Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. After the release of MPOA data, the estimated palm oil production in Malaysia from July 1 - 31 increased by 9.01%, keeping the supply side of palm oil loose. Coupled with favorable weather in US soybean - growing areas, the soybean supply is also optimistic. Overall, the prices of oils continued to oscillate [1][3] Group 3: Summary of Market Analysis Futures - The closing price of the palm oil 2509 contract yesterday was 8,970.00 yuan/ton, a decrease of 94 yuan or 1.04% compared to the previous day. The closing price of the soybean oil 2509 contract was 8,406.00 yuan/ton, an increase of 62.00 yuan or 0.74%. The closing price of the rapeseed oil 2509 contract was 9,562.00 yuan/ton, a decrease of 53.00 yuan or 0.55% [1] Spot - The spot price of palm oil in Guangdong was 8,980.00 yuan/ton, an increase of 10.00 yuan or 0.11%, with a spot basis of P09 + 10.00, an increase of 104.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,530.00 yuan/ton, an increase of 90.00 yuan/ton or 1.07%, with a spot basis of Y09 + 124.00, an increase of 28.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,670.00 yuan/ton, a decrease of 60.00 yuan or 0.62%, with a spot basis of OI09 + 108.00, a decrease of 7.00 yuan [1] Recent Market Information - According to SPPOMA data, from August 1 - 5, 2025, the yield per unit of Malaysian palm oil decreased by 19.32% compared to the same period last month, the oil extraction rate increased by 0.39%, and the production decreased by 17.27%. According to MPOA data, the estimated palm oil production in Malaysia from July 1 - 31 increased by 9.01%, with a 17.18% increase in the Malay Peninsula, a 3.13% decrease in Sabah, a 0.69% decrease in Sarawak, and a 2.58% decrease in Borneo. The estimated total palm oil production in Malaysia in July was 1.84 million tons [2] - As of the week ending August 3, the good - to - excellent rate of US soybeans was 69%, in line with market expectations, down from 70% the previous week and up from 68% the same period last year. The soybean flowering rate was 85%, up from 76% the previous week, the same as last year's 85% and slightly lower than the five - year average of 86% [2] - The C&F price of Argentine soybean oil (September shipment) was 1,153 US dollars/ton, up 4 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (November shipment) was 1,141 US dollars/ton, up 14 US dollars/ton. The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (September shipment) was 1,035 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (November shipment) was 1,015 US dollars/ton, unchanged. The C&F price of Canadian rapeseeds (October shipment) was 568 US dollars/ton, unchanged; the C&F price of Canadian rapeseeds (December shipment) was 558 US dollars/ton, unchanged. The C&F price of US Gulf soybeans (September shipment) was 445 US dollars/ton, down 1 US dollar/ton; the C&F price of US West soybeans (September shipment) was 439 US dollars/ton, down 1 US dollar/ton; the C&F price of Brazilian soybeans (September shipment) was 479 US dollars/ton, up 2 US dollars/ton. The import soybean premium quotes: Mexico Gulf (September shipment) was 217 cents/bushel, down 3 cents/bushel; US West Coast (September shipment) was 190 cents/bushel, down 3 cents/bushel; Brazilian ports (September shipment) was 315 cents/bushel, up 10 cents/bushel [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report - 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, the demand has improved, Indonesia's B40 policy promotes domestic consumption, and the US biodiesel policy for soybean oil supports the increase in 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 China-US and China-Canada relations affects the market at the macro level [2][3][4]. Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in May, Malaysian palm oil production 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, with the production cut falling short of expectations. Currently, shipping survey agencies indicate that the export data of Malaysian palm oil this month has increased by 4% month-on-month. Subsequently, as the peak production season approaches, the supply of palm oil will increase [2]. - **Basis**: The spot price of soybean oil is 8,448, with a basis of 96, indicating that the spot price is higher than the futures price, which is bullish [2]. - **Inventory**: On July 4, the commercial inventory of soybean oil was 880,000 tons, up 20,000 tons from the previous period and 11.7% higher year-on-year, which is bearish [2]. - **Market**: The futures price is trading above the 20-day moving average, and the 20-day moving average is upward, which is bullish [2]. - **Main Position**: The long positions of the main soybean oil contract have decreased, which is bullish [2]. - **Expectation**: The price of soybean oil Y2509 is expected to fluctuate in the range of 8,100 - 8,500 [2]. Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report shows neutral conditions with production cuts falling short of expectations and subsequent supply increase [3]. - **Basis**: The spot price of palm oil is 8,962, with a basis of 644, indicating that the spot price is higher than the futures price, which is bullish [3]. - **Inventory**: On July 4, the port inventory of palm oil was 380,000 tons, down 10,000 tons from the previous period and 34.1% lower year-on-year, which is bullish [3]. - **Market**: The futures price is trading above the 20-day moving average, and the 20-day moving average is upward, which is bullish [3]. - **Main Position**: The short positions of the main palm oil contract have decreased, which is bearish [3]. - **Expectation**: The price of palm oil P2509 is expected to fluctuate in the range of 8,800 - 9,200 [3]. Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report shows neutral conditions with production cuts falling short of expectations and subsequent supply increase [4]. - **Basis**: The spot price of rapeseed oil is 9,708, with a basis of 93, indicating that the spot price is higher than the futures price, which is bullish [4]. - **Inventory**: On July 4, the commercial inventory of rapeseed oil was 650,000 tons, up 20,000 tons from the previous period and 3.2% higher year-on-year, which is bearish [4]. - **Market**: The futures price is trading above the 20-day moving average, and the 20-day moving average is upward, which is bullish [4]. - **Main Position**: The short positions of the main rapeseed oil contract have decreased, which is bearish [4]. - **Expectation**: The price of rapeseed oil OI2509 is expected to fluctuate in the range of 9,350 - 9,750 [4]. Recent Bullish and Bearish Analysis - **Bullish Factors**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5]. - **Bearish Factors**: The prices of oils and fats are at a relatively high level historically, and the domestic inventory of oils and fats has been continuously increasing. The macroeconomy is weak, and the expected production of related oils and fats is high [5]. - **Current Main Logic**: The global fundamentals of oils and fats are relatively loose [5].

Report Overview - Report Date: July 21, 2025 - Analyst: Wang Mingwei -从业资格号: F0283029 - Investment Consulting Number: Z0010442 - Contact Information: TEL: 0575 - 85226759 [1] Report Industry Investment Rating - Not provided in the report Core Views - 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 the increase in 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] Summary by Related Catalogs Daily Views Soybean Oil - **Fundamentals**: The MPOB report shows that in May, Malaysian palm oil production 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, it will enter the production - increasing season, and the supply of palm oil will increase [2] - **Basis**: The spot price of soybean oil is 8414, with a basis of 254, indicating that the spot price is higher than the futures price [2] - **Inventory**: On July 4, the commercial inventory of soybean oil was 880,000 tons, up 20,000 tons from the previous period and 11.7% higher year - on - year [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [2] - **Main Position**: The short positions of the main soybean oil contract have decreased [2] - **Expectation**: The soybean oil Y2509 contract is expected to fluctuate in the range of 7950 - 8350 [2] Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report data is the same, and the subsequent supply is expected to increase [3] - **Basis**: The spot price of palm oil is 9048, with a basis of 84, indicating that the spot price is higher than the futures price [3] - **Inventory**: On July 4, the port inventory of palm oil was 380,000 tons, down 10,000 tons from the previous period and 34.1% lower year - on - year [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [3] - **Main Position**: The long positions of the main palm oil contract have increased [3] - **Expectation**: The palm oil P2509 contract is expected to fluctuate in the range of 8850 - 9250 [3] Rapeseed Oil - **Fundamentals**: The MPOB report data is the same as above, and the subsequent supply is expected to increase [4] - **Basis**: The spot price of rapeseed oil is 9691, with a basis of 105, indicating that the spot price is higher than the futures price [4] - **Inventory**: On July 4, the commercial inventory of rapeseed oil was 650,000 tons, up 20,000 tons from the previous period and 3.2% higher year - on - year [4] - **Market**: The futures price is running 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 decreased [4] - **Expectation**: The rapeseed oil OI2509 contract is expected to fluctuate in the range of 9250 - 9650 [4] Recent Bullish and Bearish Analysis - **Bullish Factors**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5] - **Bearish Factors**: The prices of oils and fats are at a relatively high historical level, the domestic inventory of oils and fats is continuously increasing, 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] Supply - Related - **Imported Soybean Inventory**: Mentioned but no specific data provided [6] - **Soybean Oil Inventory**: Data on July 4 shows a commercial inventory of 880,000 tons, up 20,000 tons from the previous period and 11.7% higher year - on - year [2] - **Palm Oil Inventory**: On July 4, the port inventory was 380,000 tons, down 10,000 tons from the previous period and 34.1% lower year - on - year [3] - **Rapeseed Oil Inventory**: On July 4, the commercial inventory was 650,000 tons, up 20,000 tons from the previous period and 3.2% higher year - on - year [4] - **Rapeseed Inventory**: Data presented in a chart from 2015 - 2025, but no specific value mentioned [21][22] - **Domestic Total Oil and Fat Inventory**: Data presented in a chart from 2015 - 2025, but no specific value mentioned [23][24] Demand - Related - **Soybean Oil Apparent Consumption**: Data presented in a chart from 2015 - 2025, but no specific value mentioned [13][14] - **Soybean Meal Apparent Consumption**: Data presented in a chart from 2015 - 2025, but no specific value mentioned [15][16]

Group 1: Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. Indonesia's plan to prepare the B50 program boosted market confidence, but the bumper harvest in South America exerted pressure on the market, resulting in an overall continuation of the oscillation [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2509 contract yesterday was 8,796.00 yuan/ton, with a环比 change of +74 yuan and a幅度 of +0.85% - The closing price of the soybean oil 2509 contract yesterday was 8,072.00 yuan/ton, with a环比 change of +30.00 yuan and a幅度 of +0.37% - The closing price of the rapeseed oil 2509 contract yesterday was 9,440.00 yuan/ton, with a环比 change of -30.00 yuan and a幅度 of -0.32% [1] Spot - The spot price of palm oil in Guangdong was 8,830.00 yuan/ton, with a环比 change of +40.00 yuan and a幅度 of +0.46%, and the spot basis was P09 + 34.00, with a环比 change of -34.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8,210.00 yuan/ton, with a环比 change of +10.00 yuan/ton and a幅度 of +0.12%, and the spot basis was Y09 + 138.00, with a环比 change of -20.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,560.00 yuan/ton, with a环比 change of -30.00 yuan and a幅度 of -0.31%, and the spot basis was OI09 + 120.00, with a环比 change of +0.00 yuan [1] Group 4: Recent Market Consultation Summary Brazil - The Brazilian Vegetable Oil Industry Association (Abiove) raised its production estimates for Brazilian soybean meal and soybean oil in 2025 - The estimated export revenue of the Brazilian soybean complex (grains, soybean meal, and soybean oil) in 2025 is 53.66 billion US dollars, compared to the May forecast of 53.38 billion US dollars - The estimated soybean production in Brazil in 2025 reached a record 169.7 million tons, unchanged from the June forecast - The estimated soybean processing volume in Brazil in 2025 was raised to 57.8 million tons, compared to the June forecast of 57.5 million tons - The estimated soybean export volume in Brazil in 2025 was raised to 109 million tons, compared to the June forecast of 108.2 million tons [2] United States - The net sales of US soybean exports in the 2024/2025 season were 272,000 tons, compared to 503,000 tons the previous week; the net sales of soybeans in the 2025/2026 season were 530,000 tons, compared to 248,000 tons the previous week - The export shipments of US soybeans in the 2024/2025 season were 276,000 tons, compared to 396,000 tons the previous week - The net sales of US soybeans to China in the 2024/2025 season were 0 tons, the same as the previous week; the net sales of soybeans to China in the 2025/2026 season were 0 tons, the same as the previous week - The cumulative sales of US soybeans to China in the 2024/2025 season were 22.478 million tons, the same as the previous week; the export shipments of US soybeans to China in the 2024/2025 season were 0 tons, the same as the previous week - The cumulative shipments of US soybeans to China in the 2024/2025 season were 22.478 million tons, the same as the previous week; the unshipped US soybeans to China in the 2024/2025 season were 0 tons, the same as the previous week; the unshipped US soybeans to China in the 2025/2026 season were 0 tons, the same as the previous week [2] Indonesia - An Indonesian energy department official said that Indonesia is studying how to increase the biodiesel blending ratio to 50%, and the relevant research is expected to be completed by the end of the year. Whether to implement B50 in 2026 has not been determined, and the government needs to calculate the demand for palm oil and the financial support plan [2]

1. Report Industry Investment Rating - The investment rating for the industry is neutral [3] 2. Core Viewpoint of the Report - The global soybean supply is abundant, and the prices of the three major oils are fluctuating. Brazil's soybean harvest is confirmed, the weather in US soybean - growing areas is favorable with a high good - rate, and the future weather risk is low, leading to a strong overall harvest expectation. The supply side will gradually face pressure [2] 3. Summary by Related Content Market Analysis - **Futures Prices**: The closing price of the palm oil 2509 contract was 8708.00 yuan/ton, a decrease of 40 yuan or 0.46% compared to the previous day; the closing price of the soybean oil 2509 contract was 8012.00 yuan/ton, an increase of 18.00 yuan or 0.23%; the closing price of the rapeseed oil 2509 contract was 9404.00 yuan/ton, a decrease of 20.00 yuan or 0.21% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 8740.00 yuan/ton, a decrease of 30.00 yuan or 0.34%, with a spot basis of P09 + 32.00, an increase of 10.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8160.00 yuan/ton, an increase of 20.00 yuan/ton or 0.25%, with a spot basis of Y09 + 148.00, an increase of 2.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9520.00 yuan/ton, a decrease of 30.00 yuan or 0.31%, with a spot basis of OI09 + 116.00, a decrease of 10.00 yuan [1] - **Market News**: As of July 13, the EU's 2025/26 soybean imports were 340,597 tons, compared to 495,953 tons in the same period last year; the EU's 2025/26 palm oil imports were 63,393 tons, compared to 116,181 tons in the same period last year. From July 1 - 15, Malaysia's palm oil exports were 621,770 tons (ITS data), a 6.16% decrease from the same period last month, and 574,121 tons (Amspec data), a 5.29% decrease from the same period last month. As of July 15, the national soybean oil port inventory was 932,000 tons, a 24,000 - ton increase from the previous week; as of July 14, the national imported soybean port inventory was 646,277 tons, a 9,908 - ton increase from July 7 [2] Strategy - The strategy is to maintain a neutral stance [3]

Group 1: Report Industry Investment Rating - The investment strategy for the oil industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. With the increase in soybean arrivals and the expectation of continued arrivals in the future, coupled with the strong expectation of a bumper North American soybean harvest, if the China-US negotiation goes smoothly and more US soybeans are purchased, there will be greater pressure later [3] Group 3: Summary According to Relevant Catalogs Market Analysis - **Futures Prices**: The closing price of the palm oil 2509 contract yesterday was 8,466.00 yuan/ton, a change of -6 yuan or -0.07% compared to the previous day; the closing price of the soybean oil 2509 contract was 7,894.00 yuan/ton, a change of -50.00 yuan or -0.63%; the closing price of the rapeseed oil 2509 contract was 9,548.00 yuan/ton, a change of -59.00 yuan or -0.61% [1] - **Spot Prices**: The spot price of palm oil in Guangdong was 8,510.00 yuan/ton, a change of +20.00 yuan or +0.24%, and the spot basis was P09 + 44.00, a change of +26.00 yuan; the spot price of first-grade soybean oil in Tianjin was 8,030.00 yuan/ton, a change of -70.00 yuan/ton or -0.86%, and the spot basis was Y09 + 136.00, a change of -20.00 yuan; the spot price of fourth-grade rapeseed oil in Jiangsu was 9,680.00 yuan/ton, a change of -60.00 yuan or -0.62%, and the spot basis was OI09 + 132.00, a change of -1.00 yuan [1] - **Inventory Data**: As of July 4, 2025 (Week 27), the commercial inventory of palm oil in key regions across the country was 538,100 tons, an increase of 700 tons or 0.13% compared to the previous week, and an increase of 65,000 tons or 13.73% compared to 473,100 tons last year. As of July 7, 2025, the port inventory of imported soybeans across the country was 636,369 tons, an increase of 26,440 tons compared to 609,929 tons on June 30 [2] - **Market News**: The agriculture minister of Telangana in India called on the central government to modify its palm oil import policy, requesting to raise the palm oil import tariff to 44% and set a minimum guaranteed price of 25,000 rupees per ton for palm oil. Bunge will transport 30,000 tons of Argentine soybean meal to China from a terminal in the Rosario port area, which will be Argentina's first export of soybean meal to China [2]

Report Industry Investment Rating - The investment rating for the industry is neutral [4] Core Viewpoints of the Report - The prices of the three major oils fluctuated yesterday. Recently, the oil market has returned to fundamental trading, and the market is oscillating and adjusting [3] Summary by Related Catalogs Market Analysis - **Futures Prices**: The closing price of the palm oil 2509 contract was 8,478 yuan/ton, a change of +38 yuan or +0.45% compared to the previous day; the closing price of the soybean oil 2509 contract was 7,994 yuan/ton, a change of -24 yuan or -0.30%; the closing price of the rapeseed oil 2509 contract was 9,619 yuan/ton, with no change [1] - **Spot Prices**: The spot price of palm oil in Guangdong was 8,520 yuan/ton, a change of +80 yuan or +0.95%, with a spot basis of P09 + 42 yuan; the spot price of first - grade soybean oil in Tianjin was 8,160 yuan/ton, with no change, and a spot basis of Y09 + 166 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 9,750 yuan/ton, a change of +40 yuan or +0.41%, with a spot basis of OI09 + 131 yuan [1] Recent Market Information - **Drought in the US**: As of the week ending July 1, about 8% of the US soybean planting areas were affected by drought, compared with 12% in the previous week and 9% in the same period last year [2] - **Export Sales**: Private exporters reported export sales of 150,000 tons of corn, 226,000 tons of soybeans, and 195,000 tons of soybean meal to unknown destinations. The net sales of US soybean oil exports for the 2024/2025 season were 12,000 tons, compared with 4,000 tons in the previous week; the net sales for the 2025/2026 season were 0 tons, the same as the previous week. The export shipments of US soybean oil for the 2024/2025 season were 6,000 tons, the same as the previous week [2] - **Indonesian Palm Oil**: The Indonesian government promised to revoke the license of a palm oil plantation operating illegally in the Tesso Nilo National Park in Riau province [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - International situations are volatile, causing the prices of oils and fats to fluctuate. The market is influenced by multiple factors, including production, exports, and policies, leading to a continuation of the volatile trend [1][3] Group 3: Summary of Market Analysis Futures Prices - The closing price of the palm oil 2509 contract was 8,446.00 yuan/ton, with a daily change of +10 yuan and a change rate of +0.12% - The closing price of the soybean oil 2509 contract was 7,972.00 yuan/ton, with a daily change of +12.00 yuan and a change rate of +0.15% - The closing price of the rapeseed oil 2509 contract was 9,583.00 yuan/ton, with a daily change of +78.00 yuan and a change rate of +0.82% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,730.00 yuan/ton, with a daily change of +30.00 yuan and a change rate of +0.34%. The spot basis was P09 + 284.00, with a daily change of +20.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8,190.00 yuan/ton, with a daily change of - 10.00 yuan/ton and a change rate of - 0.12%. The spot basis was Y09 + 218.00, with a daily change of - 22.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 9,780.00 yuan/ton, with a daily change of +70.00 yuan and a change rate of +0.72%. The spot basis was OI09 + 197.00, with a daily change of - 8.00 yuan [1] Market News - Due to frequent spring rainfall in Arkansas, some soybean fields may not be planted, and the re - planting of some soybeans is uncertain. The state agricultural department is watching a "two - week deep - green" window period for rice. Forecasted rainfall may reduce water costs for some farms but also cause problems for other crops - The French Ministry of Agriculture predicts that the winter barley and rapeseed yields in 2025 will rebound strongly compared to 2024. The 2025 winter rapeseed yield is expected to reach 4.2 million tons, a 9.4% increase from 2024 [2] Production and Export Data - SPPOMA data shows that the palm oil production in Malaysia from June 1 - 15, 2025, decreased by 4% compared to the previous month - ITS, SGS, and AmSpec data show that the palm oil exports from Malaysia from June 1 - 15, 2025, increased by 26.3%, 14.3%, and 17.77% respectively compared to the previous month. The U.S. biodiesel policy is favorable, resulting in a mixed market situation and continued price fluctuations [3] Group 4: Figures in the Report - The report includes 30 figures related to the prices, production, exports, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil, such as daily average prices, futures closing prices, basis, import and trading profits, and monthly production and export volumes [5]

1. Report Industry Investment Rating - The investment strategy for the oil industry is neutral [4] 2. Core View of the Report - The prices of the three major oils fluctuated yesterday. The short - term supply - demand structure of oils has no significant change, and oil prices will maintain a volatile adjustment [3] 3. Summary by Related Content 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2509 contract yesterday was 8126.00 yuan/ton, a decrease of 4 yuan or - 0.05%; the closing price of the soybean oil 2509 contract was 7676.00 yuan/ton, a decrease of 12.00 yuan or - 0.16%; the closing price of the rapeseed oil 2509 contract was 9152.00 yuan/ton, an increase of 51.00 yuan or + 0.56% [1] - Spot: In Guangdong, the spot price of palm oil was 8480.00 yuan/ton, a decrease of 40.00 yuan or - 0.47%, with a spot basis of P09 + 354.00, a decrease of 36.00 yuan; in Tianjin, the spot price of first - grade soybean oil was 7880.00 yuan/ton, a decrease of 20.00 yuan/ton or - 0.25%, with a spot basis of Y09 + 204.00, a decrease of 8.00 yuan; in Jiangsu, the spot price of fourth - grade rapeseed oil was 9350.00 yuan/ton, an increase of 70.00 yuan or + 0.75%, with a spot basis of OI09 + 198.00, an increase of 19.00 yuan [1] 3.2 Market News - As of the week ending June 3, about 16% of the U.S. soybean planting areas were affected by drought, down from 17% the previous week [2] - The Brazilian National Association of Grain Exporters (Anec) predicted that Brazil's soybean exports from June 1 - 7 would be 490.16 million tons, up from 301.55 million tons last week [2] - As of the week ending May 29, the net sales of U.S. soybeans for the 2025/2026 season were 19.4 million tons, up from 14.6 million tons the previous week [2] - The estimated production of palm oil in Malaysia from May 1 - 31 increased by 3.07%, with a 4.05% increase in the Malay Peninsula, 2.1% in Sabah, 1.27% in Sarawak, and 1.9% in East Malaysia [2] - The C&F price of Argentine soybean oil (June shipment) was 1074 US dollars/ton, up 26 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (August shipment) was 1047 US dollars/ton, up 17 US dollars/ton from the previous trading day [2] - The C&F quote of imported rapeseed oil from Canada (June shipment) was 1050 US dollars/ton, unchanged from the previous trading day; the C&F quote of imported rapeseed oil from Canada (August shipment) was 1030 US dollars/ton, unchanged from the previous trading day [2] - The C&F price of U.S. Gulf soybeans (July shipment) was 454 US dollars/ton, up 2 US dollars/ton from the previous trading day; the C&F price of U.S. West soybeans (July shipment) was 449 US dollars/ton, up 2 US dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (July shipment) was 443 US dollars/ton, up 2 US dollars/ton from the previous trading day [2] - The import soybean premium quote for the Mexican Gulf (July shipment) was 210 cents/bushel, unchanged from the previous trading day; the import soybean premium quote for the U.S. West Coast (July shipment) was 183 cents/bushel, unchanged from the previous trading day; the import soybean premium quote for Brazilian ports (July shipment) was 162 cents/bushel, up 1 cent/bushel from the previous trading day [2]

Group 1: Report's Investment Rating for the Industry - The investment strategy for the oil and fat industry is neutral [4] Group 2: Core View of the Report - The fundamentals of the oil and fat market remain stable, and the prices are oscillating [1][3] Group 3: Summary of Market Analysis Futures Prices - The closing price of the palm oil 2509 contract was 8,076.00 yuan/ton, a +0.40% change (+32 yuan) [1] - The closing price of the soybean oil 2509 contract was 7,712.00 yuan/ton, a -0.36% change (-28.00 yuan) [1] - The closing price of the rapeseed oil 2509 contract was 9,403.00 yuan/ton, a -0.43% change (-41.00 yuan) [1] Spot Prices - The spot price of palm oil in Guangdong was 8,530.00 yuan/ton, a +0.95% change (+80.00 yuan), and the spot basis was P09 + 454.00, a +48.00 yuan change [1] - The spot price of first - grade soybean oil in Tianjin was 7,920.00 yuan/ton, a +0.00% change, and the spot basis was Y09 + 208.00, a +28.00 yuan change [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 9,580.00 yuan/ton, a -0.42% change (-40.00 yuan), and the spot basis was OI09 + 177.00, a +1.00 yuan change [1] Market Information - As of the week of May 25, the U.S. soybean planting rate was 76% (lower than the expected 78%), the corn planting rate was 87% (lower than the expected 88%), and the corn good - to - excellent rate was 68% (lower than the expected 73%) [2] - China's rapeseed imports are expected to be 200,000 tons in June, 130,000 tons in July, and will significantly decrease after August [2] - China's rapeseed oil imports are expected to be 200,000 tons in June and 180,000 tons in July [2] - Malaysian palm oil production from May 1 - 25 increased by 0.73%, and exports increased by 34.71% (SGS), 11.6% (ITS), and 7.3% (AmSpec) [2]