油脂数据日报-20251127

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Malay palm oil has increasing production and decreasing exports, with significant pressure in the near term, and should be treated bearishly; rapeseed oil is expected to change the supply shortage situation due to the supply expectations of Australian rapeseed and imported crude rapeseed oil, and there may be a catch - up decline compared to the trend of last year [2] 3. Summary by Related Categories Spot Price - On November 26, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 8480, 8360, and 8290 respectively, with a decrease of 80 compared to November 25 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8320, 8460, and 8470 respectively, with a decrease of 50 compared to November 25 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10110, 10160, and 10360 respectively, with decreases of 80, 80, and 110 compared to November 25 [1] Futures Data - On November 26, 2025, the spread between the main soybean and palm oil contracts was - 290, a change of - 74; the spread between the main rapeseed and soybean oil contracts was 1669, a change of - 5 [1] - The palm oil warehouse receipts were 0, with no change; the soybean oil warehouse receipts were 24625, a decrease of 2596; the rapeseed oil warehouse receipts were 3968, a decrease of 3 [1] Production and Export - According to SPPOMA, from November 1 - 20, the yield per unit area of Malaysian palm oil increased by 10.32% compared to the same period last month [1] - According to ITS, from November 1 - 20, 1 - 15, and 1 - 10, the exports of Malaysian palm oil decreased by 20.5%, 15.5%, and 12.8% respectively compared to the same period last month; according to AmSpec, the corresponding decreases were 14%, 10%, and 10% [1] Inventory - As of November 14, the national palm oil commercial inventory was 65.32 tons, a week - on - week increase of 9.36%, at a high level in recent years [1] - As of November 14, the national soybean oil commercial inventory was 114.85 tons, a week - on - week decrease of 0.75% [2] - The expected rapeseed oil import volume in November is 22.6 tons, a month - on - month increase of 26.3%, due to the concentrated arrival of new - season rapeseed oil from Russia [2] US Soybean Forecast - The 2025/26 US soybean production is forecasted to be 4.266 billion bushels, with a yield per unit area of 53.1 bushels per acre and an ending inventory of 0.304 billion bushels; the export is forecasted to be 1.635 billion bushels, a decrease of 50 million bushels compared to the September forecast [1]