油脂油料产业日报 2025/11/21 【棕榈油】 国际市场：马来西亚BMD毛棕榈油期货受基本面利空打压而承压回落，SPPOMA数据显示1-20日产量增长10%以上，叠加出口持续疲软的潜在利空担忧，马棕应声 大幅睛跌并在盘中跌破4100令吉支撑。短线仍有惯性趋弱走低的压力，预期会向下测试4000令吉的支撑作用。在此有短暂止跌反弹走强的机会，如基本面上产量增 长的利空仍无法消除，则要提防后市逐步趋弱至3950-3960区间的可能，以回补此前跳空缺口。 国内市场：大连棕榈油期货市场表现疲软，期价在马棕趋弱走低的拖累下，短线跌破了8600元后继续趋弱并创下新低，短线预期会测试8500元的支撑作用，关注能 否在此获得支撑而逐步止跌企稳。受马棕有短暂跌破4000令吉的担忧和影响，不排除连棕油跌破8500元后进一步下探8200的可能和风险。这里也是250周均线的支 撑作用，关注后市能否在此获得支撑而有效地止跌企稳。 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不 ...

Report Date - The report is dated November 5, 2025 [1] Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are oscillating around 4,100 ringgit. Affected by potential negative factors such as MPOA production growth and a significant drop in exports in the first five days of November, there is pressure for the futures to weaken further to 4,000 ringgit, with a possibility of briefly falling below this level. After the release of the MPOB supply - demand report, the futures are expected to gradually stop falling, stabilize, and then start a slow upward trend. The overall view is near - term weakness and long - term strength, and it is advisable to closely monitor whether it can effectively hold above 4,000 ringgit [3] - Domestic market: Dalian palm oil futures are in a weak oscillating pattern. Dragged down by the weakening trend of Malaysian palm oil and the continuous decline in domestic port inventories, there is pressure to repeatedly test the 8,500 - yuan support level in the short term. After stabilizing through oscillations around 8,500 yuan, with the boost of the rebound of Malaysian palm oil, Dalian palm oil futures also have the opportunity to follow the upward trend. The overall view is near - term weakness and long - term strength, and it is advisable to closely monitor whether it can effectively hold above 8,500 yuan [3] Soybean Oil - The domestic soybean oil fundamentals have not changed significantly, with sufficient supply and limited demand. Internationally, CBOT soybeans have stopped rising and are adjusting, CBOT soybean oil is oscillating narrowly, and BMD palm oil is also showing signs of stopping the decline. Affected by factors such as limited US soybean exports, uncertainty about the industrial use of US soybean oil, and the expected increase in Malaysian palm oil inventories, all three varieties may decline, which will impact the domestic oil market. Although the government has lowered the import tariff on US soybeans today, the market feedback indicates that US soybeans still do not have a price advantage, so it has little impact on the current trend of Dalian soybean oil. In the short term, Dalian soybean oil will maintain a narrow - range oscillating adjustment pattern. The January contract will oscillate narrowly between 8,050 yuan (lower daily - line track) and 8,200 yuan (middle - line track), and there is a possibility of falling to 8,000 yuan or even lower as the Bollinger Bands move downward [4] Bean Meal - The mill's fixed - price for bean meal first fell and then rose with the market. With the clarity of the US soybean import tariff, the mills are holding up prices slightly due to cost support. Some traders raised their quotes in the afternoon. Feed enterprises have relatively sufficient contracts, having purchased contracts for November - January earlier. In addition, the cost - effectiveness of bean meal remains obvious, so the overall trading rhythm is stable. Under the restraint of high - priced US soybeans, the pace of some forward purchases is slow, which may lead to a tight supply situation from January to February 2026. Therefore, some traders are entering the market to build some bottom positions, and the price is prone to rise and difficult to fall [14] Price Information Oil Futures Price Spreads | Spread | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | - 80 | - 22 | | P 5 - 9 | yuan/ton | 90 | - 46 | | P 9 - 1 | yuan/ton | - 10 | 68 | | Y 1 - 5 | yuan/ton | 170 | - 20 | | Y 5 - 9 | yuan/ton | 88 | 8 | | Y 9 - 1 | yuan/ton | - 258 | 12 | | OI 1 - 5 | yuan/ton | 363 | - 23 | | OI 5 - 9 | yuan/ton | 7 | 11 | | OI 9 - 1 | yuan/ton | - 370 | 12 | | Y - P 01 | yuan/ton | - 508 | 46 | | Y - P 05 | yuan/ton | - 758 | 44 | | Y - P 09 | yuan/ton | - 756 | - 10 | | Y/M 01 | - | 2.6892 | 0.34% | | Y/M 05 | - | 2.8169 | 0.62% | | Y/M 09 | - | 2.6746 | 0.61% | | OI/RM 01 | - | 3.7817 | - 0.53% | | OI/RM 05 | - | 3.8183 | 0.04% | | OI/RM 09 | - | 3.6792 | - 0.01% | [5] Palm Oil Spot and Futures Prices | Variety | Unit | Price | Today's Change (Rate) | | --- | --- | --- | --- | | Palm Oil 01 | yuan/ton | 8590 | - 0.3% | | Palm Oil 05 | yuan/ton | 8696 | 0% | | Palm Oil 09 | yuan/ton | 8616 | 0.12% | | BMD Palm Oil Main Contract | ringgit/ton | 4148 | 0.12% | | Guangzhou 24 - degree Palm Oil | yuan/ton | 8520 | 20 | | Guangzhou 24 - degree Basis | yuan/ton | - 116 | - 2 | | POGO | US dollars/ton | 449.57 | - 1.168 | | International Soybean Oil - Palm Oil | US dollars/ton | - 2.81 | - 21.39 | [7] Soybean Oil Spot and Futures Prices | Variety | Unit | Latest Price | Change (Spread) | | --- | --- | --- | --- | | Soybean Oil 01 | yuan/ton | 8138 | 1.92% | | Soybean Oil 05 | yuan/ton | 7950 | 0.21% | | Soybean Oil 09 | yuan/ton | 7882 | 0.1% | | CBOT Soybean Oil Main Contract | cents/pound | 49.93 | 2.69% | | Shandong First - grade Soybean Oil Spot | yuan/ton | 8320 | 50 | | Shandong First - grade Soybean Oil Basis | yuan/ton | 212 | 52 | | BOHO (Weekly) | US dollars/barrel | 44.654 | - 10.122 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil | yuan/ton | - 30 | 100 | [11] Oilseed Futures Prices | Variety | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Bean Meal 01 | 3073 | 58 | 1.92% | | Bean Meal 05 | 2824 | 6 | 0.21% | | Bean Meal 09 | 2938 | 3 | 0.1% | | Rapeseed Meal 01 | 2537 | 40 | 1.6% | | Rapeseed Meal 05 | 2405 | 27 | 1.14% | | Rapeseed Meal 09 | 2478 | 12 | 0.49% | | CBOT Yellow Soybeans | 1120.25 | 0 | 0% | | Off - shore RMB | 7.133 | 0.006 | 0.08% | [14] Bean and Rapeseed Meal Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 197 | 0 | RM01 - 05 | 119 | 8 | | M05 - 09 | - 117 | 3 | RM05 - 09 | - 88 | 2 | | M09 - 01 | - 80 | - 3 | RM09 - 01 | - 31 | - 10 | | Bean Meal Rizhao Spot | 3040 | 0 | Bean Meal Rizhao Basis | 25 | 11 | | Rapeseed Meal Fujian Spot | 2580 | 0 | Rapeseed Meal Fujian Basis | 83 | - 6 | | Bean and Rapeseed Meal Spot Spread | 460 | 0 | Bean and Rapeseed Meal Futures Spread | 518 | - 17 | [15][18]

油脂油料产业日报 2025/10/22 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、 ...

Core Views Palm Oil - Internationally, Malaysian BMD crude palm oil futures are in a sideways consolidation, likely to fluctuate between 4,400 - 4,500 ringgit awaiting production and export data. Seasonal production growth and weak export data may pressure the market. If it fails to hold above 4,500 ringgit, there's a risk of a downward breakout [3]. - Domestically, Dalian palm oil futures are also consolidating, following the trend of Malaysian palm oil. If Malaysian palm oil can't stay above 4,500 ringgit, Dalian palm oil may break down towards 9,000 yuan due to pre - National Day trading dynamics. Attention should be paid to the 40 - day moving average around 9,200 yuan and the performance of Malaysian palm oil [3]. Soybean Oil - Domestically, sufficient supply and increasing demand coexist. The market is influenced by international related products. The upcoming harvest of US soybeans exerts supply pressure on the international market, affecting domestic soybean oil prices. If the report is better than expected, CBOT soybeans may rise and boost Dalian soybean oil; otherwise, Dalian soybean oil may test the 8,300 - yuan support. After the monthly report is digested, the market may rise due to Mid - Autumn Festival stocking [4]. Oilseeds (Bean Meal) - The firm South American soybean premium supports import costs, but news of potential China - US high - level talks in Madrid has emerged. In the short term, the market is a mix of weak current situation and strong expectations. The main contract of Dalian bean meal should be watched for resistance at 3,100 - 3,120 yuan/ton. Spot prices are slowly rising, and attention should be paid to feed companies' restocking in late September [18]. Price Data Oil Futures Price | Futures | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Palm Oil 01 | 9,296 yuan/ton | -0.36% | | | Palm Oil 05 | 9,062 yuan/ton | -0.57% | | | Palm Oil 09 | 9,384 yuan/ton | -0.66% | | | BMD Palm Oil Main | 4,441 ringgit/ton | -0.29% | | | Dalian Soybean Oil 01 | 8,322 yuan/ton | -0.29% | | | Dalian Soybean Oil 05 | 8,018 yuan/ton | 0.39% | | | Dalian Soybean Oil 09 | 8,398 yuan/ton | -0.26% | | | CBOT Soybean Oil Main | 51.61 cents/pound | 1.24% | | Oilseed Futures Price | Futures | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Bean Meal 01 | 3,079 | -9 | -0.29% | | Bean Meal 05 | 2,820 | 11 | 0.39% | | Bean Meal 09 | 3,023 | -8 | -0.26% | | Rapeseed Meal 01 | 2,531 | -36 | -1.4% | | Rapeseed Meal 05 | 2,406 | -14 | -0.58% | | Rapeseed Meal 09 | 2,560 | 10 | 0.39% | | CBOT Yellow Soybean | 1,034 | 0 | 0% | | Offshore RMB | 7.1152 | -0.0025 | -0.04% | Spreads - Palm oil spreads: P 1 - 5 is 216 yuan/ton (up 12), P 5 - 9 is - 332 yuan/ton (up 74), P 9 - 1 is 116 yuan/ton (down 86) [5]. - Soybean oil - palm oil spreads: Y - P 01 is - 994 yuan/ton (down 6), Y - P 05 is - 1,088 yuan/ton (down 12), Y - P 09 is - 1,178 yuan/ton (up 6) [5]. - Bean meal spreads: M01 - 05 is 279 yuan/ton (up 11), M05 - 09 is - 222 yuan/ton (up 11), M09 - 01 is - 57 yuan/ton (down 22) [20][23]. - Rapeseed meal spreads: RM01 - 05 is 147 yuan/ton (up 19), RM05 - 09 is - 130 yuan/ton (up 30), RM09 - 01 is - 17 yuan/ton (down 49) [20][23].

Report Information - Report Title: Oil and Oilseed Industry Daily Report - Date: August 20, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Core Views Palm Oil - **International Market**: The Malaysian BMD crude palm oil futures are in a high - level volatile consolidation. Due to concerns about production growth and a slowdown in export growth in the second half of the month, there is pressure for the futures to fall below 4,500 ringgit and further weaken, with an expected test of the 4,350 - 4,400 ringgit range for support. After a short - term stabilization, there is a chance to rebound to 4,500 ringgit. In the long term, affected by seasonal production growth and the expected significant inventory increase from August to September, the futures price may decline to 4,000 ringgit [3]. - **Domestic Market**: The Dalian palm oil futures are also in a high - level volatile consolidation. After breaking below the 9,500 yuan support, there is pressure for further weakening, with an expected test of the 9,200 yuan platform for support, and strong support at around 9,000 yuan. After the current adjustment, there is a possibility of the futures strengthening again. The long - term upward trend remains good, and it is currently considered a Wave 4 adjustment [3]. Soybean Oil - International crude oil decline due to expected easing of the Russia - Ukraine conflict and concerns about potential changes in the US biodiesel policy have dragged down the vegetable oil market. The expected high yield of US soybeans has also affected domestic oils. In the domestic market, the current downstream demand is not strong, but due to expected increased domestic demand and potential price increases of palm oil during the Indian Diwali festival, the Dalian soybean oil futures may rise after the adjustment, with support for the January contract at around 8,300 yuan [4]. Soybean Meal - The slowdown in the decline of South American soybean premiums and institutional oil - meal arbitrage adjustments support soybean meal. Institutions such as Qiankun and Morgan have increased their long positions by over 10,000 lots, making the short - term trend of the main contract of Dalian soybean meal firm, oscillating around 3,150 yuan. The spot prices of oil mills are mostly stable, with some slightly decreasing. Feed mills' physical inventories can generally last until the end of September, and the slow purchase progress for December - January shipments leads to a consistent bullish expectation for the long - term soybean meal price. The short - term spot price is expected to range from 3,000 to 3,200 yuan/ton [17]. Price Information Oil Price Spread | Spread Type | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | 308 | 8 | | P 5 - 9 | yuan/ton | - 256 | - 6 | | P 9 - 1 | yuan/ton | - 52 | - 2 | | Y 1 - 5 | yuan/ton | 320 | - 62 | | Y 5 - 9 | yuan/ton | - 348 | 66 | | Y 9 - 1 | yuan/ton | 28 | - 4 | | OI 1 - 5 | yuan/ton | 151 | 5 | | OI 5 - 9 | yuan/ton | - 199 | - 27 | | OI 9 - 1 | yuan/ton | 48 | 22 | | Y - P 01 | yuan/ton | - 1114 | - 46 | | Y - P 05 | yuan/ton | - 1126 | 24 | | Y - P 09 | yuan/ton | - 1034 | - 48 | | Y/M 01 | - | 2.6972 | - 0.07% | | Y/M 05 | - | 2.8854 | 0.99% | | Y/M 09 | - | 2.7478 | - 0.35% | | OI/RM 01 | - | 3.7826 | - 0.3% | | OI/RM 05 | - | 3.8719 | 0.16% | | OI/RM 09 | - | 3.696 | 0.84% | [5] Palm Oil Spot and Futures Prices | Contract | Unit | Price | Today's Change (Rate) | | --- | --- | --- | --- | | Palm Oil 01 | yuan/ton | 9554 | - 0.89% | | Palm Oil 05 | yuan/ton | 9248 | - 0.9% | | Palm Oil 09 | yuan/ton | 9486 | - 1.06% | | BMD Palm Oil Main | ringgit/ton | 4496 | - 0.55% | | Guangzhou 24 - degree Palm Oil | yuan/ton | 9440 | - 220 | | Guangzhou 24 - degree Basis | yuan/ton | 20 | 94 | | POGO | US dollars/ton | 546.91 | - 1.168 | | International Soybean - Palm Oil | US dollars/ton | - 49.6 | 5 | [8] Soybean Oil Spot and Futures Prices | Contract | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Soybean Oil 01 | yuan/ton | 8414 | - 0.03% | | Soybean Oil 05 | yuan/ton | 8124 | 0.56% | | Soybean Oil 09 | yuan/ton | 8442 | 0.1% | | CBOT Soybean Oil Main | cents/pound | 51.84 | - 2.72% | | Shandong First - grade Soybean Oil Spot | yuan/ton | 8430 | - 200 | | Shandong First - grade Soybean Oil Basis | yuan/ton | 104 | - 10 | | BOHO (Weekly) | US dollars/barrel | 55.602 | - 10.9904 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil | yuan/ton | - 900 | - 150 | [13] Oilseed Futures Prices | Contract | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3160 | - 1 | - 0.03% | | Soybean Meal 05 | 2860 | 16 | 0.56% | | Soybean Meal 09 | 3116 | 3 | 0.1% | | Rapeseed Meal 01 | 2627 | 23 | 0.88% | | Rapeseed Meal 05 | 2517 | 12 | 0.48% | | Rapeseed Meal 09 | 2667 | - 11 | - 0.41% | | CBOT Yellow Soybean | 1033.25 | 0 | 0% | | Off - shore RMB | 7.1865 | 0 | 0% | [18] Soybean Meal and Rapeseed Meal Spread | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 300 | - 17 | RM01 - 05 | 110 | 11 | | M05 - 09 | - 256 | 13 | RM05 - 09 | - 150 | 23 | | M09 - 01 | - 44 | 4 | RM09 - 01 | 40 | - 34 | | Soybean Meal Rizhao Spot | 3020 | - 30 | Soybean Meal Rizhao Basis | - 140 | - 29 | | Rapeseed Meal Fujian Spot | 2550 | - 7 | Rapeseed Meal Fujian Basis | - 54 | - 21 | | Soybean Meal - Rapeseed Meal Spot Spread | 470 | - 30 | Soybean Meal - Rapeseed Meal Futures Spread | 533 | - 24 | [19][21]

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Protein meals: Night trading of soybean and rapeseed meals showed a strong and volatile trend. The USDA's August supply - demand report led to a decrease in the estimated production of new - crop US soybeans due to a significant reduction in the planting area. The final ending inventory of US soybeans in the 25/26 season decreased, and the price of US soybeans was supported during the critical growth period, providing strong support for the import cost of domestic soybean meal [3]. - Oils: Night trading of rapeseed and palm oils closed up, while soybean oil closed slightly down. The MPOB August report indicated that the actual inventory of Malaysian palm oil was lower than market expectations, and the inventory accumulation was less than expected. Affected by the news of large - scale confiscation of illegal palm plantations in Indonesia, it is expected that oils will show a strong and volatile trend in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures showed that the closing price of soybean oil was 8516, down 18 (-0.21%); palm oil was 9584, up 124 (1.31%); rapeseed oil was 9826, up 69 (0.71%); soybean meal was 3155, up 18 (0.57%); rapeseed meal was 2688, up 39 (1.47%); and peanuts were 8844, up 26 (0.29%) [2]. - **Spreads and Ratios**: Spreads and ratios among different varieties and contract months changed. For example, the Y9 - 1 spread of soybean oil increased from 28 to 32, and the P9 - 1 spread of palm oil increased from - 66 to - 50 [2]. 3.2 International Futures Market - The previous day's closing price of BMD palm oil was 4338 ringgit/ton, unchanged; CBOT soybeans were 1043 cents/bushel, down 2 (-0.22%); CBOT US soybean oil was 53 cents/pound, unchanged; and CBOT US soybean meal was 294 dollars/ton, down 3 (-0.92%) [2]. 3.3 Domestic Spot Market - **Prices and Changes**: Spot prices of various varieties changed. For example, the price of Tianjin first - grade soybean oil increased by 0.46%, and the price of Zhangjiagang 24° palm oil increased by 2.88% [2]. - **Basis and Spreads**: Spot basis and spreads also changed. For example, the basis of Tianjin first - grade soybean oil was 214, and the spread between Guangzhou first - grade soybean oil and 24° palm oil changed from - 540 to - 760 [2]. 3.4 Import and Crushing Profits - Import and crushing profits of different varieties changed. For example, the import and crushing profit of near - month Malaysian palm oil increased from - 250 to - 204, and that of near - month US Gulf soybeans decreased from - 93 to - 185 [2]. 3.5 Warehouse Receipts - The number of warehouse receipts for soybean oil increased from 14,840 to 15,310, while the warehouse receipts for palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts remained unchanged [2]. 3.6 Industry Information - **US Soybean**: As of the week ending August 15, 2025, the US soybean crushing profit was $2.91 per bushel, a 5.8% decrease from the previous week. The average crushing profit in 2024 was $2.44 per bushel, lower than $3.29 per bushel in 2023 [3]. - **Malaysian Palm Oil**: From August 1 - 15, 2025, the yield per unit area of Malaysian palm oil decreased by 1.78% month - on - month, the oil extraction rate increased by 0.51% month - on - month, and the production increased by 0.88% month - on - month [3].

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: August 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Fats and Oils - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are oscillating around 4,250 ringgit, awaiting the MPOB report on Monday and August export data. If it effectively holds above 4,250 ringgit and export data is positive, there's an upward trend; otherwise, it may decline to around 4,000 ringgit in the long - term. Domestically, Dalian palm oil futures are oscillating between 8,900 - 9,000 yuan, waiting for Malaysian palm oil trends. If it gets support, it may stabilize; otherwise, it could fall to 8,500 - 8,600 yuan. If Malaysian palm oil holds above 4,250 ringgit and export data is positive, Dalian palm oil may rise [3]. - **Soybean Oil**: Last weekend, the total domestic factory soybean oil inventory increased by 13,000 tons. According to historical data, inventory is nearing its peak and will soon decrease due to increased demand. Spot basis quotes will fluctuate narrowly in the short - term and are expected to rise in the long - term [4]. Oilseeds - **Soybean Meal**: Spot prices from oil mills are mostly stable, while traders' quotes fluctuated. Domestic soybean meal inventory has been declining, reaching 1.04 million tons in Week 32, a decrease of 31,000 tons from the previous week, a 2.87% drop. In the short - term, near - month contracts are restricted by supply pressure, with prices ranging from 2,900 - 3,150 yuan/ton [16]. Data Summaries Fats and Oils - **Inter - month and Inter - variety Spreads**: Various spreads such as P 1 - 5, Y - P 01 are provided, with price changes detailed in the table [5]. - **Palm Oil Spot and Futures Prices**: Palm oil futures prices for different contracts (01, 05, 09) have different price levels and percentage changes. BMD palm oil and Guangzhou 24 - degree palm oil prices are also given, along with relevant basis and spreads [7]. - **Soybean Oil Spot and Futures Prices**: Soybean oil futures prices for different contracts (01, 05, 09) and CBOT soybean oil prices are provided, along with Shandong first - grade soybean oil spot price and basis [13]. Oilseeds - **Oilseed Futures Prices**: Futures prices of soybean meal (01, 05, 09), rapeseed meal (01, 05, 09), CBOT soybeans, and the offshore RMB exchange rate are presented, along with their price changes and percentage changes [17]. - **Soybean Meal and Rapeseed Meal Spreads**: Inter - month spreads of soybean meal and rapeseed meal, as well as spot and futures spreads between soybean meal and rapeseed meal, are given [18][20].

Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Protein meal: Night trading of soybean and rapeseed meal was weakly volatile. The U.S. soybean is growing well, with a higher-than-expected good rate, leading to a continuous decline in U.S. soybean futures prices. However, due to the lack of a substantial agreement between China and the U.S., the logic of a domestic supply gap remains unchanged, and import costs will support the price of Dalian soybean meal [2]. - Oils: Night trading of oils closed slightly lower. High-frequency data shows that the production of Malaysian palm oil increased month-on-month in July, while exports were weak, strengthening the expectation of inventory accumulation in July and dragging down the recent performance of palm oil. Due to the high level of imported soybeans in China, the supply of domestic soybean oil is sufficient, and the price is low. China's export of soybean oil to India poses a substitution risk, which may put pressure on the demand for palm oil in the origin and cause concerns about future exports. It is expected that oils will be weakly volatile in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8192, 8900, and 9510 respectively, with changes of -48, -82, and -111, and percentage changes of -0.58%, -0.91%, and -3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 3000, 2702, and 8844 respectively, with changes of -10, -28, and 26, and percentage changes of -0.33%, -1.03%, and 0.29% respectively [1]. - **Spreads and Ratios**: The current spreads and ratios of various varieties have changed compared to the previous values. For example, the Y9 - 1 spread of soybean oil is currently 52, compared to the previous value of 38 [1]. 3.2 International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT U.S. soybean oil, and CBOT U.S. soybean meal were 4258 (ringgit/ton), 990 (cents/bushel), 55 (cents/pound), and 276 (dollars/ton) respectively, with changes of 14, -6, -1, and 2, and percentage changes of 0.33%, -0.58%, -2.42%, and 0.73% respectively [1]. 3.3 Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals have changed compared to the previous situation. For example, the current prices of Tianjin and Guangzhou first - grade soybean oil are 8370 and 8400 respectively, with percentage changes of -0.48% and -0.47% [1]. - **Basis and Spreads**: The current spot basis and spreads also show differences from the previous values. For example, the spot basis of Tianjin first - grade soybean oil is 178 [1]. 3.4 Import and Crushing - **Profitability**: The current import profitability of various varieties has changed compared to the previous values. For example, the current import profit of near - month Malaysian palm oil is -444, compared to the previous value of -355 [1]. 3.5 Warehouse Receipts - **Quantities and Changes**: The current quantities of warehouse receipts for various varieties have changed compared to the previous values. For example, the current quantity of soybean oil warehouse receipts is 0, compared to the previous value of 13,709 [1]. 3.6 Industry Information - **Indonesia's Policy**: Indonesia will set the reference price of crude palm oil (CPO) in August at $910.91 per metric ton, higher than $877.89 in July [2]. - **Malaysian Palm Oil Exports**: According to ITS data, Malaysian palm oil exports from July 1 - 31 were 1,289,727 tons, a 6.71% decrease from the same period last month. According to AmSpec, exports were 1,163,216 tons, a 9.58% decrease from the same period last month [2].

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - Protein meal: Night trading of soybean and rapeseed meal was weak. The U.S. soybean good-to-excellent rate decreased, and the weather forecast indicated potential high - temperature stress in the southwest, supporting the U.S. soybean futures price. The export outlook of U.S. soybeans improved, and it is expected to fluctuate in the short - term. In China, the emphasis on soybean meal reduction and the loose supply pattern led to a decline in the Dalian Commodity Exchange meal futures price. However, due to trade tariff uncertainties, the global soybean - related prices are expected to rise in the fourth quarter, limiting the further decline of soybean meal prices [2]. - Oils: Night trading of oils was weak. Indonesia's latest fundamental data is favorable, and the expected increase in palm oil product exports to the EU in the second half of 2025 will boost palm oil export demand and support its price. With the support of biodiesel policies in various countries, the medium - and long - term price center of oils is expected to slowly move up [2]. 3. Summary by Related Catalogs Futures Market - **Domestic Futures**: For domestic futures, the closing prices of soybean oil, palm oil, and rapeseed oil decreased, with declines of - 0.27%, - 1.85%, and - 3.15% respectively. The closing prices of soybean meal and rapeseed meal slightly decreased, while the peanut closing price increased by 0.29%. There were changes in spreads and price - to - spreads compared to the previous values [1]. - **International Futures**: In the international futures market, the BMD palm oil price increased by 0.33%, while the CBOT soybean, CBOT U.S. soybean oil, and CBOT U.S. soybean meal prices decreased by - 0.32%, - 0.71%, and - 0.53% respectively [1]. Spot Market - **Prices and Basis**: Domestic spot prices of soybean oil in Tianjin and Guangzhou increased slightly, while the 24° palm oil price in Zhangjiagang and Guangzhou decreased. The prices of soybean meal in Nantong and rapeseed meal in Nantong increased, while the price of soybean meal in Dongguan decreased. There were corresponding changes in spot basis [1]. - **Spreads**: The spot spreads between different varieties, such as the spread between Guangzhou first - grade soybean oil and 24° palm oil, and the spread between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, showed certain changes [1]. Import and Crushing Profit - Import and crushing profits of different oilseeds and oils, including Malaysian palm oil, U.S. Gulf soybeans, Brazilian soybeans, U.S. West soybeans, Canadian crude rapeseed oil, and Canadian rapeseeds, changed compared to the previous values [1]. Industry Information - Malaysian palm oil exports from July 1 - 25 decreased compared to the same period last month, with a 15.22% decrease according to Amspec and a 9.2% decrease according to ITS [2].