油脂基本面数据：棕榈油：产地供需两旺，低多为主，豆油：美豆偏强，豆油高位震荡

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Views - For palm oil, the supply and demand in the producing areas are both strong, and the strategy is to go long at low prices [1]. - For soybean oil, the U.S. soybeans are strong, and soybean oil will fluctuate at a high level [1]. Detailed Summaries from Different Sections 1. Fundamental Tracking - Futures Data: - Palm oil主力: Closing price (day session) was 9,424 yuan/ton with a 0.66% increase, (night session) 9,486 yuan/ton with a 0.66% increase; trading volume was 384,052 lots, a decrease of 58,978 lots, and open interest was 226,780 lots, a decrease of 43,883 lots [1]. - Soybean oil主力: Closing price (day session) was 8,592 yuan/ton with a 1.23% increase, (night session) 8,554 yuan/ton with a -0.44% change; trading volume was 183,673 lots, an increase of 43,470 lots, and open interest was 261,043 lots, a decrease of 45,207 lots [1]. - Rapeseed oil主力: Closing price (day session) was 10,069 yuan/ton with a 2.72% increase, (night session) 9,976 yuan/ton with a -0.92% change; trading volume was 298,318 lots, an increase of 27,033 lots, and open interest was 90,567 lots, a decrease of 26,912 lots [1]. - Malaysian palm oil主力: Closing price was 4,435 ringgit/ton with a 0.80% increase, (night session) 4,436 ringgit/ton with a 0.02% increase [1]. - CBOT soybean oil主力: Closing price was 53.40 cents/pound with a 0.49% increase [1]. - Spot Data: - 24 - degree palm oil in Guangdong: Spot price was 9,380 yuan/ton, a price increase of 120 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,820 yuan/ton, a price increase of 170 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 10,190 yuan/ton, a price increase of 500 yuan/ton [1]. - Malaysian palm oil FOB price: 1,090 dollars/ton, a price increase of 10 dollars/ton [1]. - Basis Data: - Palm oil (Guangdong) basis was - 44 yuan/ton [1]. - Soybean oil (Guangdong) basis was 228 yuan/ton [1]. - Rapeseed oil (Guangxi) basis was 121 yuan/ton [1]. - Spread Data: - Rapeseed - palm oil futures主力 spread was 574 yuan/ton, compared to 448 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread was - 914 yuan/ton, compared to - 886 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread was - 66 yuan/ton, compared to - 34 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread was 16 yuan/ton, compared to 12 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread was 5 yuan/ton, compared to - 8 yuan/ton two days ago [1]. 2. Macro and Industry News - Malaysia has raised its reference price for crude palm oil in September, and the export tax has been increased to 10%. The September reference price is 4053.43 ringgit/ton (962.12 dollars/ton), compared to 3864.12 ringgit/ton in August with a 9% export tax [2][3]. - Indonesia has saved at least 3.68 billion dollars in foreign exchange this year by using palm - oil - based biodiesel. The palm oil blending ratio in its biodiesel is 40% (B40 biofuel), and the policy took effect at the beginning of this year. As of June, about 6.8 million kiloliters of B40 biodiesel had been distributed, achieving half of the 2025 target of 13.5 million kiloliters [3]. - As of the week ending August 6, Argentine farmers sold 868,100 tons of 2024/25 soybeans, bringing the cumulative sales to 28.8286 million tons. The local oil mills purchased 679,500 tons, and the export industry purchased 188,600 tons. They also sold 52,700 tons of 2025/26 soybeans, with cumulative sales reaching 593,100 tons. The total soybean sales for all years in that week were 961,800 tons, and the cumulative sales reached 70.2008 million tons. The cumulative export sales registration of 2024/25 soybeans was 8.092 million tons, and that of 2025/26 soybeans was 0 tons [4]. - Ukraine's 2025 rapeseed production is expected to drop to 2.7 - 2.8 million tons, down from 3.7 million tons in 2024. The extreme drought in southern and central - eastern Ukraine has cut the sunflower seed production forecast to no more than 14 million tons, compared to the previous forecast of 16 million tons [4]. 3. Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is also 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5].