1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Palm oil is dominated by oversupply pressure and performs the weakest; soybean oil fluctuates between cost support and inventory pressure; rapeseed oil is relatively strong but its rebound space is limited [2] 3. Summary According to Related Catalogs 3.1 Spot Price - On November 5, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 8770, 8610, and 8550 respectively, all down 20 from the previous day [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8310, 8380, and 8480 respectively, all down 40 from the previous day [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 9750, 9800, and 10070 respectively, all down 20 from the previous day [1] 3.2 Futures Data - On November 5, 2025, the spread between soybean and palm oil main contracts was - 452, up 56 from the previous day; the spread between rapeseed and soybean oil main contracts was 1269, down 66 from the previous day [1] - The palm oil warehouse receipts remained at 650; the soybean oil warehouse receipts were 27444, down 200 from the previous day; the rapeseed oil warehouse receipts were 6838, down 702 from the previous day [1] 3.3 Industry News - Indonesia's palm oil production forecast for 2025 is raised to 56 million tons, a year - on - year increase of 10%, strengthening the global supply - loosening expectation [2] - Malaysia's palm oil inventory in October is expected to reach a two - year high. The inventory at the end of October is expected to be 2.44 million tons, a month - on - month increase of 3.5%, and the highest since October 2023, with a year - on - year increase of nearly 30%. The crude palm oil production in the same period is expected to be 1.94 million tons, a month - on - month increase of 5.6%, the highest since October 2018 [2] - As of October 29, the national palm oil commercial inventory was 639,000 tons, a week - on - week increase of 3.06%, rising for three consecutive weeks and at a recent high [2] - Brazil's Supreme Court confirmed the validity of the soybean environmental protection agreement [2] - StoneX lowered the 2025 US soybean yield per acre to 53.6 bushels, still higher than the USDA forecast [2] - Brazil's soybean sowing progress was 47.1% on November 2, lagging behind the same period last year and the five - year average [2] - The rapeseed oil import volume in November is expected to be 226,000 tons (a month - on - month increase of 26.3%) due to the concentrated arrival of Russia's new - season rapeseed oil [2]