中东局势多变，油脂宽幅震荡

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils (palm oil, soybean oil, and rapeseed oil) fluctuated and declined. The news of the auction of 100,000 tons of domestic soybeans produced in 2022 on March 26 affected the market, and the tight supply of soybean spot is expected to be alleviated. Coupled with the changes in the Middle East situation, the oil prices are under pressure [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract was 9,510.00 yuan/ton, with a month - on - month change of - 134 yuan and a decline of - 1.39% - The closing price of the soybean oil 2605 contract was 8,550.00 yuan/ton, with a month - on - month change of - 44.00 yuan and a decline of - 0.51% - The closing price of the rapeseed oil 2605 contract was 9,707.00 yuan/ton, with a month - on - month change of - 106.00 yuan and a decline of - 1.08% [1] Spot - The spot price of palm oil in Guangdong was 9,480.00 yuan/ton, with a month - on - month change of - 200.00 yuan and a decline of - 2.07%. The spot basis was P05 + - 30.00, with a month - on - month change of - 66.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8,720.00 yuan/ton, with a month - on - month change of - 100.00 yuan/ton and a decline of - 1.13%. The spot basis was Y05 + 170.00, with a month - on - month change of - 56.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,240.00 yuan/ton, with a month - on - month change of - 100.00 yuan and a decline of - 0.97%. The spot basis was OI05 + 533.00, with a month - on - month change of + 6.00 yuan [1] Market News - According to ITS, Malaysia's palm oil exports from March 1 - 25 were 1,414,990 tons, a 38.4% increase from the same period last month - According to AmSpec, Malaysia's palm oil exports from March 1 - 25 were 1,389,549 tons, a 51% increase from the same period last month - The C&F price of Canadian rapeseed (May shipment) was 595 US dollars/ton, up 3 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (July shipment) was 605 US dollars/ton, up 3 US dollars/ton from the previous trading day - The C&F price of Argentine soybean oil (April shipment) was 1,255 US dollars/ton, unchanged from the previous trading day; the C&F price of Argentine soybean oil (June shipment) was 1,205 US dollars/ton, unchanged from the previous trading day - The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (April shipment) was 1,130 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (June shipment) was 1,110 US dollars/ton, unchanged from the previous trading day - The C&F price of US Gulf soybeans (April shipment) was 509 US dollars/ton, down 3 US dollars/ton from the previous trading day; the C&F price of US West soybeans (April shipment) was 503 US dollars/ton, down 3 US dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (April shipment) was 478 US dollars/ton, down 4 US dollars/ton from the previous trading day - The import soybean premium quotes: the Mexican Gulf (April shipment) was 231 cents/bushel, up 2 cents/bushel from the previous trading day; the US West Coast (April shipment) was 215 cents/bushel, up 2 cents/bushel from the previous trading day; the Brazilian port (April shipment) was 149 cents/bushel, down 1 cent/bushel from the previous trading day [2]