Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - Palm oil: International oil prices are rebounding, and attention should be paid to the RVO announcement situation [1] - Soybean oil: The driving force is temporarily weak, and it will fluctuate within a range [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 8,010 yuan/ton (daily session) with a 0.50% increase and 8,046 yuan/ton (night session) with a 0.45% increase; soybean oil主力 closed at 7,688 yuan/ton (daily session) with a -0.08% decrease and 7,732 yuan/ton (night session) with a 0.57% increase; rapeseed oil主力 closed at 9,178 yuan/ton (daily session) with a 0.32% increase and 9,256 yuan/ton (night session) with a 0.85% increase. The Malaysian palm oil主力 closed at 3,940 ringgit/ton (daily session) with a 0.03% increase and 3,849 ringgit/ton (night session) with a 0.26% increase. CBOT soybean oil主力 closed at 48.11 cents/pound (daily session) with a -0.85% decrease [1] - **Trading Volume and Open Interest**: Palm oil主力 trading volume was 543,908 lots, a decrease of 251,974 lots; open interest was 412,207 lots, a decrease of 32,403 lots. Soybean oil主力 trading volume was 238,752 lots, a decrease of 64,250 lots; open interest was 559,414 lots, an increase of 2,874 lots. Rapeseed oil主力 trading volume was 278,856 lots, a decrease of 79,969 lots; open interest was 284,550 lots, a decrease of 2,579 lots [1] - **Spot Prices**: 24 - degree palm oil in Guangdong was 8,350 yuan/ton, a decrease of 100 yuan/ton; first - grade soybean oil in Guangdong was 7,980 yuan/ton, a decrease of 30 yuan/ton; fourth - grade imported rapeseed oil in Guangxi was 9,200 yuan/ton, unchanged. The FOB price of Malaysian palm oil was 955 US dollars/ton, a decrease of 10 US dollars/ton [1] - **Basis**: The basis of palm oil (Guangdong) was 340 yuan/ton; the basis of soybean oil (Guangdong) was 292 yuan/ton; the basis of rapeseed oil (Guangxi) was 22 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures主力 was 1,168 yuan/ton; the spread between soybean oil and palm oil futures主力 was - 322 yuan/ton; the 9 - 1 spread of palm oil was 20 yuan/ton; the 9 - 1 spread of soybean oil was 44 yuan/ton; the 9 - 1 spread of rapeseed oil was 148 yuan/ton [1] 3.2 Macro and Industry News - The US EPA will propose to set the biomass - based diesel quota below 5.25 billion gallons for 2026 and 2027. The industry is awaiting the EPA's decision on small refinery exemptions [2] 3.3 USDA Data - Global 2025/26 palm oil production is expected to be 80.736 million tons, an increase of 300,000 tons from last month's estimate; the ending inventory is expected to be 15.051 million tons, an increase of 588,000 tons; exports are expected to be 45.943 million tons, an increase of 300,000 tons. Indonesia's palm oil exports are expected to be 24 million tons (unchanged), and Malaysia's are expected to be 16.1 million tons, an increase of 300,000 tons [4] - The ending inventory of US soybeans in 2025/2026 is expected to be 295 million bushels, unchanged from May. Argentina's 2024/2025 soybean production is expected to be 49 million tons (unchanged), and Brazil's is expected to be 169 million tons (unchanged). Global 2025/2026 soybean ending inventory is expected to be 125.3 million tons, compared with 124.33 million tons in May [4] 3.4 SEA Data - India's sunflower oil imports in May were 183,555 tons, a 1.9% increase from April; soybean oil imports were 398,585 tons, a 10.42% increase; palm oil imports were 592,888 tons, an 84.44% increase. The total vegetable oil imports in May were 1,187,068 tons, a 33.15% increase from April [5] 3.5 Brazilian Data - Brazil's 2024/25 soybean production is expected to reach 169.6058 million tons, a 14.8% increase year - on - year and a 0.8% increase month - on - month; the sown area is expected to be 47.6198 million hectares, a 3.2% increase year - on - year and a 0.71 - million - hectare increase month - on - month; the yield per hectare is expected to be 3.56 tons, an 11.3% increase year - on - year and a 0.7% increase month - on - month [5] 3.6 Canadian and Australian Data - Canada's 2025/26 rapeseed production is expected to be 18.2 million tons, almost unchanged from the previous estimate. Precipitation in the main rapeseed - producing areas in southern Canada was about 33 mm less than normal in the past two weeks, and the temperature was higher than average. Future weather may help relieve the drought in some areas, but drought may continue in Manitoba [6] - Australia's 2025/26 rapeseed production is expected to be 6.2 million tons, unchanged from the previous estimate. Although recent rainfall has reached the main rapeseed - producing areas, the surface soil moisture in some areas is lower than the historical median. The weather outlook from June to November predicts sufficient precipitation and mild temperatures [6] 3.7 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]