棕榈油：基本面驱动有限，震荡调整豆油：报告缺乏亮点，区间震荡

Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of palm oil have limited driving force, and it is in a volatile adjustment phase; the report on soybean oil lacks highlights, and it is in a range - bound oscillation [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking 3.1.1 Futures Data - Palm oil main contract: closing price (day session) is 8,940 yuan/ton with a decline of 0.82%, closing price (night session) is 8,904 yuan/ton with a decline of 0.40%; trading volume is 381,959 lots, an increase of 36,695 lots; open interest is 424,586 lots, a decrease of 11,641 lots [1] - Soybean oil main contract: closing price (day session) is 8,098 yuan/ton with a decline of 0.20%, closing price (night session) is 8,092 yuan/ton with a decline of 0.07%; trading volume is 216,231 lots, an increase of 23,523 lots; open interest is 670,976 lots, a decrease of 7,499 lots [1] - Rapeseed oil main contract: closing price (day session) is 9,096 yuan/ton with a decline of 0.45%, closing price (night session) is 9,085 yuan/ton with a decline of 0.12%; trading volume is 180,728 lots, an increase of 46,810 lots; open interest is 266,839 lots, a decrease of 5,934 lots [1] - Malaysian palm oil main contract: closing price is 4,128 ringgit/ton with a decline of 0.82%, closing price (night session) is 4,098 ringgit/ton with an increase of 0.07% [1] - CBOT soybean oil main contract: closing price is 57.73 cents/pound with an increase of 0.98% [1] 3.1.2 Spot Data - 24 - degree palm oil in Guangdong: spot price is 9,050 yuan/ton, a decrease of 10 yuan/ton [1] - First - grade soybean oil in Guangdong: spot price is 8,640 yuan/ton, a decrease of 30 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: spot price is 10,120 yuan/ton, an increase of 30 yuan/ton [1] - Malaysian palm oil FOB price (continuous contract): 1,085 US dollars/ton, an increase of 10 US dollars/ton [1] 3.1.3 Basis and Spread Data - Palm oil basis in Guangdong is 110 yuan/ton; soybean oil basis in Guangdong is 542 yuan/ton; rapeseed oil basis in Guangxi is 1,024 yuan/ton [1] - Rapeseed - palm oil futures main contract spread is 156 yuan/ton; soybean - palm oil futures main contract spread is - 842 yuan/ton; palm oil 5 - 9 spread is 28 yuan/ton; soybean oil 5 - 9 spread is 50 yuan/ton; rapeseed oil 5 - 9 spread is 21 yuan/ton [1] 3.2 Macro and Industry News - Malaysian Palm Oil Board (MPOB) data shows that Malaysia's palm oil exports in January were 1,484,267 tons, a month - on - month increase of 11.44%, and the palm oil inventory was 2,815,493 tons, a month - on - month decrease of 7.72% [2] - The chairman of the Malaysian Palm Oil Plantation Council (MPOC) said that by 2027, more than 2 million hectares of Malaysian palm oil plantations will have a tree age of 19 years or more, and the crude palm oil price this year is expected to be between 3,900 and 4,000 ringgit per metric ton [3][4] - The US Department of Agriculture (USDA) raised the global soybean ending inventory by 1.1 million tons to 125.5 million tons due to the increase in Brazilian inventory, and raised Malaysia's 2025/26 palm oil production by 500,000 tons to 20.2 million tons [4] - The USDA reported that China is considering buying more US soybeans. If so, the global soybean export pattern may change [4] - As of Monday, the soybean harvest rate in Brazil's Paraná state in the 2025/26 season has reached 20%, a 6 - percentage - point increase from the previous week but behind last year's 33% [5] - Brazil's National Association of Grain Exporters (Anec) said that Brazil's soybean exports in February are expected to be 11.71 million tons, higher than the previous week's forecast of 11.42 million tons [5] - The European Commission has launched a public consultation on the draft revision of the "Authorization Regulation (EU) 2019/807", which plans to gradually phase out biofuels produced from palm oil and soybean oil [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0 [6]