1. Report Industry Investment Rating - There is no information about the report industry investment rating in the given content 2. Core Viewpoints - The vegetable oil market is showing a differentiated trend. It is recommended to exit the long positions of rapeseed oil and enter a small number of short positions in the 05 contract. For soybean oil, exit the long positions as the pressure at the upper edge of the oscillation range increases. For palm oil, it is advisable to wait and see due to the unclear short - term direction. In the protein market, it is recommended to exit the previously - placed long positions in the far - month 05 contracts of soybean meal and rapeseed meal, as the overseas protein raw material market is facing increased supply pressure and the 05 contract after the contract change may be under pressure and show weak oscillations [2][3] 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Sector 3.1.1 Market Review - On December 5th, the vegetable oil sector was generally weak due to the expected increase in Malaysian palm oil inventory and rapeseed oil contract change. Rapeseed oil's near - month contracts had a large decline, followed by palm oil, while soybean oil mainly showed an oscillatory trend. The closing prices of the main and secondary contracts of soybean oil, palm oil, and rapeseed oil had different changes in daily - on - daily comparison, with some increasing and some decreasing, and all contracts had an increase in positions [1] 3.1.2 Important Information - On December 4th, US international crude oil futures closed higher. The 2025 Canadian rapeseed production increased by 13.3% to 21.8 million tons. Indian buyers locked in large - volume soybean oil purchases from April to July 2026. The November Malaysian palm oil production, export volume, and inventory had different changes. The US used more soybean oil for biofuel production in September 2025. The total inventory of the three major domestic edible oils increased weekly, monthly, and yearly. The spot prices of soybean oil, palm oil, and rapeseed oil decreased, and the basis also decreased [1][2] 3.1.3 Market Logic - Externally, the expected increase in the new - year US soybean planting area pressured US soybean oil, while Indonesia's policy on palm oil indirectly benefited Malaysian palm oil, but the potential increase in November inventory was a concern. Domestically, the sufficient supply of vegetable oil raw materials and good inventory led to a weak soybean oil basis. However, the continuous losses in oil mill import and crushing profits made oil mills want to support prices. The arrival of Australian rapeseed and the increase in Canadian rapeseed production caused a sharp decline in the near - month domestic rapeseed oil contracts [2] 3.1.4 Trading Strategies - Unilateral: Enter short positions in palm oil. For soybean oil, exit long positions and enter short positions as the pressure at the upper edge of the oscillation range appears. Exit the long positions in the far - month rapeseed oil and enter a small number of short positions in the 05 contract. Provide pressure and support levels for each contract. Arbitrage: Cautiously hold the expanding spread of soybean and palm oil 05 contracts [2] 3.2 Protein Sector 3.2.1 Market Review - On December 5th, the main contracts of the protein sector completed the contract change, and the new contracts mainly showed an oscillatory trend. The closing prices of the main and secondary contracts of soybean meal and rapeseed meal decreased in daily - on - daily comparison, and all contracts had an increase in positions [2] 3.2.2 Important Information - The 2026/2027 US soybean planting area is expected to increase. China resumed the soybean import licenses of three US companies. The Brazilian 2025/26 soybean sowing progress and expected output are known. The Brazilian soybean export volume in November was higher than last year. The US soybean export inspection volume in the week ending November 27th, 2025, was known. The domestic import soybean, soybean meal, rapeseed, and rapeseed meal inventories had different changes. The spot prices of soybean meal and rapeseed meal decreased, and the basis also decreased. The soybean crushing profit and arrival cost are known [2][3] 3.2.3 Market Logic - Externally, the increase in the expected US soybean planting area and the increase in Canadian rapeseed production pressured the US soybean market. In the domestic spot market, oil mills and traders were reluctant to lower prices, and the arrival of Australian rapeseed and the off - season of aquaculture pressured rapeseed meal. The overseas protein raw material market has increased supply pressure, and the 05 contract after the contract change may be under pressure [3] 3.2.4 Trading Strategies - Unilateral: Exit the previously - placed long positions in the far - month 05 contracts of soybean meal and rapeseed meal. Provide pressure and support levels for each contract. Arbitrage: None [3]

Core Viewpoint - Domestic soybean oil prices have seen a slight increase due to mixed international factors, with a current price of 8,240 yuan per ton, reflecting a 0.36% rise from the previous day [1] Group 1: Price Movement - As of the morning of the 5th, the price of Rizhao first-grade soybean oil is reported at 8,240 yuan per ton, up by 30 yuan per ton from yesterday [1] - The increase in prices is attributed to Chinese purchases of American soybeans, which have boosted the U.S. market [1] Group 2: Market Dynamics - The market is experiencing a mix of bullish and bearish factors, with expectations of increased palm oil inventory limiting the overall growth in the vegetable oil market [1] - Domestic soybean oil spot basis is transitioning as the market shifts to a new month, with slower downstream purchasing observed [1] Group 3: Short-term Outlook - There are indications of slow downstream purchasing, and some storage areas are urging for quicker withdrawals, suggesting that short-term price increases for soybean oil may be limited [1] - The market is advised to remain cautious of potential fluctuations in prices [1]

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The vegetable oil market shows a differentiated trend. Rapeseed oil is the strongest, and long positions in the far - month contracts can continue to be held. Soybean oil has effective support at the lower edge of the oscillation range, and short - term long positions can be entered. Palm oil is the weakest, and long - term investors should wait for short - selling opportunities after a rebound, while short - term rebound space is limited [1][3]. - In the protein market, after the main contract shift, the 05 contract of soybean meal and rapeseed meal shows a strong trend. Long positions in the far - month 05 contracts can be held, but large increases are not expected due to sufficient supply [3][4]. 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Review - On November 28, due to floods in Southeast Asia, the Malaysian palm oil price rose, driving the overall strength of the vegetable oil sector. The closing price of the soybean oil main contract Y2601 was 8244 yuan/ton, with a daily - on - daily increase of 0.24% and a daily decrease of 10124 lots in positions. The closing price of the second - main contract Y2605 was 8040 yuan/ton, with a daily - on - daily increase of 0.47% and a daily increase of 11685 lots in positions. The closing price of the palm oil main contract P2601 was 8626 yuan/ton, with a daily - on - daily increase of 1.15% and a daily decrease of 33791 lots in positions. The closing price of the second - main contract P2605 was 8678 yuan/ton, with a daily - on - daily increase of 1.02% and a daily decrease of 813 lots in positions. The closing price of the rapeseed oil main contract OI2601 was 9757 yuan/ton, with a daily - on - daily decrease of 0.15% and a daily decrease of 5986 lots in positions. The closing price of the second - main contract OI2605 was 9501 yuan/ton, with a daily - on - daily decrease of 0.04% and a daily increase of 5853 lots in positions [1]. 3.1.2 Important Information - On November 26, international oil prices rebounded from a one - month low. The most actively traded January crude oil futures contract on NYMEX rose 0.70 US dollars or 1.21%, settling at 58.65 US dollars per barrel [1]. - The US government is considering delaying the proposed plan to cut import subsidies for biofuels by one to two years. The original plan was to take effect on January 1, 2026 [1]. - Flood warnings in Southeast Asia have made the market nervous as floods may disrupt palm oil harvesting and transportation [1]. - From November 1 - 25, Malaysia's palm oil production increased by 5.49% month - on - month, with the fresh fruit bunch (FFB) yield per unit area increasing by 3.34% month - on - month and the oil extraction rate (OER) increasing by 0.41% month - on - month [1]. - From November 1 - 25, Malaysia's palm oil export volume was 987,978 tons, a 16.4% decrease compared to the same period in October [1]. - In October, India's palm oil imports dropped to the lowest level in five months, and the palm oil imports in the 2024/25 fiscal year decreased by 16% to 7.56 million tons, the lowest in five years [1]. - As of the 47th week of 2025, the total inventory of the three major edible oils in China was 2.4348 million tons, a weekly increase of 23,100 tons, a month - on - month increase of 0.96%, and a year - on - year increase of 11.40% [1]. - Research institution CGS International Research said that the vegetable oil market is supported by increased demand, which will lead to a further increase in the price of crude palm oil. It is also expected that the global biodiesel demand will grow strongly in 2026, providing structural support for global vegetable oil prices [3]. 3.1.3 Market Logic - In the external market, the US soybean market is expected to strengthen after adjustment, driving the recovery of US soybean oil. In the Malaysian market, floods and the fulfillment of previous negative factors have led to a significant increase. In the domestic market, although the supply of vegetable oil raw materials is sufficient and the inventory is good, the continuous loss of import and crushing profits of domestic oil mills has led to their willingness to support prices. The domestic rapeseed inventory is zero, and the rapeseed oil inventory is still being depleted [3]. 3.1.4 Trading Strategy - For single - side trading: For palm oil, short - term long positions can be taken during the rebound, and long - term short - selling opportunities can be waited for after the rebound. For soybean oil, a trading strategy based on the oscillation range is recommended, with long positions entered at the lower edge of the range. For rapeseed oil, a bullish view is taken, and long positions in the far - month contracts can be continued to hold. Specific support and resistance levels are provided for each contract [3]. - For arbitrage trading: No arbitrage strategies are recommended at present. 3.2 Protein Market 3.2.1 Market Review - On November 28, the US market was closed for Thanksgiving. After the main contract shift of domestic soybean meal, the near - month contract rose significantly without pressure, driving the overall protein sector to rise. The closing price of the soybean meal main contract M2601 was 3044 yuan/ton, with a daily - on - daily decrease of 0.36% and a daily decrease of 48625 lots in positions. The closing price of the second - main contract M2605 was 2845 yuan/ton, with a daily - on - daily increase of 0.25% and a daily increase of 46714 lots in positions. The closing price of the rapeseed meal main contract RM2601 was 2452 yuan/ton, with a daily - on - daily decrease of 0.69% and a daily decrease of 18576 lots in positions. The closing price of the second - main contract RM2605 was 2415 yuan/ton, with a daily - on - daily increase of 0.04% and a daily increase of 18772 lots in positions [3]. 3.2.2 Important Information - In 2026, the US soybean planting area is expected to increase by 4%, from 81.1 million acres in 2025 to 84.5 million acres [3]. - Since November 10, China has resumed the soybean import licenses of three US companies [4]. - As of November 13, the sowing progress of the 2025/26 Brazilian soybean crop was 71%, higher than 61% a week ago but lower than 80% in the same period last year [4]. - The consulting firm StoneX predicts that the 2025/26 Brazilian soybean output may reach 178.9 million tons, higher than the previous forecast of 175 million tons by the US Department of Agriculture [4]. - In the first three weeks of November, Brazil's soybean export pace was significantly higher than that of the same period last year [4]. - There are rumors that there are problems with the import procedures of Australian rapeseed, which may delay the crushing time. In addition, the Russian government has decided to cancel the railway transportation price reduction coefficient for food from 2026 [4]. - As of the 47th week of 2025, the total inventory of imported soybeans in China was 7.78 million tons, an increase of 158,000 tons compared to the previous week. The total inventory of imported rapeseed was 0 tons, the same as the previous week [4]. 3.2.3 Market Logic - In the external market, the adjusted US soybean has attracted buyers, and the price has rebounded. In the domestic market, the overall supply - demand situation is stable, and feed enterprises maintain rigid demand replenishment. The rapeseed meal price has broken through the 2450 - yuan pressure level. Whether the price can further rise depends on the performance of the US soybean market after the resumption of trading [4]. 3.2.4 Trading Strategy - For single - side trading: Long positions in the far - month 05 contracts of soybean meal and rapeseed meal can be continued to hold, and specific support and resistance levels are provided for each contract [4][5]. - For arbitrage trading: No arbitrage strategies are recommended at present.

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - For the vegetable oil market, the report indicates that the market is showing a differentiated trend. Rapeseed oil is the strongest, soybean oil is testing key support levels, and palm oil is the weakest. Given the downward break of palm oil, it is advisable to short on rallies. For the protein (bean meal and rapeseed meal) market, after the continuous decline of the double - meal on the futures market, the premium risk from the previous rally has been cleared, and the futures market has completed a round of basis washing and pricing operations. The continuous increase in the trading volume of the spot basis indicates that the low price has attracted market purchases, and the room for further decline is limited. It is recommended to stage new long positions [1][3][4]. Group 3: Summary by Related Catalogs Vegetable Oil Market 1. Market Review - On November 24, due to weak demand and rising inventory build - up expectations, Malaysian palm oil weakened, and Dalian palm oil led the decline in the vegetable oil sector. The main soybean oil contract Y2601 closed at 8090 yuan/ton, down 0.66% from the previous day's closing price, with a daily reduction of 1345 lots. The secondary main soybean oil contract Y2605 closed at 7890 yuan/ton, down 0.70% from the previous day's closing price, with a daily increase of 1079 lots. The main palm oil contract P2601 closed at 8360 yuan/ton, down 1.48% from the previous day's closing price, with a daily increase of 1873 lots. The secondary main palm oil contract P2605 closed at 8442 yuan/ton, down 1.52% from the previous day's closing price, with a daily increase of 19203 lots. The main rapeseed oil contract OI2601 closed at 9818 yuan/ton, up 0.41% from the previous day's closing price, with a daily reduction of 21536 lots. The secondary main rapeseed oil contract OI2605 closed at 9488 yuan/ton, up 0.70% from the previous day's closing price, with a daily increase of 3779 lots [1]. 2. Important Information - On November 25, NYMEX crude oil futures fell about 1% due to progress in the Russia - Ukraine peace agreement. If sanctions on Russian energy trade are lifted, the international crude oil market will be under pressure. The most actively traded January crude oil futures contract on NYMEX fell 0.89 cents, or 1.5%, to settle at $57.95 a barrel. - The US government is considering delaying the proposed plan to cut subsidies for imported biofuels by one to two years. The plan, originally scheduled to take effect on January 1, 2026, aims to reduce dependence on imported biofuels and improve the competitiveness of domestic fuels. - The Brazilian government may not be able to increase the biodiesel blending ratio from 15% to 16% before March 2026, and achieving this goal is "extremely difficult". - From November 1 - 20, Malaysia's palm oil production increased by 10.32% month - on - month, with the fresh fruit bunch (FFB) yield increasing by 7.96% month - on - month and the oil extraction rate (OER) increasing by 0.45% month - on - month. - From November 1 - 25, Malaysia's palm oil exports were 987,978 tons, a 16.4% decrease compared to the 1,182,216 tons exported from October 1 - 25. - In October, India's palm oil imports dropped to the lowest level in five months, causing the palm oil imports in the 2024/25 fiscal year to decline by 16% to 7.56 million tons, the lowest in five years. - As of the 47th week of 2025, the total inventory of the three major edible oils in China was 2.4348 million tons, an increase of 23,100 tons from the previous week, a month - on - month increase of 0.96% and a year - on - year increase of 11.40%. Among them, soybean oil inventory was 1.404 million tons, an increase of 31,300 tons from the previous week, a month - on - month increase of 2.28% and a year - on - year increase of 14.28%; edible palm oil inventory was 591,600 tons, an increase of 35,100 tons from the previous week, a month - on - month increase of 6.31% and a year - on - year increase of 24.63%; rapeseed oil inventory was 439,300 tons, a decrease of 43,300 tons from the previous week, a month - on - month decrease of 8.97% and a year - on - year decrease of 8.95% [1][3]. 3. Market Logic - Externally, the US is promoting peace between Russia and Ukraine, causing international crude oil to continue to decline under pressure. At the same time, the US domestic biodiesel policy is fluctuating, causing US soybean oil to rise first and then fall. India's palm oil import data has dropped significantly, and the palm oil production in Southeast Asia has not significantly decreased, leading to market concerns about increased inventory pressure and the downward break of Malaysian palm oil. Domestically, the supply of vegetable oil raw materials is sufficient, and the overall inventory of domestic vegetable oils is in good condition, resulting in a weak basis for soybean oil. However, domestic oil mills have been suffering continuous losses in import and crushing profits, and they face huge profit pressure. There may be price - supporting actions in the future. The poor export data of Malaysian palm oil and its downward break have dragged down the domestic palm oil to follow the weak trend. The domestic rapeseed inventory is zero, and the domestic rapeseed oil inventory is still being depleted. The rapeseed oil at East China ports continues to be destocked, while the destocking rhythm in other regions is relatively slow. The spot price fluctuates with the futures market, and the basis quotes are generally stable with slight adjustments [1][3]. 4. Trading Strategy - For single - side trading, all previous long positions in palm oil should be closed, and shorting on rallies should be the main strategy. Soybean oil is testing the support level, and if it breaks below, the downward space will open up. Rapeseed oil should be treated as strong. The resistance level for the Y2601 contract is 9000, and the support level is 8000; for the Y2605 contract, the resistance level is 8400, and the support level is 7840; for the P2601 contract, the resistance level is 8562, and the support level is 8270; for the P2605 contract, the resistance level is 8626, and the support level is 8200; for the OI2601 contract, the resistance level is 12000, and the support level is 9299; for the OI2605 contract, the resistance level is 12000, and the support level is 9000. There is no arbitrage strategy provided [1][3]. Protein (Bean Meal and Rapeseed Meal) Market 1. Market Review - On November 25, the domestic protein sector showed a differentiated trend, with rapeseed meal being strong and bean meal being weak, presenting a pattern of near - term weakness and long - term strength. The main bean meal contract M2601 closed at 3013 yuan/ton, up 0.07% from the previous day's closing price, with a daily reduction of 33,444 lots; the secondary main bean meal contract M2605 closed at a certain price (not clearly stated in a convenient way in the text), up 0.18% from the previous day's closing price, with a daily increase of 2820 lots. The main rapeseed meal contract RM2601 closed at 2431 yuan/ton, down 0.61% from the previous day's closing price, with a daily reduction of 4625 lots; the secondary main rapeseed meal contract RM2605 closed at 2385 yuan/ton, unchanged from the previous day's closing price, with a daily increase of 7383 lots [3]. 2. Important Information - In 2026, the US soybean planting area will increase by 4%, from 81.1 million acres in 2025 to 84.5 million acres. - Since November 10, China has resumed the soybean import licenses of three US companies: CHS, the grain department of Louis Dreyfus, and EGT. - As of November 13, the sowing of the 2025/26 Brazilian soybean crop was 71% complete, higher than the 61% a week ago but lower than the 80% at the same time last year. - The 2025/26 Brazilian soybean production is predicted to reach 178.9 million tons, higher than the previous estimate of 175 million tons by the US Department of Agriculture. - In November, Brazil's soybean exports are expected to reach 4.71 million tons, higher than the previous estimate of 4.26 million tons and a 101% increase compared to 2.339 million tons in November last year. - There are rumors in the market that there are problems with the import procedures for Australian rapeseed, which may delay the crushing time. The Russian government has decided to cancel the price - reduction coefficient for railway transportation of food products starting from 2026. Although rapeseed meal is not included, it is necessary to pay attention to whether Russian rapeseed is included, which may indirectly increase the cost of by - products. - As of the 47th week of 2025, the total inventory of imported soybeans in China was 7.78 million tons, an increase of 158,000 tons from the previous week. The total inventory of imported rapeseed was 0 tons, the same as the previous week. The domestic bean meal inventory was 1.136 million tons, an increase of 137,000 tons from the previous week, a 13.76% month - on - month increase; the contract volume was 5.264 million tons, a decrease of 607,000 tons from the previous week, a 10.34% month - on - month decrease. The inventory of imported and crushed rapeseed meal was 0 tons, a decrease of 200 tons from the previous week, a 100% month - on - month decrease; the contract volume was 0 tons, a decrease of 200 tons from the previous week, a 100% month - on - month decrease [3][4]. 3. Market Logic - Externally, the expected demand from China has cooled down, causing US soybeans to face pressure at high levels. In the spot market, oil mills have been suffering continuous losses in crushing profits, so there may be a need for oil mills to support prices. With the expected cost support from state - reserved soybeans, the downward space for futures prices is limited. For rapeseed meal in the spot market, the rapeseed inventory remains at zero, and oil mills have shut down completely. The rapeseed meal inventory is 0 tons. There are rumors in the market that there are problems with the import procedures for Australian rapeseed, which may delay the crushing time. The Russian government's decision to cancel the price - reduction coefficient for railway transportation of food products starting from 2026 may indirectly increase the cost of by - products. After the continuous decline of the double - meal on the futures market, the premium risk from the previous rally has been cleared, and the futures market has completed a round of basis washing and pricing operations. The continuous increase in the trading volume of the spot basis indicates that the low price has attracted market purchases, and the room for further decline is limited [3][4]. 4. Trading Strategy - For single - side trading, long positions should be established in the far - month 2605 and 2607 contracts of bean meal, and a small number of new long positions should be entered for rapeseed meal. The resistance level for the M2601 contract is 3190, and the support level is 2685; for the M2605 contract, the resistance level is 3000, and the support level is 2549; for the RM2601 contract, the resistance level is 2620, and the support level is 2280; for the RM2605 contract, the resistance level is 2500, and the support level is 2270. There is no arbitrage strategy provided [4][5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Domestic vegetable oil prices are expected to be bullish, with rapeseed oil being the strongest, soybean oil being cautiously bullish, and palm oil oscillating at the bottom. For two - meal products, look for new buying points during the decline, with soybean meal waiting for a pullback and rapeseed meal having limited room for further decline [1][2][3] 3. Summary According to the Directory 3.1 Vegetable Oil Section 3.1.1 Market Review - On November 14, before the release of the US Department of Agriculture report, the vegetable oil market was under pressure. The closing prices of the main contracts of soybean oil, palm oil, and rapeseed oil all decreased compared to the previous day, with varying degrees of position changes [1] 3.1.2 Important Information - NYMEX crude oil futures rose over 2% on November 14 due to supply concerns. The US EPA approved some small refinery exemption applications. Brazil may not raise the biodiesel blending ratio from 15% to 16% by March 2026. MPOB's October palm oil data showed increased production, exports, and inventory. Malaysia's palm oil exports from November 1 - 15 decreased by 15.5% compared to the same period in October. As of the 45th week of 2025, the total domestic inventory of the three major edible oils decreased by 6.01% week - on - week [1][2] 3.1.3 Market Logic - Externally, the US soybean supply - demand report was bullish, and the Malaysian palm oil market was in a vacuum. Domestically, soybean oil followed the upward trend but had limited upside. Palm oil was weak, and rapeseed oil's short - term sharp rise might face a callback risk. The overall vegetable oil market was divided [2] 3.1.4 Trading Strategy - Unilateral: Do not chase high for rapeseed oil, hold soybean oil long positions cautiously, and do not short palm oil. Provide support and resistance levels for each contract [2] - Arbitrage: None 3.2 Two - Meal Section 3.2.1 Market Review - On November 14, before the release of the US Department of Agriculture report, the protein sector was led by soybean meal. The main contract of soybean meal rose, while the main and secondary contracts of rapeseed meal declined [2][3] 3.2.2 Important Information - The US Department of Agriculture's November supply - demand report showed a decrease in US soybean yield and production forecasts. China resumed the soybean import licenses of three US companies. Brazilian soybean planting progress was 61% as of November 10. StoneX predicted an increase in Brazil's 2025/26 soybean production. Brazil's soybean exports in October were higher than last year. There were rumors of China's purchase of Australian rapeseed. As of the 45th week of 2025, domestic imported soybean inventory increased, while domestic soybean meal inventory decreased [2][3] 3.2.3 Market Logic - Externally, the US soybean supply - demand report was bullish, but then the market was under pressure. Domestically, the supply of soybeans was sufficient, and the downstream demand was weak. Rapeseed meal had limited room for further decline due to zero raw material inventory [3] 3.2.4 Trading Strategy - Unilateral: Buy long positions in the far - month 2605 contract of soybean meal, close short positions in rapeseed meal, and look for new buying points during the decline. Provide support and resistance levels for each contract [3] - Arbitrage: None