豆油：区间震荡调整：棕榈油：宏观情绪反复，基本面驱动有限

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Palm oil is affected by repeated macro - sentiment and has limited fundamental drivers, and soybean oil is in a range - bound adjustment [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Price and Volume: Palm oil futures (main contract) closed at 9,026 yuan/ton in the day session with a - 0.18% change and 8,996 yuan/ton at night with a - 0.33% change; soybean oil futures (main contract) closed at 8,102 yuan/ton in the day session with a - 0.02% change and 8,122 yuan/ton at night with a 0.25% change; rapeseed oil futures (main contract) closed at 9,144 yuan/ton in the day session with no change and 9,156 yuan/ton at night with a 0.13% change. The trading volume and open interest of palm oil, soybean oil and rapeseed oil futures also changed [1] - Spot Price: The spot price of 24 - degree palm oil in Guangdong was 9,080 yuan/ton, down 100 yuan/ton; the price of first - grade soybean oil in Guangdong was 8,650 yuan/ton, down 20 yuan/ton; the price of fourth - grade imported rapeseed oil in Guangxi was 10,090 yuan/ton, unchanged [1] - Basis: The basis of palm oil (Guangdong) was 54 yuan/ton, soybean oil (Guangdong) was 548 yuan/ton, and rapeseed oil (Guangxi) was 946 yuan/ton [1] - Price Spread: The spread between rapeseed oil and palm oil futures main contracts was 118 yuan/ton, between soybean oil and palm oil futures main contracts was - 924 yuan/ton [1] 3.2 Macro and Industry News - From February 1 - 5, 2026, the yield of Malaysian palm oil increased by 5.71% month - on - month, the oil extraction rate increased by 0.37% month - on - month, and the output increased by 7.65% month - on - month according to SPPOMA data [2] - Brazilian soybean sales in the 2025/26 season reached 33.9% of the expected output, lower than 42.4% in the same period last year according to a report by Safras & Mercado [3] - In the 6th week of 2026 (January 31 - February 6), the actual soybean crushing volume of domestic oil mills was 2.484 million tons, an increase of 187,900 tons from the previous week and 112,400 tons higher than the estimated volume, with an actual startup rate of 68.33% [4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [5]