棕榈油：高产边际交易减弱，技术反弹，豆油：区间震荡为主

1. Report Industry Investment Rating - No information provided on the industry investment rating in the reports. 2. Core Views of the Report - Palm oil: The trading of high - yield margins weakens, and there is a technical rebound [1]. - Soybean oil: It mainly fluctuates within a range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking Futures | Futures | Closing Price (Day Session) | Daily Change | Closing Price (Night Session) | Night - Session Change | | ---- | ---- | ---- | ---- | ---- | | Palm oil main contract | 8,528 yuan/ton | 1.04% | 8,598 yuan/ton | 0.82% | | Soybean oil main contract | 8,224 yuan/ton | 0.91% | 8,236 yuan/ton | 0.15% | | Rapeseed oil main contract | 9,772 yuan/ton | - 0.48% | 9,793 yuan/ton | 0.21% | | Malaysian palm oil main contract | 4,089 ringgit/ton | 1.67% | 4,121 ringgit/ton | 0.76% | | CBOT soybean oil main contract | 51.05 cents/pound | 0.79% | - | - | | Futures | Previous Trading Day's Trading Volume | Volume Change | Previous Trading Day's Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | | Palm oil main contract | 383,418 lots | - 120,764 | 365,152 lots | - 17,145 | | Soybean oil main contract | 225,589 lots | - 8,550 | 357,514 lots | - 25,925 | | Rapeseed oil main contract | 240,541 lots | - 70,749 | 181,941 lots | - 17,805 | [1] Spot | Spot | Price | Price Change | | ---- | ---- | ---- | | 24 - degree palm oil (Guangdong) | 8,390 yuan/ton | 100 yuan/ton | | First - grade soybean oil (Guangdong) | 8,570 yuan/ton | 100 yuan/ton | | Fourth - grade imported rapeseed oil (Guangxi) | 10,180 yuan/ton | 0 yuan/ton | | Malaysian palm oil FOB (continuous contract) | 1,020 dollars/ton | 5 dollars/ton | [1] Basis | Basis | Value | | ---- | ---- | | Palm oil (Guangdong) | - 138 yuan/ton | | Soybean oil (Guangdong) | 346 yuan/ton | | Rapeseed oil (Guangxi) | 408 yuan/ton | [1] Spread | Spread | Previous Trading Day | Two Trading Days Ago | | ---- | ---- | ---- | | Rapeseed - palm oil futures main - contract spread | 1,379 yuan/ton | 1,458 yuan/ton | | Soybean - palm oil futures main - contract spread | - 304 yuan/ton | - 290 yuan/ton | | Palm oil 1 - 5 spread | N/A | - 58 yuan/ton | | Soybean oil 1 - 5 spread | N/A | 200 yuan/ton | | Rapeseed oil 1 - 5 spread | N/A | 279 yuan/ton | [1] 3.2 Macro and Industry News - SGS estimates that Malaysia's palm oil exports from November 1 - 25 were 583,574 tons, a 40.77% decrease from the same period last month [2]. - Malaysia's palm oil exports to China in the first 10 months of this year decreased by about 29% year - on - year, facing challenges in competitiveness, logistics, pricing, and market positioning [3][4]. - GAPKI data shows that Indonesia exported 2.2 million tons of palm oil in September, lower than 2.26 million tons in the same period last year, and produced 3.93 million tons of crude palm oil in September [4]. - Continuous heavy rain in Indonesia's Sumatra Island caused floods and landslides, resulting in 52 deaths as of November 27 [4]. - US farmers are expected to reduce corn planting area and increase soybean planting area next year. Surveys show that 53% of economists expect soybean planting area to be 82 - 84 million acres, 40% think it will be 84 - 86 million acres, and 7% think it will exceed 86 million acres. S&P Global estimates that the corn planting area will be 95 million acres and the soybean planting area will be 84.5 million acres [5]. - Brazilian 2025/26 soybean crop production is expected to reach a record 178 million tons. Although planting was delayed in some areas due to abnormal weather, the planting area increased by about 1 million hectares. Brazilian farmers' agricultural profit is expected to drop from 45% to 33%, and agricultural costs will increase. The soybean price per hectare will reach 4,223 reais, higher than 3,918 reais last year, and the price per bag will drop from 109 reais to 106 reais [6]. - Brazil's Paraná state's 2025/26 soybean production is expected to be 21.96 million tons, stable compared with the October estimate and a 4% increase from last year [6]. - Anec data shows that Brazil exported 839,997 tons of soybeans, 595,009 tons of soybean meal, and 1,122,093 tons of corn from November 16 - 22, and plans to export 1,042,151 tons of soybeans, 850,134 tons of soybean meal, and 1,672,547 tons of corn from November 23 - 29 [6]. 3.3 Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7].