市场悲观，油脂冲高回落

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View - This week, the prices of vegetable oil futures rose first and then fell. The uncertainty of the US biodiesel policy and the decrease in palm - oil exports in Malaysia from November so far led to the decline of the international vegetable oil market, which in turn drove the overall decline of domestic vegetable oil futures prices. - For soybean oil, the uncertainty of the US biodiesel policy dampens market confidence. Domestic oil mills maintain a high operating rate, with sufficient supply, and the inventory is expected to remain high. - For rapeseed oil, the upcoming arrival of Australian rapeseeds weakens the market's concern about future supply. - For palm oil, both the international and domestic markets are in a situation of strong supply and weak demand, and the fundamentals lack positive support. It is expected that vegetable oil prices will be weak in the near future. [9][31] 3. Summary by Relevant Catalogs 3.1 Market Performance - This week, the soybean oil Y2601 contract fell 0.80% to close at 8,190 yuan/ton, the palm oil P2601 contract fell 1.09% to close at 8,550 yuan/ton, and the rapeseed oil OI2601 contract fell 1.08% to close at 9,816 yuan/ton. [5][30] 3.2 Important Information - Palm Oil: According to Malaysia's independent inspection agency 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 shipping survey agency SGS, Malaysia's palm - oil exports from November 1 - 20 are expected to be 471,222 tons, a 40.6% decrease from the same period last month. Malaysia's palm oil fell 1.38%. [7][30] - Soybean Oil: The International Grains Council lowered the global soybean production forecast for the 2025/26 season by 1.6 million tons to 426.4 million tons, a 0.6% decrease from the previous year, but still much higher than the recent average. Argentina's soybean production forecast was lowered to 47.8 million tons, China's to 20.9 million tons, and India's to 13.3 million tons. US soybeans rose 0.36% this week. [7][30] 3.3 Spot Analysis - As of November 21, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,440 yuan/ton, a decrease of 100 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [10] - As of November 21, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,470 yuan/ton, a decrease of 200 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [11] - As of November 21, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 10,160 yuan/ton, an increase of 60 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [13] 3.4 Other Data - As of November 19, 2025, the national soybean - oil inventory increased by 0.30 million tons to 1.373 million tons, and the national commercial palm - oil inventory increased by 6.60 million tons to 0.689 million tons. [17] - As of November 20, 2025, the port's imported soybean inventory was 8,170,220 tons. [19] - As of November 21, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 250 yuan/ton, a decrease of 66 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [21] - As of November 21, 2025, the basis of 24 - degree palm oil in Guangdong was - 80 yuan/ton, a decrease of 104 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [22] - As of November 21, 2025, the basis of rapeseed oil in Jiangsu was 344 yuan/ton, an increase of 23 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [24]