印度棕榈油进口强劲，油脂价格震荡

1. Report Industry Investment Rating - The report assigns a neutral rating to the strategy [4] 2. Core Viewpoints - The prices of the three major oils fluctuated yesterday. Heavy rainfall in some palm oil producing areas and strong palm oil import data from India provided support for oil prices. Future attention should be paid to the progress of China-US negotiations [3] 3. Summary by Related Catalogs Market Analysis - Futures Prices: The closing price of the palm oil 2601 contract was 9,482.00 yuan/ton, up 60 yuan or 0.64% from the previous day. The closing price of the soybean oil 2601 contract was 8,418.00 yuan/ton, up 42.00 yuan or 0.50%. The closing price of the rapeseed oil 2601 contract was 10,053.00 yuan/ton, up 153.00 yuan or 1.55% [1] - Spot Prices: In the Guangdong region, the spot price of palm oil was 9,410.00 yuan/ton, up 110.00 yuan or 1.18%, with a spot basis of P01 + -72.00, up 50.00 yuan. In the Tianjin region, the spot price of first-grade soybean oil was 8,580.00 yuan/ton, up 60.00 yuan/ton or 0.70%, with a spot basis of Y01 + 162.00, up 18.00 yuan. In the Jiangsu region, the spot price of fourth-grade rapeseed oil was 10,270.00 yuan/ton, up 160.00 yuan or 1.58%, with a spot basis of OI01 + 217.00, up 7.00 yuan [1] - Market News: Ethanol production has made DDGS a cheaper feed option for the poultry industry, pressuring soybean meal. The US Department of Agriculture expects India's soybean meal exports to fall from 1.4 million tons to 0.9 million tons and palm oil imports to rise from 8.7 million tons to 8.9 million tons. As of the end of the 37th week (September 13), the average operating rate of domestic oil mills was 64.99%, up 2.71% from the previous week. The total soybean crushing volume of national oil mills was 2.4298 million tons, up 0.1013 million tons from the previous week. The C&F prices of Canadian rapeseed (November shipment) and (January shipment) decreased by 3 dollars/ton. The C&F prices of Argentine soybean oil (October shipment) and (December shipment) increased by 21 dollars/ton and 20 dollars/ton respectively. The C&F quotes of imported rapeseed oil remained unchanged. The C&F prices of US Gulf soybeans (October shipment) and US West soybeans (October shipment) decreased by 1 dollar/ton, while the C&F price of Brazilian soybeans (October shipment) remained unchanged. The import soybean premium of Brazilian ports (October shipment) increased by 1 cent/bushel [2]