1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the 25/26 period, most oils are expected to increase in production. However, in 2025, the production and consumption growth rates of major biodiesel - producing countries globally slowed down, and the demand growth rates of various raw materials declined, except for palm oil, which maintained a relatively high growth rate. The market is still waiting for the US to announce the compliance obligation volumes for 2026 and 2027 and Indonesia's biodiesel policy. The low price of US crude oil limits the imagination space for biodiesel demand, unless the government is willing to provide substantial subsidies [207]. - Due to previous improvements in rainfall and fertilizers, as well as an increase in labor, Malaysia's production exceeded expectations this year, and Indonesia also had a significant increase in production, resulting in a divergence between expectations and reality. Although the replanting rate of oil palms is at a low level, it has improved compared to the low point in early 2020, but it started to decline in December 2021. After 2021, the use of fertilizer raw materials in Malaysia and Indonesia decreased rapidly, and considering the lagged impact of weather, the production performance in the next few months may not be as good as before [207]. - Currently, the soybean crushing profit in Argentina is relatively low, and the global new - crop sunflower oil production is lower than expected. Palm oil has cost - effectiveness, but Brazil has not decided whether to implement the B16 biodiesel policy at the beginning of 2026. Under the overall expectation of a bumper harvest in South America, the price of far - month South American soybean oil is low [207]. - Different from the downward adjustment of global sunflower seed and sunflower oil production, the global rapeseed production is gradually increasing. As Australian and Canadian rapeseed purchases are restricted, short - selling rapeseed in the domestic market may not be smooth. The impact is more likely to be indirectly transmitted to the domestic market through rapeseed oil and rapeseed meal from Dubai and Russia. However, opportunities to narrow the price spread at high levels should be noted [207]. - Before there is stronger positive news for biodiesel, the price advantage will still support the palm oil price. But if there is no speculation on the supply side and no expectation of inventory reduction, the price rebound will be limited [207]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Price Movements**: The prices of domestic three major oils and US crude oil fluctuated in 2025. There were several rounds of price drops and rebounds. Drops were mainly due to factors such as the delay in Indonesia's biodiesel policy, unclear US biodiesel policy, increased South American soybean production, higher - than - expected imports of rapeseed oil and rapeseed, and official clarifications on non - restriction of palm oil exports. Rebounds were caused by factors like floods in palm oil - producing areas, rebounds in US and Brazilian soybean premiums, insufficient near - month imports of soybeans, expected pre - Ramadan purchases in India, and rumors of Indonesia's palm oil export ban [4]. 3.2 25/26 Global Oilseeds Situation - **Production and Export**: The total global oilseed production in the 25/26 period was gradually adjusted downward, with significant decreases in soybean and sunflower seed production, but significant increases in rapeseed and cottonseed production. The total export volume changed little, with significant increases in soybean and sunflower seed exports and a decrease in rapeseed exports [5]. - **Consumption and Stock - to - Use Ratio**: Global oilseed crushing was slightly adjusted downward, with a significant increase in rapeseed crushing but decreases in soybean and sunflower seed crushing. The stock - to - use ratio of rapeseed increased significantly, while those of soybeans and sunflowers decreased slightly [12][17]. 3.3 25/26 Global Oils Situation - **Production and Export**: The total global oil production in the 25/26 period was adjusted slightly. Rapeseed oil production was increased significantly, while soybean oil and sunflower oil production were decreased significantly. Rapeseed oil exports increased significantly, palm oil exports changed little, and soybean oil and sunflower oil exports decreased significantly [19]. - **Consumption**: The total global oil consumption decreased slightly. The consumption of soybean oil and rapeseed oil increased significantly, while that of sunflower oil decreased significantly [21]. - **Stock - to - Use Ratio**: The stock - to - use ratios of different oils showed different trends [30]. 3.4 Rapeseed Situation - **International Rapeseed Price and Spread**: The price of Canadian rapeseed was weak [32]. - **Canadian Rapeseed**: In the 25/26 period, Canadian rapeseed production increased by 789,000 tons. Exports were expected to increase by nearly 400,000 tons, and the ending inventory would rise from 1.597 million tons to 2.5 million tons. The export was slow, domestic consumption was high, and the commercial inventory was close to that of the previous year [38][40][42][45]. - **EU Rapeseed**: In the EU's November agricultural crop announcement for the 24/25 period, the rapeseed yield was adjusted upward to 3.34 tons per hectare, the planting area remained unchanged, and the production was adjusted upward to 2.0206 million tons. Rapeseed imports were high, exports increased, and the monthly crushing volume decreased [51][53][55][57]. - **Other Regions**: Australian new - crop rapeseed production was increased, Ukrainian rapeseed exports decreased, and Russian rapeseed production increased [61][66][71]. 3.5 Palm Oil Situation - **Malaysia**: In October, Malaysia's palm oil production increased more than expected, with a 11.02% month - on - month increase to 2.04 million tons. The export situation was complex, with a decrease in exports to India during the festival. As of the end of November, the inventory was expected to continue to increase [92][96][102]. - **Indonesia**: In September, Indonesia's palm oil production decreased significantly, and exports decreased due to the increase in export tariffs. The inventory remained basically stable at the end of September [121][128]. 3.6 Soybean Oil Situation - **North and South America**: The export of soybean oil in North and South America slowed down. Argentina's soybean oil export slowed, and Brazil's soybean oil export also decreased [132][134][141]. 3.7 Sunflower Oil Situation - **European Sunflower Seeds**: The production of European sunflower seeds was adjusted downward [151]. - **Ukraine**: Ukraine's sunflower oil exports were at a low level, with a decrease in exports to India and an increase in exports to the EU [158]. - **Other Regions**: Russia's sunflower oil export slowed, and Argentina's sunflower oil exports to India increased. The total sunflower seed production of four countries (Argentina, Ukraine, Russia, and the EU) increased [160][163][170]. 3.8 Biodiesel Situation - **Indonesia**: The distribution of biodiesel in Indonesia was slow, and as of November 10, the biodiesel distribution volume reached 12.25 billion liters, while the annual target was 15.6 billion liters [172][173]. - **EU**: The EU's imports of Malaysian POME, UCO, and UCOME increased, and the import of UCO was at a high level. The export of UCOME to the US decreased significantly, and the import of Chinese UCO remained at a high level [174][177][179][181][183]. - **US**: The proportion of soybean oil in US biodiesel feedstock generally rebounded, but the biodiesel production was lower than that of the previous year [185][187]. - **Brazil**: The consumption of soybean oil in Brazilian biodiesel was at a high level, and the growth rate of biodiesel raw material consumption slowed down in 2025 [195][197].

Group 1: Report Core View - The global oil and fat market shows complex supply - demand dynamics in the 25/26 period. Despite an increase in global oil and fat production, the recovery of export and biodiesel demand since the second half of this year, along with palm oil supply issues, supports price increases. The supply of Malaysia and Indonesia is differentiated, with Malaysia's production possibly peaking in August while Indonesia's production recovers and inventory builds up. Global new - crop sunflower oil prices are not as weak as expected due to harvest delays and slow pressing growth. South American soybean oil has passed its export peak and has poor pressing profits. The rapeseed oil market is affected by policies, especially China - Canada relations. The trend - down of oil and fat prices may occur only if the palm oil production - reduction season in Malaysia and Indonesia is not obvious and the global biodiesel development slows down [195]. Group 2: Global Oilseeds and Oils Overview Production - Rapeseed production has been continuously adjusted upwards, while sunflower seed production has been continuously adjusted downwards. In the 25/26 period, the production of some oilseeds is expected to change, with rapeseed showing an upward trend and sunflower seed a downward one [8]. - The production of rapeseed oil and palm oil has been continuously adjusted upwards, while sunflower oil production has been continuously adjusted downwards [29]. Export - Rapeseed export has been continuously adjusted upwards, sunflower seed export has been adjusted downwards multiple times, and soybean export has been recently adjusted upwards [15]. - The export of rapeseed oil, sunflower oil, and soybean oil has been continuously adjusted downwards, while palm oil export has been continuously adjusted upwards [35]. Pressing - Rapeseed pressing has been continuously adjusted upwards, while soybean and sunflower seed pressing have been continuously adjusted downwards [21]. Inventory - Soybean and sunflower seed inventories are decreasing, while rapeseed inventory is increasing [23]. - The global oil and fat inventory - to - consumption ratio is slightly decreasing in the 25/26 period [38]. Group 3: Palm Oil Malaysia - Rainfall in Peninsular Malaysia has been relatively good this year. From May, Malaysia's palm oil production has been below the average level for four consecutive months. In August, the production decreased by 2.05% year - on - year. The export in August increased by 1.19% month - on - month to 1.32 million tons, and the cumulative export from January to August decreased by 10.80% year - on - year. The apparent consumption in August reached 490,000 tons, a record high. The inventory increased to 2.2 million tons. In September, there is a high possibility of production reduction, and the inventory build - up at the end of September may be limited [42][45][48][52]. Indonesia - In June, Indonesia's palm oil production increased by 15.99% month - on - month to 5.289 million tons, and the cumulative production from January to June was 27.89 million tons, 1.71 million tons more than the same period in 2024. The export in June increased by 35.56% month - on - month to 3.606 million tons. From July, production recovered again, and inventory began to build up. In August, production continued to recover, especially in the second half of August. Usually, the average production increase in September is the largest, but in 2025, due to precipitation and other factors, the actual increase may not reach the historical average of 5.43%. The inventory will continue to build up at the end of September, but the recovery will not be fast [60][68]. Group 4: Rapeseed EU - In August, the EU raised rapeseed production by 300,000 tons to 18.84 million tons, with the planting area remaining at 5.81 million hectares and the yield per hectare increasing to 3.24 tons, a 2.15 - million - ton increase compared to the previous crop [75]. Canada - In August, Canada officially raised the 24/25 rapeseed production from 19.19 million tons to 20.1 million tons, with the planting area remaining at 8.68 million hectares and the yield per hectare increasing from 2.08 tons to 2.35 tons. Exports were raised from 6 million tons to 7 million tons, domestic consumption from 11.5 million tons to 12.18 million tons, and the ending inventory was 2.2 million tons, slightly higher than the previous crop's 1.18 million tons [77]. Australia - Australia's 25/26 rapeseed production is 5.71 million tons, lower than the previous crop's 6.1 million tons, with both the planting area and yield per hectare decreasing. The harvest area is 3.379 million hectares, and the yield per hectare is 1.7 tons. Exports are 4.14 million tons, slightly higher than the previous crop's 4.1 million tons. The rapeseed is currently in the growing season and will enter the harvesting period in October [83]. Russia and Ukraine - Russia's 2025 total rapeseed production is expected to reach 5 million tons, higher than last year's 4.66 million tons. Ukraine's rapeseed production is estimated to be 3.5 million tons due to a decrease in the planting area and unfavorable weather during the growing season [87]. Group 5: Soybean Oil Brazil - In August, Brazil's soybean oil export was 160,000 tons, higher than July's 138,000 tons but lower than June's 167,000 tons. The cumulative export from January to August was 1.11 million tons, higher than the same period in 2024 [89]. Argentina - In August, Argentina's soybean oil export was 545,000 tons, lower than July's 569,000 tons. The cumulative export from January to July was 4.14 million tons, higher than the same period in 2024. The export growth rate of both Brazil and Argentina's soybean oil is slowing down [92]. USA - In July, the US exported 28,500 tons of soybean oil. The inventory and consumption data also show certain trends, but specific details are presented in the relevant charts [101]. Group 6: India - As of September 16, the price differences between different oils in India have changed. The import, inventory, and consumption of various oils also show different trends. For example, the import of palm oil, soybean oil, and sunflower oil has specific data changes over time, and the consumption of these oils also varies monthly [111][115][126]. Group 7: Biodiesel Indonesia - In the first half of 2025, Indonesia distributed 7.96 billion liters of biodiesel, completing 51% of the 2025 target of 15.6 billion liters, which supports the demand for palm oil [132]. EU - The EU's RME processing profit is average, and the import and export of biodiesel are decreasing. The import of UCO from China is at a high level, and the import of raw materials from Malaysia and Indonesia also shows certain trends [133][135][137]. USA - In June, the proportion of soybean oil in biodiesel feedstock reached 36%, rising for several consecutive months. The proportion of animal fat and waste oils remained high, and the proportion of Canadian rapeseed oil decreased to 8%. The import of various raw materials also shows specific data changes [144][146]. Brazil - On June 25, Brazil officially approved increasing the biodiesel blending ratio in diesel from 14% to 15% (B15) starting from August 1, and plans to reach 16% (B16) in March 2026 and 17% (B17) in March 2027, with a final target of 25% (B25) [162]. Group 8: Domestic Market Supply - The domestic soybean and rapeseed crushing volumes, as well as the import volumes of soybeans, rapeseed, and palm oil, show specific data changes over time. The spot price differences between different oils are affected by factors such as taxes and import volumes [167][169][171][182]. Inventory - The inventory of domestic edible palm oil, sunflower oil, and other oils, as well as the total inventory of the four major oils, show certain trends over time [184]. Transaction - The downstream purchases more soybean oil, especially the forward basis. The spot transaction of palm oil remains at a low level, and the domestic rapeseed oil transaction slows down after the sellable quantity of oil mills decreases [191]. Balance Sheet - The monthly balance sheet of domestic oils shows the changes in inventory, production, import, demand, and other aspects over time [194].