油脂：内盘分化震荡，棕油站上8000关口

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - International: Optimistic sentiment about trade boosted CBOT soybeans, which may break through the trading range since mid - April. The market expects MPOB to raise palm oil inventory in the May report, but crude oil's rise is positive for bio - energy, so Malaysian palm oil is expected to rebound following the external market [7][8] - Domestic: As the clearance of imported soybeans speeds up, the domestic soybean oil inventory is rising, with high supply pressure in the future. The easing of Sino - US trade relations has mixed effects on domestic soybean oil, and its price is expected to fluctuate within a range. The domestic palm oil inventory is decreasing, and its price mainly follows the import cost. The domestic rapeseed oil inventory is rising, but the medium - to - long - term supply of imported rapeseed is uncertain, and Canadian rapeseed has been strong recently, so rapeseed oil is expected to fluctuate strongly in the short term [8] 3. Summary by Relevant Catalogs Macro and Industry News - The US will modify the ad - valorem tariffs on Chinese goods, with 24% of the tariffs suspended for the first 90 days and 10% remaining, and cancel tariffs imposed by other executive orders [3] - As of May 9, 2025, the commercial inventory of soybean oil in key regions in China increased by 2.76 million tons from last week, a 4.40% increase [3] - As of Friday, the sales of Brazil's 2024/25 soybean crop reached 57% of the expected output, 6.3% higher than a month ago but lower than last year and the historical average [3] - China and Argentina signed a procurement letter of intent worth about $900 million for agricultural products, including soybeans, corn, and vegetable oils, to reduce dependence on US agricultural products [4] Fundamental Data Charts - Not detailed in the given content Views and Strategies - International: CBOT soybeans are expected to break through the trading range, and Malaysian palm oil is expected to rebound [7][8] - Domestic: Soybean oil is expected to fluctuate within a range, palm oil price follows the import cost, and rapeseed oil is expected to fluctuate strongly in the short term [8]