油脂日报：油脂利多因素支持，盘面价格坚挺-20260123

1. Report Industry Investment Rating - The investment rating for the industry is neutral [5] 2. Core View of the Report - Supported by favorable factors, the price of the three major oils and fats remained stable in the previous trading session [2][4] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market - Futures: The closing price of the palm oil 2605 contract was 8,944 yuan/ton, a change of +112 yuan or +1.27%; the closing price of the soybean oil 2605 contract was 8,084 yuan/ton, a change of +40 yuan or +0.50%; the closing price of the rapeseed oil 2605 contract was 9,002 yuan/ton, a change of +55 yuan or +0.61% [2] - Spot: The spot price of palm oil in Guangdong was 8,900 yuan/ton, a change of +90 yuan or +1.02%, with a spot basis of P05 - 44 yuan, a change of -22 yuan; the spot price of first - grade soybean oil in Tianjin was 8,440 yuan/ton, a change of +50 yuan/ton or +0.60%, with a spot basis of Y05 + 356 yuan, a change of +10 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 9,840 yuan/ton, a change of +60 yuan or +0.61%, with a spot basis of OI05 + 838 yuan, a change of +5 yuan [2] 3.2 Market Information Summary - Argentina soybean oil: The C&F price of the February shipment was 1,209 US dollars/ton, a decrease of 9 US dollars/ton; the C&F price of the April shipment was 1,141 US dollars/ton, a decrease of 14 US dollars/ton [3] - Imported rapeseed oil: The C&F price of Canadian rapeseed oil for the February shipment was 1,030 US dollars/ton, unchanged; the C&F price for the April shipment was 1,010 US dollars/ton, unchanged [3] - Canadian rapeseed: The C&F price of the March shipment was 528 US dollars/ton, unchanged; the C&F price of the May shipment was 537 US dollars/ton, unchanged [3] - Soybean: The C&F price of US Gulf soybeans for the February shipment was 477 US dollars/ton, an increase of 4 US dollars/ton; the C&F price of US West soybeans for the February shipment was 472 US dollars/ton, an increase of 5 US dollars/ton; the C&F price of Brazilian soybeans for the February shipment was 450 US dollars/ton, an increase of 3 US dollars/ton [3] - Imported soybean premium: The premium for the February shipment from the Mexican Gulf was 235 cents/bushel, unchanged; the premium for the February shipment from the US West Coast was 220 cents/bushel, unchanged; the premium for the February shipment from Brazilian ports was 160 cents/bushel, a decrease of 5 cents/bushel [3] 3.3 Factors Affecting Prices - From January 1 - 20, 2026, the yield per unit of Malaysian palm oil decreased by 16.49% compared to the same period last month, the oil extraction rate increased by 0.08%, and the output decreased by 16.06% [4] - The Trump administration plans to finalize the US biofuel blending quota for 2026 in early March, expected to maintain at a high level and abandon punitive import measures, significantly boosting the demand for US soybean oil [4]