美豆产区天气良好，油脂持续震荡

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The prices of the three major oils oscillated yesterday. The weather in the US soybean producing areas remains favorable, with temperatures in July being temporarily lower and sufficient precipitation. Multiple institutions expect the US soybean production to continue rising, leading to significant supply pressure [3] Group 3: Summary of Market Analysis Futures Market - The closing price of the palm oil 2509 contract was 8,678.00 yuan/ton yesterday, a环比 increase of 34 yuan or 0.39%. The closing price of the soybean oil 2509 contract was 7,920.00 yuan/ton, a环比 decrease of 26.00 yuan or 0.33%. The closing price of the rapeseed oil 2509 contract was 9,510.00 yuan/ton, a环比 decrease of 88.00 yuan or 0.92% [1] Spot Market - The spot price of palm oil in Guangdong was 8,730.00 yuan/ton, a环比 increase of 110.00 yuan or 1.28%, with a spot basis of P09 + 52.00, a环比 increase of 76.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,100.00 yuan/ton, a环比 increase of 10.00 yuan/ton or 0.12%, with a spot basis of Y09 + 180.00, a环比 increase of 36.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,640.00 yuan/ton, a环比 decrease of 90.00 yuan or 0.92%, with a spot basis of OI09 + 130.00, a环比 decrease of 2.00 yuan [1] Market News - BMI predicts that after a 1.6% year - on - year decline in the 2024/25 season, Malaysia's palm oil production is expected to partially recover in the 2025/26 season, with a year - on - year increase of 0.5% to 19.5 million tons. However, domestic consumption in Malaysia in the 2025/26 season is expected to drop 2% from 39 million tons in the 2024/25 season to 38 million tons. StoneX analysts believe that the production outlook for US soybeans continues to improve due to good weather. The C&F prices of Canadian rapeseed, Argentine soybean oil, etc., have different price adjustments. Import soybean premium quotes also show some changes [2] Group 4: Charts Information - The report includes 30 charts related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil [5]