Report Summary 1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views - The outlook for US soybean oil consumption is positive due to bio - diesel policies, leading to a relatively strong performance in US soybean oil. However, the price of CBOT soybeans is under pressure because of favorable growing conditions for US soybeans. In China, high oil - mill operating rates have increased soybean oil supply, causing continuous inventory accumulation and limiting the upside potential of soybean oil prices [2]. - GAPKI data shows that Indonesia's palm oil inventory decreased by 4.27% month - on - month in May, driven by increased demand from India and China. But ASA data indicates that the export of Malaysian palm oil decreased by 15.2% month - on - month in the first half of July, suggesting a recent weakening in exports. In China, the rapid recovery of import profits for near - term shipments has led to active purchasing and an increase in domestic palm oil inventory. The supply - demand pattern of Malaysian palm oil is widening, which may limit the upside of palm oil prices [2]. - Due to the improvement in China - Australia trade relations, future imports of Australian rapeseed will increase domestic rapeseed supply, putting pressure on rapeseed oil prices. However, domestic rapeseed oil is expected to continue de - stocking. Current demand for rapeseed oil is low, maintaining a pattern of weak supply and demand and mainly following the trends of other oils [2]. 3. Summary by Relevant Catalogs Industry News - The growing conditions for US soybeans are good, putting pressure on the price of CBOT soybeans. Indonesia's palm oil inventory decreased by 4.27% month - on - month in May due to strong export demand, but the export of Malaysian palm oil decreased by 15.2% month - on - month in the first 25 days of July [5]. - As of the week ending July 20, 2025, the good - to - excellent rate of US soybeans was 68%, lower than the market expectation of 71% and the previous week's 70%, but the same as the same period last year. Indonesia's palm oil inventory in May decreased to 2.9 million tons, a 4.27% month - on - month decrease. Its export volume of palm oil and refined products reached 2.66 million tons, a nearly 50% increase from April and a 35.64% year - on - year increase. The production of crude palm oil in May was 4.17 million tons, lower than April's 4.48 million tons but a 7.2% increase from last year. The export volume of Malaysian palm oil products from July 1 - 25, 2025, was 896,484 tons, a 15.2% decrease compared to the same period in June [6]. Soybean Oil - According to Steel Union research, last week, the actual soybean oil production of sample oil mills was 438,000 tons, with an operating rate of 64.81%. The operating rate is expected to decline this week. As of July 18, the commercial inventory of soybean oil in key regions of China was 1.0918 million tons, a 4.04% week - on - week increase. Terminal consumption is weak, and the basis is weak. The supply pressure limits the upside of soybean oil prices [9]. Palm Oil - As of July 18, the commercial inventory of palm oil in key regions of China was 591,400 tons, a 5.04% month - on - month increase and a 23.49% year - on - year increase. Indonesia's biodiesel consumption has reached 7.42 million kiloliters this year, completing 47.5% of the 2025 quota. The new industrial consumption expectation has made palm oil prices run strongly. However, the supply - demand pattern of Malaysian palm oil is widening, which may limit the upside of palm oil prices [12]. Rapeseed Oil - As of July 18, the rapeseed crushing volume of major coastal oil mills was 59,000 tons, an increase of 22,000 tons from the previous period. The rapeseed oil inventory of major coastal oil mills was 92,500 tons, a decrease of 400 tons from last week. Due to tight raw material supply, oil mills are expected to maintain a low operating rate. The improvement in China - Australia trade relations will increase the supply of imported rapeseed, putting pressure on rapeseed oil prices [15]. Vegetable Oil Price Spread - The improvement in China - Australia trade relations and the expected increase in Australian rapeseed imports will lead to an increase in rapeseed supply. Rapeseed oil is relatively weak in the oil and fat sector [18]. 4. Next Week's Focus - USDA weekly crop growth report; Malaysian palm oil export report and production report [3]