1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The prices of edible oils are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the supply of domestic edible oils is stable. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic edible oil fundamentals are neutral, and import inventory is stable. [2][3][4] 3. Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that Malaysian palm oil production in August 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, shipping survey agencies show that Malaysian palm oil export data this month has increased by 4% month - on - month. Subsequently, as it enters the production - reducing season, the supply pressure of palm oil will decrease. [2] - **Basis**: The spot price of soybean oil is 8,394, with a basis of 140, indicating that the spot price is at a premium to the futures price. [2] - **Inventory**: On September 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period and 11.7% higher year - on - year. [2] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. [2] - **Main positions**: The long positions of soybean oil's main contract are increasing. [2] - **Expectation**: The soybean oil Y2601 contract is expected to fluctuate in the range of 8,000 - 8,400. [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, but it will enter the production - increasing season, so the palm oil supply will increase. [3] - **Basis**: The spot price of palm oil is 8,700, with a basis of 34, indicating a neutral situation. [3] - **Inventory**: On September 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period and 34.1% lower year - on - year. [3] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. [3] - **Main positions**: The short positions of palm oil's main contract are decreasing. [3] - **Expectation**: The palm oil P2601 contract is expected to fluctuate in the range of 8,400 - 8,800. [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to the above two, entering the production - increasing season with an increase in palm oil supply. [4] - **Basis**: The spot price of rapeseed oil is 10,045, with a basis of 427, indicating that the spot price is at a premium to the futures price. [4] - **Inventory**: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period and 3.2% higher year - on - year. [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. [4] - **Main positions**: The long positions of rapeseed oil's main contract are increasing. [4] - **Expectation**: The rapeseed oil OI2601 contract is expected to fluctuate in the range of 9,400 - 9,800. [4] Recent利多and利空Analysis - **利多**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply, and there is the palm oil tremor season. [5] - **利空**: Edible oil prices are at a historically high level, domestic edible oil inventories are continuously increasing, the macro - economy is weak, and the expected production of related edible oils is high. [5] - **Main logic**: The global edible oil fundamentals are relatively loose. [5]

Report Information - Report Title: Grease Morning Report - Date: November 25, 2025 - Analyst: Wang Mingwei - Qualification Number: F0283029 - Investment Consultation Number: Z0010442 - Tel: 0575 - 85226759 [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of oils and fats is in a volatile consolidation. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are stalemated, the export of new US soybeans is frustrated, and the price is under pressure. The inventory of Malaysian palm oil is neutral, the demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] Summary by Category Daily Views - 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 month - end inventory decreased by 2.6% month - on - month to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase, and later it will enter the production - reducing season, so the supply pressure of palm oil will decrease [2] - **Basis**: The spot price of soybean oil is 8362, the basis is 194, and the spot price is at a premium to the futures price, which is bullish [2] - **Inventory**: On September 22, the commercial inventory of soybean oil was 1.18 million tons, compared with 1.16 million tons before, a month - on - month increase of 20,000 tons and a year - on - year increase of 11.7%, which is bearish [2] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2] - **Main Position**: The long positions of the main contract of soybean oil are increasing, which is bullish [2] - **Expectation**: The price of soybean oil Y2601 will fluctuate in the range of 8000 - 8400 [2] Daily Views - Palm Oil - **Fundamentals**: Similar to soybean oil, but later it will enter the production - increasing season, and the supply of palm oil will increase [3] - **Basis**: The spot price of palm oil is 8562, the basis is 112, and the spot price is at a premium to the futures price, which is bullish [3] - **Inventory**: On September 22, the port inventory of palm oil was 580,000 tons, compared with 570,000 tons before, a month - on - month increase of 10,000 tons and a year - on - year decrease of 34.1%, which is bullish [3] - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [3] - **Main Position**: The long positions of the main contract of palm oil are increasing, which is bullish [3] - **Expectation**: The price of palm oil P2601 will fluctuate in the range of 8250 - 8650 [3] Daily Views - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil [4] - **Basis**: The spot price of rapeseed oil is 10156, the basis is 378, and the spot price is at a premium to the futures price, which is bullish [4] - **Inventory**: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, compared with 550,000 tons before, a month - on - month increase of 10,000 tons and a year - on - year increase of 3.2%, which is bearish [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [4] - **Main Position**: The long positions of the main contract of rapeseed oil are increasing, which is bullish [4] - **Expectation**: The price of rapeseed oil OI2601 will fluctuate in the range of 9600 - 10000 [4] Recent利多利空 Analysis - **Likely Positive Factors**: The inventory - to - sales ratio of US soybeans remains around 4%, indicating tight supply [5] - **Likely Negative Factors**: The price of oils and fats is at a relatively high historical level, and the domestic inventory of oils and fats is continuously increasing; the macro - economy is weak, and the expected production of relevant oils and fats is high [5] - **Current Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Supply - Related - **Imported Soybean Inventory**: Report mentions it but no specific data analysis [6] - **Soybean Oil Inventory**: On September 22, it was 1.18 million tons, with a month - on - month increase of 20,000 tons and a year - on - year increase of 11.7% [2] - **Soybean Meal Inventory**: Data presented in graphical form from 2015 - 2025 [9][10] - **Oil Mill Soybean Pressing**: Data presented in graphical form from 2015 - 2025 [11][12] - **Palm Oil Inventory**: On September 22, it was 580,000 tons, with a month - on - month increase of 10,000 tons and a year - on - year decrease of 34.1% [3] - **Rapeseed Oil Inventory**: On September 22, it was 560,000 tons, with a month - on - month increase of 10,000 tons and a year - on - year increase of 3.2% [4] - **Rapeseed Inventory**: Data presented in graphical form from 2015 - 2025 [21][22] - **Domestic Total Oil Inventory**: Data presented in graphical form from 2015 - 2019 [23][24] Demand - Related - **Soybean Oil Apparent Consumption**: Data presented in graphical form from 2015 - 2025 [13][14] - **Soybean Meal Apparent Consumption**: Data presented in graphical form from 2015 - 2025 [15][16]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for 24/25 is high, the Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the US soybean oil biodiesel policy supports increased biodiesel consumption. The imposition of tariffs on Canadian rapeseed in China has led to a rise in the rapeseed sector, and the domestic fundamentals of oils and fats are neutral with stable import inventories. Sino-US and Sino-Canadian relations have eased, affecting the market at the macro level [2][3][4] Summary by Relevant Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in May, Malaysian palm oil production decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end - of - month inventory decreased by 2.6% to 1.83 million tons. The report is neutral, with less - than - expected production cuts. Currently, shipping survey agencies show that the export data of Malaysian palm oil this month has increased by 4% month - on - month. As it enters the production - increasing season, the supply of palm oil will increase [2] - **Basis**: The spot price of soybean oil is 8358, with a basis of 74, indicating that the spot price is higher than the futures price [2] - **Inventory**: On August 22, the commercial inventory of soybean oil was 1.18 million tons, up 20,000 tons from the previous period and 11.7% higher year - on - year [2] - **Market**: The futures price is above the 20 - day moving average, and the 20 - day moving average is upward [2] - **Main Position**: The long positions of the main soybean oil contract have increased [2] - **Expectation**: The soybean oil Y2601 contract is expected to fluctuate in the range of 8200 - 8600 [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral, and the supply of palm oil will increase in the production - increasing season [3] - **Basis**: The spot price of palm oil is 9366, with a basis of 62, indicating that the spot price is higher than the futures price [3] - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, up 10,000 tons from the previous period and 34.1% lower year - on - year [3] - **Market**: The futures price is above the 20 - day moving average, and the 20 - day moving average is upward [3] - **Main Position**: The long positions of the main palm oil contract have turned to short positions [3] - **Expectation**: The palm oil P2601 contract is expected to fluctuate in the range of 9200 - 9600 [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is neutral, and the supply of palm oil will increase in the production - increasing season [4] - **Basis**: The spot price of rapeseed oil is 10106, with a basis of 122, indicating that the spot price is higher than the futures price [4] - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, up 10,000 tons from the previous period and 3.2% higher year - on - year [4] - **Market**: The futures price is above the 20 - day moving average, and the 20 - day moving average is upward [4] - **Main Position**: The short positions of the main rapeseed oil contract have increased [4] - **Expectation**: The rapeseed oil OI2601 contract is expected to fluctuate in the range of 9800 - 10200 [4] Recent利多利空Analysis - **Lido**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5] - **Lido**: Palm oil tremor season (the specific meaning is not clear from the text) [5] - **Lido**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats is continuously increasing. The macro - economy 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 Industry Investment Rating - Not provided Core Viewpoints - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for the 24/25 season is high, the Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the US biodiesel policy for soybean oil supports increased biodiesel consumption. The domestic tariff on Canadian rapeseed has led to a rise in the rapeseed sector, and the domestic fundamentals of oils and fats are neutral with stable import inventories. The easing of Sino-US and Sino-Canadian relations affects the market at the macro level [3][5][6] - The current main logic revolves around the relatively loose global fundamentals of oils and fats [7] Summary by Related Catalogs Daily View - Soybean Oil - Fundamental: The MPOB report shows that in May, Malaysian palm oil production 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 shipping survey agency shows that the export data of Malaysian palm oil this month has increased by 4% month-on-month, and palm oil supply will increase in the subsequent production season [4] - Basis: The spot price of soybean oil is 8,500, with a basis of 106, indicating that the spot price is higher than the futures price [4] - Inventory: On July 4, the commercial inventory of soybean oil was 880,000 tons, up 20,000 tons from the previous 860,000 tons, a month-on-month increase of 20,000 tons and a year-on-year increase of 11.7% [4] - Market: The futures price is above the 20-day moving average, and the 20-day moving average is upward [4] - Main Position: The long positions of the soybean oil main contract have increased [3] - Expectation: The soybean oil Y2601 contract is expected to fluctuate in the range of 8,300 - 8,700 [3] Daily View - Palm Oil - Fundamental: Similar to soybean oil, the MPOB report is neutral with less-than-expected production cuts, and palm oil supply will increase in the subsequent production season [5] - Basis: The spot price of palm oil is 9,520, with a basis of 20, indicating a neutral situation where the spot price is slightly higher than the futures price [5] - Inventory: On July 4, the port inventory of palm oil was 380,000 tons, down 10,000 tons from the previous value of 390,000 tons, a month-on-month decrease of 10,000 tons and a year-on-year decrease of 34.1% [5] - Market: The futures price is above the 20-day moving average, and the 20-day moving average is upward [5] - Main Position: The main position of palm oil has changed from short to long [5] - Expectation: The palm oil P2601 contract is expected to fluctuate in the range of 9,400 - 9,800 [5] Daily View - Rapeseed Oil - Fundamental: Similar to soybean oil and palm oil, the MPOB report is neutral with less-than-expected production cuts, and palm oil supply will increase in the subsequent production season [6] - Basis: The spot price of rapeseed oil is 9,880, with a basis of 89, indicating that the spot price is higher than the futures price [6] - Inventory: On July 4, the commercial inventory of rapeseed oil was 650,000 tons, up 20,000 tons from the previous value of 630,000 tons, a month-on-month increase of 20,000 tons and a year-on-year increase of 3.2% [6] - Market: The futures price is above the 20-day moving average, and the 20-day moving average is upward [6] - Main Position: The short positions of the rapeseed oil main contract have increased [6] - Expectation: The rapeseed oil OI2601 contract is expected to fluctuate in the range of 9,700 - 10,100 [6] Recent利多利空Analysis -利多: The US soybean stock-to-use ratio remains around 4%, indicating tight supply, and it is the palm oil production cut season [7] -利空: The prices of oils and fats are at a relatively high historical level, the domestic inventory of oils and fats is continuously increasing, the macro economy is weak, and the expected production of related oils and fats is high [7] Supply and Demand Aspects - Supply factors include import soybean inventory [8], soybean oil inventory [10], soybean meal inventory [12], oil mill soybean crushing [14], palm oil inventory [19], rapeseed oil inventory [22], rapeseed inventory [24], and total domestic oils and fats inventory [26] - Demand factor: The apparent consumption of soybean oil [16]

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 are loose, and the domestic supply of oils and fats is stable. The USDA's South American production forecast for the 24/25 season is high, the Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the US biodiesel policy for soybean oil supports increased biodiesel consumption. The Chinese government's decision to impose tariffs on Canadian rapeseed has led to a rise in the rapeseed sector, and the domestic fundamentals of oils and fats are neutral with stable import inventories. The easing of Sino-US and Sino-Canadian relations affects the market at the macro level [2][3][4]. Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in May, Malaysian palm oil production decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% to 1.49 million tons, and the end-of-month inventory decreased by 2.6% to 1.83 million tons. The report is neutral as the production reduction is less than expected. Currently, shipping survey agencies indicate that the export data of Malaysian palm oil this month has increased by 4% month-on-month, and as the production season approaches, the supply of palm oil will increase [2]. - **Basis**: The spot price of soybean oil is 8,428, with a basis of 178, indicating that the spot price is higher than the futures price [2]. - **Inventory**: On July 4th, the commercial inventory of soybean oil was 880,000 tons, up 20,000 tons from the previous period and 11.7% higher year-on-year [2]. - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [2]. - **Main Position**: The long positions of the main soybean oil contract have decreased [2]. - **Expectation**: The soybean oil Y2509 contract is expected to fluctuate in the range of 8,000 - 8,400 [2]. Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report on Malaysian palm oil is neutral, and the supply is expected to increase in the future [3]. - **Basis**: The spot price of palm oil is 8,888, with a basis of 50, indicating that the spot price is higher than the futures price [3]. - **Inventory**: On July 4th, the port inventory of palm oil was 380,000 tons, down 10,000 tons from the previous period and 34.1% lower year-on-year [3]. - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [3]. - **Main Position**: The short positions of the main palm oil contract have decreased [3]. - **Expectation**: The palm oil P2509 contract is expected to fluctuate in the range of 8,600 - 9,000 [3]. Daily View - Rapeseed Oil - **Fundamentals**: The same MPOB report on Malaysian palm oil applies, with a neutral outlook and increasing supply [4]. - **Basis**: The spot price of rapeseed oil is 9,623, with a basis of 81, indicating that the spot price is higher than the futures price [4]. - **Inventory**: On July 4th, the commercial inventory of rapeseed oil was 650,000 tons, up 20,000 tons from the previous period and 3.2% higher year-on-year [4]. - **Market**: The futures price is above the 20-day moving average, and the 20-day moving average is upward [4]. - **Main Position**: The short positions of the main rapeseed oil contract have decreased [4]. - **Expectation**: The rapeseed oil OI2509 contract is expected to fluctuate in the range of 9,350 - 9,750 [4]. Recent Bullish and Bearish Analysis - **Bullish Factors**: The US soybean stocks-to-use ratio remains around 4%, indicating tight supply [5]. - **Bearish Factors**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats has been continuously increasing. 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].