建信期货油脂日报-20260303

Group 1: General Information - Report date is March 3, 2026 [2] - Reported industry is the oil and fat industry [1] - Researchers are Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review | Futures Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 8756 | 8814 | 8922 | 8768 | 8898 | 142 | 1.62% | 489772 | 387932 | -560 | | P2609 | 8776 | 8814 | 8944 | 8784 | 8920 | 144 | 1.64% | 55344 | 90314 | 1730 | | Y2605 | 8226 | 8246 | 8304 | 8208 | 8260 | 34 | 0.41% | 328276 | 656400 | -10210 | | Y2609 | 8184 | 8218 | 8278 | 8174 | 8244 | 60 | 0.73% | 75167 | 242090 | 5961 | | O1605 | 9208 | 9210 | 9390 | 9196 | 9366 | 151 | 1.64% | 248126 | 268810 | 10866 | | O1609 | 9191 | 9196 | 9352 | 9188 | 9330 | 39 | 1.51% | 25736 | 44208 | 4705 | [7] Spot Price Quotes - Dongguan rapeseed oil traders' quotes: Spot: OI2605 + 450, April - May: OI2605 + 280, May - July: OI2605 + 120 - East China market soybean oil basis price: March: Y2605 + 340, April - May: Y2605 + 280, May - July: Y2609 + 260, June - September: Y2609 + 250 - Palm oil basis quotes are stable with a slight decline: East China port 24 - degree 05 - 60, 24 - degree refined 05 + 230 (unit: yuan/ton) [7] Core Viewpoint - The intensification of geopolitical conflicts has caused a significant increase in crude oil futures prices, driving the overall strength of the oil and fat sector. On February 28, the Ministry of Commerce officially ruled that Canadian - imported rapeseed was being dumped and announced that a 5.9% anti - dumping duty would be imposed on relevant Canadian companies for five years starting from March 1, 2026, which was in line with expectations. In the near future, the oil and fat market is expected to follow the trend of crude oil and be viewed bullishly. Attention should be paid to the progress of the US biofuel policy and the trend of international crude oil prices [8] Group 3: Industry News - According to data from the Southern Palm Oil Millers' Association (SPPOMA) of Malaysia, the palm oil production in Malaysia decreased by 19.35% month - on - month in February, with the fresh fruit bunch (FFB) yield per unit area decreasing by 19.2% month - on - month and the oil extraction rate (OER) decreasing by 0.03% month - on - month [9] - According to data released by the independent inspection agency AmSpec, the export volume of Malaysian palm oil in February was 1,025,449 tons, a decrease of 25.5% compared to the 1,375,718 tons exported in January [9] - According to data released by the shipping survey agency ITS, the export volume of Malaysian palm oil in February was 1,149,063 tons, a decrease of 21.5% compared to the 1,463,069 tons exported in January. The exports to China were 58,000 tons, an increase of 17,800 tons compared to 40,100 tons in the previous month [9] - According to data released by the cargo inspection agency SGS, the export volume of Malaysian palm oil products from February 1 - 28, 2026, was 852,629 tons, a decrease of 9.76% compared to the 944,885 tons exported in January. The exports to China were 57,000 tons, a significant increase compared to 44,000 tons in the same period of the previous month [9] Group 4: Data Overview - The report includes multiple charts such as the spot price of 24 - degree palm oil in South China, palm oil basis changes, the spot price of Grade 3 rapeseed oil in East China, the spot price of Grade 4 soybean oil in East China, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to RMB exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [13][16][22][24][30][31]