棕榈油：反弹高度有限，关注产地去库进程，豆油：暂无突破驱动，区间震荡为主

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Palm oil has limited rebound height, and attention should be paid to the inventory reduction process in the producing areas [1]. - Soybean oil has no breakthrough driving force and mainly fluctuates within a range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: Palm oil主力 closed at 8,852 yuan/ton (up 1.65% during the day, down 0.66% at night), soybean oil主力 at 8,356 yuan/ton (up 0.43% during the day, up 0.05% at night), and rapeseed oil主力 at 9,813 yuan/ton (down 0.62% during the day, down 0.37% at night). The Malaysian palm oil主力 closed at 4,226 ringgit/ton (up 0.38% during the day, down 0.99% at night), and CBOT soybean oil主力 at 51.45 cents/pound (down 2.00%) [1]. - Trading Volume and Open Interest: Palm oil主力 had a trading volume of 822,062 lots (an increase of 349,773 lots) and an open interest of 380,300 lots (a decrease of 40,243 lots). Soybean oil主力 had a trading volume of 375,221 lots (an increase of 118,519 lots) and an open interest of 462,799 lots (an increase of 134 lots). Rapeseed oil主力 had a trading volume of 311,645 lots (an increase of 96,313 lots) and an open interest of 243,297 lots (a decrease of 7,957 lots) [1]. - Spot Prices: Palm oil (24 degrees) in Guangdong was priced at 8,740 yuan/ton (an increase of 120 yuan/ton), first - grade soybean oil in Guangdong at 8,720 yuan/ton (an increase of 50 yuan/ton), and fourth - grade imported rapeseed oil in Guangxi at 10,240 yuan/ton (a decrease of 100 yuan/ton). The FOB price of Malaysian palm oil was 1,055 dollars/ton (an increase of 10 dollars/ton) [1]. - Basis and Spreads: The basis of palm oil in Guangdong was - 112 yuan/ton, soybean oil in Guangdong was 364 yuan/ton, and rapeseed oil in Guangxi was 427 yuan/ton. The spread between rapeseed oil and palm oil futures主力 was 1,279 yuan/ton, between soybean oil and palm oil futures主力 was - 496 yuan/ton [1]. 3.2 Macro and Industry News - Malaysian Palm Oil: Sarawak Oil Palms Berhad aims to maximize the output of its existing plantations. Sarawak has 1.62 million hectares of oil palm plantations, accounting for 29% of Malaysia's total, but its output only accounts for 21.6% of Malaysia's palm oil output. The company's CEO expects a 5% year - on - year increase in output this year, with last year's total output at 1.25 million tons [2][3]. - US Crop Planting: S&P Global Energy predicts that the US corn planting area in 2026 will be reduced by 3.8% (3.7 million acres) compared to 2025, while the soybean planting area will increase by 4% (3.4 million acres) [3]. - US Soybean Exports: On November 19, private exporters reported the sale of 330,000 tons of soybeans to China for shipment in the 2025/2026 market year [3]. - Brazilian Soybeans: Due to irregular rainfall, Safras & Mercado estimates Brazil's 2025/26 soybean output at 178.76 million tons, a reduction of over 2 million tons from the September forecast. However, it will still reach a record high, a 4% increase from the previous year. The soybean planting area is expected to increase by 1.4% to 48.31 million hectares. Anec expects Brazil's soybean exports in November to reach 4.71 million tons and soybean meal exports to reach 2.68 million tons [4]. - Argentine Soybeans: As of the week of November 12, Argentine farmers sold 533,500 tons of 2024/2025 soybeans, with cumulative sales reaching 39.3662 million tons, and 41,900 tons of 2025/2026 soybeans, with cumulative sales reaching 4.2166 million tons [5]. 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is - 1, indicating a relatively bearish outlook [6].