Report Information - Report Date: August 22, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - With good palm oil production data from Indonesia and the upcoming harvest of North American soybeans and rapeseeds, the single - sided trend of oils may face upward pressure [8]. - In terms of arbitrage, it is recommended to go long on rapeseed oil and short on soybean oil [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of Grade 3 rapeseed oil in August was OI2601 + 130, from September to October it was OI2601 + 200, and from August to September it was OI601 + 160 (non - GMO). The basis price of Grade 1 rapeseed oil in August was OI2601 + 180. For soybean oil, the basis price of first - grade soybean oil in the spot market was 01 + 170, from August to September it was Y2601 + 190, from October to November it was Y2601 + 240, from October to January it was Y2601 + 260, and from February to May it was Y2605 + 180. The basis price of third - grade soybean oil was 01 + 120. In the Dongguan market, the price of 24 - degree palm oil was 01 - 50 [7]. - **Operation Suggestions**: With the good production data of Indonesian palm oil and the upcoming listing of North American soybeans and rapeseeds, the single - sided trend of oils may face upward pressure. For arbitrage, it is recommended to go long on rapeseed oil and short on soybean oil [8]. 3.2. Industry News - **Indonesia Palm Oil**: In June, Indonesia's crude palm oil production increased by 15.8% month - on - month to 4.82 million tons. In the first half of the year, the production of palm oil, including palm kernel oil, reached 27.89 million tons, a year - on - year increase of 6.5%. Despite the production increase, due to the continuous rise in exports, Indonesia's palm oil inventory at the end of June decreased by 13% month - on - month to 2.53 million tons. In June, Indonesia exported 3.61 million tons of palm oil, a month - on - month increase of 35.4% [8][9]. - **Malaysia Palm Oil**: From August 1 to 20, Malaysia's palm oil production increased by 0.3% month - on - month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 2.12% month - on - month and the oil extraction rate (OER) increasing by 0.46% month - on - month [10]. - **Purchase Progress**: As of August 19, the cumulative purchase of the August shipment was 9.171 million tons, with a purchase progress of 100%. The cumulative purchase of the September shipment was 8.439 million tons, a weekly increase of 129,000 tons, with a purchase progress of 99.22%. The cumulative purchase of the October shipment was 5.478 million tons, a weekly increase of 1.253 million tons, with a purchase progress of 68.48%. The cumulative purchase of the November shipment was 724,000 tons, a weekly increase of 196,000 tons, with a purchase progress of 11.14%. The cumulative purchase of the December shipment was 66,000 tons, with a purchase progress of 1.47%. The cumulative purchase of the February 2026 shipment was 1.782 million tons, a weekly increase of 268,000 tons, with a purchase progress of 18.76%. The cumulative purchase of the March 2026 shipment was 5.544 million tons, a weekly increase of 462,000 tons, with a purchase progress of 46.2% [10]. 3.3. Data Overview - The report provides multiple data charts, including the spot price of East China Grade 3 rapeseed oil, the spot price of East China Grade 4 soybean oil, the spot price of South China 24 - degree palm oil, the basis changes of palm oil, soybean oil, and rapeseed oil, the P1 - 5 spread, the P5 - 9 spread, the P9 - 1 spread, the US dollar to Malaysian ringgit exchange rate, the US dollar to Chinese yuan exchange rate, etc. The data sources are Wind and the Research and Development Department of CCB Futures [11][12][16]