Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily unfalsifiable [2] Group 2: Core Viewpoints - The report presents price changes of 24 - degree palm oil, first - grade soybean oil, and fourth - grade rapeseed oil in different regions on August 20, 2025, compared to August 19, 2025, with most showing a downward trend [1] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and there are concerns about future rapeseed supply. The estimated rapeseed arrivals in August are about 200,000 tons, and the average monthly arrivals from September to October are about 130,000 tons [2] - The USDA report adjusted the US soybean new - crop area and yield. Although the yield per acre was raised to a historical high, the planting area was unexpectedly reduced, resulting in a lower - than - expected production [2] - The weather in the US in the next two weeks is favorable for soybean yield, and the good - to - excellent rates of US soybeans and corn are in line with market expectations [2] Group 3: Summary by Related Content Spot Price - 24 - degree palm oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9,660, 9,540, and 9,510 respectively, down 200 from August 19 [1] - First - grade soybean oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 8,510, 8,630, and 8,610 respectively, down 200 from August 19 [1] - Fourth - grade rapeseed oil: On August 20, 2025, prices in Zhangjiagang, Wuhan, and Chengdu were 9,900, 9,950, and 10,160 respectively, down 130 from August 19 [1] Futures Data - The price difference between soybean and palm oil main contracts was - 1,140 on August 20, 2025, down 26 from August 19 [1] - The price difference between rapeseed and soybean main contracts was 1,414 on August 20, 2025, up 90 from August 19 [1] - Palm oil warehouse receipts were 1,404 on August 20, 2025, down 16 from August 19; soybean oil warehouse receipts remained unchanged at 15,310; rapeseed oil warehouse receipts remained unchanged at 3,487 [1] Rapeseed - related Information - The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed, and from August 14, 2025, importers need to pay a 75.8% deposit on Canadian rapeseed [2] Palm Oil - related Information - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - In Malaysia, from August 1 - 5, palm oil yield per unit decreased 17.27% month - on - month, and from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] Soybean - related Information - The USDA report raised the US soybean yield per acre to 53.6 bushels/acre but cut the 2025/26 planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 - million - bushel reduction in production to 4.292 billion bushels [2] - As of the week ending August 10, the good - to - excellent rate of US soybeans was 68%, and that of US corn was 72%, both in line with market expectations [2]

Report Industry Investment Rating - The report recommends going long on oils and fats as the bullish drivers are temporarily difficult to disprove [2] Core Viewpoints - The report analyzes the price, inventory, production, and export data of palm oil, soybean oil, and rapeseed oil, and points out that due to the anti - dumping investigation on Canadian rapeseed, the supply of rapeseed may be tight; the production and export situation of palm oil in Malaysia is complex; and the production of US soybeans has both high - yield expectations and area reduction [1][2] Summary by Related Content Price Data - **Palm Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 9710, 9640, and 9300 respectively, while on August 18, they were 9440, 9370, and 9570, with a one - price change of 270 [1] - **Soybean Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8660, 8780, and 8760 respectively, and on August 18, they were 8710, 8830, and 8810, with a one - price change of 50 [1] - **Rapeseed Oil**: On August 15, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9900, 10080, and 10160 respectively, and on August 18, they were 10030, 9950, and 10290, with a one - price change of 130 [1] Futures Data - The spread between soybean and palm oil main contracts changed from - 926 to - 1068, a decrease of 142; the spread between rapeseed and soybean main contracts changed from 1310 to 1223, a decrease of 87; palm oil warehouse receipts remained at 1420, and soybean oil warehouse receipts increased from 14840 to 15310, an increase of 470 [1] Supply and Demand Information - **Rapeseed**: The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed. From August 14, 2025, importers need to pay a 75.8% deposit. The procurement of domestic distant - month rapeseed is slow, and the supply may be tight. The estimated arrival volume in August is about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - **Palm Oil**: Bloomberg's July MPOB estimate shows that production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons. In Malaysia, from August 1 - 5, production decreased 17.27% month - on - month; from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] - **Soybean**: The USDA report increased the yield per acre of US soybeans to 53.6 bushels/acre but decreased the planting area by 2.5 million acres to 80.9 million acres, resulting in a production decrease of 43 million bushels to 4.292 billion bushels. The weather in the next two weeks is favorable for yield, and as of August 10, the good - to - excellent rate of US soybeans was 68% [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the vegetable oil sector, after adjustment, there will be new buying opportunities, and it is bullish in the medium to long term [1][2] - For the two - meal sector, maintain a bullish view on the medium - term trend of double meals and wait for new buying opportunities after the correction [3][4] 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Sector 3.1.1 Market Review - On August 14, the exchange cooled down the risk of the vegetable oil sector. The main contract Y2601 of soybean oil closed at 8,520 yuan/ton, down 0.65% day - on - day by closing price, with a daily reduction of 3,966 lots; the secondary main contract Y2605 closed at 8,078 yuan/ton, down 0.49% day - on - day by closing price, with a daily increase of 2,202 lots. Similar price and position changes occurred in palm oil and rapeseed oil contracts [1] 3.1.2 Important Information - On August 13, Zhengzhou Commodity Exchange issued a risk warning letter for rapeseed oil and rapeseed meal [1] - The US Department of Agriculture's August supply - demand report was generally bullish, with the soybean planting area unexpectedly lowered. The Argentine and Brazilian soybean yields also changed [1] - The US continued to modify the implementation of ad - valorem tariffs on Chinese goods, suspending the 24% tariff for 90 days from August 12, 2025, while retaining the remaining 10% [1] - On August 12, China's Ministry of Commerce preliminarily determined that imported rapeseed from Canada was dumped, and if anti - dumping was ruled, the import cost of Canadian rapeseed would increase significantly [1] - Malaysia's July supply - demand report was generally bullish, with export growth exceeding expectations and production growth lower than expected [1] - As of the end of the 32nd week of 2025, the total inventory of the three major domestic edible oils decreased week - on - week, with different trends in soybean oil, palm oil, and rapeseed oil inventories [2] 3.1.3 Market Logic - Externally, the US agricultural report and China - Canada anti - dumping measures led to a strong rebound in US soybeans, and the Malaysian palm oil futures price remained strong. Domestically, policies and macro - factors were favorable, and the vegetable oil sector strengthened. Although the inventory of the three major oils increased, there were reasons for the soybean oil inventory to decrease in the future, and the overall view was that the oils were bullish in the medium to long term after adjustment [2] 3.1.4 Trading Strategies - For single - side trading, wait for new buying opportunities after the correction. Provide support and resistance levels for different contracts [2] 3.2 Two - Meal Sector 3.2.1 Market Review - On August 14, the exchange cooled down the risk of the two - meal sector. The main contract M2601 of soybean meal closed at 3,157 yuan/ton, down 0.19% day - on - day by closing price, with a daily increase of 54,894 lots; the main contract RM2601 of rapeseed meal closed at 2,606 yuan/ton, down 3.05% day - on - day by closing price, with a daily reduction of 26,613 lots [3] 3.2.2 Important Information - Similar to the vegetable oil sector, including the risk warning letter from Zhengzhou Commodity Exchange, China - Canada anti - dumping measures, the US Department of Agriculture's supply - demand report, export inspection data, crop condition data, and domestic inventory data [3][4] 3.2.3 Market Logic - Externally, the US agricultural report led to a sharp rise in US soybeans, and the ICE rapeseed price dropped due to China - Canada anti - dumping. Domestically, the expected increase in the import cost of Canadian rapeseed and the risk warning letter from Zhengzhou Commodity Exchange affected the market. Overall, the supply of external oilseeds tightened, and the two - meal sector was likely to continue to rise strongly [3][4] 3.2.4 Trading Strategies - For single - side trading, be bullish on the medium - term trend of double meals and wait for new buying opportunities after the correction. Provide support and resistance levels for different contracts [4]