Report Information - Report Date: March 2, 2026 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core Viewpoints - The three major oils are in a fierce game between "strong expectations and weak reality." The biofuel blending volume authorization proposal may be finalized before the end of March. The US biodiesel policy and Indonesia's B35 policy provide long - term demand support and price bottom for the oil and fat sector. It is recommended to maintain a bullish mindset before the final US biodiesel policy is released, but be vigilant against the callback risk of "buy on expectation, sell on fact" [6]. - For palm oil, pay attention to whether the export data brought by Ramadan stocking can trigger a market rebound. Later, the main palm oil producing areas will gradually enter the seasonal production - increasing cycle, which will suppress the market again. For rapeseed oil, pay attention to the upcoming results of the anti - dumping investigation on Canadian rapeseed and whether there will be adjustments to the additional tariffs on rapeseed oil and rapeseed meal. Recently, the overall trend of the oil and fat market is unclear, but the volatility may increase significantly [6]. Summary by Directory 1. Market Review and Operation Suggestions - From February 1 - 25, 2026, the palm oil production in Malaysia decreased by 16.25% month - on - month according to SPPOMA data. The fresh fruit bunch (FFB) yield per unit decreased by 17.78% month - on - month, and the oil extraction rate (OER) increased by 0.1% month - on - month [8]. - From February 1 - 20, 2026, the palm oil production in Malaysia decreased by 12.29% month - on - month according to MPOA data. The production in the Malaysian Peninsula decreased by 10.74% month - on - month, the production in Sabah decreased by 15.23% month - on - month, the production in Sarawak decreased by 11.20% month - on - month, and the production in East Malaysia decreased by 14.19% month - on - month [8]. 2. Industry News - Not provided 3. Data Overview - South China rapeseed oil: From June to September, the price of No. 3 rapeseed oil is 09 + 250, and the price of No. 1 rapeseed oil is 09 + 450. In the East China market, the basis price of soybean oil: For No. 1 soybean oil, the spot price is Y05 + 350; the far - month price is 05 + 350 (March), 05 + 230 (May - July), 09 + 260 (June - September); for No. 3 soybean oil, it is 05 + 320; for degummed soybean oil, it is 05 + 120 from March to May. The palm oil quotes of Dongguan traders are stable with a downward trend: Guangzhou Yihai's 18 - degree palm oil is 05 + 150; the 24 - degree palm oil of various factories in Dongguan is 05 - 40; the national standard 24 - degree palm oil in Guangdong is 05 + 0; the 52 - degree palm oil of various factories in Dongguan is 05 - 200; the 33 - degree palm oil of various factories in Dongguan is 05 + 20 [6]. - There are multiple data charts including the spot price of South China 24 - degree palm oil, palm oil basis change, East China No. 3 rapeseed oil spot price, East China No. 4 soybean oil spot price, soybean oil basis change, rapeseed oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to RMB exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [12][15][21][23][29][30]