棕榈油：短期暂企稳，反弹高度有限，豆油：美豆企稳，豆油震荡偏强

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Views - Palm oil is expected to stabilize in the short - term, but the rebound height is limited [1] - With the stabilization of US soybeans, soybean oil is likely to fluctuate with an upward bias [1] 3) Summary by Directory a. Fundamental Tracking - Futures Prices: Palm oil's daily - session closing price was 8,690 yuan/ton with a 0.35% increase, and night - session closing price was 8,708 yuan/ton with a 0.21% increase. Soybean oil's daily - session closing price was 8,228 yuan/ton with a 0.54% increase, and night - session closing price was 8,232 yuan/ton with a 0.05% increase. Rapeseed oil's daily - session closing price was 9,587 yuan/ton with a 0.57% increase, and night - session closing price was 9,642 yuan/ton with a 0.57% increase. Malaysian palm oil's daily - session closing price was 4,111 ringgit/ton with a 0.02% increase, and night - session closing price was 4,124 ringgit/ton with a 0.29% increase. CBOT soybean oil's closing price was 50.53 cents/pound with a 1.71% increase [1] - Trading Volume and Open Interest: Palm oil's trading volume was 530,809 lots, an increase of 29,032 lots compared to the previous day, and open interest was 424,116 lots, an increase of 8,067 lots. Soybean oil's trading volume was 251,903 lots, a decrease of 62,806 lots, and open interest was 462,461 lots, a decrease of 9,082 lots. Rapeseed oil's trading volume was 158,000 lots, a decrease of 6,344 lots, and open interest was 208,976 lots, a decrease of 1,514 lots [1] - Spot Prices: The spot price of 24 - degree palm oil in Guangdong was 8,560 yuan/ton with no change. The spot price of first - grade soybean oil in Guangdong was 8,550 yuan/ton, an increase of 60 yuan/ton. The spot price of fourth - grade imported rapeseed oil in Guangxi was 9,930 yuan/ton, an increase of 30 yuan/ton. The FOB price of Malaysian palm oil was 1,035 dollars/ton with no change [1] - Basis: The basis of palm oil in Guangdong was - 130 yuan/ton, the basis of soybean oil in Guangdong was 322 yuan/ton, and the basis of rapeseed oil in Guangxi was 343 yuan/ton [1] - Price Spreads: The spread between rapeseed oil and palm oil futures was 897 yuan/ton, the spread between soybean oil and palm oil futures was - 462 yuan/ton, the 1 - 5 spread of palm oil was - 102 yuan/ton, the 1 - 5 spread of soybean oil was 230 yuan/ton, and the 1 - 5 spread of rapeseed oil was 413 yuan/ton [1] b. Macro and Industry News - MPOB data showed that Malaysia's palm oil inventory at the end of October increased by 4.4% to 2.46 million tons compared to the previous month. The production of crude palm oil in October increased by 11.02% to 2.04 million tons, and the export volume increased by 18.58% to 1.69 million tons [2] - AmSpec reported that Malaysia's palm oil exports from November 1 - 10 were 448,328 tons, a 9.5% decrease compared to the same period last month [3] - ITS reported that Malaysia's palm oil exports from November 1 - 10 were 459,320 tons, a 12.28% decrease compared to the same period last month [5] - Ind - Ra predicted that India's soybean oil imports in 2025 might jump by about 40% to 4.7 - 4.9 million tons. India's total edible oil imports were expected to slightly decrease to 15.5 million tons, and the import dependence would remain at about 55%. Palm oil imports in 2025 were expected to drop to about 8 million tons, lower than last year's 9 million tons [5] - Analysts' surveys showed that as of Sunday, the US soybean harvest rate was 96% and the corn harvest rate was 92%. Farmers were harvesting the highest - yielding corn in history, and soybeans were also expected to have a good harvest [5] - CONAB reported that as of November 8, Brazil's soybean sowing rate was 58.4%, compared with 47.1% last week, 66.1% in the same period last year, and a five - year average of 57.0% [6] - AgRural reported that as of last Thursday, Brazil's soybean sowing rate for the 2025/26 season had reached 61% [7] c. Trend Intensity The trend intensity of palm oil and soybean oil is both 1, indicating a neutral trend strength [8]