Core Viewpoint - Malaysia's palm oil exports increased by 12.3% in the first half of October compared to the same period last month, reaching 781,006 tons [1] Group 1 - The export volume of palm oil from Malaysia for the period of October 1-15 is reported at 781,006 tons [1] - This figure represents a significant increase from the 695,716 tons exported during the same period in the previous month [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]

马来西亚独立检验机构Amspec表示，马来西亚9月1-25日的棕榈油出口量为1185422吨，上月同期为 1065005吨，环比增加11.3%。 （文章来源：新华财经） ...

Group 1: Industry Investment Rating - No relevant content found Group 2: Core Views - Palm oil has limited short - term rebound height [3] - Soybean oil has a weak and volatile trend in the US, and the upside space is difficult to open [3] Group 3: Summary by Related Catalogs Futures Data - Palm oil futures: The previous trading day's closing price was 9,126 yuan/ton (day session) with a 0.80% increase and 9,190 yuan/ton (night session) with a 0.70% increase. Trading volume was 591,824 lots, a decrease of 429,324 lots, and positions were 376,778 lots, a decrease of 11,149 lots [2] - Soybean oil futures: The previous trading day's closing price was 8,100 yuan/ton (day session) with a 0.17% increase and 8,162 yuan/ton (night session) with a 0.77% increase. Trading volume was 310,807 lots, a decrease of 507,057 lots, and positions were 549,420 lots, an increase of 3,511 lots [2] - Rapeseed oil futures: The previous trading day's closing price was 9,921 yuan/ton (day session) with a - 0.75% decrease and 9,958 yuan/ton (night session) with a 0.37% increase. Trading volume was 345,408 lots, a decrease of 73,952 lots, and positions were 306,205 lots, a decrease of 21,837 lots [2] - Malaysian palm oil futures: The previous trading day's closing price was 4,380 ringgit/ton (day session) with a 0.90% increase and 4,425 ringgit/ton (night session) with a 1.05% increase [2] - CBOT soybean oil futures: The previous trading day's closing price was 49.77 cents/pound with a - 0.22% decrease [2] Spot Data - Palm oil (24 - degree, Guangdong): The previous trading day's price was 9,020 yuan/ton, with a price increase of 100 yuan/ton [2] - First - grade soybean oil (Guangdong): The previous trading day's price was 8,440 yuan/ton, with a price increase of 50 yuan/ton [2] - Fourth - grade imported rapeseed oil (Guangxi): The previous trading day's price was 9,900 yuan/ton, with a price decrease of 80 yuan/ton [2] - Malaysian palm oil FOB price: The previous trading day's price was 1,085 dollars/ton, with a price decrease of 20 dollars/ton [2] Basis Data - Palm oil (Guangdong) basis: - 106 yuan/ton [2] - Soybean oil (Guangdong) basis: 340 yuan/ton [2] - Rapeseed oil (Guangxi) basis: - 21 yuan/ton [2] Spread Data - Rapeseed - palm oil futures spread: 795 yuan/ton (previous trading day), compared with 942 yuan/ton two trading days ago [2] - Soybean - palm oil futures spread: - 1,026 yuan/ton (previous trading day), compared with - 968 yuan/ton two trading days ago [2] - Palm oil 1 - 5 spread: 182 yuan/ton (previous trading day), compared with 198 yuan/ton two trading days ago [2] - Soybean oil 1 - 5 spread: 248 yuan/ton (previous trading day), compared with 238 yuan/ton two trading days ago [2] - Rapeseed oil 1 - 5 spread: 484 yuan/ton (previous trading day), compared with 529 yuan/ton two trading days ago [2] Macro and Industry News - GAPKI: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. In July, Indonesia's crude palm oil production reached 5.11 million tons, a 6% month - on - month increase, and exports decreased by 1.92% month - on - month to 3.54 million tons. Domestic demand for biodiesel and food also declined slightly [3][4] - An Indonesian industry official expects that Indonesia's palm oil exports to the EU will increase in 2026 due to the signing of a bilateral trade agreement and the EU's second postponement of its anti - deforestation law. Exports to the EU are expected to increase from an estimated 3.3 million tons this year to about 4 million tons in 2026, and exports to India are expected to increase from 4.8 million tons last year to 5 million tons in 2025 [4] - USDA: A private exporter reported selling 101,400 tons of soybean meal to Guatemala for delivery in the 2025/2026 season [3][5] - USDA export sales report forecast: As of the week ending September 18, US soybean export sales are expected to increase by 60 - 160 million tons, soybean meal export sales are expected to increase by 15 - 45 million tons, and soybean oil export sales are expected to decrease by 1 million tons to increase by 3 million tons [5] - Hedge Point: Brazil's 2025/26 soybean production is expected to be 178 million tons, and exports are expected to be 112 million tons [5] - Anec: Brazil's September soybean export volume forecast was lowered from 7.53 million tons to 7.15 million tons, and soybean meal export volume forecast was lowered from 2.19 million tons to 2.1 million tons [5] - Chinese buyers have purchased about 1.3 million tons of Argentine soybeans after Argentina temporarily abolished export taxes on soybeans and grain by - products [5] - As of the week ending September 17, Argentine farmers sold 676,400 tons of 2024/25 soybeans, with cumulative sales reaching 32.5735 million tons, and 108,900 tons of 2025/26 soybeans, with cumulative sales reaching 1.1472 million tons [6] - An Indian industry official said that India's 2025 soybean production may decrease from 11 million tons last year to 9.9 million tons due to excessive rainfall damaging crops in major grain - producing states [6] Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The range of trend intensity is [- 2, 2], with - 2 being the most bearish and 2 being the most bullish [7]

Group 1 - The core point of the article indicates that Malaysia's palm oil export volume for the period of August 1-25 is expected to reach 933,437 tons, which represents a 36.41% increase compared to 684,308 tons during the same period last month [1]

Core Insights - Indonesia's palm oil export volume increased to 2.588 million tons in June, representing a month-on-month growth of 30.5% [1] Group 1 - The export volume of palm oil from Indonesia reached 2.588 million tons in June [1] - This figure indicates a significant increase of 30.5% compared to the previous month [1]

Group 1 - The palm oil export volume from Malaysia for the period of July 1 to July 15 is reported to be 621,770 tons [1]