银河期货油脂日报-20250908

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Short - term, the oil market is in a bottom - grinding stage, and investors can consider seizing opportunities to buy in batches at low prices [5][10]. - For arbitrage and options, it is recommended to wait and see [11][12]. 3. Summary by Relevant Catalogs 3.1 Data Analysis - Spot Prices and Basis: The closing price of 2601 for soybean oil is 8416 with a decline of 34, palm oil is 9466 with a decline of 60, and rapeseed oil is 9835 with an increase of 17. The basis of each variety in different regions has different changes [3]. - Monthly Spread: For the 1 - 5 monthly spread, soybean oil is 292 with a decline of 22, palm oil is 212 with a decline of 20, and rapeseed oil is 315 with an increase of 70 [3]. - Cross - Variety Spread: The 01 - contract Y - P spread is - 1050 with an increase of 26, OI - Y is 1419, OI - P is 369 with an increase of 77, and the oil - meal ratio is 2.73 with a decline of 0.02 [3]. - Import Profit: The 24 - degree palm oil from Malaysia and Indonesia has a negative profit of 64, and the FOB price of rapeseed oil from Rotterdam is 1067 with a negative profit of 776 [3]. - Weekly Commercial Inventory: In the 36th week of 2025, the soybean oil inventory is 125.13 million tons, palm oil is 61.93 million tons, and rapeseed oil is 63.5 million tons, with different changes compared to last week and the same period last year [3][5][6]. 3.2 Fundamental Analysis - International Market: From September 1 - 5, 2025, the single - yield of Malaysian palm oil decreased by 5.70% month - on - month, the oil - extraction rate decreased by 0.11%, and the output decreased by 6.28% [5]. - Domestic Market (P/Y/OI): - Palm Oil: As of September 5, 2025, the national key - area commercial inventory increased by 1.51% week - on - week, the import profit inversion narrowed, and the basis was stable [5]. - Soybean Oil: The actual soybean crushing volume last week was 230.39 million tons, the inventory increased by 1.01% week - on - week, and the basis was stable [5]. - Rapeseed Oil: The coastal rapeseed crushing volume last week was 4.5 million tons, the inventory decreased by 4.37% week - on - week, the European rapeseed oil FOB price increased, the import profit inversion widened, the basis was stable with a slight decline, and the inventory continued to decrease marginally [6][9]. 3.3 Trading Strategies - Unilateral: Consider buying in batches at low prices during the bottom - grinding stage of the oil market [10]. - Arbitrage: Wait and see [11]. - Options: Wait and see [12]. 3.4 Relevant Attachments There are 8 figures showing the basis of different oils in different regions, monthly spreads, and cross - variety spreads from 2016 - 2025 [15][18].