棕榈油：基本面驱动不足，短期回调，豆油，美豆油政策飘摇，豆油题材有限

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Palm oil has insufficient fundamental drivers and may experience a short - term correction [1] - US soybean oil policy is unstable, and there are limited themes for soybean oil [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - Palm oil主力: Closing price (day session) was 9,244 yuan/ton, down 2.55%; closing price (night session) was 9,302 yuan/ton, up 0.63%. Yesterday's trading volume was 859,709 lots, an increase of 280,680 lots, and the position was 444,900 lots, a decrease of 6,616 lots [1] - Soybean oil主力: Closing price (day session) was 8,256 yuan/ton, down 1.81%; closing price (night session) was 8,290 yuan/ton, up 0.41%. Yesterday's trading volume was 448,885 lots, an increase of 210,870 lots, and the position was 611,919 lots, a decrease of 19,824 lots [1] - Rapeseed oil主力: Closing price (day session) was 9,770 yuan/ton, down 0.82%; closing price (night session) was 9,835 yuan/ton, up 0.67%. Yesterday's trading volume was 284,089 lots, an increase of 21,996 lots, and the position was 255,147 lots, a decrease of 12,867 lots [1] - Malaysian palm oil主力: Closing price (day session) was 4,413 ringgit/ton, down 1.52%; closing price (night session) was 4,420 ringgit/ton, up 0.16% [1] - CBOT soybean oil主力: Closing price was 50.98 cents/pound, up 0.99% [1] 3.1.2 Spot - 24 - degree palm oil in Guangdong: Spot price was 9,270 yuan/ton, a decrease of 150 yuan/ton [1] - First - grade soybean oil in Guangdong: Spot price was 8,660 yuan/ton, a decrease of 100 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,840 yuan/ton, a decrease of 20 yuan/ton [1] - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, unchanged [1] 3.1.3 Basis - Palm oil (Guangdong): Basis was 26 yuan/ton [1] - Soybean oil (Guangdong): Basis was 404 yuan/ton [1] - Rapeseed oil (Guangxi): Basis was 70 yuan/ton [1] 3.1.4 Spread - Rapeseed - palm oil futures main contract spread: 526 yuan/ton (previous trading day), compared with 365 yuan/ton two trading days ago [1] - Soybean - palm oil futures main contract spread: - 988 yuan/ton (previous trading day), compared with - 1,078 yuan/ton two trading days ago [1] - Palm oil 9 - 1 spread: 202 yuan/ton (previous trading day), compared with - 6 yuan/ton two trading days ago [1] - Soybean oil 9 - 1 spread: 6 yuan/ton (previous trading day), compared with 46 yuan/ton two trading days ago [1] - Rapeseed oil 9 - 1 spread: N/A (previous trading day), compared with 129 yuan/ton two trading days ago [1] 3.2 Macro and Industry News - MPOB: Malaysia's palm oil inventory in August was 2,202,534 tons, a month - on - month increase of 4.18%. Production was 1,855,008 tons, a month - on - month increase of 2.35%. Exports were 1,324,672 tons, a month - on - month decrease of 0.29%. Imports were 49,036 tons, a month - on - month decrease of 19.66% [2] - AmSpec: Malaysia's palm oil exports from September 1 - 10 were 415,030 tons, a decrease of 8.43% compared with the same period last month [3] - ITS: Malaysia's palm oil exports from September 1 - 10 were 476,610 tons, a decrease of 1.2% compared with the same period last month [5] - The White House is reviewing a plan that requires large refineries to bear part of the reduced biofuel blending volume due to small refinery exemptions. The plan requires large refineries to compensate for 50% or less of the exempted biofuel volume [5] - The EU has recognized the Malaysian Sustainable Palm Oil Certification (MSPO) as a reliable standard [5] - Argentina's Buenos Aires Grain Exchange expects the soybean planting area in the 2025/26 season to decrease by 4.3% to 17.6 million hectares compared with the previous year [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0. The range of trend intensity is an integer in the [- 2,2] interval, with - 2 being the most bearish and 2 being the most bullish [6]