棕榈油：减产未明确，偏弱震荡运行，豆油：美豆偏弱运行，豆油企稳乏力

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Palm oil is experiencing an unclear production decline and is operating in a weak and volatile manner [1] - Soybean oil is operating weakly due to the weak performance of US soybeans, and it lacks the strength to stabilize [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: Palm oil's day - session closing price was 8,558 yuan/ton with a - 0.58% change, and night - session was 8,436 yuan/ton with a - 1.43% change; soybean oil's day - session was 8,222 yuan/ton with a - 0.22% change, and night - session was 7,916 yuan/ton with a - 3.72% change; rapeseed oil's day - session was 9,430 yuan/ton with a - 1.85% change, and night - session was 9,124 yuan/ton with a - 3.24% change; Malaysian palm oil's day - session was 4,006 ringgit/ton with a - 0.30% change, and night - session was 3,995 ringgit/ton with a - 0.32% change; CBOT soybean oil's day - session was 50.00 cents/pound with a - 1.21% change [2] - Trading Volume and Open Interest: Palm oil's trading volume decreased by 32,641 to 81,469 lots, and open interest decreased by 7,815 to 123,278 lots; soybean oil's trading volume increased by 15,699 to 100,638 lots, and open interest decreased by 21,110 to 165,244 lots; rapeseed oil's trading volume decreased by 29,451 to 58,362 lots, and open interest decreased by 14,132 to 45,160 lots [2] - Spot Prices: Palm oil (24 - degree, Guangdong) was 8,500 yuan/ton with a - 80 yuan change; first - grade soybean oil (Guangdong) was 8,560 yuan/ton with a - 50 yuan change; fourth - grade imported rapeseed oil (Guangxi) was 10,040 yuan/ton with a - 150 yuan change; Malaysian palm oil FOB was 1,030 dollars/ton with no change [2] - Basis: Palm oil (Guangdong) was - 58 yuan/ton; soybean oil (Guangdong) was 338 yuan/ton; rapeseed oil (Guangxi) was 610 yuan/ton [2] - Price Spreads: The spread between rapeseed oil and palm oil futures was 704 yuan/ton (previous day) and 795 yuan/ton (two days ago); the spread between soybean oil and palm oil futures was - 552 yuan/ton (previous day) and - 558 yuan/ton (two days ago); palm oil 1 - 5 spread was 66 yuan/ton (previous day) and 56 yuan/ton (two days ago); soybean oil 1 - 5 spread was 282 yuan/ton (previous day) and 246 yuan/ton (two days ago); rapeseed oil 1 - 5 spread was 234 yuan/ton (previous day) and 261 yuan/ton (two days ago) [2] 3.2 Macro and Industry News - AmSpec reported that Malaysia's palm oil exports from December 1 - 15 were 587,657 tons, a 16.37% decrease from the same period last month; ITS reported exports of 613,172 tons, a 15.89% decrease from the same period last month [3] - India's palm oil imports in November increased by about 5% to 632,341 tons compared to October; soybean oil imports decreased by over 18% to 370,661 tons; sunflower oil imports decreased by 45% to 142,953 tons, hitting a two - year low. Total edible oil imports decreased by 13.3% to 1.15 million tons. India also imported 5,000 tons of rapeseed oil from the UAE and a record - high 69,919 tons of soybean oil from China [5] - A USDA private exporter reported a sale of 136,000 tons of soybeans to China for delivery in the 2025/2026 fiscal year [6] - NOPA reported that US soybean crushing in November decreased by 5.1% from the record high in October to 216.041 million bushels, but increased by 11.8% compared to the same period in 2024. The market expected 220.285 million bushels. As of November 30, NOPA member companies' soybean oil inventory rose to a seven - month high of 1.513 billion pounds, a 15.9% increase from the end of October and a 39.6% increase from the same period last year. The market expected an average of 1.408 billion pounds. US soybean meal production in November was 5,109,386 short tons, and soybean oil production was 2.49677 billion pounds [7] - CONAB reported that as of December 13, Brazil's soybean sowing rate was 94.1%, compared to 90.3% last week, 96.8% last year, and a five - year average of 90.6%. AgRural reported that as of last Thursday, Brazil's 2025/26 soybean sowing area reached 97% of the expected area, a 3 - percentage - point increase from the previous week [8] 3.3 Trend Intensity - Palm oil trend intensity is - 1, and soybean oil trend intensity is - 1 [9]