建信期货油脂日报-20260127

Report Information - Reported industry: Oil and fat [1] - Date: January 27, 2026 [2] - Research team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information provided in the report. 2. Core View - The domestic oil and fat futures market continued its strong trend, with all three major oil and fat contracts rising. The expected EPA regulations enhanced the certainty of biodiesel demand, injecting optimism into the global vegetable oil market. Soybean oil futures were boosted by the policy expectations of US soybean oil. Palm oil prices were supported by supply concerns and Indian demand. Rapeseed oil followed the sector's rise, with short - term supply tightness providing price support. It is recommended to view oil and fat futures with a bullish and volatile mindset, expecting short - term upward potential [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - Market Review: East China rapeseed oil traders quoted 05 + 950 for non - GMO first - grade rapeseed oil in March. Guangdong rapeseed oil traders quoted 05 + 280 for May - July. East China market first - grade soybean oil basis prices varied by period. East China 24 - degree palm oil prices also had different quotes for different months [7]. - Operation Suggestions: Treat oil and fat futures with a bullish and volatile mindset, expecting short - term upward potential. Pay attention to Canadian rapeseed and rapeseed meal ship purchases [8]. 3.2 Industry News - Malaysia's palm oil production decreased from January 1 - 25, with a 14.81% month - on - month decline according to SPPOMA, including a 15.28% decline in FFB yield and a 0.11% increase in OER. From January 1 - 20, MPOA reported a 14.43% month - on - month decline in production, with different declines in different regions [10]. 3.3 Data Overview - The report presents multiple data charts, including the spot prices of South China 24 - degree palm oil, East China third - grade rapeseed oil, and East China fourth - grade soybean oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the spreads of palm oil contracts, and exchange rates of USD to RMB and USD to Ringgit [14][17][23]