研究员： 刘锦 从业资格：F0276812 交易咨询资格：Z0011862 联系方式：13633849418 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 12 月 5 日，市场预期马棕榈油库存增加和菜籽油换月，植物油板块整体走弱，菜籽 | | | | | 油近月跌幅较大，棕榈油其次，豆油整体依旧呈现振荡走势为主。 | | | | | 豆油主力合约Y2605合约报收于8080元/吨，按收盘价日环上涨0.12%，日增仓17359 | | | | | 手； | | | | | 豆油次主力合约 Y2609 合约报收于 8012 元/吨，按收盘价日环比上涨 0.23%，日增 | | | | | 仓 1164 手; | | | | | 棕榈油主力合约 P2605 合约收盘价 8762 元/吨，按收盘价日环比上涨 0.76%，日增 | | | | | 仓 17879 手； | | | | | 棕榈油次主力合约 P2609 报收于 8604 元/吨，按收盘价日环比上涨 0.82%，日增仓 | | | | | 1197 手； | | | ...

豆油：国际多空因素交织，价格小幅走高 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 今日国内豆油现货小涨。截至5日午前，日照一级豆油现货Y2601+160或8240元/吨，较昨日涨30元/吨 0.36%。中方采购美豆提振美盘走高，但预期马棕增库制约植物油市场，国际多空因素交织。国内豆油 现货基差陆续换月，下游提货偏慢，部分库区有催提，预计短线豆油现货或涨幅受限，警惕行情涨跌反 复。 ...

Morning session notice 研究员： 刘锦 从业资格：F0276812 交易咨询资格：Z0011862 | 8.97%，同比下降 | 8.95%。 | 8、11 | 月 | 11 | 日（周二），研究机构 | CGS | International | Research | 表示，植物油市场受到需 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 求增加支撑，这将导致毛棕榈油价格进一步上涨。 | 其并称，预计 | 2026 | 年全球生物柴油需求 | 将强劲增长，给全球植物油价格提供结构性支撑。 | | | | | | | | | | | | | | 现货方面：截止 | 11 | 月 | 28 | 日，张家港豆油现货均价 | 8530 | 元/吨，环比 | 0 | 元/吨；基差 | 286 | 元/吨，环比下跌 | 20 | 元/吨；广东棕榈油现货均价 | 8390 | 元/吨，环比上涨 | 100 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 26 日星期周三 | | | 联系方式：13633849418 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 11 月 24 日，需求疲弱，垒库预期上升，马棕榈油走弱，连棕榈油领跌植物油板块。 豆油主力合约 Y2601 合约报收于 8090 元/吨，按收盘价日环下跌 0.66%，日减仓 1345 | | | | | 手； | | | | | 豆油次主力合约 Y2605 合约报收于 7890 元/吨，按收盘价日环比下跌 0.70%，日增 | | | | | 仓 1079 手; | | | | | 棕榈油主力合约 P2601 合约收盘价 8360 元/吨，按收盘价日环比下跌 1.48%，日增 | | | | | 仓 1873 手； | | | | | 棕榈油次主力合约 P2605 报收于 8442 元/吨，按收盘价日环比下跌 1.52%，日增仓 | | | ...

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