Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core View The prices of edible oils are expected to fluctuate. The domestic fundamentals are loose, and the domestic edible oil supply is stable. Sino - US relations are tense, which has put pressure on the price of new US soybeans due to export setbacks. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic edible oil fundamentals are neutral, and the import inventory is stable [2][3][4]. 3. Summary by Category Daily View - 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 the 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, the export data of Malaysian palm oil this month shows a 4% month - on - month increase. Entering the production - cut season, the supply pressure of palm oil decreases. [2] - **Basis**: The spot price of soybean oil is 8,260, with a basis of 438, indicating that the spot price is higher than the futures price, which is bullish [2]. - **Inventory**: On September 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period, a year - on - year increase of 11.7%, which is bearish [2]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2]. - **Main Position**: The long positions of the main soybean oil contract increased, which is bullish [2]. - **Expectation**: The soybean oil contract Y2605 is expected to fluctuate in the range of 7,600 - 8,000 [2]. Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, but entering the production - increase season, the supply of palm oil will increase [3]. - **Basis**: The spot price of palm oil is 8,420, with a basis of 78, indicating that the spot price is higher than the futures price, which is bullish [3]. - **Inventory**: On September 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period, a year - on - year decrease of 34.1%, which is bullish [3]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [3]. - **Main Position**: The short positions of the main palm oil contract decreased, which is bullish [3]. - **Expectation**: The palm oil contract P2605 is expected to fluctuate in the range of 8,200 - 8,600 [3]. Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, entering the production - increase season, the supply of palm oil will increase [4]. - **Basis**: The spot price of rapeseed oil is 9,681, with a basis of 731, indicating that the spot price is higher than the futures price, which is bullish [4]. - **Inventory**: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period, a year - on - year increase of 3.2%, which is bearish [4]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4]. - **Main Position**: The long positions of the main rapeseed oil contract decreased, which is bearish [4]. - **Expectation**: The rapeseed oil contract OI2605 is expected to fluctuate in the range of 8,800 - 9,200 [4]. Recent利多利空Analysis - **Likely Positives**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5]. - **Likely Negatives**: Edible oil prices are at a relatively high historical level, and domestic edible oil inventories are continuously increasing. The macro - economy is weak, and the expected production of related edible oils is high [5]. - **Main Logic**: The global edible oil fundamentals are relatively loose [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - 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. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to export setbacks. The inventory of Malaysian palm oil is neutral, and the 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 the import inventory is stable [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Daily Views 3.1.1 Soybean Oil - **Fundamentals**: The MPOB report shows that in August, Malaysian palm oil production decreased by 9.8% month - on - month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end - of - month inventory decreased by 2.6% to 1.83 million tons. The report is neutral with less - than - expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and the supply pressure of palm oil will decrease as it enters the production - reduction season [2]. - **Basis**: The spot price of soybean oil is 8,472, with a basis of 188, indicating that the spot price is higher than the futures price, which is bullish [2]. - **Inventory**: On September 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous period and a 11.7% year - on - year increase, which is bearish [2]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2]. - **Main Position**: The long positions of the main soybean oil contract have increased, which is bullish [2]. - **Expectation**: The soybean oil contract Y2601 is expected to fluctuate in the range of 8,000 - 8,400 [2]. 3.1.2 Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral with less - than - expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and the supply of palm oil will increase as it enters the production - increase season [3]. - **Basis**: The spot price of palm oil is 8,690, with a basis of 38, indicating a neutral situation [3]. - **Inventory**: On September 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous period and a 34.1% year - on - year decrease, which is bullish [3]. - **Market**: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [3]. - **Main Position**: The short positions of the main palm oil contract have decreased, which is bullish [3]. - **Expectation**: The palm oil contract P2601 is expected to fluctuate in the range of 8,400 - 8,800 [3]. 3.1.3 Rapeseed Oil - **Fundamentals**: The same MPOB report situation as above. The supply of palm oil will increase as it enters the production - increase season [4]. - **Basis**: The spot price of rapeseed oil is 10,145, with a basis of 375, indicating that the spot price is higher than the futures price, which is bullish [4]. - **Inventory**: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous period and a 3.2% year - on - year increase, which is bearish [4]. - **Market**: The futures price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [4]. - **Main Position**: The long positions of the main rapeseed oil contract have increased, which is bullish [4]. - **Expectation**: The rapeseed oil contract OI2601 is expected to fluctuate in the range of 9,500 - 9,900 [4]. 3.2 Recent利多利空Analysis - **Likely to be Bullish**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5]. - **Likely to be Bearish**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats is continuously increasing. The macro - economy 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].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - 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 Sino - US relationship is tense, which affects the export of new US soybeans and pressures prices. The Malaysian palm oil inventory is neutral, demand has improved, and Indonesia's B40 policy promotes domestic consumption with a planned B50 implementation in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4]. - The main trading ranges are expected to be 8000 - 8400 for soybean oil Y2601, 8900 - 9300 for palm oil P2601, and 9500 - 9900 for rapeseed oil OI2601 [2][3][4]. 3. Summary by Related Catalogs 3.1 Daily Views - **Soybean Oil** - Fundamental: The MPOB report for August showed a 9.8% MoM decrease in Malaysian palm oil production to 1.62 million tons, a 14.74% MoM decrease in exports to 1.49 million tons, and a 2.6% MoM decrease in end - of - month inventory to 1.83 million tons. The report is neutral with less - than - expected production cuts. Current shipping survey data shows a 4% MoM increase in Malaysian palm oil exports this month, and palm oil supply pressure will decrease as it enters the production - reduction season [2]. - Basis: The spot price of soybean oil is 8442, with a basis of 114, indicating the spot price is at a premium to the futures price [2]. - Inventory: On September 22, the commercial inventory of soybean oil was 1.18 million tons, a MoM increase of 20,000 tons and a YoY increase of 11.7% [2]. - Market: The futures price is below the 20 - day moving average, and the 20 - day moving average is downward [2]. - Main Position: The long positions of the main soybean oil contract increased [2]. - **Palm Oil** - Fundamental: Similar to soybean oil, the MPOB report is neutral. However, palm oil will enter the production - increase season, so supply will increase [3]. - Basis: The spot price of palm oil is 9182, with a basis of 18, indicating the spot price is at a discount to the futures price [3]. - Inventory: On September 22, the port inventory of palm oil was 580,000 tons, a MoM increase of 10,000 tons and a YoY decrease of 34.1% [3]. - Market: The futures price is 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 increased [3]. - **Rapeseed Oil** - Fundamental: Same as above for the MPOB report, and palm oil supply will increase as it enters the production - increase season [4]. - Basis: The spot price of rapeseed oil is 10151, with a basis of 317, indicating the spot price is at a premium to the futures price [4]. - Inventory: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, a MoM increase of 10,000 tons and a YoY increase of 3.2% [4]. - Market: The futures price is 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 increased [4]. 3.2 Recent利多利空Analysis - **Lido**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply, and there is a palm oil tremor season [5]. - **Negative**: The prices of oils and fats are at a relatively high historical level, domestic inventories of oils and fats are continuously increasing, the macro - economy 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].