美豆油政策利好有限，油脂延续震荡

1. Report Industry Investment Rating - Neutral, the oils and fats are expected to show a volatile trend [4] 2. Core View of the Report - The policy benefits for US soybean oil are limited, and the oils and fats market will continue to fluctuate. The market is currently mixed with both long and short factors, including potential changes in Sino - US trade policies and the peak season for palm oil stocking during the Double Festival [1][3] 3. Summary by Related Content Market Analysis - Futures Prices: On the previous trading day, the closing price of the palm oil 2601 contract was 9,500 yuan/ton, a decrease of 82 yuan or 0.86% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,456 yuan/ton, a decrease of 32 yuan or 0.38%; the closing price of the rapeseed oil 2601 contract was 9,821 yuan/ton, a decrease of 70 yuan or 0.71% [1] - Spot Prices: In the Guangdong region, the spot price of palm oil was 9,440 yuan/ton, a decrease of 110 yuan or 1.15%, with a spot basis of P01 + - 60 yuan, a decrease of 28 yuan compared to the previous period; in the Tianjin region, the spot price of first - grade soybean oil was 8,600 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y01 + 144 yuan, an increase of 12 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940 yuan/ton, a decrease of 70 yuan or 0.70%, with a spot basis of OI01 + 119 yuan, unchanged from the previous period [1] Recent Market News - Policy News: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude palm kernel oil and refined palm kernel oil from the Sales and Services Tax (SST). These two raw materials currently face a 5% special tax, and the exemption application has been submitted to the Ministry of Finance [2] - Production Data: From August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% compared to the same period last month, the oil extraction rate increased by 0.4%, and the output decreased by 1.21% [2] - Inventory Data: As of the end of the 34th week of 2025, the total inventory of imported rapeseed in China was 192,000 tons, a decrease of 45,000 tons from the previous week's 237,000 tons, and far lower than the 477,000 tons in the same period last year [2] - Import Price Data: The C&F price of US Gulf soybeans (October shipment) was 475 US dollars/ton, an increase of 4 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (October shipment) was 460 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (October shipment) was 486 US dollars/ton, a decrease of 3 US dollars/ton. The import soybean premium quotes also had corresponding changes [2]