无新驱动指引，价格震荡运行

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils fluctuated yesterday. With the external environment stabilizing and the supply - demand structure remaining unchanged, the oils are awaiting new drivers, and the market will move in a volatile manner [3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2605 contract was 9002.00 yuan/ton yesterday, a change of +8 yuan or +0.09% compared to the previous day - The closing price of the soybean oil 2605 contract was 8370.00 yuan/ton yesterday, a change of +20.00 yuan or +0.24% compared to the previous day - The closing price of the rapeseed oil 2605 contract was 9486.00 yuan/ton yesterday, a change of +22.00 yuan or +0.23% compared to the previous day [1] Spot Prices - The spot price of palm oil in Guangdong was 8940.00 yuan/ton, a change of +60.00 yuan or +0.68% compared to the previous day, with a spot basis of P05 - 62.00, a change of +52.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8570.00 yuan/ton, a change of - 10.00 yuan/ton or - 0.12% compared to the previous day, with a spot basis of Y05 + 200.00, a change of - 30.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10090.00 yuan/ton, a change of +30.00 yuan or +0.30% compared to the previous day, with a spot basis of OI05 + 604.00, a change of +8.00 yuan [1] Market Consultation - Argentina's soybean oil (April shipment) C&F price was 1164 USD/ton, unchanged from the previous trading day; Argentina's soybean oil (June shipment) C&F price was 1156 USD/ton, up 2 USD/ton from the previous trading day - Imported rapeseed oil C&F quotes: Canadian rapeseed oil (March shipment) was 1120 USD/ton, unchanged from the previous trading day; Canadian rapeseed oil (May shipment) was 1100 USD/ton, unchanged from the previous trading day - Canadian rapeseed (May shipment) C&F price was 590 USD/ton, up 13 USD/ton from the previous trading day; Canadian rapeseed (July shipment) C&F price was 597 USD/ton, up 13 USD/ton from the previous trading day - US Gulf soybeans (April shipment) C&F price was 516 USD/ton, up 2 USD/ton from the previous trading day; US West soybeans (April shipment) C&F price was 510 USD/ton, up 2 USD/ton from the previous trading day; Brazilian soybeans (April shipment) C&F price was 470 USD/ton, up 1 USD/ton from the previous trading day - Imported soybean premium quotes: Mexico Gulf (April shipment) was 234 cents/bushel, down 4 cents/bushel from the previous trading day; US West Coast (April shipment) was 218 cents/bushel, down 4 cents/bushel from the previous trading day; Brazilian ports (April shipment) was 110 cents/bushel, down 5 cents/bushel from the previous trading day [2] Weather and Planting Information - The Indonesian meteorological agency warned that Indonesia is expected to face a longer and more severe dry season in 2026 than last year, with an increased drought risk. The dry season in most provinces of Indonesia is expected to start in April, earlier than last year, and reach its peak in August - Statistics Canada will release the planting intention estimates for major crops in 2026 at 21:30 Beijing time on March 5. The average expectation of six traders and analysts surveyed is that the planting area of Canadian rapeseed in 2026 will be 22.3 million acres, higher than the 21.5 million acres announced by Statistics Canada in 2025 [2]