Group 1: Report Overview - Industry: Oil and fat [1] - Date: October 21, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Group 2: Market Review and Operation Suggestions - Market Review: In the East China market, the basis price of Grade 3 rapeseed oil from October to November was OI2601+330, and from December to January was OI2601+270. The basis price of Grade 1 rapeseed oil from October to November was OI2601+430, and from December to January was OI2601+370. The basis price of Grade 1 soybean oil in October was Y2501+210, from October to November was Y2501+220, from December to January was Y2601+280, from February to May was Y2501+150, from March to May was Y2501+130, and from May to July was Y2501+10. The basis price of Grade 3 soybean oil was 01+170, and the basis price of crude soybean oil was 01+50. The quotation of palm oil by Dongguan traders remained stable, with the price of 24-degree palm oil at 01-70. [7] - Market Analysis: The Malaysian market was closed due to holidays. The three major domestic oils continued to adjust, mainly dragged down by the recent decline in the international crude oil market. The upcoming restart of Sino-US trade negotiations and the visit of the Canadian Foreign Minister to China affected market sentiment in the short term. The strong performance of CBOT soybeans boosted the domestic soybean oil market. The rapeseed oil market gave back its previous gains, and the spread between January and May contracts weakened again, but the spot basis continued to rise. The news about palm oil was mixed, and Indonesia's B50 policy was positive for the distant contracts. It is expected to maintain a volatile trend in the short term, and the medium- and long-term strategy is to buy on dips and roll over long positions. [7] Group 3: Industry News - Domestic Palm Oil Inventory: As of the end of the 42nd week of 2025, the total domestic palm oil inventory was 549,000 tons, an increase of 26,000 tons from the previous week. The contract volume was 40,000 tons, a decrease of 17,000 tons from the previous week. The inventory of 24-degree and below palm oil was 530,000 tons, an increase of 27,000 tons from the previous week, and the inventory of high-grade palm oil was 19,000 tons, the same as the previous week. [8] - Malaysian Palm Oil Production: According to data from the Southern Peninsular Palm Oil Millers' Association (SPPOMA), from October 1 to 15, the production of Malaysian palm oil increased by 6.86% month-on-month, with the fresh fruit bunch (FFB) yield per unit area increasing by 5.76% month-on-month and the oil extraction rate (OER) increasing by 0.21% month-on-month. [8] - Malaysian Palm Oil Exports: According to data released by the shipping survey agency SGS, the export volume of Malaysian palm oil from October 1 to 15 was 606,292 tons, an increase of 49.8% compared with the export volume of 404,688 tons from September 1 to 15. The export volume to China was 55,300 tons, an increase of 21,000 tons compared with the same period last month. [8] - Indian Palm Oil Imports: The Indian Solvent Extractors' Association (SEA) said that India's palm oil imports in September dropped to the lowest level since May as refineries switched to cheaper soybean oil, and the import volume of soybean oil reached a three-year high. India's palm oil imports in September decreased by 16.3% to 829,017 tons, the lowest level since May. [8][9] Group 4: Data Overview - Crop Planting Progress: Brazilian farmers have planted soybeans on 23.27% of the expected area in 2025, compared with 9.33% in the same period last year. [14] - US Soybean Crushing: The National Oilseed Processors Association (NOPA) released monthly crushing data on Wednesday, showing that the soybean crushing volume in September increased significantly, reaching the fourth highest monthly level on record and the highest level in the same period in history. This was because the US soybean processing industry had recovered from the seasonal equipment maintenance shutdown before the autumn soybean harvest, and the production pace had accelerated significantly. [14]

Group 1: Report Information - Report Name: Grease Morning Report - Date: 2025-10-21 - Analyst: Wang Mingwei - Qualification Number: F0283029 - Investment Consultation Number: Z0010442 - Tel: 0575-85226759 [1] Group 2: Industry Investment Rating - No relevant information provided Group 3: Core Views - The prices of oils and fats are oscillating and consolidating. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino-US relations are stalemated, the export of new US soybeans is frustrated, and prices are under pressure. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and import inventory is stable [2][3][4] Group 4: Market Analysis of Different Oils and Fats Soybean Oil - **Fundamentals**: MPOB report shows that Malaysian palm oil production in August decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% month-on-month to 1.49 million tons, and end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, shipping survey agencies show that the export data of Malaysian palm oil this month has increased by 4% month-on-month. Subsequently, it will enter the production cut season, and the supply pressure of palm oil will decrease. - **Basis**: The spot price of soybean oil is 8502, with a basis of 204, indicating that the spot price is at a premium to the futures price. - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous period and a year-on-year increase of 11.7%. - **Market**: The futures price is running below the 20-day moving average, and the 20-day moving average is downward. - **Main Position**: The short position of the main contract of soybean oil has decreased. - **Expectation**: The price of soybean oil Y2601 will oscillate in the range of 8000 - 8500 [2] Palm Oil - **Fundamentals**: Similar to soybean oil, but subsequently it will enter the production increase season, and the supply of palm oil will increase. - **Basis**: The spot price of palm oil is 9334, with a basis of 16, indicating that the spot price is at a discount to the futures price. - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous period and a year-on-year decrease of 34.1%. - **Market**: The futures price is running below the 20-day moving average, and the 20-day moving average is downward. - **Main Position**: The long position of the main contract of palm oil has decreased. - **Expectation**: The price of palm oil P2601 will oscillate in the range of 9100 - 9500 [3] Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil. - **Basis**: The spot price of rapeseed oil is 10228, with a basis of 310, indicating that the spot price is at a premium to the futures price. - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous period and a year-on-year increase of 3.2%. - **Market**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. - **Main Position**: The long position of the main contract of rapeseed oil has decreased. - **Expectation**: The price of rapeseed oil OI2601 will oscillate in the range of 9700 - 10100 [4] Group 5: Recent利多利空 Analysis - **利多**: The inventory-to-sales ratio of US soybeans remains around 4%, and the supply is tight. There is a tremor season for palm oil. - **利空**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats is continuously accumulating. The macroeconomy is weak, and the expected production of relevant oils and fats is high. - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Group 6: Supply and Demand Data Supply - Imported soybean inventory, soybean oil inventory, soybean meal inventory, palm oil inventory, rapeseed oil inventory, rapeseed inventory, and domestic total inventory of oils and fats are presented in the form of charts, showing the inventory changes from 2015 to 2025 [6][7][9][17][19][21][23] Demand - The apparent consumption of soybean oil and soybean meal is presented in the form of charts, showing the consumption changes from 2015 to 2025 [13][15]

Report Information - Report Date: October 20, 2025 [1] - Analyst: Wang Mingwei [1] -从业资格号: F0283029 [1] - Investment Advisory Number: Z0010442 [1] - TEL: 0575 - 85226759 [1] Report Industry Investment Rating - Not provided in the given content Core Views - Global oil and fat fundamentals are generally loose, and prices are expected to fluctuate and consolidate. Domestic fundamentals are also loose, with stable oil and fat supplies. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to export setbacks. Malaysian palm oil inventory is neutral, demand has improved, and Indonesia's B40 policy promotes domestic consumption with a planned B50 implementation in 2026 [2][3][4] Summary by Commodity Soybean Oil - **Fundamentals**: MPOB report shows that Malaysian palm oil production in August decreased by 9.8% month - on - month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and end - of - month inventory decreased by 2.6% to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, shipping survey agencies show that Malaysian palm oil export data this month has increased by 4% month - on - month. Subsequently, it will enter the production - reduction season, reducing the supply pressure of palm oil [2] - **Basis**: The spot price of soybean oil is 8452, with a basis of 196, indicating that the spot price is at a premium to the futures price [2] - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous period and a year - on - year increase of 11.7% [2] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward [2] - **Main Position**: The short 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 8000 - 8500 [2] Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral with less - than - expected production cuts. Currently, export data is increasing, and it will enter the production - increase season, increasing the supply of palm oil [3] - **Basis**: The spot price of palm oil is 9300, with a basis of - 8, indicating that the spot price is at a discount to the futures price [3] - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous period and a year - on - year decrease of 34.1% [3] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward [3] - **Main Position**: The long 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 9100 - 9500 [3] Rapeseed Oil - **Fundamentals**: The same MPOB report situation as above, and it will enter the production - increase season, increasing palm oil supply [4] - **Basis**: The spot price of rapeseed oil is 10146, with a basis of 285, indicating that the spot price is at a premium to the futures price [4] - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous period and a year - on - year increase of 3.2% [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [4] - **Main Position**: The long 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 9700 - 10100 [4] Recent利多利空 Analysis - **利多**: The US soybean stock - to - sales ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5] - **利空**: Oil and fat prices are at a relatively high historical level, domestic oil and fat inventories are continuously increasing, the macro - economy is weak, and the expected production of related oils and fats is high [5] - **Main Logic**: The analysis centers around the generally loose global oil and fat fundamentals [5] Supply - Related Information - **Imported Soybean Inventory**: Mentioned but no specific data analysis provided [6] - **Soybean Oil Inventory**: August 22 inventory was 1.18 million tons, up 20,000 tons from the previous period and 11.7% year - on - year [2] - **Palm Oil Inventory**: August 22 port inventory was 580,000 tons, up 10,000 tons from the previous period and down 34.1% year - on - year [3] - **Rapeseed Oil Inventory**: August 22 commercial inventory was 560,000 tons, up 10,000 tons from the previous period and 3.2% year - on - year [4] - **Rapeseed Inventory**: Chart provided but no specific data interpretation [21][22] - **Domestic Total Oil and Fat Inventory**: Chart provided but no specific data interpretation [23][24] - **Oil Mill Soybean Inventory**: Chart provided but no specific data interpretation [7][8] - **Soybean Meal Inventory**: Chart provided but no specific data interpretation [9][10] - **Oil Mill Soybean Crushing**: Chart provided but no specific data interpretation [11][12] Demand - Related Information - **Soybean Oil Apparent Consumption**: Chart provided but no specific data interpretation [13][14] - **Soybean Meal Apparent Consumption**: Chart provided but no specific data interpretation [15][16]

Report Title - "Palm Oil: Slow De-stocking in Origin Regions, Focus on Downside Support for Palm Oil" and "Soybean Oil: Favorable Production Situation in South America, Focus on China-US Economic and Trade Relations" [1][2] Report Core View - The report focuses on the fundamentals of palm oil, soybean oil, and rapeseed oil, including price, trading volume, position, spot price, basis, and spread data, as well as macro and industry news [3][4] Fundamental Tracking Futures Data - Palm oil futures: The closing price of the main contract during the day session was 9,308 yuan/ton, down 0.04%, and 9,354 yuan/ton at night, up 0.49%. The trading volume was 484,295 lots, an increase of 100,467 lots, and the position was 337,826 lots, a decrease of 10,220 lots [3] - Soybean oil futures: The closing price of the main contract during the day session was 8,256 yuan/ton, unchanged, and 8,298 yuan/ton at night, up 0.51%. The trading volume was 295,513 lots, an increase of 88,765 lots, and the position was 499,960 lots, an increase of 1,780 lots [3] - Rapeseed oil futures: The closing price of the main contract during the day session was 9,861 yuan/ton, down 0.74%, and 9,874 yuan/ton at night, up 0.13%. The trading volume was 226,809 lots, an increase of 67,299 lots, and the position was 281,371 lots, a decrease of 6,590 lots [3] Spot Data - Palm oil (24 - degree, Guangdong): The spot price was 9,250 yuan/ton, with no price change [3] - First - grade soybean oil (Guangdong): The spot price was 8,660 yuan/ton, an increase of 40 yuan/ton [3] - Fourth - grade imported rapeseed oil (Guangxi): The spot price was 10,120 yuan/ton, a decrease of 50 yuan/ton [3] Basis Data - Palm oil (Guangdong) basis: - 58 yuan/ton [3] - Soybean oil (Guangdong) basis: 404 yuan/ton [3] - Rapeseed oil (Guangxi) basis: 259 yuan/ton [3] Spread Data - Rapeseed - palm oil futures main contract spread: 553 yuan/ton (previous two - day spread was 623 yuan/ton) [3] - Soybean - palm oil futures main contract spread: - 1,052 yuan/ton (previous two - day spread was - 1,056 yuan/ton) [3] - Palm oil 1 - 5 spread: 44 yuan/ton (previous two - day spread was 54 yuan/ton) [3] - Soybean oil 1 - 5 spread: 214 yuan/ton (previous two - day spread was 194 yuan/ton) [3] - Rapeseed oil 1 - 5 spread: 386 yuan/ton (previous two - day spread was 441 yuan/ton) [3] Macro and Industry News - SGS estimated that Malaysia's palm oil exports from October 1 - 15, 2025, were 606,292 tons, a 49.8% increase from 404,688 tons in the same period last month [4] - As of the week of October 14, 2025, about 39% of the US soybean - growing areas were affected by drought, the same as the previous week [5] - Brazilian farmers had planted soybeans on 23.27% of the expected area in 2025, compared with 9.33% in the same period last year, and higher than the 2023 record of 17.35% and the past 5 - year average of 16.20% [6] - As of October 17, 2025, the soybean - planting area in Mato Grosso, Brazil, for the 2025/26 season had reached 43.57% of the estimated total area, up from 21.22% the previous week and 25.08% in the same period last year [6] - Argentina's 2024/25 soybean - planting area was expected to be 18 million hectares, unchanged from the previous month's estimate and an 8.4% increase from 16.6 million hectares in the previous year. The 2024/25 soybean production was expected to be 51.1 million tons, unchanged from the previous month's estimate and a 6% increase from 48.2 million tons in the 2023/24 season. The first planting intention estimate for the 2025/26 season showed an expected area of 17.5 million hectares, a 2.8% decrease from the previous year [6] - As of October 8, 2025, Argentine farmers had sold 37.54 million tons of 2024/25 soybeans, 1.28 million tons more than a week ago, compared with 29.85 million tons in the same period last year. They had pre - sold 3.11 million tons of 2025/26 soybeans, 190,000 tons more than a week ago, compared with 1.11 million tons in the same period last year [7] - As of the week of October 12, 2025, Canada's rapeseed exports increased 97.8% to 159,200 tons from the previous week. From August 1 to October 12, 2025, Canada's rapeseed exports were 955,300 tons, a 59.1% decrease from the same period last year. As of October 12, 2025, Canada's rapeseed commercial inventory was 1.4668 million tons [7] Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0 [8]

Report Industry Investment Rating - The report gives a neutral rating for the strategy [3] Report's Core View - Strong export data of Malaysian palm oil provides short - term support to the oil market despite high inventory and Sino - US trade tensions [2] Market Analysis Futures - Yesterday's closing price of palm oil 2601 contract was 9322.00 yuan/ton, with a环比 change of - 8 yuan (- 0.09%); soybean oil 2601 contract was 8252.00 yuan/ton, + 12.00 yuan (+ 0.15%); rapeseed oil 2601 contract was 9932.00 yuan/ton, - 27.00 yuan (- 0.27%) [1] Spot - In Guangdong, the spot price of palm oil was 9210.00 yuan/ton, - 60.00 yuan (- 0.65%), with a spot basis of P01 + - 112.00, - 52.00 yuan; in Tianjin, the spot price of first - grade soybean oil was 8430.00 yuan/ton, - 10.00 yuan/ton (- 0.12%), with a spot basis of Y01 + 178.00, - 22.00 yuan; in Jiangsu, the spot price of fourth - grade rapeseed oil was 10240.00 yuan/ton, - 20.00 yuan (- 0.19%), with a spot basis of OI01 + 308.00, + 7.00 yuan [1] Recent Market Information Brazil's Soybean - IBGE's October monthly report shows that Brazil's expected soybean planting area this year is 47.7 million hectares, up 0.1% from last month's forecast and 3.6% from last year; expected output is 165.866 million tons, down 0.0% from last month's forecast and up 14.4% from last year; expected yield is 3478 kg/hectare, down 0.1% from last month's forecast and up 10.4% from last year [2] Malaysia's Palm Oil - AmSpec data shows Malaysia's palm oil exports from October 1 - 15 were 781,006 tons, up 12.3% from the same period last month; ITS data shows exports were 862,724 tons, up 16.2% from the same period last month [2]

大宗商品研究所 农产品研发报告 | 银河期货油脂日报 | | | | | | | | | | | 2025/10/15 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2601收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8252 | 12 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8462 | | | | 8552 | 8432 | | 300 | -10 | 210 | -10 | 180 | 0 | | 棕榈油 | 9322 | (8) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 9242 | | | | 9322 | 9422 | | -80 | 0 | 0 | 0 | 1 ...

2025 年 10 月 15 日 棕榈油：产地驱动有限，关注下方支撑 豆油：区间运行，关注中美经贸关系 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,330 | -0.36% | 9,320 | -0.11% | | | 豆油主力 | 元/吨 | 8,240 | -0.34% | 8,244 | 0.05% | | | 菜油主力 | 元/吨 | 9,959 | -0.63% | 9,918 | -0.41% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,460 | -0.80% | 4,467 | 0.13% | | | CBOT豆油主力 | 美分/磅 | 50.57 | -0.06% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 526,687 | 25422 | 350,778 | 1,573 | | | ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - After the long holiday, the futures prices of edible oils rose first and then fell. The Y2601 soybean oil contract rose 1.99% to close at 8,302 yuan/ton, the P2509 palm oil contract rose 2.28% to close at 9,438 yuan/ton, and the OI2509 rapeseed oil contract rose 0.19% to close at 10,061 yuan/ton [5][31]. - In the international market, the bottom - oscillation of international crude oil has intensified, suppressing the upward trend of US soybean oil. Malaysian palm oil shows a pattern of near - term weakness and long - term strength. The high inventory pressure in September may restrict the further rise of futures prices, but the Indonesian B50 plan supports long - term demand, and the increase in exports since October has also boosted the market [9][32]. - In the domestic market, the relations between China and Canada, and China and the US still have a great impact on rapeseed oil and soybean oil. The news of the US imposing additional tariffs on China over the weekend has caused turmoil in the global financial market, and there is a high possibility of significant high - level market oscillations under policy uncertainty [9][32]. 3. Summary by Relevant Catalogs a. Spot Analysis - As of October 10, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,580 yuan/ton, unchanged from the previous trading day, and it was at the average level compared with the past 5 years [11]. - As of October 10, 2025, the spot price of 24 - degree palm oil in Guangdong was 9,460 yuan/ton, unchanged from the previous trading day, and it was at a relatively high level compared with the past 5 years [12]. - As of October 10, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 10,370 yuan/ton, down 110 yuan/ton from the previous trading day, and it was at the average level compared with the past 5 years [13]. b. Other Data - As of September 26, 2025, the national soybean oil inventory decreased by 13,000 tons to 1.461 million tons. On October 1, 2025, the national commercial palm oil inventory decreased by 35,000 tons to 581,000 tons [17]. - As of October 11, 2025, the port's imported soybean inventory was 6,579,700 tons [19]. - As of October 10, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 278 yuan/ton, up 30 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [22][23]. - As of October 10, 2025, the basis of rapeseed oil in Jiangsu was 309 yuan/ton, up 77 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [25]. c. Comprehensive Analysis - Palm oil: From September 1 - 30, 2025, the estimated palm oil production in Malaysia decreased by 2.35%. The total estimated production in September was 1.81 million tons. The single - yield decreased by 1.9% month - on - month, the oil extraction rate decreased by 0.1% month - on - month, and the production decreased by 2.42% month - on - month. Malaysian palm oil rose 2.34% [7][31]. - Soybean oil: As of now, the export sales of US soybeans in the 2025/2026 season have only completed 23.7% of the annual target, far lower than the 5 - year average of 43.4%. The slow sales pace may force the US to lower its export forecast and increase the ending inventory. From January - September 2025, China imported 72.7 million tons of Brazilian soybeans, accounting for 77.4% of Brazil's total soybean exports. US soybeans fell 0.98% this week [7][31].

Report Overview - Report Date: September 30, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - The funds in the oil and fat sector have flowed out, trading volume has slowed down, and the market has shown a fluctuating downward trend. For the 01 contract, there is pressure above but also support below, so it is expected to move in a range; for the 05 contract, the strategy is to buy at low prices and roll over for long positions. As the long holiday approaches, attention should be paid to risk control [7] - Although the soybean production in Brazil's 2025/26 season is expected to reach a record high, the climate change in October, the key sowing window period, needs to be closely monitored. If the subsequent rainfall continues to fall short of expectations, it may affect the crop emergence uniformity and potential yield per unit area [9] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: In the East China market, the basis prices of different grades of rapeseed oil and soybean oil at different times, as well as the quotes of palm oil of different grades in Guangdong, are given [7] - **Market Analysis**: The oil and fat sector has seen capital outflows, trading volume has slowed down, and the market has trended downward. Short - term seasonal pressure comes from the harvest of North American oilseeds. The 01 contract is expected to move in a range, while the 05 contract is recommended for low - buying and rolling long positions [7] 2. Industry News - **Malaysian Palm Oil**: From September 1 - 25, 2025, Malaysian palm oil exports increased (12.9% according to ITS and 11.3% according to AmSpec), while production decreased by 4.14% compared with the previous period. As of the end of the 39th week of 2025, the domestic palm oil inventory decreased by 20,000 tons to 534,000 tons, and the contract volume increased by 4,000 tons to 35,000 tons [8] - **Brazilian Soybeans**: The sowing progress of soybeans in Brazil's 2025/26 season is slow, with only about 1% of the planting area sown as of last week, significantly lower than the same period in previous years. The uneven distribution of rainfall has increased farmers' uncertainty [9] 3. Data Overview - The report presents figures on the spot prices of East China's tertiary rapeseed oil, quaternary soybean oil, South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the price spreads of different palm oil contracts, with data sources from Wind and the Research and Development Department of CCB Futures [10][13][16]

Report Industry Investment Rating - The investment rating for the industry is neutral [4] Core Viewpoints - The prices of the three major oils fluctuated yesterday. As the estimated quantity of Chinese buyers' purchases of Argentine soybeans this week continued to increase, the market focus shifted back to the stagnant global trade relations. The price of CBOT soybeans was under continuous pressure, which also exerted some pressure on domestic oil prices [3] - The EU's decision to postpone the implementation of the anti - deforestation regulations by one year provides a temporary respite for palm oil exporters. Although it eases the compliance risks and cost pressures on exporters and reduces the immediate risk of weak palm oil demand, it also prolongs the regulatory uncertainty faced by producers [2] Summary According to Related Catalogs Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9,126.00 yuan/ton, a change of +72 yuan or +0.80% compared to the previous day; the closing price of the soybean oil 2601 contract was 8,100.00 yuan/ton, a change of +14.00 yuan or +0.17%; the closing price of the rapeseed oil 2601 contract was 9,921.00 yuan/ton, a change of -75.00 yuan or -0.75% [1] - Spot: The spot price of palm oil in Guangdong was 8,970.00 yuan/ton, a change of +110.00 yuan or +1.24%, and the spot basis was P01 + - 156.00, a change of +38.00 yuan; the spot price of first - grade soybean oil in Tianjin was 8,280.00 yuan/ton, a change of +60.00 yuan/ton or +0.73%, and the spot basis was Y01 + 180.00, a change of +46.00 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 10,140.00 yuan/ton, a change of -80.00 yuan or -0.78%, and the spot basis was OI01 + 219.00, a change of -5.00 yuan [1] Market Information - EU's anti - deforestation regulations delay: CIMB Securities believes that the postponement of the EU's anti - deforestation regulations (EUDR) has a slightly positive impact on palm oil producers as it alleviates market concerns about weak demand in Q1 2026 due to the implementation of EUDR. There is still room for further negotiation or policy adjustment before the new deadline [2] - Feed production and price: The national industrial feed output was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. The output of compound feed, concentrated feed, and additive premixed feed increased by 3.4%, 8.3%, and 7.9% year - on - year respectively. The ex - factory prices of feed products showed a downward trend year - on - year. The ex - factory prices of livestock and poultry compound feed and concentrated feed mainly increased month - on - month, while the ex - factory price of additive premixed feed decreased slightly. The proportion of corn in compound feed produced by feed enterprises was 32.9%, and the proportion of soybean meal in compound feed and concentrated feed was 14.3% [2] - International oil price: The C&F price of Canadian rapeseed (November shipment) was 515 US dollars/ton, up 5 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (January shipment) was 524 US dollars/ton, up 4 US dollars/ton. The C&F price of Argentine soybean oil (October shipment) was 1,111 US dollars/ton, down 55 US dollars/ton; the C&F price of Argentine soybean oil (December shipment) was 1,111 US dollars/ton, down 51 US dollars/ton. The C&F quotation of imported rapeseed oil: the price of Canadian rapeseed oil (October shipment) was 1,105 US dollars/ton, unchanged from the previous trading day; the price of Canadian rapeseed oil (December shipment) was 1,085 US dollars/ton, unchanged [2]