棕榈油：基本面驱动不足，防范原油及宏观回调风险，豆油：等待南美播种季，震荡调整

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - Palm oil has insufficient fundamental drivers, and risks of crude oil and macro - economic pullbacks should be guarded against [1] - Soybean oil is waiting for the South American sowing season and is in a state of oscillatory adjustment [1] 3) Summary by Relevant Catalogs a. Fundamental Tracking - Futures Prices: Palm oil's closing price (day session) was 9,408 yuan/ton with a 0.43% increase, and (night session) 9,440 yuan/ton with a 0.34% increase; soybean oil's closing price (day session) was 8,456 yuan/ton with a 0.55% increase, and (night session) 8,416 yuan/ton with a - 0.47% change; rapeseed oil's closing price (day session) was 9,950 yuan/ton with a 1.04% increase, and (night session) 9,737 yuan/ton with a - 2.14% change. CBOT soybean oil's closing price was 51.20 cents/pound with a - 1.41% change [1] - Trading Volume and Open Interest: Palm oil's trading volume decreased by 10 to 3 lots, and open interest decreased by 1 to 1,225 lots; soybean oil's trading volume increased by 8 to 110 lots, and open interest decreased by 103 to 2,988 lots; rapeseed oil's trading volume increased by 42 to 50 lots, and open interest remained unchanged at 5,121 lots [1] - Spot Prices: Palm oil (24 - degree, Guangdong) was 9,380 yuan/ton with a 60 - yuan increase; first - grade soybean oil (Guangdong) was 8,730 yuan/ton with a 30 - yuan increase; fourth - grade imported rapeseed oil (Guangxi) was 9,790 yuan/ton with a 90 - yuan increase; Malaysian palm oil FOB was 1,105 dollars/ton with no change [1] - Basis: Palm oil (Guangdong) basis was - 28 yuan/ton; soybean oil (Guangdong) basis was 274 yuan/ton; rapeseed oil (Guangxi) basis was - 160 yuan/ton [1] - Price Spreads: The spread between rapeseed oil and palm oil futures was 292 yuan/ton; between soybean oil and palm oil futures was - 1,076 yuan/ton; palm oil 9 - 1 spread was - 118 yuan/ton; soybean oil 9 - 1 spread was 6 yuan/ton; rapeseed oil 9 - 1 spread was 132 yuan/ton [1] b. Macro and Industry News - The seasonally - adjusted non - farm payrolls in the US in August increased by 22,000, lower than the market expectation of 75,000. The non - farm payrolls in June were revised down from 14,000 to - 13,000, and in July were revised up from 73,000 to 79,000. After the revision, the total non - farm payrolls in June and July were 21,000 lower than before [2][3] - OPEC+ representatives said that OPEC+ in principle agreed to increase production again in October, with an expected increase of about 137,000 barrels per day, starting to gradually cancel the next layer of 1.66 million barrels per day of production cuts [3] - The Ministry of Commerce extended the anti - dumping investigation period for imported rapeseed from Canada until March 9, 2026 [3] c. Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [4]