Report Investment Rating - The report maintains a bullish view on the oil and fat industry [2] Core View - The U.S. biofuel policy shows that the negative factors are exhausted, which is beneficial to the oil and fat industry, so it maintains a bullish view [2] Summary by Related Catalogs Spot Price - 24-degree palm oil: On August 21, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 9770, 9650, and 9620 respectively, with a daily increase of 110 in all three places compared to August 20 [1] - First-grade soybean oil: On August 21, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8540, 8660, and 8640 respectively, with a daily increase of 30 in all three places compared to August 20 [1] - Fourth-grade rapeseed oil: On August 21, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9900, 9950, and 10160 respectively, remaining unchanged compared to August 20 [1] Futures Data - Soybean-palm oil main contract price difference: On August 21, 2025, it was -1106, an increase of 34 compared to August 20 [1] - Rapeseed oil-soybean oil main contract price difference: On August 21, 2025, it was 1397, a decrease of 17 compared to August 20 [1] - Palm oil warehouse receipts: On August 21, 2025, there were 790, a decrease of 614 compared to August 20 [1] - Soybean oil warehouse receipts: On August 21, 2025, there were 15310, remaining unchanged compared to August 20 [1] - Rapeseed oil warehouse receipts: On August 21, 2025, there were 3487, remaining unchanged compared to August 20 [1] U.S. Biofuel - On the evening of the 21st, sources said that the Trump administration is expected to rule on small refineries' applications for exemption from the biofuel mandatory blending requirement as early as Friday. Additionally, it is expected to issue a supplementary regulation on the reallocation of exemption production as early as next week, which will include multiple options [1] Palm Oil - Malaysian production: According to SPPOMA, from August 1 - 20, the yield per unit was -2.12% compared to the same period last month, the oil extraction rate was +0.46%, and the production was +0.3% [1] - Malaysian exports: According to ITS, from August 1 - 20, exports were +13.6% compared to the same period last month [1] U.S. Soybeans - Weather: In the next two weeks, the weather for U.S. soybeans will turn dry, which may have an adverse impact on the yield per unit, but considering the low temperature forecast and the current excellent crop conditions, the marginal impact is expected to be small [1][2] - Production situation: As of the week of August 17, the good and excellent rate of U.S. soybeans was 68%, higher than the market expectation of 67%, the same as the previous week and the same period last year [2]
油脂数据日报-20250822
Guo Mao Qi Huo·2025-08-22 04:37