原油价格走弱，油脂集体承压

1. Report Industry Investment Rating - The investment rating for the industry is neutral [3] 2. Core View of the Report - Crude oil prices have weakened, putting collective pressure on the oil and fat market. The prices of the three major oils and fats have declined due to the significant drop in crude oil prices influenced by international situations [2] 3. Summary by Relevant Catalogs Market Analysis - Futures Prices: The closing price of the palm oil 2605 contract was 9,644.00 yuan/ton, a decrease of 298 yuan or -3.00% compared to the previous day; the soybean oil 2605 contract closed at 8,594.00 yuan/ton, a decrease of 146.00 yuan or -1.67%; the rapeseed oil 2605 contract closed at 9,950.00 yuan/ton, an increase of 74.00 yuan or +0.75% [1] - Spot Prices: In the Guangdong region, the spot price of palm oil was 9,680.00 yuan/ton, a decrease of 210.00 yuan or -2.12%, with a spot basis of P05 + 36.00, an increase of 88.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,820.00 yuan/ton, a decrease of 90.00 yuan or -1.01%, with a spot basis of Y05 + 226.00, an increase of 56.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,340.00 yuan/ton, a decrease of 140.00 yuan or -1.34%, with a spot basis of OI05 + 530.00, a decrease of 4.00 yuan [1] - Market News: On March 24, the FOB price of Malaysian palm oil was 1,205 US dollars, up 2.5 US dollars from the previous day; the CIF price was 1,235 US dollars, up 2.5 US dollars from the previous day; the import cost was 10,176.75 yuan, up 25.69 yuan from the previous day; the import profit was -496.75 yuan/ton, down 65.69 yuan/ton from the previous day. The C&F price of Argentine soybean oil (April shipment) was 1,255 US dollars/ton, up 21 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (June shipment) was 1,205 US dollars/ton, up 16 US dollars/ton from the previous trading day. The C&F quotes of imported rapeseed oil remained unchanged. The C&F prices of US and Brazilian soybeans increased slightly, and the import soybean premium and discount quotes changed slightly. As of March 20, 2026, the commercial inventory of the three major oils and fats in China decreased slightly to 1.99 million tons, a weekly decrease of 60,000 tons, a monthly increase of 50,000 tons, a year - on - year decrease of 40,000 tons, and an increase of 170,000 tons compared to the average of the past three years [2] Strategy - The strategy is neutral [3]