印尼逐步去库，棕榈止跌震荡

1. Report Industry Investment Rating - The investment rating for the industry is "Neutral" [4] 2. Core View of the Report - Indonesia is gradually reducing its palm oil inventory, causing the decline of palm oil prices to stop and enter a period of oscillation [3] 3. Summary by Relevant Contents Market Analysis - Futures Prices: Yesterday's closing prices were as follows - Palm oil 2605 contract was 8,368 yuan/ton, a +0.31% (+26 yuan) change; Soybean oil 2605 contract was 7,802 yuan/ton, a -0.26% (-20 yuan) change; Rapeseed oil 2605 contract was 8,945 yuan/ton, a -0.06% (-5 yuan) change [1] - Spot Prices: In the spot market, the palm oil price in Guangdong was 8,380 yuan/ton, a -0.12% (-10 yuan) change with a spot basis of P05 + 12 yuan, a -36 yuan change; The first - grade soybean oil price in Tianjin was 8,230 yuan/ton, a -0.24% (-20 yuan) change with a spot basis of Y05 + 428 yuan, no change; The fourth - grade rapeseed oil price in Jiangsu was 9,400 yuan/ton, a -0.21% (-20 yuan) change with a spot basis of OI05 + 455 yuan, a -15 yuan change [1] Recent Market Consultation - The US Department of Agriculture (USDA) reported that private exporters sold 114,000 tons of soybeans to unknown destinations for delivery in the 2025/2026 marketing year starting September 1 [2] - The Indonesian Palm Oil Association (GAPKI) reported that Indonesia's palm oil exports in October were 2.8 million tons, about 3% lower than the same period last year. The crude palm oil production in October was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, down from 2.59 million tons the previous month [2][3] - Canadian canola prices: The C&F price for January shipment was $502/ton, down $2/ton from the previous trading day; The C&F price for March shipment was $510/ton, down $3/ton [2] - Argentine soybean oil prices: The C&F price for January shipment was $1,142/ton, down $4/ton; The C&F price for March shipment was $1,099/ton, down $13/ton [2] - Imported rapeseed oil C&F quotes: Canadian rapeseed oil for January shipment was $1,090/ton, unchanged; Canadian rapeseed oil for March shipment was $1,070/ton, unchanged [2] Strategy - The recommended strategy is "Neutral" [4]