棕榈油：油价扰动持续，高位震荡运行；豆油：豆系驱动不大，上方空间有限

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Palm oil prices are affected by oil price fluctuations and are expected to fluctuate at high levels. The upward space for soybean oil is limited due to weak drivers from the soybean sector [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: Palm oil主力 closed at 9,718 yuan/ton (down 0.80% during the day session) and 9,724 yuan/ton (up 0.06% during the night session). Soybean oil主力 closed at 8,628 yuan/ton (up 0.14% during the day session) and 8,640 yuan/ton (up 0.14% during the night session). Rapeseed oil主力 closed at 9,876 yuan/ton (up 0.22% during the day session) and 9,860 yuan/ton (down 0.16% during the night session). CBOT soybean oil主力 closed at 65.53 cents/pound (up 0.18%) [1]. - Trading Volume and Open Interest: Palm oil主力 trading volume decreased by 83,790 hands to 407,410 hands, and open interest decreased by 11,646 hands to 319,450 hands. Soybean oil主力 trading volume decreased by 25,297 hands to 225,724 hands, and open interest decreased by 398 hands to 594,096 hands. Rapeseed oil主力 trading volume increased by 8,249 hands to 201,004 hands, and open interest increased by 2,919 hands to 237,433 hands [1]. - Spot Prices: Palm oil (24 - degree) in Guangdong was priced at 9,750 yuan/ton, down 120 yuan/ton. First - grade soybean oil in Guangdong was priced at 8,940 yuan/ton, down 50 yuan/ton. Fourth - grade imported rapeseed oil in Guangxi was priced at 10,180 yuan/ton, down 50 yuan/ton. The FOB price of Malaysian palm oil was 1,215 dollars/ton, up 15 dollars/ton [1]. - Basis: The basis of palm oil in Guangdong was 32 yuan/ton, soybean oil in Guangdong was 312 yuan/ton, and rapeseed oil in Guangxi was 304 yuan/ton [1]. - Price Spreads: The spread between rapeseed oil and palm oil futures主力 was 158 yuan/ton, the spread between soybean oil and palm oil futures主力 was - 1,090 yuan/ton, the 5 - 9 spread of palm oil was 60 yuan/ton, the 5 - 9 spread of soybean oil was 80 yuan/ton, and the 5 - 9 spread of rapeseed oil was 133 yuan/ton [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from March 1 - 20, 2026, were 1,191,962 tons, a 38.06% increase compared to the same period last month [2]. - In the 12th week of 2026 (March 14 - 20), the actual soybean crushing volume of domestic oil mills was 1.9905 million tons, an increase of 21,100 tons from the previous week and 61,000 tons lower than the estimated volume. The actual operating rate was 54.81% [2]. - China imported 1.49 million tons of US soybeans from January - February 2026, a significant 83.7% decrease compared to the same period last year. Meanwhile, imports from Brazil increased by 82.8% to 6.56 million tons, and imports from Argentina increased from 111,603 tons to 3.27 million tons [3]. - As of the week ending March 15, 2026, Canada's canola exports increased by 157.4% to 292,100 tons compared to the previous week [3]. - The BMD palm oil futures market was closed on March 20 and March 23 due to the Eid al - Fitr holiday and will resume trading on March 24 [3]. 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is both 1 [4].