内盘油脂减仓下行，延续震荡

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. After the oils oscillated higher, the upward momentum was insufficient. There was a significant reduction in positions in the external market, and the domestic market returned to fundamentals [3] Group 3: Market Analysis Futures - Yesterday, the closing price of the palm oil 2509 contract was 8,048 yuan/ton, a decrease of 136 yuan or 1.66% compared to the previous period - The closing price of the soybean oil 2509 contract was 7,796 yuan/ton, a decrease of 118 yuan or 1.49% - The closing price of the rapeseed oil 2509 contract was 9,296 yuan/ton, a decrease of 142 yuan or 1.50% [1] Spot - In the Guangdong region, the spot price of palm oil was 8,580 yuan/ton, a decrease of 110 yuan or 1.27%, and the spot basis was P09 + 532 yuan, an increase of 26 yuan - In the Tianjin region, the spot price of first - grade soybean oil was 8,150 yuan/ton, a decrease of 90 yuan or 1.09%, and the spot basis was Y09 + 354 yuan, an increase of 28 yuan - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,480 yuan/ton, a decrease of 110 yuan or 1.15%, and the spot basis was OI09 + 184 yuan, an increase of 32 yuan [1] Market News - Malaysian independent inspection agency Amspec reported that Malaysia's palm oil exports from May 1 - 15 were 514,713 tons, a 14.21% increase compared to the same period last month - Shipping survey agency ITS data showed that Malaysia's palm oil exports from May 1 - 15 were 524,596 tons, a 6.63% increase compared to the same period last month - It is estimated that Brazil's soybean production in the 2024/25 season will reach 168.3418 million tons, an increase of 20.6205 million tons or 14% year - on - year, and an increase of 0.472 million tons or 0.3% month - on - month - The estimated soybean planting area in Brazil in the 2024/25 season is 47.6127 million hectares, an increase of 1.4631 million hectares or 3.2% year - on - year, and an increase of 0.097 million hectares or 0.2% month - on - month - The estimated soybean yield per hectare in Brazil in the 2024/25 season is 3.54 tons, an increase of 334.7 kg or 10.5% year - on - year, and an increase of 2.7 kg or 0.1% month - on - month [2]