棕榈油：价格归位，春之序章豆油：旧倦尽散，共赴新光

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report presents the latest data on the fundamentals of the oil and fat industry, including futures prices, trading volumes, open interests, spot prices, basis, and price spreads of palm oil, soybean oil, and rapeseed oil. It also includes macro and industry news, such as investigations into the Fed Chair, palm oil price and export policies in Malaysia, and crop production forecasts in the US, Brazil, and Argentina [1][2][3][4][5] 3. Summary of Relevant Catalogs Fundamentals Tracking - Futures Prices: Palm oil futures closed at 8,782 yuan/ton during the day session with a -1.39% decline and 8,798 yuan/ton at night with a 0.18% increase; soybean oil futures closed at 8,082 yuan/ton during the day with a -0.35% decline and 8,106 yuan/ton at night with a 0.30% increase; rapeseed oil futures closed at 9,047 yuan/ton during the day with a -0.92% decline and 9,093 yuan/ton at night with a 0.51% increase. The Malaysian palm oil futures closed at 4,037 ringgit/ton during the day with a -0.57% decline and 4,044 ringgit/ton at night with a 0.17% increase. The CBOT soybean oil futures closed at 57.90 cents/pound with a 0.70% increase [1] - Trading Volume and Open Interest: The trading volume of palm oil futures was 328,615 lots with an increase of 37,882 lots, and the open interest was 400,972 lots with a decrease of 16,264 lots. The trading volume of soybean oil futures was 209,635 lots with an increase of 18,360 lots, and the open interest was 651,133 lots with a decrease of 12,182 lots. The trading volume of rapeseed oil futures was 131,858 lots with a decrease of 18,765 lots, and the open interest was 251,961 lots with a decrease of 8,435 lots [1] - Spot Prices: The spot price of 24 - degree palm oil in Guangdong was 8,900 yuan/ton with a decrease of 50 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 8,610 yuan/ton with an increase of 20 yuan/ton; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,070 yuan/ton with no change. The FOB price of Malaysian palm oil was 1,075 dollars/ton with a decrease of 5 dollars/ton [1] - Basis: The basis of palm oil in Guangdong was 118 yuan/ton; the basis of soybean oil in Guangdong was 528 yuan/ton; the basis of rapeseed oil in Guangxi was 1,023 yuan/ton [1] - Price Spreads: The spread between rapeseed oil and palm oil futures was 265 yuan/ton; the spread between soybean oil and palm oil futures was - 700 yuan/ton; the 5 - 9 spread of palm oil was 14 yuan/ton; the 5 - 9 spread of soybean oil was 60 yuan/ton; the 5 - 9 spread of rapeseed oil was 23 yuan/ton [1] Macro and Industry News - The US Treasury Secretary agreed to an investigation of Fed Chair Powell by the Senate Banking Committee [2] - Malaysia raised the reference price of crude palm oil in March but kept the export tax rate at 9%. From February 1 - 10, 2026, the palm oil production in Malaysia decreased by 7.58% compared to the same period last month, and the export volume decreased by 16.1% [3][4] - The USDA's 102nd Agricultural Outlook Forum will be held on February 19th, focusing on agricultural trade policies under the "Trump Paradigm" [4] - Brazil's 2025/26 soybean production is estimated to be 1.7798 billion tons, and the export volume is expected to be 1.122 billion tons. Argentina's 2025/26 soybean production is estimated to be around 48 - 48.5 million tons [4][5] - From February to April 2026, the probability of La Nina turning into ENSO - neutral is 60%, and the neutral state is expected to last until the Northern Hemisphere summer [5] Trend Intensity - The trend intensity of palm oil and soybean oil is -1 [6]