Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The prices of oils and fats are expected to fluctuate within a certain range. 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, 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 a rise in the rapeseed sector, and the domestic fundamentals of oils and fats are neutral with stable import inventories. Sino-US and Sino-Canadian relations have an impact on the market at the macro level [2][3][4]. - The current main logic revolves around the relatively loose global fundamentals of oils and fats. The main risk is the El Niño weather [5]. 3. Summary by Relevant 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% 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 the production reduction falling short of expectations. Currently, the export data of Malaysian palm oil this month shows a 4% month-on-month increase, and the supply of palm oil will increase in the subsequent production season [2]. - **Basis**: The spot price of soybean oil is 8,558, with a basis of 82, 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 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 decreased [2]. - **Expectation**: The price of soybean oil Y2601 is expected to fluctuate in the range of 8,450 - 8,650 [2]. **Palm Oil** - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral, and the supply of palm oil will increase in the subsequent production season [3]. - **Basis**: The spot price of palm oil is 9,268, with a basis of 128, 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 above the 20-day moving average, and the 20-day moving average is upward [3]. - **Main Position**: The short positions of the main palm oil contract have decreased [3]. - **Expectation**: The price of palm oil P2601 is expected to fluctuate in the range of 9,200 - 9,600 [3]. **Rapeseed Oil** - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is neutral, and the supply of palm oil will increase in the subsequent production season [4]. - **Basis**: The spot price of rapeseed oil is 9,906, with a basis of 96, 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 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 price of rapeseed oil OI2601 is expected to fluctuate in the range of 9,600 - 10,000 [4]. Recent利多利空Analysis - **Positive Factors**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply [5]. - **Negative 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 macroeconomy is weak, and the expected production of relevant oils and fats is high [5].

Report Overview - **Industry**: Oil and fat [1] - **Date**: August 12, 2025 [2] 1. Investment Rating - No investment rating information provided 2. Core View - The MPOB report shows that Malaysia's palm oil inventory at the end of July reached a two - year high of 2.11 million tons, but the inventory build - up was less than expected, making the report bullish. Palm oil prices rose strongly in the afternoon, with the main contract P2601 hitting a new high for the year. Rapeseed oil has sufficient near - term supply, but fewer far - month purchases support the futures price. Its trend lacks a clear driver and follows the market. Due to the abundant supply of Brazilian soybeans, factories will maintain high operating rates, and soybean oil inventory may increase, dragging down soybean oil prices. However, the long - term outlook is positive due to biodiesel policies in the US and Brazil, a possible decrease in soybean imports in the fourth quarter, and a recovery in domestic demand. China's three major oils are unlikely to see a significant short - term decline, and it is advisable to hold far - month basis contracts [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - P2509: The previous settlement price was 9012, the opening price was 8974, the highest price was 9236, the lowest price was 8912, the closing price was 8218, with a gain of 206 (2.29%). The trading volume was 299,988, and the position decreased by 5,290. - P2601: The previous settlement price was 9026, the opening price was 9000, the highest price was 9246, the lowest price was 8944, the closing price was 9238, with a gain of 212 (2.35%). The trading volume was 372,378, and the position increased by 52,216. - Y2509: The previous settlement price was 8408, the opening price was 8384, the highest price was 8470, the lowest price was 8352, the closing price was 8456, with a gain of 48 (0.57%). The trading volume was 164,012, and the position decreased by 29,250. - Y2601: The previous settlement price was 8396, the opening price was 8376, the highest price was 8460, the lowest price was 8334, the closing price was 8440, with a gain of 44 (0.52%). The trading volume was 452,116, and the position increased by 20,826. - OI2509: The previous settlement price was 9560, the opening price was 9552, the highest price was 9612, the lowest price was 9512, the closing price was 9588, with a gain of 28 (0.29%). The trading volume was 194,113, and the position decreased by 14,440. - OI2601: The previous settlement price was 9543, the opening price was 9544, the highest price was 9605, the lowest price was 9506, the closing price was 9593, with a gain of 50 (0.52%). The trading volume was 142,492, and the position increased by 22,198 [7] - **Operation Suggestions**: Bullish on the three major oils in the short - term, hold far - month basis contracts [8] 3.2 Industry News - **Malaysia's July Palm Oil Data (MPOB)**: - Production was 1.8124 million tons, an increase of 120,000 tons (7.09%) compared to June. - Imports were 61,000 tons, a decrease of 9,000 tons (12.82%) compared to June. - Exports were 1.3091 million tons, an increase of 48,100 tons (3.82%) compared to June. - End - of - month inventory was 2.1133 million tons, an increase of 81,700 tons (4.02%) compared to June. - **Malaysia's August 1 - 10 Palm Oil Exports (AmSpec)**: Exports were 453,230 tons, a 23.7% increase compared to the same period in July [9] 3.3 Data Overview - The report presents multiple charts including the spot price of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, palm oil basis change, soybean oil basis change, rapeseed oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Malaysian ringgit exchange rate, and US dollar - Chinese yuan exchange rate, with data sourced from Wind and the Research and Development Department of CCB Futures [11][19][26]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - International: There is a strong expectation of a bumper US soybean harvest. Trump's call for China to quadruple soybean orders led to a rise in CBOT soybean prices. MPOB's July report showed that Malaysia's palm - oil inventory accumulation was less than expected. High - frequency data indicated strong palm - oil exports from Malaysia from August 1 - 10, and Indonesia's reaffirmation of the B50 plan starting in 2026 caused a significant afternoon rally in Malaysian palm - oil futures [6][7]. - Domestic: Soybean oil inventory continued to rise. The increase in July's soybean imports and recent export growth supported prices. Rising South American soybean premiums and trade - risk premiums made soybean oil relatively strong. Palm - oil inventory shifted from increase to decrease, maintaining a pattern of weak supply and demand, with futures prices following external costs. Rapeseed oil inventory continued to decline. The drop in Canadian rapeseed prices and uncertainties in China - Canada trade policies supported rapeseed oil prices, keeping it in a range - bound oscillation [7]. 3. Summary by Relevant Catalogs Macro and Industry News - The US Department of Agriculture will release its August supply - demand report at 12:00 pm EDT on August 12 (early Wednesday morning Beijing time). Analysts expect the 2025/26 US soybean production to be 4.365 billion bushels, higher than last month's government forecast [2]. - MPOB data showed that Malaysia's July palm - oil exports were 1,309,059 tons (up 3.82% month - on - month), imports were 61,039 tons (down 12.82% month - on - month), production was 1,812,417 tons (up 7.09% month - on - month), and inventory was 2,113,278 tons (up 4.02% month - on - month) [2]. - AmSpec reported that Malaysia's palm - oil exports from August 1 - 10 were 453,230 tons, a 23.67% increase from the same period last month [2]. - The National Grain and Oil Information Center stated that the domestic soybean - crushing volume slightly decreased last week. As of August 8, it was 2.18 million tons, down 80,000 tons week - on - week, 120,000 tons month - on - month, but up 210,000 tons year - on - year. It is expected to rise to about 2.3 million tons this week [3]. Fundamental Data Charts - Not provided in the given content. Views and Strategies - International: Strong US soybean harvest expectations, Trump's call on China for soybean orders, less - than - expected Malaysian palm - oil inventory accumulation, strong Malaysian palm - oil exports in early August, and Indonesia's B50 plan influenced international oil - related futures prices [6][7]. - Domestic: Different supply - demand situations and external factors affected the prices of soybean oil, palm oil, and rapeseed oil in the domestic market [7].

1. Report Industry Investment Rating - The report gives a neutral strategy for the oil and fat industry [4] 2. Core View of the Report - The weather in the US soybean production areas is favorable, with a decreasing drought rate and good growth. As the weather window gradually closes, there are strong expectations of a bumper harvest, which puts pressure on the oil and fat market, leading to an oscillatory adjustment [1][3] 3. Summary by Relevant Catalogs Market Analysis - **Futures**: The closing price of the palm oil 2509 contract was 8,950 yuan/ton, a decrease of 20 yuan or 0.22% compared to the previous day; the soybean oil 2509 contract closed at 8,406 yuan/ton, unchanged from the previous day; the rapeseed oil 2509 contract closed at 9,496 yuan/ton, a decrease of 66 yuan or 0.69% [1] - **Spot**: In the Guangdong region, the spot price of palm oil was 8,940 yuan/ton, a decrease of 40 yuan or 0.45%, with a spot basis of P09 + -10 yuan, a decrease of 20 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,510 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y09 + 104 yuan, a decrease of 20 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,610 yuan/ton, a decrease of 60 yuan or 0.62%, with a spot basis of OI09 + 114 yuan, an increase of 6 yuan [1] Recent Market Information Summary - **US Drought**: As of the week ending August 5, about 3% of the US soybean planting area was affected by drought, down from 5% the previous week and 4% last year [2] - **Brazilian Soybeans**: The 2025/26 soybean planting area in Brazil is expected to grow at the slowest pace in nearly 20 years, with an estimated planting area of 48.13 million hectares (118.9 million acres), a 1.43% increase from the previous year, the smallest increase since the 2006/07 season. The estimated production is 166.56 million tons, lower than the previous year's 168.74 million tons. Brazil's soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year [2] - **US Soybean Exports**: The net sales of US soybean exports in the 2024/2025 season were 468,000 tons, up from 349,000 tons the previous week; the net sales in the 2025/2026 season were 545,000 tons, up from 429,000 tons the previous week [2] - **Brazilian Exports**: Brazilian soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year; soybean meal exports are expected to be 1.74 million tons, compared to 2.1 million tons last year; corn exports are expected to be 7.58 million tons, compared to 6.42 million tons last year [2] - **Import Prices**: Canadian rapeseed (October shipment) C&F price is $561/ton, down $7/ton; Canadian rapeseed (December shipment) C&F price is $551/ton, down $7/ton. Argentine soybean oil (September shipment) C&F price is $1,141/ton, down $12/ton; Argentine soybean oil (November shipment) C&F price is $1,120/ton, down $21/ton [2]

Report Overview - Reported Industry: Oil and Fat [1] - Date: August 8, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Intraday, soybean oil became the strongest variety, and the three major oils took turns to rise. The Malaysian Palm Oil Board (MPOB) will announce July's supply - demand data on August 11. July's palm oil production may be better than expected, but exports are still very weak, meaning the palm oil inventory at the end of July may exceed 2.1 million tons. It's necessary to focus on whether palm oil can effectively stand above the 9,000 mark recently. Rapeseed oil has sufficient near - term supply, but fewer far - month purchases support the futures price. Policy interference is significant, and the trend lacks an obvious driver. Due to the current ample supply of Brazilian soybeans, factories will maintain a high operating rate, and factory soybean oil inventory may still increase, dragging down the rise of soybean oil. However, it is optimistic in the long - term because of the biodiesel policies in the US and Brazil, the possible decrease in soybean imports in the fourth quarter, and the recovery of domestic demand. The room for a significant decline in the spot basis of the three major domestic oils in the later period is limited, and it is advisable to appropriately buy the far - month basis [8] 3. Summary by Related Catalogs 3.1. Market Review and Operation Suggestions 3.1.1. Market Review | Futures Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2509 | 8980 | 60000 | 5000 | 8920 | 8950 | - 30 | - 0.33% | | 445128 | - 27119 | | P2601 | 8986 | 9016 | 9056 | 8932 | 8966 | - 20 | - 0.22% | 211935 | 245848 | 7141 | | Y2509 | 8360 | 8420 | 8486 | 8366 | 8406 | - 46 | 0.55% | 388658 | 408811 | - 49208 | | Y2601 | 8334 | 8396 | 8466 | 8340 | 8378 | 44 | 0.53% | 403098 | 595690 | 44018 | | OI2509 | 9576 | 9575 | 9672 | 9458 | 9496 | - 80 | - 0.84% | 343152 | 155705 | - 25362 | | OI2601 | 9524 | 9530 | 9630 | 9452 | 9490 | - 34 | - 0.36% | 158654 | 162192 | 9619 | Domestic spot basis prices are also provided, such as Dongguan's third - grade rapeseed oil in August is OI2509 + 80, etc. [7] 3.1.2. Operation Suggestions - Appropriate to buy far - month basis as the later decline space of domestic three major oils' spot basis is limited [8] 3.2. Industry News 3.2.1. Palm Oil News - The Malaysian Palm Oil Association (MPOA) said that the estimated palm oil production in Malaysia in July 2025 was 1.84 million tons, a month - on - month increase of 9.01%. The production in the Malaysian Peninsula increased by 17.18% month - on - month, while the production in Sabah decreased by 3.13% month - on - month, and the production in Sarawak decreased by 0.69% month - on - month. The production in East Malaysia decreased by 2.58% month - on - month. - The shipping survey agency SGS announced that Malaysia's palm oil exports in July were 896,362 tons, a 25.0% decrease from June's 1.195265 million tons. Exports to China were 75,000 tons, a significant drop from June's 168,000 tons. - Survey data showed that Malaysia's palm oil inventory at the end of July increased significantly and reached a 19 - month high. Reuters estimated production at 1.828 million tons, exports at 1.3 million tons, and inventory at 2.25 million tons; Bloomberg estimated production at 1.83 million tons, exports at 1.3 million tons, and inventory at 2.23 million tons [9] 3.2.2. Brazilian Soybean News - The Brazilian Ministry of Foreign Trade (SECEX) data showed that Brazil's soybean exports in July were 12.26 million tons, a decrease of 1.16 million tons from June's 13.42 million tons. The export value in July was 502.197 million US dollars, a decrease of 33.214 million US dollars from June's 535.411 million US dollars. The average export price in July was 409.71 US dollars per ton, an increase of 10.75 US dollars per ton from June's 398.96 US dollars per ton. From January to July 2025, Brazil's cumulative soybean exports were 77.207 million tons, a decrease of 1.944 million tons from the same period last year. The cumulative export value from January to July 2025 was 3.0430808 billion US dollars, a decrease of 390.4235 million US dollars from the same period last year. The average export price from January to July 2025 was 394.15 US dollars per ton, a decrease of 39.64 US dollars per ton from the same period last year [10] 3.3. Data Overview - A series of charts are provided, including the spot prices of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, and the basis changes of palm oil, soybean oil, rapeseed oil, as well as some price spreads and exchange rate charts [13][14][15]

行业 油脂 日期 2025 年 8 月 7 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | 合药 | 前结算价 : | 开 蓝价 : | 成高价 | 最低价 : | 收盘价 :涨跌: | | 张跌幅 | 成交量 : | | 持企業 持企量要化 | | --- | --- | ...

Group 1: General Information - Report Date: August 6, 2025 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review - **P2509**: Previous settlement price 8814, opening price 8808, closing price 9064, up 250 (2.84%), trading volume 580261, open interest 400643, open interest change +50247 [7] - **P2601**: Previous settlement price 8830, opening price 8810, closing price 9044, up 214 (2.42%), trading volume 188349, open interest 224873, open interest change +16881 [7] - **Y2509**: Previous settlement price 8246, opening price 8226, closing price 8344, up 98 (1.19%), trading volume 303060, open interest 469009 [7] - **Y2601**: Previous settlement price 8204, opening price 8194, closing price 8320, up 116 (1.41%), trading volume 217779, open interest 500881, open interest change +32194 [7] - **O1509**: Previous settlement price 9490, opening price 9522, closing price 9615, up 175 (1.32%), trading volume 204310, open interest 188408, open interest change +6762 [7] - **OI601**: Previous settlement price 9429, opening price 9458, closing price 9547, up 118 (1.25%), trading volume 77547, open interest 144896, open interest change +11141 [7] Operational Suggestions - Palm oil prices are under pressure due to increased production and weak demand, but there are rumors of a significant decline in Indonesia's June production. Rapeseed oil has sufficient near - term supply but fewer far - month purchases. Soybean oil inventory may increase in the short term but is optimistic in the long term due to biodiesel policies. The spot basis of the three major oils has limited room for significant downward adjustment in the later period. It is advisable to buy far - month basis appropriately. The three major oils may adjust in the short term, but the adjustment space is limited. In the medium and long term, buy on dips [8] Group 3: Industry News - Malaysian palm oil exports in July were 896362 tons, a 25.0% decrease from June. Exports to China were 75000 tons, down from 168000 tons in June [9] - Malaysian palm oil production in July increased by 7.07% month - on - month, with FFB yield up 7.19% and OER down 0.02% month - on - month [9] - Estimates suggest that the Malaysian palm oil inventory at the end of July reached a 19 - month high, with Reuters estimating production at 1.828 million tons, exports at 1.3 million tons, and inventory at 2.25 million tons; Bloomberg estimating production at 1.83 million tons, exports at 1.3 million tons, and inventory at 2.23 million tons [9] Group 4: Data Overview - The report provides various data charts, including those on the spot prices of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, basis changes of palm oil, soybean oil, and rapeseed oil, price spreads of palm oil futures contracts, and exchange rates of the US dollar against the Malaysian ringgit and the Chinese yuan [11][19][26][30]

Group 1: Basic Information - Reported industry: Oil and fat [1] - Report date: August 5, 2025 [2] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review | Variety | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 60954 | 8894 | 8918 | 8926 | 8746 | 8838 | -56 | -0.63% | 611600 | 350396 | -43745 | | P2601 | 8914 | 8946 | 8946 | 8756 | 8832 | -82 | -0.92% | 187926 | 207992 | 6902 | | Y2509 | 8228 | 8274 | 8296 | 8210 | 8250 | 22 | 0.27% | 310265 | 474605 | -25151 | | Y2601 | 8186 | 8230 | 8256 | 8154 | 8214 | 28 | 0.34% | 205137 | 468687 | 14291 | | OI2509 | 8495 | 9516 | 9545 | 9442 | 9542 | 41 | 0.49% | 218228 | 181646 | -7467 | | OI2601 | 9434 | 9462 | 9478 | 9383 | 9472 | 38 | 0.40% | 76818 | 133755 | 5894 | [7] Operation Suggestions - The short - term adjustment of the three major domestic oils may occur at any time, but the adjustment space is limited. In the medium and long term, it is advisable to buy on dips. - The spot basis of the three major domestic oils has little room for significant downward adjustment in the later stage. It is advisable to appropriately buy the far - month basis. [8] Core View - In the morning, the performance of oils was poor, mainly dragged down by the decline of CBOT soybean oil and the weakness of international crude oil. - The palm oil production in Malaysia in July may be better than expected, but the export is still very weak, which means that the palm oil inventory at the end of July may exceed 2.1 million tons. According to shipping survey agencies, the export of Malaysian palm oil in July decreased by 2.4% - 9.6% month - on - month. The increase in production and weak demand put pressure on palm oil prices. - The near - term supply of rapeseed oil is sufficient, but the fewer purchases of far - month cargoes support the futures price. - Due to the still abundant supply of Brazilian soybeans at present, factories will maintain a high operating rate, and the inventory of factory soybean oil may still increase, which drags down the rise of soybean oil, but the long - term outlook is positive. [8] Group 3: Industry News - According to SPPOMA data, the palm oil production in Malaysia in July increased by 7.07% month - on - month, among which the fresh fruit bunch (FFB) yield per unit increased by 7.19% month - on - month, and the oil extraction rate (OER) decreased by 0.02% month - on - month. - According to SPPOMA data, from July 1 - 25, the palm oil production in Malaysia increased by 5.52% month - on - month, among which the fresh fruit bunch (FFB) yield per unit increased by 6.08% month - on - month, and the oil extraction rate (OER) decreased by 0.1% month - on - month. - According to AmSpec, the export volume of Malaysian palm oil in July was 1,163,216 tons, a 9.6% decrease compared with 1,286,461 tons in June. According to ITS, the export volume of Malaysian palm oil in July was 1,289,727 tons, a 2.4% decrease compared with 1,320,914 tons in June. [9] Group 4: Data Overview - The report presents multiple data charts, including 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, the basis changes of palm oil, soybean oil, and rapeseed oil, the P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, the exchange rate of the US dollar against the Malaysian ringgit, and the exchange rate of the US dollar against the Chinese yuan. All data sources are Wind and the Research and Development Department of CCB Futures. [11][19][21][23][26][30]

油脂日报 | 2025-08-01 马棕出口放缓，油脂震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2509合约8900.00元/吨，环比变化-82元，幅度-0.91%；昨日收盘豆油2509合约8192.00 元/吨，环比变化-48.00元，幅度-0.58%；昨日收盘菜油2509合约9510.00元/吨，环比变化-111.00元，幅度-1.15%。 现货方面，广东地区棕榈油现货价8940.00元/吨，环比变化-60.00元，幅度-0.67%，现货基差P09+40.00，环比变化 +22.00元；天津地区一级豆油现货价格8330.00元/吨，环比变化-40.00元/吨，幅度-0.48%，现货基差Y09+138.00， 环比变化+8.00元；江苏地区四级菜油现货价格9600.00元/吨，环比变化-110.00元，幅度-1.13%，现货基差OI09+90.00， 环比变化+1.00元。 近期市场咨询汇总：船运调查机构ITS数据显示，马来西亚7月1-31日棕榈油出口量为1289727吨，较上月同期出口 的1382460吨减少6.71%。印度植物油生产商协会（IVPA）表示，随着全球价格下降，印度植物油进口商正在增 ...

Report Industry Investment Rating - The investment strategy for the oil and fat industry is neutral [4] Core View of the Report - The prices of the three major oils fluctuated yesterday. The EU and Indonesia reached a zero - tariff quota for palm oil trade, which is beneficial for palm oil exports. However, the market expects that the zero - tariff palm oil exports from Indonesia to the EU will mainly increase the demand for palm oil in the food industry, with limited impact, and the oils will continue to fluctuate [3] Summary by Related Content Futures Prices - Yesterday's closing price of the palm oil 2509 contract was 8982.00 yuan/ton, a环比 change of +12 yuan, or +0.13%; the closing price of the soybean oil 2509 contract was 8240.00 yuan/ton, a环比 change of +14.00 yuan, or +0.17%; the closing price of the rapeseed oil 2509 contract was 9621.00 yuan/ton, a环比 change of +129.00 yuan, or +1.36% [1] Spot Prices - In the Guangdong region, the spot price of palm oil was 9000.00 yuan/ton, a环比 change of +60.00 yuan, or +0.67%, and the spot basis was P09 + 18.00, a环比 change of +48.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8370.00 yuan/ton, a环比 change of +20.00 yuan/ton, or +0.24%, and the spot basis was Y09 + 130.00, a环比 change of +6.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9710.00 yuan/ton, a环比 change of +130.00 yuan, or +1.36%, and the spot basis was OI09 + 89.00, a环比 change of +1.00 yuan [1] Market News - The EU and Indonesia reached an agreement to advance the Comprehensive Economic Partnership Agreement (CEPA), and they agreed on a tariff quota method for palm oil trade, which will set a quota for the quantity of EU - imported palm oil eligible for 0% tariff [2] - The C&F price of Canadian rapeseed (October shipment) was 579 dollars/ton, down 6 dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (December shipment) was 569 dollars/ton, down 6 dollars/ton from the previous trading day. The C&F price of Argentine soybean oil (August shipment) was 1182 dollars/ton, down 1 dollar/ton from the previous trading day; the C&F price of Argentine soybean oil (October shipment) was 1140 dollars/ton, unchanged from the previous trading day. The C&F quote of imported rapeseed oil: the C&F price of Canadian rapeseed oil (August shipment) was 1060 dollars/ton, unchanged from the previous trading day; the C&F price of Canadian rapeseed oil (October shipment) was 1040 dollars/ton, unchanged from the previous trading day. The C&F price of US Gulf soybeans (September shipment) was 460 dollars/ton, up 5 dollars/ton from the previous trading day; the C&F price of US West soybeans (September shipment) was 455 dollars/ton, up 5 dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (September shipment) was 469 dollars/ton, up 1 dollar/ton from the previous trading day. The import soybean premium quotes: the premium of the Mexican Gulf (September shipment) was 229 cents/bushel, up 5 cents/bushel from the previous trading day; the premium of the US West Coast (September shipment) was 202 cents/bushel, up 5 cents/bushel from the previous trading day; the premium of Brazilian ports (September shipment) was 270 cents/bushel, up 7 cents/bushel from the previous trading day [2] - As of the week of July 23, Argentine farmers sold 78.77 tons of 24/25 - year soybeans, bringing the cumulative sales to 2743.16 tons. The local oil mills purchased 74.57 tons, and the export industry purchased 4.2 tons. In addition, Argentine farmers sold 4.3 tons of 25/26 - year soybeans, bringing the cumulative sales to 48.95 tons. The local oil mills purchased 4.3 tons, and the export industry purchased 0 tons. The total soybean sales of all years in that week were 84.69 tons, bringing the cumulative sales to 6864.8 tons. As of July 23, the cumulative export sales registration quantity of 24/25 - year soybeans was 803.7 tons, and the cumulative export sales registration quantity of 25/26 - year soybeans was 0 tons [2]