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Report Industry Investment Rating - No relevant content provided Core View of the Report - In the short term, fats and oils are expected to fluctuate widely before the palm oil production in the producing areas decreases and the US biodiesel policy is postponed for release [3] - The report suggests that for single - sided trading, the support level for palm oil 01 is 8400 - 8500, and for soybean oil 01 is 8000 - 8100. For options, the put option buyers of palm oil should take profit and exit. For arbitrage, it is advisable to wait and see [5] Summary by Related Catalogs Fundamental View - Soybean oil: The rainfall in the central - western region of Brazil in the next two weeks is favorable for soybean sowing. The import tariff of US soybeans is 13%, still higher than the 3% tariff of South American soybeans [3] - Palm oil: MPOA data shows that the palm oil production in Malaysia from October 1 - 31, 2025 increased by 12.31% month - on - month. ITS and Amspec data indicate that the expected export volume of Malaysian palm oil from October 1 - 31 increased by 5.19% and 4.31% respectively compared with the same period last month. The large increase in Malaysian palm oil production makes the probability of inventory accumulation in October relatively high. Attention should be paid to the October MPOB report [3] - Rapeseed oil: With the import of Australian and Russian rapeseed into China later, the domestic supply of rapeseed oil is expected to increase. Attention should be paid to China's import of Australian rapeseed and rapeseed oil from other regions, as well as the progress of Indonesia's B50 and US biodiesel policies [3] Strategy View and Outlook - Single - sided trading: Suggest that the support level for palm oil 01 is 8400 - 8500, and for soybean oil 01 is 8000 - 8100. For options, the put option buyers of palm oil should take profit and exit [5] - Arbitrage: It is advisable to wait and see [5] - Outlook: Attention should be paid to national biodiesel policies, the production and export of Southeast Asian palm oil, China's rapeseed import policy, and crude oil prices. Overall, fats and oils are expected to fluctuate widely in the short term [5] Periodic and Spot Market - Last week, fats and oils fluctuated widely. The soybean - palm oil spread, rapeseed - palm oil spread, and rapeseed - soybean oil spread all fluctuated widely, and it is recommended to wait and see [12][17] Supply Side - Malaysian palm oil: According to the September MPOB report, the palm oil inventory in Malaysia in September increased significantly to 2.361 million tons, much higher than expected. The production decreased slightly, but the decline was less than market expectations. The export increased month - on - month to 1.4276 million tons, in line with market expectations. The apparent consumption was 333,400 tons, a significant decrease compared with the previous month. This report is bearish [30] - Domestic soybean and soybean oil: Data on import volume, crushing volume, and inventory are presented through charts, but no specific analysis is provided in the text [31] - Domestic rapeseed and rapeseed oil: Data on import volume, crushing volume, and inventory are presented through charts, but no specific analysis is provided in the text [41] - Domestic palm oil: Data on import volume are presented through charts, but no specific analysis is provided in the text [51] Demand Side - Data on the trading volume of fats and oils are presented through charts, but no specific analysis is provided in the text [54] Inventory - As of October 31, 2025, the commercial inventory of soybean oil in key regions across the country was 1.2158 million tons, a decrease of 34,500 tons (2.76%) from the previous week and an increase of 83,300 tons (7.36%) year - on - year. The commercial inventory of palm oil in key regions across the country was 592,800 tons, a decrease of 14,300 tons (2.36%) from the previous week and an increase of 87,400 tons (17.29%) compared with 505,400 tons last year [63] - As of October 31, 2025, the rapeseed inventory of major oil mills in coastal areas was 0 tons, a decrease of 600 tons from the previous week; the rapeseed oil inventory was 38,000 tons, a decrease of 4,000 tons from the previous week; the unexecuted contracts were 15,000 tons, a decrease of 5,000 tons from the previous week [66] Disk Import Profit - As of November 7, 2025, the disk import profit of 24 - degree palm oil for the December shipment was - 215 yuan/ton [70]