棕榈油：基本面支撑较强，宏观回调布多，豆油：美豆驱动不足，高位震荡整理

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views of the Report - Palm oil has strong fundamental support, and it is advisable to go long during macro pullbacks [1]. - Soybean oil lacks driving force from US soybeans and will fluctuate and consolidate at high levels [1]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures Prices and Fluctuations: Palm oil's daytime closing price was 9,486 yuan/ton with a -1.06% change, and night - time closing price was 9,560 yuan/ton with a 0.78% change; soybean oil's daytime closing price was 8,442 yuan/ton with a -1.31% change, and night - time closing price was 8,418 yuan/ton with a -0.28% change; rapeseed oil's daytime closing price was 9,901 yuan/ton with a 0.03% change, and night - time closing price was 9,782 yuan/ton with a -1.20% change. The Malaysian palm oil's daytime closing price was 4,497 ringgit/ton with a -0.51% change, and night - time closing price was 4,529 ringgit/ton with a 0.69% change. CBOT soybean oil's daytime closing price was 51.41 cents/pound with a -0.77% change [1]. - Trading Volume and Open Interest Changes: Palm oil's trading volume decreased by 7,875 to 79,561 lots, and open interest decreased by 26,336 to 97,566 lots; soybean oil's trading volume increased by 14,509 to 97,939 lots, and open interest decreased by 44,957 to 111,062 lots; rapeseed oil's trading volume decreased by 5,695 to 23,619 lots, and open interest decreased by 4,258 to 38,617 lots [1]. - Spot Prices and Changes: Palm oil (24 - degree, Guangdong) decreased by 200 yuan/ton to 9,510 yuan/ton; first - grade soybean oil (Guangdong) decreased by 200 yuan/ton to 8,610 yuan/ton; fourth - grade imported rapeseed oil (Guangxi) decreased by 130 yuan/ton to 9,830 yuan/ton; Malaysian palm oil FOB price decreased by 5 dollars/ton to 1,110 dollars/ton [1]. - Basis: Palm oil (Guangdong) basis was 24 yuan/ton; soybean oil (Guangdong) basis was 168 yuan/ton; rapeseed oil (Guangxi) basis was - 71 yuan/ton [1]. - Price Spreads: The spread between rapeseed oil and palm oil futures was 274 yuan/ton (previous trading day) and 210 yuan/ton (two trading days ago); the spread between soybean oil and palm oil futures was - 1,140 yuan/ton and - 1,114 yuan/ton; palm oil 9 - 1 spread was - 68 yuan/ton and - 52 yuan/ton; soybean oil 9 - 1 spread was 28 yuan/ton; rapeseed oil 9 - 1 spread was 73 yuan/ton and 48 yuan/ton [1]. [Macro and Industry News] - The direct impact of US market restrictions on the Malaysian palm oil industry is expected to be limited due to the uniqueness and non - substitutability of Malaysian Sustainable Palm Oil (MSPO) certified products. In 2024, Malaysia's palm oil exports to the US were 191,231 tons, accounting for only 1.1% of the total annual exports. The government will continue to provide assistance through various measures such as the oil palm smallholder replanting financing incentive program [2][3]. - Amspec reported that Malaysia's palm oil exports from August 1 - 20 were 869,780 tons, a 17.5% increase from the same period last month. ITS reported that Malaysia's palm oil exports from August 1 - 20 were 929,051 tons, a 13.61% increase from the same period last month [3]. [Trend Strength] - Palm oil trend strength is 0, and soybean oil trend strength is 0. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].