国际冲突持续，运费持续上涨

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. The USDA data shows that only Argentina's South American output has been reduced by 500,000 tons, and the overall supply remains relatively abundant. Recently, due to the impact of overseas geopolitics and continuous conflicts, freight rates have risen significantly, which also provides some support for oil prices. Future trends need to be closely monitored [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract yesterday was 9,526 yuan/ton, a change of +64 yuan or +0.68% compared to the previous day [1] - The closing price of the soybean oil 2605 contract yesterday was 8,570 yuan/ton, a change of +126 yuan or +1.49% compared to the previous day [1] - The closing price of the rapeseed oil 2605 contract yesterday was 9,778 yuan/ton, a change of +65 yuan or +0.67% compared to the previous day [1] Spot - In the Guangdong region, the spot price of palm oil was 9,450 yuan/ton, a change of +120 yuan or +1.29% compared to the previous day. The spot basis was P05 - 76 yuan, a change of +56 yuan compared to the previous day [1] - In the Tianjin region, the spot price of first - grade soybean oil was 8,660 yuan/ton, with no change compared to the previous day. The spot basis was Y05 + 90 yuan, a change of - 126 yuan compared to the previous day [1] - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,380 yuan/ton, a change of +70 yuan or +0.68% compared to the previous day. The spot basis was OI05 + 602 yuan, a change of +5 yuan compared to the previous day [1] Group 4: Recent Market Information Summary Palm Oil in Malaysia - From March 1 - 10, 2026, according to the data of the Southern Peninsula Palm Oil Millers' Association (SPPOMA), the yield per unit area of palm oil in Malaysia increased by 4.29% compared to the same period last month, the oil extraction rate decreased by 0.52% compared to the same period last month, and the output increased by 1.55% compared to the same period last month [2] Import Prices of Various Oils and Grains - The C&F price of Canadian rapeseed (May shipment) is 611 US dollars/ton, a decrease of 4 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (July shipment) is 618 US dollars/ton, a decrease of 4 US dollars/ton compared to the previous trading day [2] - The C&F price of Argentine soybean oil (April shipment) is 1,175 US dollars/ton, an increase of 24 US dollars/ton compared to the previous trading day; the C&F price of Argentine soybean oil (June shipment) is 1,145 US dollars/ton, an increase of 6 US dollars/ton compared to the previous trading day [2] - The C&F quotation of imported rapeseed oil: the C&F price of Canadian rapeseed oil (March shipment) is 1,100 US dollars/ton, unchanged compared to the previous trading day; the C&F price of Canadian rapeseed oil (May shipment) is 1,080 US dollars/ton, unchanged compared to the previous trading day [2] - The C&F price of US Gulf soybeans (April shipment) is 529 US dollars/ton, unchanged compared to the previous trading day; the C&F price of US West soybeans (April shipment) is 523 US dollars/ton, unchanged compared to the previous trading day; the C&F price of Brazilian soybeans (April shipment) is 486 US dollars/ton, an increase of 5 US dollars/ton compared to the previous trading day [2] Import Soybean Premium Quotes - The premium of Mexican Gulf soybeans (April shipment) is 236 cents/bushel, a decrease of 8 cents/bushel compared to the previous trading day; the premium of US West Coast soybeans (April shipment) is 220 cents/bushel, a decrease of 8 cents/bushel compared to the previous trading day; the premium of Brazilian port soybeans (April shipment) is 120 cents/bushel, an increase of 5 cents/bushel compared to the previous trading day [2]