印尼B50政策重启，油脂震荡上涨

Group 1: Report Industry Investment Rating - The investment rating for the industry is cautiously bullish [3] Group 2: Core View of the Report - The restart of Indonesia's B50 biodiesel policy is positive for the oil and fat prices, leading to an upward oscillation in the prices of the three major oils [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract was 9,930.00 yuan/ton, with a month - on - month change of +162 yuan and a change rate of +1.66% - The closing price of the soybean oil 2605 contract was 8,714.00 yuan/ton, with a month - on - month change of +26.00 yuan and a change rate of +0.30% - The closing price of the rapeseed oil 2605 contract was 9,891.00 yuan/ton, with a month - on - month change of +14.00 yuan and a change rate of +0.14% [1] Spot - The spot price of palm oil in Guangdong was 9,670.00 yuan/ton, with a month - on - month change of +40.00 yuan and a change rate of +0.42%. The spot basis was P05 - 260.00, with a month - on - month change of - 122.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8,810.00 yuan/ton, with a month - on - month change of - 40.00 yuan/ton and a change rate of - 0.45%. The spot basis was Y05 + 96.00, with a month - on - month change of - 66.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,420.00 yuan/ton, with a month - on - month change of +10.00 yuan and a change rate of +0.10%. The spot basis was OI05 + 529.00, with a month - on - month change of - 4.00 yuan [1] Group 4: Recent Market Information Agricultural Production in Brazil - The estimated soybean production in Brazil for the 2025/26 season is 178.4 million tons, higher than the previous estimate of 178 million tons - The estimated total corn production in Brazil for the 2025/26 season is 135.7 million tons, lower than the previous estimate of 136.2 million tons - As of last Thursday, the sown area of the second - round corn in central and southern Brazil in 2026 has reached 99% of the expected area, and the harvested area of soybeans in the 2025/26 season has reached 75% of the expected area [2] Palm Oil Production in Malaysia - The estimated palm oil production in Malaysia from March 1 - 20 increased by 0.92%. Specifically, production in the Malay Peninsula decreased by 3.61%, in Sabah increased by 5.59%, in Sarawak increased by 9.87%, and in East Malaysia increased by 6.67% [2] Inventory of Rapeseed and Rapeseed Oil - As of March 27, 2026, the rapeseed inventory of major coastal oil mills was 97,000 tons, a decrease of 31,000 tons from last week - The rapeseed oil inventory was 11,000 tons, remaining the same as last week [2]