棕榈油：消息利多刺激，油脂偏强运行；豆油：美豆成本支撑，短期高位震荡

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The price of soybean oil is supported by the cost of US soybeans and will fluctuate at a high level in the short term [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: The closing prices and price changes of palm oil, soybean oil, rapeseed oil, Malaysian palm oil, and CBOT soybean oil futures are presented. For example, the closing price of palm oil futures (day session) is 9,684 yuan/ton with a 1.66% increase, and the closing price of soybean oil futures (day session) is 8,632 yuan/ton with a 0.72% increase [2]. - Trading Volume and Open Interest: The trading volume and open - interest changes of palm oil, soybean oil, and rapeseed oil futures are provided. For instance, the trading volume of palm oil futures is 688,279 lots with a change of 180,513 lots, and the open interest is 338,494 lots with a change of - 881 lots [2]. - Spot Prices: The spot prices and price changes of palm oil, soybean oil, rapeseed oil, and Malaysian palm oil are given. For example, the spot price of 24 - degree palm oil in Guangdong is 9,780 yuan/ton with a 250 - yuan increase [2]. - Basis: The basis of palm oil, soybean oil, and rapeseed oil in different regions is presented. For example, the basis of palm oil in Guangdong is 96 yuan/ton [2]. - Price Spreads: The price spreads between different futures contracts, such as the spread between rapeseed oil and palm oil futures, soybean oil and palm oil futures, and the 5 - 9 spreads of palm oil, soybean oil, and rapeseed oil are provided [2]. 3.2 Macro and Industry News - Indonesia's palm oil production in 2025 increased by 7.3% year - on - year to 51.66 million tons, and the inventory at the end of 2025 was 2.07 million tons, a 25% decline from the previous month. Producers are trying to increase production in 2026, but weather challenges may pose obstacles [3]. - Brazil needs to complete a technical feasibility study before deciding whether to increase the biodiesel blending ratio in diesel from the current 15% [5]. - Argentina's 2025/26 soybean crop conditions have improved for the second consecutive week due to recent rainfall in major planting areas [5]. - Brazil's 2026/27 soybean planting area is not expected to decline despite low production margins [5]. - The US Climate Prediction Center expects the La Nina event to gradually turn into an ENSO - neutral state in the next month, with a 55% probability of being in a neutral state from May to July this year [5]. 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is both 1 [6].