油脂：多头获利了结，油脂小幅回调

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Internationally, the U.S. soybean sowing is basically finished, the proportion of abnormally dry areas in soybean - growing regions has decreased, geopolitical tensions have eased, and some long - position holders took profit, leading to a slight decline in CBOT soybean futures. The export growth of Malaysian palm oil from June 1 - 20 has narrowed, market demand is weak, the energy market is volatile, and Malaysian palm oil futures are oscillating at high levels [5]. - Domestically, a large amount of imported soybeans have arrived at ports, oil mills are operating at a high level, and soybean oil inventory continues to rise. However, the increase in import costs strongly supports soybean oil prices. Palm oil inventory has rebounded from a low level, with little change in the domestic fundamentals, and its price continues to follow the external market. The supply of domestic rapeseed oil exceeds demand, the uncertainty of China - Canada trade policies still threatens later imports, and the rising ICE rapeseed futures support the relatively strong trend of domestic rapeseed oil [6]. Summary by Relevant Catalogs 1. Macro and Industry News - From June 14 - 20, the weekly output of毛豆油 in key regions of China was 452,998 tons, a 5.56% week - on - week increase and a 25.20% year - on - year increase [2]. - As of June 20, 2025 (Week 25), the commercial inventory of palm oil in key regions of China was 434,900 tons, a 25,300 - ton (6.18%) week - on - week increase and a 42,800 - ton (10.91%) year - on - year increase [2]. - According to SGS, the estimated export volume of Malaysian palm oil from June 1 - 20 was 759,881 tons, a 16.66% increase from the same period last month [2]. - As of June 18, the soybean harvest progress in Argentina's 2024/25 season was 96.5%, 3.3 percentage points higher than a week ago but still 2 percentage points behind the same period last year [2]. - In May, China's total soybean imports reached a record 13.92 million tons, more than double the 10 - year low of 6.08 million tons in April and significantly higher than the same period last year, partly due to the concentrated clearance of previously delayed shipments [2]. 2. Fundamental Data Charts - Not provided 3. Views and Strategies - International: U.S. soybean sowing is over, dry conditions in growing regions have improved, geopolitical tensions have eased, causing CBOT soybean futures to decline. Malaysian palm oil export growth has slowed, demand is weak, and the energy market is unstable, resulting in high - level oscillations of Malaysian palm oil futures [5]. - Domestic: A large amount of imported soybeans have arrived, oil mills are highly operational, and soybean oil inventory is rising, but import costs support prices. Palm oil inventory has rebounded, with domestic fundamentals stable and prices following the external market. The domestic rapeseed oil supply exceeds demand, trade policy uncertainty affects imports, and rising ICE rapeseed futures support the strong trend of domestic rapeseed oil [6].