（文章来源：新华财经） 马来西亚棕榈油局（MPOB）月度报告显示，马来西亚10月棕榈油产量为2043886吨，环比增长 11.02%；棕榈油出口为1692895吨，环比增长18.58%。截至10月末，马来西亚棕榈油库存量为2464452 吨，环比增长4.44%。 ...

Report Industry Investment Rating - The investment strategy for the oil and fat industry is neutral [4] Core Viewpoint - The prices of the three major oils fluctuated yesterday. South American soybean sowing progress is good, with some producing areas setting new records. There are strong expectations of a bumper harvest in North America, and the global soybean supply is sufficient. Palm oil production remains at a relatively high level. Although the biodiesel policy may provide some support for prices, the market is currently a mix of long and short factors, resulting in a volatile market [3] Summary by Related Catalogs Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9,364 yuan/ton, a decrease of 74 yuan or 0.78% from the previous day; the closing price of the soybean oil 2601 contract was 8,268 yuan/ton, a decrease of 34 yuan or 0.41%; the closing price of the rapeseed oil 2601 contract was 10,022 yuan/ton, a decrease of 39 yuan or 0.39% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,220 yuan/ton, a decrease of 220 yuan or 2.33% from the previous day, with a spot basis of P01 + -144 yuan, a decrease of 146 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,430 yuan/ton, a decrease of 90 yuan or 1.06%, with a spot basis of Y01 + 162 yuan, a decrease of 56 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,320 yuan/ton, a decrease of 10 yuan or 0.10%, with a spot basis of OI01 + 298 yuan, an increase of 29 yuan [1] Market Information Aggregation - Brazilian Crop Sowing: As of last Thursday, the sowing rate of Brazil's 2025/26 soybean crop had reached 14%, making it the third - fastest sowing progress in the same period. The current sowing progress is higher than 9% a week ago and 8% in the same period last year. The sowing area of Brazil's 2025/26 first - crop corn has reached 45% of the planned planting area in the central - southern region, higher than 41% in the same period last year [2] - Inventory: As of October 10, 2025, the commercial inventory of soybean oil in key regions across the country was 1.2651 million tons, an increase of 16,400 tons or 1.31% from the previous week. The commercial inventory of palm oil in key regions was 547,600 tons, a decrease of 4,600 tons from the previous week [2] - Malaysian Palm Oil Production: From October 1 - 10, 2025, the yield per unit area of Malaysian palm oil increased by 6.02% compared to the same period last month, the oil extraction rate increased by 0.11%, and the output increased by 6.59% [2] - Import Prices: There were various price adjustments for imported agricultural products, including decreases in the C&F prices of Canadian rapeseed, American and Brazilian soybeans, and some adjustments in the C&F prices of Argentine soybean oil and Canadian rapeseed oil [2]

Group 1 - The core point of the article highlights a decrease in palm oil production metrics in Malaysia for the period of September 1-25, 2025, compared to the previous month [1] Group 2 - Malaysia's palm oil yield per hectare decreased by 3.19% month-on-month [1] - The extraction rate of palm oil also saw a decline of 0.18% compared to the same period last month [1] - Overall production volume of palm oil in Malaysia dropped by 4.14% month-on-month [1]

Group 1 - The core point of the article indicates that Malaysia's palm oil production metrics have shown a decrease in yield and production for the period of August 1-25, 2025, compared to the previous month [1] Group 2 - Malaysia's palm oil yield per hectare decreased by 3.26% compared to the same period last month [1] - The extraction rate for palm oil increased by 0.4% compared to the same period last month [1] - Overall production volume decreased by 1.21% compared to the same period last month [1]

Core Viewpoint - The report indicates a moderate upward adjustment in Malaysia's palm oil production while Indonesia's production remains unchanged, with current market focus on specific developments in the sector [1] Group 1: Production Insights - Malaysia's palm oil production is forecasted to see a moderate increase, reflecting positive trends in the industry [1] - Indonesia's palm oil production is expected to remain stable, indicating a lack of significant changes in its output levels [1] Group 2: Market Focus - The current market attention is directed towards specific developments and factors influencing the palm oil market, although details are not provided in the summary [1]

Group 1 - The USDA's latest supply and demand report indicates that Malaysia's palm oil production for the 2025/26 season is projected at 19.5 million tons, an increase of 300,000 tons from last month's estimate and 100,000 tons year-on-year [1] - Exports are expected to reach 16.1 million tons, up by 300,000 tons from the previous month and a year-on-year increase of 1.3% [1] - Domestic consumption is projected at 3.635 million tons, slightly up by 50,000 tons from last month but down 4% year-on-year [1] Group 2 - The ending stock is expected to be 2.194 million tons, an increase of approximately 200,000 tons from last month and slightly higher than last year's 2.18 million tons [1] - Copper Crown Jin Yuan Futures notes that the increase in palm oil production may slow down, while export demand remains strong, with a significant rise in India's palm oil imports in May [2] - Ningzheng Futures states that the MPOB report aligns with expectations, indicating a neutral overall data trend, with domestic palm oil inventory increasing week-on-week [2]