Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The supply - demand situation of palm oil has improved overall, with production decreasing and exports increasing in August in Malaysia. Indonesia's palm oil production and inventory data also show certain trends. The market is waiting for the US biodiesel policy to be further clarified, and the overall situation of the three major oils is affected by multiple factors such as supply, demand, and policies [27][28] Summary by Relevant Catalogs Domestic Three Major Oils Spot Price Trends - From August 8 to August 15, 2025, the futures prices of palm oil, rapeseed oil, and soybean oil all declined. Palm oil futures fell by 2.88%, rapeseed oil by 1.02%, and soybean oil by 1.18%. The spot prices also decreased, with palm oil down 0.40%, rapeseed oil down 0.58%, and soybean oil down 0.94% [2] Three Major Oils Basis Changes - As of August 28, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 76 yuan/ton (up 2 yuan/ton from the previous week), 117 yuan/ton (up 1 yuan/ton), and 118 yuan/ton (up 68 yuan/ton) respectively. As of August 29, the YP spread was - 958 yuan/ton (up 176 yuan/ton from the previous week) [5] Domestic Three Major Oils Inventory Trends - As of August 22, 2025, the coastal rapeseed oil inventory was 10.5 tons (up 0.05 tons from the previous week), the palm oil mill commercial inventory was 58.21 tons (down 3.52 tons), the national soybean oil mill inventory was 118.60 tons (up 4.33 tons), and the total inventory of the three major oils was 187.31 tons (up 0.86 tons) [8] Palm Oil Supply Side - MPOB data shows that Malaysia's palm oil inventory at the end of July increased by 4.02% from the previous month to 211 tons. In June 2025, Indonesia's palm oil ending inventory decreased by 13.2% to 253.0 tons [11] Soybean Oil Supply Side - As of August 22, 2025, the national port soybean inventory was 889.80 tons (down 2.8 tons from the previous week), the major oil mill soybean inventory was 682.53 tons (up 2.13 tons), and the oil mill operating rate was 62% (unchanged from the previous week). As of August 29, the soybean crushing profit was - 586.00 yuan/ton (down 19.7 yuan/ton from the previous week) [17] Rapeseed Oil Supply Side - As of August 22, 2025, the oil mill rapeseed inventory was 15 tons (unchanged from the previous week), and the imported rapeseed crushing profit was - 2575.00 yuan/ton (up 291.6 yuan/ton from the previous week) [20] Demand Side - On August 28, 2025, the trading volume of palm oil in major oil mills was 2966 tons, and that of first - grade soybean oil was 10000 tons. The POGO spread was 450.99 dollars/ton (up 8 dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 865 tons [26] Three Major Oils Fundamental Analysis - Policy: The market is waiting for the US biodiesel policy to be further clarified. Foreign: USDA reported that the US soybean yield increased, the sown area decreased, and the production decreased; MPOB reported that Malaysia's palm oil inventory, production, and exports all changed in July. Import and crushing: The oil mill operating rate was unchanged, and the soybean and rapeseed inventories were stable. Inventory: The rapeseed oil inventory increased, the palm oil inventory decreased, and the soybean oil inventory increased. Spot: The spot prices of the three major oils all decreased this week [27] Strategy Recommendation - Short - term: Palm oil fluctuated weakly at a high level this week, and the expected fluctuation range next week is 9200 - 9650. Medium - and long - term: Palm oil is currently in the third wave of an uptrend on the weekly chart, and the expected fluctuation range is 9200 - 10000. The focus and risk warnings next week are the US biodiesel policy, Malaysian palm oil high - frequency data, and weather [28][29][30]

Industry Investment Rating - No relevant information provided Core Views - The prices of the three major domestic oils showed a differentiated trend this week. Palm oil and rapeseed oil prices increased, while soybean oil prices decreased. The overall inventory of the three major oils increased slightly. The market is waiting for the US policy on biodiesel exemptions for small refiners, which may affect oil prices [4][10][29] - In the short term, palm oil is expected to fluctuate between 9400 - 9850 next week. In the long - term, the weekly line of palm oil is in the third wave of an uptrend, with the center of gravity likely to rise, and the expected fluctuation range is 9300 - 10100 [32][33] Summary by Related Catalogs Domestic Three Major Oil Spot Price Trends - From August 8 to August 15, 2025, the futures closing price of palm oil (P2601) rose from 9460 to 9592, with a weekly increase of 1.40%; the spot price rose from 9428 to 9570, with a weekly increase of 1.51% [4] - The futures closing price of rapeseed oil (OI2601) rose from 9757 to 9890, with a weekly increase of 1.36%; the spot price rose from 9877 to 9985, with a weekly increase of 1.10% [4] - The futures closing price of soybean oil (Y2601) fell from 8534 to 8458, with a weekly decrease of 0.89%; the spot price fell from 8608 to 8528, with a weekly decrease of 0.93% [4] Basis Changes of the Three Major Oils - As of August 21, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 74 yuan/ton (a decrease of 4 yuan/ton from the previous week), 116 yuan/ton (a decrease of 1 yuan/ton from the previous week), and 50 yuan/ton (an increase of 10 yuan/ton from the previous week) respectively [7] - As of August 22, 2025, the YP spread was - 1134 yuan/ton (a decrease of 208 yuan/ton from the previous week) [7] Domestic Three Major Oil Inventory Trends - As of August 15, 2025, the rapeseed oil inventory in coastal areas was 10.45 tons (a decrease of 0.55 tons from the previous week); the commercial inventory of palm oil mills totaled 61.73 tons (an increase of 1.75 tons from the previous week); the inventory of soybean oil in national oil mills was 114.27 tons (an increase of 0.5 tons from the previous week); the total inventory of the three major oils was 186.45 tons (an increase of 1.7 tons from the previous week) [10] Supply Side of Palm Oil - MPOB data showed that Malaysia's palm oil inventory at the end of July increased by 4.02% from the previous month to 211 tons [16] - In May 2025, Indonesia's ending palm oil inventory decreased by 4.2% to 291.6 tons [16] Supply Side of Soybean Oil - As of August 15, 2025, the soybean inventory at national ports was 892.60 tons (a decrease of 1.2 tons from the previous week), the soybean inventory of major national oil mills was 680.40 tons (a decrease of 30.16 tons from the previous week), and the oil mill operating rate was 62% (an increase of 2% from the previous week) [19] - As of August 22, 2025, the soybean crushing profit was - 566.30 yuan/ton (a decrease of 26.2 yuan/ton from the previous week) [19] Supply Side of Rapeseed Oil - As of August 15, 2025, the total rapeseed inventory of oil mills was 15 tons, the same as the previous week [22] - As of August 22, 2025, the import rapeseed crushing profit was - 2866.60 yuan/ton (a decrease of 94.2 yuan/ton from the previous week) [22] Demand Side - On August 21, 2025, the trading volume of palm oil in major oil mills was 400 tons, and the trading volume of first - grade soybean oil was 12800 tons. The POGO spread was 442.99 dollars/ton (a decrease of 16.75 dollars/ton from the previous week) [28] - The predicted annual total consumption of rapeseed oil is 865 tons [28] Fundamental Analysis of the Three Major Oils - Policy: The market is waiting for the US to announce the exemption policy for small refiners related to biodiesel [29] - Foreign factors: The USDA monthly report showed that the US soybean yield per acre increased from 52.5 bushels to 53.6 bushels, the estimated soybean planting area decreased from 83.4 million acres to 80.9 million acres, and the US soybean production decreased from 4.335 billion bushels to 4.292 billion bushels. The MPOB report showed that Malaysia's palm oil inventory at the end of July increased by 4.02% from the previous month to 211 tons, the crude palm oil production in July increased by 7.09% from the previous month to 1.81 million tons, and the palm oil export volume in July increased by 3.82% month - on - month to 1.31 million tons [29] - Import and crushing: The operating rate of oil mills increased by 2% from the previous week, and the soybean inventory decreased. The rapeseed inventory of oil mills was 15 tons, the same as the previous week [29] - Inventory: As of August 15, the rapeseed oil inventory in coastal areas decreased to 10.45 tons, the commercial inventory of palm oil mills increased to 61.73 tons, and the inventory of soybean oil in national oil mills increased to 114.27 tons [29] - Spot: The spot prices of oils showed a differentiated trend this week. The spot price of palm oil increased by 1.51%, the spot price of soybean oil increased by 1.10%, and the spot price of rapeseed oil decreased by 0.93% [29] Strategy Recommendation - Palm oil futures rose 1.40% this week. SPPOMA data showed that Malaysia's palm oil production in the first 20 days of August increased by 0.30% month - on - month, and exports increased by 13 - 18%, with the export growth slowing down. Indonesia's palm oil inventory at the end of June decreased by 13% to 253 tons. The B50 plan is expected to be implemented, which will support future consumption in the producing areas. India has low inventory, and the pre - Diwali stocking period is expected to have significant import demand for oils, which still supports international palm oil prices. In the domestic market, the procurement of palm oil for September shipments is limited, and the demand has not improved significantly, with mainly rigid - demand procurement [31]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Fundamentally, the draft of the US biodiesel policy exceeded expectations, the palm oil production potential in Southeast Asia was insufficient, the vegetable oil inventories in India and Southeast Asian producing areas were low, and the expectation of Indonesia's B50 policy supported the central level of oils and fats. Regarding palm oil, if demand - side countries maintained normal imports and palm oil production in producing areas remained at a neutral level from July to September, the inventory in producing areas might remain stable, supporting the producer prices to fluctuate strongly. There might be an upward expectation in the fourth quarter due to Indonesia's B50 policy. However, the current valuation was relatively high, and the upward space was restricted by factors such as the annual - level oil and fat production increase expectation, relatively high near - term palm oil production in producing areas, the undetermined RVO rules, macro factors, and demand adjustments by major importing countries. Therefore, it should be viewed as fluctuating [11][12][13]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Market Overview** - Palm oil maintained a volatile trend this week. The net long positions of foreign capital, which accounted for the main positions of the three major oils and fats, reached a record high. Palm oil reduced long positions this week, while soybean oil and rapeseed oil slightly increased long positions. The estimated export of Malaysian palm oil from July 1st to 31st decreased by 6.71% - 9.58% month - on - month. The SPPOMA data showed that the production of Malaysian palm oil from July 1st to 25th, 2025, increased by 5.52% month - on - month. The lower - than - expected export of Malaysian palm oil implied a recovery in Indonesia's production or weak demand in consumer areas. The narrative of palm oil production increase and weak demand still suppressed the market. Although there were medium - term positive factors such as the expectation of Indonesia's B50 policy and the limited production increase potential of Southeast Asian palm oil, the short - term data deviation also brought correction pressure to the market. The price of foreign - market rapeseed entered a volatile phase after falling from a high level. China and Australia were in contact regarding rapeseed purchases, which suppressed the high valuation of rapeseed oil. The price difference between soybean oil and palm oil widened, mainly because some domestic soybean oil was exported, alleviating the domestic supply pressure of soybean oil [11]. - In the international oils and fats market, the USDA July monthly report estimated that the industrial demand for soybean oil in the US would increase by about 1.5 million tons in the 2025/2026 fiscal year, which would be supplemented by a decrease in soybean oil exports and an increase in crushing output. The estimated import of rapeseed oil only increased by 200,000 tons year - on - year. The shipping volume of Canadian rapeseed farmers decreased both year - on - year and month - on - month, but the export volume remained relatively high. The commercial inventory was recently stable at a neutral - to - high level in previous years. In addition, the contact between China and Australia regarding rapeseed trade depressed the rapeseed price, and the price of foreign - market rapeseed fluctuated weakly this week. The AAFC significantly increased the production of old - crop rapeseed based on large - scale export data, but the new - crop rapeseed faced a production reduction situation, which supported the rapeseed price. India might have started a replenishment process, which would support the subsequent export demand for palm oil [11]. - In the domestic oils and fats market, the trading volume of soybean oil was good this week, while that of palm oil was weak. The spot basis was at a relatively low level. The total domestic inventory of oils and fats was about 400,000 tons higher than last year, indicating a relatively sufficient supply. Among them, the rapeseed oil inventory was 300,000 tons higher than last year, the palm oil inventory was about 100,000 tons higher than last year, and the soybean oil inventory was the same as last year. In the next two months, the soybean crushing volume would increase with the arrival of soybeans. After the increase in palm oil production, the willingness to export would also increase. Rapeseed oil would maintain a slow de - stocking trend, but the high price difference and weak consumption of rapeseed oil led to a slow de - stocking process. The total domestic inventory of oils and fats would temporarily remain at a relatively high level [11]. - **Trading Strategy Suggestion** - For the unilateral strategy, it is recommended to view the market as fluctuating. The core driving logic is the same as the core viewpoints mentioned above [13]. - No specific content was provided for the arbitrage strategy [13]. 3.2 Futures - Spot Market The report presents multiple charts related to the basis of palm oil, soybean oil, and rapeseed oil futures contracts, including the basis of Malaysian palm oil FOB - futures, the seasonal basis of Malaysian palm oil futures, and the basis of domestic palm oil, soybean oil, and rapeseed oil 09 contracts. These charts help to analyze the relationship between futures and spot prices [18][21][23]. 3.3 Supply Side - **Production and Export of Palm Oil** - The report shows the monthly production and export volume charts of Malaysian palm oil and the monthly production and export volume charts of Indonesian palm oil + palm kernel oil from 2021 to 2025, which can be used to analyze the supply situation of palm oil in these two major producing areas [28][29]. - It also presents the weekly arrival volume and port inventory charts of soybeans, as well as the monthly import volume charts of rapeseed and rapeseed oil, which are helpful for understanding the supply situation of raw materials for soybean oil and rapeseed oil production [30][31]. - **Weather in Palm - Producing Areas** - The report includes charts of weighted precipitation in Indonesian and Malaysian palm - producing areas, as well as the NINO 3.4 index and the impact of La Nina on global climate, which can be used to analyze the potential impact of weather on palm oil production [33][35]. 3.4 Profit and Inventory - **Inventory of Domestic Oils and Fats** - The report shows the total inventory chart of domestic three major oils and fats and the inventory chart of Indian imported vegetable oils, which can be used to analyze the inventory situation in the domestic and Indian markets [41]. - **Profit and Inventory of Different Oils** - For palm oil, it presents the near - month import profit chart and the commercial inventory chart [44]. - For soybean oil, it shows the spot crushing profit chart of imported soybeans in Guangdong and the inventory chart of major soybean oil mills [46]. - For rapeseed oil, it shows the average spot crushing profit chart of rapeseed along the coast and the commercial inventory chart of rapeseed oil in East China [47]. - **Inventory of Palm Oil in Producing Areas** - The report shows the inventory charts of Malaysian palm oil and Indonesian palm oil + palm kernel oil, which can be used to analyze the inventory situation in palm - oil - producing areas [49]. 3.5 Cost Side - **Cost of Palm Oil** - The report shows the reference price chart of Malaysian palm fresh fruit bunches and the import cost price chart of Malaysian palm oil, which can be used to analyze the cost situation of palm oil [51][53]. - **Cost of Rapeseed Oil and Rapeseed** - It presents the CNF import price chart of rapeseed oil (nearest - month shipping date) and the import cost price chart of Chinese imported rapeseed, which can be used to analyze the cost situation of rapeseed oil and rapeseed [55]. 3.6 Demand Side - **Oils and Fats Trading Volume** - The report shows the cumulative trading volume charts of palm oil and soybean oil in different crop years, which can be used to analyze the trading volume situation of these two oils and fats [58]. - **Profit of Biodiesel** - It presents the POGO spread chart (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread chart (soybean oil - heating oil), which can be used to analyze the profit situation of biodiesel production using palm oil and soybean oil [60].

Report Information - Reported Industry: Oil and Fat [1] - Date: July 31, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core View - Palm oil is undergoing a high - level adjustment due to concerns about rising domestic and foreign inventories. Production growth and weak demand are pressuring prices, but India's pre - Diwali inventory replenishment will support prices. The resistance level is seen at 9,500. Rapeseed oil is affected by abundant domestic supply and policies. The Sino - US talks have no clear results, and the anti - dumping investigation on Canadian rapeseed is pending. Attention should be paid to far - month ship purchases. The spot basis of the three major domestic oils has limited room for significant downward adjustment in the later period, and far - month basis can be appropriately bought. Oils are oscillating strongly, with each variety being hyped in rotation recently, so risk control should be noted [7] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: In the East China market, the offer price of rapeseed oil traders and the basis price of soybean oil are given, and the spot price of 24 - degree palm oil in East China is P09 + 60 yuan/ton, with real - order negotiation. [7] - **Operation Suggestions**: Palm oil is under pressure due to inventory concerns, with a resistance level at 9,500. For rapeseed oil, focus on far - month ship purchases. It is advisable to buy far - month basis as the basis of domestic three major oils has limited downward adjustment space. Pay attention to risk control as oils are oscillating strongly with variety rotation [7] 2. Industry News - **Malaysian Palm Oil**: From July 1 - 25, production increased by 5.52% month - on - month, with FFB yield up 6.08% and OER down 0.1%. Exports decreased by 8.53% month - on - month to 684,308 tons, and exports to China dropped from 145,000 tons to 58,000 tons [8] - **Indonesian Palm Oil**: In May, due to a surge in exports, inventory decreased by 4.27% month - on - month to 2.9 million tons, and exports reached 2.66 million tons, a nearly 50% month - on - month increase [8] 3. Data Overview - Multiple charts are presented, including 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, P1 - 5, P5 - 9, P9 - 1 spreads, and exchange rates of US dollars against the ringgit and the RMB [10][18][22][25][29]

Group 1: Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View - The high commercial inventory of soybean oil is putting pressure on the overall oil market, causing it to fluctuate [1][3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2509 contract was 8,970 yuan/ton, a change of +24 yuan or +0.27% [1] - The closing price of the soybean oil 2509 contract was 8,226 yuan/ton, a change of +106 yuan or +1.31% [1] - The closing price of the rapeseed oil 2509 contract was 9,492 yuan/ton, a change of +86 yuan or +0.91% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,940 yuan/ton, a change of +20 yuan or +0.22%, with a spot basis of P09 + -30 yuan, a change of -4 yuan [1] - The spot price of first-grade soybean oil in Tianjin was 8,350 yuan/ton, a change of +120 yuan or +1.46%, with a spot basis of Y09 + 124 yuan, a change of +14 yuan [1] - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,580 yuan/ton, a change of +80 yuan or +0.84%, with a spot basis of OI09 + 88 yuan, a change of -6 yuan [1] Market News - India has become the largest importer of Malaysian oil palm germinated seeds and the largest export market for Malaysian palm oil in 2024, importing 3.03 million tons, accounting for 17.9% of Malaysia's total palm oil exports. India aims to expand its oil palm planting area to 1 million hectares by 2025 - 26 and achieve a palm oil production target of 2.8 million tons by 2029 - 30 [2] - The C&F prices of US Gulf, US West, and Brazilian soybeans (September shipment) decreased by 2, 2, and 3 dollars/ton respectively. The import soybean premium quotes from the Mexican Gulf and US West Coast (September shipment) remained flat, while that from Brazilian ports increased by 1 cent/bushel [2] - The C&F prices of Argentine soybean oil (August and October shipments) remained flat. The C&F prices of Canadian rapeseed oil (August and October shipments) remained flat, while the C&F prices of Canadian rapeseed (October and December shipments) increased by 2 dollars/ton [2] Inventory - As of July 25, the commercial inventory of soybean oil in key regions across the country was 1.0881 million tons, a week-on-week decrease of 0.34%, but the inventory pressure is still large. There is a B50 expectation in the palm oil market, but the implementation time is uncertain, and the pattern of loose palm oil supply cannot be changed in the short term [3] Group 4: Figures - The report includes 30 figures related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil [5]

General Information - Reported industry: Oil and fat [1] - Report date: July 8, 2025 [2] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - P2509: Previous settlement price 8492, opening price 8450, high price 8490, low price 8412, closing price 8466, down 26 (-0.31%), volume 445676, open interest change -3164 [7] - P2601: Previous settlement price 8498, opening price 8452, high price 8488, low price 8420, closing price 8468, down 30 (-0.35%), volume 46546, open interest change 3486 [7] - Y2509: Previous settlement price 7968, opening price 7936, high price 7940, low price 7862, closing price 7894, down 74 (-0.93%), volume 308543, open interest change -22325 [7] - Y2601: Previous settlement price 7958, opening price 7930, high price 7930, low price 7872, closing price 7902, down 56 (-0.70%), volume 81936, open interest change 19354 [7] - OI2509: Previous settlement price 9614, opening price 9590, high price 9608, low price 9512, closing price 9548, down 66 (-0.69%), volume 265206, open interest change -16717 [7] - OI2601: Previous settlement price 9547, opening price 9522, high price 9549, low price 9451, closing price 9492, down 55 (-0.58%), volume 36194, open interest change 3884 [7] - Quotes from Dongguan rapeseed oil traders: Dongguan triple - refined rapeseed oil 09 + 60, single - refined rapeseed oil 09 + 240. Basis price of soybean oil in the East China market: single - refined soybean oil, spot basis 09 + 150, July - September Y2509 + 220, October - January Y2601 + 300. South China spot 24 - degree palm oil P09 + 150 yuan/ton, real orders subject to negotiation [7] Oil and Fat Review - Oil and fat prices showed a narrow - range oscillation. The Malaysian Palm Oil Board (MPOB) will release monthly data on Thursday. A survey indicates that Malaysia's palm oil inventory at the end of June is expected to remain flat or decline, ending the previous four - month growth trend due to unexpectedly reduced production and strong exports. China's domestic oil and fat supply - demand is stable. With the increase in soybean crushing volume and palm oil arrivals, during the off - season of domestic oil and fat consumption, oil and fat inventories continue to rise, and the basis is under pressure. The oil and fat price spread shows a pattern of near - term weakness and long - term strength, with reverse arbitrage as the main strategy. If crude oil and US soybean oil weaken, the short - term trend of domestic oil and fat will be under pressure. Attention should still be paid to the progress of US tariff policies [8] 2. Industry News - Reuters survey: Malaysia's palm oil inventory at the end of June may drop to 1.99 million tons, production is 1.7 million tons (down 4.04% month - on - month), and exports are 1.45 million tons. Bloomberg's estimated data shows that June production is 1.74 million tons, exports are 1.44 million tons, and inventory is 2 million tons [9] - Malaysian Palm Oil Association (MPOA): Malaysia's palm oil production in June 2025 is estimated to be 1.69 million tons (down 4.69% month - on - month). Production in Peninsular Malaysia increased 0.68% month - on - month, production in Sabah decreased 11.95% month - on - month, production in Sarawak decreased 8.98% month - on - month, and production in East Malaysia decreased 11.24% month - on - month [9] - Southern Peninsula Palm Oil Millers' Association (SPPOMA): Malaysia's palm oil production in June 2025 decreased 0.65% month - on - month, fresh fruit bunch yield per unit area decreased 0.23%, and oil extraction rate decreased 0.08% [9] - Shipping survey agency SGS: Malaysia's palm oil exports in June were 1.195265 million tons, an increase of 11.7% compared to 1.069643 million tons in May. Exports to China were 168,000 tons, an increase of 36,000 tons compared to 132,000 tons in the same period last month. ITS exports were 1.382 million tons (up 4.7% month - on - month), and AmSpec data was 1.286 million tons (up 4.5% month - on - month) [9][10] 3. Data Overview - StoneX raised Brazil's soybean production for the 2024/25 season by over 500,000 tons to a record 168.75 million tons due to higher production in Bahia state [15] - As of July 4, the inventory of imported soybeans at major ports was about 6.4 million tons, compared with 7.6 million tons in the same period last year and a five - year average of 7 million tons. The cumulative arrivals this month were 1.5 million tons. According to data tracked and counted by China Grain and Oil Business Network, the arrival volume of imported soybeans in July 2025 is 11.3 million tons, an increase of 800,000 tons (7.32% month - on - month) compared with the forecasted arrival volume of 10.5 million tons last month, and an increase of 1.9 million tons (20.86% year - on - year) compared with the arrival schedule of 9.3 million tons in the same period last year [15]

Report Information - Reported Industry: Oil and Fat [1] - Date: July 1, 2025 [2] - Researcher: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report's Investment Rating for the Industry - Not provided in the given content 2. Core View of the Report - The market lacks clear drivers. Domestic three major oils are dragged down by international oil prices due to the mitigation of geopolitical risks in the Middle East and a possible OPEC+ production increase in August. The decline in the month-on-month growth of Malaysia's export data from June 1 - 30 is negative for palm oil prices. China's domestic oil supply and demand are stable. With the increase in soybean crushing volume and palm oil arrivals, it is the off - season for domestic oil consumption, oil inventories continue to rise, and the basis is under pressure. The oil price spread shows near - term weakness and long - term strength, with reverse spreads being the main trend. Attention should be paid to the upcoming quarterly grain inventory report and crop planting area report [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Price Quotes**: Dongguan rapeseed oil trader quotes: Dongguan triple - pressed rapeseed oil 09 + 50 (June), first - pressed rapeseed oil 09 + 240 (June). East China market soybean oil basis price: first - grade soybean oil, spot basis 09 + 150, July - September Y2509+220, October - January Y2601 + 280. South China spot 24 - degree palm oil P09 + 240 yuan/ton, with real - order negotiation [7] - **Market Analysis**: The market lacks clear drivers. Domestic oils are affected by international oil prices. The mitigation of Middle East geopolitical risks and a possible OPEC+ production increase in August lead to a decline. Malaysia's export data decline in month - on - month growth is negative for palm oil. China's domestic oil supply and demand are stable, with increasing inventories and pressured basis during the consumption off - season. The price spread shows near - term weakness and long - term strength, and reverse spreads are the main trend. Attention should be paid to relevant reports [7] 3.2 Industry News - **Malaysian Palm Oil Policy**: Malaysia lowered the reference price of crude palm oil in July, reducing the export tax to 8.5% at 3,730.48 Malaysian ringgit per ton. The reference price in June was 3,926.59 Malaysian ringgit per ton, with a 9.5% tariff [8] - **Malaysian Palm Oil Production**: From June 1 - 20, 2025, Malaysia's palm oil production decreased by 4.55% month - on - month. The production in the Malaysian Peninsula increased by 0.25% month - on - month, while the production in Sabah decreased by 13.27% month - on - month, and the production in Sarawak decreased by 4.56% month - on - month. The production in East Malaysia decreased by 11.06% month - on - month [8] - **Malaysian Palm Oil Exports**: According to ITS, Malaysia's palm oil exports in June were 1,382,460 tons, a 4.7% increase from May. According to AmSpec, the exports in June were 1,286,461 tons, a 4.5% increase from May [8] 3.3 Data Overview - The report provides multiple charts including the spot prices of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, palm oil basis changes, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Malaysian ringgit exchange rate, and US dollar - RMB exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures [12][14][19][20][25][26]

Report Information - Reported industry: Oil and fat [1] - Date: June 27, 2025 [2] - Researcher: Yulanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - No investment rating provided in the report Core Viewpoints - The price of oils and fats is weak, but it is unlikely to fall significantly further. The high-frequency data of Malaysian palm oil shows a decline in production growth and an improvement in export data, and the pace of inventory accumulation is expected to slow down. Brazil will raise the mandatory blending ratio of biodiesel in diesel from 14% to 15%, which will take effect on August 1. The supply and demand of domestic oils and fats in China is stable. With the increase in soybean crushing volume and the increase in palm oil arrivals, it is the off-season for domestic oil and fat consumption, the inventory of oils and fats continues to increase, and the basis is under pressure. The price difference of oils and fats shows a pattern of near-term weakness and long-term strength, and reverse spreads are the main strategy [7] Summary by Directory 1. Market Review and Operation Suggestions - Dongguan rapeseed oil trader quotes: Dongguan triple rapeseed oil 09+50 (June), single rapeseed oil 09+240 (June). The basis price of soybean oil in the East China market: single soybean oil: spot: Y2509+230; June - July: Y2509+250; July - September: Y2509+260; October - January: Y2601+350. The price of 24-degree palm oil at East China ports is P09+430 yuan/ton [7] 2. Industry News - On June 25 (Wednesday), the Malaysian Palm Oil Board (MPOB) lowered the reference price of crude palm oil for July, reducing the export tax to 8.5%, at 3,730.48 Malaysian ringgit per ton. The reference price in June was 3,926.59 Malaysian ringgit per ton, with a 9.5% tariff [9] - The Malaysian Palm Oil Association (MPOA) said that from June 1 - 20, 2025, the production of Malaysian palm oil decreased by 4.55% month-on-month. Among them, the production in Peninsular Malaysia increased by 0.25% month-on-month, the production in Sabah decreased by 13.27% month-on-month, the production in Sarawak decreased by 4.56% month-on-month, and the production in East Malaysia decreased by 11.06% month-on-month [9] - Data from the Southern Malaysia Palm Oil Growers Association (SPPOMMA) showed that from June 1 - 20, 2025, the production of palm oil in southern Malaysia increased by 2.5% month-on-month, among which the yield per bunch of fresh fruit increased by 2.67% month-on-month, and the oil extraction rate (OER) decreased by 0.03% [9] - Shipping survey agency ITS released data showing that Malaysia's palm oil exports from June 1 - 25 were 1,134,230 tons, a 6.8% increase compared to the 1,061,589 tons exported from May 1 - 25. Among them, exports to China were 104,000 tons, a decrease of 4,000 tons compared to 107,000 tons in the same period last month [9] 3. Data Overview - The report provides multiple data charts, including the spot price of East China's third-grade rapeseed oil, the spot price of East China's fourth-grade soybean oil, the spot price of 24-degree palm oil in South China, the basis change of palm oil, the basis change of soybean oil, the basis change of rapeseed oil, the P1 - 5 price difference, the P5 - 9 price difference, the P9 - 1 price difference, the US dollar to Chinese yuan exchange rate, and the US dollar to Malaysian ringgit exchange rate [13][15][20][21][26][27]

1. Report Industry Investment Rating - No information provided in the given documents 2. Core View of the Report - After the stagnation or decline of crude oil, the oils and fats are expected to experience a compensatory decline due to the weak fundamentals. It is recommended to take short positions with a light hand or buy put options [2] 3. Summary According to Relevant Catalogs 3.1 Spot Price - **24 - degree palm oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu remained unchanged compared to the previous day at 8640, 8570, and 8490 respectively [1] - **First - grade soybean oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu decreased by 20 compared to the previous day, reaching 8140, 8240, and 8190 respectively [1] - **Fourth - grade rapeseed oil**: On June 25, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu decreased by 100 compared to the previous day, reaching 9680, 9700, and 9880 respectively [1] 3.2 Futures Data - **Soybean - palm oil main contract spread**: On June 25, 2025, it was - 360, an increase of 16 compared to the previous day [1] - **Rapeseed - soybean main contract spread**: On June 25, 2025, it was 1492, a decrease of 130 compared to the previous day [1] - **Palm oil warehouse receipts**: On June 25, 2025, it remained at 0 [1] - **Soybean oil warehouse receipts**: On June 25, 2025, it remained at 18882 [1] - **Rapeseed oil warehouse receipts**: On June 25, 2025, it remained at 100 [1] 3.3 Palm Oil Information - **Malaysian production**: According to MPOA, from June 1 - 20, production decreased by 4.55% compared to the same period last month; according to SPPOMA, from June 1 - 20, production increased by 2.5% compared to the same period last month, from June 1 - 15, it decreased by 4%, from June 1 - 10, it decreased by 17%, and from June 1 - 5, it increased by 10% [2] - **Malaysian exports**: According to ITS, from June 1 - 25, exports increased by 7% compared to the previous period; from June 1 - 20, exports increased by 14% compared to the same period last month; from June 1 - 15, it increased by 26.3%; from June 1 - 10, it increased by 26.3% [2] - **Weather**: Malaysian precipitation is expected to be moderately low, which is beneficial for current production [2] 3.4 Soybean Information - **Argentine soybean harvest**: As of June 18, the harvest progress of the 2024/25 soybean season in Argentina was 96.5%, 3.3 percentage points higher than a week ago but still 2 percentage points behind last year. Early - sown soybeans were 98.4% harvested with an average yield of 3.16 tons per hectare, and late - sown soybeans were 91% harvested with an average yield of 2.5 tons per hectare [2] - **US soybean situation**: According to USDA, as of the week ending June 22, the sowing progress of US soybeans reached 96%, higher than the previous week's 93% but lower than the analysts' average expectation of 97% and the five - year average of 97%. The emergence rate was 90%, higher than the previous week's 84% and in line with the historical average. The first - reported flowering rate this week was 8%, higher than last year's and the historical average of 7%. The good - to - excellent rate was 66%, the same as last week and lower than the analysts' expectation of 67% [2] - **US weather**: Precipitation in the US is expected to be moderately high in the next two weeks, which is beneficial for improving soil moisture [2]

Report Overview - Industry: Oil and fat [1] - Date: June 12, 2025 [2] Core Views - Palm oil led the decline in the oil and fat sector. The main contract P2509 decreased with increasing positions, and the market bearish sentiment was strong. The price may further decline, and attention should be paid to the support around 7800. The latest MPOB data showed that Malaysia's palm oil inventory in May rose to the highest level in 8 months. Although the strong exports offset part of the growth in production and imports, the market expected the palm oil inventory to rise above 2 million tons, so the report was slightly positive for palm oil. The export data in the first 10 days in Malaysia were good, which supported the market, but the future increase in production and inventory would bring pressure, and the medium - and long - term price center would move down [8]. - For rapeseed oil, although China and Canada restarted negotiations, there were few rapeseed purchases after June - July. The domestic spot and basis were strong, and the domestic crushing profit deteriorated. The support at the 9000 level was strong in the short term. Later, focus on the results of China - Canada negotiations and the growing weather of new - season rapeseed in Canada [8]. - The abundant soybean supply in Brazil continued to pressure the market. Pay attention to the recent soybean import and crushing situation. The improvement of the supply situation might bring pressure to soybean oils. As the factory's soybean oil inventory continued to increase, the spot basis quotation was still under pressure, which would drag down the market, and it was expected to decline in shock. One could continuously short out - of - the - money call options. In the short term, the overall supply of oils and fats was sufficient, lacking upward drivers [8]. Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: Dongguan rapeseed oil traders' quotes: Dongguan triple - pressed rapeseed oil 09 + 60 (June), first - pressed rapeseed oil 09 + 240 (June). The basis price of soybean oil in the East China market: first - grade soybean oil, spot: Y2509+200; August - September: Y2509+230; October - January: Y2601+280. The price of 24 - degree palm oil at East China ports was P09 + 440 yuan/ton (limited to road transport), P09 + 380 yuan/ton for June shipment, and P09 + 400 yuan/ton for July shipment. The price of 24 - degree palm oil at Dongguan factories was 09+320 [7]. - **Operation Suggestions**: Short out - of - the - money call options for soybean oils [8]. 2. Industry News - Independent inspection agency AmSpec data showed that Malaysia's palm oil exports from June 1 - 10 were 327,355 tons, an increase of 8.1% compared to May 1 - 10 [10]. - Shipping survey agency ITS data showed that Malaysia's palm oil exports from June 1 - 10 were 371,600 tons, an increase of 26.4% compared to May 1 - 10. Exports to China were 13,800 tons, a decrease of 11,000 tons compared to the previous week [10]. - Shipping survey agency SGS data showed that Malaysia's palm oil exports from June 1 - 10 were 285,578 tons, an increase of 32.7% compared to May 1 - 10. Exports to China were 10,800 tons, a decrease of 2,500 tons compared to the same period last month [15]. - As of June 10, the inventory of imported soybeans at major ports was about 6 million tons, compared with 7.5 million tons in the same period last year and a five - year average of 7 million tons. The cumulative arrival in this month was 3.5 million tons. According to data from China Grain and Oil Business Network, the arrival of imported soybeans in June 2025 was 10.5 million tons, an increase of 400,000 tons compared to the previous month's forecast of 10.1 million tons, a month - on - month change of 4.36%, and an increase of 600,000 tons compared to the same period last year, a year - on - year change of 5.70% [15]. 3. Data Overview - The report presents multiple charts showing price, basis, spread, and exchange rate data of various oils and fats, including East China's third - grade rapeseed oil spot price, fourth - grade soybean oil spot price, South China's 24 - degree palm oil spot price, palm oil, soybean oil, and rapeseed oil basis changes, P1 - 5, P5 - 9, P9 - 1 spreads, and the exchange rates of US dollar against Malaysian ringgit and Chinese yuan [13][14][16]