油脂日报：中加关系缓和，菜系波动增大-20260120

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The relationship between China and Canada has eased, leading to increased volatility in the cooking oil market [1] - The prices of the three major cooking oils fluctuated yesterday. The futures and spot prices of palm oil, soybean oil, and rapeseed oil all showed varying degrees of decline [1] - The new China - Canada economic and trade agreement has increased the hope of improving market access after months of interruption, but key details still need to be clarified [2] - Currently, the inventory of Canadian rapeseed in China has been cleared, and Australian rapeseed has not started to be pressed. The production of rapeseed oil in China has stagnated. The spot rapeseed oil is continuously de - stocking, and the market circulation of spot goods is scarce. The basis is high and continues to rise. The rapeseed futures may experience a correction due to trade relations, but the basis is expected to remain high before the spot shortage is alleviated [3] Group 3: Summary of Related Data Futures Prices - The closing price of the palm oil 2605 contract yesterday was 8,648.00 yuan/ton, a decrease of 26 yuan or 0.30% compared to the previous day [1] - The closing price of the soybean oil 2605 contract yesterday was 7,996.00 yuan/ton, a decrease of 20.00 yuan or 0.25% compared to the previous day [1] - The closing price of the rapeseed oil 2605 contract yesterday was 8,902.00 yuan/ton, a decrease of 161.00 yuan or 1.78% compared to the previous day [1] Spot Prices - The spot price of palm oil in Guangdong was 8,620.00 yuan/ton, a decrease of 30.00 yuan or 0.35% compared to the previous day, and the spot basis was P05 + - 28.00, a decrease of 4.00 yuan compared to the previous day [1] - The spot price of first - grade soybean oil in Tianjin was 8,380.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared to the previous day, and the spot basis was Y05 + 384.00, an increase of 10.00 yuan compared to the previous day [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 9,750.00 yuan/ton, a decrease of 160.00 yuan or 1.61% compared to the previous day, and the spot basis was OI05 + 848.00, an increase of 1.00 yuan compared to the previous day [1] International Market Prices - Argentina's C&F price of soybean oil (February shipment) was 1,209 US dollars/ton, an increase of 9 US dollars/ton compared to the previous trading day; Argentina's C&F price of soybean oil (April shipment) was 1,139 US dollars/ton, an increase of 31 US dollars/ton compared to the previous trading day [2] - The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (February shipment) was 1,030 US dollars/ton, a decrease of 20 US dollars/ton compared to the previous trading day; Canadian rapeseed oil (April shipment) was 1,010 US dollars/ton, a decrease of 20 US dollars/ton compared to the previous trading day [2] - The C&F price of US Gulf soybeans (February shipment) was 474 US dollars/ton, an increase of 1 US dollar/ton compared to the previous trading day; the C&F price of US West soybeans (February shipment) was 468 US dollars/ton, an increase of 1 US dollar/ton compared to the previous trading day; the C&F price of Brazilian soybeans (February shipment) was 447 US dollars/ton, a decrease of 1 US dollar/ton compared to the previous trading day [2] - The import soybean premium quotation: the Gulf of Mexico (February shipment) was 235 cents/bushel, unchanged compared to the previous trading day; the US West Coast (February shipment) was 220 cents/bushel, unchanged compared to the previous trading day; Brazilian ports (February shipment) was 161 cents/bushel, a decrease of 7 cents/bushel compared to the previous trading day [2]