Group 1: Report Basic Information - Reported industry: Oil and fat [1] - Report date: December 23, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - P2605: Previous settlement price 8336, opening price 8256, highest price 8422, lowest price 8230, closing price 8414, up 18, increase 0.94%, trading volume 431457, open interest 452542, change -689 [7] - P2601: Previous settlement price 8320, opening price 8240, highest price 8406, lowest price 8230, closing price 8400, up 80, increase 0.96%, trading volume 25444, open interest 56436, change -5472 [7] - Y2605: Previous settlement price 7728, opening price 7714, highest price 1116, lowest price 7680, closing price 1112, up 44, increase 0.57%, trading volume 238786, open interest 658590, change -9833 [7] - Y2601: Previous settlement price 7956, opening price 7912, highest price 8016, lowest price 7912, closing price 8002, up 46, increase 0.58%, trading volume 42026, open interest 55188, change -15386 [7] - O1605: Previous settlement price 8823, opening price 8744, highest price 8892, lowest price 8712, closing price 8864, up 41, increase 0.46%, trading volume 281355, open interest 200067, change -8112 [7] - OI601: Previous settlement price 9013, opening price 8949, highest price 9066, lowest price 8893, closing price 9044, up 31, increase 0.34%, trading volume 16933, open interest 18383, change -3661 [7] Market Analysis - Intra - day oil and fat closed with a positive line, palm oil stopped falling and rebounded first. The rebound of CBOT soybeans and crude oil boosted the domestic oil and fat market [8] - Malaysian high - frequency data showed that the export data from December 1 - 20 improved and the production decline in southern Malaysia from December 1 - 20 expanded, providing support for the palm oil market [8] - Rumors of the suspension of imported soybean auctions and the continued decline of domestic soybean oil inventory made the basis of soybean oil strong, and the futures price had strong support at the current position [8] - Rapeseed oil was considered to have a lower valuation due to the record global rapeseed production and the contraction of Canadian exports affected by Chinese tariffs, and was generally used as a short - side allocation in arbitrage [8] Operation Suggestions - Futures prices may have an oversold rebound, but caution should be exercised regarding the height of the unilateral upward movement. In arbitrage, long positions in palm oil and soybean oil and short positions in rapeseed oil [8] Group 3: Industry News - As of December 17, the sowing of Argentina's 2025/26 soybean crop was 67.3% complete, up from 58.6% a week ago. 93% of the sown soybeans were rated normal to excellent, and 92% of the bean fields had suitable to optimal moisture. 6.2% of the soybeans had entered the early flowering stage, and the sowing progress of second - season soybeans reached 40.6% of the intended area [9] - According to ITS, Malaysia's palm oil exports from December 1 - 20 were 851057 tons, up 2.4% from 831005 tons in the same period of November. Exports to China were 102,000 tons, down 4000 tons from the previous month [9] Group 4: Data Overview - SPPOMA data showed that Malaysia's palm oil production from December 1 - 20 decreased by 7.15% month - on - month, with the fresh fruit bunch (FFB) yield down 6.26% and the oil extraction rate (OER) down 0.17% [16] - AmSpec data showed that Malaysia's palm oil exports from December 1 - 20 were 821442 tons, down 0.9% from 828680 tons in the same period of November [16] - SGS data showed that Malaysia's palm oil exports from December 1 - 20 were 676674 tons, up 43.6% from 471222 tons in the same period of November. Exports to China were 83,000 tons, up 45,000 tons from the previous month [16] - ITS data showed that Malaysia's palm oil exports from December 1 - 20 were 851057 tons, up 2.4% from 831005 tons in the same period of November. Exports to China were 102,000 tons, down 4000 tons from the previous month [16]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The report provides overnight market information and data related to the soybean and oilseeds industry, including export sales, export inspections, planting progress, and price data [1] 3. Summary by Relevant Catalog Overnight Market Information - A private exporter reported the sale of 123,000 tons of soybeans to China for delivery in the 2025/2026 market year [1] US Soybean Export Inspection - For the week ending November 20, 2025, the US soybean export inspection volume was 799,042 tons, in line with expectations [1] - So far this crop year, the cumulative US soybean export inspection volume is 10,937,372 tons, compared to 19,707,429 tons in the same period of the previous year [1] US Soybean and Related Product Export Sales Forecast - As of the week ending October 9, US soybean export sales are expected to net increase by 50 - 140 million tons, with 50 - 140 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - US soybean meal export sales are expected to net increase by 15 - 40 million tons, with 15 - 40 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - US soybean oil export sales are expected to net increase by 0.5 - 3 million tons, with 0.5 - 3 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] Brazilian Soybean Planting Progress - As of last Thursday, Brazilian soybean planting for the 2025/26 season reached 81% of the expected area, 10% faster than the previous week but still behind the 86% of the same period last year [1] Brazilian Soybean Export Data - In the first three weeks of November 2025, Brazil exported 3,366,334.35 tons of soybeans, with a daily average export volume of 240,452.45 tons, a 79% increase compared to the daily average export volume in November 2024 [1] Spot Price - The report provides spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil from November 18 - 24, 2025 [1]

Report Overview - Report Date: September 30, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - The funds in the oil and fat sector have flowed out, trading volume has slowed down, and the market has shown a fluctuating downward trend. For the 01 contract, there is pressure above but also support below, so it is expected to move in a range; for the 05 contract, the strategy is to buy at low prices and roll over for long positions. As the long holiday approaches, attention should be paid to risk control [7] - Although the soybean production in Brazil's 2025/26 season is expected to reach a record high, the climate change in October, the key sowing window period, needs to be closely monitored. If the subsequent rainfall continues to fall short of expectations, it may affect the crop emergence uniformity and potential yield per unit area [9] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: In the East China market, the basis prices of different grades of rapeseed oil and soybean oil at different times, as well as the quotes of palm oil of different grades in Guangdong, are given [7] - **Market Analysis**: The oil and fat sector has seen capital outflows, trading volume has slowed down, and the market has trended downward. Short - term seasonal pressure comes from the harvest of North American oilseeds. The 01 contract is expected to move in a range, while the 05 contract is recommended for low - buying and rolling long positions [7] 2. Industry News - **Malaysian Palm Oil**: From September 1 - 25, 2025, Malaysian palm oil exports increased (12.9% according to ITS and 11.3% according to AmSpec), while production decreased by 4.14% compared with the previous period. As of the end of the 39th week of 2025, the domestic palm oil inventory decreased by 20,000 tons to 534,000 tons, and the contract volume increased by 4,000 tons to 35,000 tons [8] - **Brazilian Soybeans**: The sowing progress of soybeans in Brazil's 2025/26 season is slow, with only about 1% of the planting area sown as of last week, significantly lower than the same period in previous years. The uneven distribution of rainfall has increased farmers' uncertainty [9] 3. Data Overview - The report presents figures on the spot prices of East China's tertiary rapeseed oil, quaternary soybean oil, South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the price spreads of different palm oil contracts, with data sources from Wind and the Research and Development Department of CCB Futures [10][13][16]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - This week, soybean meal fluctuated. The US and the UK reached a tariff agreement, and the UK will increase imports of US agricultural products, which may have a leading effect and benefit US soybean exports. China and the US have started contact and talks, but it may be difficult to reach a consensus in the short term, with limited impact. Last week, the net sales of US soybean exports were 387,000 tons, in line with expectations, supporting the upward fluctuation of US soybeans. However, the USDA drought report showed that as of May 6, the drought - affected area of US soybeans remained stable at 15%, which was relatively low overall. Argentina raised its soybean production forecast for this year by 1.4 million tons to 50 million tons, which was negative for US soybeans. In China, as the customs clearance of imported soybeans resumes, the operating rate of oil mills has gradually increased, and the spot supply of soybean meal has changed from tight to loose, with the spot basis dropping significantly. Currently, the soybean and soybean meal inventories of oil mills are low, but they are about to enter the inventory - building cycle. The long - and short - term factors are intertwined, and US soybeans fluctuate. The supply of domestic soybean meal has changed from tight to loose, and the soybean supply is sufficient from May to July. The resumption of normal operation of oil mills suppresses the near - month continuous soybean meal to fluctuate weakly. However, there is a replenishment demand from downstream after the festival, which supports the short - term stability of soybean meal spot. In the long - term, the reduction of the US soybean planting area is basically certain, and the background of production reduction supports the bullish sentiment for the far - month soybean meal. At the same time, the development of China - US tariffs is positive for long - term US soybeans. It is still recommended to go long on the far - month soybean meal at low levels. The strategy is to go long on soybean meal 09 at a low level in the range of 2900 - 3000 [6]. 3. Summary by Relevant Catalog 3.1 Market Review - The CBOT soybean closed at 1052.25 cents per bushel this week, down 6.00 points from last week's close, with a weekly decline of 0.57%. The M2509 soybean meal closed at 2899 yuan per ton, down 21 points from last week's close, with a weekly decline of 0.72% [8] 3.2 Fundamental Analysis 3.2.1 Cost Side - **Weather and Sowing**: In the US soybean - producing areas, the rainfall is average and the temperature is gradually decreasing. As of the week of May 4, 2025, the US soybean planting rate was 30%, lower than the market expectation of 31%, higher than 18% of the previous week, 24% of the same period last year, and the five - year average of 23% [12][21] - **US Soybean Exports**: As of the week of May 1, the net sales of US soybeans for the 2024/2025 season were 377,000 tons, down from 428,000 tons in the previous week; the net sales for the 2025/2026 season were 10,000 tons, down from 50,000 tons in the previous week [12][24] - **Brazilian Soybeans**: As of May 3, the harvesting rate of Brazilian soybeans in the 2024/2025 season was 97.7%, up from 94.8% last week, higher than 94.3% of the same period last year and the five - year average of 96.3%. The estimated export volume in May is 12.6 million tons, a year - on - year decrease of 870,000 tons. As Brazilian soybeans are exported in large quantities, the near - month premium of Brazilian soybeans has declined again [12][27][34] - **Argentine Soybeans**: As of May 2, the Argentine soybean harvesting rate was 23%, up from 14% last week, lower than 36.2% of the same period last year [12][30] 3.2.2 Supply - In the 18th week (April 26 - May 2), a total of 25 ships of soybeans, about 1.625 million tons, arrived at domestic full - sample oil mills [12][38] 3.2.3 Demand - In the 19th week (May 3 - May 9), the actual soybean crushing volume of oil mills was 1.846 million tons, with an operating rate of 51.89%, 103,000 tons higher than the forecast. The trading volume of soybean meal was 1.0584 million tons, and the pick - up volume was 603,900 tons [12][38][42] 3.2.4 Inventory - In the 18th week of 2025, the soybean inventory, soybean meal inventory, and unexecuted contracts of major domestic oil mills all increased. The soybean inventory was 4.7464 million tons, an increase of 151,600 tons from last week, a year - on - year increase of 556,300 tons; the soybean meal inventory was 82,100 tons, an increase of 7300 tons from last week, a year - on - year decrease of 443,000 tons [12][45] 3.3 Spread Tracking - No specific content provided for spread tracking other than listing the types such as the 9 - 1 spread of soybean meal and the soybean - rapeseed meal spread [51]