油脂日报：USDA报告发布，油脂持续震荡-20251118

Report Industry Investment Rating - The investment strategy for the oils and fats industry is neutral [4] Report's Core View - The USDA released its monthly supply and demand report on Friday night, lowering the U.S. soybean yield, which was in line with market expectations, but raising Brazil's production forecast. The overall supply side is favorable, and with the smooth sowing in Brazil recently, the expectation of a bumper harvest persists. The overall supply - demand pattern of oils and fats remains unchanged, and the prices will fluctuate [3] Summary by Related Catalogs Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 8,680 yuan/ton, a环比 increase of 36 yuan or 0.42% [1] - The closing price of the soybean oil 2601 contract yesterday was 8,282 yuan/ton, a环比 increase of 26 yuan or 0.31% [1] - The closing price of the rapeseed oil 2601 contract yesterday was 9,880 yuan/ton, a环比 decrease of 43 yuan or 0.43% [1] Spot - The spot price of palm oil in Guangdong was 8,570 yuan/ton, a环比 decrease of 10 yuan or 0.12%. The spot basis was P01 + - 110 yuan, a环比 decrease of 46 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8,470 yuan/ton, a环比 increase of 20 yuan/ton or 0.24%. The spot basis was Y01 + 188 yuan, a环比 decrease of 6 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,230 yuan/ton, a环比 decrease of 40 yuan or 0.39%. The spot basis was OI01 + 350 yuan, a环比 increase of 3 yuan [1] Recent Market Consultation - According to AmSpec, Malaysia's palm oil exports from November 1 - 15 were 702,692 tons, a 10% decrease from the same period last month. According to SGS, the expected exports from November 1 - 15 were 334,295 tons, a 44.9% decrease from the same period last month [2] - As of last Thursday, 71% of Brazil's 2025/26 soybean planting area and 85% of the first - season corn planting area in Brazil's central - southern region had reached the expected area [2] - The C&F price of Canadian rapeseed (January shipment) was 529 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 537 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day [2] - The C&F price of Argentine soybean oil (December shipment) was 1,134 US dollars/ton, a decrease of 12 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,135 US dollars/ton, a decrease of 10 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed oil (December shipment) was 1,100 US dollars/ton, an increase of 15 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed oil (February shipment) was 1,080 US dollars/ton, an increase of 15 US dollars/ton from the previous trading day [2]