Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Palm oil prices are affected by oil price fluctuations and are expected to fluctuate at a high level; the upward space of soybean oil is limited due to weak drivers from the soybean sector [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of palm oil futures (day session) was 9,942 yuan/ton with a daily increase of 2.31%, and the night - session price was 9,588 yuan/ton with a decrease of 3.56%. The closing price of soybean oil futures (day session) was 8,740 yuan/ton with a daily increase of 1.30%, and the night - session price was 8,588 yuan/ton with a decrease of 1.74%. The closing price of rapeseed oil futures (day session) was 9,950 yuan/ton with a daily increase of 0.75%, and the night - session price was 9,770 yuan/ton with a decrease of 1.81%. The price of CBOT soybean oil futures was 65.71 cents/pound with an increase of 0.31% [1] - **Trading Volume and Open Interest**: The trading volume of palm oil futures was 465,152 lots, an increase of 57,742 lots compared to the previous day, and the open interest was 317,752 lots, a decrease of 1,698 lots. The trading volume of soybean oil futures was 270,684 lots, an increase of 44,960 lots, and the open interest was 612,272 lots, an increase of 18,176 lots. The trading volume of rapeseed oil futures was 224,994 lots, an increase of 23,990 lots, and the open interest was 239,709 lots, an increase of 2,276 lots [1] - **Spot Price**: The spot price of 24 - degree palm oil in Guangdong was 9,920 yuan/ton, an increase of 170 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 9,040 yuan/ton, an increase of 100 yuan/ton; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,220 yuan/ton, an increase of 40 yuan/ton. The FOB price of Malaysian palm oil was 1,215 US dollars/ton, unchanged [1] - **Basis**: The basis of palm oil in Guangdong was - 22 yuan/ton; the basis of soybean oil in Guangdong was 300 yuan/ton; the basis of rapeseed oil in Guangxi was 270 yuan/ton [1] - **Price Spread**: The spread between rapeseed oil and palm oil futures was 8 yuan/ton; the spread between soybean oil and palm oil futures was - 1,202 yuan/ton; the 5 - 9 spread of palm oil was 54 yuan/ton; the 5 - 9 spread of soybean oil was 74 yuan/ton; the 5 - 9 spread of rapeseed oil was 119 yuan/ton [1] 3.2 Macro and Industry News - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 68%, 7 percentage points higher than the previous week but lagging behind 80% in the same period last year [2] - In the first three weeks of March, Brazil exported 9,501,524.99 tons of soybeans, with an average daily export volume of 633,435.00 tons, a 18% decrease compared to the average daily export volume in March last year [3][4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [5]

1. Report Industry Investment Rating - The investment strategy is neutral [3] 2. Core View of the Report - The spot market for oils and fats is sluggish, and prices are oscillating. Global economic slowdown and geopolitical uncertainties in the Middle East may delay purchases and limit upward price movement. After a significant increase driven by crude oil prices, spot demand remains weak, leading to an adjustment in oils and fats prices [2] 3. Summary by Relevant Catalogs Futures Market Performance - The closing price of the palm oil 2605 contract was 9796 yuan/ton, up 104 yuan or 1.07% [1] - The closing price of the soybean oil 2605 contract was 8616 yuan/ton, up 76 yuan or 0.89% [1] - The closing price of the rapeseed oil 2605 contract was 9854 yuan/ton, up 74 yuan or 0.76% [1] Spot Market Performance - The spot price of palm oil in Guangdong was 9720 yuan/ton, up 30 yuan or 0.31%, with a spot basis of P05 - 76 yuan, down 74 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8800 yuan/ton, up 60 yuan or 0.69%, with a spot basis of Y05 + 184 yuan, down 16 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10380 yuan/ton, up 70 yuan or 0.68%, with a spot basis of OI05 + 526 yuan, down 4 yuan [1] Recent Market News - Canadian rapeseed (May shipment) C&F price was 598 dollars/ton, down 4 dollars/ton; (July shipment) was 607 dollars/ton, down 2 dollars/ton [2] - Argentine soybean oil (April shipment) C&F price was 1248 dollars/ton, up 56 dollars/ton; (June shipment) was 1216 dollars/ton, up 29 dollars/ton [2] - Imported rapeseed oil C&F quotes: Canadian rapeseed oil (April shipment) was 1150 dollars/ton, unchanged; (June shipment) was 1130 dollars/ton, unchanged [2] - US Gulf soybeans (April shipment) C&F price was 509 dollars/ton, unchanged; US West soybeans (April shipment) was 503 dollars/ton, unchanged; Brazilian soybeans (April shipment) was 480 dollars/ton, up 4 dollars/ton [2] - Imported soybean premium quotes: Mexican Gulf (April shipment) was 222 cents/bushel, down 7 cents/bushel; US West Coast (April shipment) was 206 cents/bushel, down 7 cents/bushel; Brazilian ports (April shipment) was 145 cents/bushel, up 5 cents/bushel [2] - From March 1 - 15, 2026, Malaysian palm oil yield decreased by 2.96% month - on - month, oil extraction rate decreased by 0.44% month - on - month, and production decreased by 5.28% month - on - month [2] - The Malaysian Palm Oil Council (MPOC) expects palm oil prices to remain above 4450 ringgit/ton due to strong energy prices and favorable palm - gasoline spreads [2] - International CNF quotes for palm oil continued to rise, increasing China's import costs. On March 18, the CNF quotes for 24 - degree palm oil for April and May shipments were 1200 dollars/ton and 1228 dollars/ton respectively, up 22 - 50 dollars/ton from the previous week [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Palm oil is prone to panic at high levels, and investors should guard against callback risks [1] - The driving force of the soybean system for soybean oil is limited, and attention should be paid to the progress of China-US consultations [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,796 yuan/ton during the day session with a 1.07% increase and 9,738 yuan/ton at night with a -0.59% decrease; soybean oil主力 closed at 8,616 yuan/ton during the day session with a 0.89% increase and 8,584 yuan/ton at night with a -0.37% decrease; rapeseed oil主力 closed at 9,854 yuan/ton during the day session with a 0.76% increase and 9,865 yuan/ton at night with a 0.11% increase; Malaysian palm oil主力 closed at 4,612 ringgit/ton with a 1.77% increase; CBOT soybean oil主力 closed at 65.23 cents/pound with a -0.46% decrease [2] - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 491,200 lots with a decrease of 90,211 lots and an open interest of 331,096 lots with a decrease of 1,763 lots; soybean oil主力 had a trading volume of 251,021 lots with a decrease of 29,647 lots and an open interest of 594,494 lots with an increase of 9,710 lots; rapeseed oil主力 had a trading volume of 192,755 lots with a decrease of 5,077 lots and an open interest of 234,514 lots with an increase of 5,030 lots [2] - **Spot Prices**: Palm oil (24 degrees) in Guangdong was priced at 9,870 yuan/ton with a 10 yuan increase; first-grade soybean oil in Guangdong was priced at 8,990 yuan/ton with a 40 yuan increase; fourth-grade imported rapeseed oil in Guangxi was priced at 10,230 yuan/ton with a 110 yuan increase; Malaysian palm oil FOB offshore price was 1,200 US dollars/ton with a 10 US dollars decrease [2] - **Basis**: The basis of palm oil in Guangdong was 74 yuan/ton; the basis of soybean oil in Guangdong was 374 yuan/ton; the basis of rapeseed oil in Guangxi was 376 yuan/ton [2] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 58 yuan/ton; the spread between soybean oil and palm oil futures was -1,180 yuan/ton; the 5 - 9 spread of palm oil was 90 yuan/ton; the 5 - 9 spread of soybean oil was 86 yuan/ton; the 5 - 9 spread of rapeseed oil was 146 yuan/ton [2] Macro and Industry News - According to AmSpec, Malaysia's palm oil exports from March 1 - 20, 2026, were 1,166,586 tons, a 49.6% increase compared to the same period last month [3] - SPPOMA data showed that from March 1 - 15, 2026, Malaysia's palm oil yield per unit area decreased by 2.96% month - on - month, the oil extraction rate decreased by 0.44% month - on - month, and the production decreased by 5.28% month - on - month [4][5] - A study showed that Indonesia's palm oil production in the 2025/26 season is expected to be 51 million tons, with an estimated range of 46 - 56 million tons, a decrease of less than 1% from the previous estimate; Thailand's palm oil production in the 2025/26 season is expected to be 3.82 million tons, the same as the previous estimate, with an estimated range of 3.32 - 4.32 million tons; Malaysia's palm oil production in the 2025/26 season is expected to be 19.6 million tons, the same as the previous estimate, with an estimated range of 19.1 - 20.1 million tons [5] - Abiove expects Brazil's soybean crushing volume in 2026 to reach a record 61.5 million tons, higher than the previous estimate of 61 million tons; Brazil's soybean production in the 2025/26 season is expected to reach 177.85 million tons, up from the previous estimate of 177.12 million tons [5] - The IGC's latest monthly report shows that the global soybean production in the 2026/27 season is expected to increase by 16 million tons year - on - year to 442 million tons, the trade volume to increase by 3 million tons to 190 million tons, the consumption to increase by 12 million tons to 442 million tons, and the ending stocks to increase by 1 million tons to 79 million tons [5] - A farmer survey by Allendale Inc showed that US farmers plan to reduce the corn planting area by 5.2% year - on - year in 2026 and expand the soybean planting area by 5.5% [6] Trend Intensity - The trend intensity of palm oil is -1, and the trend intensity of soybean oil is -1 [7]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View of the Report - The prices of the three major oils fluctuated. The recent escalation of the Middle - East situation led to a rise in international crude oil prices. Indonesia plans to accelerate the road test of B50 biodiesel to prevent the impact of Middle - East conflicts on crude oil supply, which provides short - term support for the oil market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract was 9684.00 yuan/ton, with a month - on - month change of +158 yuan and a change rate of +1.66% - The closing price of the soybean oil 2605 contract was 8632.00 yuan/ton, with a month - on - month change of +62.00 yuan and a change rate of +0.72% - The closing price of the rapeseed oil 2605 contract was 9769.00 yuan/ton, with a month - on - month change of - 9.00 yuan and a change rate of - 0.09% [1] Spot - The spot price of palm oil in Guangdong was 9730.00 yuan/ton, with a month - on - month change of +280.00 yuan and a change rate of +2.96%. The spot basis was P05 + 46.00, with a month - on - month change of +122.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8850.00 yuan/ton, with a month - on - month change of +190.00 yuan/ton and a change rate of +2.19%. The spot basis was Y05 + 218.00, with a month - on - month change of +128.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10370.00 yuan/ton, with a month - on - month change of - 10.00 yuan and a change rate of - 0.10%. The spot basis was OI05 + 601.00, with a month - on - month change of - 1.00 yuan [1] Group 4: Recent Market Information - According to SGS, the estimated export volume of palm oil from Malaysia from March 1st to 10th was 346,061 tons, a 26.54% increase compared to the 273,472 tons exported from February 1st to 10th - In February, India's palm oil imports increased by about 11% to 847,689 tons, soybean oil imports increased by 7% to 299,046 tons, and sunflower oil imports decreased by about 45% to 145,308 tons. The total import volume of vegetable oils in India decreased by 2% to 1.32 million tons - As of the week ending March 11th, Singapore's fuel oil inventory increased by 871,000 barrels to a five - week high of 24.157 million barrels [2]

Group 1: Investment Rating - The investment strategy for the oil and fat industry is neutral [4] Group 2: Core View - Due to the volatile international situation, the prices of the three major oils and fats are oscillating. Although the ongoing conflict in the Middle East has led to a firm international crude oil price, which provides some support for oil and fat prices, the supply and demand of oils and fats themselves have not changed much, so they are operating in an oscillating manner [3] Group 3: Market Analysis - **Futures prices**: The closing price of the palm oil 2605 contract was 9070.00 yuan/ton, a change of +68 yuan or +0.76% compared to the previous day; the closing price of the soybean oil 2605 contract was 8370.00 yuan/ton, with no change; the closing price of the rapeseed oil 2605 contract was 9489.00 yuan/ton, a change of +3.00 yuan or +0.03% [1] - **Spot prices**: The spot price of palm oil in Guangdong was 8940.00 yuan/ton, with no change; the spot price of first - grade soybean oil in Tianjin was 8580.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%; the spot price of fourth - grade rapeseed oil in Jiangsu was 10090.00 yuan/ton, with no change [1] - **Spot basis**: The spot basis of palm oil was P05 - 130.00, a change of - 68.00 yuan; the spot basis of soybean oil was Y05 + 210.00, a change of +10.00 yuan; the spot basis of rapeseed oil was OI05 + 601.00, a change of - 3.00 yuan [1] - **Market consultation**: It is expected that the net increase in US soybean export sales will be 30 - 1100000 tons, with a net increase of 30 - 1000000 tons in the 2025/26 market year and 0 - 100000 tons in the 2026/27 market year; the net change in US soybean oil export sales is expected to be a decrease of 20000 tons to an increase of 26000 tons. The C&F prices of Canadian rapeseed, Argentine soybean oil, and some other products have changed to varying degrees [2]

1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - Crude oil prices are strengthening, and the three major oils and fats are oscillating on the stronger side. The strengthening of crude oil prices, influenced by the international situation, provides some support for the three major oils and fats, driving the market up [1][3] 3. Summary According to Related Catalogs Futures and Spot Prices - Futures: The closing price of the palm oil 2605 contract was 8,898.00 yuan/ton, a change of +118 yuan or +1.34% compared to the previous day; the closing price of the soybean oil 2605 contract was 8,260.00 yuan/ton, a change of +34.00 yuan or +0.41%; the closing price of the rapeseed oil 2605 contract was 9,359.00 yuan/ton, a change of +174.00 yuan or +1.89% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,810.00 yuan/ton, a change of +100.00 yuan or +1.15%, with a spot basis of P05 - 88.00, a change of +42.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,520.00 yuan/ton, a change of +40.00 yuan/ton or +0.47%, with a spot basis of Y05 + 260.00, a change of +6.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,010.00 yuan/ton, a change of +180.00 yuan or +1.83%, with a spot basis of OI05 + 651.00, a change of +6.00 yuan [1] Market News - The Indonesian Forestry Special Task Force has confiscated 5 million hectares of palm oil plantations and industrial forest concessions, of which 1.7 million hectares have been transferred to state - owned enterprise Agrinas Palma Nusantara [2] - As of February 27, 2026, the national commercial inventory of soybean oil was 1.0968 million tons, a decrease of 41,200 tons compared to the previous week [2] - The C&F prices of US Gulf soybeans (April shipment), US West soybeans (April shipment), and Brazilian soybeans (April shipment) increased by 4 dollars/ton each compared to the previous trading day. The import soybean premium quotes for the Gulf of Mexico (April shipment), US West Coast (April shipment), and Brazilian ports (April shipment) increased by 2 cents/bushel each compared to the previous trading day [2] - The C&F price of Argentine soybean oil (April shipment) decreased by 13 dollars/ton, and the C&F price of Argentine soybean oil (June shipment) decreased by 6 dollars/ton compared to the previous trading day. The C&F quotes of Canadian rapeseed oil (March shipment) and Canadian rapeseed oil (May shipment) increased by 40 dollars/ton each compared to the previous trading day. The C&F prices of Canadian rapeseed (March shipment) and Canadian rapeseed (May shipment) decreased by 4 dollars/ton and 3 dollars/ton respectively compared to the previous trading day [2]

1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - The prices of the three major oils fluctuated yesterday. Affected by the Spring Festival holiday, the output of imported and pressed rapeseed oil was interrupted last week due to the shutdown of oil mills, and the trading in the spot market basically stagnated. After the festival, with the start - up of COFCO factories for pressing, the domestic supply of rapeseed oil is expected to increase. The overall supply - demand of oils is stable. Recently, the temperature in the rapeseed - producing areas in Europe has fluctuated sharply, and the subsequent weather impact should be monitored [1][3] 3. Summary by Related Catalogs 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2605 contract was 8,848.00 yuan/ton, with a month - on - month change of +24 yuan and a change rate of +0.27%; the closing price of the soybean oil 2605 contract was 8,228.00 yuan/ton, with a month - on - month change of +88.00 yuan and a change rate of +1.08%; the closing price of the rapeseed oil 2605 contract was 9,244.00 yuan/ton, with a month - on - month change of +44.00 yuan and a change rate of +0.48% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,790.00 yuan/ton, with a month - on - month change of - 20.00 yuan and a change rate of - 0.23%, and the spot basis was P05 - 58.00, with a month - on - month change of - 44.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,530.00 yuan/ton, with a month - on - month change of +70.00 yuan/ton and a change rate of +0.83%, and the spot basis was Y05 + 302.00, with a month - on - month change of - 18.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940.00 yuan/ton, with a month - on - month change of - 10.00 yuan and a change rate of - 0.10%, and the spot basis was OI05 + 696.00, with a month - on - month change of - 54.00 yuan [1] 3.2 Market News - Ukraine: The export reference price of rapeseed harvested from July to August 2026 has risen from $510 - 520 per ton a month ago to $530 - 540 per ton. In 2024, Ukraine's rapeseed production was about 3.7 million tons, and in 2025, it dropped to 3.3 million tons. The UAC predicts that the area of winter rapeseed sown for the 2026 harvest is about 1.1 million hectares, and extreme frosts from January to February may damage up to 300,000 hectares of crops. The APK - Inform has lowered its forecast for Ukraine's 2026 rapeseed production from 3.9 million tons last month to 3.7 million tons, and expects the export volume in the 2026/27 (July to June of the following year) to be 2.7 million tons, lower than the previous export expectation of nearly 3 million tons [2] - Malaysia: The export volume of palm oil from February 1 - 25 was 1,022,673 tons according to ITS, a 12.1% decrease compared to the same period last month; according to AmSpec, it was 922,649 tons, a 16.05% decrease compared to the same period last month. The estimated palm oil production from February 1 - 20 decreased by 12.29%, with a 10.74% decrease in the Malay Peninsula, a 15.23% decrease in Sabah, an 11.20% decrease in Sarawak, and a 14.19% decrease in Borneo [2]

Group 1: Report Investment Rating - The investment strategy for the oil industry is neutral [4] Group 2: Core Views - Due to pre - holiday trading slump and factors such as South American soybean bumper harvest and the extension of anti - dumping measures on Canadian rapeseed, the prices of the three major oils are expected to fluctuate in the short term [3] Group 3: Market Data Summary Futures Prices - The closing price of the palm oil 2605 contract was 8782.00 yuan/ton, a decrease of 124 yuan or 1.39% compared to the previous period [1] - The closing price of the soybean oil 2605 contract was 8082.00 yuan/ton, a decrease of 28.00 yuan or 0.35% [1] - The closing price of the rapeseed oil 2605 contract was 9047.00 yuan/ton, a decrease of 84.00 yuan or 0.92% [1] Spot Prices and Basis - In the Guangdong region, the spot price of palm oil was 8780.00 yuan/ton, a decrease of 70.00 yuan or 0.79%, and the spot basis was P05 - 2.00, an increase of 54.00 yuan [1] - In the Tianjin region, the spot price of first - grade soybean oil was 8390.00 yuan/ton, unchanged, and the spot basis was Y05 + 308.00, an increase of 28.00 yuan [1] - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9800.00 yuan/ton, a decrease of 80.00 yuan or 0.81%, and the spot basis was OI05 + 753.00, an increase of 4.00 yuan [1] US Soybean Sales and Shipment - The net sales of US soybeans for the 2025/2026 marketing year were 28.2 tons, down from 43.7 tons the previous week; for the 2026/2027 marketing year, it was 0.1 tons, up from 0 tons the previous week [2] - The export shipments of US soybeans for the 2025/2026 marketing year were 112.9 tons, down from 138.8 tons the previous week [2] - The net sales of US soybeans to China for the 2025/2026 marketing year were 28.6 tons, up from 23.3 tons the previous week; for the 2026/2027 marketing year, it remained 0 tons [2] - The cumulative sales of US soybeans to China for the 2025/2026 marketing year reached 1017.3 tons, up from 988.7 tons the previous week [2] - The export shipments of US soybeans to China for the 2025/2026 marketing year were 74.6 tons, down from 80.9 tons the previous week; the cumulative shipments were 507 tons, up from 432.4 tons the previous week; the unshipped volume was 510.3 tons, down from 556.3 tons the previous week [2] Brazilian Soybean Forecast - CONAB predicted that Brazil's soybean production in the 2025/2026 season would reach 177.985 million tons, a year - on - year increase of 6.5045 million tons or 3.8% [2] - The sown area of soybeans in Brazil in the 2025/2026 season was expected to reach 48.4344 million hectares, a year - on - year increase of 1.0883 million hectares or 2.3% [2] - The soybean yield in Brazil in the 2025/2026 season was expected to be 3.67 tons per hectare, a year - on - year increase of 52.918 kilograms per hectare or 1.5% [2] Other Market Information - The IEA lowered its forecast for global oil demand growth in 2026 in its February report, expecting a growth of 850,000 barrels per day, down from the previous forecast of 930,000 barrels per day [2] - The investigation period for anti - dumping measures against Canadian rapeseed has been extended to March 9, 2026 [2] - The estimated export volume of Malaysian palm oil from February 1 - 10 was 273,472 tons, a 16.1% decrease compared to the same period last month [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - Crude oil prices support the firmness of the oil and fat market, and the prices of the three major oils were volatile yesterday. The data from shipping survey agencies shows that the recent exports of Malaysian palm oil have increased month - on - month, and the international crude oil has risen by about 3%, providing strong support for oil and fat prices [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract yesterday was 9,270.00 yuan/ton, a change of +32 yuan or +0.35% compared with the previous day. The closing price of the soybean oil 2605 contract was 8,326.00 yuan/ton, a change of +68.00 yuan or +0.82%. The closing price of the rapeseed oil 2605 contract was 9,330.00 yuan/ton, a change of +4.00 yuan or +0.04% [1] Spot - In the Guangdong region, the spot price of palm oil was 9,190.00 yuan/ton, a change of +10.00 yuan or +0.11%, with a spot basis of P05 - 80.00, a change of -22.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,620.00 yuan/ton, a change of +80.00 yuan/ton or +0.94%, with a spot basis of Y05 + 294.00, a change of +12.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,160.00 yuan/ton, with no change, and a spot basis of OI05 + 830.00, a change of -4.00 yuan [1] Group 4: Recent Market Consultation Summary Crop C&F Prices - The C&F price of Canadian rapeseed (March shipment) was 545 US dollars/ton, an increase of 4 US dollars/ton compared with the previous trading day. The C&F price of Canadian rapeseed (May shipment) was 553 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of US Gulf soybeans (February shipment) was 482 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of US West soybeans (February shipment) was 476 US dollars/ton, an increase of 5 US dollars/ton. The C&F price of Brazilian soybeans (February shipment) was 451 US dollars/ton, an increase of 3 US dollars/ton [2] Imported Soybean Premium Quotes - The premium of Mexican Gulf soybeans (February shipment) was 243 cents/bushel, an increase of 5 cents/bushel. The premium of US West Coast soybeans (February shipment) was 228 cents/bushel, an increase of 5 cents/bushel. The premium of Brazilian port soybeans (February shipment) was 160 cents/bushel, with no change [2] C&F Prices of Imported Oils - The C&F price of Argentine soybean oil (March shipment) was 1,202 US dollars/ton, a decrease of 29 US dollars/ton. The C&F price of Argentine soybean oil (May shipment) was 1,137 US dollars/ton, a decrease of 14 US dollars/ton. The C&F price of Canadian rapeseed oil (February shipment) was 1,040 US dollars/ton, with no change. The C&F price of Canadian rapeseed oil (April shipment) was 1,020 US dollars/ton, with no change [2]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The relationship between China and Canada has eased, leading to increased volatility in the cooking oil market [1] - The prices of the three major cooking oils fluctuated yesterday. The futures and spot prices of palm oil, soybean oil, and rapeseed oil all showed varying degrees of decline [1] - The new China - Canada economic and trade agreement has increased the hope of improving market access after months of interruption, but key details still need to be clarified [2] - Currently, the inventory of Canadian rapeseed in China has been cleared, and Australian rapeseed has not started to be pressed. The production of rapeseed oil in China has stagnated. The spot rapeseed oil is continuously de - stocking, and the market circulation of spot goods is scarce. The basis is high and continues to rise. The rapeseed futures may experience a correction due to trade relations, but the basis is expected to remain high before the spot shortage is alleviated [3] Group 3: Summary of Related Data Futures Prices - The closing price of the palm oil 2605 contract yesterday was 8,648.00 yuan/ton, a decrease of 26 yuan or 0.30% compared to the previous day [1] - The closing price of the soybean oil 2605 contract yesterday was 7,996.00 yuan/ton, a decrease of 20.00 yuan or 0.25% compared to the previous day [1] - The closing price of the rapeseed oil 2605 contract yesterday was 8,902.00 yuan/ton, a decrease of 161.00 yuan or 1.78% compared to the previous day [1] Spot Prices - The spot price of palm oil in Guangdong was 8,620.00 yuan/ton, a decrease of 30.00 yuan or 0.35% compared to the previous day, and the spot basis was P05 + - 28.00, a decrease of 4.00 yuan compared to the previous day [1] - The spot price of first - grade soybean oil in Tianjin was 8,380.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared to the previous day, and the spot basis was Y05 + 384.00, an increase of 10.00 yuan compared to the previous day [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 9,750.00 yuan/ton, a decrease of 160.00 yuan or 1.61% compared to the previous day, and the spot basis was OI05 + 848.00, an increase of 1.00 yuan compared to the previous day [1] International Market Prices - Argentina's C&F price of soybean oil (February shipment) was 1,209 US dollars/ton, an increase of 9 US dollars/ton compared to the previous trading day; Argentina's C&F price of soybean oil (April shipment) was 1,139 US dollars/ton, an increase of 31 US dollars/ton compared to the previous trading day [2] - The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (February shipment) was 1,030 US dollars/ton, a decrease of 20 US dollars/ton compared to the previous trading day; Canadian rapeseed oil (April shipment) was 1,010 US dollars/ton, a decrease of 20 US dollars/ton compared to the previous trading day [2] - The C&F price of US Gulf soybeans (February shipment) was 474 US dollars/ton, an increase of 1 US dollar/ton compared to the previous trading day; the C&F price of US West soybeans (February shipment) was 468 US dollars/ton, an increase of 1 US dollar/ton compared to the previous trading day; the C&F price of Brazilian soybeans (February shipment) was 447 US dollars/ton, a decrease of 1 US dollar/ton compared to the previous trading day [2] - The import soybean premium quotation: the Gulf of Mexico (February shipment) was 235 cents/bushel, unchanged compared to the previous trading day; the US West Coast (February shipment) was 220 cents/bushel, unchanged compared to the previous trading day; Brazilian ports (February shipment) was 161 cents/bushel, a decrease of 7 cents/bushel compared to the previous trading day [2]