Group 1: Report's Industry Investment Rating - The investment rating for the industry is "Neutral" [3] Group 2: Report's Core View - The external environment has stabilized, and the oil and fat market is oscillating. The market has returned to the supply - demand pattern. Currently in the production - reduction season, the production - reduction data of Malaysian origin from various information agencies is in line with expectations. Coupled with positive factors from the Indonesian origin, palm oil has strong long - term price support. However, after the recent rapid price increase, there is pressure for price correction [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract yesterday was 9094.00 yuan/ton, a change of +80 yuan or +0.89% from the previous day. The closing price of the soybean oil 2605 contract was 8086.00 yuan/ton, a change of - 6.00 yuan or - 0.07%. The closing price of the rapeseed oil 2605 contract was 9215.00 yuan/ton, a change of +79.00 yuan or +0.86% [1] Spot - The spot price of palm oil in Guangdong was 9030.00 yuan/ton, a change of +80.00 yuan or +0.89%, and the spot basis was P05 - 64.00, with no change. The spot price of first - grade soybean oil in Tianjin was 8380.00 yuan/ton, a change of - 20.00 yuan/ton or - 0.24%, and the spot basis was Y05 + 294.00, a change of - 14.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9970.00 yuan/ton, a change of +60.00 yuan or +0.61%, and the spot basis was OI05 + 755.00, a change of - 19.00 yuan [1] Recent Market Information - According to SGS, Malaysia's palm oil exports from January 1 - 31 were estimated at 944,885 tons, a decrease of 5.58% from the previous month. According to AmSpec, Malaysia's palm oil exports from January 1 - 31 were 1,375,718 tons, an increase of 14.89% from the previous month [2] - The Central Committee of the Communist Party of China and the State Council issued an opinion on promoting rural revitalization. It includes strengthening market monitoring and information release of agricultural products, coordinating market - based purchases and policy - based storage, and promoting reasonable prices of important agricultural products. It also involves setting minimum purchase prices for rice and wheat and improving the target price policy for cotton [2] - Indian palm oil imports last month jumped to 766,000 tons, the highest since October 2025, compared with 507,204 tons in December [2] - According to SPPOMA, from January 1 - 31, 2026, Malaysia's palm oil yield per unit decreased by 13.78% month - on - month, the oil extraction rate increased by 0.16% month - on - month, and production decreased by 13.08% month - on - month [2] - The CEO of the US Soybean Export Association said that global demand growth is beneficial to the outlook of US soybean exports this year. While China remains the largest market, its demand for US soybeans has declined, and demand from countries like Bangladesh, Egypt, and South American countries is growing [2] Group 4: Strategy - The strategy is to maintain a "Neutral" stance [3]

Group 1: Investment Rating - The investment rating for the industry is "Neutral" [4] Group 2: Core View - The prices of the three major oils oscillated and declined yesterday due to the adjustment of Indonesia's biodiesel policy, which suppressed part of the global oil consumption, leading to a looser supply - demand pattern and putting downward pressure on oil prices [3] Group 3: Market Analysis Futures - Yesterday's closing price of the palm oil 2605 contract was 8578.00 yuan/ton, a decrease of 170 yuan or 1.94% compared to the previous day; the soybean oil 2605 contract closed at 7938.00 yuan/ton, a decrease of 62.00 yuan or 0.78%; the rapeseed oil 2605 contract closed at 8828.00 yuan/ton, a decrease of 121.00 yuan or 1.35% [1] Spot - The spot price of palm oil in Guangdong was 8580.00 yuan/ton, a decrease of 150.00 yuan or 1.72%, with a spot basis of P05 + 2.00, an increase of 20.00 yuan; the spot price of first - grade soybean oil in Tianjin was 8330.00 yuan/ton, a decrease of 70.00 yuan or 0.83%, and the spot basis was Y05 + 392.00, a decrease of 8.00 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 9680.00 yuan/ton, a decrease of 70.00 yuan or 0.72%, and the spot basis was OI05 + 852.00, an increase of 51.00 yuan [1] Group 4: Recent Market Information Import Prices - The C&F price of Canadian rapeseed (March shipment) was 521 dollars/ton, a decrease of 3 dollars/ton; the C&F price of Canadian rapeseed (May shipment) was 527 dollars/ton, a decrease of 3 dollars/ton; the C&F price of Argentine soybean oil (February shipment) was 1193 dollars/ton, an increase of 1 dollar/ton; the C&F price of Argentine soybean oil (April shipment) was 1126 dollars/ton, an increase of 11 dollars/ton; the C&F price of Canadian rapeseed oil (February shipment) was 1050 dollars/ton, unchanged; the C&F price of Canadian rapeseed oil (April shipment) was 1030 dollars/ton, unchanged; the C&F price of US Gulf soybeans (February shipment) was 469 dollars/ton, an increase of 1 dollar/ton; the C&F price of US West soybeans (February shipment) was 463 dollars/ton, an increase of 1 dollar/ton; the C&F price of Brazilian soybeans (February shipment) was 446 dollars/ton, an increase of 1 dollar/ton [2] Import Premiums - The import premium of Mexican Gulf soybeans (February shipment) was 235 cents/bushel, unchanged; the import premium of US West Coast soybeans (February shipment) was 220 cents/bushel, unchanged; the import premium of Brazilian port soybeans (February shipment) was 172 cents/bushel, a decrease of 2 cents/bushel [2] Export Volume - According to Malaysia's independent inspection agency AmSpec, Malaysia's palm oil export volume from January 1 - 15 was 690,642 tons, a 17.53% increase compared to the same period last month [2] Group 5: Strategy - The strategy is "Neutral" [4] Group 6: Figures - The report includes 30 figures related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil, with data sources mainly from Steel Union Data and Huatai Futures Research Institute [5]

Report Industry Investment Rating - The investment strategy for the oils and fats industry is neutral [4] Report's Core View - The USDA released its monthly supply and demand report on Friday night, lowering the U.S. soybean yield, which was in line with market expectations, but raising Brazil's production forecast. The overall supply side is favorable, and with the smooth sowing in Brazil recently, the expectation of a bumper harvest persists. The overall supply - demand pattern of oils and fats remains unchanged, and the prices will fluctuate [3] Summary by Related Catalogs Market Analysis Futures - The closing price of the palm oil 2601 contract yesterday was 8,680 yuan/ton, a环比 increase of 36 yuan or 0.42% [1] - The closing price of the soybean oil 2601 contract yesterday was 8,282 yuan/ton, a环比 increase of 26 yuan or 0.31% [1] - The closing price of the rapeseed oil 2601 contract yesterday was 9,880 yuan/ton, a环比 decrease of 43 yuan or 0.43% [1] Spot - The spot price of palm oil in Guangdong was 8,570 yuan/ton, a环比 decrease of 10 yuan or 0.12%. The spot basis was P01 + - 110 yuan, a环比 decrease of 46 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8,470 yuan/ton, a环比 increase of 20 yuan/ton or 0.24%. The spot basis was Y01 + 188 yuan, a环比 decrease of 6 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10,230 yuan/ton, a环比 decrease of 40 yuan or 0.39%. The spot basis was OI01 + 350 yuan, a环比 increase of 3 yuan [1] Recent Market Consultation - According to AmSpec, Malaysia's palm oil exports from November 1 - 15 were 702,692 tons, a 10% decrease from the same period last month. According to SGS, the expected exports from November 1 - 15 were 334,295 tons, a 44.9% decrease from the same period last month [2] - As of last Thursday, 71% of Brazil's 2025/26 soybean planting area and 85% of the first - season corn planting area in Brazil's central - southern region had reached the expected area [2] - The C&F price of Canadian rapeseed (January shipment) was 529 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 537 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day [2] - The C&F price of Argentine soybean oil (December shipment) was 1,134 US dollars/ton, a decrease of 12 US dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,135 US dollars/ton, a decrease of 10 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed oil (December shipment) was 1,100 US dollars/ton, an increase of 15 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed oil (February shipment) was 1,080 US dollars/ton, an increase of 15 US dollars/ton from the previous trading day [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The prices of the three major oils fluctuated yesterday. The supply - demand pattern of oils remains stable in the short term, and prices are mainly in a state of fluctuating adjustment [3] Group 3: Market Analysis Summary Futures Prices - The closing price of the palm oil 2601 contract yesterday was 9294.00 yuan/ton, with a month - on - month change of - 24 yuan and a decline of - 0.26%. The closing price of the soybean oil 2601 contract was 8294.00 yuan/ton, with a month - on - month change of - 4.00 yuan and a decline of - 0.05%. The closing price of the rapeseed oil 2601 contract was 9864.00 yuan/ton, with a month - on - month change of - 54.00 yuan and a decline of - 0.54% [1] Spot Prices - The spot price of palm oil in Guangdong was 9290.00 yuan/ton, with a month - on - month change of + 0.00 yuan and an increase of + 0.00%, and the spot basis was P01 + - 4.00, with a month - on - month change of + 24.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8520.00 yuan/ton, with a month - on - month change of + 10.00 yuan/ton and an increase of + 0.12%, and the spot basis was Y01 + 226.00, with a month - on - month change of + 14.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 10170.00 yuan/ton, with a month - on - month change of - 60.00 yuan and a decline of - 0.59%, and the spot basis was OI01 + 306.00, with a month - on - month change of - 6.00 yuan [1] Market News - ANEC expects Brazil's soybean exports in October to be 7.34 million tons, higher than last week's forecast of 7.31 million tons; soybean meal exports are expected to be 2.09 million tons, higher than last week's forecast of 2.01 million tons; and corn exports are expected to be 6.57 million tons, higher than last week's forecast of 6.46 million tons. A tropical storm "Melissa" has formed in the Caribbean, which is expected to affect eastern Cuba in the next few days and strengthen into a hurricane over the weekend. Haiti has issued a hurricane warning, and Jamaica has issued a tropical storm warning. From October 1 - 20, 2025, the yield per unit area of Malaysian palm oil increased by 1.45% month - on - month, the oil extraction rate increased by 0.24% month - on - month, and the output increased by 2.71% month - on - month [2] Group 4: Figures and Data Sources - The report includes 30 figures related to the prices, production, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil, and most of the data sources are from Steel Union Data and Huatai Futures Research Institute [5]

Report Industry Investment Rating No relevant content provided. Core Views - **Soybean Oil**: Due to the US government shutdown causing a lack of key data, it's difficult to accurately assess the short - term supply - demand pattern of US soybean oil. Brazil may not raise the biodiesel blending ratio from 15% to 16% before March 2026. Indian palm oil imports in September are estimated to drop to a four - month low, while soybean oil imports may reach a three - year high. With reduced international supply disruptions and strong demand, the US soybean oil futures price is oscillating strongly, which boosts domestic prices. However, domestic prices are also affected by domestic soybean costs, so short - term prices will be in a wide - range oscillation [4][40][42]. - **Palm Oil**: In September, Malaysian palm oil exports increased by 7.29 - 9.62% month - on - month. Analysts expect the September - end inventory to be 2.5% lower at 2.15 million tons due to lower production and higher exports. As Southeast Asian production declines from the seasonal peak and demand is boosted by festivals, inventory pressure may ease. But the weakening international crude oil price during the holiday weakens the support for palm oil's biodiesel demand. After the National Day holiday, focus on market capital inflows, and short - term prices will be oscillating strongly [5][42]. - **Rapeseed Oil**: Recently, the harvest pressure of Canadian rapeseed has increased, and exports are weak. The tight supply still supports prices, and domestic inventories are decreasing. In the short term, low domestic inventories and the end of the aquaculture peak season create a long - short game. Ukraine's export tax - exemption policy for rapeseed during the National Day will affect market sentiment. After the holiday, focus on the resumption of production by domestic processing enterprises, and short - term prices may be volatile [6][43]. Summaries by Directory 1 Market Review 1.1 Three Major Oils' Spot Prices Fluctuate Differently - The spot price of Grade - 4 soybean oil in Zhangjiagang is 8350 yuan/ton, down 90 yuan/ton week - on - week. The spot price of 24 - degree palm oil in Guangzhou is 9060 yuan/ton, down 170 yuan/ton week - on - week. The spot price of imported rapeseed - produced rapeseed oil in Guangdong is 10250 yuan/ton, up 80 yuan week - on - week [10]. 1.2 Rapeseed Oil Futures Prices Continue to Show a Stronger Trend - The futures prices of the three major oils in the domestic market showed different trends this week, with rapeseed oil relatively stronger. In terms of capital, the trading volume of all three major oils increased significantly, while soybean oil and palm oil saw significant position reductions [14]. 2 Malaysian Palm Oil Inventory Expected to Fall, Ukraine's Rapeseed Export Tax - Exemption 2.1 Argentina's Tax - Exemption Policy Ends, US Government Shutdown Halts USDA Reports - After Argentina's brief export tax exemption, there are still 7.6 million tons of soybean products and 8.9 million tons of corn worth $4.93 billion for sale. The government has now restored export taxes, with 24.5% for soybean products and 9.5% for corn. The US government shutdown since October 1st led to the cancellation of the weekly export sales report, and analysts previously expected US soybean net sales to be between 300,000 and 1.5 million tons last week [21]. - An Indian industry insider expects the 2025/26 soybean oil imports to increase by 9% to 5.5 million tons compared to the current year, and palm oil imports may drop to about 7.5 million tons from the 2024/25 estimate of 7.9 million tons [22]. 2.2 Malaysian Palm Oil Inventory Expected to Fall, EU Palm Oil Imports Down Year - on - Year - Due to expected production decline from the seasonal peak and potential increased purchases from India during festivals, Malaysian palm oil inventory is expected to drop from a 20 - month high. It's predicted to reach about 1.7 million tons by the end of 2025, a 23% reduction from August. Malaysia's 2025 palm oil exports are expected to reach 17.3 million tons, higher than previous expectations and last year's figure. In 2025, production will not exceed 19.5 million tons [23][24]. - From September 1 - 25, 2025, the palm oil production in South Malaysia decreased by 4.14% month - on - month. In 2025/26, EU palm oil imports are down 25% year - on - year, with Malaysia's share increasing [24]. 2.3 Canadian Rapeseed Harvest Accelerates, Ukraine's Rapeseed Export Tax - Exemption - Nearly three - quarters of Canadian rapeseed has been harvested, with better - than - expected yields. The accelerated harvest increases supply pressure. Ukraine has established a new export mechanism to exempt qualified producers from export tariffs, aiming to resume rapeseed exports [25][26]. 2.4 Inventories of Three Major Oils Continue to Decline - Data on the import costs of soybean oil, palm oil, and rapeseed oil from different countries and regions are provided, including CBOT closing prices, CNF prices, and import costs in RMB [28][29]. 3 Conclusion - **Soybean Oil**: The short - term price will oscillate widely due to data shortages, potential Brazilian policy changes, and strong international demand [40][42]. - **Palm Oil**: Short - term prices will oscillate strongly considering inventory changes, production trends, and international crude oil prices [5][42]. - **Rapeseed Oil**: Short - term prices may be volatile due to harvest pressure, supply - demand imbalances, and policy impacts [6][43].