Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The supply and demand of oils and fats are stable, and the market is in a continuous volatile state [1] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract was 8,500 yuan/ton, with a day-on-day change of +12 yuan and a change rate of +0.14% - The closing price of the soybean oil 2605 contract was 7,912 yuan/ton, with a day-on-day change of +56 yuan and a change rate of +0.71% - The closing price of the rapeseed oil 2605 contract was 9,130 yuan/ton, with a day-on-day change of +86 yuan and a change rate of +0.95% [1] Spot - The spot price of palm oil in Guangdong was 8,500 yuan/ton, with a day-on-day change of +10 yuan and a change rate of +0.12%. The spot basis was P05 + 0, with a day-on-day change of -2 yuan - The spot price of first-grade soybean oil in Tianjin was 8,310 yuan/ton, with a day-on-day change of +40 yuan/ton and a change rate of +0.48%. The spot basis was Y05 + 398, with a day-on-day change of -16 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,880 yuan/ton, with a day-on-day change of +100 yuan and a change rate of +1.02%. The spot basis was OI05 + 750, with a day-on-day change of +14 yuan [1] Market News - From January 1 - 5, 2026, the yield per unit area of Malaysian palm oil decreased by 34.7% month-on-month, the oil extraction rate increased by 0.04% month-on-month, and the output decreased by 34.48% month-on-month - The C&F price of Canadian rapeseed (March shipment) was 512 US dollars/ton, an increase of 13 US dollars/ton compared with the previous trading day; the C&F price of Canadian rapeseed (May shipment) was 520 US dollars/ton, an increase of 12 US dollars/ton compared with the previous trading day - The C&F price of Argentine soybean oil (February shipment) was 1,141 US dollars/ton, a decrease of 6 US dollars/ton compared with the previous trading day; the C&F price of Argentine soybean oil (April shipment) was 1,082 US dollars/ton, a decrease of 1 US dollar/ton compared with the previous trading day - The C&F quotation of imported rapeseed oil: Canadian rapeseed oil (January shipment) was 1,090 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (March shipment) was 1,070 US dollars/ton, unchanged from the previous trading day - The C&F price of US Gulf soybeans (February shipment) was 475 US dollars/ton, an increase of 6 US dollars/ton compared with the previous trading day; the C&F price of US West soybeans (February shipment) was 471 US dollars/ton, an increase of 4 US dollars/ton compared with the previous trading day; the C&F price of Brazilian soybeans (February shipment) was 447 US dollars/ton, an increase of 10 US dollars/ton compared with the previous trading day - The import soybean premium quotation: the Mexican Gulf (February shipment) was 232 cents/bushel, a decrease of 1 cent/bushel compared with the previous trading day; the US West Coast (February shipment) was 220 cents/bushel, a decrease of 5 cents/bushel compared with the previous trading day; the Brazilian port (February shipment) was 155 cents/bushel, an increase of 10 cents/bushel compared with the previous trading day [2] Soybean Oil Analysis - The price of the three major oils fluctuated. With sufficient soybean arrivals, the soybean crushing operating rate of oil mills was relatively high in December, the supply of soybean oil was abundant, and the inventory was at a high level - The market is currently trading on the possibility of an extended customs clearance time for soybean arrivals. At the end of December, the soybean complex rebounded, and the 1 - 3 spread continued the positive spread logic - There may be 2 additional shipments of soybean oil exports in March, which will help reduce domestic soybean oil inventory - Recently, the tight提货 in the East China region has driven a slight increase in the spot basis, while other regions are normal. It is expected that the soybean oil basis will remain strong in the near future [3]