Report Industry Investment Rating - The report has a cautious bearish outlook on the oil and fat industry [3] Core Viewpoints - The prices of the three major oils and fats oscillated and declined yesterday. The stable growth of production in Southeast Asia, combined with favorable precipitation conditions in North American production areas and continuously excellent good-to-excellent rates, have put pressure on the overall oil and fat prices [2] Market Analysis Futures - The closing price of the palm oil 2509 contract was 7,974.00 yuan/ton, with a month-on-month change of -174 yuan and a decline of -2.14% - The closing price of the soybean oil 2509 contract was 7,760.00 yuan/ton, with a month-on-month change of -72.00 yuan and a decline of -0.92% - The closing price of the rapeseed oil 2509 contract was 9,216.00 yuan/ton, with a month-on-month change of -81.00 yuan and a decline of -0.87% [1] Spot - The spot price of palm oil in Guangdong was 8,650.00 yuan/ton, with a month-on-month change of -90.00 yuan and a decline of -1.03%. The spot basis was P09 + 676.00, with a month-on-month change of +84.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8,110.00 yuan/ton, with a month-on-month change of -30.00 yuan/ton and a decline of -0.37%. The spot basis was Y09 + 350.00, with a month-on-month change of +42.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,370.00 yuan/ton, with a month-on-month change of -50.00 yuan and a decline of -0.53%. The spot basis was OI09 + 154.00, with a month-on-month change of +31.00 yuan [1] Recent Market Information Summary Palm Oil Production - According to the Malaysian Palm Oil Association (MPOA), the estimated palm oil production in Malaysia from April 1 - 30 increased by 24.62% to 1.73 million tons. Production in Peninsular Malaysia increased by 28.06%, in Sabah by 24.07%, in Sarawak by 11.37%, and in East Malaysia by 20.76% - Data from the Southern Peninsula Palm Oil Millers' Association (SPPOMA) showed that from May 1 - 5, 2025, the palm oil yield per unit area in Malaysia increased by 61.58%, the oil extraction rate increased by 0.59%, and production increased by 60.17% [2] US Crop Conditions - As of Sunday, the US soybean planting rate was 30%, higher than the five-year average of 23% but lower than the analysts' average forecast of 31% - The corn planting rate was 40%, higher than the previous week's 24% and the five-year average of 39%, but lower than the analysts' average forecast of 41% - The good-to-excellent rate of winter wheat crops was 51%, up 2 percentage points from the previous week, the highest since 2020 [2]