeseed oil futures also increased, and the price of domestic soybean oil futures slightly decreased [4][7]. - After the holiday, palm oil was weak due to the arrival of the production - increasing season in the producing areas, a significant increase in production, limited support from export demand, and expected increases in domestic and foreign inventories. Canola prices continued to strengthen due to increased crushing demand and low domestic inventories. Domestic rapeseed oil was relatively strong because of expected import tightening. US soybean oil prices declined as the US biodiesel policy was not authorized and the budget might be cut [4][7]. - Macro - economically, the China - US economic and trade negotiations reached an important consensus, and the US stock market continued a small - scale rebound. The US dollar index might stabilize at a low level, and crude oil prices might stop falling and enter a volatile phase. Fundamentally, in the production - increasing cycle, production increased significantly, export demand improvement was limited, and domestic inventories were expected to rise. Palm oil might operate in a weak and volatile manner [4][11]. Summary by Relevant Catalogs Market Data - The price changes of various oil contracts from April 30 to May 9 are as follows: CBOT soybean oil main contract decreased by 0.33 cents/lb to 48.64 cents/lb, a decline of 0.67%; BMD Malaysian palm oil main contract decreased by 95 ringgit/ton to 3815 ringgit/ton, a decline of 2.43%; DCE palm oil decreased by 262 yuan/ton to 7886 yuan/ton, a decline of 3.22%; DCE soybean oil decreased by 52 yuan/ton to 7780 yuan/ton, a decline of 0.66%; CZCE rapeseed oil increased by 58 yuan/ton to 9355 yuan/ton, an increase of 0.62%. The futures price difference between soybean oil and palm oil increased by 210 yuan/ton to - 106 yuan/ton, and the futures price difference between rapeseed oil and soybean oil increased by 110 yuan/ton to 1575 yuan/ton. Spot prices also showed corresponding changes [5]. Market Analysis and Outlook - Price Trends: After the holiday, palm oil was weak, canola strengthened, domestic rapeseed oil was relatively strong, and US soybean oil declined [4][7]. - Production and Inventory Forecasts: According to Reuters, Malaysia's palm oil inventory in April 2025 was expected to be 1.79 million tons, a 14.8% increase from March; production was expected to be 1.62 million tons, a 16.9% increase from March; and exports were expected to be 1.1 million tons, a 9.7% increase from March. As of May 2, the total inventory of the three major oils in key domestic areas was 1.7788 million tons, an increase of 0.0169 million tons from the previous week and 0.0998 million tons from the same period last year [8][10]. - Macro and Fundamental Analysis: Macro - economically, the China - US economic and trade negotiations improved the market sentiment. Fundamentally, in the production - increasing cycle, production increased significantly, export demand improvement was limited, and domestic inventories were expected to rise. Palm oil might operate in a weak and volatile manner [4][11]. Industry News - Indonesia's Biodiesel: As of April 24, Indonesia's biodiesel consumption this year was 4.44 million liters, and the mandatory palm oil blending ratio in biodiesel this year was 40%, higher than last year's 35% [12]. - India's Oil Imports: In April, India's palm oil imports decreased by 24% month - on - month to 322,000 tons, while soybean oil imports increased by 2% to 363,000 tons, and sunflower oil imports decreased by nearly 6% to 180,000 tons. The total edible oil imports in April decreased by 11% month - on - month to 865,000 tons [12][13]. - Myanmar's Palm Oil Market: The wholesale reference price of palm oil in Yangon decreased from 6,735 kyats per viss (about 1.5 kg) last week to 6,700 kyats per viss. Myanmar imports about 700,000 tons of palm oil annually to meet domestic demand [13]. - Malaysia's Palm Oil Production: Malaysia's palm oil production in the 2024/25 season was expected to be 19 million tons, with a less - than - 1% upward revision from the previous forecast. The production in both the Malaysian Peninsula and East Malaysia increased seasonally [14]. - Indonesia's Palm Oil Production: Indonesia's palm oil production in the 2024/25 season was expected to be 48.8 million tons, unchanged from the previous forecast. Although some areas faced local floods in April, it was not expected to hinder the overall crop recovery [15]. Relevant Charts - The report provides multiple charts showing the price trends, price differences, import profits, and inventory changes of palm oil, soybean oil, rapeseed oil, and related products in Malaysia and Indonesia [16][17][18]