1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The price of palm oil is experiencing heightened volatility at high levels, and attention should be paid to the impact of crude oil [1]. - Soybean oil is supported by the cost of US soybeans, and there may be a short - term correction [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Fluctuations**: Palm oil's main contract had a daily - closing price of 9,720 yuan/ton with a 5.45% increase, and a night - closing price of 9,742 yuan/ton with a 0.23% - 0.18% change; soybean oil's main contract had a daily - closing price of 8,672 yuan/ton with a 3.09% increase, and a night - closing price of 8,656 yuan/ton; rapeseed oil's main contract had a daily - closing price of 9,954 yuan/ton with a 2.98% increase, and a night - closing price of 9,952 yuan/ton with a - 0.02% change. The main contract of Malaysian palm oil had a closing price of 4,570 ringgit/ton with a 4.70% increase and a night - closing price of 4,574 ringgit/ton with a 0.15% increase. The main contract of CBOT soybean oil had a closing price of 66.07 cents/pound with a - 0.77% change [2]. - **Trading Volume and Open Interest**: Palm oil's main contract had a trading volume of 892,943 lots with a change of 363,533 lots, and an open interest of 385,075 lots with a change of 9,545 lots; soybean oil's main contract had a trading volume of 936,143 lots with a change of 585,844 lots, and an open interest of 656,575 lots with a change of - 12,368 lots; rapeseed oil's main contract had a trading volume of 362,000 lots with a change of 133,709 lots, and an open interest of 273,150 lots with a change of - 19,239 lots [2]. - **Spot Prices and Changes**: The spot price of 24 - degree palm oil in Guangdong was 9,830 yuan/ton with a change of 630 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 9,350 yuan/ton with a change of 500 yuan/ton; the spot price of imported fourth - grade rapeseed oil in Guangxi was 10,610 yuan/ton with a change of 460 yuan/ton; the FOB price of Malaysian palm oil was 1,135 US dollars/ton with a change of 35 US dollars/ton [2]. - **Basis**: The basis of palm oil in Guangdong was 110 yuan/ton; the basis of soybean oil in Guangdong was 678 yuan/ton; the basis of rapeseed oil in Guangxi was 656 yuan/ton [2]. - **Price Spreads**: The spread between rapeseed oil and palm oil's main futures contracts was 234 yuan/ton; the spread between soybean oil and palm oil's main futures contracts was - 1,048 yuan/ton; the 5 - 9 spread of palm oil was 88 yuan/ton; the 5 - 9 spread of soybean oil was 72 yuan/ton; the 5 - 9 spread of rapeseed oil was 122 yuan/ton [2]. 3.2 Macro and Industry News - US President Trump stated that the US military action against Iran would end "soon", and the overnight crude oil price dropped significantly. He also mentioned that he knew in advance that oil and gas prices would rise, and the increase was lower than his expectation. He was "disappointed" with the new leader of Iran and threatened to strike harder if Iran disrupted oil supply, and would lift some sanctions to lower oil prices [3]. - Indonesia may resume the plan to launch mandatory B50 - grade palm - based biodiesel in the middle of this year due to the soaring crude oil price caused by the Middle - East conflict, but no decision has been made yet [5]. - Thailand will increase the biodiesel blending ratio from 5% to 7% starting from March 14 to reduce diesel use [6]. - As of last Thursday, Brazilian farmers had harvested 51% of the 2025/26 soybean crop, 12 percentage points higher than the previous week but still lower than the 61% of the same period last year. The current progress is the slowest since the 2020/21 season [6]. - According to CONAB, as of March 7, the soybean harvest rate in Brazil was 50.6%, up from 41.7% last week, compared with 60.9% in the same period last year and a five - year average of 48.5% [6]. - After the timely rainfall in February, the crop conditions in Argentina stabilized, and the estimated soybean production for the 2025 - 26 season remained at 48 million tons [6]. - The Soybean Processors Association of India (SOPA) raised the estimated soybean production for the 2025 - 26 season due to the higher yield in major producing states [7]. - Due to the tense situation in the Middle - East, the soybean exports from Brazil and the US may decline in the next few weeks [7]. - In 2025, Iran imported 1.4 million tons of soybeans from Brazil, a 25.3% year - on - year decrease, and Brazil exported 675,091 tons of soybeans to Iraq, an 11.7% year - on - year increase [7]. - Brazil is expected to export 17.249 million tons of soybeans in March, more than the estimated amount of the same period last year. The initial estimate of the shipment volume in April 2026 is 2.127 million tons. The cumulative estimated shipment volume from January to April 2026 is 30.695 million tons, while Brazil exported 22.155 million tons of soybeans from January to March 2025 [8]. 3.3 Trend Intensity - The trend intensity of palm oil is - 1, and the trend intensity of soybean oil is - 1 [9].