油脂：多重利多叠加，油脂持续走强

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Multiple positive factors are driving the continuous strength of the oil and fat market. Internationally, the USDA's August supply and demand report led to a significant increase in CBOT soybean prices, and Malaysian palm oil futures continued to rise. Domestically, soybean oil prices are supported by inventory and other factors, palm oil follows external costs, and rapeseed oil has policy - related risks after price increases [1][5][6] Summary by Sections 1. Macro and Industry News - Brazil's soybean export volume in August is expected to reach 8.8 million tons, up from the previous week's estimate of 8.15 million tons [2] - The USDA's August supply and demand report shows that the expected soybean planting area in the US for the 2025/2026 season decreased by 2.5 million acres month - on - month, and the expected output decreased by 43 million bushels month - on - month [2] - As of August 8, India's oilseed sowing area decreased by 4% year - on - year. If the trend continues, edible oil imports may exceed 20 million tons in the next six to seven years [2] - On August 12, the cost of Canadian rapeseed imported to China, including margin, reached 8,394 yuan/ton, making it difficult to enter the Chinese market [2] 2. Fundamental Data Charts - Not provided in the given content 3. Views and Strategies - Internationally, the USDA's August supply and demand report led to a sharp rise in CBOT soybean prices. The MPOB monthly report and high - frequency data contributed to the rise of Malaysian palm oil futures [5][6] - Domestically, soybean oil inventory is rising, and factors like export increase and trade risk premium support its price. Palm oil inventory slightly rises, with a supply - demand weak pattern, and its futures price follows external costs. Rapeseed oil inventory has a downward trend, and the temporary anti - dumping measures on Canadian rapeseed may affect imports, with policy risks to be watched [6]