油脂日报：阿根廷关税政策调整，油脂承压运行-20250924

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The adjustment of Argentina's tariff policy has put pressure on the operation of the oil and fat market. The current poor export of US soybeans has alleviated the expected future supply gap in the domestic market, which exerts significant pressure on soybean prices. Attention should be paid to the results of the later negotiations between China and the US [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 9054.00 yuan/ton, with a环比 change of -306 yuan and a decrease of -3.27% - The closing price of the soybean oil 2601 contract was 8086.00 yuan/ton, with a环比 change of -280.00 yuan and a decrease of -3.35% - The closing price of the rapeseed oil 2601 contract was 9996.00 yuan/ton, with a环比 change of -147.00 yuan and a decrease of -1.45% [1] Spot - The spot price of palm oil in Guangdong was 8860.00 yuan/ton, with a环比 change of -400.00 yuan and a decrease of -4.32%. The spot basis was P01 + -194.00, with a环比 change of -94.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8220.00 yuan/ton, with a环比 change of -310.00 yuan/ton and a decrease of -3.63%. The spot basis was Y01 + 134.00, with a环比 change of -30.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 10220.00 yuan/ton, with a环比 change of -140.00 yuan and a decrease of -1.35%. The spot basis was OI01 + 224.00, with a环比 change of +7.00 yuan [1] Market News - An Indonesian state-owned palm oil producer aims for a crude palm oil production target of 415,000 tons in 2025 and 1.07 million tons in 2026 - The C&F price of Argentine soybean oil (October shipment) is 1166 US dollars/ton, up 10 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (December shipment) is 1162 US dollars/ton, up 7 US dollars/ton from the previous trading day - The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (October shipment) is 1105 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (December shipment) is 1085 US dollars/ton, unchanged from the previous trading day - The C&F price of Canadian rapeseed (November shipment) is 510 US dollars/ton, down 8 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (January shipment) is 520 US dollars/ton, down 7 US dollars/ton from the previous trading day - The C&F price of US Gulf soybeans (November shipment) is 459 US dollars/ton, down 8 US dollars/ton from the previous trading day; the C&F price of US West soybeans (November shipment) is 432 US dollars/ton, down 5 US dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (November shipment) is 479 US dollars/ton, down 6 US dollars/ton from the previous trading day - The import soybean premium quotation: the Mexican Gulf (November shipment) is 240 cents/bushel, down 5 cents/bushel from the previous trading day; the US West Coast (November shipment) is 165 cents/bushel, unchanged from the previous trading day; the Brazilian port (November shipment) is 295 cents/bushel, unchanged from the previous trading day [2]