1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - All three major oils (palm oil, soybean oil, and rapeseed oil) are experiencing high - level oscillations. The situation is influenced by factors such as the ongoing Middle - East conflict, fluctuations in crude oil prices, production and supply changes, and demand trends [4]. - For palm oil, the production area is about to enter the production - increasing cycle, but the production in the first half of March in Malaysia decreased, exports increased, and the inventory is expected to continue to decline. In China, the demand is weak [4]. - For soybean oil, the domestic soybean arrivals decreased, the oil mill operating rate reached a high level, and the production increased. However, it is the traditional off - season with weak demand. The supply may be tight in March - April due to some oil mill maintenance plans. The US RVO final plan and Brazilian biodiesel policy also affect the demand [4]. - For rapeseed oil, the cumulative export volume of Canadian rapeseed decreased, leading to a price increase and cost support. The domestic production and inventory decreased, and the supply shortage will be improved when rapeseed arrives in April - May [4]. 3. Summary by Directory 3.1 Market Review - **Palm Oil**: It is in high - level oscillation. Affected by the Middle - East conflict and crude oil price fluctuations, the production area is about to enter the production - increasing cycle. Due to the Eid al - Fitr, the production in the first half of March in Malaysia continued to decline, exports increased significantly, and the inventory is still high but expected to decline. The good biodiesel profit in Indonesia and the promotion of the B50 plan support the demand. The domestic demand is weak [4]. - **Soybean Oil**: It is in high - level oscillation. The domestic soybean arrivals decreased, the oil mill operating rate reached a high level, and the production increased. The inventory decreased month - on - month, and the demand is weak in the traditional off - season. Some oil mills have maintenance plans in March - April, and the supply may be tight. The US RVO final plan and Brazilian biodiesel policy affect the demand. It is also influenced by the high - level operation of crude oil prices due to the Middle - East conflict [4]. - **Rapeseed Oil**: It is in high - level oscillation. As of mid - March, the cumulative export volume of Canadian rapeseed decreased by 25.2% year - on - year, leading to a price increase and cost support. The domestic production and inventory decreased slightly and are at a low level year - on - year. Rapeseed will arrive in April - May, which will improve the supply shortage. The US biodiesel policy and the Middle - East conflict also affect the demand [4]. 3.2 Fundamental Observation 3.2.1 Supply - **Palm Oil**: As of March 20, 6 new purchase ships were added in China, with 4 for April and 2 for September [10]. - **Soybean Oil**: The domestic oil mill operating rate is at a high level, and the supply increased slightly. As of March 20, the soybean arrivals were 144.95 tons, the port inventory was 513.1 tons (decreased month - on - month), the soybean crushing volume was 199.05 tons, the operating rate was 54.81%, and the soybean oil production was 37.81 tons (an increase of 0.4 tons month - on - month) [10]. - **Rapeseed Oil**: The production decreased month - on - month. As of March 20, the rapeseed oil production of coastal oil mills was 0.96 tons [10]. 3.2.2 Demand - **Palm Oil**: As of March 20, the total transaction volume of 24 - degree palm oil in key national oil mills this week was 3300 tons, indicating weak demand [7]. - **Soybean Oil**: As of March 20, the weekly domestic soybean oil transaction volume was 13.17 tons, a decrease of 10.95 tons month - on - month. It is the off - season, and the demand is mainly for rigid needs [7]. - **Rapeseed Oil**: As of March 20, the rapeseed oil pick - up volume of coastal oil mills was 0.343 tons, a decrease of 0.99 tons month - on - month [7]. 3.2.3 Inventory - **Palm Oil**: The domestic palm oil inventory is high. As of March 20, the commercial inventory of palm oil in key national regions was 80.82 tons, a decrease of 3.38 tons compared with last week [8]. - **Soybean Oil**: The inventory is decreasing. As of March 20, the commercial inventory of soybean oil in key national regions was 86.07 tons, a decrease of 2.52 tons month - on - month [8]. - **Rapeseed Oil**: As of March 20, the rapeseed oil inventory was 28.1 tons, a decrease of 0.05 tons month - on - month and at a low level year - on - year [8]. 3.2.4 Cost and Profit As of March 20, the CIF price of Malaysian palm oil was 1188 US dollars/ton, and the import cost was 9796 yuan/ton, a decrease of 176 yuan/ton compared with last week [9]. 3.3 Malaysian Palm Oil Situation 3.3.1 Production In February, affected by rainfall and fewer working days, the Malaysian palm oil production was 128.46 tons, a decrease of 18.55% month - on - month. The production area is about to enter the traditional production - increasing season, and the production is expected to increase. SPPOMA showed that from March 1 - 15, the single - yield of Malaysian palm oil decreased by 2.96% compared with the same period last month, the oil - extraction rate decreased by 0.44%, and the production decreased by 5.28% [15]. 3.3.2 Inventory In February, the inventory was 270.42 tons, a decrease of 3.94% month - on - month. The inventory is higher than market expectations and still has pressure, which suppresses the price. In early March, the production decreased and exports increased, so the inventory pressure is expected to be relieved [15]. 3.3.3 Export In February, the Malaysian palm oil export was 112.76 tons, a decrease of 22.48% month - on - month. In March, Indonesia increased the palm oil export tax, and the pre - export in February in Indonesia squeezed Malaysia's export, resulting in a decline in Malaysia's palm oil export volume. In early March, the export rebounded. According to AmSpec, the export volume from March 1 - 20 was 1166586 tons, a 49.6% increase compared with the same period last month. According to ITS, the export volume from March 1 - 20 was 1191962 tons, a 38.1% increase compared with the same period [18]. 3.3.4 Consumption The domestic consumption in Malaysia was 34.4 tons, a decrease of 11.85% month - on - month [18]. 3.4 Domestic Palm Oil Situation - As of March 20, the commercial inventory of palm oil in key national regions was 80.82 tons, a decrease of 4.01 tons, and the inventory is at a high level. In February, the domestic palm oil import volume was 26 tons, an increase year - on - year [20]. - As of March 20, the palm oil transaction volume was 3300 tons, and the transaction is at a low level [23]. - As of March 20, the import profit of 24 - degree palm oil was - 169 yuan/ton, a decrease of 9 yuan/ton month - on - month [27]. 3.5 Domestic Soybean Oil Situation - As of March 20, the soybean arrivals decreased, the port inventory was 513.1 tons (decreased), and the soybean crushing volume was 199.05 tons, an increase of 2.11 tons month - on - month [29]. - As of March 20, the oil mill operating rate was 54.81%, the soybean oil production was 37.81 tons (supply increased and is at a high level year - on - year), and the inventory of 90 sample enterprises was 86.07 tons, a decrease of 2.52 tons month - on - month [31]. 3.6 Domestic Rapeseed Oil Situation - As of March 20, the rapeseed oil production of coastal oil mills was 0.96 tons, and the short - term supply is still at a low level. The small - sample rapeseed oil inventory was 28.1 tons, a slight decrease month - on - month [35].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The prices of palm oil, soybean oil, and rapeseed oil are all showing a trend of fluctuating and strengthening, mainly affected by factors such as production, export policies, biodiesel policies, and geopolitical situations [4] Group 3: Summary by Related Catalogs 1. Market Review - **Palm oil**: It is running strongly. Malaysian palm oil is in a seasonal production reduction period, with production and exports decreasing in February, and inventory is expected to decline. Indonesian palm oil exports increased significantly in January, and Malaysia's palm oil exports may improve in March. Affected by geopolitical conflicts, the price of crude oil is strong, which drives up the price of palm oil. In China, inventory is high and demand is weak [4] - **Soybean oil**: It is fluctuating and strengthening. Brazil's soybean harvest is expected to be bumper, but the harvest is slowing down due to weather. The U.S. Environmental Protection Agency has submitted a new biofuel blending volume authorization proposal, which may be finalized by the end of March, and the biodiesel policy has optimistic expectations, supporting the demand outlook for U.S. soybean oil. Affected by geopolitical conflicts, the price of crude oil has risen significantly, driving up the price of U.S. soybean oil. The increase in the price of U.S. soybeans provides cost support. The operation rate of domestic oil mills is gradually recovering, and inventory has increased slightly [4] - **Rapeseed oil**: It is fluctuating and strengthening. China has imposed a 5.9% anti-dumping duty on Canadian rapeseed, and the comprehensive tax rate is 14.9%. The supply of Canadian rapeseed will resume. China has purchased 10 ships of Canadian rapeseed, a total of 650,000 tons, which are expected to arrive at ports from February to April, alleviating the tight supply situation of rapeseed. The supply of rapeseed oil will increase. Rapeseed oil inventory has increased month-on-month but is still at a low level. Affected by the price of crude oil in geopolitical conflicts, the price of rapeseed oil has risen [4] 2. Fundamental Observation Supply - **Palm oil**: As of February 27, the national key area's palm oil commercial inventory was 786,700 tons, a month-on-month increase of 80,300 tons, an increase of 11.37%. The import volume in December was 280,000 tons, a decrease of 50,000 tons from the previous month [7][21] - **Soybean oil**: As of February 27, the national key area's soybean oil commercial inventory was 913,300 tons, a month-on-month decrease of 31,600 tons, a decrease of 3.34%. The soybean port inventory increased to 6.3 million tons, and the oil mill's soybean crushing volume was 588,600 tons, with an operation rate of 16.19%. The operation rate of oil mills was still at a low level, and the soybean oil production was 111,800 tons, a month-on-month increase of 104,800 tons [7][9] - **Rapeseed oil**: As of February 27, the rapeseed oil production of coastal oil mills was 4,900 tons, and the rapeseed oil inventory was 270,500 tons, a month-on-month increase of 23,500 tons, an increase of 9.51%, and it was still at a low level year-on-year [7][9] Cost and Profit - As of March 5, the CIF price of Malaysian palm oil was $1,112 per ton, and the import cost was 9,177 yuan per ton, a month-on-month increase of 164 yuan per ton [8] Demand - **Palm oil**: As of March 5, the total trading volume of 24-degree palm oil in national key oil mills this week was 3,700 tons, and the demand was weak [9] - **Soybean oil**: As of March 5, the weekly trading volume of domestic soybean oil was 62,000 tons, a month-on-month increase of 4,200 tons [9] - **Rapeseed oil**: As of February 27, the pick-up volume of rapeseed oil in coastal oil mills was 169 tons, a slight increase [9] 3. Malaysian Palm Oil Situation Production - In January, Malaysian palm oil was in a seasonal production reduction period. The MPOB report showed that the production in January decreased by 1.5775 million tons month-on-month, a decrease of 13.78%. Although the decrease was large, the production was still at a high level year-on-year. In February, due to fewer working days, the production is expected to continue to decline. The MPOA data showed that the estimated production in February decreased by 16.24% [15] Inventory - In January, the inventory dropped to 2.8155 million tons, a month-on-month decrease of 7.72%. The inventory reduction amplitude was higher than market expectations, but the inventory was still at a high level year-on-year and still faced pressure [15] Export - In January, the export volume of Malaysian palm oil was 1.4843 million tons, a month-on-month increase of 11.44%. In February, the export volume decreased. ITS data showed that the export volume in February decreased by 21.5% compared with January, and AmSpec data showed a decrease of 25.5% [18] Consumption - The domestic consumption volume in Malaysia was 361,200 tons, a month-on-month increase of 14.52% [19] 4. Domestic Palm Oil Situation - **Inventory**: As of February 27, the national key area's palm oil commercial inventory was 786,700 tons, and the inventory was high [21] - **Import Profit**: As of March 5, the import profit of 24-degree palm oil was -199 yuan per ton, a month-on-month increase of 84 yuan per ton [28] - **Trading Volume**: As of March 5, the trading volume of palm oil was 3,700 tons, and the trading volume was at a low level [24] 5. Domestic Soybean Oil Situation - **Inventory**: As of February 27, the soybean oil inventory of 90 sample enterprises was 913,300 tons, a month-on-month decrease of 31,600 tons [32] - **Production**: As of February 27, the soybean oil production was 111,800 tons, and it was at a low level [32] - **Operation Rate**: As of February 27, the operation rate of oil mills gradually recovered, and the operation rate was 16.19% [32] 6. Domestic Rapeseed Oil Situation - **Inventory**: As of February 27, the small-sample rapeseed oil inventory was 270,500 tons, and the inventory was accumulating [36] - **Production**: As of February 27, the rapeseed oil production of coastal oil mills was 4,900 tons, and it was at a low level [36] 7. Spot Price - As of March 5, the spot price of Zhangjiagang's fourth-grade soybean oil was 8,650 yuan per ton, a month-on-month increase of 20 yuan per ton; the spot price of Guangdong's 24-degree palm oil increased by 220 yuan per ton; the spot price of Nantong's fourth-grade rapeseed oil was 10,110 yuan per ton, a month-on-month increase of 290 yuan per ton [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Palm oil has a weak fundamental outlook, with its price being volatile in the short - term. Factors such as the seasonal production decline in Malaysia, changes in export volume, and demand in India and the domestic market influence its price. Attention should be paid to the US biodiesel policy [4]. - Soybean oil is trending strongly with a volatile pattern. The expected high - yield of Brazilian soybeans, optimistic expectations for the US biodiesel policy, and the rise in crude oil prices support the demand for US soybean oil. The domestic soybean import volume is low, and the inventory is slightly increasing. Short - term volatility is expected, and the US biodiesel policy should be monitored [4]. - Rapeseed oil is also in a volatile state. The global rapeseed supply is relatively abundant, and the domestic rapeseed inventory has increased. Affected by the festival, production and demand are weak. The news of the US biodiesel policy boosts the price of rapeseed oil, and it is expected to be volatile in the short - term [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Palm oil**: After the holiday, palm oil opened higher. Malaysia's palm oil is in a seasonal production decline cycle. From February 1 - 20, production decreased month - on - month, and exports decreased compared to the same period last month. The trade agreement between the US and Indonesia is expected to increase Indonesia's palm oil exports to the US to 3 million tons, supporting palm oil demand. Indonesia may raise export taxes in March, which will support Malaysia's palm oil exports. During the Spring Festival, driven by the rise in international crude oil prices, the palm oil price increased. However, its own fundamentals are weak, with reduced demand for Indian Ramadan stocking and weak export data suppressing price increases. Domestic purchases in February increased, inventory is high, and demand is weak. It is expected to be volatile in the short - term [4]. - **Soybean oil**: It is trending strongly with a volatile pattern. There is an expected high - yield of Brazilian soybeans. The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March. There are optimistic expectations for the biodiesel policy, which supports the demand outlook for US soybean oil. At the same time, the geopolitical situation in the Middle East has deteriorated, and crude oil prices have risen significantly, causing US soybean oil to strengthen. The domestic soybean import volume is at a low level, the arrival volume has decreased, and the oil mill's operation has gradually resumed after the holiday, with a slight increase in inventory. It is expected to be volatile in the short - term, and the US biodiesel policy should be monitored [4]. - **Rapeseed oil**: It is in a volatile state. The global rapeseed supply is relatively abundant. As of February 20, the domestic rapeseed inventory increased to 98,000 tons. Affected by the festival, rapeseed oil production decreased, and demand was weak, with limited fundamental impact. China's import of Canadian rapeseed has increased the rapeseed supply. The news of the US biodiesel policy boosts the price of rapeseed oil, and it is expected to be volatile in the short - term [4]. 3.2 Fundamental Observation 3.2.1 Supply - **Palm oil**: Domestic palm oil inventory is high. As of February 20, the commercial inventory of palm oil in key national regions was 726,700 tons, a month - on - month increase of 25,300 tons, or a 3.61% increase [7]. - **Soybean oil**: Inventory is slightly accumulating. As of February 20, the commercial inventory of soybean oil in key national regions was 904,900 tons, a month - on - month increase of 700 tons, or a 0.07% increase [7]. - **Rapeseed oil**: As of February 20, the rapeseed oil inventory was 247,000 tons, a month - on - month increase of 2,000 tons, or a 0.82% increase, and it is at a low level year - on - year [7]. 3.2.2 Cost and Profit As of February 27, the CIF price of Malaysian - produced palm oil was $1,100 per ton, and the import cost price was 9,013 yuan per ton, a month - on - month increase of 30 yuan per ton compared to before the holiday [8]. 3.2.3 Purchase, Production, and Sales - **Palm oil**: Domestic purchases in February were relatively high. From February 7 - 24, 2026, there was 1 new ship cancellation, with a shipping date in September, and no new purchases. As of February 27, the total trading volume of 24 - degree palm oil in key national oil mills this week was 1,499 tons, a month - on - month increase of 1,499 tons [9]. - **Soybean oil**: As of February 20, the soybean port inventory increased to 5.594 million tons, at a low level year - on - year. The soybean crushing volume of oil mills was 37,200 tons, with an operation rate of 1.02%. After the holiday, the operation of oil mills gradually resumed; the soybean oil production was 7,000 tons, a month - on - month decrease of 313,600 tons. As of February 27, the weekly trading volume of domestic soybean oil was 54,800 tons, a month - on - month increase of 49,000 tons [9]. - **Rapeseed oil**: As of February 20, the production of rapeseed oil in coastal oil mills was 0 tons. During the festival, rapeseed oil trading came to a standstill. As of February 20, the pick - up volume of rapeseed oil in coastal oil mills was 0 tons, a month - on - month decrease of 310 tons [9]. 3.2.4 Spot Prices As of February 27, the spot price of Zhangjiagang Grade 4 soybean oil was 8,630 yuan per ton, a month - on - month increase of 150 yuan per ton; the spot price of 24 - degree palm oil in Guangdong was 8,780 yuan per ton, unchanged from the previous month; the spot price of Nantong Grade 4 rapeseed oil was 9,840 yuan per ton, a month - on - month increase of 70 yuan per ton [11]. 3.3 Malaysian Palm Oil Situation 3.3.1 Production and Inventory - **Production**: In January, Malaysian palm oil was in a seasonal production decline season. Affected by rainfall, the MPOB report showed that Malaysia's January production decreased by 1.5775 million tons month - on - month, a 13.78% decrease. Although the decrease was large, the production was still at a high level year - on - year. By region, the production in Peninsular Malaysia decreased by 16.65% month - on - month, the production in Sabah decreased by 8.96% month - on - month, the production in Sarawak decreased by 17.07% month - on - month, and the production in East Malaysia decreased by 11.09% month - on - month. With fewer working days in February, production is expected to continue to decline. The MPOA showed that from February 1 - 20, Malaysia's palm oil production decreased by 12.29% compared to the same period last month [14]. - **Inventory**: In January, the inventory decreased to 2.8155 million tons, a 7.72% month - on - month decrease. The de - stocking amplitude was higher than market expectations, but the Malaysian palm oil inventory was still at a high level year - on - year, with pressure [15]. 3.3.2 Exports and Consumption - **Exports**: In January, Malaysian palm oil exports were 1.4843 million tons, a 11.44% month - on - month increase. Due to the decrease in Malaysian palm oil prices, India's palm oil imports increased in January. In February, Malaysian palm oil exports decreased. ITS showed that from February 1 - 25, Malaysian palm oil exports decreased by 12.1% compared to the same period last month. AmSpec showed that from February 1 - 25, Malaysian palm oil exports decreased by 16.05% compared to the same period last month [18]. - **Consumption**: Malaysia's domestic consumption was 361,200 tons, a 14.52% month - on - month increase [18]. 3.4 Domestic Oil Situation 3.4.1 Palm Oil - As of February 20, the commercial inventory of palm oil in key national regions was 706,400 tons, with high inventory. In December, the domestic palm oil import volume was 280,000 tons, a month - on - month decrease of 50,000 tons. As of February 27, the palm oil trading volume was 1,499 tons, at a low - level operation [20][23]. - As of February 27, the import profit of 24 - degree palm oil was - 283 yuan per ton, a month - on - month decrease of 30 yuan per ton compared to before the holiday [26]. 3.4.2 Soybean Oil As of February 20, the soybean port inventory was 5.594 million tons, with inventory accumulation. The soybean crushing volume was 37,200 tons, a month - on - month decrease of 1.6507 million tons, reaching a low level. The oil mill operation rate was 1.02%, the soybean oil production was 7,000 tons, reaching a low level. The soybean oil inventory of 90 sample enterprises was 944,900 tons, a month - on - month increase of 700 tons, with a slight decrease [28][30]. 3.4.3 Rapeseed Oil As of February 20, the rapeseed inventory was 98,000 tons, and the rapeseed crushing volume was 0 tons. Affected by the festival, as of February 20, the production of rapeseed oil in coastal oil mills was 0 tons, at a low level. The rapeseed oil inventory was 240,000 tons, and the inventory continued to decline [32][34].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Palm oil continues to decline, with limited bullish drivers from the MPOB report. It is expected to fluctuate in the short - term due to factors such as production, exports, and domestic inventory [4]. - Soybean oil is expected to fluctuate in the short - term. Brazil's soybean harvest is accelerating, and domestic supply is relatively loose. The US biodiesel policy may support demand [4]. - Rapeseed oil is expected to fluctuate. Global rapeseed supply is relatively loose, and future rapeseed supply in China is expected to increase, which may suppress prices [4]. 3. Summary by Directory 3.1 Market Review - **Palm oil**: Continued to decline. The MPOB report's bullish drivers were limited. Malaysia's production decreased in January, exports increased, and inventory decreased but was still at a high level year - on - year. Indonesia will raise export taxes in March, suppressing exports. India has pre - festival stocking demand, and domestic inventory is high with mainly rigid demand. It will fluctuate in the short - term [4]. - **Soybean oil**: There is an expectation of a bumper harvest of Brazilian soybeans. As of February 5, the harvest progress of the 2025/26 Brazilian soybean was 16%, and the harvest accelerated in February. US - India trade agreement may increase the demand for US soybean oil. Domestic oil mill operating rates are at a high level year - on - year, and supply is relatively loose. The US 45Z proposed rule may support demand [4]. - **Rapeseed oil**: Fluctuated weakly this week. Global rapeseed supply is relatively loose. As of February 6, domestic rapeseed inventory was 48,000 tons, and rapeseed oil production continued to increase. Australian rapeseed is being crushed, and short - term supply is tight with flat demand. The China - Canada trade agreement may increase future rapeseed supply and suppress prices [4]. 3.2 Fundamental Observation 3.2.1 Supply - **Palm oil**: Domestic near - month ship purchases increased. As of February 6, the national key - area palm oil commercial inventory was 726,700 tons, a week - on - week increase of 25,300 tons, or 3.61% [7][9]. - **Soybean oil**: The soybean port inventory decreased to 5.909 million tons as of February 6, which was at a low level year - on - year. The oil mill soybean crushing volume was 248,400 tons, and the operating rate rose to 68.33%. The soybean oil production was 47,190 tons, a week - on - week increase of 3,570 tons [9]. - **Rapeseed oil**: Australian rapeseed began to be crushed, and supply is expected to increase. As of February 6, the coastal oil mill rapeseed oil production was 4,100 tons [9]. 3.2.2 Demand - **Palm oil**: Domestic demand was weak. As of February 6, the total trading volume of 24 - degree palm oil in key oil mills across the country was 4,000 tons, a week - on - week decrease of 100 tons [9]. - **Soybean oil**: Pre - festival stocking ended, and trading volume decreased. As of February 6, the domestic weekly trading volume of soybean oil was 88,000 tons, a week - on - week decrease of 164,400 tons [9]. - **Rapeseed oil**: As of February 6, the coastal oil mill rapeseed oil pick - up volume was 2,100 tons, a week - on - week increase of 1,300 tons [9]. 3.2.3 Inventory - **Palm oil**: As of February 6, the national key - area palm oil commercial inventory was 726,700 tons, a week - on - week increase of 25,300 tons, or 3.61% [7]. - **Soybean oil**: As of February 6, the national key - area soybean oil commercial inventory was 959,900 tons, a week - on - week increase of 13,100 tons, or 1.38% [7]. - **Rapeseed oil**: As of February 6, the rapeseed oil inventory was 240,000 tons, a week - on - week decrease of 6,000 tons, or 2.44%, and it was at a low level year - on - year [7]. 3.2.4 Cost and Profit - As of February 6, the CIF price of Malaysian palm oil was $1,116/ton, and the import cost was 9,262 yuan/ton, a week - on - week decrease of 206 yuan/ton [8]. 3.3 Malaysian Palm Oil Situation 3.3.1 Production - In January, Malaysian palm oil was in the seasonal production - reduction season. Affected by rainfall, the production decreased by 1.5775 million tons month - on - month, a decrease of 13.78%. Although the decrease was large, the production was still at a high level year - on - year. In February, production is expected to continue to decline. From February 1 - 10, the production decreased by 7.58% month - on - month [14]. 3.3.2 Inventory - In January, the inventory decreased to 2.8155 million tons, a month - on - month decrease of 7.72%. The de - stocking amplitude was higher than market expectations, but the inventory was still at a high level year - on - year [15]. 3.3.3 Export - In January, Malaysian palm oil exports were 1.4843 million tons, a month - on - month increase of 11.44%. Due to the lower price of Malaysian palm oil, India's palm oil imports increased in January [18]. 3.3.4 Consumption - The domestic consumption in Malaysia was 361,200 tons, a month - on - month increase of 14.52% [19]. 3.4 Domestic Oil Situation 3.4.1 Palm Oil - As of February 6, the national key - area palm oil commercial inventory was 726,700 tons, a week - on - week increase of 25,300 tons, and it was at a high level year - on - year. In December, domestic palm oil imports were 280,000 tons, a month - on - month decrease of 50,000 tons. As of February 6, the trading volume was 4,000 tons, a week - on - week decrease of 100 tons, and it was at a low level. The import profit of 24 - degree palm oil was - 180 yuan/ton, a week - on - week increase of 46 yuan/ton [21][24][28]. 3.4.2 Soybean Oil - As of February 6, the soybean port inventory was 5.909 million tons, a week - on - week decrease of 804,000 tons. The oil mill soybean crushing volume was 248,400 tons, a week - on - week increase of 18,790 tons, and it was at a high level year - on - year. The oil mill operating rate was 68.33%, the soybean oil production was 47,190 tons, a week - on - week increase of 3,570 tons, and it was at a high level year - on - year. The soybean oil inventory of 90 sample enterprises was 959,900 tons, a week - on - week increase of 13,100 tons, and it was still at a high level year - on - year [30][32]. 3.4.3 Rapeseed Oil - As of February 6, the rapeseed inventory was 48,000 tons, and the rapeseed crushing volume was 10,000 tons. The coastal oil mill rapeseed oil production was 4,100 tons, a week - on - week increase of 3,300 tons, but it was still at a low level. The rapeseed oil inventory was 240,000 tons, and the inventory continued to decrease [34][37].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - From December 22 - 26, the oils and fats sector fluctuated with a slight upward trend. The palm oil main 2605 contract rose 1.8%, the soybean oil main contract fell 0.8%, and the palm oil main contract rose 2%. Palm oil is expected to fluctuate in the short - term due to improved supply - demand in Malaysia but weak domestic demand and inventory build - up. Soybean oil will also fluctuate in the short - term with limited drivers. Rapeseed oil prices are supported by tight supply and strong market hoarding sentiment, and the pressing situation of Australian rapeseeds should be monitored [13]. Summary by Directory 1. Market Review - Malaysian palm oil fundamentals improved with a decline in production and an increase in exports in early December, but there is still inventory build - up pressure. SPPOMA showed a 7.15% month - on - month decline in Malaysian palm oil production from December 1 - 20. AmSpec, SGS, and ITS had different data on palm oil exports during the same period. Malaysia lowered its January crude palm oil reference price and export tariff. Indonesia may impose up to $8.5 billion in fines on palm oil enterprises, which may affect production [4]. - The increase in B50 biodiesel volume is small. Indonesia has started B50 road tests, and the mandatory use policy is expected to be implemented in the second half of 2026. The 2026 biodiesel quota is similar to 2025, and the market doubts Indonesia's ability to achieve the B50 target [5]. - There is an expectation of a bumper harvest of South American soybeans. AgRural forecast Brazil's 2025/26 soybean output to reach 180.4 million tons, and as of December 20, the sowing rate was 97.6% [5]. 2. Fundamental Observation Supply - Palm oil: There were no new purchases or cancellations of vessels from December 20 - 26, and domestic demand is weak with low procurement volume [11]. - Soybean oil: As of December 26, the actual soybean crushing volume of oil mills was 206.44 tons, the operating rate was 56.79% (down 1.82% month - on - month), and the soybean oil output was 39.22 tons (down 1.26 tons month - on - month). Domestic soybean supply is relatively abundant [11]. - Rapeseed oil: As of December 26, the output of coastal oil mills was 0 tons. Australian rapeseeds have not been crushed, and supply is tight [11]. Demand - Palm oil: As of December 26, the total transaction volume of 24 - degree palm oil in key domestic oil mills was 1300 tons, a decrease of 7100 tons month - on - month, and domestic demand is mainly for rigid needs [8]. - Soybean oil: As of December 26, the weekly domestic soybean oil transaction volume was 12.15 tons, an increase of 4.92 tons month - on - month [8]. - Rapeseed oil: As of December 26, the pick - up volume of coastal oil mills was 0.1 tons, a decrease of 0.05 tons month - on - month, and it remained at a low level year - on - year [8]. Inventory - Palm oil: As of December 26, the commercial inventory of palm oil in key domestic regions was 73.41 tons, an increase of 3.41 tons month - on - month, a 4.87% increase [9]. - Soybean oil: As of December 26, the commercial inventory of soybean oil in key domestic regions was 108.9 tons, a decrease of 3.45 tons month - on - month, a 3.07% decrease, but inventory pressure still exists [9]. - Rapeseed oil: The rapeseed oil inventory was 28.5 tons, a decrease of 1.8 tons month - on - month, a 5.94% decrease, and inventory continued to decline [9]. Cost and Profit - As of December 26, the CIF price of Malaysian palm oil was $1065/ton, and the import cost was 8928 yuan/ton, an increase of 337 yuan/ton month - on - month [10]. 3. Conclusion - Palm oil: It rebounded due to improved supply - demand in Malaysia, but domestic inventory continued to build up and demand was weak, so it will fluctuate in the short - term [13]. - Soybean oil: There is uncertainty in the US biodiesel policy, domestic soybean supply is sufficient, the operating rate of oil mills decreased slightly but remained high, and inventory pressure still exists, so it will fluctuate in the short - term [13]. - Rapeseed oil: Global rapeseed supply is sufficient, but domestic rapeseed inventory is 0 tons, oil mills are shut down, supply is tight, and market hoarding sentiment is strong, so it is necessary to monitor the pressing situation of Australian rapeseeds [13]. 4. Spot Prices - As of December 26, the spot price of Zhangjiagang Grade 4 soybean oil was 8360 yuan/ton, an increase of 150 yuan/ton month - on - month. The spot price of 24 - degree palm oil in Guangdong was 8510 yuan/ton, an increase of 260 yuan/ton month - on - month. The spot price of Grade 4 rapeseed oil in Nantong was 9690 yuan/ton, an increase of 460 yuan/ton month - on - month [15]. 5. Malaysian Palm Oil Data - Production in November 2025 was 193.55 tons, a 5.30% month - on - month decrease, and the decrease in the Malay Peninsula was the most obvious [17]. - Inventory in November was 283.54 tons, a 13.04% month - on - month increase, and it was at a high level year - on - year [18]. - Exports in November were 121.2 tons, a 28.13% month - on - month decrease, mainly due to the expected decrease in Indonesia's December export tariff [19]. - Domestic consumption in Malaysia in November was 41.8 tons, a 71.76% month - on - month increase [20]. 6. Indian Palm Oil Data - In November, India imported 63.23 tons of palm oil, an increase of 3 tons month - on - month, and it was at a low level year - on - year [23]. 7. Domestic Palm Oil Data - As of December 26, the commercial inventory was 73.41 tons, a 4.87% increase. In November, the import volume was 33 tons, an increase of 11 tons month - on - month [25]. - In November, the consumption was 33.92 tons, an increase of 11.1 tons month - on - month, and it was at a low level year - on - year [27]. - As of December 26, the import profit of 24 - degree palm oil was - 295 yuan/ton, a decrease of 62 yuan/ton month - on - month [31]. 8. Domestic Soybean Oil Data - As of December 26, the operating rate of oil mills was 56.79%, the output was 39.22 tons (down 1.26 tons month - on - month), and it was still at a high level year - on - year. The inventory continued to decline but was still at a high level, and supply pressure still exists [33][34]. 9. Domestic Rapeseed Oil Data - As of December 26, the rapeseed inventory dropped to 0 tons, the operating rate of pressing plants was 0%, the rapeseed pressing volume was 0 tons, and the output of coastal oil mills was 0 tons. The inventory was 28.5 tons (down 1.8 tons month - on - month), and inventory continued to decline. Attention should be paid to the pressing of Australian rapeseeds [36].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week (December 1st - 5th), the oil and fat sector showed a divergent trend. Palm oil and soybean oil rebounded in a volatile manner, while rapeseed oil trended weakly in a volatile way. Palm oil is expected to fluctuate in the short - term due to supply - demand pressure; soybean oil will also fluctuate in the short - term with uncertainties; rapeseed oil will trend weakly in the short - term, and the arrival of Australian rapeseed may relieve the supply shortage [12] Summary by Directory 1. Market Review Palm Oil - Malaysian palm oil production decreased, with MPOA showing a 4.38% month - on - month decrease in production from November 1st - 30th. Export was weak, with ITS data showing a 19.7% month - on - month decline in November exports, AmSpec showing a 15.89% decrease, and SGS showing a 39.21% decrease. November inventory may rise to a six - and - a - half - year high. Indian refiners cancelled about 70,000 tons of soybean oil orders, and there is an expectation of resuming palm oil procurement, causing palm oil to rise in a volatile manner [4] Soybean Oil - China's import of US soybeans slowed down as US soybean prices are higher than Brazilian soybeans. As of Friday, 462,000 tons of soybeans were sold to China, and the confirmed sales since the end of October reached 2.7 million tons, accounting for 22.5% of the 12 million - ton procurement target. The US EIA indicated that the use of soybean oil for biofuel production in September 2025 was 1.053 billion pounds, higher than that in August, strengthening the market's expectation of continuous increase in future soybean oil use [4] 2. Fundamental Observation Supply - Palm oil: This week, 4 new palm oil purchase vessels were added in China, with all ship dates spanning from December to January, and no new cancellations. Due to mainly rigid domestic demand, the palm oil purchase volume is low. - Soybean oil: As of December 5th, the actual soybean crushing volume in oil mills was 205.58 tons, with an operating rate of 56.55%, a 6.59% month - on - month decrease but still at a high level. The soybean oil production was 390,000 tons, a 27,500 - ton month - on - month decrease. The domestic soybean port inventory is at a high level, and the supply is loose. - Rapeseed oil: As of December 5th, the rapeseed oil production in coastal oil mills was 0 tons. Pay attention to the crushing situation in December after the arrival of Australian rapeseeds [10] Demand - Palm oil: As of December 5th, the total trading volume of 24 - degree palm oil in key domestic oil mills was 700 tons, a 7,900 - ton month - on - month decrease, with mainly rigid domestic demand. - Soybean oil: As of December 5th, the weekly trading volume of domestic soybean oil was 136,900 tons, a 61,500 - ton month - on - month increase, but the demand is still weak. - Rapeseed oil: As of December 5th, the pick - up volume of rapeseed oil in coastal oil mills was 220 tons, a 10 - ton month - on - month decrease, and it is at a low level compared to the same period [7] Inventory - Palm oil: As of December 5th, the commercial inventory of palm oil in key domestic regions was 683,700 tons, a 30,200 - ton month - on - month increase, a 4.62% increase. - Soybean oil: As of December 5th, the commercial inventory of soybean oil in key domestic regions was 1.163 million tons, a 15,800 - ton month - on - month decrease, a 1.34% decrease, but the inventory still has pressure. - Rapeseed oil: The rapeseed oil inventory was 347,000 tons, a 18,200 - ton month - on - month decrease, a 4.98% decrease. The rapeseed oil inventory continues to decline, and the supply is tight [8] Cost and Profit - As of December 5th, the CIF price of Malaysian palm oil was $1,049/ton; the import cost price was 8,864 yuan/ton, a 20 - yuan/ton month - on - month decrease [9] 3. Conclusion Palm Oil - Recently, the precipitation in Southeast Asia has increased, and Malaysia and Indonesia have experienced floods. Malaysian palm oil production has decreased, but Indonesia said the floods have not had a significant impact on production. Exports are weak, and there is pressure on inventory accumulation. Indonesia has lowered the export tariff in December to increase competitiveness. Pay attention to the MPOB report. It will fluctuate in the short - term [12] Soybean Oil - China's procurement of US soybeans has slowed down. Domestically, the soybean arrival volume has increased significantly, the soybean supply is loose, the oil mill operating rate has decreased but is still at a high level, the soybean crushing volume is still high, the soybean oil production has decreased month - on - month, the soybean oil inventory has decreased but still has pressure, and the demand is weak. Pay attention to the domestic inventory reduction rhythm, and the US biodiesel policy is still uncertain. It will fluctuate in the short - term [12] Rapeseed Oil - China still maintains the anti - dumping policy against Canada, and the China - Canada relationship has not progressed. The domestic rapeseed inventory is at a low level, the oil mills are shut down, the rapeseed oil production is 0, and the inventory continues to decline. The fundamentals of rapeseed oil have changed little. The arrival of Australian rapeseeds may relieve the tight supply of rapeseed oil. Pay attention to the crushing of Australian rapeseeds. It will trend weakly in a volatile way in the short - term [12] 4. Spot Prices - As of December 5th, the spot price of Zhangjiagang Grade 4 soybean oil was 8,570 yuan/ton, a 40 - yuan/ton month - on - month increase. - The spot price of 24 - degree palm oil in Guangdong was 8,740 yuan/ton, a 170 - yuan/ton month - on - month increase. - The spot price of Nantong Grade 4 rapeseed oil was 9,870 yuan/ton, a 200 - yuan/ton month - on - month decrease [14] 5. Malaysian Palm Oil Data Production - In October 2025, affected by the increase in working days and favorable weather, the Malaysian palm oil production was 2.044 million tons, a 11.02% month - on - month increase. The production in the Malay Peninsula was 1.1171 million tons, a 6.56% month - on - month increase; the production in Sarawak was 481,200 tons, a 14.65% month - on - month increase; the production in Sabah was 445,600 tons, a 19.50% month - on - month increase [16] Inventory - In October, the inventory was 2.46 million tons, a 4.44% month - on - month increase, and it is at a high level compared to the same period [17] Export - In October, the Malaysian palm oil export volume was 1.6929 million tons, an 18.58% month - on - month increase [20] Consumption - The domestic consumption in Malaysia was 282,400 tons, a 15.58% month - on - month decrease, falling back to the normal range [21] 6. Indian Palm Oil Import - In October, India imported 602,300 tons of palm oil, a 226,600 - ton month - on - month decrease, a 27% decrease, and it is at a low level compared to the same period [24] 7. Domestic Palm Oil Data Import and Inventory - As of December 5th, the commercial inventory of palm oil in key domestic regions was 683,700 tons, a 30,200 - ton month - on - month increase, a 4.62% increase. In October, the domestic palm oil import volume was 220,000 tons, a 70,000 - ton month - on - month increase, and the import volume rebounded [27] Consumption - In October, the palm oil consumption was 228,300 tons, a 23,200 - ton month - on - month decrease, and it is at a low level compared to the same period [30] Import Profit - As of December 5th, the import profit of 24 - degree palm oil was - 66 yuan/ton, a 143 - yuan/ton month - on - month increase [33] 8. Domestic Soybean Oil Data - As of December 5th, the oil mill operating rate dropped to 56.55%, the soybean oil production was 390,000 tons, a 27,500 - ton month - on - month decrease, and it is still at a high level compared to the same period. The commercial inventory of soybean oil in key domestic regions was 1.163 million tons, a 15,800 - ton month - on - month decrease, but the inventory still has pressure [35][36] 9. Domestic Rapeseed Oil Data - As of December 5th, the rapeseed inventory dropped to 0 tons, the crushing plant operating rate was 0%, the rapeseed crushing volume was 0 tons, and the rapeseed oil production in coastal oil mills was 0 tons. The rapeseed oil inventory was 347,000 tons, a 18,200 - ton month - on - month decrease, the inventory continued to decline, and it is at a low level compared to the same period. The first shipment of Australian rapeseeds has arrived. Pay attention to the customs clearance and subsequent crushing of Australian rapeseeds [38]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week (November 17 - 21), the oil and fat sector declined, but there were differences among varieties. Palm oil led the decline, while rapeseed oil was relatively resistant to decline [12]. - Palm oil is expected to be weak in the short - term and fluctuate; soybean oil and rapeseed oil are expected to fluctuate in the short - term [12]. Summary by Directory 1. Market Review - Malaysian palm production increased, with SPPOMA estimating a 4.09% month - on - month increase in production for November 1 - 15, while exports decreased by 14.1% - 20.5%. Indonesia's palm oil production is estimated to increase, with exports up 6% - 7% this year and domestic consumption up 4.5% [4]. - Uncertainty in US biodiesel policy led to a decline in US soybean oil prices, putting pressure on the oil and fat market [4]. - Canadian rapeseed exports decreased, with a 35.67% week - on - week drop in exports as of November 9. China's rapeseed oil imports in October decreased year - on - year and month - on - month [5]. 2. Fundamental Observation Supply - Not elaborated further beyond the market review section Demand - As of November 21, the total transaction volume of 24 - degree palm oil at key domestic oil mills was 8000 tons, a week - on - week increase of 4597 tons, with domestic demand mainly for essential use. - The domestic soybean oil transaction volume was 10.59 tons, a week - on - week decrease of 2.73 tons, with relatively stable transactions. - The rapeseed oil pick - up volume at coastal oil mills was 0.83 tons, a week - on - week increase of 0.31 tons [8]. Inventory - As of November 21, the commercial inventory of palm oil in key regions was 66.71 tons, a week - on - week increase of 1.39 tons, or 2.13%. - The commercial inventory of soybean oil in key regions was 117.99 tons, a week - on - week increase of 3.14 tons, or 2.73%, still under pressure. - The rapeseed oil inventory was 37.7 tons, a week - on - week decrease of 4.43 tons, or 10.52% [9]. Cost and Profit - As of November 21, the CIF price of Malaysian - produced palm oil was $1027 per ton, the import cost was 8748 yuan per ton, a week - on - week increase of 3 yuan per ton, and the hedging profit for December shipments was - 122 yuan. There were no new palm oil purchases or cancellations in China from November 15 - 21. - As of November 21, the actual soybean crushing volume at oil mills was 233.44 tons, the operating rate was 64.22%, and the soybean oil production was 44.3536 tons, a week - on - week increase of 4.88 tons. Domestic soybean supply was relatively abundant. - As of November 21, the rapeseed oil production at coastal oil mills was 0 tons. Attention should be paid to the crushing situation in December after the arrival of Australian rapeseed [10]. 3. Conclusion - Palm oil: The fundamentals in Malaysia are still weak, with production increasing and exports weak. There is pressure to accumulate inventory in November. In Indonesia, production is expected to increase, and the B40 biodiesel policy supports demand. Domestic palm oil inventory is accumulating, and it is expected to fluctuate weakly in the short - term [12]. - Soybean oil: The domestic soybean supply is abundant, the oil mill operating rate has risen, production has increased, inventory is under pressure, demand is weak, and cost - side support has weakened. There is uncertainty in US biodiesel policy, and it is expected to fluctuate in the short - term [12]. - Rapeseed oil: China maintains anti - dumping policies against Canada. Domestic rapeseed inventory is low, oil mills are shut down, production is 0, and inventory is decreasing. Supply is tight, and Australian rapeseed is arriving in November and December. Although affected by the overall oil and fat market, its own supply - demand structure provides support, and it is expected to fluctuate in the short - term [12]. 4. Spot Prices - As of November 21, the spot price of Zhangjiagang Grade 4 soybean oil was 8440 yuan per ton, a week - on - week decrease of 120 yuan per ton. - The spot price of 24 - degree palm oil in Guangdong was 8470 yuan per ton, a week - on - week decrease of 120 yuan per ton. - The spot price of Nantong Grade 4 rapeseed oil was 10160 yuan per ton, a week - on - week decrease of 130 yuan per ton [14]. 5. Malaysian Palm Oil Data Production - In October 2025, Malaysian palm oil production was 204.4 tons, a month - on - month increase of 11.02%, with significant growth in all regions [16]. Inventory - In October 2025, the inventory was 246 tons, a month - on - month increase of 4.44%, at a high level compared to the same period [17]. Export - In October 2025, Malaysian palm oil exports were 169.29 tons, a month - on - month increase of 18.58% [20]. Consumption - In October 2025, domestic consumption in Malaysia was 28.24 tons, a month - on - month decrease of 15.58%, returning to the normal range [21]. 6. Indian Palm Oil Import - In October 2025, India imported 60.23 tons of palm oil, a month - on - month decrease of 22.66 tons, or 27%, at a low level compared to the same period [24]. 7. Domestic Palm Oil Data Import and Inventory - As of November 21, the domestic commercial inventory of palm oil was 66.71 tons, a week - on - week increase of 1.39 tons, or 2.13%. In October, the import volume was 22 tons, a month - on - month increase of 7 tons [27]. Consumption - In October 2025, domestic palm oil consumption was 22.83 tons, a month - on - month decrease of 2.32 tons, at a low level compared to the same period [30]. Import Profit - As of November 21, the import profit of 24 - degree palm oil was - 63 yuan per ton, a week - on - week increase of 27 yuan per ton [33]. 8. Domestic Soybean Oil Data Production and Operating Rate - As of November 21, the oil mill operating rate was 64.22%, and the soybean oil production was 44.3536 tons, a week - on - week increase of 4.88 tons, still at a high level compared to the same period [35]. Inventory - As of November 21, the commercial inventory of domestic soybean oil was 117.99 tons, a week - on - week increase of 3.14 tons, still under pressure [36]. 9. Domestic Rapeseed Oil Data Production - As of November 21, the rapeseed inventory dropped to 0 tons, the crushing plant operating rate was 0%, and the rapeseed oil production at coastal oil mills was 0 tons [38]. Inventory - As of November 21, the rapeseed oil inventory was 37.7 tons, a week - on - week decrease of 4.43 tons, with accelerated inventory reduction [38].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The NOPA's monthly crushing report shows that the soybean oil inventory at the end of September dropped to 1.243 billion pounds, down 0.2% month - on - month, hitting a nine - month low, but up 16.6% year - on - year and higher than market expectations [2] - Indian vegetable oil imports in September were 1,639,743 tons, slightly down from 1,677,346 tons in August, with palm oil imports dropping significantly from 990,528 tons in August to 829,017 tons [2] - Night trading of soybean and rapeseed meal closed up. The US is working to ease trade tensions, alleviating concerns about US soybean exports. The 10 - month USDA supply - demand report is postponed due to the government shutdown. The domestic supply is sufficient, putting pressure on the upward movement of domestic meal prices [2] - Night trading of soybean and rapeseed oil was weak, while palm oil closed up. The MPOB report shows that September Malaysian palm oil production decreased by 0.73% month - on - month, exports increased by 7.7% month - on - month, and inventory increased by 7.2% month - on - month. In the short term, the oil market may be under pressure, but in the long - term, the Southeast Asian production area will enter the production - reduction season and biodiesel policies will support oil consumption [2] Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: For domestic futures, the previous day's closing prices of soybean oil, palm oil, and rapeseed oil were 8252, 9322, and 9932 respectively, with changes of 12, - 8, and - 27 and percentage changes of 0.15%, - 0.09%, and - 3.15% [1] - **Spreads and Ratios**: The spreads and ratios of various varieties have changed. For example, the Y9 - 1 spread changed from - 296 to - 320, and the M9 - 1 spread changed from - 85 to - 74 [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4350 ringgit/ton, 1007 cents/bu, 51 cents/lb, and 276 dollars/ton respectively, with changes of - 70, 1, 0, and 1 and percentage changes of - 1.58%, 0.07%, 0.51%, and 0.40% [1] Spot Market - **Prices and Changes**: Spot prices of various oils and meals have changed. For example, the current prices of Tianjin and Guangzhou first - grade soybean oil are 8450 and 8540 respectively, with a percentage change of - 0.12% [1] - **Spreads and Ratios**: The spreads between different spot products have also changed. For example, the spread between Guangzhou first - grade soybean oil and 24° palm oil changed from - 590 to - 560 [1] Import and Crushing Profit - **Profit Changes**: The import and crushing profits of various products have changed. For example, the profit of near - month Malaysian palm oil changed from - 417 to - 379 [1] Warehouse Receipts - **Quantity Changes**: The quantity of warehouse receipts for some products has changed. For example, the quantity of soybean oil warehouse receipts changed from 25,444 to 26,294 [1]

1. Report Industry Investment Rating - The report gives a neutral rating for the investment strategy of the oil and fat industry [11] 2. Core View of the Report - Amid the resurgence of Sino - US trade frictions, the market for oils and fats may experience increased volatility. This week, the prices of the three major oils and fats rose. However, each type of oil has different supply - demand situations and influencing factors, which will affect their future price trends [1][6] 3. Summary by Relevant Catalogs Price Quotes - Futures: The closing price of the palm oil 2601 contract this week was 9,438 yuan/ton, a week - on - week increase of 210 yuan or 2.28%. The closing price of the soybean oil 2601 contract was 8,302 yuan/ton, a week - on - week increase of 162 yuan or 1.99%. The closing price of the rapeseed oil 2601 contract was 10,161 yuan/ton, a week - on - week increase of 17 yuan or 0.17% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,440 yuan/ton, a week - on - week increase of 360 yuan or 3.96%, with a spot basis of P01 + 2, a week - on - week increase of 150 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,520 yuan/ton, a week - on - week increase of 230 yuan/ton or 2.77%, with a spot basis of Y01 + 218, a week - on - week increase of 68 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,330 yuan/ton, a week - on - week increase of 50 yuan or 0.49%, with a spot basis of OI01 + 269, a week - on - week increase of 33 yuan [1] Palm Oil Supply and Demand - Supply: The MPOB report on October 10 showed that Malaysia's palm oil production in September was 1.8412 million tons, a month - on - month decrease of 0.74%. In the past two weeks (September 26 - October 9), China added 8 new palm oil purchase ships, including 1 for October, 5 for November, and 2 for December, with no new cancellations [2] - Demand: As of the week of October 9, the opening price of domestic palm oil futures on the Dalian Commodity Exchange rose sharply, following the trend of Malaysian palm oil. The inverted spread between domestic soybean oil and palm oil deepened, and spot traders were cautious and waited and watched. After the holiday, purchases were mainly for a small amount of rigid demand. According to Mysteel statistics, the trading volume of palm oil in key oil mills across the country this week was 650 tons, an increase of 550 tons or 550% compared with last week [2] - Inventory: As of October 9, 2025 (week 41), the commercial inventory of palm oil in key regions across the country was 552,200 tons, unchanged from last week, and an increase of 46,300 tons or 9.16% compared with 505,860 tons last year [2] Soybean Oil Supply and Demand - Supply: According to customs data, China imported 12.279 million tons of soybeans in August 2025, an increase of 609,000 tons compared with July and an increase of 135,000 tons or 1.11% compared with August 2024. From January to August 2025, China's cumulative soybean imports totaled 73.312 million tons, an increase of 2.833 million tons or 4% year - on - year. Steel Union data shows that the expected arrival volume in September is 10.3 million tons, 9 million tons in October, and 7.5 million tons in November. The purchase of ships for September - October has basically been completed, with a purchase progress of 68% for November and 10.3% for December. The actual soybean oil production from soybean crushing in oil mills in week 40 (September 27 - October 3) was 333,600 tons, with an operating rate of 49.01%. It is expected that the operating rate of domestic oil mills will drop significantly in week 41 (October 4 - October 10), and the soybean oil production from soybean crushing in oil mills is expected to be 257,800 tons, with an operating rate of 37.88% [3] - Demand: During this statistical period, the total trading volume of bulk soybean oil in key domestic oil mills was 14,400 tons, with an average daily trading volume of 3,600 tons, a 76% decrease compared with the average daily trading volume last week [3] - Inventory: As of September 26, 2025, the commercial inventory of soybean oil in key regions across the country was 1.2487 million tons, an increase of 12,800 tons or 1.04% compared with last week, and an increase of 92,900 tons or 8.04% year - on - year [3] Rapeseed Oil Supply and Demand - Supply: As of October 3, the rapeseed crushing volume of coastal oil mills was 20,000 tons, with little change from the previous period. Many oil mills stopped rapeseed crushing, and only a few enterprises were operating. Rapeseed inventory decreased, and with the implementation of the policy of levying temporary margins on imported Canadian rapeseed, domestic oil mills will basically stop production due to lack of seeds. The market is waiting for the progress of Australian rapeseed ship schedules. As of October 3, the rapeseed oil production of coastal oil mills was 8,200 tons, unchanged from the previous period. As the rapeseed crushing volume decreases in the future, rapeseed oil production may decline significantly [4] - Demand: As of October 3, the pick - up volume of rapeseed oil in coastal oil mills was 0 tons, a decrease of 15,200 tons from the previous period. During the National Day holiday, the pick - up operation in oil mills was basically at a standstill, and it has basically returned to normal after the holiday [4] - Inventory: As of this week, the inventory of imported rapeseed across the country was 600 tons, a decrease of 20,000 tons compared with last week. The inventory of rapeseed oil in coastal oil mills this week was 76,700 tons, an increase of 8,200 tons compared with last week [5] Market Analysis - This week, the prices of the three major oils and fats rose. The suspension of the US government and the halt of relevant USDA reports added uncertainty to the market. However, there were many positive factors for oils and fats during the National Day holiday, such as Indonesia's plan to enforce the B50 program in the second half of 2026, the strike of Argentine oil mill workers, and the rumor of domestic soybean oil exports, which supported the oil and fat market. After the holiday, palm oil led the rise in oils and fats, but the price of rapeseed oil was suppressed in the short term due to the arrival of purchased ships and high inventory [6] - The increase in palm oil this week was greater than that of soybean oil, and the inverted spread between soybean oil and palm oil widened. As of the close on October 10, the spread between the 01 contracts of soybean oil and palm oil was - 1,136, and the spread between the 01 contracts of rapeseed oil and palm oil was 623 [6] Outlook - Soybean oil: The US government entered a shutdown state on October 1. The USDA said it would suspend the release of all reports during the shutdown, including monthly oilseed crushing data, export sales reports, and the monthly supply - demand report originally scheduled for October 9. Reuters analysts expect the average soybean yield in the US in the 2025/26 season to be 53.2 bushels per acre, compared with the USDA's September estimate of 53.5 bushels per acre, and the estimated soybean production to be 4.271 billion bushels, compared with the USDA's September estimate of 4.301 billion bushels. In Brazil, continuous rainfall and good weather prospects have promoted rapid soybean sowing, laying a foundation for another bumper harvest this year. Argentine soybean crushing plant workers plan to strike this week due to salary issues. Currently, the arrival of soybeans is sufficient, and the crushing is expected to remain at a high level, resulting in sufficient soybean oil supply. Recently, there have been new export orders, which support the basis to some extent. The recent remarks by Trump have aggravated trade tensions, making the import of US soybeans more difficult, and the CBOT soybean price has dropped sharply. China will continue to rely on South American soybeans, and the high near - month premium in South America will keep the import cost high, providing a bottom - support for soybean oil [7] - Palm oil: Malaysia announced an increase in the reference price of crude palm oil for October at the end of September, and the export tariff rate remains at the maximum level of 10%. Indonesia announced that the reference price of crude palm oil in October is $963.61 per ton, higher than $954.71 per ton in September. The export tax remains at $124 per ton, and Indonesia also levies a 10% special tax on palm oil, which will continue to support the price. The MPOB September report on October 10 showed that production and exports met market expectations, but domestic consumption declined, resulting in an unexpected inventory build - up to 2.36 million tons, which is at a historically high level, and the report was overall bearish. After the release of the report, palm oil prices on both domestic and foreign markets corrected. Recently, Indonesia said it will implement the mandatory B50 biodiesel program from the second half of 2026, which will create an additional demand for 530,000 tons of crude palm oil. Due to production bottlenecks, the implementation of B50 will lead to a tight supply of palm oil. Indonesia has also signed economic cooperation agreements with many countries to support palm oil trade, which is also positive for palm oil. After the holiday, domestic palm oil prices rose sharply, and the basis turned from negative to positive, quickly repairing the import profit of palm oil, leading to active domestic ship purchases. On October 9, 8 new purchase ships were added. As the increase in palm oil is greater than that of soybean oil, the inverted spread between soybean oil and palm oil deepens, and palm oil demand remains rigid. Traders and downstream customers restocked a small amount after the holiday, and the sales pressure on the middle and upper reaches is relatively large. The recent tension in Sino - US trade relations has led to a sharp decline in crude oil and peripheral stock indexes, and short - term systematic risks may have a certain drag on palm oil, but after the market digests the short - term negative factors, palm oil still has a chance to rise as the producing areas are about to enter the production - reduction season [8] - Rapeseed oil: The rapeseed harvest in the Canadian prairie region is nearly complete, and industry insiders believe that Canada's rapeseed production will be higher than the 20.03 million tons estimated by Statistics Canada last month. The report released by Statistics Canada in December shows that the production will reach or exceed 21 million tons. Due to the suspension of China's purchase of Canadian rapeseed, Canadian rapeseed exports are sluggish. As of October 5, the rapeseed export volume in the 2025/26 season was about 796,000 tons, compared with about 1.95 million tons in the same period last year. Affected by factors such as the supply pressure brought by the rapeseed harvest, the decline in CBOT soybeans, the decline in international crude oil futures, and the weak prices of European rapeseed and Malaysian palm oil, ICE rapeseed continues to operate weakly. As of the close on October 10, the closing price of the ICE rapeseed November contract was 607.4 Canadian dollars per ton. The contract structure with lower near - month prices and higher far - month prices also reflects the large supply pressure in the near - term for Canadian rapeseed. Recently, Ambassador Wang Di of China to Canada published an article in Canadian media, calling for the cancellation of unreasonable tariffs on Chinese electric vehicles. The market expects a certain improvement in Sino - Canadian trade relations. Coupled with the recent increase in the arrival of purchased rapeseed oil ships and the high inventory of rapeseed oil, it puts pressure on the rapeseed oil market. However, the almost exhausted rapeseed inventory in domestic oil mills and the shutdown due to lack of seeds provide some support for rapeseed oil [9][10]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week (August 25 - August 29), the domestic oil and fat futures prices declined overall, with the palm oil main contract dropping 2.8% and the soybean oil and rapeseed oil main contracts falling over 1%. Spot prices were under pressure. Palm oil may experience shock and correction; soybean oil will have short - term shock adjustment; rapeseed oil will have short - term shock [11][12] Summary by Directory 1. Fundamental Observation Supply - Palm oil: According to MPOA, the estimated production of Malaysian palm oil from August 1 - 20 increased by 3.03%. SPPOMA data showed that from August 1 - 25, 2025, the yield per unit decreased by 3.26% month - on - month, the oil extraction rate increased by 0.4% month - on - month, and the production decreased by 1.21% month - on - month. - Soybean oil: As of August 29, the actual soybean crushing volume of oil mills was 2.4254 million tons, the operating rate was 68.18%, and the soybean oil production was 460,800 tons. - Rapeseed oil: As of August 29, the rapeseed oil production of coastal oil mills was 18,500 tons, and the production decreased with the reduction of rapeseed crushing volume [5] Demand - Palm oil: As of August 29, the total transaction volume of 24 - degree palm oil in key national oil mills this week was 7,864 tons, a week - on - week increase of 2,298 tons, or 41.28%. - Soybean oil: As of August 29, the domestic soybean oil trading volume was 168,800 tons, with an average daily trading volume of 33,700 tons, a week - on - week decrease of 34.37%. - Rapeseed oil: As of August 29, the pick - up volume of rapeseed oil in coastal oil mills was 19,450 tons, a week - on - week increase of 27 tons [5] Inventory - Palm oil: As of August 29, the commercial inventory of palm oil in key national regions was 610,100 tons, a week - on - week increase of 28,000 tons, or 4.8%. - Soybean oil: As of August 29, the commercial inventory of soybean oil in key national regions was 1.2388 million tons, a week - on - week increase of 52,800 tons, or 4.45%. - Rapeseed oil: The rapeseed oil inventory was 658,000 tons, a week - on - week increase of 2.65% [5] 2. Cost and Profit - As of August 29, the FOB price of 24 - degree Malaysian palm oil was $1,087.5 per ton; the import CIF price was $1,112 per ton, a week - on - week decrease of $17 per ton; the import cost price was 9,479 yuan per ton; the hedging profit was - 103 yuan per ton [6] 3. Overseas Oil and Fat Information - Malaysian palm oil: From August 1 - 25, the export volume increased by 10.9% compared with the same period last month. The Malaysian government is seeking to exempt crude palm kernel oil and refined palm kernel oil from the 5% sales and service tax. The US has agreed in principle to exclude Indonesian palm oil from the 19% tariff, but no timetable has been set. - Brazilian biodiesel: Due to the increase in the blending ratio, the biodiesel demand in Brazil in 2025 has been adjusted from 9.6 million cubic meters to 9.9 million cubic meters, and then slightly adjusted down to 9.8 million cubic meters, still an 8.9% increase compared with 2024. - Canadian rapeseed: As of the week of August 17, the export volume decreased by 64.34% week - on - week to 90,800 tons. From August 1 - 17, 2025, the export volume was 355,900 tons, a 46.16% decrease compared with the same period last year. As of August 17, the commercial inventory was 793,400 tons [8][9] 4. Market Review Palm oil - The SPPOMA data showed that from August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% month - on - month, the oil extraction rate increased by 0.4% month - on - month, and the production decreased by 1.21% month - on - month. The export in August increased month - on - month. The US agreed in principle to exclude Indonesian palm oil from the 19% tariff. Indian festival stocking and Indonesian biodiesel policy support demand. On Friday, the weakening of international oil and fat and crude oil prices dragged down domestic oils and fats, leading to shock and correction [11] Soybean oil - The US EPA's exemption decision for small refineries caused the US soybean oil price to fall. Domestic oil mills maintained a high operating rate, with high - level production and increasing inventory pressure. However, the start of the school year and the Mid - Autumn Festival are expected to relieve the inventory pressure. China has not purchased US soybeans yet, and attention should be paid to China - US trade negotiations. Short - term shock adjustment is expected [11] Rapeseed oil - China's preliminary anti - dumping ruling on Canadian rapeseed is expected to reduce imports. China is purchasing Australian new - crop rapeseed, which is expected to be shipped from November to December. Domestic rapeseed oil production is at a low level, and the inventory is at a high level year - on - year, still under pressure. Attention should be paid to China - Canada relations, and short - term shock is expected [12] 5. Palm Oil Data Weekly Tracking Production and Inventory in Malaysia - In July 2025, the Malaysian palm oil production was 1.8124 million tons, a month - on - month increase of 7.09%, and the inventory was 2.1133 million tons, a month - on - month increase of 4.02%, at a high level year - on - year [16] Exports in Malaysia - According to MPOB, the Malaysian palm oil export volume in July was 1.3091 million tons, a month - on - month increase of 3.82%. SGS data showed that from August 1 - 20, the export volume was 667,278 tons, a month - on - month increase of 37.1%. From August 1 - 25, ITS and Amspec data showed a month - on - month increase of 10.9% and 16.4% respectively [19] Domestic Palm Oil Import and Inventory - In July 2025, the palm oil import volume was 180,000 tons, a month - on - month decrease of 48.57%, and the cumulative import volume from January to July was 1.25 million tons, a year - on - year decrease of 19.4%. As of August 29, the domestic palm oil commercial inventory was 610,100 tons, a week - on - week increase of 28,000 tons, at a high level within the year [25][26] Domestic Palm Oil Consumption - In July, the domestic palm oil consumption was 207,800 tons, a month - on - month decrease of 29,600 tons [27] Import Cost and Profit - As of August 29, the import profit of 24 - degree palm oil was - 24 yuan per ton, a week - on - week decrease of 54 yuan per ton [22] 6. Soybean Oil Data Weekly Tracking - As of August 29, the soybean oil production was 460,800 tons, a week - on - week increase of 29,500 tons, at a high level year - on - year. The commercial inventory was 1.2388 million tons, a week - on - week increase of 52,800 tons, or 4.45%. In July, the export volume was 34,000 tons, a month - on - month increase of 12,700 tons [31][32][33] 7. Rapeseed Oil Data Weekly Tracking - As of August 29, the rapeseed oil production of coastal oil mills was 18,500 tons, a week - on - week decrease of 1,200 tons, at a relatively low level year - on - year. The inventory was 658,000 tons, a week - on - week increase of 25,600 tons, at a high level year - on - year [36]