油脂日报：原油走弱，油脂价格承压-20250828

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Crude oil prices have declined, putting pressure on the prices of edible oils. The prices of the three major edible oils fluctuated yesterday. The sharp decline in crude oil prices had a certain impact on the price center of edible oils, intensifying the volatility of the vegetable oil market. Fundamentally, the supply prospects of rapeseed and soybeans are favorable, and combined with the consumption support during the upcoming double festivals, the edible oil market is facing both bullish and bearish factors [1][3] Group 3: Summary by Relevant Content Futures and Spot Prices - Futures: The closing price of the palm oil 2601 contract was 9,500 yuan/ton, with a change of 0 yuan and a change rate of 0.00%. The closing price of the soybean oil 2601 contract was 8,390 yuan/ton, down 66 yuan or 0.78%. The closing price of the rapeseed oil 2601 contract was 9,853 yuan/ton, up 32 yuan or 0.33% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,470 yuan/ton, up 30 yuan or 0.32%, and the spot basis was P01 + -30 yuan, up 30 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,550 yuan/ton, down 50 yuan or 0.58%, and the spot basis was Y01 + 160 yuan, up 16 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950 yuan/ton, up 10 yuan or 0.10%, and the spot basis was OI01 + 97 yuan, down 22 yuan [1] Market Information - Canadian rapeseed: In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a month - on - month increase of 13.13%. Rapeseed oil production was 408,898 tons, up 12.15% month - on - month, and rapeseed meal production was 571,012 tons, up 12.62% month - on - month. The C&F price of Canadian rapeseed (October shipment) was 542 US dollars/ton, down 3 US dollars/ton from the previous trading day, and the C&F price of Canadian rapeseed (December shipment) was 532 US dollars/ton, also down 3 US dollars/ton [2] - Malaysian palm oil: The estimated export volume of Malaysian palm oil from August 1 - 25 was 933,437 tons, a 36.41% increase from the same period last month [2] - Other oils: The C&F price of Argentine soybean oil (September shipment) was 1,179 US dollars/ton, down 23 US dollars/ton from the previous trading day, and the C&F price of Argentine soybean oil (November shipment) was 1,181 US dollars/ton, down 20 US dollars/ton. The C&F quotes of Canadian rapeseed oil (September and November shipments) remained unchanged. The C&F price of US Gulf soybeans (October shipment) remained unchanged, the C&F price of US West soybeans (October shipment) was down 5 US dollars/ton, and the C&F price of Brazilian soybeans (October shipment) was up 1 US dollar/ton. The import soybean premium quotes for some regions showed little change, with the Brazilian port (October shipment) up 3 cents/bushel [2]