Group 1: Report Summary - The weekly futures prices of oils and fats showed a divergent trend. The Y2601 soybean oil contract rose 0.88% to close at 8,256 yuan/ton, the P2601 palm oil contract fell 0.18% to close at 8,644 yuan/ton, and the OI2601 rapeseed oil contract rose 4.09% to close at 9,923 yuan/ton [5][30]. - The current price of US soybeans is running strongly, and the fluctuation of the RMB exchange rate has increased the uncertainty of the forward soybean import cost, providing bottom support for soybean oil and making it highly resistant to decline. The palm oil market mainly focuses on the change of supply and demand dynamics in the producing areas. The news of the implementation of Canada's biodiesel policy boosted market sentiment. Coupled with the continuous tight supply of domestic rapeseed oil, the market's bullish sentiment is high, and the futures price of rapeseed oil has increased significantly. In addition, the high inventory of soybeans at domestic ports and the slow recovery of the terminal catering demand for oils and fats will also suppress the upward space of oil prices. It is expected that oils and fats will run in a range [9][31][32]. Group 2: Important Information Palm Oil - On November 10, MPOB released the official supply and demand data of Malaysian palm oil for October. The production in October was 2.044 million tons, exports were 1.693 million tons, and inventory was 2.464 million tons, a month-on-month increase of 4.4%. Malaysian palm oil rose 0.36% [6]. - The production in October increased 11% month-on-month, slightly lower than MPOA's estimate of 2.07 million tons. Exports in October increased 18.6% month-on-month, far exceeding the previous market estimate of 1.47 - 1.48 million tons. The inventory estimate was close to the initial estimates of Bloomberg and Reuters at 2.44 million tons but lower than the adjusted estimated inventory of 2.5 - 2.6 million tons after MPOA's production data adjustment [30]. Soybean Oil - USDA released the November supply and demand data. In this report, the carry-over stock of old US soybeans in the 2024/25 season was lowered from 330 million bushels to 316 million bushels. For the new balance sheet of US soybeans in the 2025/26 season, the yield per acre was lowered from 53.5 bushels/acre to 53 bushels/acre. The crush remained unchanged at 2.555 billion bushels, exports were lowered from 1.685 billion bushels to 1.635 billion bushels, and the carry-over was lowered from 300 million bushels to 290 million bushels. The report data was basically in line with market expectations, and the yield data was not surprising, with the impact on prices showing as the exhaustion of bullish factors. US soybeans rose 0.47% this week [7][31]. Group 3: Spot Analysis - As of November 14, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,560 yuan/ton, up 30 yuan/ton from the previous trading day. From a seasonal perspective, the current spot price is at a relatively low level compared to the past five years [10]. - As of November 14, 2025, the spot price of 24-degree palm oil in Guangdong was 8,590 yuan/ton, up 20 yuan/ton from the previous trading day. From a seasonal perspective, the current spot price is at a relatively low level compared to the past five years [11]. - As of November 13, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 10,300 yuan/ton, up 120 yuan/ton from the previous trading day. From a seasonal perspective, the current spot price is at a relatively low level compared to the past five years [13]. Group 4: Other Data - As of November 7, 2025, the national soybean oil inventory decreased by 88,000 tons to 1.37 million tons. On November 12, 2025, the national commercial palm oil inventory increased by 13,000 tons to 633,000 tons [17]. - As of November 13, 2025, the inventory of imported soybeans at ports was 8,189,470 tons [20]. - As of November 14, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 304 yuan/ton, up 90 yuan/ton from the previous trading day. From a seasonal perspective, the current basis is at a relatively low level compared to the past five years [21]. - As of November 14, 2025, the basis of 24-degree palm oil in Guangdong was -54 yuan/ton, up 128 yuan/ton from the previous trading day. From a seasonal perspective, the current basis is at an average level compared to the past five years [22]. - As of November 13, 2025, the basis of rapeseed oil in Jiangsu was 325 yuan/ton, down 15 yuan/ton from the previous trading day. From a seasonal perspective, the current basis is at a relatively high level compared to the past five years [24].