1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The prices of the three major domestic oils showed mixed trends this week. Palm oil prices declined, while soybean oil and rapeseed oil prices increased. Market sentiment is influenced by multiple factors such as policies, overseas supply, and demand [4][27]. - Different short - and long - term trends are expected for each oil. Palm oil may be weak in the short - term and rebound in the long - term; soybean oil will fluctuate widely in the short - term and its price center may move up in the long - term; rapeseed oil will be slightly strong in the short - term and maintain a wide - range oscillation in the long - term [30][35][38]. 3. Summary by Relevant Catalogs 3.1 Domestic Three Major Oil Spot Price Trends - From October 31 to November 7, 2025, palm oil futures closed down 1.19%, with a spot price decline of 0.66%; soybean oil futures rose 0.69%, with a spot price increase of 0.60%; rapeseed oil futures rose 1.18%, with a spot price increase of 1.42% [4]. 3.2 Three Major Oil Basis Changes - As of November 6, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 184 yuan/ton (unchanged from the previous week), 317 yuan/ton (an increase of 3 yuan/ton from the previous week), and 28 yuan/ton (an increase of 6 yuan/ton from the previous week) respectively. As of November 7, 2025, the YP spread was - 476 yuan/ton (an increase of 160 yuan/ton from the previous week) [7]. 3.3 Domestic Three Major Oil Inventory Trends - As of October 31, 2025, the coastal rapeseed oil inventory decreased to 3.80 tons; the commercial inventory of palm oil mills decreased to 59.28 tons; the national soybean oil inventory of oil mills decreased to 121.58 tons. The total inventory of the three major oils decreased to 184.66 tons [10]. 3.4 Supply - side Analysis 3.4.1 Palm Oil Supply - As of November 6, 2025, the import cost of 24 - degree palm oil was 8973 yuan/ton (a decrease of 101 yuan/ton from the previous week), and the import gross profit was - 281 yuan/ton (an increase of 57 yuan/ton from the previous week). From November 1 - 5, the palm oil production in Malaysia increased by 6.80% month - on - month [13]. 3.4.2 Soybean Oil Supply - As of October 31, 2025, the national port soybean inventory was 962.90 tons (a decrease of 10.2 tons from the previous week), the soybean inventory of major national oil mills was 710.79 tons (a decrease of 40.4 tons from the previous week), and the oil mill operating rate was 54% (a decrease of 7% from the previous week). As of November 6, 2025, the soybean crushing profit was - 550.35 yuan/ton (an increase of 54.55 yuan/ton from the previous week) [18]. 3.4.3 Rapeseed Oil Supply - As of October 31, 2025, the total rapeseed inventory of oil mills was 1 ton (a decrease of 1 ton from the previous week). As of November 7, 2025, the import rapeseed crushing profit was - 2346.20 yuan/ton (an increase of 244 yuan/ton from the previous week) [23]. 3.5 Demand - side Analysis - On November 6, 2025, the trading volume of major palm oil mills was 0 tons, the trading volume of first - grade soybean oil was 29,800 tons, and the POGO spread was 321.99 dollars/ton (a decrease of 46.5 dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 805 tons [26]. 3.6 Three Major Oil Fundamental Analysis - Policy: The market is waiting for the further clarification of the US biodiesel policy, the overall situation of China - US trade negotiations is positive, and the progress of China - Canada trade relations is being watched. - Overseas: Due to the US government shutdown, the USDA supply - demand report was not released. The US soybean harvest progress is accelerating, and the market supply pressure is emerging. The October palm oil production in Malaysia increased by 12.31% month - on - month to 2.07 million tons, and the inventory is expected to continue to accumulate. - Import and crushing: The oil mill operating rate decreased by 7% from the previous week, and the soybean and rapeseed inventories decreased. - Inventory: As of October 31, the inventories of the three major oils all decreased. - Spot: The spot prices of oils showed mixed trends this week [27]. 3.7 Strategy Recommendations 3.7.1 Palm Oil - Short - term: Weak operation, pay attention to market volatility risks after the release of the MPOB report next week. - Long - term: After bottom - hunting in oscillation, the futures price is expected to stabilize and rebound [29][30]. 3.7.2 Soybean Oil - Short - term: Wide - range oscillation, waiting for the details of China's soybean purchases from the US. - Long - term: The price center is expected to move up, but the upward space and rhythm will be affected by multiple factors [34][35]. 3.7.3 Rapeseed Oil - Short - term: Slightly strong oscillation. - Long - term: Maintain a wide - range oscillation pattern under the tight supply - demand balance [37][38].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Short - term: Palm oil is expected to continue its weak performance next week. In the long - term, after a bottom - seeking process, palm oil futures prices are likely to stabilize and rebound considering the upcoming seasonal production reduction cycle in the producing areas and the long - term support of biodiesel policies [32]. - The market is waiting for further clarification of the US biodiesel policy, and the overall situation of China - US trade negotiations is positive. Attention should be paid to the progress of China - Canada trade relations [29]. 3. Summary by Relevant Catalogs Domestic Three Major Oil Spot Price Trends - From October 24 to October 31, 2025, the futures closing prices of palm oil, rapeseed oil, and soybean oil decreased by 3.92%, 3.47%, and 0.81% respectively. The corresponding spot prices decreased by 2.81%, 2.19%, and 0.48% respectively [4]. Three Major Oil Basis Changes - As of October 30, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 184 yuan/ton (a decrease of 10 yuan/ton from the previous week), 314 yuan/ton (an increase of 12 yuan/ton from the previous week), and 22 yuan/ton (an increase of 38 yuan/ton from the previous week) respectively. As of October 31, 2025, the YP spread was - 636 yuan/ton (an increase of 292 yuan/ton from the previous week) [7]. Domestic Three Major Oil Inventory Trends - As of October 24, 2025, the rapeseed oil inventory in coastal areas was 4.20 million tons (a decrease of 1.0 million tons from the previous week), the commercial inventory of palm oil mills was 60.71 million tons (an increase of 3.14 million tons from the previous week), and the inventory of soybean oil in national oil mills was 125.03 million tons (an increase of 2.63 million tons from the previous week). The total inventory of the three major oils was 189.94 million tons (an increase of 4.77 million tons from the previous week) [10]. Supply - side Analysis - **Palm Oil**: In September 2025, Malaysia's palm oil inventory increased by 7.2% month - on - month to 2.36 million tons. From October 1 - 25, 2025, Malaysia's palm oil production increased by 2.78% month - on - month. In August 2025, Indonesia's palm oil ending inventory decreased by 1% to 2.543 million tons [16]. - **Soybean Oil**: As of October 24, 2025, the soybean inventory in national ports was 9.731 million tons (a decrease of 0.153 million tons from the previous week), and the soybean inventory in major oil mills was 7.5129 million tons (a decrease of 0.1741 million tons from the previous week). The oil mill operating rate was 61% (an increase of 3% from the previous week). As of October 31, 2025, the soybean crushing profit was - 604.90 yuan/ton (an increase of 7.1 yuan/ton from the previous week) [19]. - **Rapeseed Oil**: As of October 24, 2025, the total rapeseed inventory in oil mills was 2 million tons (a decrease of 1 million tons from the previous week). As of October 31, 2025, the import rapeseed crushing profit was - 2590.20 yuan/ton (a decrease of 480 yuan/ton from the previous week) [22]. Demand - side Analysis - On October 30, 2025, the trading volume of palm oil in major oil mills was 1700 tons, and the trading volume of first - grade soybean oil was 8700 tons. The POGO spread was 368.49 US dollars/ton (a decrease of 32 US dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 8.05 million tons [27]. Three Major Oil Fundamental Analysis - Policy: The market is waiting for the US biodiesel policy to be further clarified. The overall situation of China - US trade negotiations is positive, and attention should be paid to the progress of China - Canada trade relations [29]. - Foreign Factors: Due to the US government shutdown, the USDA supply - demand report for this month was not released. The US soybean harvest progress is accelerating, and the market supply pressure is emerging. Malaysia's palm oil inventory at the end of September increased by 7.2% month - on - month to 2.36 million tons, higher than the market expectation of 2.15 million tons. The Indonesian Palm Oil Association predicts that this year's palm oil production will increase by 10%, higher than the market expectation [29]. - Import and Pressing: The oil mill operating rate increased by 3% from the previous week, and the soybean inventory decreased. The rapeseed inventory in oil mills was 2 million tons, a decrease of 1 million tons from the previous week [29]. - Inventory: As of October 24, the rapeseed oil inventory in coastal areas decreased to 4.20 million tons, the commercial inventory of palm oil mills increased to 60.71 million tons, and the national soybean oil inventory in oil mills increased to 125.03 million tons [29]. - Spot: This week, the spot prices of the three major oils all decreased. The spot price of palm oil decreased by 2.81%, that of soybean oil decreased by 0.48%, and that of rapeseed oil decreased by 2.19% [29]. Strategy Recommendation - **Palm Oil**: This week, palm oil futures fell 3.92%. Considering the increase in Malaysia's palm oil production and the call to halt Indonesia's B50 plan, the short - term outlook is weak, but in the long - term, it may rebound. - **Soybean Oil**: This week, soybean oil futures fell 0.81%. The US soybean harvest is accelerating, but the China - US relationship is optimistic. The domestic soybean inventory pressure is still large in the short - term, but the cost side has certain support. - **Rapeseed Oil**: This week, rapeseed oil futures fell 3.47%. The fundamentals have not changed much, and it has entered the de - stocking cycle. Attention should be paid to the progress of China - Canada trade relations [31].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals of oils and fats are relatively neutral, with stable imports and inventories. Sino-US relations are tense, which puts pressure on the prices of new US soybeans for export. The inventory of Malaysian palm oil is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. [2][3][4] Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in August, the production of Malaysian palm oil decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% month-on-month to 1.49 million tons, and the end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, with less-than-expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month-on-month increase, and the supply pressure of palm oil will decrease as it enters the production reduction season. [2] - **Basis**: The spot price of soybean oil is 8,492, with a basis of 198, indicating that the spot price is at a premium to the futures price. [2] - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous period and a year-on-year increase of 11.7%. [2] - **Market**: The futures price is running below the 20-day moving average, and the 20-day moving average is downward. [2] - **Main Position**: The short positions of the main soybean oil contract have decreased. [2] - **Expectation**: The price of soybean oil Y2601 is expected to fluctuate in the range of 8,000 - 8,500. [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral, with less-than-expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month-on-month increase, and the supply of palm oil will increase as it enters the production increase season. [3] - **Basis**: The spot price of palm oil is 9,306, with a basis of 12, indicating that the spot price is at a discount to the futures price. [3] - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous period and a year-on-year decrease of 34.1%. [3] - **Market**: The futures price is running below the 20-day moving average, and the 20-day moving average is downward. [3] - **Main Position**: The long positions of the main palm oil contract have decreased. [3] - **Expectation**: The price of palm oil P2601 is expected to fluctuate in the range of 9,100 - 9,500. [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is neutral, with less-than-expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month-on-month increase, and the supply of palm oil will increase as it enters the production increase season. [4] - **Basis**: The spot price of rapeseed oil is 10,191, with a basis of 327, indicating that the spot price is at a premium to the futures price. [4] - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous period and a year-on-year increase of 3.2%. [4] - **Market**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. [4] - **Main Position**: The long positions of the main rapeseed oil contract have decreased. [4] - **Expectation**: The price of rapeseed oil OI2601 is expected to fluctuate in the range of 9,700 - 10,100. [4] Recent Bullish and Bearish Analysis - **Bullish**: The US soybean stock-to-use ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil. [5] - **Bearish**: The prices of oils and fats are at a relatively high level historically, and the domestic inventory of oils and fats continues to accumulate. The macroeconomy is weak, and the expected production of related oils and fats is high. [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose. [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The market is waiting for the results of the MPOB report next week and the further clarification of the US biodiesel policy. The extension of the anti - dumping investigation on Canadian rapeseed by the Ministry of Commerce until March 9, 2026 also affects the market. The production, export, and inventory of palm oil in Malaysia in August are expected to change, with expected export growth and inventory accumulation. For palm oil, in the short - term, it is expected to fluctuate between 9400 - 9750 next week, and in the medium - to - long - term, it is expected to fluctuate between 9400 - 10000 as it is in the third wave of an uptrend on the weekly chart [23][24][25]. 3. Summary by Related Catalogs Domestic Three Major Oils Spot Price Trends - From August 29 to September 5, 2025, the futures closing prices of palm oil (P2601), rapeseed oil (OI2601), and soybean oil (Y2601) increased by 2.25%, 0.30%, and 1.10% respectively. The spot prices of palm oil decreased by 1.38%, rapeseed oil increased by 0.22%, and soybean oil increased by 1.19% [2]. Three Major Oils Basis Changes - As of September 4, 2025, the basis of soybean oil, rapeseed oil, and palm oil were 72 yuan/ton (down 4 yuan/ton from the previous week), 119 yuan/ton (up 2 yuan/ton from the previous week), and 10 yuan/ton (down 108 yuan/ton from the previous week) respectively. As of September 5, 2025, the YP spread was - 1076 yuan/ton (down 118 yuan/ton from the previous week) [5]. Domestic Three Major Oils Inventory Trends - As of August 29, 2025, the coastal rapeseed oil inventory was 10.4 tons (down 0.1 tons from the previous week), the palm oil factory commercial inventory was 61.01 tons (up 2.8 tons from the previous week), the national soybean oil factory inventory was 123.88 tons (up 5.28 tons from the previous week), and the total inventory of the three major oils was 195.29 tons (up 7.98 tons from the previous week) [8]. Supply - side of Palm Oil - MPOB data shows that Malaysia's palm oil inventory at the end of July increased by 4.02% to 211 tons compared to the previous month. In June 2025, Indonesia's palm oil ending inventory decreased by 13.2% to 253.0 tons [13]. Supply - side of Soybean Oil - As of August 29, 2025, the national port soybean inventory was 905.60 tons (up 15.8 tons from the previous week), the national major oil factory soybean inventory was 696.85 tons (up 14.32 tons from the previous week), and the oil factory operating rate was 61% (down 1% from the previous week). As of September 4, 2025, the soybean crushing profit was - 587.80 yuan/ton (down 1.8 yuan/ton from the previous week) [16]. Supply - side of Rapeseed Oil - As of August 29, 2025, the total rapeseed inventory of oil factories was 10 tons (down 5 tons from the previous week). As of September 5, 2025, the imported rapeseed crushing profit was - 2285.60 yuan/ton (up 289.4 yuan/ton from the previous week) [19]. Demand - side - On September 4, 2025, the trading volume of palm oil in major oil factories was 233 tons, and that of first - grade soybean oil was 2000 tons. The POGO spread was 428.24 dollars/ton (down 22.75 dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 865 tons [22]. Strategy Recommendation - For palm oil, in the short - term, it is expected to fluctuate between 9400 - 9750 next week, and in the medium - to - long - term, it is expected to fluctuate between 9400 - 10000 as it is in the third wave of an uptrend on the weekly chart [25][26]. Next Week's Concerns - The concerns include the US biodiesel policy, Sino - US and Sino - Canadian economic and trade relations, high - frequency data of Malaysian palm oil, and weather [27].

1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The report analyzes the price trends, basis changes, inventory levels, supply - demand situations of domestic three major oils (palm oil, soybean oil, and rapeseed oil), and provides short - and medium - long - term price forecasts for palm oil [2][35][36]. 3. Summary by Relevant Catalogs 3.1 Domestic Three Major Oils Spot Price Trends - From July 25 to August 1, 2025, the palm oil futures主力合约 (P2509) decreased by 0.29% to 8910, and the spot price decreased by 0.04% to 9012; the rapeseed oil futures主力合约 (OI2509) increased by 0.71% to 9524, and the spot price increased by 0.33% to 9622; the soybean oil futures主力合约 (Y2509) increased by 1.60% to 8274, and the spot price increased by 0.48% to 8454 [2]. 3.2 Three Major Oils Basis Changes - As of July 31, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 262 yuan/ton (increased by 14 yuan/ton from the previous week), 111 yuan/ton (increased by 13 yuan/ton), and 112 yuan/ton (increased by 44 yuan/ton) respectively. As of August 1, 2025, the YP spread was - 636 yuan/ton (increased by 158 yuan/ton from the previous week) [7]. 3.3 Domestic Three Major Oils Inventory Trends - As of July 25, 2025, the rapeseed oil inventory in coastal areas was 9.55 tons (increased by 0.30 tons from the previous week), the palm oil commercial inventory in factories was 61.55 tons (increased by 2.41 tons), the soybean oil inventory in national oil mills was 108.81 tons (decreased by 0.37 tons), and the total inventory of the three major oils was 179.91 tons (increased by 2.34 tons) [10]. 3.4 Supply - side Analysis 3.4.1 Palm Oil Supply - side - MPOB data shows that Malaysia's palm oil ending inventory in June increased by 2.4% to 2.03 million tons. In May 2025, Indonesia's palm oil ending inventory decreased by 4.2% to 2.916 million tons [16]. 3.4.2 Soybean Oil Supply - side - As of July 25, 2025, the national port soybean inventory was 8.085 million tons (increased by 0.106 million tons from the previous week), the soybean inventory in major national oil mills was 6.4559 million tons (increased by 0.0335 million tons), and the oil mill operating rate was 58% (increased by 3%). As of August 1, 2025, the soybean crushing profit was - 722.05 yuan/ton (decreased by 0.85 yuan/ton from the previous week) [21]. 3.4.3 Rapeseed Oil Supply - side - As of July 25, 2025, the total rapeseed inventory in oil mills was 15,000 tons (decreased by 5,000 tons from the previous week). As of August 1, 2025, the imported rapeseed crushing profit was 295.20 yuan/ton (increased by 39.6 yuan/ton from the previous week) [26]. 3.5 Demand - side Analysis - On July 31, 2025, the trading volume of palm oil in major oil mills was 200 tons, the trading volume of first - grade soybean oil was 2500 tons, and the POGO spread was 352.24 dollars/ton (decreased by 12 dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 8.65 million tons [32]. 3.6 Three Major Oils Fundamental Analysis - Policy: The US biodiesel policy is favorable. - Overseas: According to the USDA June report, the expected ending inventory of US soybeans is 295 million bushels, and the production of Brazil and Argentina is 175 million tons and 48.5 million tons respectively. The MPOB report shows that Malaysia's palm oil production in June was 1.692 million tons, a month - on - month decrease of 4.5%, and the inventory was 2.03 million tons, a month - on - month increase of 2.4%. - Import and crushing: The oil mill operating rate increased by 3% from the previous week, and the soybean inventory increased. The rapeseed inventory in oil mills was 15,000 tons, a decrease of 5,000 tons from the previous week. - Inventory: As of July 25, the rapeseed oil inventory in coastal areas increased to 95,500 tons, the palm oil commercial inventory in factories increased to 615,500 tons, and the soybean oil inventory in national oil mills decreased to 1.0881 million tons. - Spot: This week, the spot prices of oils showed mixed trends. The spot price of palm oil decreased by 0.04%, the spot price of soybean oil increased by 0.48%, and the spot price of rapeseed oil increased by 0.33%. - Risks: The production situation of Malaysian palm oil and weather [33]. 3.7 Strategy Recommendation 3.7.1 Palm Oil Single - week Summary - This week, palm oil slightly declined by 0.02%. From January to May 2025, Malaysia's palm oil exports to the US increased by 51.8% year - on - year. Since August 1, 2025, the US has imposed additional import tariffs of 19% and 25% on Indonesian and Malaysian palm oil respectively. The EU may allow Indonesian palm oil to enter its market at zero - tariff with a quota system. The BMD crude palm oil futures ended a two - day rising trend. Malaysia's palm oil exports in July decreased by 9.6% compared to June. India set the reference price for crude palm oil exports in August at 910.91 dollars/ton, higher than 877.89 dollars/ton in July [35]. 3.7.2 Price Forecast - Short - term: Palm oil is hovering around the 9000 mark, and the expected fluctuation range next week is 8750 - 9050. - Medium - long - term: The palm oil主力合约 has broken through the upper limit of the previous shock range, and the center of gravity may rise. The expected fluctuation range is 8600 - 9400 [36]. 3.8 Next Week's Focus and Risk Warning - The production situation of Malaysian palm oil and weather [37].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The policy of US biodiesel is favorable. The USDA June report shows that the expected ending inventory of US soybeans is 295 million bushels, and the production in Brazil and Argentina is 175 million tons and 48.5 million tons respectively. The MPOB report indicates that the production of Malaysian palm oil in June was 1.692 million tons, a month - on - month decrease of 4.5%, and the inventory was 2.03 million tons, a month - on - month increase of 2.4% [30]. - In the short term, palm oil hovers around the 9000 mark, and the expected fluctuation range next week is 8850 - 9200. In the medium - to - long term, the main contract of palm oil breaks through the upper limit of the previous shock range, and the center of gravity may rise, with an expected fluctuation range of 8600 - 9400 [32]. 3. Summary According to Relevant Catalogs Domestic Three Major Oil Spot Price Trends - From July 18 to July 25, 2025, the futures closing price of palm oil (P2509) rose from 8964 to 9104, a weekly increase of 1.56%, and the spot price rose from 9048 to 9172, a weekly increase of 1.37%. The futures closing price of rapeseed oil (OI2509) decreased from 9586 to 9492, a weekly decrease of 0.98%, and the spot price decreased from 9692 to 9590, a weekly decrease of 1.05%. The futures closing price of soybean oil (Y2509) rose from 8160 to 8166, a weekly increase of 0.07%, and the spot price remained unchanged at 8414 [4]. Three Major Oil Basis Changes - As of July 24, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 248 yuan/ton (an increase of 16 yuan/ton from the previous week), 98 yuan/ton (a decrease of 24 yuan/ton from the previous week), and 68 yuan/ton (a decrease of 30 yuan/ton from the previous week) respectively. As of July 25, 2025, the YP spread was - 794 yuan/ton (an increase of 12 yuan/ton from the previous week) [7]. Domestic Three Major Oil Inventory Trends - As of July 18, 2025, the inventory of rapeseed oil in coastal areas decreased to 92,500 tons (a decrease of 400 tons from the previous week), the commercial inventory of palm oil in factories increased to 591,400 tons (an increase of 28,400 tons from the previous week), the inventory of soybean oil in national oil mills increased to 1,091,800 tons (an increase of 42,400 tons from the previous week), and the total inventory of the three major oils increased to 1,775,700 tons (an increase of 70,400 tons from the previous week) [10]. Supply Side of Palm Oil - MPOB palm oil supply - demand data shows that the ending inventory of Malaysian palm oil in June increased by 2.4% to 2.03 million tons. In May 2025, the ending inventory of Indonesian palm oil decreased by 4.2% to 2.916 million tons [15]. Supply Side of Soybean Oil - As of July 18, 2025, the inventory of soybeans in national ports was 797,900 tons (a decrease of 25,200 tons from the previous week), the inventory of soybeans in major national oil mills was 642,240 tons (a decrease of 15,250 tons from the previous week), and the oil mill operating rate was 55% (a decrease of 4% from the previous week). As of July 24, 2025, the soybean crushing profit was - 721.20 yuan/ton (an increase of 25.95 yuan/ton from the previous week) [20]. Supply Side of Rapeseed Oil - As of July 18, 2025, the total inventory of rapeseed in oil mills was 20,000 tons (an increase of 5,000 tons from the previous week). As of July 25, 2025, the import rapeseed crushing profit was 255.60 yuan/ton (a decrease of 34.76 yuan/ton from the previous week) [23]. Demand Side - On July 24, 2025, the trading volume of palm oil in major oil mills was 866 tons, the trading volume of first - grade soybean oil was 35,000 tons, and the POGO spread was 364.24 US dollars/ton (an increase of 35 US dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 8.65 million tons [29]. Strategy Recommendation - This week, the supply - demand data of Indonesia is favorable, but high - frequency data shows that the production of Malaysian palm oil increases and exports decrease, and the expectation of inventory accumulation strengthens, with palm oil fluctuating at a high level. The consumption of Indonesian biodiesel this year has reached 7.42 million kiloliters, accounting for 47.5% of the 2025 quota. From July 1 - 20, the production of Malaysian palm oil increased by 6.19% month - on - month, and exports decreased by 3.5% month - on - month, increasing the expectation of inventory accumulation in July [31].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As the impact of the tariff war gradually fades, the oil and fat market is expected to return to fundamentals, with short - term prices remaining volatile. Soybean oil and rapeseed oil have positive support, while palm oil may weaken [10]. Group 3: Summary by Directory 3.1 Data Analysis - **Spot Prices and Basis**: The closing prices of soybean oil, palm oil, and rapeseed oil on April 28, 2025, were 7814, 8174, and 9333 respectively, with price drops. The basis of each variety showed different trends in different regions [4]. - **Monthly Spread**: The 9 - 1 monthly spreads of soybean oil, palm oil, and rapeseed oil were 76, 48, and 187 respectively, with changes of 0, 4, and 32 [4]. - **Cross - Variety Spreads**: The 09 - contract spreads of Y - P, OI - Y, and OI - P were (360), 1519, and 1159 respectively, with changes of 82, (53), and 29. The oil - meal ratio was 2.62, with a change of 0.0001 [4]. - **Import Profits**: The 24 - degree palm oil from Malaysia and Indonesia had a negative profit of (470), and the FOB price of rapeseed oil from Rotterdam was 1080, with a negative profit of (1189) [4]. - **Weekly Commercial Inventory**: In the 16th week of 2025, the commercial inventories of soybean oil, palm oil, and rapeseed oil were 65.0, 38.4, and 79.9 million tons respectively, showing different trends compared to the previous week and the same period last year [4]. 3.2 Fundamental Analysis - **International Market**: There are rumors that the EPA may postpone the update of RVO standards until the second half of the year [6]. - **Domestic Market - Palm Oil**: Affected by US biodiesel rumors, palm oil futures prices fell by over 2%. As of April 25, 2025, the commercial inventory decreased, and the import profit deficit widened. It is expected to maintain a tight inventory, with short - term narrow - range fluctuations [6]. - **Domestic Market - Soybean Oil**: Futures prices fell by over 1%. The soybean crushing volume increased last week, and the inventory decreased. With the arrival of Brazilian soybeans, the inventory may gradually increase, and the basis may weaken. The short - term price will fluctuate, and YP09 can be considered to be expanded at low prices [6][8]. - **Domestic Market - Rapeseed Oil**: Futures prices fell by over 1%. The crushing volume of rapeseed increased last week, and the inventory decreased slightly. The import profit deficit narrowed. The short - term price will fluctuate widely, and attention should be paid to the purchase of rapeseed and rapeseed oil and policy changes [8]. 3.3 Trading Strategies - **Single - Side Strategy**: Short - term oil and fat prices will remain volatile. Soybean oil and rapeseed oil have positive factors, while palm oil may weaken [10]. - **Arbitrage Strategy**: Expand YP09 at low prices [10]. - **Option Strategy**: Wait and see [10]. 3.4 Relevant Attachments - The attachments include multiple charts showing the historical trends of basis, monthly spreads, and cross - variety spreads of different oil and fat varieties [13][16]