Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Core View of the Report - The prices of the three major oils fluctuated yesterday. The USDA report will be released on Friday night. Due to the dry conditions in the eastern soybean - producing areas in August, there are differences in institutional expectations regarding the soybean yield in the USDA report. Some expect a yield cut, while others think the yield will remain unchanged or increase. The market is waiting for the USDA report and is currently in a state of fluctuating operation [1][3] Summary by Related Catalog Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9330.00 yuan/ton, a change of +86 yuan or +0.93% compared to the previous day; the closing price of the soybean oil 2601 contract was 8336.00 yuan/ton, a change of +80.00 yuan or +0.97%; the closing price of the rapeseed oil 2601 contract was 9893.00 yuan/ton, a change of +123.00 yuan or +1.26% [1] - Spot: In the Guangdong area, the spot price of palm oil was 9160.00 yuan/ton, a change of -110.00 yuan or -1.19%, and the spot basis was P01 + - 170.00, a change of -196.00 yuan; in the Tianjin area, the spot price of first - grade soybean oil was 8440.00 yuan/ton, a change of -20.00 yuan/ton or -0.24%, and the spot basis was Y01 + 104.00, a change of -100.00 yuan; in the Jiangsu area, the spot price of fourth - grade rapeseed oil was 10090.00 yuan/ton, a change of +120.00 yuan or +1.20%, and the spot basis was OI01 + 197.00, a change of -3.00 yuan [1] Market Information Summary - Brazil: The Brazilian Institute of Geography and Statistics (IBGE) expects the soybean planting area in Brazil in 2025 to be 47.666743 million hectares, a 3.5% increase from last month's forecast and a 0.2% increase from the previous year. The soybean production is estimated to be 165.89 million tons, a 0.2% increase from last month's forecast and a 14.5% increase from the previous year. CONAB predicts that the soybean production in Brazil in the 2024/25 season will reach 171.4723 million tons, an increase of 20.1889 million tons or 13.3% year - on - year [2] - US: As of the week ending September 4, the net sales of US soybeans for the 2025/2026 season were 541,000 tons, compared with 818,000 tons in the previous week [2] - Malaysia: The European Union's recognition of the Malaysian Sustainable Palm Oil (MSPO) certification is an important milestone for Malaysian exporters. It is expected to facilitate trade, strengthen market access, enhance consumer confidence, and promote international cooperation in deforestation - free trade. From September 1 - 10, 2025, the palm oil yield per unit area in Malaysia decreased by 2.70% compared to the same period last month, the oil extraction rate decreased by 0.09%, and the production decreased by 3.17% [2]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - For palm oil, it's recommended to focus on low - buying strategies as U.S. soybean oil gets support; for soybean oil, it has stabilized as U.S. soybeans closed higher [1] - Analysts have different expectations for palm oil prices, with some believing prices will remain under pressure due to factors like inventory increase, weak exports, and strong production; while the EU's recognition of MSPO is expected to promote trade [3][4][5] - For soybeans, there are various predictions on production, demand, and related factors in different regions such as the U.S., Brazil, and Argentina [6][7][8] 3) Summary by Relevant Catalogs a. Fundamental Data of Oils and Fats - **Futures Prices and Trading Volume**: Palm oil's daytime closing price was 9,330 yuan/ton with a daily increase of 0.93%, and night - time closing price was 9,348 yuan/ton with a 0.19% increase. For soybean oil, the daytime closing price was 8,336 yuan/ton with a 0.97% increase, and the night - time was 8,326 yuan/ton with a - 0.12% change. For rapeseed oil, daytime was 9,893 yuan/ton with a 1.26% increase, and night - time was 9,902 yuan/ton with a 0.09% increase. The trading volume of palm oil decreased by 140,395 hands, soybean oil by 144,185 hands, and rapeseed oil increased by 16,828 hands [1] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 9,220 yuan/ton, down 50 yuan/ton; the price of first - grade soybean oil in Guangdong was 8,630 yuan/ton, down 30 yuan/ton; the price of fourth - grade imported rapeseed oil in Guangxi was 9,870 yuan/ton, up 30 yuan/ton [1] - **Basis and Spreads**: The basis of palm oil in Guangdong was - 110 yuan/ton, soybean oil in Guangdong was 294 yuan/ton, and rapeseed oil in Guangxi was - 23 yuan/ton. The futures spread between rapeseed oil and palm oil was 563 yuan/ton, between soybean oil and palm oil was - 994 yuan/ton [1] b. Macro and Industry News - **Palm Oil in Malaysia**: From September 1 - 10, 2025, Malaysia's palm oil yield per unit decreased by 2.70% month - on - month, oil extraction rate decreased by 0.09%, and production decreased by 3.17%. Analysts expect Malaysia's September palm oil inventory to increase by 6% to 2.3 million tons due to weak exports and domestic demand. The EU's recognition of MSPO will help trade [2][3][5] - **Soybeans in the U.S.**: Analysts expect the USDA to lower the U.S. soybean yield forecast to 53.3 bushels per acre, but the production is expected to be 4.271 billion bushels. About 22% of the U.S. soybean - growing area was affected by drought as of September 9. The estimated soybean crushing volume in August was 182.857 million bushels, down 6.6% from July [6] - **Soybeans in Brazil and Argentina**: Brazil's 2025 soybean production is estimated to be 165.89 million tons, up 0.2% from last month's estimate and 14.5% from last year. Argentina's soybean sales slowed down, with farmers pre - selling 31.29 million tons of 2024/25 soybeans as of September 3 [7][8] c. Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral trend [9]