棕榈油：产地去库存疑，暂时偏弱对待，豆油：区间震荡为主，豆棕维持做扩

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Palm oil is to be treated weakly for now due to doubts about inventory reduction at the origin [1]. - Soybean oil is expected to mainly trade in a range, and the spread between soybean oil and palm oil is to be widened [1]. Section Summaries Fundamental Tracking - Futures Prices: Palm oil closed at 8,360 yuan/ton (down 1.48% during the day session) and 8,336 yuan/ton (down 0.29% - 0.66% during the night session); soybean oil closed at 8,144 yuan/ton (down 0.29% during the day session) and 8,090 yuan/ton (no night - session change provided); rapeseed oil closed at 9,818 yuan/ton (up 0.41% during the day session) and 9,718 yuan/ton (down 1.02% during the night session); Malaysian palm oil closed at 3,990 ringgit/ton (down 1.60% during the day session) and 3,985 ringgit/ton (down 0.13% during the night session); CBOT soybean oil closed at 50.63 cents/pound (up 0.22%) [2]. - Trading Volume and Open Interest: Palm oil trading volume was 597,491 lots (up 19,647), and open interest was 403,650 lots (up 1,873); soybean oil trading volume was 193,598 lots (down 6,902), and open interest was 400,254 lots (down 12,897); rapeseed oil trading volume was 331,005 lots (up 27,934), and open interest was 213,554 lots (down 21,536) [2]. - Spot Prices: Palm oil (24 - degree, Guangdong) was 8,370 yuan/ton (down 60 yuan); first - grade soybean oil (Guangdong) was 8,520 yuan/ton (down 20 yuan); fourth - grade imported rapeseed oil (Guangxi) was 10,260 yuan/ton (no change); Malaysian palm oil FOB was 1,025 dollars/ton (down 5 dollars) [2]. - Basis: Palm oil (Guangdong) basis was 10 yuan/ton; soybean oil (Guangdong) basis was 376 yuan/ton; rapeseed oil (Guangxi) basis was 442 yuan/ton [2]. - Price Spreads: Rapeseed - palm oil futures spread was 1,458 yuan/ton; soybean - palm oil futures spread was - 216 yuan/ton; palm oil 1 - 5 spread was - 82 yuan/ton; soybean oil 1 - 5 spread was 198 yuan/ton; rapeseed oil 1 - 5 spread was 330 yuan/ton [2]. Macro and Industry News - Palm Oil Exports: ITS reported that Malaysia's palm oil exports from November 1 - 25, 2025, were 1,041,935 tons, a 18.8% decrease from the same period last month; AmSpec reported exports of 987,978 tons, a 16.4% decrease from the same period last month [3][4][5]. - US Agricultural Aid: The Trump administration is expected to announce a package of aid for US farmers within two weeks [5]. - Brazilian Soybean Exports: Brazil's November soybean exports are expected to reach 440 tons (down from last week's forecast of 471 tons), and soybean meal exports are expected to be 250 tons (down from last week's forecast of 268 tons) [5]. - Argentine Soybean Processing: Argentina's October soybean crushing was 4,036,171 tons, with soybean oil production of 794,211 tons and soybean meal production of 2,976,944 tons. As of November 1, 2025, soybean inventory was 2,798,823 tons, soybean oil inventory was 296,624 tons, and soybean meal inventory was 1,050,328 tons [5]. - EU Imports: As of November 21, 2025, the EU's 2025/26 palm oil imports were 1.12 million tons (down from 1.36 million tons last year); soybean imports were 4.66 million tons (down from 5.41 million tons last year); soybean meal imports were 7.02 million tons (down from 7.83 million tons last year); rapeseed imports were 1.51 million tons (down from 2.53 million tons last year) [6]. - Canadian Rapeseed: Canada's 2025/26 rapeseed production forecast remains at 20.028 million tons, exports at 7 million tons, domestic use at 12.226 million tons, and ending inventory at 2.5 million tons [6]. Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral outlook for both [7].