Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - This week, the futures prices of oils and fats showed a differentiated trend. Rapeseed oil prices declined due to the expected increase in domestic imports following signs of eased China - Canada trade relations. Soybean oil and palm oil prices rose slightly. Given the seasonal consumption off - peak and the upcoming summer vacation in southern sales areas, with normal soybean import rhythm and high - volume factory crushing, soybean oil inventory will further accumulate. Domestic oil and fat inventories are slightly on the loose side, and consumption is average. There is a high possibility of futures prices oscillating and consolidating [8][31]. 3. Summary by Directory Spot Analysis - As of June 05, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 7,980 yuan/ton, down 20 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years [9]. - As of June 05, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,530 yuan/ton, down 70 yuan/ton from the previous trading day, and was at a relatively high level compared to the past 5 years [10]. - As of June 05, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,320 yuan/ton, up 20 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years [12]. Other Data - As of May 30, 2025, the national soybean oil inventory increased by 6.40 million tons to 84.80 million tons. On June 4, 2025, the national commercial palm oil inventory increased by 3.00 million tons to 36.30 million tons [16]. - As of June 5, 2025, the port - imported soybean inventory was 5,895,030 tons [20]. - As of June 05, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 304 yuan/ton, down 8 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years [21]. - As of June 05, 2025, the basis of 24 - degree palm oil in Guangdong was 404 yuan/ton, down 66 yuan/ton from the previous trading day, and was at an average level compared to the past 5 years [22]. - As of June 05, 2025, the basis of rapeseed oil in Jiangsu was 168 yuan/ton, down 31 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years [24]. Comprehensive Analysis - This week, the futures prices of oils and fats oscillated and consolidated. The Y2509 soybean oil contract rose 1.31% to close at 7,738 yuan/ton, the P2509 palm oil contract rose 0.62% to close at 8,110 yuan/ton, and the OI2509 rapeseed oil contract fell 2.23% to close at 9,140 yuan/ton [5][30]. - In May 1 - 31, 2025, Malaysia's palm oil production was estimated to increase by 3.07%. The Malaysian palm oil rose 1.01%. Meanwhile, 6 - 7 months in 2025 saw concentrated soybean purchases by Chinese enterprises. It is expected that 12 million tons of soybeans will arrive in June, 9.5 million tons in July, and 8.5 million tons in August. Based on last year's average monthly soybean crushing volume of 8.7 million tons from June to August, the domestic soybean commercial inventory is expected to increase by 3 - 4 million tons by the end of August. The US soybeans rose 1.51% this week [6][7][30].