棕榈油：印度降税或刺激采购，观察情绪反复，豆油：豆系驱动不强，区间震荡

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The reduction of import duties in India may stimulate palm oil purchases, but sentiment needs to be observed for fluctuations; the driving force of the soybean complex for soybean oil is weak, and it will trade in a range [1] - The global vegetable oil market is entering a shortage phase due to reduced production and increased demand, threatening the global balance [5] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: Palm oil主力 closed at 8,060 yuan/ton with a -1.59% decline; soybean oil主力 at 7,638 yuan/ton with a -1.11% decline; rapeseed oil主力 at 9,348 yuan/ton with a -0.84% decline; Malaysian palm oil主力 at 3,878 ringgit/ton with a -1.40% decline; CBOT soybean oil主力 at 46.23 cents/pound with a -1.41% decline [1] - Trading Volume and Open Interest: Palm oil主力 trading volume was 684,233 lots, a decrease of 37,461 lots; open interest was 385,610 lots, a decrease of 89,673 lots. Soybean oil主力 trading volume was 379,525 lots, a decrease of 59,191 lots; open interest was 615,062 lots, an increase of 23,623 lots. Rapeseed oil主力 trading volume was 415,679 lots, a decrease of 84,838 lots; open interest was 292,984 lots, a decrease of 34,499 lots [1] - Spot Price: Palm oil (24 - degree, Guangdong) was 8,630 yuan/ton, a decrease of 70 yuan/ton; first - grade soybean oil (Guangdong) was 8,010 yuan/ton, a decrease of 50 yuan/ton; fourth - grade imported rapeseed oil (Guangxi) was 9,410 yuan/ton, a decrease of 40 yuan/ton; Malaysian palm oil FOB was 980 dollars/ton, an increase of 5 dollars/ton [1] - Basis: Palm oil (Guangdong) basis was 570 yuan/ton; soybean oil (Guangdong) basis was 372 yuan/ton; rapeseed oil (Guangxi) basis was 62 yuan/ton [1] - Price Spread: Rapeseed - palm oil futures主力 spread was 1,288 yuan/ton; soybean - palm oil futures主力 spread was - 422 yuan/ton; palm oil 9 - 1 spread was 36 yuan/ton; soybean oil 9 - 1 spread was 20 yuan/ton; rapeseed oil 9 - 1 spread was 179 yuan/ton [1] 2. Macroeconomic and Industry News - Weather Conditions: The US Midwest will have more widespread showers and thunderstorms. Canada is facing spring forest fires, with multiple provinces declaring a state of emergency, and the forest fire prevention level reaching the highest level 5, with a cumulative burned area of nearly 890,000 hectares [2][3] - Palm Oil Trade: Malaysia's palm oil exports from May 1 - 31 were 1,320,914 tons, a 17.9% increase from the previous month. Indonesia exported 2.88 million tons of palm oil in March, higher than the same period last year. From January - April, Indonesia's palm oil exports decreased by 5.37% year - on - year, but export value increased by 20% [4] - Soybean Market: As of June 1, 2025, the US soybean good - to - excellent rate was 67%, lower than expected; the emergence rate was 63%; the planting rate was 84%, lower than expected. The area affected by drought in the US soybean - growing region was 17%. US soybean crushing in April was 6.07 million short tons. Brazil's 2024/25 soybean production was revised up by 1.3 million tons to 169 million tons. Argentina's 2024/25 soybean harvest rate was 84% as of May 29 [6] - Other Oilseed Markets: Strategic Grains significantly revised down the EU's 2025/26 rapeseed production forecast to 18.6 million tons, also lowered the forecasts for sunflower seed and soybean production. In Canada, Saskatchewan's spring rapeseed sowing was 82.61% complete as of May 28; Alberta's rapeseed planting rate was 82.5% as of May 27; Manitoba's was 76% as of May 27 [7][8] 3. Trend Intensity - Palm oil trend intensity was 0; soybean oil trend intensity was 0 [9]