天气风险不断，油脂宽幅震荡

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [3] Group 2: Report's Core View - The weather risk is constant and the oil market is experiencing wide - range fluctuations [1] Group 3: Market Analysis Futures - The closing price of the palm oil 2509 contract was 8106.00 yuan/ton, with a环比 change of +108 yuan and a幅度 of +1.35% - The closing price of the soybean oil 2509 contract was 7820.00 yuan/ton, with a环比 change of +44.00 yuan and a幅度 of +0.57% - The closing price of the rapeseed oil 2509 contract was 9395.00 yuan/ton, with a环比 change of +34.00 yuan and a幅度 of +0.36% [1] Spot - The spot price of palm oil in Guangdong was 8620.00 yuan/ton, with a环比 change of +110.00 yuan and a幅度 of +1.29%, and the spot basis was P09 + 514.00, with a环比 change of +2.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8080.00 yuan/ton, with a环比 change of +30.00 yuan/ton and a幅度 of +0.37%, and the spot basis was Y09 + 260.00, with a环比 change of - 14.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 9580.00 yuan/ton, with a环比 change of +40.00 yuan and a幅度 of +0.42%, and the spot basis was OI09 + 185.00, with a环比 change of +6.00 yuan [1] Market News - As of May 18, the EU's 2024/25 palm oil imports were 2.51 million tons, compared with 3.08 million tons in the same period last year - The EU's 2024/25 soybean meal imports were 16.82 million tons, compared with 13.46 million tons in the same period last year - The EU's 2024/25 rapeseed imports were 6.28 million tons, compared with 5.07 million tons in the same period last year - The estimated palm oil exports from Malaysia from May 1 - 20 were 651,381 tons, a 13.73% increase from the 572,729 tons exported in the same period last month - The three major oil prices fluctuated yesterday. Argentina experienced heavy rainfall from the 13th - 18th, with a total precipitation of about 100mm in the northern part of Buenos Aires. Although 34% of the soybeans were still not harvested, satellite remote - sensing monitoring showed limited impact [2]