棕榈油：美国生柴政策利好，带动油脂上行，豆油：压榨恢复较好，国内油脂弱于国际豆粕：生柴政策利多美豆，偏强震荡

1. Report Investment Ratings No investment ratings for the industry were provided in the report. 2. Core Views - The US biodiesel policy is favorable, driving up the prices of palm oil and soybean oil, and the international油脂 market will see a systematic upward trend due to reduced export supplies. At the same time, domestic oils may also show an upward trend, but with a smaller increase [5][8][9]. - The prices of soybean meal and soybean are expected to fluctuate strongly next week. The US biodiesel policy is expected to boost the price of US soybeans, which will support the price of soybean meal. For domestic soybeans, the market is waiting for the release of provincial - stored soybeans in Heilongjiang [23]. - The corn market is expected to fluctuate at a high level. The price of CBOT corn is rising, the wheat price has stabilized, and the inventory of corn starch has decreased. The tight supply - demand pattern of corn remains unchanged [44][45][47]. - The sugar market will be in low - level consolidation. Internationally, the downward trend has ended, and the market is in a pattern of strong reality and weak expectation. Domestically, the market is expected to have continuous production increases and a decrease in production costs, and the low - level consolidation pattern will continue [72][100]. - The cotton price is supported by the rapid decline of commercial inventory. ICE cotton is expected to fluctuate weakly at a low level, and domestic cotton futures are expected to fluctuate, and attention should be paid to the weather in Xinjiang and external market influences [102][119]. 3. Summary by Commodity Palm Oil and Soybean Oil - Last Week's Situation: Palm oil 09 contract rose 0.37% last week, and soybean oil 09 contract rose 0.62%. The negative impact of Malaysia's over - expected production increase from April to May on palm oil has been gradually digested, and the soybean market lacked obvious drivers [4]. - This Week's Situation: In the second quarter, the inventory in Indonesia and Malaysia is expected to return to the normal level of 5.5 million tons. However, the US biodiesel policy has changed the situation. The EPA has significantly increased the biomass diesel RVO in 2026, which is expected to lead to a reduction of about 1.2 million tons of US soybean oil supply in the international market. The prices of palm oil, soybean oil, the US soybean oil - meal ratio, and US soybeans are expected to rise further [5][8]. Soybean Meal and Soybean - Last Week's Situation: US soybean futures prices first fell and then rose, with a weekly increase of 0.99% for the main 07 contract. Domestic soybean meal futures prices were "strongly fluctuating with a pattern of rising first and then falling", and soybean futures prices rose. The main m2509 contract of soybean meal rose 1.03% last week, and the main a2509 contract of soybean rose 3.39% [18][19]. - This Week's Outlook: Next week, the prices of soybean meal and soybean are expected to fluctuate strongly. The US biodiesel policy is expected to boost the price of US soybeans, which will support the price of soybean meal. For domestic soybeans, the market is waiting for the release of provincial - stored soybeans in Heilongjiang [23]. Corn - Last Week's Market Review: In the spot market, the average national corn price rose to 2405.69 yuan/ton. In the futures market, the main contract (C2507) rose, with a closing price of 2378 yuan/ton [42][43]. - Market Outlook: CBOT corn prices are rising, wheat prices have stabilized, and the inventory of corn starch has decreased. The tight supply - demand pattern of corn remains unchanged, and the market is expected to fluctuate at a high level [44][45][47]. Sugar - This Week's Market Review: Internationally, the price of the active New York raw sugar contract was 16.54 cents/pound, with a 0.18% increase. Domestically, the spot price of Guangxi sugar groups was 6060 yuan/ton, a decrease of 60 yuan/ton from last week [70][71]. - Next Week's Outlook: Internationally, the downward trend has ended, and the market is in a pattern of strong reality and weak expectation. Domestically, the market is expected to have continuous production increases and a decrease in production costs, and the low - level consolidation pattern will continue [72][100]. Cotton - Last Week's Situation: ICE cotton fluctuated, with the main contract reaching a new low in one and a half months in the first half of the week and then rebounding after the USDA released the monthly supply - demand report. Domestically, the operating conditions of textile enterprises have not improved, and cotton futures are mainly affected by the overall financial market sentiment [102]. - Outlook: ICE cotton is expected to fluctuate weakly at a low level, and domestic cotton futures are expected to fluctuate. Attention should be paid to the weather in Xinjiang and external market influences [119].