油脂数据日报-20260127

1. Report Industry Investment Rating - The report has a "Bullish" rating on the industry [2] 2. Core Viewpoints of the Report - The Italian government has raised the mandatory requirements for renewable fuels and lifted the ban on using palm fatty acid distillates as raw materials, which may affect the palm oil market [2] - Malaysian palm oil exports from January 1 - 25 increased compared to the same period in December, with a 10% growth according to ITS data, and Indonesia's palm oil exports in December increased by 52% month - on - month, indicating positive trends in the palm oil export market [2] - The preliminary results of China - Canada talks suggest that China will adjust anti - dumping measures on Canadian canola seeds according to relevant laws and regulations, which may impact the canola oil market [2] - Indian buyers are canceling Brazilian and Argentine soybean oil orders, and the "oil substitute war" is taking place in the Indian market due to the doubling of soybean oil's premium over palm oil [2] - The US 45Z clause is beneficial to the demand for US soybean oil and Canadian canola oil, and indirectly benefits the domestic oil market [2] 3. Summary by Relevant Catalogs 3.1 Spot Price - 24 - degree palm oil: In Tianjin, the price on January 26, 2026, was 9110, up 100 from January 23; in Zhangjiagang, it was 9030, up 100; in Huangpu, it was 9030, up 100 [1] - First - grade soybean oil: In Tianjin, the price on January 26, 2026, was 8470, up 100 from January 23; in Zhangjiagang, it was 8720, up 100; in Huangpu, it was 8770, up 100 [1] - Fourth - grade canola oil: In Zhangjiagang, the price on January 26, 2026, was 9950, up 200 from January 23; in Wuhan, it was 10000, up 200; in Chengdu, it was 10200, up 200 [1] 3.2 Futures Data - The price difference between the main soybean and palm oil contracts was - 866 on January 26, 2026, down 50 from January 23; the price difference between the main canola and soybean oil contracts was 1119, up 222 [1] - Palm oil warehouse receipts decreased by 660 to 0; soybean oil warehouse receipts remained at 26525; canola oil warehouse receipts decreased by 500 to 625 [1] 3.3 Important Information - Italian biofuel regulations and palm oil export data from Malaysia and Indonesia may impact the palm oil market [2] - China - Canada talks on canola seeds, the canola oil trading results of China National Grain and Oils Reserves Corporation, and the "oil substitute war" in the Indian market affect the canola oil and soybean oil markets [2] - The US 45Z clause has a positive impact on the domestic oil market [2]