Group 1: Report Information - Report Title: Oilseeds and Oils Industry Daily Report [1] - Report Date: November 7, 2025 [1] - Researcher: Xu Liang [2] - Reviewer: Tang Yun [2] Group 2: Investment Ratings - No investment ratings provided in the report. Group 3: Core Views Palm Oil - International Market: Malaysian BMD crude palm oil futures are in a volatile trend. Due to concerns about increased inventory and slower exports, there is short - term pressure to weaken and seek support at 4,000 ringgit. After the release of the MPOB supply - demand report next week, if it can effectively stand above 4,000 ringgit, an upward trend may follow. A near - term weak and long - term strong view is maintained, and the level of 4,000 ringgit should be closely monitored [3]. - Domestic Market: Dalian palm oil futures are in a downward - adjusted trend after opening higher. Affected by the decline of Malaysian palm oil, there is pressure to continue falling. Attention should be paid to whether it can effectively stand above 8,500 yuan. As Malaysian palm oil stabilizes at around 4,000 ringgit, Dalian palm oil may also stabilize and rise. A near - term weak and long - term strong view is maintained, and changes in Malaysian palm oil fundamentals and whether Dalian palm oil can stand above 8,500 yuan should be closely monitored [3]. Soybean Oil - Dalian soybean oil futures are in a narrow - range volatile trend. CBOT soybeans, soybean oil, and BMD palm oil are all in a volatile adjustment state, affecting the domestic oil market. Domestically, soybean oil supply is sufficient in most areas, but some areas have soybean meal overstock, leading to a decrease in the overall factory operating rate. Recently, due to low prices, some traders replenished stocks, and yesterday's trading volume increased. There are both bullish and bearish factors. The January contract is oscillating below the daily mid - track of 8,200 yuan. If CBOT soybeans, soybean oil, and BMD palm oil continue to fall, Dalian soybean oil will be dragged down; otherwise, there is a possibility of an upward trend after the oscillation [4]. Oilseeds (Soybean Meal) - Dalian soybean meal 01 contract declined due to the sharp drop in US soybeans yesterday and weak spot prices. However, the Brazilian premium is continuously strengthening, and the crushing profit has not significantly improved under the weak oil - meal background. The main contract of Dalian soybean meal may still test the resistance at 3,080 - 3,100 yuan in the short term. In the spot market, the fixed - price of oil mills decreased by 10 - 30 yuan/ton following the futures price. The near - month basis is weakly stable, with light overall trading volume. Feed mills maintain just - in - time procurement, and traders operate on a rolling basis. If China successfully purchases 12 million tons of US soybeans, the supply will be loose in the first quarter of next year, and the basis will be under continuous pressure with limited upward space. In the short term, the spot price will mainly fluctuate within the range of 3,000 - 3,200 yuan [17]. Group 4: Price and Spread Information Oil Spreads | Spread | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | - 66 | 40 | | P 5 - 9 | yuan/ton | 90 | 10 | | P 9 - 1 | yuan/ton | - 24 | - 50 | | Y - P 01 | yuan/ton | - 544 | - 92 | | Y - P 05 | yuan/ton | - 792 | - 46 | | Y - P 09 | yuan/ton | - 790 | - 56 | | Y 1 - 5 | yuan/ton | 182 | - 6 | | Y 5 - 9 | yuan/ton | 88 | 20 | | Y 9 - 1 | yuan/ton | - 270 | - 14 | | Y/M 01 | - | 2.6688 | 0.78% | | Y/M 05 | - | 2.832 | 0.6% | | Y/M 09 | - | 2.6932 | 0.39% | | OI 1 - 5 | yuan/ton | 391 | 46 | | OI 5 - 9 | yuan/ton | 24 | 31 | | OI 9 - 1 | yuan/ton | - 415 | - 77 | | OI/RM 01 | - | 3.7521 | 1.19% | | OI/RM 05 | - | 3.7968 | 0.76% | | OI/RM 09 | - | 3.6787 | 0.52% | [5] Palm Oil Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Palm Oil 01 | yuan/ton | 8,660 | - 0.82% | | Palm Oil 05 | yuan/ton | 8,730 | - 0.77% | | Palm Oil 09 | yuan/ton | 8,640 | - 0.78% | | BMD Palm Oil Main Contract | ringgit/ton | 4,110 | - 0.94% | | Guangzhou 24 - degree Palm Oil | yuan/ton | 8,520 | - 50 | | Guangzhou 24 - degree Basis | yuan/ton | - 46 | 50 | | POGO | US dollars/ton | 416.649 | - 1.168 | | International Soybean - Palm Oil | US dollars/ton | 46.08 | 5.95 | [8] Soybean Oil Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Soybean Oil 01 | yuan/ton | 8,184 | - 0.33% | | Soybean Oil 05 | yuan/ton | 7,960 | - 0.6% | | Soybean Oil 09 | yuan/ton | 7,878 | - 0.34% | | CBOT Soybean Oil Main Contract | cents/pound | 49.28 | - 0.87% | | Shandong First - grade Soybean Oil Spot | yuan/ton | 8,290 | 0 | | Shandong First - grade Soybean Oil Basis | yuan/ton | 212 | 52 | | BOHO (Weekly) | US dollars/barrel | 45.172 | - 7.6468 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil | yuan/ton | - 130 | - 40 | [14] Oilseed Futures Prices | Variety | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3,058 | - 10 | - 0.33% | | Soybean Meal 05 | 2,810 | - 17 | - 0.6% | | Soybean Meal 09 | 2,930 | - 10 | - 0.34% | | Rapeseed Meal 01 | 2,539 | - 10 | - 0.39% | | Rapeseed Meal 05 | 2,416 | 0 | 0% | | Rapeseed Meal 09 | 2,487 | 0 | 0% | | CBOT Yellow Soybeans | 1,108 | - 0 | 0% | | Offshore RMB | 7.1226 | - 0.0078 | - 0.11% | [17] Soybean and Rapeseed Meal Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 241 | - 8 | RM01 - 05 | 133 | 1 | | M05 - 09 | - 113 | 1 | RM05 - 09 | - 71 | 2 | | M09 - 01 | - 128 | 7 | RM09 - 01 | - 62 | - 3 | | Soybean Meal Rizhao Spot | 3,040 | - 20 | Soybean Meal Rizhao Basis | 25 | 11 | | Rapeseed Meal Fujian Spot | 2,580 | 0 | Rapeseed Meal Fujian Basis | 31 | - 12 | | Soybean and Rapeseed Meal Spot Spread | 460 | 0 | Soybean and Rapeseed Meal Futures Spread | 519 | - 17 | [18][20]
油脂油料产业日报-20251107
Dong Ya Qi Huo·2025-11-07 11:16