Report Summary 1. Market Performance - This week, the futures prices of oils and fats rose first and then fell. The Y2601 soybean oil contract dropped 1.18% to close at 8,358 yuan/ton, the P2601 palm oil contract declined 2.88% to close at 9,316 yuan/ton, and the OI2601 rapeseed oil contract decreased 1.02% to close at 9,789 yuan/ton [5][28][29]. 2. Important News - **Palm Oil**: On Tuesday, senior Indonesian government officials revealed that the US has in principle agreed to exempt Indonesian exports of palm oil, cocoa, and rubber products from the 19% tariff imposed by President Trump since August 7. Although the decision is not final, it represents an important step in Indonesia - US economic and trade relations. Malaysian palm oil prices fell 3.40% [6][28]. - **Soybean Oil**: The US Department of Agriculture will release the monthly oilseed crushing report at 3:00 am on September 3, Beijing time. Before the report, a survey of analysis institutions showed that the estimated soybean crushing volume in the US in July is expected to increase to 6.218 million short - tons, or 207.2 million bushels. If the average estimate of nine analysis institutions is correct, the crushing volume will increase by 5.1% compared to 197.1 million bushels in June and 7.2% compared to 193.3 million bushels in July 2024. US soybeans fell 0.50% this week [7][29]. 3. Market Outlook - Currently, the impact on international oils and fats is bearish. The end of the fuel consumption peak season has put pressure on crude oil, dragging down the entire vegetable oil market. Coupled with the expected high - yield of US soybeans and the ongoing production - increasing season of Southeast Asian palm oil, vegetable oil prices have declined, leading to a drop in domestic oil and fat prices. However, the increased consumption driven by the start of schools has curbed the decline. If the supply - side pressure persists and the demand side does not improve significantly, the futures prices of oils and fats may continue to oscillate weakly [8][29]. 4. Spot Analysis - As of August 29, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,570 yuan/ton, down 50 yuan/ton from the previous trading day, and it is at an average level compared to the past 5 years [9]. - As of August 29, 2025, the spot price of 24 - degree palm oil in Guangdong was 9,320 yuan/ton, down 150 yuan/ton from the previous trading day, and it is at a relatively high level compared to the past 5 years [10]. - As of August 29, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,870 yuan/ton, down 10 yuan/ton from the previous trading day, and it is at an average level compared to the past 5 years [12]. 5. Other Data - As of August 22, 2025, the national soybean oil inventory increased by 47,000 tons to 1.367 million tons. On August 27, 2025, the national commercial palm oil inventory decreased by 49,000 tons to 534,000 tons [16]. - As of August 29, 2025, the port's imported soybean inventory was 6,854,550 tons [18]. - As of August 29, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 212 yuan/ton, down 36 yuan/ton from the previous trading day, and it is at a relatively low level compared to the past 5 years [20]. - As of August 29, 2025, the basis of 24 - degree palm oil in Guangdong was 4 yuan/ton, down 52 yuan/ton from the previous trading day, and it is at a relatively high level compared to the past 5 years [21]. - As of August 29, 2025, the basis of rapeseed oil in Jiangsu was 81 yuan/ton, up 10 yuan/ton from the previous trading day, and it is at a relatively low level compared to the past 5 years [23].