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1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - The prices of the three major oils fluctuated yesterday. Affected by the Spring Festival holiday, the output of imported and pressed rapeseed oil was interrupted last week due to the shutdown of oil mills, and the trading in the spot market basically stagnated. After the festival, with the start - up of COFCO factories for pressing, the domestic supply of rapeseed oil is expected to increase. The overall supply - demand of oils is stable. Recently, the temperature in the rapeseed - producing areas in Europe has fluctuated sharply, and the subsequent weather impact should be monitored [1][3] 3. Summary by Related Catalogs 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2605 contract was 8,848.00 yuan/ton, with a month - on - month change of +24 yuan and a change rate of +0.27%; the closing price of the soybean oil 2605 contract was 8,228.00 yuan/ton, with a month - on - month change of +88.00 yuan and a change rate of +1.08%; the closing price of the rapeseed oil 2605 contract was 9,244.00 yuan/ton, with a month - on - month change of +44.00 yuan and a change rate of +0.48% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,790.00 yuan/ton, with a month - on - month change of - 20.00 yuan and a change rate of - 0.23%, and the spot basis was P05 - 58.00, with a month - on - month change of - 44.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,530.00 yuan/ton, with a month - on - month change of +70.00 yuan/ton and a change rate of +0.83%, and the spot basis was Y05 + 302.00, with a month - on - month change of - 18.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940.00 yuan/ton, with a month - on - month change of - 10.00 yuan and a change rate of - 0.10%, and the spot basis was OI05 + 696.00, with a month - on - month change of - 54.00 yuan [1] 3.2 Market News - Ukraine: The export reference price of rapeseed harvested from July to August 2026 has risen from $510 - 520 per ton a month ago to $530 - 540 per ton. In 2024, Ukraine's rapeseed production was about 3.7 million tons, and in 2025, it dropped to 3.3 million tons. The UAC predicts that the area of winter rapeseed sown for the 2026 harvest is about 1.1 million hectares, and extreme frosts from January to February may damage up to 300,000 hectares of crops. The APK - Inform has lowered its forecast for Ukraine's 2026 rapeseed production from 3.9 million tons last month to 3.7 million tons, and expects the export volume in the 2026/27 (July to June of the following year) to be 2.7 million tons, lower than the previous export expectation of nearly 3 million tons [2] - Malaysia: The export volume of palm oil from February 1 - 25 was 1,022,673 tons according to ITS, a 12.1% decrease compared to the same period last month; according to AmSpec, it was 922,649 tons, a 16.05% decrease compared to the same period last month. The estimated palm oil production from February 1 - 20 decreased by 12.29%, with a 10.74% decrease in the Malay Peninsula, a 15.23% decrease in Sabah, an 11.20% decrease in Sarawak, and a 14.19% decrease in Borneo [2]