棕榈油：产地驱动不明，关注棕油下方支撑，豆油：南美产情偏好，关注中美经贸关系

Report Overview - Report Date: October 22, 2025 - Report Focus: Palm oil and soybean oil market analysis 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For palm oil, the drivers from the production areas are unclear, and attention should be paid to the lower support level of palm oil [1] - For soybean oil, the production situation in South America is favorable, and attention should be paid to the economic and trade relations between China and the United States [2] 3. Summary by Directory 3.1 Fundamental Tracking Futures - Palm oil主力: Closing price (day session) is 9,294 yuan/ton with a decline of 0.26%, and (night session) is 9,270 yuan/ton with a decline of 0.26%. Trading volume is 553,539 lots with an increase of 92,105 lots, and open interest is 333,677 lots with a decrease of 10,566 lots [3] - Soybean oil主力: Closing price (day session) is 8,294 yuan/ton with a decline of 0.05%, and (night session) is 8,252 yuan/ton with a decline of 0.51%. Trading volume is 249,004 lots with a decrease of 8,688 lots, and open interest is 506,908 lots with an increase of 7,832 lots [3] - Rapeseed oil主力: Closing price (day session) is 9,864 yuan/ton with a decline of 0.54%, and (night session) is 9,840 yuan/ton with a decline of 0.24%. Trading volume is 191,938 lots with an increase of 40,415 lots, and open interest is 269,555 lots with a decrease of 9,161 lots [3] - Malaysian palm oil主力: Closing price (day session) is 4,508 ringgit/ton with a decline of 0.13%, and (night session) is 4,495 ringgit/ton with a decline of 0.22% [3] - CBOT soybean oil主力: Closing price is 50.62 cents/pound with a decline of 1.34% [3] Spot - Palm oil (24 degrees, Guangdong): Spot price is 9,200 yuan/ton with a decrease of 100 yuan/ton [3] - First - grade soybean oil (Guangdong): Spot price is 8,680 yuan/ton with no change [3] - Fourth - grade imported rapeseed oil (Guangxi): Spot price is 10,090 yuan/ton with a decrease of 30 yuan/ton [3] - Malaysian palm oil FOB offshore price (continuous contract): Spot price is 1,110 US dollars/ton with no change [3] Basis - Palm oil (Guangdong): Spot basis is - 94 yuan/ton [3] - Soybean oil (Guangdong): Spot basis is 386 yuan/ton [3] - Rapeseed oil (Guangxi): Spot basis is 226 yuan/ton [3] Spread - Rapeseed - palm oil futures主力 spread: The spread on the previous trading day is 570 yuan/ton, compared with 600 yuan/ton two trading days ago [3] - Soybean - palm oil futures主力 spread: The spread on the previous trading day is - 1,000 yuan/ton, compared with - 1,020 yuan/ton two trading days ago [3] - Palm oil 1 - 5 spread: The spread on the previous trading day is 12 yuan/ton, compared with 22 yuan/ton two trading days ago [3] - Soybean oil 1 - 5 spread: The spread on the previous trading day is 180 yuan/ton, compared with 196 yuan/ton two trading days ago [3] - Rapeseed oil 1 - 5 spread: The spread on the previous trading day is 358 yuan/ton, compared with 370 yuan/ton two trading days ago [3] 3.2 Macro and Industry News - From October 1 - 20, 2025, Malaysian palm oil yield per unit area increased by 1.45% month - on - month, oil extraction rate increased by 0.24% month - on - month, and production increased by 2.71% month - on - month according to SPPOMA data [4] - Malaysia's palm oil exports from October 1 - 20, 2025, were 965,066 tons, a 2.5% increase compared to the same period last month according to AmSpec [5] - The European Commission proposed to further relax the EU's anti - deforestation law, and the Malaysian Palm Oil Council stated that the crude palm oil price will remain above 4,400 ringgit/ton in 2026 [7] - Brazil's ANEC expects Brazil's soybean exports in October to be 7.34 million tons, higher than last week's forecast [7] 3.3 Trend Intensity - Palm oil trend intensity: 0 - Soybean oil trend intensity: 0 [8]