棕榈产区台风影响有限，油脂承压震荡

Report Investment Rating - The investment strategy for the industry is neutral [3] Core View - The impact of typhoons in palm-producing areas is limited, and the oil market is under pressure and fluctuating [1] Market Analysis Futures - The closing price of the palm oil 2601 contract was 8,418 yuan/ton, a decrease of 200 yuan or 2.32% [1] - The closing price of the soybean oil 2601 contract was 7,474 yuan/ton, a decrease of 78 yuan or 1.03% [1] - The closing price of the rapeseed oil 2601 contract was 8,625 yuan/ton, an increase of 45 yuan or 0.52% [1] Spot - The spot price of palm oil in Guangdong was 9,640 yuan/ton, a decrease of 230 yuan or 2.33%, and the spot basis was P01 + 1,222 yuan, a decrease of 30 yuan [1] - The spot price of first-grade soybean oil in Tianjin was 7,730 yuan/ton, a decrease of 60 yuan or 0.77%, and the spot basis was Y01 + 256 yuan, an increase of 18 yuan [1] - The spot price of fourth-grade rapeseed oil in Jiangsu was 8,700 yuan/ton, an increase of 40 yuan or 0.46%, and the spot basis was OI01 + 75 yuan, a decrease of 5 yuan [1] Market News - Indian buyers have locked in large soybean oil purchases from April to July 2026 to cope with rising palm oil prices, with monthly purchases of over 150,000 tons of South American soybean oil [2] - As of the week ending October 23, the net export sales of US soybeans for the 2025/2026 season were 1.45 million tons, in line with market expectations, and 0 tons for the 2026/2027 season [2] - The net export sales of US corn for the 2025/2026 season were 1.805 million tons, in line with market expectations, and 160,000 tons for the 2026/2027 season [2] - As of last Thursday, 89% of the expected soybean planting area in Brazil for the 2025/26 season has been planted, and 99% of the expected first-season corn planting area in the central-southern region [2] - The three major oils fluctuated yesterday. The Indonesian Palm Oil Association stated that the floods in Sumatra did not significantly impact palm oil production, and Malaysian palm oil prices dropped significantly after the close of the Dalian palm oil market. Attention should be paid to the recent soybean oil reserve release [2]