1. Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are in a sideways adjustment. After briefly breaking below 4,500 ringgit, they gradually declined and tested the support at the 20 - day moving average of 4,400 ringgit. If it can find support here, it may stop falling. Fundamentally, the production growth is lower than the export growth, which could support the futures to return above 4,500 ringgit. With the potential bullish impact of limited inventory increase at the end of August, there is a chance for a sideways upward trend. The view is that the near - term is weak and the long - term is strong, and it's crucial to watch if it can hold at 4,400 ringgit [3]. - Domestic market: Dalian palm oil futures are also in a sideways adjustment. After breaking below the 20 - day moving average, there is downward pressure, and it is expected to seek support around 9,200 yuan and then stabilize. After this correction and effectively standing firm, with the boost of the recovery of Malaysian palm oil, Dalian palm oil futures may gradually start a sideways upward trend. After returning above 9,500 yuan and standing firm, there is a chance to follow the upward trend of Malaysian palm oil. The view is also near - term weak and long - term strong [3]. Soybean Oil - International vegetable oils have been falling continuously (the end of the fuel consumption peak season has dragged down the vegetable oil market). CBOT soybean oil has fallen for five consecutive days, and BMD palm oil has fallen four days out of five, both dragging down domestic oils. Although domestic soybean oil has fallen, the decline is limited because the consumption season has started, and funds are reluctant to short aggressively. Currently, domestic demand is good, but international related varieties continue to exert pressure, so there is still some downward space, but the decline is not large. The support for the main January contract is seen around 8,300 yuan. If downstream consumption is good later, there is a chance for it to strengthen after the correction [4]. Oilseeds - Soybean Meal - Spot market: The fixed - price of oil mills generally remains stable. Although the Dalian soybean meal futures have slightly rebounded, at the end of the month, oil mills are increasing the pressure to pick up goods, and some traders' actual transactions are negotiable due to inventory transfer pressure. In the short term, the domestic market is executing inventory and September positions, and the trading pace is slow. However, with the premium trading of imported soybean auctions and the uncertainty of Sino - US tariffs, the terminal's bullish expectation for the long - term remains unchanged, and the upward trend of soybean meal prices continues [19]. 2. Price and Spread Information Oil Price and Spread - **Price and Spread Table**: P 1 - 5 is 260 yuan/ton with a daily increase of 8 yuan; Y - P 01 is - 1,042 yuan/ton with a daily increase of 68 yuan; etc. [5] - **Palm Oil Price**: Palm oil 01 is 9,316 yuan/ton with a decline of 1.04%; BMD palm oil main contract is 4,406 ringgit/ton with a decline of 0.97%; Guangzhou 24 - degree palm oil is 9,470 yuan/ton with an increase of 30 yuan [8]. - **Soybean Oil Price**: Soybean oil 01 is 8,358 yuan/ton with an increase of 0.53%; CBOT soybean oil main contract is 52.37 cents/pound with a decline of 1.47%; Shandong first - grade soybean oil spot is 8,470 yuan/ton with a decline of 50 yuan [15]. Oilseed Price and Spread - **Futures Price**: The closing price of soybean meal 01 is 3,055 with an increase of 16 and a rise of 0.53%; the closing price of rapeseed meal 01 is 2,513 with an increase of 30 and a rise of 1.21%; CBOT yellow soybeans are at 1,048.25 with no change [20]. - **Spread Table**: M01 - 05 is 225 with a daily increase of 9; RM01 - 05 is 75 with a daily increase of 20; etc. [21][23] - **Spot and Basis**: The spot price of soybean meal in Rizhao is 3,000 with no change, and the basis is - 39 with an increase of 6; the spot price of rapeseed meal in Fujian is 2,534 with a decline of 21, and the basis is 51 with a decline of 3 [23].

Group 1: Report Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View - The prices of the three major oils fluctuated yesterday. Although the drought - affected area in the US soybean - producing areas has expanded recently, the overall proportion is still small, the drought intensity is mild, and the crop growth indicators remain at a good level, so the impact is limited. The sharp decline in international crude oil prices has depressed vegetable oil prices, but the consumption during the Double Festival will provide some support to the market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 9414.00 yuan/ton, with a环比 change of - 86 yuan and a decline of - 0.91%. The closing price of the soybean oil 2601 contract was 8372.00 yuan/ton, with a环比 change of - 18.00 yuan and a decline of - 0.21%. The closing price of the rapeseed oil 2601 contract was 9809.00 yuan/ton, with a环比 change of - 44.00 yuan and a decline of - 0.45% [1] Spot - The spot price of palm oil in Guangdong was 9360.00 yuan/ton, with a环比 change of - 110.00 yuan and a decline of - 1.16%. The spot basis was P01 + - 54.00, with a环比 change of - 24.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8510.00 yuan/ton, with a环比 change of - 40.00 yuan/ton and a decline of - 0.47%. The spot basis was Y01 + 138.00, with a环比 change of - 22.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9880.00 yuan/ton, with a环比 change of - 70.00 yuan and a decline of - 0.70%. The spot basis was OI01 + 71.00, with a环比 change of - 26.00 yuan [1] Recent Market Information - As of the week ending August 26, about 11% of the US soybean - planting area was affected by drought (9% the previous week and 11% last year). About 5% of the US corn - planting area was affected by drought (5% the previous week and 8% last year) [2] - The Rural Economy Department of Paraná State, Brazil (Deral) expects the soybean - planting area in the state in the 2025/26 season to be about 5.8 million hectares, a 1% increase from the previous season. The soybean yield in the state is expected to increase by 4% to about 22 million tons [2] - The net export sales of US soybeans in the 2024/2025 season were - 189,000 tons ( - 6,000 tons the previous week), and the net sales in the 2025/2026 season were 1.373 million tons (1.143 million tons the previous week). The net export sales of US corn in the 2024/2025 season were - 18,000 tons ( - 27,000 tons the previous week), and the net sales in the 2025/2026 season were 2.09 million tons (2.86 million tons the previous week) [2] - According to the Canadian Statistics Bureau's model - based yield forecast report, as of the end of July 2025, the estimated yield of Canadian rapeseed in 2025 is 19.9 million tons (the average estimate is 20.3 million tons, and the report in August last year was 19.5 million tons). The estimated yield of Canadian wheat in 2025 is 35.5 million tons (the average estimate is 35.9 million tons, and the report in August last year was 34.4 million tons) [2] Group 4: Strategy - The strategy is neutral [3]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Crude oil prices have declined, putting pressure on the prices of edible oils. The prices of the three major edible oils fluctuated yesterday. The sharp decline in crude oil prices had a certain impact on the price center of edible oils, intensifying the volatility of the vegetable oil market. Fundamentally, the supply prospects of rapeseed and soybeans are favorable, and combined with the consumption support during the upcoming double festivals, the edible oil market is facing both bullish and bearish factors [1][3] Group 3: Summary by Relevant Content Futures and Spot Prices - Futures: The closing price of the palm oil 2601 contract was 9,500 yuan/ton, with a change of 0 yuan and a change rate of 0.00%. The closing price of the soybean oil 2601 contract was 8,390 yuan/ton, down 66 yuan or 0.78%. The closing price of the rapeseed oil 2601 contract was 9,853 yuan/ton, up 32 yuan or 0.33% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,470 yuan/ton, up 30 yuan or 0.32%, and the spot basis was P01 + -30 yuan, up 30 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,550 yuan/ton, down 50 yuan or 0.58%, and the spot basis was Y01 + 160 yuan, up 16 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950 yuan/ton, up 10 yuan or 0.10%, and the spot basis was OI01 + 97 yuan, down 22 yuan [1] Market Information - Canadian rapeseed: In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a month - on - month increase of 13.13%. Rapeseed oil production was 408,898 tons, up 12.15% month - on - month, and rapeseed meal production was 571,012 tons, up 12.62% month - on - month. The C&F price of Canadian rapeseed (October shipment) was 542 US dollars/ton, down 3 US dollars/ton from the previous trading day, and the C&F price of Canadian rapeseed (December shipment) was 532 US dollars/ton, also down 3 US dollars/ton [2] - Malaysian palm oil: The estimated export volume of Malaysian palm oil from August 1 - 25 was 933,437 tons, a 36.41% increase from the same period last month [2] - Other oils: The C&F price of Argentine soybean oil (September shipment) was 1,179 US dollars/ton, down 23 US dollars/ton from the previous trading day, and the C&F price of Argentine soybean oil (November shipment) was 1,181 US dollars/ton, down 20 US dollars/ton. The C&F quotes of Canadian rapeseed oil (September and November shipments) remained unchanged. The C&F price of US Gulf soybeans (October shipment) remained unchanged, the C&F price of US West soybeans (October shipment) was down 5 US dollars/ton, and the C&F price of Brazilian soybeans (October shipment) was up 1 US dollar/ton. The import soybean premium quotes for some regions showed little change, with the Brazilian port (October shipment) up 3 cents/bushel [2]

1. Report Industry Investment Rating - Neutral, the oils and fats are expected to show a volatile trend [4] 2. Core View of the Report - The policy benefits for US soybean oil are limited, and the oils and fats market will continue to fluctuate. The market is currently mixed with both long and short factors, including potential changes in Sino - US trade policies and the peak season for palm oil stocking during the Double Festival [1][3] 3. Summary by Related Content Market Analysis - **Futures Prices**: On the previous trading day, the closing price of the palm oil 2601 contract was 9,500 yuan/ton, a decrease of 82 yuan or 0.86% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,456 yuan/ton, a decrease of 32 yuan or 0.38%; the closing price of the rapeseed oil 2601 contract was 9,821 yuan/ton, a decrease of 70 yuan or 0.71% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 9,440 yuan/ton, a decrease of 110 yuan or 1.15%, with a spot basis of P01 + - 60 yuan, a decrease of 28 yuan compared to the previous period; in the Tianjin region, the spot price of first - grade soybean oil was 8,600 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y01 + 144 yuan, an increase of 12 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940 yuan/ton, a decrease of 70 yuan or 0.70%, with a spot basis of OI01 + 119 yuan, unchanged from the previous period [1] Recent Market News - **Policy News**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude palm kernel oil and refined palm kernel oil from the Sales and Services Tax (SST). These two raw materials currently face a 5% special tax, and the exemption application has been submitted to the Ministry of Finance [2] - **Production Data**: From August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% compared to the same period last month, the oil extraction rate increased by 0.4%, and the output decreased by 1.21% [2] - **Inventory Data**: As of the end of the 34th week of 2025, the total inventory of imported rapeseed in China was 192,000 tons, a decrease of 45,000 tons from the previous week's 237,000 tons, and far lower than the 477,000 tons in the same period last year [2] - **Import Price Data**: The C&F price of US Gulf soybeans (October shipment) was 475 US dollars/ton, an increase of 4 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (October shipment) was 460 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (October shipment) was 486 US dollars/ton, a decrease of 3 US dollars/ton. The import soybean premium quotes also had corresponding changes [2]

Group 1: Report Investment Rating - The investment strategy for the industry is neutral [4] Group 2: Core View - The high price of Malaysian palm oil may suppress demand, leading to price fluctuations and adjustments. The prices of the three major oils fluctuated yesterday. The Malaysian palm oil futures price fell on Monday due to concerns that the recent high prices may suppress future demand. Although the overall demand remains good due to the upcoming festival stocking in China, the long - term inversion of the soybean oil - palm oil price spread also exerts certain pressure on the market [1][3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2601 contract yesterday was 9582.00 yuan/ton, a decrease of 10 yuan or 0.10% compared to the previous day. The closing price of the soybean oil 2601 contract was 8488.00 yuan/ton, an increase of 30.00 yuan or 0.35%. The closing price of the rapeseed oil 2601 contract was 9891.00 yuan/ton, an increase of 1.00 yuan or 0.01% [1] Spot Prices - The spot price of palm oil in Guangdong was 9550.00 yuan/ton, an increase of 70.00 yuan or 0.74%. The spot basis was P01 + - 32.00, an increase of 80.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8620.00 yuan/ton, an increase of 80.00 yuan/ton or 0.94%. The spot basis was Y01 + 132.00, an increase of 50.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 10010.00 yuan/ton, with no change, and the spot basis was OI01 + 119.00, a decrease of 1.00 yuan [1] Market News - Malaysia's palm oil exports from August 1 - 25 were 1065005 tons, a 16.4% increase compared to the same period last month. China has purchased over 70% of its October - shipment soybeans, and only 10% of November - shipment soybeans. The domestic soybean crushing volume of oil mills decreased slightly last week. As of the week of August 22, the domestic main oil mills' soybean crushing volume was 2.27 million tons, a week - on - week decrease of 70,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 220,000 tons, and an increase of 350,000 tons compared to the average of the past three years. It is expected that the oil mills' operating rate will remain high this week, and the crushing volume will rebound to about 2.5 million tons. The C&F prices of US Gulf soybeans (September shipment), US West soybeans (September shipment), and Brazilian soybeans (October shipment) were 471, 465, and 489 US dollars/ton respectively. The C&F prices of Canadian rapeseed (October and December shipments) were 550 and 540 US dollars/ton respectively [2]

Report Industry Investment Rating - Not provided in the given content Core Views - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for 24/25 is high, the Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the US soybean oil biodiesel policy supports increased biodiesel consumption. The imposition of tariffs on Canadian rapeseed in China has led to the rise of the rapeseed sector. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable. Sino-US and Sino-Canadian relations ease and affect the market at the macro level [2][3][4] Summary by Related Catalogs Daily Views - Soybean Oil - Fundamental: The MPOB report shows that in May, Malaysian palm oil production 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 the end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, and the production reduction 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, and the supply of palm oil will increase in the subsequent production season [2] - Basis: The spot price of soybean oil is 8,568, and the basis is 80, indicating that the spot price is higher than the futures price [2] - Inventory: On August 22, the commercial inventory of soybean oil was 1.18 million tons, compared with 1.16 million tons previously, a month-on-month increase of 20,000 tons and a year-on-year increase of 11.7% [2] - Market: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [2] - Main position: The long positions of the main soybean oil contract have increased [2] - Expectation: The soybean oil Y2601 is expected to fluctuate in the range of 8,250 - 8,650 [2] Daily Views - Palm Oil - Fundamental: Similar to soybean oil, the MPOB report is neutral, and the production reduction is less than expected. The export data of Malaysian palm oil this month has increased by 4% month-on-month, and the supply will increase in the subsequent production season [3] - Basis: The spot price of palm oil is 9,638, and the basis is 56, indicating a neutral situation [3] - Inventory: On August 22, the port inventory of palm oil was 580,000 tons, compared with 570,000 tons previously, a month-on-month increase of 10,000 tons and a year-on-year decrease of 34.1% [3] - Market: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [3] - Main position: The main palm oil contract has shifted from long to short [3] - Expectation: The palm oil P2601 is expected to fluctuate in the range of 9,400 - 9,800 [3] Daily Views - Rapeseed Oil - Fundamental: Similar to soybean oil and palm oil, the MPOB report is neutral, and the production reduction is less than expected. The export data of Malaysian palm oil this month has increased by 4% month-on-month, and the supply will increase in the subsequent production season [4] - Basis: The spot price of rapeseed oil is 10,006, and the basis is 115, indicating that the spot price is higher than the futures price [4] - Inventory: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, compared with 550,000 tons previously, a month-on-month increase of 10,000 tons 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 short positions of the main rapeseed oil contract have increased [4] - Expectation: The rapeseed oil OI2601 is expected to fluctuate in the range of 9,700 - 10,100 [4] Recent Bullish and Bearish Analysis - Bullish factors: The US soybean stock-to-use ratio remains around 4%, indicating tight supply, and there is a tremor season for palm oil [5] - Bearish factors: The prices of oils and fats are at a relatively high historical level, the domestic inventory of oils and fats continues to accumulate, the macroeconomy is weak, and the expected production of related oils and fats is high [5] - Main logic: The global fundamentals of oils and fats are relatively loose [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Short - term, the upward momentum of oils and fats is weak and a callback is expected, but the callback range is limited. Holders of long positions can consider partial profit - taking and partial holding. Those without positions can consider short - selling or waiting patiently for the callback to go long at low prices. YP01 may rebound in the short term, and holders of YP narrowing positions can consider partial profit - taking and partial holding. P15 can be considered to be expanded after the callback. Options are recommended to be on the sidelines [5][6][10][12] 3. Summary According to Relevant Catalogs 3.1 Data Analysis - **Spot Prices and Basis**: For soybeans, the 2601 closing price is 8394 with a decrease of 20. The spot prices in Zhangjiagang, Guangdong, and Tianjin are 8574, 8694, and 8494 respectively, and the basis in these regions is 300, 180, and 100. For palm oil, the 2601 closing price is 9500 with a decrease of 54. The spot prices in Guangdong, Zhangjiagang, and Tianjin are 9480, 9480, and 9630 respectively, and the basis is - 20, - 20, and 130. For rapeseed oil, the 2601 closing price is 9791 with a decrease of 37. The spot prices in Zhangjiagang, Guangxi, and Guangdong are 9901, 9841, and the basis is 110 and 50 [3] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread of soybeans is 294 with an increase of 4; for palm oil, it is 296 with a decrease of 10; for rapeseed oil, it is 161 with an increase of 16 [3] - **Cross - Variety Spreads**: The 01 - contract Y - P spread is - 1106 with an increase of 34; the OI - Y spread is 1397 with a decrease of 17; the OI - P spread is 291 with an increase of 17; the oil - meal ratio is 2.70 with an increase of 0.03 [3] - **Import Profits**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia for September shipment is 1129, and the disk profit is - 216. The FOB price of crude rapeseed oil from Rotterdam for September shipment is 1040, and the disk profit is - 485 [3] - **Weekly Commercial Inventory**: In the 33rd week of 2025, the soybean oil inventory is 114.3 million tons, the palm oil inventory is 61.7 million tons, and the rapeseed oil inventory is 66 million tons [3] 3.2 Fundamental Analysis - **International Market**: From August 1 - 20, 2025, the yield per unit area of Malaysian palm oil decreased by 2.12% month - on - month, the oil extraction rate increased by 0.46% month - on - month, and the output increased by 0.3% month - on - month [5] - **Domestic Market (P/Y/OI)**: Palm oil futures prices fluctuated and slightly declined. As of August 15, 2025, the national commercial inventory of palm oil increased by 1.75 million tons to 61.73 million tons, with a growth rate of 2.92%. The origin quotation increased, and the import profit inversion expanded. There was a reported purchase of one ship. The short - term palm oil may experience a callback. Soybean oil futures prices fluctuated and slightly declined. The actual soybean crushing volume last week was 233.9 million tons, and the operating rate was 65.75%. As of August 15, 2025, the national commercial inventory of soybean oil increased by 0.50 million tons to 114.27 million tons, with a growth rate of 0.44%. The short - term soybean oil will be more resistant to decline. Rapeseed oil futures prices fluctuated and slightly declined. The rapeseed crushing volume of major coastal oil mills last week was 4.48 million tons, and the operating rate was 11.94%. As of August 15, 2025, the coastal rapeseed oil inventory decreased by 1.2 million tons to 66 million tons. The European rapeseed oil FOB quotation increased, and the import profit inversion expanded. There was a reported cancellation of near - month rapeseed contracts. The short - term rapeseed oil will maintain a large - range shock [5][6][10] 3.3 Trading Strategies - **Unilateral**: Short - term, expect oils and fats to have weak upward momentum and experience a callback, but the callback range is limited. Holders of long positions can consider partial profit - taking and partial holding. Those without positions can consider short - selling or waiting patiently for the callback to go long at low prices [12] - **Arbitrage**: YP01 may rebound in the short term, and holders of YP narrowing positions can consider partial profit - taking and partial holding. P15 can be considered to be expanded after the callback [12] - **Options**: On the sidelines [13] 3.4 Relevant Attachments - The attachments include multiple charts such as the spot basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, and the monthly spreads and cross - variety spreads of different oils [16][19]

Group 1: General Information - Reported industry: Oil and fat [1] - Date: August 19, 2025 [2] - Research team: Agricultural product research team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - **Market Review**: - East China tertiary rapeseed oil basis prices vary by month: August OI2601+110, September - October OI2601+200, August - September OI601+160 (non - GMO), and East China first - grade rapeseed oil in August is OI2601+180. - East China market soybean oil basis prices also vary: Spot Y2601+80, September Y2601+100, October - November Y2601+160, October - January Y2601+210. - Dongguan 24 - degree palm oil is 01 - 80 [7] - **Operation Suggestions**: - Palm oil continues to lead the rise. It has a short - term adjustment need according to technical analysis but is considered bullish in the medium term. The export data is positive for the market, with the export volume of Malaysian palm oil from August 1 - 15 increasing by 16.5% - 21.3% month - on - month, and Indian import demand may rebound in August. - For rapeseed oil, due to policy - influenced supply reduction, the strategy is to go long until the supply shortage situation is significantly improved. Sporadic purchases cannot fully make up for the supply gap from Canada. - For soybean oil, it is bullish in the long - term due to biodiesel policies in the US and Brazil, possible reduction in soybean imports in the fourth quarter, and domestic demand recovery. It may have short - term corrections [7] Group 3: Industry News - Malaysian palm oil export data from August 1 - 15: ITS reported an export volume of 724,191 tons, a 16.5% increase from July 1 - 15; AmSpec reported 696,425 tons, a 21.3% increase. Exports to China decreased by 2.83 million tons to 0.88 million tons compared to the same period last month. - CONAB increased the forecast of Brazil's 2024/25 soybean production to 1.6965 billion tons, slightly higher than last month's prediction. The 2025 export volume forecast is 1.0625 billion tons, and the ending inventory is expected to be 3.941 million tons, higher than last month [8] Group 4: Data Overview - Figures include spot prices of East China tertiary rapeseed oil, East China quaternary soybean oil, South China 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 dollar to RMB and US dollar to Malaysian ringgit. All data sources are Wind and the research and development department of Jianxin Futures [10][16][18][20][25][26]

Report Industry Investment Rating - No information about the industry investment rating is provided in the given content. Core Viewpoints of the Report - Internationally, the US soybean crush volume in July reached a six - month high and exceeded market expectations. CBOT soybean prices are in a narrow - range oscillation. Malaysian palm oil exports from August 1 - 15 were strong, with only a slight month - on - month increase in production, and the Malaysian palm oil futures price remained strong. Domestically, the soybean oil inventory continued to rise, and factors like increased exports and the Sino - US trade risk premium supported the soybean oil price. The mid - autumn festival stocking will start at the end of the month, and the progress of the Sino - US game should be followed. The palm oil inventory rose slightly, maintaining a pattern of weak supply and demand, and its futures price mainly follows the cost of the external market. For rapeseed oil, the domestic inventory is on a downward trend. Despite rumors of active far - month transactions of Australian rapeseed, the expectation of tight rapeseed imports remains due to the Sino - Canadian tariff issue [5]. Summary by Relevant Catalogs Macro and Industry News - South American crop expert Dr. Michael Cordonnier maintained the 2025 US soybean yield forecast at 52.5 bushels per acre [2]. - The NOPA's monthly crush report showed that on July 31, 2025, the soybean oil inventory of NOPA members was 1.379 billion pounds, a 0.4% decrease from the end of June and an 8% decrease from the same period last year [2]. - From August 1 - 15, the export volume of Malaysian palm oil increased by 16.5% - 21.3% month - on - month [2]. - As of August 15, 2025, the commercial inventory of soybean oil in key regions across the country was 1.1427 million tons, a 0.44% increase from the previous week [2]. - As of the week ending August 10, the export volume of Canadian rapeseed increased by 864.4% to 254,600 tons compared with the previous week, and the commercial inventory was 940,200 tons [3]. - As of the week ending August 15, the soybean crush volume of major domestic oil mills was 2.34 million tons, with increases compared to the previous week, the previous month, the same period last year, and the average of the past three years [3]. Fundamental Data Charts - No specific content about fundamental data charts is provided other than the title. Views and Strategies - International: The US soybean crush volume in July was high, exceeding expectations. The CBOT soybean price is oscillating narrowly. Malaysian palm oil exports are strong, and its futures price is strong [5]. - Domestic: Soybean oil inventory is rising, and price is supported. Pay attention to the Sino - US game. Palm oil inventory rises slightly, and its price follows the external market. Rapeseed oil inventory is decreasing, and the expectation of tight imports remains [5].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Due to the trade friction between China and Canada regarding rapeseed, the import cost of Canadian rapeseed has significantly increased. Some traders are seeking to import rapeseed from Australia, but the market expects the impact to be limited, causing the price of oils to rise and then fall [3] Group 3: Market Analysis Summary Futures Market - Yesterday, the closing price of the palm oil 2601 contract was 9,368.00 yuan/ton, a decrease of 56 yuan or 0.59% [1] - The closing price of the soybean oil 2601 contract was 8,520.00 yuan/ton, a decrease of 56.00 yuan or 0.65% [1] - The closing price of the rapeseed oil 2601 contract was 9,840.00 yuan/ton, a decrease of 224.00 yuan or 2.23% [1] Spot Market - In the Guangdong region, the spot price of palm oil was 9,310.00 yuan/ton, a decrease of 160.00 yuan or 1.69%, with a spot basis of P01 + -58.00, a decrease of 104.00 yuan [1] - In the Tianjin region, the spot price of first - grade soybean oil was 8,630.00 yuan/ton, a decrease of 50.00 yuan/ton or 0.58%, with a spot basis of Y01 + 110.00, an increase of 6.00 yuan [1] - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950.00 yuan/ton, a decrease of 220.00 yuan or 2.16%, with a spot basis of OI01 + 110.00, an increase of 4.00 yuan [1] Group 4: Recent Market Information Summary Import Prices - The C&F price of US Gulf soybeans (September shipment) was 460 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day [2] - The C&F price of US West soybeans (September shipment) was 454 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day [2] - The C&F price of Brazilian soybeans (October shipment) was 497 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day [2] - The C&F price of Canadian rapeseed (October shipment) was 549 US dollars/ton, an increase of 7 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed (December shipment) was 539 US dollars/ton, an increase of 7 US dollars/ton from the previous trading day [2] - The C&F price of Argentine soybean oil (September shipment) was 1,146 US dollars/ton, unchanged from the previous trading day [2] - The C&F price of Argentine soybean oil (November shipment) was 1,140 US dollars/ton, an increase of 2 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed oil (September shipment) was 1,035 US dollars/ton, unchanged from the previous trading day [2] - The C&F price of Canadian rapeseed oil (November shipment) was 1,015 US dollars/ton, unchanged from the previous trading day [2] Import Premiums - The import premium of Mexican Gulf soybeans (September shipment) was 210 cents/bushel, a decrease of 4 cents/bushel from the previous trading day [2] - The import premium of US West Coast soybeans (September shipment) was 184 cents/bushel, a decrease of 4 cents/bushel from the previous trading day [2] - The import premium of Brazilian ports (October shipment) was 313 cents/bushel, a decrease of 12 cents/bushel from the previous trading day [2] Brazilian Soybean Forecast - It is estimated that the soybean production in Brazil in the 2024/25 season will reach 169.657 million tons, an increase of 21.9207 million tons or 14.8% year - on - year, and an increase of 169,100 tons or 0.1% month - on - month [2] - The sown area of soybeans in Brazil in the 2024/25 season is expected to reach 47.6372 million hectares, an increase of 1.4826 million hectares or 3.2% year - on - year, and an increase of 22,300 hectares month - on - month [2] - The soybean yield per unit area in Brazil in the 2024/25 season is expected to be 3.56 tons/hectare, an increase of 360.5 kg/hectare or 11.3% year - on - year, and an increase of 1.9 kg/hectare or 0.1% month - on - month [2]