棕榈油：B50路测提前，品种间偏强运行：美豆震荡运行，豆油难打开新高度

Report Summary Report Industry Investment Rating No industry investment rating is provided in the report. Report's Core View - Palm oil is expected to be relatively strong among varieties due to the early B50 road test. - Soybean oil is likely to fluctuate with US soybeans and is difficult to reach new highs [1]. Summary by Related Catalogs 1. Fundamental Tracking - Futures Data - Palm oil: The daytime closing price was 9,570 yuan/ton with a daily increase of 3.71%, and the night - session closing price was 9,596 yuan/ton with a 0.27% increase. Trading volume was 509,596 lots, up 110,994 lots, and open interest was 379,054 lots, up 46,907 lots [2]. - Soybean oil: The daytime closing price was 8,332 yuan/ton with a 2.36% increase, and the night - session closing price was 8,374 yuan/ton with a 0.50% increase. Trading volume was 336,990 lots, up 136,756 lots, and open interest was 506,255 lots, down 8,109 lots [2]. - Rapeseed oil: The daytime closing price was 10,248 yuan/ton with a 2.03% increase, and the night - session closing price was 10,197 yuan/ton with a - 0.50% decrease. Trading volume was 209,869 lots, up 28,319 lots, and open interest was 329,150 lots, up 25,710 lots [2]. - Malaysian palm oil: The closing price was 4,594 ringgit/ton with a 1.06% increase, and the night - session closing price was 4,595 ringgit/ton with a 0.09% increase [2]. - CBOT soybean oil: The closing price was 50.97 cents/pound with a - 0.99% decrease [2]. - Spot Data - Palm oil (24 - degree, Guangdong): The spot price was 9,460 yuan/ton, up 400 yuan/ton [2]. - First - grade soybean oil (Guangdong): The spot price was 8,680 yuan/ton, up 230 yuan/ton [2]. - Fourth - grade imported rapeseed oil (Guangxi): The spot price was 10,450 yuan/ton, up 200 yuan/ton [2]. - Malaysian palm oil FOB price: The spot price was 1,120 dollars/ton, up 30 dollars/ton [2]. - Basis Data - Palm oil (Guangdong): The basis was - 110 yuan/ton [2]. - Soybean oil (Guangdong): The basis was 348 yuan/ton [2]. - Rapeseed oil (Guangxi): The basis was 202 yuan/ton [2]. - Spread Data - Rapeseed - palm oil futures spread: The previous trading day's spread was 678 yuan/ton, compared with 816 yuan/ton two trading days ago [2]. - Soybean - palm oil futures spread: The previous trading day's spread was - 1,238 yuan/ton, compared with - 1,088 yuan/ton two trading days ago [2]. - Palm oil 1 - 5 spread: The previous trading day's spread was 210 yuan/ton, compared with 192 yuan/ton two trading days ago [2]. - Soybean oil 1 - 5 spread: The previous trading day's spread was 258 yuan/ton, compared with 244 yuan/ton two trading days ago [2]. - Rapeseed oil 1 - 5 spread: The previous trading day's spread was 519 yuan/ton, compared with 523 yuan/ton two trading days ago [2]. 2. Macro and Industry News - Indonesia will implement a mandatory B50 biodiesel program starting in the second half of 2026, which will eliminate the need for diesel imports [3]. - The B50 biodiesel program in Indonesia in 2026 will generate an additional demand for 530,000 tons of crude palm oil [4]. 3. Trend Intensity - Palm oil trend intensity: 0 - Soybean oil trend intensity: 0 Note: The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6].