油脂油料早报-20251118

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report offers a comprehensive overview of the overnight market information for the oils and fats and oilseeds industry, covering the export, production, and inventory of key products in major countries, as well as the price and basis of relevant commodities [1]. 3. Summary by Related Catalogs Overnight Market Information - US Soybean Export: As of the week ending November 13, 2025, the US soybean export inspection volume was 1,176,307 tons, in line with market expectations. The cumulative export inspection volume for this crop year is 10,109,477 tons, compared to 17,587,634 tons in the same period of the previous year [1]. - US Soybean Crushing: In October 2025, the US soybean crushing volume reached a record high of 227.647 million bushels, a 15.1% increase from September and a 13.9% increase from October 2024. The soybean oil inventory of NOPA member companies rose to 1.305 billion pounds at the end of October, a 5.0% increase from the end of September and a 21.5% increase from the same period last year [1]. - Brazilian Soybean Planting and Export: As of last Thursday, the planting rate of Brazil's 2025/26 soybean crop reached 71%, lagging behind 80% in the same period last year due to irregular rainfall. Brazil exported 2,302,124.10 tons of soybeans in the first two weeks of November, with the daily average export volume increasing by 71% compared to the full - month daily average in November last year [1]. - Malaysian Palm Oil: Malaysia lowered the reference price of crude palm oil for December while keeping the export tariff at 10%. From November 1 - 15, 2025, Malaysia's palm oil production increased by 4.09% month - on - month, but the export volume decreased by 44.9% (SGS data) or 10.0% (AmSpec data) month - on - month [1]. Spot Price The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 11 to 17, 2025 [5].