Report Industry Investment Rating No relevant content provided. Core Viewpoints - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for the 24/25 season is high, the Malaysian palm oil inventory is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the US biodiesel policy for soybean oil supports increased biodiesel consumption. The imposition of tariffs on Canadian rapeseed in China has led to the rise of the rapeseed sector. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable. The easing of Sino-US and Sino-Canadian relations affects the market at the macro level [2][3][4]. - The main logic revolves around the relatively loose global fundamentals of oils and fats. The main risk factor is the El Nino weather [5]. Summary by Related Catalogs Daily Viewpoints Soybean Oil - **Fundamentals**: The MPOB report shows that Malaysian palm oil production in May decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% month-on-month to 1.49 million tons, and the end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, the shipping survey agency shows that the export data of Malaysian palm oil this month has increased by 4% month-on-month. Subsequently, as it enters the production increase season, the supply of palm oil will increase. It is rated as neutral [2]. - **Basis**: The spot price of soybean oil is 8,428, with a basis of 72, indicating that the spot price is at a premium to the futures price. It is rated as bullish [2]. - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, compared with 1.16 million tons previously, a month-on-month increase of 20,000 tons and a year-on-year increase of 11.7%. It is rated as bearish [2]. - **Market**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is rated as bullish [2]. - **Main Position**: The long position of the main soybean oil contract has increased. It is rated as bullish [2]. - **Expectation**: The price of soybean oil Y2601 is expected to fluctuate in the range of 8,150 - 8,550 [2]. Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report shows neutral conditions, and the supply of palm oil is expected to increase in the future. It is rated as neutral [3]. - **Basis**: The spot price of palm oil is 9,400, with a basis of 10, indicating that the spot price is at a premium to the futures price. It is rated as bullish [3]. - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, compared with 570,000 tons previously, a month-on-month increase of 10,000 tons and a year-on-year decrease of 34.1%. It is rated as bullish [3]. - **Market**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is rated as bullish [3]. - **Main Position**: The long position of the main palm oil contract has turned to short. It is rated as bearish [3]. - **Expectation**: The price of palm oil P2601 is expected to fluctuate in the range of 9,150 - 9,550 [3]. Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report shows neutral conditions, and the supply of palm oil is expected to increase in the future. It is rated as neutral [4]. - **Basis**: The spot price of rapeseed oil is 9,858, with a basis of 119, indicating that the spot price is at a premium to the futures price. It is rated as bullish [4]. - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, compared with 550,000 tons previously, a month-on-month increase of 10,000 tons and a year-on-year increase of 3.2%. It is rated as bearish [4]. - **Market**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is rated as bullish [4]. - **Main Position**: The short position of the main rapeseed oil contract has increased. It is rated as bearish [4]. - **Expectation**: The price of rapeseed oil OI2601 is expected to fluctuate in the range of 9,500 - 9,900 [4]. Recent利多利空Analysis - **利多**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5]. - **利空**: The prices of oils and fats are at a relatively high level historically, and the domestic inventory of oils and fats continues to accumulate. The macroeconomy is weak, and the expected production of related oils and fats is high [5].

Report Overview - Industry: Oil and Fat [1] - Date: September 4, 2025 [2] - Research Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - For soybean oil, short - term inventory is at a high level with abundant supply, but there are concerns about the long - term soybean supply, and strong cost support means it lacks room to decline. Domestic rapeseed oil and rapeseed meal supply is expected to decrease significantly due to domestic tariff policies. Current inventory and ship purchases ensure sufficient supply before the end of the year, and the long - term situation depends on policies. The market is lackluster due to slow destocking and continuous ship - purchase news. The biggest variable in the oil and fat sector is palm oil. Production in the producing areas may still increase in the third quarter, but active exports support the bottom, and there is still restocking demand in countries like India and China. It is recommended to buy the three major oils at low prices and go long [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For P2509, the previous settlement price was 9408, the opening price was 9372, the highest price was 9402, the lowest price was 9346, the closing price was 9346, down 62 or - 0.66%, with a trading volume of 656 and an open interest of 650 [7]. - For P2601, the previous settlement price was 9442, the opening price was 9420, the highest price was 9498, the lowest price was 9344, the closing price was 9368, down 74 or - 0.78%, with a trading volume of 739051 and an open interest of 444058, a decrease of 5497 [7]. - For Y2509, the previous settlement price was 8410, the opening price was 8454, the highest price was 8460, the lowest price was 8454, the closing price was 8454, up 44 or 0.52%, with a trading volume of 28 and an open interest of 3191, a decrease of 276 [7]. - For Y2601, the previous settlement price was 8364, the opening price was 8350, the highest price was 8418, the lowest price was 8328, the closing price was 8366, up 1 or 0.02%, with a trading volume of 304466 and an open interest of 622425, a decrease of 5540 [7]. - For 60910, the previous settlement price was 9949, the opening price was 9950, the highest price was 9950, the lowest price was 9900, the closing price was 9900, down 49 or - 0.49%, with a trading volume not fully shown and an open interest of 5126, a decrease of 93 [7]. - For OI601, the previous settlement price was 9775, the opening price was 9770, the highest price was 9814, the lowest price was 9710, the closing price was 9727, down 49 or - 0.49%, with a trading volume of 239057 and an open interest of 256402, a decrease of 1856 [7]. - **Base Price Quotes**: - Guangxi rapeseed oil traders' base price quotes: September: OI2601 + 40 (Guangxi), October: OI2601 + 80 (Guangxi). East China's third - grade rapeseed oil: August - September: OI2601+120, October - November: OI2601 + 170; East China's first - grade rapeseed oil: August - September: OI2601 + 130. East China's soybean oil base price: First - grade soybean oil: September: Y2601 + 220; October - January: Y2601 + 280. Dongguan's 24 - degree palm oil: 01 - 60 for various factories, 01 + 20 for national standard 24 - degree, 01 - 20 for Dongguan Chunjin 24 - degree, 01 - 300 for 52 - degree in various factories, 01 - 60 for 33 - degree in various factories [7]. - **Operation Suggestion**: Buy the three major oils at low prices and go long [8] 3.2 Industry News - Shipping surveyor SGS reported that Malaysia's palm oil exports in August were 1170043 tons, a 30.5% increase from 896362 tons in July. Exports to China were 89500 tons, an increase of 14300 tons from 75200 tons in the previous month [9]. - Shipping surveyor ITS reported that Malaysia's palm oil exports in August were 1421486 tons, a 10.2% increase from 1289727 tons in July. Exports to China were 107500 tons, an increase of 19200 tons from 88300 tons in the previous month [9]. - Independent inspection agency AmSpec reported that Malaysia's palm oil exports in August were 1341990 tons, a 15.4% increase from 1163216 tons in July [9]. 3.3 Data Overview - The report presents multiple data charts, including those on the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and price spreads of palm oil contracts. It also includes charts on the US dollar - RMB exchange rate and the US dollar - Malaysian ringgit exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures [11][17][19][21][26]

1. Report Information - Reported industry: Oil and fat [1] - Date: September 3, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 2. Core Viewpoints - Short - term soybean oil inventory is high with sufficient supply, but there are concerns about long - term soybean supply and strong cost support, limiting its downside [8]. - Due to domestic tariff policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly. Current inventory and purchases ensure sufficient supply by the end of the year, but the long - term situation depends on policies, and the de - stocking process is slow with lack of market drive [8]. - The biggest variable in the oil and fat sector is palm oil. Production in the producing areas may increase in the third quarter, but active exports and rising crude oil prices help limit its decline. However, good production data in Indonesia and the upcoming harvest of North American soybeans and rapeseed also limit its upside. Unilateral trading of oils and fats should focus on rolling long positions [8]. 3. Summary of Each Section 3.1 Market Review and Operation Suggestions - **Market Review**: The table shows the trading data of multiple contracts including settlement prices, opening prices, highs, lows, closing prices, price changes, trading volumes, open interests, and changes in open interests. For example, the P2601 contract had a closing price of 9422, a price increase of 96, and a gain of 1.03%, with a trading volume of 745699 and an open interest of 449555, a decrease of 12682 [7]. - **Operation Suggestions**: Unilateral trading of oils and fats should focus on rolling long positions [8]. 3.2 Industry News - In August, Malaysia's palm oil production decreased by 2.65% month - on - month, with a 4.18% decrease in fresh fruit bunch (FFB) yield and a 0.29% increase in oil extraction rate (OER) [11]. - Ship - surveying agencies SGS, ITS, and AmSpec reported that Malaysia's palm oil exports in August increased by 30.5%, 10.2%, and 15.4% respectively compared to July. Exports to China also increased [11][19]. - As of the end of the 35th week of 2025, the total inventory of three major edible oils in China was 270.17 million tons, a weekly increase of 10.93 million tons, a 4.22% month - on - month increase, and a 19.10% year - on - year increase [19]. - Stone X maintained its forecast of Brazil's 2025/26 soybean production at a record 1.782 billion tons. The soybean planting area in Paraná state, Brazil, is expected to increase by 1% year - on - year to about 5.8 million hectares, and the output may increase by 4% to about 22 million tons [19]. 3.3 Data Overview - The report provides multiple charts including spot prices and basis changes of various oils such as South China 24 - degree palm oil, East China third - grade rapeseed oil, and East China fourth - grade soybean oil, as well as price spreads and exchange rate data [15][16][21]

Report Information - The report is the "Grease Morning Report" dated September 2, 2025, from the Investment Consulting Department, with analyst Wang Mingwei [1] Industry Investment Rating - Not provided Core View - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for 2024/2025 is high, the Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the US biodiesel policy supports increased biodiesel consumption. The imposition of tariffs on Canadian rapeseed has led to a rise in the rapeseed sector. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable. The easing of Sino-US and Sino-Canadian relations affects the market at the macro level [2][3][4] Summary by Category Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that Malaysian palm oil production in May decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end-of-month inventory decreased by 2.6% to 1.83 million tons. The report is neutral, with less-than-expected production cuts. Currently, shipping survey agencies show that the export data of Malaysian palm oil this month has increased by 4% month-on-month, and palm oil supply will increase in the subsequent production season [2] - **Basis**: The spot price of soybean oil is 8,420, with a basis of 72, indicating that the spot price is higher than the futures price [2] - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period and 11.7% higher year-on-year [2] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [2] - **Main Position**: The long positions of the main soybean oil contract have increased [2] - **Expectation**: The soybean oil contract Y2601 is expected to fluctuate in the range of 8,150 - 8,550 [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral, and palm oil supply will increase in the subsequent production season [3] - **Basis**: The spot price of palm oil is 9,404, with a basis of 20, indicating that the spot price is higher than the futures price [3] - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period and 34.1% lower year-on-year [3] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [3] - **Main Position**: The main palm oil contract has shifted from long to short [3] - **Expectation**: The palm oil contract P2601 is expected to fluctuate in the range of 9,150 - 9,550 [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is neutral, and palm oil supply will increase in the subsequent production season [4] - **Basis**: The spot price of rapeseed oil is 9,910, with a basis of 109, indicating that the spot price is higher than the futures price [4] - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period and 3.2% higher year-on-year [4] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [4] - **Main Position**: The short positions of the main rapeseed oil contract have increased [4] - **Expectation**: The rapeseed oil contract OI2601 is expected to fluctuate in the range of 9,600 - 10,000 [4] Recent利多利空Analysis - **利多**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply [5] - **利空**: The prices of oils and fats are at a relatively high historical level, domestic oil inventories are continuously increasing, the macroeconomy is weak, and the expected production of related oils is high [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Supply - **Imported Soybean Inventory**: Not detailed in the text, only mentioned [6] - **Soybean Oil Inventory**: On August 22, it was 1.18 million tons, up 20,000 tons from the previous period and 11.7% higher year-on-year [2] - **Palm Oil Inventory**: On August 22, the port inventory was 580,000 tons, up 10,000 tons from the previous period and 34.1% lower year-on-year [3] - **Rapeseed Oil Inventory**: On August 22, the commercial inventory was 560,000 tons, up 10,000 tons from the previous period and 3.2% higher year-on-year [4] - **Rapeseed Inventory**: Not detailed in the text, only mentioned [21] - **Total Domestic Oil Inventory**: Not detailed in the text, only mentioned [23] Demand - **Soybean Oil Apparent Consumption**: Not detailed in the text, only mentioned [13] - **Soybean Meal Apparent Consumption**: Not detailed in the text, only mentioned [15]

General Information - Report Date: September 2, 2025 [2] - Industry: Oil and Fats [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review | Futures Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2509 | 9310 | 9300 | 9378 | 9182 | 9330 | 20 | 0.21% | 255 | 2140 | -146 | | P2601 | 9348 | 9300 | 9392 | 9240 | 9384 | 36 | 0.39% | 669906 | 462237 | -16489 | | Y2509 | 8414 | 8414 | 8516 | 8350 | 8390 | -24 | -0.29% | 1039 | 3867 | -1702 | | Y2601 | 8358 | 8360 | 8360 | 8296 | 8348 | -10 | -0.12% | 285870 | 641642 | -8247 | | 609GO | 9968 | 9968 | 10030 | 9925 | 9930 | -38 | -0.38% | 644 | 2288 | -386 | | OI601 | 9782 | 9779 | 9848 | 9710 | 9801 | 19 | 0.19% | 285036 | 263549 | -52 | [7] Basis Quotes - Guangxi rapeseed oil traders' basis quotes: September: OI2601 + 40 (Guangxi), October: OI2601 + 80 (Guangxi) - East China refined tertiary rapeseed oil: August - September: OI2601 + 120, October - November: OI2601 + 170 - East China refined primary rapeseed oil: August - September: OI2601 + 130 - East China soybean oil basis price: First-grade soybean oil: September: Y2601 + 220; October - January: Y2601 + 280 - Dongguan 24-degree palm oil: Various factories' quotes range from 01 - 60 to 01 + 20 [7] Oil and Fats Analysis - Soybean oil: Short-term high inventory and abundant supply, but market concerns about long-term soybean supply and strong cost support limit its downside - Rapeseed oil: Domestic supply of rapeseed oil and rapeseed meal is expected to decrease significantly due to tariff policies. Supply is sufficient by the end of the year, and the long-term situation depends on policies. Strong cost support makes the price likely to rise - Palm oil: The biggest variable in the oil and fats sector. Production in the producing regions may still increase in the third quarter, and export data is rising. The current futures price is unlikely to fall deeply, but the upside is also limited - Operation Suggestion: Roll long on single oil and fats contracts, and conduct a long rapeseed oil - short soybean oil arbitrage [8] 2. Industry News Indonesia - Despite increased production, Indonesia's palm oil inventory at the end of June decreased by 13% month-on-month to 2.53 million tons due to rising exports - In June, Indonesia exported 3.61 million tons of palm oil, a month-on-month increase of 35.4% - June's crude palm oil production increased by 15.8% month-on-month to 4.82 million tons - In the first half of the year, palm oil production, including palm kernel oil, reached 27.89 million tons, a year-on-year increase of 6.5% [9] Malaysia - From August 1 - 25, Malaysia's palm oil production decreased by 1.21% month-on-month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 3.26% month-on-month and the oil extraction rate (OER) increasing by 0.4% month-on-month [10] 3. Data Overview Palm Oil Export - From August 1 - 25, Malaysia's palm oil exports were 933,437 tons, a 36.4% increase compared to the same period in July - Exports to China were 81,000 tons, higher than 58,000 tons in the same period last month [18] Domestic Palm Oil Inventory - As of the end of the 35th week of 2025, the total domestic palm oil inventory was 558,000 tons, an increase of 38,000 tons from the previous week - The contract volume was 33,000 tons, an increase of 8,000 tons from the previous week [18]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The prices of oils and fats are expected to fluctuate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for 24/25 is high, the Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the US soybean oil biodiesel policy supports increased biodiesel consumption. The domestic tariff on Canadian rapeseed has led to the rise of the rapeseed sector, and the domestic fundamentals of oils and fats are neutral with stable import inventories. Sino-US and Sino-Canadian relations have eased, affecting the market at the macro level [2][3][4] Summary by Related Catalogs Daily Viewpoints - Soybean Oil - **Fundamentals**: The MPOB report shows that Malaysian palm oil production in May decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end-of-month inventory decreased by 2.6% to 1.83 million tons. The report is neutral, with less-than-expected production cuts. Currently, shipping survey agencies show that the export data of Malaysian palm oil this month has increased by 4% month-on-month, and palm oil supply will increase in the subsequent production season [2] - **Basis**: The spot price of soybean oil is 8428, with a basis of 70, indicating that the spot price is higher than the futures price [2] - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period and 11.7% higher year-on-year [2] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [2] - **Main Position**: The long positions of the main soybean oil contract have increased [2] - **Expectation**: The soybean oil Y2601 is expected to fluctuate in the range of 8150 - 8550 [2] Daily Viewpoints - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report shows neutral conditions with less-than-expected production cuts, and palm oil supply will increase in the subsequent production season [3] - **Basis**: The spot price of palm oil is 9532, with a basis of 216, indicating that the spot price is higher than the futures price [3] - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period and 34.1% lower year-on-year [3] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [3] - **Main Position**: The main palm oil contract has changed from long to short [3] - **Expectation**: The palm oil P2601 is expected to fluctuate in the range of 9100 - 9500 [3] Daily Viewpoints - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report shows neutral conditions with less-than-expected production cuts, and palm oil supply will increase in the subsequent production season [4] - **Basis**: The spot price of rapeseed oil is 9900, with a basis of 91, indicating that the spot price is higher than the futures price [4] - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period and 3.2% higher year-on-year [4] - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [4] - **Main Position**: The short positions of the main rapeseed oil contract have increased [4] - **Expectation**: The rapeseed oil OI2601 is expected to fluctuate in the range of 9550 - 9950 [4] Recent利多利空 Analysis - **利多**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply [5] - **利空**: The prices of oils and fats are at a relatively high historical level, the domestic inventory of oils and fats continues to accumulate, the macro economy is weak, and the expected production of related oils and fats is high [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5]

1. Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are in a sideways adjustment. After briefly breaking below 4,500 ringgit, they gradually declined and tested the support at the 20 - day moving average of 4,400 ringgit. If it can find support here, it may stop falling. Fundamentally, the production growth is lower than the export growth, which could support the futures to return above 4,500 ringgit. With the potential bullish impact of limited inventory increase at the end of August, there is a chance for a sideways upward trend. The view is that the near - term is weak and the long - term is strong, and it's crucial to watch if it can hold at 4,400 ringgit [3]. - Domestic market: Dalian palm oil futures are also in a sideways adjustment. After breaking below the 20 - day moving average, there is downward pressure, and it is expected to seek support around 9,200 yuan and then stabilize. After this correction and effectively standing firm, with the boost of the recovery of Malaysian palm oil, Dalian palm oil futures may gradually start a sideways upward trend. After returning above 9,500 yuan and standing firm, there is a chance to follow the upward trend of Malaysian palm oil. The view is also near - term weak and long - term strong [3]. Soybean Oil - International vegetable oils have been falling continuously (the end of the fuel consumption peak season has dragged down the vegetable oil market). CBOT soybean oil has fallen for five consecutive days, and BMD palm oil has fallen four days out of five, both dragging down domestic oils. Although domestic soybean oil has fallen, the decline is limited because the consumption season has started, and funds are reluctant to short aggressively. Currently, domestic demand is good, but international related varieties continue to exert pressure, so there is still some downward space, but the decline is not large. The support for the main January contract is seen around 8,300 yuan. If downstream consumption is good later, there is a chance for it to strengthen after the correction [4]. Oilseeds - Soybean Meal - Spot market: The fixed - price of oil mills generally remains stable. Although the Dalian soybean meal futures have slightly rebounded, at the end of the month, oil mills are increasing the pressure to pick up goods, and some traders' actual transactions are negotiable due to inventory transfer pressure. In the short term, the domestic market is executing inventory and September positions, and the trading pace is slow. However, with the premium trading of imported soybean auctions and the uncertainty of Sino - US tariffs, the terminal's bullish expectation for the long - term remains unchanged, and the upward trend of soybean meal prices continues [19]. 2. Price and Spread Information Oil Price and Spread - **Price and Spread Table**: P 1 - 5 is 260 yuan/ton with a daily increase of 8 yuan; Y - P 01 is - 1,042 yuan/ton with a daily increase of 68 yuan; etc. [5] - **Palm Oil Price**: Palm oil 01 is 9,316 yuan/ton with a decline of 1.04%; BMD palm oil main contract is 4,406 ringgit/ton with a decline of 0.97%; Guangzhou 24 - degree palm oil is 9,470 yuan/ton with an increase of 30 yuan [8]. - **Soybean Oil Price**: Soybean oil 01 is 8,358 yuan/ton with an increase of 0.53%; CBOT soybean oil main contract is 52.37 cents/pound with a decline of 1.47%; Shandong first - grade soybean oil spot is 8,470 yuan/ton with a decline of 50 yuan [15]. Oilseed Price and Spread - **Futures Price**: The closing price of soybean meal 01 is 3,055 with an increase of 16 and a rise of 0.53%; the closing price of rapeseed meal 01 is 2,513 with an increase of 30 and a rise of 1.21%; CBOT yellow soybeans are at 1,048.25 with no change [20]. - **Spread Table**: M01 - 05 is 225 with a daily increase of 9; RM01 - 05 is 75 with a daily increase of 20; etc. [21][23] - **Spot and Basis**: The spot price of soybean meal in Rizhao is 3,000 with no change, and the basis is - 39 with an increase of 6; the spot price of rapeseed meal in Fujian is 2,534 with a decline of 21, and the basis is 51 with a decline of 3 [23].

Group 1: Report Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View - The prices of the three major oils fluctuated yesterday. Although the drought - affected area in the US soybean - producing areas has expanded recently, the overall proportion is still small, the drought intensity is mild, and the crop growth indicators remain at a good level, so the impact is limited. The sharp decline in international crude oil prices has depressed vegetable oil prices, but the consumption during the Double Festival will provide some support to the market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 9414.00 yuan/ton, with a环比 change of - 86 yuan and a decline of - 0.91%. The closing price of the soybean oil 2601 contract was 8372.00 yuan/ton, with a环比 change of - 18.00 yuan and a decline of - 0.21%. The closing price of the rapeseed oil 2601 contract was 9809.00 yuan/ton, with a环比 change of - 44.00 yuan and a decline of - 0.45% [1] Spot - The spot price of palm oil in Guangdong was 9360.00 yuan/ton, with a环比 change of - 110.00 yuan and a decline of - 1.16%. The spot basis was P01 + - 54.00, with a环比 change of - 24.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8510.00 yuan/ton, with a环比 change of - 40.00 yuan/ton and a decline of - 0.47%. The spot basis was Y01 + 138.00, with a环比 change of - 22.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9880.00 yuan/ton, with a环比 change of - 70.00 yuan and a decline of - 0.70%. The spot basis was OI01 + 71.00, with a环比 change of - 26.00 yuan [1] Recent Market Information - As of the week ending August 26, about 11% of the US soybean - planting area was affected by drought (9% the previous week and 11% last year). About 5% of the US corn - planting area was affected by drought (5% the previous week and 8% last year) [2] - The Rural Economy Department of Paraná State, Brazil (Deral) expects the soybean - planting area in the state in the 2025/26 season to be about 5.8 million hectares, a 1% increase from the previous season. The soybean yield in the state is expected to increase by 4% to about 22 million tons [2] - The net export sales of US soybeans in the 2024/2025 season were - 189,000 tons ( - 6,000 tons the previous week), and the net sales in the 2025/2026 season were 1.373 million tons (1.143 million tons the previous week). The net export sales of US corn in the 2024/2025 season were - 18,000 tons ( - 27,000 tons the previous week), and the net sales in the 2025/2026 season were 2.09 million tons (2.86 million tons the previous week) [2] - According to the Canadian Statistics Bureau's model - based yield forecast report, as of the end of July 2025, the estimated yield of Canadian rapeseed in 2025 is 19.9 million tons (the average estimate is 20.3 million tons, and the report in August last year was 19.5 million tons). The estimated yield of Canadian wheat in 2025 is 35.5 million tons (the average estimate is 35.9 million tons, and the report in August last year was 34.4 million tons) [2] Group 4: Strategy - The strategy is neutral [3]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Crude oil prices have declined, putting pressure on the prices of edible oils. The prices of the three major edible oils fluctuated yesterday. The sharp decline in crude oil prices had a certain impact on the price center of edible oils, intensifying the volatility of the vegetable oil market. Fundamentally, the supply prospects of rapeseed and soybeans are favorable, and combined with the consumption support during the upcoming double festivals, the edible oil market is facing both bullish and bearish factors [1][3] Group 3: Summary by Relevant Content Futures and Spot Prices - Futures: The closing price of the palm oil 2601 contract was 9,500 yuan/ton, with a change of 0 yuan and a change rate of 0.00%. The closing price of the soybean oil 2601 contract was 8,390 yuan/ton, down 66 yuan or 0.78%. The closing price of the rapeseed oil 2601 contract was 9,853 yuan/ton, up 32 yuan or 0.33% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,470 yuan/ton, up 30 yuan or 0.32%, and the spot basis was P01 + -30 yuan, up 30 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,550 yuan/ton, down 50 yuan or 0.58%, and the spot basis was Y01 + 160 yuan, up 16 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950 yuan/ton, up 10 yuan or 0.10%, and the spot basis was OI01 + 97 yuan, down 22 yuan [1] Market Information - Canadian rapeseed: In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a month - on - month increase of 13.13%. Rapeseed oil production was 408,898 tons, up 12.15% month - on - month, and rapeseed meal production was 571,012 tons, up 12.62% month - on - month. The C&F price of Canadian rapeseed (October shipment) was 542 US dollars/ton, down 3 US dollars/ton from the previous trading day, and the C&F price of Canadian rapeseed (December shipment) was 532 US dollars/ton, also down 3 US dollars/ton [2] - Malaysian palm oil: The estimated export volume of Malaysian palm oil from August 1 - 25 was 933,437 tons, a 36.41% increase from the same period last month [2] - Other oils: The C&F price of Argentine soybean oil (September shipment) was 1,179 US dollars/ton, down 23 US dollars/ton from the previous trading day, and the C&F price of Argentine soybean oil (November shipment) was 1,181 US dollars/ton, down 20 US dollars/ton. The C&F quotes of Canadian rapeseed oil (September and November shipments) remained unchanged. The C&F price of US Gulf soybeans (October shipment) remained unchanged, the C&F price of US West soybeans (October shipment) was down 5 US dollars/ton, and the C&F price of Brazilian soybeans (October shipment) was up 1 US dollar/ton. The import soybean premium quotes for some regions showed little change, with the Brazilian port (October shipment) up 3 cents/bushel [2]

1. Report Industry Investment Rating - Neutral, the oils and fats are expected to show a volatile trend [4] 2. Core View of the Report - The policy benefits for US soybean oil are limited, and the oils and fats market will continue to fluctuate. The market is currently mixed with both long and short factors, including potential changes in Sino - US trade policies and the peak season for palm oil stocking during the Double Festival [1][3] 3. Summary by Related Content Market Analysis - **Futures Prices**: On the previous trading day, the closing price of the palm oil 2601 contract was 9,500 yuan/ton, a decrease of 82 yuan or 0.86% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,456 yuan/ton, a decrease of 32 yuan or 0.38%; the closing price of the rapeseed oil 2601 contract was 9,821 yuan/ton, a decrease of 70 yuan or 0.71% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 9,440 yuan/ton, a decrease of 110 yuan or 1.15%, with a spot basis of P01 + - 60 yuan, a decrease of 28 yuan compared to the previous period; in the Tianjin region, the spot price of first - grade soybean oil was 8,600 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y01 + 144 yuan, an increase of 12 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940 yuan/ton, a decrease of 70 yuan or 0.70%, with a spot basis of OI01 + 119 yuan, unchanged from the previous period [1] Recent Market News - **Policy News**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude palm kernel oil and refined palm kernel oil from the Sales and Services Tax (SST). These two raw materials currently face a 5% special tax, and the exemption application has been submitted to the Ministry of Finance [2] - **Production Data**: From August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% compared to the same period last month, the oil extraction rate increased by 0.4%, and the output decreased by 1.21% [2] - **Inventory Data**: As of the end of the 34th week of 2025, the total inventory of imported rapeseed in China was 192,000 tons, a decrease of 45,000 tons from the previous week's 237,000 tons, and far lower than the 477,000 tons in the same period last year [2] - **Import Price Data**: The C&F price of US Gulf soybeans (October shipment) was 475 US dollars/ton, an increase of 4 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (October shipment) was 460 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (October shipment) was 486 US dollars/ton, a decrease of 3 US dollars/ton. The import soybean premium quotes also had corresponding changes [2]