棕榈油：原油反弹，国际油脂存在支撑，豆油：阿根廷取消豆类出口税，美豆偏弱震荡

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - Crude oil rebound provides support for international oils and fats [1] - Argentina's cancellation of the export tax on beans leads to a weak and volatile trend in US soybeans [1] 3) Summary by Related Catalogs Fundamental Tracking - Futures Prices: Palm oil reached 9,054 yuan/ton (down 3.27% during the day, up 0.27% at night); soybean oil hit 8,086 yuan/ton (down 3.35% during the day, up 0.17% at night); rapeseed oil stood at 9,996 yuan/ton (down 1.45% during the day, down 0.77% at night); Malaysian palm oil was 4,341 ringgit/ton (down 2.27% during the day, up 0.23% at night); CBOT soybean oil was 49.84 cents/pound (up 0.30%) [2] - Trading Volume and Open Interest: Palm oil's trading volume was 1,021,148 lots (an increase of 459,441 lots), and open interest was 387,927 lots (a decrease of 15,956 lots); soybean oil's trading volume was 817,864 lots (an increase of 527,798 lots), and open interest was 545,909 lots (a decrease of 23,441 lots); rapeseed oil's trading volume was 419,360 lots (an increase of 143,932 lots), and open interest was 328,042 lots (a decrease of 38,435 lots) [2] - Spot Prices: 24 - degree palm oil in Guangdong was 8,920 yuan/ton (down 350 yuan/ton); first - grade soybean oil in Guangdong was 8,390 yuan/ton (down 320 yuan/ton); fourth - grade imported rapeseed oil in Guangxi was 9,980 yuan/ton (down 160 yuan/ton); Malaysian palm oil FOB was 1,105 dollars/ton (up 5 dollars/ton) [2] - Basis: Palm oil in Guangdong was - 134 yuan/ton; soybean oil in Guangdong was 304 yuan/ton; rapeseed oil in Guangxi was - 16 yuan/ton [2] - Price Spreads: The spread between rapeseed oil and palm oil futures was 942 yuan/ton; the spread between soybean oil and palm oil futures was - 968 yuan/ton; the 1 - 5 spread of palm oil was 198 yuan/ton; the 1 - 5 spread of soybean oil was 238 yuan/ton; the 1 - 5 spread of rapeseed oil was 529 yuan/ton [2] Macro and Industry News - Malaysian Palm Oil: MPOC expects Malaysia's palm oil inventory to rise slightly from September to October and start to decline in November. The production in Sabah and Sarawak has not reached the seasonal peak, and the reserve is still within a controllable range [3] - Indonesian Palm Oil Producer: Agrinas Palma Nusantara aims for a crude palm oil production of 415,000 tons in 2025 and 1.07 million tons in 2026 [5] - Indonesia - EU Agreement: Indonesia and the EU signed the Comprehensive Economic Partnership Agreement, which is expected to benefit Indonesia's palm oil and other exports [5] - Pakistan's Soybean Import: Pakistani importers purchased about 180,000 tons of soybeans in September, with shipments expected from the US in January 2026 [5] - Indian Crop Outlook: India's 2025/26 monsoon - season food production is expected to exceed the target. Oilseeds and pulses are also optimistic despite reduced planting areas [6] - EU's Oil and Fat Imports: As of September 21, the EU's 2025/26 palm oil imports were 600,000 tons (compared to 800,000 tons last year), soybean imports were 2.86 million tons (compared to 2.98 million tons last year), soybean meal imports were 4.01 million tons (compared to 4.16 million tons last year), and rapeseed imports were 790,000 tons (compared to 1.22 million tons last year) [6] - EU's Anti - Deforestation Regulation: The EU will postpone the implementation of the anti - deforestation regulation for the second time to solve IT system problems [7] Trend Intensity - Palm oil's trend intensity is 0, and soybean oil's trend intensity is 0, indicating a neutral stance [8]