市场观望情绪浓厚，油脂震荡调整

Report Summary 1. Industry Investment Rating - The report gives a neutral rating for the strategy [4] 2. Core View - The market is in a wait - and - see mood, and the prices of the three major oils are fluctuating. Palm oil was previously supported by biodiesel expectations and consumption, but the price has reached a bottleneck due to the inverted price difference between soybean oil and palm oil and the optimistic outlook for soybean oil supply [1][3] 3. Summary by Related Content Futures and Spot Prices - Futures: The closing price of palm oil 2601 contract was 9500.00 yuan/ton, down 54 yuan (-0.57%); soybean oil 2601 contract was 8394.00 yuan/ton, down 20.00 yuan (-0.24%); and rapeseed oil 2601 contract was 9791.00 yuan/ton, down 37.00 yuan (-0.38%) [1] - Spot: In Guangdong, the palm oil spot price was 9500.00 yuan/ton, up 60.00 yuan (+0.64%); in Tianjin, the first - grade soybean oil spot price was 8480.00 yuan/ton, up 20.00 yuan/ton (+0.24%); in Jiangsu, the fourth - grade rapeseed oil spot price was 9910.00 yuan/ton, down 50.00 yuan (-0.50%) [1] Market Information - Malaysia: As of April 2025, over 30,000 small - scale palm oil growers in Sabah have obtained MSPO certification, covering over 191,000 hectares, with a certification rate of 97.62%. In Sabah, about 97% of oil palm areas and over 92% in Sarawak are MSPO - certified. From August 1 - 20, 2025, Malaysia's palm oil yield per unit decreased by 2.12% month - on - month, oil extraction rate increased by 0.46% month - on - month, and production increased by 0.3% month - on - month [2] - Argentina: The C&F price of Argentine soybean oil (September shipment) was 1151 dollars/ton, down 12 dollars/ton; for November shipment, it was 1148 dollars/ton, down 5 dollars/ton [2] - Canada: The C&F price of Canadian rapeseed oil (September shipment) was 1045 dollars/ton, unchanged; for November shipment, it was 1025 dollars/ton, unchanged [2] - US and Brazil: The C&F price of US Gulf soybeans (September shipment) was 463 dollars/ton, up 1 dollar/ton; US West soybeans (September shipment) was 457 dollars/ton, up 1 dollar/ton; Brazilian soybeans (October shipment) was 488 dollars/ton, down 2 dollars/ton. The import soybean premium for the Mexican Gulf (September shipment) was 217 cents/bushel, up 2 cents/bushel; US West Coast (September shipment) was 191 cents/bushel, up 2 cents/bushel; Brazilian ports (October shipment) was 295 cents/bushel, down 8 cents/bushel [2] - Indonesia: As of the end of June, Indonesia's palm oil inventory decreased by 13% month - on - month to 2.53 million tons. In June, its palm oil exports reached 3.61 million tons, a sharp increase of 35.4% month - on - month [2]