高价抑制需求，油脂震荡偏弱

1. Report Industry Investment Rating - The investment rating for the industry is "Neutral" [3] 2. Core View of the Report - High prices have suppressed demand, and the prices of edible oils are oscillating weakly. Recently, as crude oil prices have risen, the price center of vegetable oils has been significantly pulled up, but high prices have had a certain inhibitory effect on downstream demand, leading to a weakening of demand [1][2] 3. Summary by Related Catalog 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2605 contract was 9,692.00 yuan/ton, a change of -262 yuan or -2.63% compared to the previous day; the closing price of the soybean oil 2605 contract was 8,540.00 yuan/ton, a change of -104.00 yuan or -1.20%; the closing price of the rapeseed oil 2605 contract was 9,780.00 yuan/ton, a change of -53.00 yuan or -0.54% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,690.00 yuan/ton, a change of -160.00 yuan or -1.62%, with a spot basis of P05 - 2.00, a change of +102.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,740.00 yuan/ton, a change of -30.00 yuan/ton or -0.34%, with a spot basis of Y05 + 200.00, a change of +74.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,310.00 yuan/ton, a change of -50.00 yuan or -0.48%, with a spot basis of OI05 + 530.00, a change of +3.00 yuan [1] 3.2 Market Consultation Summary - Argentine Soybean Oil: The C&F price of Argentine soybean oil (April shipment) was 1,192 US dollars/ton, a decrease of 46 US dollars/ton compared to the previous trading day; the C&F price of Argentine soybean oil (June shipment) was 1,187 US dollars/ton, a decrease of 33 US dollars/ton compared to the previous trading day [2] - Imported Rapeseed Oil: The C&F quotation of Canadian rapeseed oil (April shipment) was 1,150 US dollars/ton, unchanged from the previous trading day; the C&F quotation of Canadian rapeseed oil (June shipment) was 1,130 US dollars/ton, unchanged from the previous trading day [2] - Soybeans: The C&F price of US Gulf soybeans (April shipment) was 509 US dollars/ton, a decrease of 25 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (April shipment) was 503 US dollars/ton, a decrease of 25 US dollars/ton compared to the previous trading day; the C&F price of Brazilian soybeans (April shipment) was 476 US dollars/ton, an increase of 4 US dollars/ton compared to the previous trading day [2] - Imported Soybean Premiums: The premium of Mexican Gulf (April shipment) was 229 cents/bushel, a decrease of 1 cent/bushel compared to the previous trading day; the premium of the US West Coast (April shipment) was 213 cents/bushel, a decrease of 1 cent/bushel compared to the previous trading day; the premium of Brazilian ports (April shipment) was 140 cents/bushel, an increase of 10 cents/bushel compared to the previous trading day [2]