油脂油料早报-20251225

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View - No clear core view presented in the given content. 3. Summary by Related Catalogs 3.1 Overnight Market Information - MPOA data shows that Malaysia's crude palm oil production from December 1 - 20, 2025, decreased by 7.44% compared to the same period last month, with a 11.66% drop in Peninsular Malaysia, 1.73% in Borneo, 2.12% in Sabah, and 0.75% in Sarawak [1]. 3.2 Production - Country Precipitation - Information about Brazil's soybean precipitation is provided, including observed and forecast precipitation compared to normal, with a total precipitation of 268 mm and a deficit of 110 mm in the 60 - day period ending December 20, 2025, and a 15 - day forecast starting December 21, 2025 [1]. 3.3 Imported Soybean Crushing Profit - Graphs show the crushing profit of Brazilian soybeans for July and August from 2016 - 2025 [1]. 3.4 Oil Import Profit - Graphs display the import profit of soybean oil, palm oil, and rapeseed oil for July and August from 2016 - 2025 [1]. 3.5 Spot Prices - Spot prices of palm oil in Guangzhou, soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and rapeseed oil in Jiangsu from December 18 - 24, 2025, are provided [2]. 3.6 Protein Meal and Oil Basis - Graphs show the basis of soybean meal (January, May, September in Jiangsu), rapeseed meal (January, May, September in Guangdong), soybean oil (January, May, September in Zhangjiagang), palm oil (January, May, September in Guangzhou), and rapeseed oil (January, May, September in East China) for different years and time periods [3][10][12]. 3.7 Oil and Oilseed Futures Spread - Graphs present the seasonal spreads of soybean meal (1 - 5, 5 - 9, 9 - 1), rapeseed meal (1 - 5, 5 - 9, 9 - 1), soybean oil (1 - 5, 5 - 9, 9 - 1), palm oil (1 - 5, 5 - 9, 9 - 1), rapeseed oil (1 - 5, 5 - 9, 9 - 1), soybean - rapeseed meal (January, May, September), soybean - palm oil (January, May, September), and rapeseed - soybean oil (January, May, September) for different years and time periods [10].