油脂日报：供需结构稳定，油脂价格震荡-20250903

Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Core View of the Report - The prices of the three major oils fluctuated yesterday. The oil inventory is gradually increasing, and the consumption of palm oil has limited growth. The supply - demand pattern remains stable, and oil prices will continue to fluctuate [3] Summary by Relevant Catalog Futures and Spot Prices - Futures: The closing price of the palm oil 2601 contract was 9,422.00 yuan/ton, a change of +38 yuan or +0.40%; the closing price of the soybean oil 2601 contract was 8,356.00 yuan/ton, a change of +8.00 yuan or +0.10%; the closing price of the rapeseed oil 2601 contract was 9,766.00 yuan/ton, a change of -35.00 yuan or -0.36% [1] - Spot: In Guangdong, the spot price of palm oil was 9,380.00 yuan/ton, a change of +70.00 yuan or +0.75%, with a spot basis of P01 + -42.00, a change of +32.00 yuan; in Tianjin, the spot price of first - grade soybean oil was 8,480.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%, with a spot basis of Y01 + 124.00, a change of +2.00 yuan; in Jiangsu, the spot price of fourth - grade rapeseed oil was 9,900.00 yuan/ton, a change of +0.00 yuan or +0.00%, with a spot basis of OI01 + 134.00, a change of +35.00 yuan [1] Market Information - Palm oil: Weekly palm oil trading volume increased, but the consumption demand for palm oil with a melting point of 24 degrees and below was limited. As of the end of the 35th week of 2025, the domestic palm oil inventory was 558,000 tons, an increase of 38,000 tons from the previous week, and the contract volume was 33,000 tons, an increase of 8,000 tons from the previous week [2] - Rapeseed: Ukrainian farmers have started large - scale winter sowing. As of September 1, 377,100 hectares of winter rapeseed crops have been sown, accounting for 33.8% of the estimated planting area. The C&F prices of Canadian rapeseed (November shipment) and (January shipment) remained unchanged from the previous trading day [2] - Soybean and oil imports: The C&F prices of Argentine soybean oil (October and December shipments) decreased compared to the previous trading day. The C&F prices of imported rapeseed oil, American and Brazilian soybeans (October shipments) remained unchanged. The import soybean premium quotes also remained unchanged [2]