1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The report comprehensively analyzes the palm oil market and related industries, covering aspects such as production, price, weather, and profit. It presents data on international palm oil production, prices of various oils, import and processing profits, weather conditions in palm oil - producing regions, and biodiesel processing and blending profits, as well as the demand - side situation of the oil market [4][8][11][128]. 3. Summary by Relevant Catalogs 3.1 Palm Oil Production and Market Data - MPOB data shows that in the 4th period, the palm oil production situation includes aspects such as the production of smallholders and large - scale plantations, with a 14% increase in production in certain areas compared to the previous period, and a 20% increase in the 4th period compared to the 3rd period in some regions [4]. - The prices of international soybeans from different origins (Ukraine, Brazil, Germany, etc.) and various international oils (Russian sunflower oil, Indonesian CPO, etc.) are presented, with price fluctuations over different time points from March to May 2025 [8][12]. - The FOB price spreads of different oils, such as the price spreads between Malaysian and Indonesian RBD Olein, and between Argentine soybean oil and Indonesian CPO, are analyzed [15][17]. 3.2 Import and Processing Profits - The palm oil on - the - plate profit for different shipping dates (from October to May) is presented, showing profit fluctuations over time [30]. - The import and processing profits of Brazilian soybean oil and Canadian rapeseed are also analyzed, with historical data from 2021 - 2025 and the average value from 2021 - 2024 [31]. 3.3 Weather Conditions in Palm Oil - Producing Regions - Weather data for multiple palm oil - producing regions in Malaysia (Sabah, Sarawak, Pahang, Johor) and other areas (Kalimantan, Sumatra, Jambi, Riau) are provided, including soil moisture, average weekly temperature, daily rainfall, and rainfall and temperature forecasts [38][51][65]. 3.4 Biodiesel - The processing profit and blending profit of US biodiesel are analyzed, with historical data from 2007 - 2025 and the average value from 2007 - 2024 (for processing profit) and 2021 - 2024 (for blending profit) [129][131]. 3.5 Demand - Side Situation - The weekly trading volume of different oils (palm oil, rapeseed oil, soybean oil) is presented, showing the trading volume changes from April 15 to May 9, 2025 [141][142].

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]