油脂日报：棕榈油出口下降，盘面承压震荡-20251121

Group 1: Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. Recent high - frequency palm oil export data shows that the exports of major palm oil producing countries have slowed down. The market expects the contradiction in the supply - demand pattern to intensify further, and palm oil is under pressure [3] Group 3: Market Analysis Futures Market - Yesterday, the closing price of the palm oil 2601 contract was 8,646.00 yuan/ton, a decrease of 206 yuan or 2.33% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,224.00 yuan/ton, a decrease of 132.00 yuan or 1.58%; the closing price of the rapeseed oil 2601 contract was 9,779.00 yuan/ton, a decrease of 34.00 yuan or 0.35% [1] Spot Market - In the Guangdong region, the spot price of palm oil was 8,670.00 yuan/ton, a decrease of 110.00 yuan or 1.25%, and the spot basis was P01 + 24.00, an increase of 96.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,440.00 yuan/ton, a decrease of 100.00 yuan/ton or 1.17%, and the spot basis was Y01 + 216.00, an increase of 32.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,130.00 yuan/ton, a decrease of 30.00 yuan or 0.30%, and the spot basis was OI01 + 351.00, an increase of 4.00 yuan [1] Group 4: Recent Market Consultation Summary Palm Oil Exports - According to AmSpec, Malaysia's palm oil exports from November 1 - 20 were 828,680 tons, a 14.1% decrease from the same period last month. According to ITS, Malaysia's palm oil exports from November 1 - 20 were 831,005 tons, a 20.5% decrease from the same period last month [2] Soybean Prices - The C&F price of US Gulf soybeans (December shipment) was 505 US dollars/ton, a decrease of 5 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (December shipment) was 500 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (December shipment) was 490 US dollars/ton, a decrease of 9 US dollars/ton [2] Imported Soybean Premium Quotes - The premium for Mexican Gulf soybeans (December shipment) was 240 cents/bushel, unchanged from the previous trading day; the premium for US West Coast soybeans (December shipment) was 226 cents/bushel, an increase of 1 cent/bushel; the premium for Brazilian port soybeans (December shipment) was 200 cents/bushel, a decrease of 10 cents/bushel [2] Argentine Soybean Oil Prices - The C&F price of Argentine soybean oil (December shipment) was 1,181 US dollars/ton, an increase of 17 US dollars/ton compared to the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,176 US dollars/ton, an increase of 11 US dollars/ton [2] Imported Rapeseed Oil C&F Quotes - The C&F quote for Canadian rapeseed oil (December shipment) was 1,100 US dollars/ton, unchanged from the previous trading day; the C&F quote for Canadian rapeseed oil (February shipment) was 1,080 US dollars/ton, unchanged from the previous trading day [2] Canadian Rapeseed C&F Prices - The C&F price of Canadian rapeseed (January shipment) was 531 US dollars/ton, a decrease of 6 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 540 US dollars/ton, a decrease of 6 US dollars/ton [2]