油脂日报：油脂供需结构稳定，盘面震荡调整-20251120

Group 1: Report Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View - The supply - demand structure of oils and fats is stable, and the market is in a state of volatile adjustment [1] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 8,852.00 yuan/ton, with a day - on - day change of +144 yuan (+1.65%) - The closing price of the soybean oil 2601 contract was 8,356.00 yuan/ton, with a day - on - day change of +36.00 yuan (+0.43%) - The closing price of the rapeseed oil 2601 contract was 9,813.00 yuan/ton, with a day - on - day change of - 61.00 yuan (-0.62%) [1] Spot - The spot price of palm oil in Guangdong was 8,780.00 yuan/ton, with a day - on - day change of +130.00 yuan (+1.50%), and the spot basis was P01 - 72.00, with a day - on - day change of - 14.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8,540.00 yuan/ton, with a day - on - day change of +40.00 yuan/ton (+0.47%), and the spot basis was Y01 + 184.00, with a day - on - day change of +4.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,160.00 yuan/ton, with a day - on - day change of - 60.00 yuan (-0.59%), and the spot basis was OI01 + 347.00, with a day - on - day change of +1.00 yuan [1] Market News - The C&F price of Argentine soybean oil (December shipment) was 1,164 dollars/ton, up 21 dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,165 dollars/ton, up 24 dollars/ton from the previous trading day - The C&F price of Canadian rapeseed oil (December shipment) was 1,100 dollars/ton, unchanged from the previous trading day; the C&F price of Canadian rapeseed oil (February shipment) was 1,080 dollars/ton, unchanged from the previous trading day - The C&F price of Canadian rapeseed (January shipment) was 537 dollars/ton, up 3 dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 546 dollars/ton, up 4 dollars/ton from the previous trading day - The C&F price of US Gulf soybeans (December shipment) was 510 dollars/ton, down 3 dollars/ton from the previous trading day; the C&F price of US West soybeans (December shipment) was 505 dollars/ton, down 2 dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (December shipment) was 499 dollars/ton, down 3 dollars/ton from the previous trading day - The import soybean premium quotes for the Mexican Gulf (December shipment) was 240 cents/bushel, unchanged from the previous trading day; the US West Coast (December shipment) was 225 cents/bushel, unchanged from the previous trading day; the Brazilian port (December shipment) was 210 cents/bushel, unchanged from the previous trading day - Foreign media expected that the EPA was preparing to submit the final RVO plan to the White House. After the SRE redistribution, the RVO quantity in the EPA's final plan would be higher than that in the proposed plan in June - China's palm oil imports in October were 220,000 tons, a year - on - year decrease of 11.7%. From January to October, palm oil imports were 1.96 million tons, a year - on - year decrease of 15.3% [2] Group 4: Price Support Factors - The prices of the three major oils fluctuated. The record - high US soybean crushing volume, a 38.2% year - on - year increase in China's soybean oil imports in October, and market expectations of possible changes in the US EPA's biofuel blending ratio (RVO) provided some support for soybean oil [3] Group 5: Figures - The report includes 30 figures related to the prices, yields, trading volumes, and inventories of palm oil, soybean oil, and rapeseed oil, with data sources mainly from Steel Union Data and the Huatai Futures Research Institute [5]