1. Report Industry Investment Rating - No information provided in the given documents 2. Core View of the Report - After the stagnation or decline of crude oil, the oils and fats are expected to experience a compensatory decline due to the weak fundamentals. It is recommended to take short positions with a light hand or buy put options [2] 3. Summary According to Relevant Catalogs 3.1 Spot Price - **24 - degree palm oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu remained unchanged compared to the previous day at 8640, 8570, and 8490 respectively [1] - **First - grade soybean oil**: On June 25, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu decreased by 20 compared to the previous day, reaching 8140, 8240, and 8190 respectively [1] - **Fourth - grade rapeseed oil**: On June 25, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu decreased by 100 compared to the previous day, reaching 9680, 9700, and 9880 respectively [1] 3.2 Futures Data - **Soybean - palm oil main contract spread**: On June 25, 2025, it was - 360, an increase of 16 compared to the previous day [1] - **Rapeseed - soybean main contract spread**: On June 25, 2025, it was 1492, a decrease of 130 compared to the previous day [1] - **Palm oil warehouse receipts**: On June 25, 2025, it remained at 0 [1] - **Soybean oil warehouse receipts**: On June 25, 2025, it remained at 18882 [1] - **Rapeseed oil warehouse receipts**: On June 25, 2025, it remained at 100 [1] 3.3 Palm Oil Information - **Malaysian production**: According to MPOA, from June 1 - 20, production decreased by 4.55% compared to the same period last month; according to SPPOMA, from June 1 - 20, production increased by 2.5% compared to the same period last month, from June 1 - 15, it decreased by 4%, from June 1 - 10, it decreased by 17%, and from June 1 - 5, it increased by 10% [2] - **Malaysian exports**: According to ITS, from June 1 - 25, exports increased by 7% compared to the previous period; from June 1 - 20, exports increased by 14% compared to the same period last month; from June 1 - 15, it increased by 26.3%; from June 1 - 10, it increased by 26.3% [2] - **Weather**: Malaysian precipitation is expected to be moderately low, which is beneficial for current production [2] 3.4 Soybean Information - **Argentine soybean harvest**: As of June 18, the harvest progress of the 2024/25 soybean season in Argentina was 96.5%, 3.3 percentage points higher than a week ago but still 2 percentage points behind last year. Early - sown soybeans were 98.4% harvested with an average yield of 3.16 tons per hectare, and late - sown soybeans were 91% harvested with an average yield of 2.5 tons per hectare [2] - **US soybean situation**: According to USDA, as of the week ending June 22, the sowing progress of US soybeans reached 96%, higher than the previous week's 93% but lower than the analysts' average expectation of 97% and the five - year average of 97%. The emergence rate was 90%, higher than the previous week's 84% and in line with the historical average. The first - reported flowering rate this week was 8%, higher than last year's and the historical average of 7%. The good - to - excellent rate was 66%, the same as last week and lower than the analysts' expectation of 67% [2] - **US weather**: Precipitation in the US is expected to be moderately high in the next two weeks, which is beneficial for improving soil moisture [2]

Report Information - Report Date: June 11, 2025 [2] - Report Industry: Oil and Fat [1] - Research Analysts: Yulanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - MPOB's latest data shows that Malaysia's palm oil inventory in May reached an eight - month high. Strong exports only offset part of the increase in production and imports. The report is slightly positive for palm oil. Malaysia's export data for the first 10 days of June is good, supporting the market, and palm oil continues to fluctuate. [7] - For rapeseed oil, although China and Canada have restarted negotiations, there are few rapeseed purchases after June - July. The domestic spot and basis are strong, and the 9000 level has strong short - term support. [7] - Brazil's abundant soybean supply continues to pressure the market. Attention should be paid to recent soybean imports and crushing. An improved supply situation may bring pressure to soybean and oil products. [7] Market Quotes and Operation Suggestions - **Quotes**: Dongguan rapeseed oil trader quotes: Dongguan triple - pressed rapeseed oil 09 + 60 (June), first - pressed rapeseed oil 09 + 240 (June). East China market soybean oil basis price: First - grade soybean oil: July - September: 09 + 260; October - January: 01 + 320; April - June: 05 + 280. Guangdong market first - grade soybean oil spot price: Dongguan: Y2509 + 260. East China port 24 - degree palm oil: P09 + 440 yuan/ton (truck transport only), June shipment P09 + 380 yuan/ton, July shipment P09 + 400 yuan/ton. [7] - **Operation Suggestions**: Pay attention to weather, tariffs, and biodiesel policies of various countries, as well as soybean imports and crushing. [7] Industry News - **Malaysia Palm Oil Data**: In May 2025, Malaysia's palm oil production was 1.7716 million tons, a month - on - month increase of 5.05%; imports were 69,000 tons, a month - on - month increase of 18.32%; exports were 1.3872 million tons, a month - on - month increase of 25.62%; and the end - of - month inventory was 1.9902 million tons, a month - on - month increase of 6.65%. [8] - **Malaysia Palm Oil Export in June**: According to ITS, Malaysia's palm oil exports from June 1 - 10 were 371,600 tons, a 26.4% increase compared to the same period in May. According to AmSpec, exports were 327,355 tons, an 8.1% increase compared to the same period in May. [8] - **Domestic Palm Oil Inventory**: As of the end of the 23rd week of 2025, the total domestic palm oil inventory was 365,000 tons, an increase of 24,000 tons from the previous week; the contract volume was 24,000 tons, an increase of 6,000 tons from the previous week. [9] - **Brazilian Soybean Sales**: As of June 6, 2025, Brazilian farmers had sold 64% of the expected 2024/25 soybean production (about 110.35 million tons). This is lower than 71.8% in the same period last year and 76.9% of the five - year average. Due to factors such as weak global prices and high logistics costs, farmers' overall sales willingness is conservative. [9] Data Overview - The report provides multiple data charts, including spot prices and basis changes of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, as well as palm oil, soybean oil, and rapeseed oil basis changes, and P1 - 5, P5 - 9, P9 - 1 spreads, and exchange rates of US dollars against Ringgit and Renminbi. [14][15][23]