油脂日报：中国自阿根廷大豆买船增多，油脂震荡-20250925

Report Industry Investment Rating - The investment rating for the industry is neutral [4] Core Viewpoints - The prices of the three major oils fluctuated yesterday. As the estimated quantity of Chinese buyers' purchases of Argentine soybeans this week continued to increase, the market focus shifted back to the stagnant global trade relations. The price of CBOT soybeans was under continuous pressure, which also exerted some pressure on domestic oil prices [3] - The EU's decision to postpone the implementation of the anti - deforestation regulations by one year provides a temporary respite for palm oil exporters. Although it eases the compliance risks and cost pressures on exporters and reduces the immediate risk of weak palm oil demand, it also prolongs the regulatory uncertainty faced by producers [2] Summary According to Related Catalogs Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9,126.00 yuan/ton, a change of +72 yuan or +0.80% compared to the previous day; the closing price of the soybean oil 2601 contract was 8,100.00 yuan/ton, a change of +14.00 yuan or +0.17%; the closing price of the rapeseed oil 2601 contract was 9,921.00 yuan/ton, a change of -75.00 yuan or -0.75% [1] - Spot: The spot price of palm oil in Guangdong was 8,970.00 yuan/ton, a change of +110.00 yuan or +1.24%, and the spot basis was P01 + - 156.00, a change of +38.00 yuan; the spot price of first - grade soybean oil in Tianjin was 8,280.00 yuan/ton, a change of +60.00 yuan/ton or +0.73%, and the spot basis was Y01 + 180.00, a change of +46.00 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 10,140.00 yuan/ton, a change of -80.00 yuan or -0.78%, and the spot basis was OI01 + 219.00, a change of -5.00 yuan [1] Market Information - EU's anti - deforestation regulations delay: CIMB Securities believes that the postponement of the EU's anti - deforestation regulations (EUDR) has a slightly positive impact on palm oil producers as it alleviates market concerns about weak demand in Q1 2026 due to the implementation of EUDR. There is still room for further negotiation or policy adjustment before the new deadline [2] - Feed production and price: The national industrial feed output was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. The output of compound feed, concentrated feed, and additive premixed feed increased by 3.4%, 8.3%, and 7.9% year - on - year respectively. The ex - factory prices of feed products showed a downward trend year - on - year. The ex - factory prices of livestock and poultry compound feed and concentrated feed mainly increased month - on - month, while the ex - factory price of additive premixed feed decreased slightly. The proportion of corn in compound feed produced by feed enterprises was 32.9%, and the proportion of soybean meal in compound feed and concentrated feed was 14.3% [2] - International oil price: The C&F price of Canadian rapeseed (November shipment) was 515 US dollars/ton, up 5 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (January shipment) was 524 US dollars/ton, up 4 US dollars/ton. The C&F price of Argentine soybean oil (October shipment) was 1,111 US dollars/ton, down 55 US dollars/ton; the C&F price of Argentine soybean oil (December shipment) was 1,111 US dollars/ton, down 51 US dollars/ton. The C&F quotation of imported rapeseed oil: the price of Canadian rapeseed oil (October shipment) was 1,105 US dollars/ton, unchanged from the previous trading day; the price of Canadian rapeseed oil (December shipment) was 1,085 US dollars/ton, unchanged [2]