Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - Palm oil production reduction is not clear, and the rebound height is limited [1] - The driving force for US soybeans is insufficient, and soybean oil will mainly fluctuate [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Fluctuations**: Palm oil's day - session closed at 8,656 yuan/ton with a 1.33% increase, and night - session at 8,546 yuan/ton with a - 1.27% decrease; soybean oil's day - session closed at 8,268 yuan/ton with a 0.56% increase, and night - session at 8,000 yuan/ton with a - 3.24% decrease; rapeseed oil's day - session closed at 9,599 yuan/ton with a 1.65% increase, and night - session at 9,390 yuan/ton with a - 2.18% decrease. Malaysian palm oil's day - session closed at 4,064 ringgit/ton with a 0.07% increase, and night - session at 4,040 ringgit/ton with a - 0.57% decrease. CBOT soybean oil closed at 51.32 cents/pound with a - 0.56% decrease [1] - **Trading Volume and Open Interest**: Palm oil's trading volume decreased by 220,676 lots to 180,995 lots, and open interest decreased by 21,841 lots to 143,530 lots; soybean oil's trading volume decreased by 28,218 lots to 101,511 lots, and open interest decreased by 10,246 lots to 203,342 lots; rapeseed oil's trading volume increased by 43,222 lots to 203,904 lots, and open interest decreased by 14,228 lots to 75,900 lots [1] - **Spot Prices and Changes**: Palm oil in Guangdong was 8,680 yuan/ton with a 40 - yuan increase; first - grade soybean oil in Guangdong was 8,610 yuan/ton with a 50 - yuan increase; fourth - grade imported rapeseed oil in Guangxi was 10,170 yuan/ton with a 300 - yuan increase; Malaysian palm oil FOB was 1,030 dollars/ton with a 5 - dollar decrease [1] - **Basis**: Palm oil basis in Guangdong was 24 yuan/ton; soybean oil basis in Guangdong was 342 yuan/ton; rapeseed oil basis in Guangxi was 571 yuan/ton [1] - **Price Spreads**: Rapeseed - palm oil futures spread was 664 yuan/ton (previous two - day: 915 yuan/ton); soybean - palm oil futures spread was - 606 yuan/ton (previous two - day: - 528 yuan/ton); palm oil 1 - 5 spread was 14 yuan/ton (unchanged); soybean oil 1 - 5 spread was 232 yuan/ton (previous two - day: 222 yuan/ton); rapeseed oil 1 - 5 spread was 293 yuan/ton (previous two - day: 290 yuan/ton) [1] 3.2 Macro and Industry News - SPPOMA: From December 1 - 10, 2025, Malaysian palm oil yield per unit area increased by 7.24% month - on - month, oil extraction rate decreased by 0.07% month - on - month, and production increased by 6.87% month - on - month [2] - CIMB Securities: Malaysia's December palm oil inventory is expected to increase by 3.0% month - on - month to 2.93 million tons, exports to increase moderately by 2.0% month - on - month, and production to decrease by 11% month - on - month to 1.72 million tons [3][4] - USDA: Private exporters reported selling 264,000 tons of soybeans to China and 226,000 tons to unknown destinations for delivery in 2025/2026 [4] - CONAB: Brazil's 2025/26 soybean production is expected to reach 177.1236 million tons, a 3.3% increase year - on - year (5.6431 million tons increase); the sowing area is expected to reach 48.9356 million hectares, a 3.4% increase year - on - year (1.5895 million hectares increase) [4] - IBGE: Brazil's 2025 soybean planting area is expected to be 47.691363 million hectares, unchanged from last month's estimate and a 3.6% increase from last year; the production is estimated to be 165.957783 million tons, unchanged from last month's estimate and a 14.5% increase from last year. Brazil's 2026 agricultural production is estimated to be 218.017021 million tons, a 0.8% increase from 2025. Brazil's 2026 soybean production is estimated to be 167.554994 million tons, a 1.0% increase from 2025 [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being most bearish and 2 being most bullish [6]