现货市场表现清淡，油脂震荡调整

1. Report Industry Investment Rating - The investment strategy is neutral [3] 2. Core View of the Report - The spot market for oils and fats is sluggish, and prices are oscillating. Global economic slowdown and geopolitical uncertainties in the Middle East may delay purchases and limit upward price movement. After a significant increase driven by crude oil prices, spot demand remains weak, leading to an adjustment in oils and fats prices [2] 3. Summary by Relevant Catalogs Futures Market Performance - The closing price of the palm oil 2605 contract was 9796 yuan/ton, up 104 yuan or 1.07% [1] - The closing price of the soybean oil 2605 contract was 8616 yuan/ton, up 76 yuan or 0.89% [1] - The closing price of the rapeseed oil 2605 contract was 9854 yuan/ton, up 74 yuan or 0.76% [1] Spot Market Performance - The spot price of palm oil in Guangdong was 9720 yuan/ton, up 30 yuan or 0.31%, with a spot basis of P05 - 76 yuan, down 74 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8800 yuan/ton, up 60 yuan or 0.69%, with a spot basis of Y05 + 184 yuan, down 16 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10380 yuan/ton, up 70 yuan or 0.68%, with a spot basis of OI05 + 526 yuan, down 4 yuan [1] Recent Market News - Canadian rapeseed (May shipment) C&F price was 598 dollars/ton, down 4 dollars/ton; (July shipment) was 607 dollars/ton, down 2 dollars/ton [2] - Argentine soybean oil (April shipment) C&F price was 1248 dollars/ton, up 56 dollars/ton; (June shipment) was 1216 dollars/ton, up 29 dollars/ton [2] - Imported rapeseed oil C&F quotes: Canadian rapeseed oil (April shipment) was 1150 dollars/ton, unchanged; (June shipment) was 1130 dollars/ton, unchanged [2] - US Gulf soybeans (April shipment) C&F price was 509 dollars/ton, unchanged; US West soybeans (April shipment) was 503 dollars/ton, unchanged; Brazilian soybeans (April shipment) was 480 dollars/ton, up 4 dollars/ton [2] - Imported soybean premium quotes: Mexican Gulf (April shipment) was 222 cents/bushel, down 7 cents/bushel; US West Coast (April shipment) was 206 cents/bushel, down 7 cents/bushel; Brazilian ports (April shipment) was 145 cents/bushel, up 5 cents/bushel [2] - From March 1 - 15, 2026, Malaysian palm oil yield decreased by 2.96% month - on - month, oil extraction rate decreased by 0.44% month - on - month, and production decreased by 5.28% month - on - month [2] - The Malaysian Palm Oil Council (MPOC) expects palm oil prices to remain above 4450 ringgit/ton due to strong energy prices and favorable palm - gasoline spreads [2] - International CNF quotes for palm oil continued to rise, increasing China's import costs. On March 18, the CNF quotes for 24 - degree palm oil for April and May shipments were 1200 dollars/ton and 1228 dollars/ton respectively, up 22 - 50 dollars/ton from the previous week [2]