Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The soybean meal market is under pressure from high domestic inventory and weak demand, with limited upside potential, while cost support and concerns about future supply limit the downside, resulting in a continued short - term pattern of strong overseas and weak domestic markets [5]. - The palm oil market is currently dominated by Indonesia's tax game in the short - term, with a "weak reality" and "strong expectation" scenario, and the price is expected to be oscillating strongly in the short - term [7]. 3. Summary by Variety Soybean Meal (M) - **Time - frame Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: The domestic spot market has a loose supply - demand situation, with high oil refinery operating rates. Downstream feed enterprises are cautious in purchasing due to breeding losses, and their inventories are sufficient, mainly replenishing on a just - in - time basis. This leads to a negative basis. The high inventory and weak demand in the domestic industry chain limit the rebound space, while cost support and concerns about future supply limit the decline space [5]. Palm Oil (P) - **Time - frame Views**: Short - term: oscillating strongly; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7]. - **Core Logic**: The palm oil market is dominated by Indonesia's tax game in the short - term. Delayed shipments have changed inventory and trade flows. The market is looking forward to whether Indonesia will continue to promote or increase the mandatory biodiesel blending ratio. If the policy is implemented, it will boost Indonesia's industrial consumption of palm oil, reduce export volume, and support prices [7]. Other Relevant Information - For varieties with night trading sessions, the starting price is the night - session closing price; for those without, it is the previous day's closing price. The ending price is the day - session closing price for calculating the price change [2]. - A decline of more than 1% is considered weak, a decline between 0 - 1% is oscillating weakly, a rise between 0 - 1% is oscillating strongly, and a rise of more than 1% is strong. Oscillating strongly/weakly only applies to intraday views [3]. - Short - term refers to within a week, and medium - term refers to two weeks to one month, based on the previous day's night - session closing price [6].

美豆周度报告 Guotai Junan Futures all rights reserved, please do not reprint 观点与逻辑 Special report on Guotai Junan Futures 01 美豆多空因素与观点 | 总体观点 | | --- | | 南美丰产，没有牛市基础；需求有望好转，下方空间有限，总体震荡偏强，区间1000-1200美分/蒲式耳 | | 利空因素 | | 1、中国购买美豆后，特朗普政府对生柴添加政策的支持力度可能减弱 | | 2、巴西雨季回归，降水改善，播种进入收尾阶段 | | 3、巴西2025/26年度种植面积预计增加 | | 利多因素 | | 1、预计本年度中国购买美豆量1200万吨，未来三年每年2500万吨以上 | | 2、阿根廷播种速度低于预期 | | 3、拉尼娜天气可能导致南美大豆减产 | Special report on Guotai Junan Futures 资料来源：同花顺，国泰君安期货研究 国泰君安期货研究所 农产品组 谢义钦 投资咨询从业资格号：Z0017082 Special report on Guotai Juna ...

Report Industry Investment Rating - The investment rating is neutral [8] Core Viewpoints of the Report - In 2025, the core contradiction in the global oil market is focused on the good production in major producing countries and the uncertainty of biodiesel industry policies and trade policies. In the palm oil sector, Indonesia's production in 2025 is expected to increase by 10% year-on-year, and Malaysia's annual production remains stable, with an unexpectedly high inventory in October. For soybean oil, although the global soybean production has a phased decline due to the US, the increase in South American soybean production ensures a bumper global soybean harvest. Rapeseed oil supply is also basically good, with the EU's rapeseed production increase contributing 54.7% of the global increment. China's anti - dumping deposit policy on Canadian rapeseed has significantly reduced China's rapeseed import scale. On the demand side, biodiesel policies show great fluctuations, and Indonesia's B50 expectation, as well as the US biodiesel blending targets and subsidy policies, have a great impact on the demand side [4][96] - The prices of the three major domestic oils show a significant differentiation trend, and the difference in supply - demand patterns and policy regulation directions are the core influencing variables. Rapeseed oil prices show a characteristic of oscillating upward with a rising bottom. The policy of imposing anti - dumping deposits on Canadian rapeseed in August has broken the previous supply - demand balance, leading to a sharp decline in domestic rapeseed inventory and a drop in the oil mill operating rate. Although the inventory was high in the first half of the year, the expectation of supply contraction has become the core pricing logic. Soybean oil prices oscillate between cost support and inventory suppression. After April, the concentrated arrival of South American soybeans has led to high crushing volume and a rise in inventory, and the weakening of the double - festival stocking demand has caused a price correction. The soybean gap in the third and fourth quarters may have less impact than expected. Palm oil prices show a downward oscillating trend. The increase in production in major producing countries and the surge in domestic imports have brought double supply pressure, increasing the domestic inventory. Only the implementation of Indonesia's B40 policy has provided phased support, but the uncertainty of the future B50 policy still poses great price risks [4][5][97] - Future research on the oil market should focus on three core factors. On the supply side, it is necessary to track the weather changes during the sowing period of South American soybeans, the entry of major palm oil producing countries into the seasonal production - reduction cycle, the implementation progress and funding guarantee of Indonesia's B50 biodiesel policy, and the changes in China - Canada trade policies and the export scale of Australian rapeseed to China. On the demand side, it is necessary to focus on the recovery of domestic catering consumption and the boost of the US biodiesel industry's profit improvement on soybean oil consumption. In terms of inventory, the high inventory pressure of soybean oil needs to be digested through the expansion of the export market and the recovery of terminal consumption, the inventory accumulation pressure of palm oil may gradually ease with the arrival of the seasonal production - reduction period in producing areas, and the low - inventory pattern of rapeseed oil is difficult to change fundamentally in the short term [4][6][98] Summary According to the Directory 2025 Review of the Three Major Oils' Market Conditions - From January to October 2025, the prices of the three major domestic vegetable oils fluctuated greatly and showed significant differentiation. Rapeseed oil prices oscillated upward, with the spot average price in October rising 10.5% compared to January. Soybean oil prices slightly fluctuated between cost and inventory, with the average price in October rising only 2.28% compared to January. Palm oil prices oscillated downward, with the average price in October falling 6.47% compared to January [12] - From January to March, the three major oils were in the initial game stage. Rapeseed oil was balanced between high carry - over inventory and Spring Festival stocking demand. Soybean oil oscillated at the bottom, supported by low soybean arrivals and low crushing volume. Palm oil oscillated downward under policy negatives and production - reduction support [14][16] - From April to July, the market differentiation of the three major oils intensified. Rapeseed oil oscillated at a high level, restricted by high inventory and slow catering recovery. Soybean oil prices fell under the pressure of abundant supply. Palm oil prices continued to decline due to increased production in major producing countries [16][18] - From August to October, policy variables became the key to break the market balance. Rapeseed oil prices rose unilaterally after the anti - dumping deposit policy on Canadian rapeseed. Soybean oil prices first rose due to cost - push and then adjusted due to high inventory. Palm oil prices first rebounded and then fell back, affected by Indonesia's biodiesel policy and the increase in inventory [18] Global Oil Supply Analysis Global Palm Oil Supply - Indonesia and Malaysia account for over 80% of global palm oil production, and their supply - demand patterns dominate the global market. In 2025, Indonesia entered the seasonal production - increase period in March. From June to August, its monthly average production increased by over 30%. The increase in exports and domestic industrial consumption due to biodiesel policies effectively digested the supply pressure. GAPKI estimates that Indonesia's palm oil production will increase by about 10% this year and about 5% next year, but the weather in 2026 may be a variable [20][23] - Malaysia's annual palm oil production fluctuated seasonally, with the total output from January to October increasing slightly by 1.77% year - on - year. Due to the aging of oil palm trees and limited new planting areas, its production growth was restricted. From June to October, exports were lower than expected due to competition from Indonesia, leading to an increase in inventory. In October, the inventory was 30.72% higher than the same period last year [26][27] Global Soybean Supply - Global soybean production increased from 316,072 thousand tons in the 2015/16 season to 427,136 thousand tons in the 2024/25 season, but decreased by 1.3% in the 2025/26 season, mainly due to a 2.3% reduction in harvested area, while the yield per unit area increased by 0.7% [30] - In the US, although the planting area decreased, the yield per unit area was at a high level, and the total output reached 115 million tons. In South America, Brazil's soybean planting progress in the 2025/26 season is smooth, and overseas institutions have a high - yield expectation, with estimates generally in the range of 175 - 180 million tons. Argentina may reduce the soybean planting area, and the estimated output is in the range of 48 - 50 million tons [31][34] - In the 2025/26 season, global soybean ending inventory decreased slightly by 1.1%, and the stock - to - use ratio decreased from 20.6% to 20.0%. The US soybean stock - to - use ratio also decreased, and the ending inventory decreased by 8.5% compared to the 2024/25 season [37] Global Rapeseed Oil Supply - From 2015/16 to 2024/25, global rapeseed supply showed a fluctuating upward trend, and in 2025/26, the total output increased by 7.3% year - on - year. The EU's rapeseed production increase contributed 54.7% of the global increment [44] - In Canada, the yield per unit area in 2025/26 recovered to a high level in the past five years, and the total output increased by 4.0% year - on - year, accounting for 21.7% of the global total output. In the EU, the rapeseed output in 2025/26 increased by 19.3% year - on - year, driven by the improvement of yield per unit area and the expansion of harvested area [48][49] Global Oil Demand Analysis Global Biodiesel Production Trend - Globally, biodiesel production increased continuously from 2021 to 2024 but is expected to decline in 2025. Traditional production areas such as the EU and the US are showing a slowdown or decline in growth, while some countries in Southeast Asia and South America, such as Indonesia and Brazil, are the main driving forces for growth [54][55] US Biodiesel Situation - In the first three quarters of 2025, the profit of the US biodiesel industry was poor, and production decreased significantly. In order to relieve the supply pressure, US soybean oil prices decreased to gain export competitiveness. However, since October, the profit of the biodiesel industry has improved significantly. The US Environmental Protection Agency has adjusted the renewable fuel obligation targets for 2026 and 2027, and future implementation needs to be monitored [58][60][65] Indian Oil Consumption - In the 2024/25 season, India's total oil imports decreased slightly by 0.32% year - on - year, but palm oil imports decreased by 16.82% due to price increases and tariff adjustments. From January to May, India mainly consumed inventory, and from June to September, imports increased significantly as inventory reached a low level. India's oil consumption growth supports the global oil market, and its palm oil consumption and inventory are important factors affecting palm oil prices [66][67][69] Domestic Oil Supply - Demand Analysis Imports - From January to September 2025, China's soybean imports increased by 5.29% year - on - year. The direct import of soybean oil was relatively small, with a 5.12% increase year - on - year. Rapeseed imports decreased by 42.19% year - on - year, while rapeseed oil imports increased by 18.13% year - on - year. Palm oil imports decreased by 19.21% year - on - year, mainly due to the production pattern in major producing countries and the inverted price difference between soybean oil and palm oil [72][74][82] Consumption - As of the 45th week of 2025, China's soybean crushing increased by 5.24% year - on - year. Rapeseed crushing decreased by 47.7% year - on - year, mainly due to policy and supply constraints. Palm oil consumption showed obvious seasonal fluctuations, with overall weak demand and slow inventory digestion [83][86][89] Inventory - As of the 45th week of 2025, China's soybean oil commercial inventory increased by 4.84% year - on - year, reaching a peak due to high crushing volume and weak consumption in summer. Rapeseed oil inventory decreased significantly after the anti - dumping policy on Canadian rapeseed. Palm oil inventory first decreased due to supply shortages and then increased due to increased production in major producing countries and weak demand [90][94] Market Outlook - The core contradictions in the 2025 global oil market remain, and the prices of the three major domestic oils will continue to be affected by supply - demand patterns and policies in the future. Future research should focus on supply - side factors such as weather, biodiesel policies, and trade policies, as well as demand - side factors such as domestic catering consumption and US biodiesel industry profits [96][98]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - In the short - term, palm oil is expected to be strong due to concerns about production cuts caused by floods in Southeast Asia; rapeseed oil will fluctuate as Australian rapeseeds are arriving but need time for customs clearance and pressing; soybean oil will have narrow - range fluctuations due to ample supply and lack of driving forces [28]. - In the medium - to - long - term, palm oil prices are expected to stabilize and rebound after bottom - hunting, considering the upcoming seasonal production cut in the producing areas and the long - term support of Indonesia's biodiesel policy; the trend of rapeseed oil prices depends on China - Canada trade relations; the soybean - palm oil price spread has been repaired, and the cost center of soybean oil is expected to rise [29]. 3. Summary by Related Catalogs 3.1 Domestic Three Major Oils Spot Price Trends - From November 21 to 28, 2025, the futures closing price of palm oil (P2601) rose from 8550 to 8626, a weekly increase of 0.89%; the spot price fell from 8532 to 8518, a weekly decrease of 0.16% [4]. - The futures closing price of rapeseed oil (OI2601) dropped from 9816 to 9757, a weekly decrease of 0.60%; the spot price decreased from 10167 to 10145, a weekly decrease of 0.21% [4]. - The futures closing price of soybean oil (Y2601) increased from 8190 to 8244, a weekly increase of 0.66%; the spot price rose from 8392 to 8412, a weekly increase of 0.24% [4]. 3.2 Three Major Oils Basis Changes - As of November 27, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 188 yuan/ton (a decrease of 10 yuan/ton from the previous week), 373 yuan/ton (an increase of 12 yuan/ton from the previous week), and - 10 yuan/ton (a decrease of 40 yuan/ton from the previous week) respectively [7]. - As of November 28, 2025, the YP spread was - 382 yuan/ton (a decrease of 22 yuan/ton from the previous week) [7]. 3.3 Domestic Three Major Oils Inventory Trends - As of November 21, 2025, the rapeseed oil inventory in coastal areas was 2.45 million tons (an increase of 0.37 million tons from the previous week); the commercial inventory of palm oil mills was 66.71 million tons (an increase of 1.39 million tons from the previous week); the inventory of soybean oil in national oil mills was 117.99 million tons (an increase of 3.14 million tons from the previous week); the total inventory of the three major oils was 187.15 million tons (an increase of 4.9 million tons from the previous week) [10]. 3.4 Supply - side of Palm Oil - As of November 28, 2025, the import cost of 24 - degree palm oil was 8884 yuan/ton (an increase of 71 yuan/ton from the previous week) [13]. - As of November 28, 2025, the gross profit of 24 - degree palm oil against the market was - 224 yuan/ton (a decrease of 145 yuan/ton from the previous week) [13]. - SPPOMA data showed that the year - on - year increase in Malaysian palm oil production from November 1 - 25, 2025, narrowed to 5.49% [13]. 3.5 Supply - side of Soybean Oil - As of November 21, 2025, the soybean inventory in national ports was 942.50 million tons (a decrease of 50.1 million tons from the previous week), the soybean inventory in major national oil mills was 714.99 million tons (a decrease of 32.72 million tons from the previous week), and the oil mill operating rate was 59% (a decrease of 3% from the previous week) [16]. - As of November 28, 2025, the soybean crushing profit was - 533.20 yuan/ton (an increase of 40.15 yuan/ton from the previous week) [16]. 3.6 Supply - side of Rapeseed Oil - As of November 21, 2025, the total rapeseed inventory in oil mills was 0.1 million tons (a decrease of 0.15 million tons from the previous week) [19]. - As of November 28, 2025, the import rapeseed crushing profit was - 2414.40 yuan/ton (an increase of 39.2 yuan/ton from the previous week) [19]. 3.7 Demand - side - On November 27, 2025, the trading volume of palm oil in major oil mills was 3700 tons, the trading volume of first - grade soybean oil was 6300 tons, and the POGO spread was 375.99 US dollars/ton (an increase of 30.75 US dollars/ton from the previous week) [25]. - The predicted annual total consumption of rapeseed oil is 805 million tons [25]. 3.8 Fundamental Analysis of Three Major Oils - Policy: The Trump administration is considering extending the restrictions on imported raw materials and imported biodiesel. The US restructuring of the Energy Bureau and the abolition of renewable energy - related departments have limited the boost to the US biofuel policy. The market is concerned about the progress of China - Canada trade relations [26]. - Foreign factors: For US soybeans, the November USDA supply - demand report lowered the 2025/26 soybean yield per acre by 0.5 bushels to 53 bushels per acre, and the soybean production was also lowered to 4.253 billion bushels, lower than market expectations. Exports were unexpectedly lowered by 0.5 billion bushels, about 136 million tons. Since Tuesday, China has purchased at least 10 ships of US soybeans. Since late October, China has purchased about 3.5 million tons of US soybeans, about 30% of the 12 - million - ton purchase target [26]. For palm oil, SPPOMA data showed that the Malaysian palm oil production from November 1 - 25, 2025, increased by 5.49% compared with the same period last month. AmSpecAgri data showed that the export volume of Malaysian palm oil products from November 1 - 25, 2025, decreased by 16.4% compared with the previous month. The increase in production and decline in exports increased the expectation of inventory accumulation in Malaysia. Recent floods in Southeast Asia have raised concerns about the impact on Malaysian palm oil production [26]. - Import and crushing: The oil mill operating rate decreased by 3% from the previous week, and the soybean inventory decreased. The rapeseed inventory in oil mills was 0.1 million tons, a decrease of 0.15 million tons from the previous week [26]. - Inventory: As of November 14, 2025, the rapeseed oil inventory in coastal areas increased to 2.45 million tons; the commercial inventory of palm oil mills increased to 66.71 million tons; the inventory of soybean oil in national oil mills increased to 117.99 million tons [26]. - Spot: This week, the spot prices of oils showed mixed trends. The spot price of palm oil decreased by 0.16%, the spot price of rapeseed oil decreased by 0.21%, and the spot price of soybean oil increased by 0.24% [26].

| 油脂产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年11月27日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 王法庭 | Z0019938 | | 更油 | | | | | | | | | | | 11月26日 | 11月25日 | 旅跌 | 旅跌幅 | | 现价 | | 江苏一级 | 8460 | 8510 | -20 | -0.59% | | 期价 | | Y2601 | 8150 | 8144 | 6 | 0.07% | | 墓差 | | Y2601 | 310 | 366 | -56 | -15.30% | | 现货墓差报价 | | 江苏1月 | 01+280 | 01+280 | 0 | : | | 仓单 | | | 22029 | 24625 | -2596 | -10.54% | | 棕櫚油 | | | | | | | | | | | 11月26日 | 11月25日 | 涨跌 | 涨跌幅 | | 现价 | | 广东24度 | 8290 | 8370 | -80 | - ...

消息面 美国农业部：截至10月9日当周，美国2025/2026年度豆油出口净销售为0.2万吨，前一周为-1.2万吨； 2026/2027年度豆油净销售0万吨，前一周为1.1万吨；美国2025/2026年度豆油出口装船0.2万吨，前一周 为0.2万吨。 监测数据显示，截止到2025年第47周末，国内豆油库存量为140.4万吨，较上周的137.3万吨增加3.1万 吨，环比增加2.28%。其中：沿海库存量为127.5万吨，较上周的124.4万吨增加3.1万吨，环比增加 2.44%。 11月25日，豆油前20名期货公司（全月份合约加总）多单持仓50.50万手，空单持仓64.18万手，多空比 0.79。净持仓为-13.69万手，相较上日增加5807手。 机构观点 美国大豆出口检验量为79.90万吨，较去年同期的211.98万吨显著下降，本年度累计出口检验量同比减少 44.5%，整体出口进度明显偏慢。许多市场人士怀疑中国是否会继续从美国购买大豆。目前美国生物柴 油政策仍有不确定性，有媒体周五对EPA的副局长进行了独家采访，EPA副局长抨击了路透社关于进口 生物燃料激励措施的报道，EPA认为路透社的报道具有误导性。但对于R ...

南华期货油脂产业周报 ——上行驱动不足，油脂维持偏弱震荡 陈晨（投资咨询资格证号：Z0022868） 联系邮箱：nhchenchen@nawaa.com 交易咨询业务资格：证监许可【2011】1290号 2025年11月25日 第一章 核心矛盾及策略建议 1.1 核心矛盾 近期油脂市场交易的重点来自于全球油脂的供需平衡问题，核心驱动主要在外盘市场，当前油脂的核心 矛盾主要为以下几点： 1、棕榈油产地库存压力能否被增长的需求所消化。11月高频数据显示马棕继续增产，产地供应压力未减，减 产季的到来似乎也已经遥遥无期。而印尼端B50计划不确定性仍存，需进一步政策指引，产地整体来看报价上 行动力不足。 2、美国生物柴油政策依然不明朗，EPA原定11月公布的最终确定美国生物燃料义务量目前延期，且当前美国 已经解散清洁能源部门，或更偏向于化石燃料的使用，政策提振作用存疑。中美贸易和谈进度目前较乐观提 振美豆，支撑豆油相对偏强，但美豆恢复购买后国内豆油供应压力或增加，成本支撑逻辑走完后或转化为供 应压力现实，且美豆出口好转，美国政府对生物燃料政策的力度有减弱可能，等待最终结果；但中加和谈目 前并不像中美和谈乐观，菜系后市供 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The prices of major agricultural commodity futures, including soybean meal, palm oil, and soybean oil, are expected to be weak and fluctuate in the short, medium, and intraday terms [5][6][7]. 3. Summary by Related Catalogs 3.1 Soybean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [5][6]. - **Core Logic**: U.S. soybean futures prices are oscillating at 1100 cents. The incremental Chinese purchases are lower than expected, offsetting the bullish impact of South American drought. Domestic oil mills' operating rate remains at a high of 65%, with high soybean meal inventory forcing traders to sell goods, pressuring spot prices. Feed mills only maintain an 8 - day rigid inventory, and pig losses suppress restocking willingness. The spot basis remains negative. The key psychological and technical support level for short - term soybean meal futures prices is 3000 yuan/ton [5]. - **Attention Points**: The realization of precipitation in South America in December and the adjustment of oil mills' operating rhythm [5]. 3.2 Palm Oil (P) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6][7]. - **Core Logic**: The inventory pressure of Malaysian palm oil continues to accumulate as production recovers. The spot price of palm oil continues to decline slightly. The biodiesel policy of U.S. soybean oil is uncertain, and positive signals are released in China - Canada relations. The pressure on the palm oil industry chain continues to increase, and short - term palm oil futures prices continue to fluctuate weakly. The trend of palm oil is closely linked to U.S. soybean oil and the international oil and fat sector, and the biodiesel policy is a key variable [7]. 3.3 Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6]. - **Core Logic**: Influenced by U.S. soybean cost support, U.S. biodiesel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mills' inventory [6].

【油脂周报20251121】马棕高频数据与美生柴共振，施压油脂盘 TET 日期:2025-11-24 ZHESHANG FUTURES 【油脂周报20251121】马棕高频数据与美生柴共振，施压油脂盘面 | * 观点: 棕榈油 下跌空间有限，在[8300]价位存在支撑 | | * 观点 | | --- | --- | --- | | * 合约: p2601 | | | | 장 | 逻辑： | 전 逻辑 | | 同期较低水平，叠加印尼生物柴油目标仍有提升预期，棕榈油中期略 | | 사람들 | | 局偏强。国内库存累至历年中性偏高位置，且近月买船有所恢复，但 | | 十美豆偏 | | 消费维持清淡格局，供需相对贲松。 | | 美贸易关 | | 整体来看,近期贸易及生柴消息抗动,油脂波动剧烈。中长期来看, | | 际关于 | | 东南亚棕榈油偏紧格局持续，叠加生柴政策支撑油脂重心，棕榈油偏 | | 整体天 | | 强看待为主。后续关注MPOB及GAPKI报告，国内进口及库存情况。 | | 向以可信 | | | | 政策、国 | | 产业链操作建议 | 场外报价 | | | | | 产中 | | 现货的口 | 参与用 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views of soybean meal, soybean oil, and palm oil are all "oscillating weakly" [5][7][8] Group 3: Summary by Variety Soybean Meal (M) - **Viewpoints**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5] - **Core Logic**: Cost support has weakened as U.S. soybean export demand is lower than expected and the outlook for U.S. biodiesel policy is unclear, dragging down U.S. soybean futures prices. The spot market is also weak. Although the forward basis trading volume has slightly increased, traders are continuously losing money, and downstream aquaculture mostly replenishes based on rigid demand. The market faces double pressure of loose supply and weak demand. The 3000 yuan/ton level has become a key psychological and technical support level [5] Soybean Oil (Y) - **Viewpoints**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [7] - **Core Logic**: The core pressure comes from the uncertainty of U.S. biodiesel policy. Trump's government considering delaying the import biofuel incentive cut plan has hit the demand expectation of U.S. soybean oil for biodiesel, leading to a decline in U.S. soybean oil futures prices. In addition, as soybean futures prices fall from high levels, the cost support for domestic soybean oil from imported soybeans has weakened. The domestic soybean oil market supply is very loose, and the inventory has reached a high level of nearly 1.2 million tons in the same period, with weak terminal edible oil consumption [7] Palm Oil (P) - **Viewpoints**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [8] - **Core Logic**: The palm oil market is facing a game between high supply and policy expectations. In the short term, the high inventory pressure in the producing areas limits the upside space, and its trend more depends on external markets such as soybean oil. Biodiesel policy is a key variable. The reality of loose supply and weak demand in the palm oil market is the main pressure, and the month - on - month decline in Malaysian palm oil exports from November 1st - 20th has widened, increasing market bearish sentiment [8]