棕榈油：跟随宏观为主，回调整理，豆油：美豆驱动不足，回调整理

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Palm oil is mainly driven by macro factors and is undergoing a correction; soybean oil lacks driving force from US soybeans and is also in a correction phase [1] - The Malaysian Palm Oil Council (MPOC) expects Malaysian palm oil prices to remain above 4,300 ringgit, supported by biodiesel demand, tightening soybean oil supply, and a slowdown in palm oil supply growth [2] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: Palm oil's day - session closing price was up 0.57%, and night - session down 1.06%; soybean oil's day - session rose 0.07%, and night - session fell 1.99%; rapeseed oil's day - session rose 0.47%, and night - session fell 1.32%. The Malaysian palm oil futures fell 0.07% in the day - session and 1.00% in the night - session, and CBOT soybean oil futures fell 2.78% [1] - Trading Volume and Open Interest Changes: Palm oil's trading volume decreased by 145,401 hands, and open interest by 25,027 hands; soybean oil's trading volume decreased by 63,139 hands, and open interest by 35,479 hands; rapeseed oil's trading volume decreased by 15,682 hands, and open interest by 3,935 hands [1] - Spot Prices and Changes: The spot price of 24 - degree palm oil in Guangdong increased by 140 yuan/ton, while the spot prices of first - grade soybean oil in Guangdong and fourth - grade imported rapeseed oil in Guangxi remained unchanged [1] - Basis and Spread: The basis and spreads of palm oil, soybean oil, and rapeseed oil showed different changes, such as the basis of palm oil in Guangdong being 122 yuan/ton, and the spread between rapeseed oil and palm oil futures changing from 242 to 210 yuan/ton [1] 3.2 Macro and Industry News - The Malaysian Palm Oil Council (MPOC) expects Malaysian palm oil prices to stay above 4,300 ringgit due to biodiesel demand, tight soybean oil supply, and slow palm oil supply growth [2] - As of August 17, EU's 2025/26 soybean imports were 1.74 million tons (compared to 1.86 million tons last year), rapeseed imports were 0.33 million tons (compared to 0.57 million tons last year), and palm oil imports were 0.29 million tons (compared to 0.5 million tons last year) [4] - Brazil's estimated soybean exports in August are 8.9 million tons (previously 8.8 million tons), soybean meal exports are 2.33 million tons (previously 2.27 million tons), and corn exports are 8.05 million tons (previously 7.97 million tons) [4] - ProFarmer's crop survey estimates that in 2025, Ohio's corn yield will be 185.69 bushels per acre (compared to 183.29 bushels per acre in 2024), South Dakota's corn yield will be 174.18 bushels per acre (compared to 156.51 bushels per acre in 2024), Ohio's average soybean pod number will be 1,287.28 (compared to 1,229.93 in 2024), and South Dakota's average soybean pod number will be 1,188.45 (compared to 1,025.89 in 2024) [5] 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is - 1, indicating a relatively bearish outlook [6]