棕榈油：等待拐点确认，暂时区间操作，豆油：美豆驱动不足，震荡为主

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Palm oil: Wait for the inflection point confirmation and conduct range - bound operations temporarily [1] - Soybean oil: Lack of drive from US soybeans, mainly in a volatile state [1] 3) Summaries by Related Catalogs a. Fundamental Tracking - Futures Data: - Palm oil主力: Closing price (day session) is 8,570 yuan/ton with a 0.30% increase; closing price (night session) is 8,288 yuan/ton with a - 0.69% decrease. Trading volume is 367,522 lots, a decrease of 43,446 lots, and open interest is 312,424 lots, a decrease of 18,937 lots [1] - Soybean oil主力: Closing price (day session) is 8,652 yuan/ton with a 0.53% increase; closing price (night session) is 8,592 yuan/ton with a - 0.34% decrease. Trading volume is 202,373 lots, an increase of 30,192 lots, and open interest is 333,076 lots, a decrease of 14,314 lots [1] - Rapeseed oil主力: Closing price (day session) is 9,770 yuan/ton with a 0.13% increase; closing price (night session) is 9,705 yuan/ton with a - 0.67% decrease. Trading volume is 254,334 lots, an increase of 19,155 lots, and open interest is 171,603 lots, a decrease of 4,352 lots [1] - Malaysian palm oil主力: Closing price is 4,093 ringgit/ton with a - 0.51% decrease; closing price (night session) is 4,064 ringgit/ton with a - 0.73% decrease [1] - CBOT soybean oil主力: Closing price is 52.32 cents/pound with a 0.52% increase [1] - Spot Data: - 24 - degree palm oil in Guangdong: Spot price is 8,570 yuan/ton with no price change [1] - First - grade soybean oil in Guangdong: Spot price is 8,620 yuan/ton, an increase of 50 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: Spot price is 10,250 yuan/ton, a decrease of 30 yuan/ton [1] - Malaysian palm oil FOB offshore price (continuous contract): Spot price is 1,030 dollars/ton with no price change [1] - Basis Data: - Palm oil (Guangdong): Basis is - 82 yuan/ton [1] - Soybean oil (Guangdong): Basis is 332 yuan/ton [1] - Rapeseed oil (Guangxi): Basis is 480 yuan/ton [1] - Spread Data: - Rapeseed - palm oil futures main contract spread: 1,118 yuan/ton (previous trading day), compared with 1,131 yuan/ton two trading days ago [1] - Soybean - palm oil futures main contract spread: - 364 yuan/ton (previous trading day), compared with - 382 yuan/ton two trading days ago [1] - Palm oil 1 - 5 spread: - 46 yuan/ton (previous trading day), compared with - 52 yuan/ton two trading days ago [1] - Soybean oil 1 - 5 spread: 202 yuan/ton (previous trading day), compared with 204 yuan/ton two trading days ago [1] - Rapeseed oil 1 - 5 spread: 286 yuan/ton (previous trading day), compared with 256 yuan/ton two trading days ago [1] b. Macro and Industry News - Palm Oil News: - SPPOMA: From November 1 - 30, 2025, Malaysian palm oil yield per unit area decreased by 2.09% month - on - month, oil extraction rate increased by 0.36% month - on - month, and production decreased by 0.19% month - on - month [2] - AmSpec: Malaysian palm oil exports from November 1 - 30, 2025 were 1,263,298 tons, a 15.89% decrease compared with the same period last month [3] - Indonesia exported 19.49 million tons of crude and refined palm oil from January to October this year, a 7.83% increase compared with the same period last year [4] - GAPKI said that the devastating floods in Sumatra have not had a significant impact on palm oil production [4] - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026 due to the price difference between soybean oil and palm oil [4] - Soybean News: - CONAB: As of November 29, the soybean sowing rate in Brazil was 86.0%, compared with 78.0% last week, 90.0% in the same period last year, and a five - year average of 84.4% [5] - AgRural: As of last Thursday, the sown area of soybeans in Brazil for the 2025/26 season has reached 89% of the expected area, 8 percentage points higher than the previous week but still lower than 91% in the same period last year [5] - StoneX: Forecasts Brazil's 2025/26 soybean production to be 177.2 million tons, a 0.9% decrease from its November forecast, but still a record - high output if the forecast comes true [5] c. 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 [6]