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 - Not provided in the given content 2. Core Viewpoints - Palm oil prices are affected by oil price fluctuations and are expected to fluctuate at a high level; the upward space of soybean oil is limited due to weak drivers from the soybean sector [1] 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: The closing price of palm oil futures (day session) was 9,942 yuan/ton with a daily increase of 2.31%, and the night - session price was 9,588 yuan/ton with a decrease of 3.56%. The closing price of soybean oil futures (day session) was 8,740 yuan/ton with a daily increase of 1.30%, and the night - session price was 8,588 yuan/ton with a decrease of 1.74%. The closing price of rapeseed oil futures (day session) was 9,950 yuan/ton with a daily increase of 0.75%, and the night - session price was 9,770 yuan/ton with a decrease of 1.81%. The price of CBOT soybean oil futures was 65.71 cents/pound with an increase of 0.31% [1] - Trading Volume and Open Interest: The trading volume of palm oil futures was 465,152 lots, an increase of 57,742 lots compared to the previous day, and the open interest was 317,752 lots, a decrease of 1,698 lots. The trading volume of soybean oil futures was 270,684 lots, an increase of 44,960 lots, and the open interest was 612,272 lots, an increase of 18,176 lots. The trading volume of rapeseed oil futures was 224,994 lots, an increase of 23,990 lots, and the open interest was 239,709 lots, an increase of 2,276 lots [1] - Spot Price: The spot price of 24 - degree palm oil in Guangdong was 9,920 yuan/ton, an increase of 170 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 9,040 yuan/ton, an increase of 100 yuan/ton; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,220 yuan/ton, an increase of 40 yuan/ton. The FOB price of Malaysian palm oil was 1,215 US dollars/ton, unchanged [1] - Basis: The basis of palm oil in Guangdong was - 22 yuan/ton; the basis of soybean oil in Guangdong was 300 yuan/ton; the basis of rapeseed oil in Guangxi was 270 yuan/ton [1] - Price Spread: The spread between rapeseed oil and palm oil futures was 8 yuan/ton; the spread between soybean oil and palm oil futures was - 1,202 yuan/ton; the 5 - 9 spread of palm oil was 54 yuan/ton; the 5 - 9 spread of soybean oil was 74 yuan/ton; the 5 - 9 spread of rapeseed oil was 119 yuan/ton [1] 3.2 Macro and Industry News - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 68%, 7 percentage points higher than the previous week but lagging behind 80% in the same period last year [2] - In the first three weeks of March, Brazil exported 9,501,524.99 tons of soybeans, with an average daily export volume of 633,435.00 tons, a 18% decrease compared to the average daily export volume in March last year [3][4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [5]