建信期货油脂日报-20250918

Group 1: General Information - Reported industry: Oils and fats [1] - Report date: September 18, 2025 [2] - Researchers: Yulanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions - Market review: In the East China market, the basis price of Grade 3 rapeseed oil from September to October is OI2601 + 220, and from November to December is OI2601 + 230; the basis price of Grade 1 rapeseed oil in September is OI2601 + 310, and in October is OI2601 + 330. The basis price of Grade 1 soybean oil in the spot market is Y2601 + 150, in October is Y2601 + 160, from October to January is Y2601 + 190, from February to May is Y2601 + 130, and from April to July is Y2605 + 200. The basis price of 24 - degree palm olein in East China in September is P2601 - 50, in October is P2601 + 0, and from October to November is P2601 + 50 [7] - Market analysis: Affected by the decline of US soybean oils and fats and the Malaysian market, the domestic oils and fats sector opened high and closed low. The EPA proposed a supplementary rule for the renewable fuel standard to solve the exemption problem of small refineries. The progress of Sino - US negotiations made the market speculate that China might purchase US agricultural products, and the soybean import volume in the fourth quarter might increase, causing funds to withdraw. The near - term rapeseed oil continued the de - stocking trend, with relatively concentrated supply, and traders mainly sold at higher basis prices. It is necessary to pay attention to the Sino - Canadian trade progress and the supply of rapeseed raw materials [7] - Market forecast: It is expected that the oils and fats will fluctuate in the near term. Soybean oil has certain support around 8200, and the fluctuation range of palm oil is approximately 9000 - 9600 [7] Group 3: Industry News - Malaysian palm oil exports: From September 1 - 15, 2025, Malaysia's palm oil exports were 742,648 tons, a 2.5% increase compared to the 724,191 tons exported from August 1 - 15. Exports to China were 11,000 tons, a significant increase compared to 8,800 tons in the same period last month [8] - Palm oil production forecast: Apex Securities analysts said that palm oil production may peak again from September to October and then decline due to favorable weather conditions [8] - Indian oil imports: In August 2025, India's palm oil imports increased by 15.76% to 990,528 tons compared to July; soybean oil imports decreased by 25.27% to 367,917 tons; and sunflower oil imports increased by 28.53% to 257,080 tons [8] Group 4: Data Overview - Data charts: Include charts of spot prices of East China Grade 3 rapeseed oil, East China Grade 4 soybean oil, South China 24 - degree palm olein, basis changes of palm oil, soybean oil, and rapeseed oil, P1 - 5, P5 - 9, P9 - 1 spreads, US dollar to Chinese yuan exchange rate, and US dollar to Malaysian ringgit exchange rate [10][12][20]