Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - The vegetable oil sector is expected to be strong, and existing long positions should be held, while new long positions can be entered. The double - meal market is also pushed up by macro factors, and long positions should be retained, with new orders to be bought on dips. [2][3] Group 3: Summary by Related Catalogs 1. Agricultural, Forestry, and Livestock - Three Oils a. Market Review - On March 6, due to the ongoing fermentation of the US - Iran conflict, international crude oil remained strong, and the vegetable oil sector was also strong, with palm oil leading the rise. The closing prices of the main and secondary contracts of soybean oil, palm oil, and rapeseed oil all increased compared to the previous day, and the positions also increased. [1] b. Important Information - On March 9, due to the Iran conflict, major oil - producing countries cut production, and both WTI and Brent crude oil exceeded $100 per barrel on Monday. The US and India reached a temporary trade agreement framework, with India canceling or reducing tariffs on US industrial products, food, and agricultural products, and the US reducing the so - called reciprocal tariff rate on Indian goods from 25% to 18%. The US EPA will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March. The US government plans to require large refineries to make up at least half of the biofuel blending exemption quota, which will boost the demand for raw materials such as soybean oil. From February 1 - 25, Malaysia's palm oil production decreased by 16.25% month - on - month. Indian buyers have locked in a large amount of soybean oil purchases from April to July 2026. Malaysia's palm oil exports in February decreased by 21.5% compared to January. As of the end of the 9th week of 2026, the total inventory of the three major edible oils in China increased by 2.23% week - on - week and decreased by 7.93% year - on - year. [1] c. Spot Market - As of March 6, the average spot price of soybean oil in Zhangjiagang was 8,720 yuan/ton, with a week - on - week increase of 70 yuan/ton; the basis was 308 yuan/ton, with a week - on - week increase of 28 yuan/ton. The average spot price of palm oil in Guangdong was 9,200 yuan/ton, with a week - on - week increase of 200 yuan/ton, and the basis was - 18 yuan/ton, with a week - on - week increase of 52 yuan/ton. The import profit of palm oil was - 196.08 yuan/ton. The spot price of Grade 4 rapeseed oil in Jiangsu was 10,290 yuan/ton, with a week - on - week increase of 180 yuan/ton, and the basis was 624 yuan/ton, with a week - on - week increase of 3 yuan/ton. [2] d. Market Logic - Externally, the US - Iran conflict is fermenting, international crude oil prices are rising strongly, the biodiesel concept is heating up again, and Malaysian palm oil is rising with surrounding vegetable oils. The spot price rises with the market, the basis quotation is stable or falling, and the downstream traders' replenishment is over. The oil market has entered the traditional off - season of demand. Although the factory's operating rate increased last week, it was only about 25%, and the output of soybean oil was limited. Traders replenished their stocks, so the factory's soybean oil inventory still decreased last weekend. Although the Ministry of Commerce imposed a 5.9% anti - dumping duty on imported rapeseed from Canada on the weekend, due to the rapid escalation of the Middle East conflict, international oil prices are still strong, and it is expected that the Zhengzhou rapeseed oil futures price may reach the upper track of the daily line. In the spot market, the basis quotation of far - month rapeseed oil continues to fall, and the market supply is gradually changing from tight to loose. [2] e. Trading Strategy - For single - side trading, existing long positions in oils should be held. The pressure and support levels for different contracts are provided. [2] 2. Two Meals a. Market Review - On March 6, driven by macro funds, the double - meal futures prices rose sharply. The closing prices of the main and secondary contracts of soybean meal and rapeseed meal all increased compared to the previous day, and the positions also changed. [2] b. Important Information - Analysts' average forecast for the US 2025/26 soybean ending stocks in the USDA March supply - demand report is 344 million bushels. The Middle East geopolitical tension may lead to a decline in soybean exports from Brazil and the US in the next few weeks. The ANEC estimates that Brazil's soybean exports in March 2026 will be 16.09 million tons, a 2.3% increase from March 2025. As of the end of the 8th week of 2026, the total inventory of imported soybeans in China increased by 151,500 tons compared to the previous week. The domestic soybean meal inventory decreased by 1.30% week - on - week, and the contract volume increased by 32.90% week - on - week. The total inventory of imported rapeseed increased by 58,000 tons compared to the previous week. [2][3] c. Spot Market - As of March 6, the spot price of soybean meal was 3,106 yuan/ton, with a week - on - week decrease of 7 yuan/ton, and the basis was 197 yuan/ton, with a week - on - week decrease of 34 yuan/ton. The spot price of rapeseed meal was 2,517 yuan/ton, with a week - on - week decrease of 6 yuan/ton, and the basis was 52 yuan/ton, with a week - on - week decrease of 25 yuan/ton. [3] d. Market Logic - Externally, international crude oil prices are rising, and soybean futures are rising accordingly. The market is worried about the shortage of fuel supply at some shipping transfer nodes, which may delay the arrival of Brazilian soybeans, and the high price of US soybeans and the firm Brazilian premium provide cost - side support, and the sentiment of capital to go long is increasing. In the spot market, oil mills are operating normally, and there is cross - regional goods transfer in some areas. Terminal feed mills are mainly digesting their previous safety stocks, and their purchasing is cautious, with a lack of willingness to chase the rising price. Some enterprises plan to replenish stocks in due course after the price drops. [3] e. Trading Strategy - Existing long positions should be held, and new orders should be bought on dips. The pressure and support levels for different contracts are provided. [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the vegetable oil sector, due to the ongoing fermentation of the US - Iran conflict, international crude oil prices remain strong, and the vegetable oil sector is also strong. It is expected that the vegetable oil will mainly show a strong trend. Existing long positions should be partially profited and reduced at high prices, and new long positions should wait for new buying points after a pull - back, and over - chasing is not recommended [1][2]. - For the double - meal sector, there is a wide supply and a tight macro - expectation. It is recommended to short the basis and go long on the futures. Retain long positions and reduce them, new orders should wait for new buying points after a pull - back, and the medium - term trend will maintain a wide - range oscillation [3]. 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Vegetable Oil - On March 4, the US - Iran conflict was still fermenting, international crude oil remained strong, and the vegetable oil sector was also strong. The closing price of the main soybean oil contract Y2605 was 8370 yuan/ton, with a daily increase of 0.24% and a daily increase in positions of 1760 lots; the closing price of the secondary main soybean oil contract Y2609 was 8340 yuan/ton, with a daily increase of 0.22% and a daily increase in positions of 6553 lots. The closing price of the main palm oil contract P2605 was 9002 yuan/ton, with a daily increase of 0.09% and a daily decrease in positions of 9884 lots; the closing price of the secondary main palm oil contract P2609 was 9024 yuan/ton, with a daily increase of 0.22% and a daily increase in positions of 3328 lots. The closing price of the main rapeseed oil contract OI2605 was 9486 yuan/ton, with a daily increase of 0.23% and a daily increase in positions of 5120 lots; the closing price of the secondary main rapeseed oil contract OI2609 was 9401 yuan/ton, with a daily decrease of 0.10% and a daily increase in positions of 6804 lots [1]. 3.1.2 Double - Meal - On March 4, the spot market was weak, the sales were sluggish, and the double - meal futures prices fell under pressure. The closing price of the main soybean meal contract M2605 was 2829 yuan/ton, with a daily decrease of 0.25% and a daily decrease in positions of 68455 lots; the closing price of the secondary main soybean meal contract M2609 was 2944 yuan/ton, with a daily decrease of 0.41% and a daily decrease in positions of 12965 lots. The closing price of the main rapeseed meal contract RM2605 was 2303 yuan/ton, with a daily decrease of 0.30% and a daily decrease in positions of 7478 lots; the closing price of the secondary main rapeseed meal contract RM2609 was 2356 yuan/ton, with a daily decrease of 0.55% and a daily increase in positions of 18773 lots [2]. 3.2 Important Information 3.2.1 Vegetable Oil - On Wednesday, the US NYMEX crude oil futures rose by more than 1.75%. Due to the attacks by Israel and the US on Iran and Tehran's retaliatory actions, many oil and gas facilities in the region were forced to shut down, and shipping in the key Strait of Hormuz was blocked. The April crude oil futures contract rose by 0.01 US dollars, with a settlement price of 74.66 US dollars per barrel [1]. - The White House announced a temporary trade agreement framework reached between the US and India. India will cancel or reduce tariffs on US industrial products, various food and agricultural products, and the US will reduce the so - called reciprocal tariff rate on Indian goods from 25% to 18% [1]. - The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1]. - The US government plans to require large refineries to make up at least half of the biofuel blending exemption quota, which further strengthens the market expectation that the upcoming US biofuel policy will boost the demand for raw materials such as soybean oil [1]. - According to data from the Southern Palm Oil Manufacturers Association of Malaysia (SPPOMA), from February 1 - 25, the palm oil production in Malaysia decreased by 16.25% month - on - month, among which the fresh fruit bunch (FFB) yield per unit area decreased by 17.78% month - on - month, and the oil extraction rate (OER) increased by 0.1% month - on - month [1]. - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026, with 150,000 tons per month of South American soybean oil [1]. - According to data released by the shipping survey agency ITS, the export volume of Malaysian palm oil in February was 1,149,063 tons, a decrease of 21.5% compared with the export volume of 1,463,069 tons in January. Among them, the export volume to China was 58,000 tons, an increase of 17,800 tons compared with 40,100 tons in the previous month [1]. - As of the end of the 9th week of 2026, the total inventory of the three major edible oils in China was 2.0236 million tons, an increase of 44,200 tons week - on - week, a month - on - month increase of 2.23%, and a year - on - year decrease of 7.93%. Among them, the soybean oil inventory was 1.0151 million tons, a week - on - week decrease of 54,000 tons, a month - on - month decrease of 5.05%, and a year - on - year decrease of 5.22%; the edible palm oil inventory was 714,300 tons, a week - on - week increase of 55,900 tons, a month - on - month increase of 8.49%, and a year - on - year increase of 96.07%; the rapeseed oil inventory was 294,300 tons, a week - on - week increase of 42,300 tons, a month - on - month increase of 16.79%, and a year - on - year decrease of 61.41% [1]. 3.2.2 Double - Meal - As of last Thursday (February 26), the harvest progress of Brazilian soybeans in the 2025/26 season was 39%, compared with 30% last week and 50% in the same period last year. Continuous rainfall has hindered the harvest work, and the current harvest progress is the lowest since the 2020/21 season. The expected output of Brazilian soybeans in the 2025/26 season has been lowered to 178 million tons, a decrease of 3 million tons compared with the forecast on January 26. If the forecast becomes a reality, it will still set a historical record, an increase of 3.8% compared with 171.5 million tons in the 2024/25 season [2]. - The Brazilian National Association of Grain Exporters (ANEC) has lowered the soybean export forecast for February by 800,000 tons to 10.69 million tons, but it is still 9.9% higher than the same period last year [2]. - Analysts expect that as of the week ending February 19, the net sales volume of US soybeans will be between 400,000 and 1 million tons. In contrast, the net sales volume of US soybeans in the 2025/26 season last week was 798,200 tons, and the net sales volume in the 2026/27 season was 66,000 tons [2]. - There are market rumors that customs in South and East China will extend the inspection time by 5 days, which may be a pre - warm for the resumption of imported soybean auctions after the Spring Festival [3]. - As of the end of the 8th week of 2026, the total inventory of imported soybeans in China was 5.8012 million tons, an increase of 151,500 tons compared with 5.6497 million tons last week. The inventory in the same period last year was 5.0671 million tons, and the five - week average was 6.2315 million tons. The domestic soybean meal inventory was 863,900 tons, a decrease of 11,400 tons compared with 875,300 tons last week, a month - on - month decrease of 1.30%; the contract volume was 4.4052 million tons, an increase of 1.0906 million tons compared with 3.3146 million tons last week, a month - on - month increase of 32.90%. The total inventory of imported rapeseed in China was 222,000 tons, an increase of 58,000 tons compared with 164,000 tons last week. The inventory in the same period last year was 536,000 tons, and the five - week average was 182,400 tons. The inventory of imported and pressed rapeseed meal in China was 6,000 tons, the same as last week, with a month - on - month flat rate; the contract volume was 18,000 tons, the same as last week, with a month - on - month flat rate [3]. 3.3 Spot Market 3.3.1 Vegetable Oil - As of March 4, the average spot price of soybean oil in Zhangjiagang was 8650 yuan/ton, a month - on - month decrease of 100 yuan/ton; the basis was 280 yuan/ton, a month - on - month decrease of 120 yuan/ton. The average spot price of palm oil in Guangdong was 9000 yuan/ton, with a month - on - month change of 0 yuan/ton, and the basis was - 2 yuan/ton, a month - on - month decrease of 8 yuan/ton. The import profit of palm oil was - 370.17 yuan/ton. The spot price of Grade 4 rapeseed oil in Jiangsu was 10050 yuan/ton, a month - on - month increase of 10 yuan/ton, and the basis was 564 yuan/ton, a month - on - month decrease of 12 yuan/ton [2]. 3.3.2 Double - Meal - As of March 3, the spot price of soybean meal was 3113 yuan/ton, a month - on - month decrease of 2 yuan/ton, with a trading volume of 19,100 tons. The basis price of soybean meal was 3115 yuan/ton, a month - on - month decrease of 19 yuan/ton, with a trading volume of 9500 tons. The basis of the main soybean meal contract was 244 yuan/ton, a month - on - month decrease of 10 yuan/ton. The spot price of rapeseed meal was 2523 yuan/ton, a month - on - month decrease of 7 yuan/ton, with a trading volume of 0 tons. The basis was 2450 yuan/ton, a month - on - month decrease of 5 yuan/ton, with a trading volume of 2000 tons. The basis of the main rapeseed meal contract was 70 yuan/ton, a month - on - month decrease of 5 yuan/ton [3]. 3.4 Market Logic 3.4.1 Vegetable Oil - In the external market, the US - Iran conflict is fermenting, international crude oil futures prices continue to rise strongly. Due to the navigation crisis in the Strait of Hormuz, international crude oil prices soar, the bio - diesel concept is revived, and Malaysian palm oil rises following the surrounding vegetable oils. The spot price rises with the market, and the basis quotation is stable with a downward trend. The downstream traders have completed replenishment, and the vegetable oil market has entered the traditional off - season of demand. Although the factory's operating rate increased last week, it was only about 25%, and the output of soybean oil was limited. Traders replenished their stocks, so the factory's soybean oil inventory still decreased at the end of last week. Although the Ministry of Commerce imposed an additional 5.9% anti - dumping duty on imported rapeseed from Canada over the weekend, due to the rapid escalation of the Middle East conflict, international oil prices are still strong. It is expected that the Zhengzhou rapeseed oil futures price may reach the upper track of the daily line. In the spot market, the basis quotation of far - month rapeseed oil continues to decline, and the market supply is gradually changing from tight to loose. Overall, macro - factors play a leading role, and the vegetable oil is expected to show a strong trend [2]. 3.4.2 Double - Meal - In the external market, the pressure of the Brazilian soybean market is prominent, the competitiveness of high - priced US soybeans has declined, and the US soybean price has fallen under pressure. Currently, the strong US soybean futures price, the stable Brazilian basis, and the weakening of the offshore RMB jointly support the import cost. However, due to the weak spot market, the 3 - 5 spread has narrowed. In the spot market, the near - month basis has slightly decreased. Although the oil mill's inventory has declined, the terminal demand is mainly for rigid replenishment, and the market trading volume is difficult to increase. Traders are looking for vehicles to execute previous contracts, and the actual trading is subject to price negotiation. The escalation of the Middle East geopolitical conflict and the expected increase in global freight rates caused by the closure of the Strait of Hormuz provide risk premiums for the futures price. At the same time, the market is focusing on whether China will make additional purchases of 8 million tons of US soybeans, and this uncertainty continuously limits the downward space of the double - meal futures price. Overall, there is a wide supply and a tight macro - expectation, so it is recommended to short the basis and go long on the futures [3]. 3.5 Trading Strategies 3.5.1 Vegetable Oil - For unilateral trading, existing long positions in vegetable oils should lock in profits and be reduced, and new long positions should wait for new buying points after a pull - back. The resistance level of the Y2605 contract is 8560, and the support level is 8048; the resistance level of the Y2609 contract is 8692, and the support level is 8054; the resistance level of the P2605 contract is 9418, and the support level is 8776; the resistance level of the P2609 contract is 9696, and the support level is 8710; the resistance level of the OI2605 contract is 9732, and the support level is 9212; the resistance level of the OI2609 contract is 9780, and the support level is 9180 [2]. 3.5.2 Double - Meal - Retain long positions and reduce them, new orders should wait for new buying points after a pull - back, and the medium - term trend will maintain a wide - range oscillation. The resistance level of the M2605 contract is 2900, and the support level is 2710; the resistance level of the M2607 contract is 2840, and the support level is 2680; the resistance level of the M2509 contract is 3000, and the support level is 2833; the resistance level of the RM2605 contract is 2444, and the support level is 2220; the resistance level of the RM2607 contract is 2429, and the support level is 2200; the resistance level of the RM2609 contract is 2448, and the support level is 2274 [3].

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - For the vegetable oil sector, due to the escalation of the US - Iran conflict, international crude oil prices soared, driving the collective strength of the vegetable oil sector. It is expected that the vegetable oil will show a strong trend, with existing long positions partially taking profits on rallies, and new long positions waiting for new buying points after corrections [1][2]. - For the double -粕 (soybean meal and rapeseed meal) sector, there is a situation of wide supply and tight macro - expectations, with negative basis and positive outlook for the futures market. Existing long positions should be reduced, and new positions should wait for new buying points after corrections, with a medium - term wide - range oscillation expected [3]. 3. Summary by Relevant Content 3.1 Vegetable Oil Market 3.1.1 Market Quotes - On March 3, affected by the escalation of the US - Iran conflict, international crude oil prices soared, driving the vegetable oil sector to strengthen. The closing prices of the main contracts of soybean oil, palm oil, and rapeseed oil all increased compared to the previous day, with different changes in positions [1]. 3.1.2 Important Information - On Tuesday, the US NYMEX crude oil futures rose by more than 4.7%, with the April crude oil futures contract rising by $3.33 to a settlement price of $74.56 per barrel [1]. - The White House announced a temporary trade agreement framework between the US and India, with India canceling or reducing tariffs on US industrial products, food, and agricultural products, and the US reducing the so - called reciprocal tariff rate on Indian goods from 25% to 18% [1]. - The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1]. - The US government plans to require large refineries to make up at least half of the biofuel blending exemption quota, which strengthens the market expectation that the upcoming US biofuel policy will boost the demand for raw materials such as soybean oil [1]. - From February 1 - 25, Malaysia's palm oil production decreased by 16.25% month - on - month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 17.78% month - on - month and the oil extraction rate (OER) increasing by 0.1% month - on - month [1]. - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026, with 150,000 tons of South American soybean oil per month [1]. - In February, Malaysia's palm oil exports were 1,149,063 tons, a 21.5% decrease from January. Exports to China increased by 17,800 tons to 58,000 tons [1]. - As of the end of the 9th week of 2026, the total domestic inventory of the three major edible oils was 2.0236 million tons, a weekly increase of 44,200 tons, a month - on - month increase of 2.23%, and a year - on - year decrease of 7.93% [1]. 3.1.3 Spot Market - As of March 3, the average spot price of soybean oil in Zhangjiagang was 8,750 yuan per ton, a week - on - week increase of 100 yuan per ton; the basis was 400 yuan per ton, a week - on - week increase of 10 yuan per ton [2]. - The average spot price of palm oil in Guangdong was 9,000 yuan per ton, a week - on - week increase of 150 yuan per ton; the basis was 6 yuan per ton, a week - on - week increase of 54 yuan per ton. The palm oil import profit was - 314.56 yuan per ton [2]. - The spot price of Grade 4 rapeseed oil in Jiangsu was 10,040 yuan per ton, a week - on - week increase of 70 yuan per ton; the basis was 576 yuan per ton, a week - on - week decrease of 35 yuan per ton [2]. 3.1.4 Market Logic - Externally, the US - Iran conflict is intensifying, international crude oil prices are rising strongly, the biodiesel concept is heating up again, and Malaysian palm oil is rising along with surrounding vegetable oils. The spot price is rising with the market, and the basis quotation is stable with a downward trend. The downstream traders have completed restocking, and the edible oil market has entered the traditional off - season of demand [2]. - Last week, the factory's operating rate increased but was only around 25%, the soybean oil output was limited, and the traders restocked, so the factory's soybean oil inventory still decreased at the end of last week [2]. - Although the Ministry of Commerce imposed an additional 5.9% anti - dumping duty on imported rapeseed from Canada over the weekend, due to the rapid escalation of the Middle East conflict, international oil prices are still strong, and it is expected that the Zhengzhou rapeseed oil futures price may test the upper track of the daily line [2]. 3.1.5 Trading Strategy - For single - sided trading, existing long positions in edible oils should lock in profits and reduce positions, and new long positions should wait for new buying points after corrections. Specific support and resistance levels are provided for different contracts [2]. 3.2 Double -粕 (Soybean Meal and Rapeseed Meal) Market 3.2.1 Market Quotes - On March 2, due to tense overseas situations, international crude oil prices rose significantly, and macro funds entered the market. The double -粕 continued to rise, with the closing prices of the main and secondary contracts of soybean meal and rapeseed meal all increasing compared to the previous day, with different changes in positions [2]. 3.2.2 Important Information - As of last Thursday (February 26), the harvest progress of the 2025/26 Brazilian soybean was 39%, compared to 30% last week and 50% in the same period last year. The 2025/26 Brazilian soybean production forecast was lowered to 178 million tons, a decrease of 3 million tons from the January 26 forecast [2]. - The Brazilian National Association of Grain Exporters (ANEC) lowered the February soybean export forecast by 800,000 tons to 10.69 million tons, but it is still 9.9% higher than the same period last year [2]. - Analysts expect that the net sales volume of US soybeans in the week ending February 19 will be between 400,000 and 1 million tons [2]. - There are rumors that customs in South China and East China will extend the inspection time by 5 days, which may be a prelude to the resumption of the auction of imported soybeans after the Spring Festival [3]. - As of the end of the 8th week of 2026, the domestic inventory of imported soybeans was 5.8012 million tons, an increase of 151,500 tons from last week [3]. 3.2.3 Spot Market - As of March 3, the spot price of soybean meal was 3,116 yuan per ton, a week - on - week decrease of 1 yuan per ton; the trading volume was 73,000 tons. The basis of the main soybean meal contract was 244 yuan per ton, a week - on - week decrease of 10 yuan per ton [3]. - The spot price of rapeseed meal was 2,530 yuan per ton, a week - on - week increase of 34 yuan per ton; the trading volume was 0 tons. The basis of the main rapeseed meal contract was 70 yuan per ton, a week - on - week decrease of 5 yuan per ton [3]. 3.2.4 Press Profit and Cost of Soybean Arrival - The April futures press profit of US soybeans was - 457 yuan per ton, and the spot press profit was - 197 yuan per ton. The April futures press profit of Brazilian soybeans was - 8 yuan per ton, and the spot press profit was 253 yuan per ton [3]. - The arrival cost of US Gulf soybeans for the April shipment at Zhangjiagang with normal tariffs was 4,162 yuan per ton, and that of Brazilian soybeans was 3,806 yuan per ton [3]. 3.2.5 Market Logic - Externally, the pressure of the listing of Brazilian soybeans is prominent, the competitiveness of high - priced US soybeans has declined, and US soybean prices are under pressure. The strength of US soybean futures prices, the stability of Brazilian discounts, and the weakening of the offshore RMB jointly support the import cost, but the 3 - 5 spread has narrowed due to the weak spot market [3]. - In the spot market, the near - month basis continues to decline, oil mills are gradually resuming production, but the press profit of oil mills is poor, and the forward basis is relatively strong. Terminal buyers are mainly purchasing based on rigid demand [3]. - The escalation of the Middle East geopolitical conflict and the expected increase in global freight rates caused by the closure of the Strait of Hormuz provide risk premiums for the futures market. The market is also focusing on whether China will purchase an additional 8 million tons of US soybeans, which restricts the downward space of the double -粕 [3]. 3.2.6 Trading Strategy - Existing long positions should be reduced, new positions should wait for new buying points after corrections, and the medium - term trend is expected to be a wide - range oscillation. Specific support and resistance levels are provided for different contracts [3].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The report analyzes the market conditions of the vegetable oil and two - meal sectors. For the vegetable oil sector, due to factors such as geopolitical tensions, winter storms affecting crude oil production, and the upcoming US bio - fuel policy, the prices of palm oil and soybean oil have stopped falling and rebounded, and rapeseed oil has bottomed out and stabilized. It is advisable to maintain a long - term bullish mindset and hold long positions. For the two - meal sector, there is a short - term rebound, but considering factors such as the expected high yield in South America, the rebound space is limited, and it is necessary to wait for opportunities to short after the market returns to fundamentals [1][2][4] 3. Summary by Relevant Catalogs Vegetable Oil Sector Market Review - On January 27, due to geopolitical tensions and the strengthening of the expectation of rising international crude oil prices, the vegetable oil sector continued to rise. The closing prices of the main and secondary contracts of soybean oil, palm oil, and rapeseed oil showed different degrees of increase or decrease, and the positions also changed [1] Important Information - International oil prices rose 3% on January 27, affected by a winter storm that reduced crude oil production and exports in the US Gulf Coast. Trump's remarks about sending a "fleet" to Iran also pushed up oil prices, providing support for soybean oil prices [1] - The Trump administration is expected to finalize the 2026 bio - fuel blending ratio quota in early March, with the US EPA considering setting the biodiesel usage between 5.2 billion and 5.6 billion gallons [1] - Malaysia lowered its February reference price for crude palm oil, reducing the export tariff to 9% [1] - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026 [1] - From January 1 - 25, Malaysia's palm oil production decreased by 14.81% month - on - month, while the export volume from January 1 - 20 increased by 11.4% compared to the same period in December [1] - Indonesia's 2026 biodiesel total allocation increased by about 30 million liters compared to 2025, with the PSO part showing a decline. The B50 mandatory addition plan is expected to start in the second half of 2026 [2] - As of the end of the 4th week of 2026, the total inventory of the three major edible oils in China decreased by 58,500 tons week - on - week, a decrease of 2.78% [2] Market Logic - Externally, the winter storm tightened the expected supply of US crude oil, driving up the prices of US soybean oil and palm oil. Domestically, for soybean oil, there were both positive and negative news, but the soybean supply for oil mills was sufficient; for palm oil, after the release of negative data, the market focused on the US bio - fuel policy and improved export data; for rapeseed oil, due to factors such as the new economic and trade agreement between China and Canada, US tariff threats to Canada, and Spring Festival stocking, the price soared. Overall, the US bio - fuel policy and the macro - economic environment of expected inflation strengthened the financial attributes of vegetable oils [2] Trading Strategy - For single - sided trading, continue to hold long positions in soybean oil, palm oil, and rapeseed oil. Provide support and resistance levels for each contract [2] - For arbitrage, there are no trading strategies provided Two - Meal Sector Market Review - On January 27, due to macro - narrative promotion, the prices of two - meal contracts showed different degrees of increase or decrease, and the positions also changed [2] Important Information - Since the Sino - US trade truce agreement in late October, China has purchased about 12 million tons of US soybeans, fulfilling the commitment in advance [3] - The estimated soybean export volume of Brazil in January 2026 is 3.79 million tons, a 238% increase compared to the same period last year [3] - The predicted soybean output of Brazil in the 2025/26 season by StoneX is 178.9 million tons, higher than the USDA's previous estimate [3] - As of January 16, the soybean harvest progress in Brazil in the 2025/26 season was 1.39%, and the harvest progress in Mato Grosso state was 6.69% [3] - As of December 30, the soybean sowing progress in Argentina in the 2025/26 season was 82%, and the growth condition was good [3] - The predicted soybean export volume of Brazil in 2026 is 105 million tons, a 3% decrease compared to the previous prediction, and the soybean crushing volume will reach 60 million tons, a 2.5% increase compared to last year [3] - As of the end of the 4th week of 2026, the domestic soybean meal inventory decreased by 41,200 tons week - on - week, a decrease of 4.35%, and the contract volume decreased by 762,200 tons, a decrease of 13.24% [3] - The national grain trading center's soybean auction on January 13 had a 100% transaction rate [3] Market Logic - Externally, the weakening of the US dollar boosted the price of US soybeans, but the expected high yield in South America and high crushing profits limited the upward space of the futures price. Domestically, the inventory of oil mills decreased, and affected by the tense Sino - Canadian trade relationship and the release of market sentiment, Zhengzhou meal rebounded. However, due to the lack of substantial demand before the Spring Festival and the weak rise of Dalian soybean meal, the rebound space of Zhengzhou meal is limited [4] Trading Strategy - Operate the 05 and 09 contracts of two - meal with a rebound mindset, and provide support and resistance levels for each contract [4] - For arbitrage, there are no trading strategies provided

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The overall price center of vegetable oils has shifted upward due to factors such as international crude oil price increases, the resurgence of the biodiesel concept, and the inflow of hot money. Palm oil is expected to continue to strengthen, but attention should be paid to the postponed implementation of Indonesia's B50 policy. Vegetable oil long positions should be held. [1][2] - Against the backdrop of abundant global soybean supply, double - meal trading should adopt an intraday approach, and a mid - line bottom - oscillation mindset should be maintained. [3][4] 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Section 3.1.1 Market Review - On January 13, due to the tense situation between the US and Iran, international crude oil prices rose, and the biodiesel concept resurfaced. Palm oil led the vegetable oil sector. Among them, the closing price of the main soybean oil contract Y2605 was 7986 yuan/ton, down 0.10% day - on - day; the closing price of the main palm oil contract P2605 was 8778 yuan/ton, up 0.62% day - on - day; the closing price of the main rapeseed oil contract OI2605 was 9017 yuan/ton, up 0.41% day - on - day. [1] 3.1.2 Important Information - China is willing to cancel tariffs on Canadian rapeseed in exchange for Canada canceling tariffs on Chinese electric vehicles. [1] - Indonesia's implementation of the B50 biodiesel mandatory blending regulation depends on the price difference between crude oil and crude palm oil. It is expected to be implemented in the second half of 2026. [1] - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026, with a monthly volume of 150,000 tons of South American soybean oil. [1] - In December, Malaysia's crude palm oil production was 1.83 million tons, a month - on - month decrease of 5.46%; exports were 1.3165 million tons, a month - on - month increase of 8.52%; inventory was 3.05 million tons, within the market's expected range. [1] - From January 1 - 10, Malaysia's palm oil exports were 504,400 tons, a 29.2% increase compared to the same period in December. Exports to China decreased by 31,000 tons. [1] - Indonesia's total biodiesel allocation in 2026 is 15.65 billion liters, an increase of about 30 million liters compared to 2025. [1] - As of the end of the second week of 2026, the total inventory of the three major edible oils in China was 2.1417 million tons, a week - on - week decrease of 104,800 tons, a month - on - month decrease of 4.67%, and a year - on - year increase of 7.76%. [2] 3.1.3 Market Logic - Internationally, the tense situation between the US and Iran has led to supply concerns and geopolitical conflicts, causing international crude oil prices to continue to rise, which has boosted the price of US soybean oil. Domestically, the fundamentals of soybean oil are mixed. During the Spring Festival stocking period, soybean oil inventory has decreased, but it is still at a historically high level year - on - year. The full sale of domestic old soybean auctions indicates sufficient future supply, while the customs' tightened soybean clearance policy continues. For palm oil, the expected negative overseas reports have been released, and the market is more influenced by the rise in international crude oil prices and the biodiesel concept. For rapeseed oil, the strong prices of soybean and palm oil have driven up its price. [2] 3.1.4 Trading Strategies - Unilateral trading: Hold long positions in vegetable oils. Provide support and resistance levels for each contract. [2] - Arbitrage trading: Exit the previously focused strategy of expanding the soybean - palm oil price difference. [2] 3.2 Double - Meal Section 3.2.1 Market Review - On January 13, the US Department of Agriculture's January supply - demand report was bearish, causing US soybeans to close lower and dragging down the domestic double - meal market to oscillate weakly. The closing price of the main soybean meal contract M2605 was 2761 yuan/ton, down 1.04% day - on - day; the closing price of the main rapeseed meal contract RM2605 was 2314 yuan/ton, down 0.69% day - on - day. [2] 3.2.2 Important Information - The auction of 1.1396 million tons of imported soybeans was fully sold, with a base price of 3630 - 3790 yuan/ton and an average transaction price of 3809.55 yuan/ton. [2] - The 2025/26 global soybean outlook includes increased production, rising crushing volume, decreased exports, and increased ending inventory. Global soybean production is expected to reach 425.7 million tons. [2][3] - StoneX predicts that Brazil's soybean production in the 2025/26 season may reach 178.9 million tons. [3] - As of January 9, Brazil's 2025/26 soybean harvest progress was 0.53%, higher than the same period last year. [3] - As of December 30, Argentina's 2025/26 soybean sowing progress was 82%, and the growth of sown soybeans was in good condition. [3] - Brazil's soybean exports in December were 3.38 million tons, a 69% year - on - year increase. [3] - ANEC estimates that Brazil's soybean exports in January 2026 will be 2.4 million tons, a 114% increase compared to the same period last year, and the annual exports in 2026 will reach a record 1.12 billion tons. [3] - As of the end of the second week of 2026, the total inventory of imported soybeans in China was 7.488 million tons, an increase of 612,000 tons compared to the previous week. [3] 3.2.3 Market Logic - Internationally, under the pressure of abundant global soybean supply, US soybeans are under pressure and testing the support at 1000 US dollars. Domestically, the spot prices of oil mills are mostly stable, and the pre - Spring Festival downstream stocking intention has increased, driving up the price of finished feed. The USDA report's simultaneous increase in US soybean inventory and Brazilian production, along with the year - on - year increase in global rapeseed and rapeseed meal production, jointly suppress the market. [3] 3.2.4 Trading Strategies - Mid - line trading: Maintain a bottom - oscillation mindset and conduct intraday trading. Provide support and resistance levels for each contract. [4] - Arbitrage trading: There are currently no arbitrage strategies. [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The overall report data is neutral, but in the context of the hot sentiment in the overall commodity market, with the settlement of uncertain factors, the U.S. takeover of Venezuelan oil exports, the rapid recovery of international crude oil prices, the resurgence of the biodiesel concept, and hot money flowing quickly into low - priced palm oil. Technically, the palm oil 2605 contract on the daily line level breaks through the downward channel. Macro - level factors drive the financial attributes to stand out, and long positions in palm oil should continue to be held [1]. 3. Summary by Relevant Catalogs Malaysia Palm Oil Production - In December 2026, Malaysia's palm oil production was 1,829,761 tons, a month - on - month decrease of 5.46%, higher than the market expectation. The previous value was 1,936,000 tons, and the predicted value was 1,760,000 tons [2]. Malaysia Palm Oil Exports - In December 2026, Malaysia's palm oil exports were 1,316,522 tons, a month - on - month increase of 8.52%, higher than the market expectation. The previous value was 1,213,000 tons, and the predicted value was 1,250,000 tons [1][2][3]. Malaysia Palm Oil Imports - In December 2026, Malaysia's palm oil imports were 33,292 tons, a month - on - month increase of 43.64%, in line with expectations. The previous value was 23,000 tons, and the predicted value was 30,000 tons [2]. Malaysia Palm Oil Inventory - In December 2026, Malaysia's palm oil inventory was 3,050,598 tons, a month - on - month increase of 7.58%, higher than the market expectation. The previous value was 2,835,000 tons, and the predicted value was 2,970,000 tons [2][3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For the vegetable oil sector, due to the strengthening of international crude oil, the activation of the biodiesel concept, and the influx of hot money, the overall price center of vegetable oils has shifted upwards. For the double - meal sector, the short - term outlook is neutral to bearish, and the mid - line maintains a bottom - oscillating mindset [1][2][3] 3. Summary by Related Catalogs Vegetable Oil Sector Market Review - On January 9, international crude oil strengthened, the biodiesel concept was active, and hot money flowed in, causing the vegetable oil sector to rebound. The closing prices of the main and secondary contracts of soybean oil, palm oil, and rapeseed oil all showed varying degrees of increase compared to the previous day, with the exception of the decrease in positions of the main and secondary contracts of rapeseed oil [1] Important Information - China is willing to cancel tariffs on Canadian rapeseed in exchange for Canada canceling tariffs on Chinese electric vehicles - In November 2025, the US soybean crushing volume was 6.615 million short tons, lower than that in October but higher than the same period last year - Indian buyers have locked in large - scale soybean oil purchases from South America from April to July 2026 - From December 1 - 25, 2025, Malaysia's palm oil production decreased by 9.12% month - on - month, while exports increased by 1.6% - Indonesia plans to implement the B50 mandatory addition plan in the second half of 2026 - As of the first weekend of 2026, the total inventory of the three major domestic edible oils decreased by 1.04 million tons week - on - week, a decrease of 0.46% [1][2] Market Logic - Externally, concerns about supply and geopolitical conflicts have led to a continuous rise in international crude oil, boosting the strength of US soybean oil. Domestically, soybean oil has broken through the pressure level, palm oil has strengthened due to the rise in international crude oil and the biodiesel concept, and rapeseed oil has recovered its decline due to the strong prices of soybean and palm oil [2] Trading Strategy - Unilateral: The overall price center of vegetable oils has shifted upwards. Specific support and pressure levels are provided for each contract. Arbitrage: Exit the previously concerned strategy of expanding the soybean - palm oil price difference [2] Double - Meal Sector Market Review - On January 9, due to the expectation of the visit of the Canadian government to China and Sino - Canadian negotiations, the market was worried about the entry of Canadian rapeseed and rapeseed meal into China, causing rapeseed meal to fall sharply and dragging down soybean meal. The main and secondary contracts of soybean meal showed a slight increase, while the main and secondary contracts of rapeseed meal showed a decline [2] Important Information - In the 2026/2027 season, US farmers will reduce corn planting and increase soybean planting to 85 million acres - As of December 18, 2025, US soybean exports to China increased compared to the previous week but were lower than the same period last year - StoneX predicts that Brazil's soybean production in the 2025/2026 season may reach 178.9 million tons - As of January 3, 2026, Brazil's soybean harvest progress was 0.1%, lower than the same period last year and the five - year average - As of December 30, 2025, Argentina's soybean sowing was 82% complete, with good growth conditions - Brazil's soybean exports in December 2025 increased by 69% year - on - year, and it is estimated to reach a record 112 million tons in 2026 - As of the first weekend of 2026, domestic imported soybean inventory increased slightly, while imported rapeseed inventory remained flat. Domestic soybean meal inventory decreased, and the contract volume increased [2][3] Market Logic - Externally, the overall outlook is neutral to bearish, with strong bottom support for US soybeans but limited rebound space due to Brazil's expected high - yield. Domestically, the spot price is affected by factors such as oil refinery production and downstream demand, and the base price is prone to rise and difficult to fall. The overall double - meal maintains a bottom - oscillating mindset [3] Trading Strategy - Double - meal mid - line maintains a bottom - oscillating mindset, with intraday trading. Specific support and pressure levels are provided for each contract. No arbitrage strategy is recommended [3][4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - **Oils and Fats Sector**: The international crude oil price has bottomed out and rebounded, reigniting enthusiasm for the bio - diesel concept, and domestic commodity market heat has led to capital inflows into the vegetable oil sector. Different oils have different fundamentals. Soybean oil continues to rebound, palm oil attracts hot money due to crude oil rise despite poor fundamentals, and rapeseed oil's decline is limited by low inventory [5]. - **Protein Sector**: China's purchase of US soybeans stabilizes the US soybean price, while domestic policies and South American production expectations limit the upside of soybean meal. Rapeseed meal is under pressure due to the expected return of Canadian rapeseed. Double - meal products will continue the medium - term震荡行情 [6]. 3. Summary by Relevant Catalogs 3.1 Oils and Fats and Protein Logic - **Oils and Fats**: International crude oil rebounds, and domestic policies and fundamentals lead to different trends in soybean oil, palm oil, and rapeseed oil. For example, soybean oil rebounds, palm oil attracts capital, and rapeseed oil's decline is restricted [5]. - **Protein**: China's purchase of US soybeans, domestic policies, and South American production expectations jointly affect the double - meal market, resulting in a medium - term震荡行情 [6]. 3.2 Operation Strategies for Three Oils and Two Meals - **Single - side Operation**: For vegetable oils, adopt a bullish approach, buy soybean oil and palm oil on dips. The rise of crude oil determines the upside of vegetable oils, with rapeseed oil being the weakest. For double - meal products, maintain a medium - term震荡 pattern. Specific contract support and resistance levels are provided [7]. - **Arbitrage**: No arbitrage strategies are available currently [7][8] 3.3 Important Information - Fed interest rate cut probabilities: The probability of a 25 - basis - point rate cut by the Fed in January is 13.8%, and the probability of keeping the rate unchanged is 86.2%. By March, the probability of a 25 - basis - point cumulative rate cut is 38.0%, the probability of keeping the rate unchanged is 57.4%, and the probability of a 50 - basis - point cumulative rate cut is 4.6% [9]. - Canadian rapeseed production: The Canadian rapeseed production is 21.8 million tons, higher than market expectations [9]. - Malaysian palm oil inventory: Malaysia's December palm oil inventory is expected to reach a nearly seven - year high, with production of 1.76 million tons, exports of 1.25 million tons, imports of 36,000 tons, and inventory of 2.97 million tons [9]. - China - Canada trade: China is willing to cancel tariffs on Canadian rapeseed in exchange for Canada canceling tariffs on Chinese electric vehicles [9]. 3.4 S&P's Adjustment of US Soybean Planting Area - In 2026, the US soybean planting area will increase by 4% to 84.5 million acres, while the corn planting area will decrease by 3.8% to 95 million acres [10]. 3.5 South American and US Gulf Import Premiums - As of January 9, the South American soybean import premium is 164 cents per bushel, and the US Gulf premium has risen significantly to 220 cents per bushel. Even after tariff cuts, the cost of importing US soybeans is still higher than that of South American soybeans [13]. 3.6 Brazilian New Soybean Sowing and Growth - As of December 20, 2025, the sowing progress of Brazil's 2025/26 soybean is 97.6%. The expected production is 177.124 million tons, with a planting area of 48.935 million hectares and a yield of 3,620 kg per hectare [16]. 3.7 Domestic Soybean Ship - Buying - As of January 6, different monthly ship - buying progress and quantities vary. For example, the 1 - month ship - buying progress is 100% with 4.578 million tons, and the 2 - month ship - buying progress is 87.68% with 8.33 million tons [18]. 3.8 Cofco's Old Soybean Auction - From December 11 to 19, several auctions of imported soybeans were held, with different transaction volumes, prices, and rates. There are also rumors that subsequent auctions will be converted into directional sales [22]. 3.9 Domestic Bean Inventory - As of the end of the first week of 2026, the domestic imported soybean inventory is 6.876 million tons, the soybean meal inventory is 1.135 million tons, and the soybean oil inventory is 1.286 million tons [23]. 3.10 Oil Mill Startup Rate and Pressing Volume - As of the end of the first week (January 3), the average startup rate of domestic major soybean oil mills is 52.25%, a decrease of 9.78% from the previous week. The current pressing volume is 1.915 million tons, and the expected volume next week is 2.2259 million tons [30]. 3.11 Weekly Transaction of Oils and Meals - This week, the average transaction price of soybean oil is 8,413.42 yuan per ton, with a transaction volume of 114,300 tons. The average transaction price of soybean meal is 3,182.58 yuan per ton, with a transaction volume of 1.53 million tons [34]. 3.12 Oils and Meals Basis - As of January 9, the basis of soybean oil in Zhangjiagang is 496 yuan per ton, and the basis of soybean meal's main contract is 364 yuan per ton [38]. 3.13 Malaysian Palm Oil Supply - Demand Balance - In November, Malaysia's palm oil production is 1.93551 million tons, exports are 1.212814 million tons, inventory is 2.835439 million tons, and imports are 23,176 tons [42]. 3.14 Indonesian Palm Oil Supply - Demand Balance - In September, Indonesia's palm oil inventory increased by 1.97% to 2.59 million tons, exports decreased by 36.5% to 2.2 million tons, and production decreased by 22.3% to 4.3 million tons [45]. 3.15 Palm Oil Import and Profit - As of January 9, the palm oil import profit is 168.17 yuan per ton. The import volume in November is 390,000 tons, in December is 345,000 tons, and in January is 250,000 tons. The domestic palm oil inventory is 663,000 tons [49]. 3.16 Palm Oil Transaction, Basis, and Inventory - As of January 9, the basis of palm oil in Guangdong is - 2 yuan per ton. This week, the average transaction price is 8,694 yuan per ton, and the transaction volume is 4,300 tons [55]. 3.17 Rapeseed Import Cost and Profit - As of January 9, the FOB price of Canadian rapeseed in Guangzhou Port in February is 511 Canadian dollars per ton, and the import cost is 4,327 yuan per ton. The import profit is between 1,135.39 and 1,341.70 yuan per ton, but the import volume has decreased significantly [60]. 3.18 Rapeseed Inventory - As of the end of the first week of 2026, the domestic imported rapeseed inventory is 60,000 tons, the rapeseed meal inventory is 0 tons, and the rapeseed oil inventory is 323,000 tons [64]. 3.19 Oil Mill Startup and Pressing of Rapeseed - As of the end of the first week (January 3), the startup rate of domestic major rapeseed oil mills is 0%, and the pressing volume is 0 tons. The expected volume next week is also 0 tons [67]. 3.20 Rapeseed Transaction and Basis - This week, the average transaction price of rapeseed meal is 2,484 yuan per ton, and the transaction volume is 0 tons. The average transaction price of rapeseed oil is 10,200 yuan per ton, and the transaction volume is 0 tons [72]. 3.21 CFTC Fund Dynamics - As of January 6, the non - commercial net long positions of CFTC soybeans are 104,770 lots, a decrease of 17,041 lots; the non - commercial net long positions of soybean meal are 14,212 lots, a decrease of 11,977 lots; the non - commercial net long positions of soybean oil are - 12,458 lots, a decrease of 10,084 lots [75].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From January 5 - 9, 2026, in the domestic futures market, 60 commodity futures varieties rose, 1 remained flat, and 21 declined. In the stock index futures, IH, IF, IC, and IM all rose, while in the treasury bond futures, 30 - year, 10 - year, 5 - year, and 2 - year treasury bonds all fell [1]. - Each sector in the futures market showed different trends. The agricultural products sector had mixed performances; the non - ferrous and precious metals sector had significant short - term fluctuations; the black sector was generally volatile; the energy and chemical sector had various situations such as strong expectations but weak reality for some products; and the financial futures sector had the stock index in an upward trend and the treasury bond futures showing a short - term shock [6][11][13][15][18]. Summary by Catalog 1. Agricultural Products Futures - **Vegetable Oils**: This week, the main contracts of soybean oil and palm oil rose by 1.68% and 1.14% respectively, while the main contract of rapeseed oil fell by 0.50%. The vegetable oil sector showed a slightly differentiated upward trend due to various factors such as holiday备货, import policies, and international oil price fluctuations [6]. - **Double - Meal (Soybean Meal and Rapeseed Meal)**: The main contract of soybean meal rose 1.35%, and that of rapeseed meal fell 1.14%. The double - meal showed a differentiated trend, with soybean meal being stronger and rapeseed meal weaker due to customs policies and market expectations [6]. - **Sugar**: Zhengzhou sugar showed a strong consolidation. The market is mainly concerned about the sugar production in China, India, and Thailand. With the start of the Spring Festival stocking, there is still pressure on sugar supply, and the short - term trend is expected to be a low - level range shock [7]. - **Red Dates**: The price of red dates slightly increased. During the Spring Festival stocking season, the abundant supply suppresses the price. The short - term trend is expected to be a shock, and the medium - to - long - term trend may decline [7]. - **Cotton**: Zhengzhou cotton's upward channel was blocked after breaking through 15,000. Due to the expected reduction in cotton planting area and the early shutdown plan of textile enterprises, the short - term upward momentum may weaken, and the market is in a shock adjustment state [8]. - **Apples**: The apple market in different production areas showed a differentiated trend. The overall de - stocking speed is lower than last year, and the market is mainly concerned about the Spring Festival stocking demand [8][9]. - **Logs**: The supply - demand contradiction is prominent. The weak demand suppresses the price increase, while the low inventory limits the decline. The main contract is expected to maintain a low - level shock [10]. 2. Non - Ferrous and Precious Metals - **Precious Metals**: Shanghai gold had a small increase with horizontal fluctuations, and Shanghai silver had a large increase followed by a large decline. Due to factors such as margin adjustments, index weight reset, and geopolitical risks, the short - term fluctuations of precious metals intensified [11]. 3. Black Sector - **Overall Situation**: The black sector showed an overall fluctuating trend, with iron ore being stronger than other varieties [13]. - **Coking Coal and Steel**: Coking coal led the rise in the first half of the week, and rebar hit a new high and then corrected. The supply of the five major steel products increased slightly, the inventory increased seasonally, and the consumption decreased in the off - season. The rebound space depends on the winter storage intensity [13]. - **Iron Ore**: Iron ore hit a new high and then corrected. The daily average pig iron output increased, and the supply is expected to increase. There is a risk of price correction after the end of market replenishment [13]. - **Double - Coking (Coking Coal and Coke)**: The double - coking showed a significant rebound and then a high - level correction. The fundamentals have no major contradictions, and the short - term is affected by supply - side rumors and winter storage expectations [14]. - **Double - Silicon (Manganese Silicon and Ferrosilicon)**: The double - silicon first rose and then fell. After the news was falsified, it returned to the fundamentals. The short - term bottom support is strong due to high - level production and winter storage expectations [14]. 4. Energy and Chemical Sector - **Methanol**: The main contract of methanol rose 2.6%. It still faces the situation of strong expectations but weak reality. The price is expected to fluctuate widely, and a bullish approach is recommended [15]. - **Urea**: Urea rose 1.6%. It showed a strong shock due to reserve demand and peak - season expectations. The medium - term price center may move up, and attention should be paid to the pressure level [15]. - **Bottle Chips**: Bottle chips rose 0.4%. The supply increased slightly, and the demand is expected to decline before the Spring Festival. The price may be suppressed, and attention should be paid to light - position buying on dips [16]. - **Rubber Series**: - **Natural Rubber**: It first rose and then fell, with the price center moving up. The supply is expected to decrease, and the demand is expected to recover. The inventory increased this week, and it may enter a consolidation state next week [16]. - **Synthetic Rubber**: The BR main contract continued to strengthen. The cost support is significant, and the supply is relatively sufficient. The demand is expected to rebound slightly. There is a risk of correction, and long positions should be held with caution [17]. 5. Financial Futures Sector - **Stock Index Futures**: After the New Year's Day, funds flowed into the stock market, and the growth - style indexes were strong. The stock index is in a spring offensive, and long positions are recommended to be held [18]. - **Treasury Bond Futures**: The main contracts of treasury bond futures showed a bottom - hunting rebound. The short - term may fluctuate, and attention should be paid to the impact of the stock market [18].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - For vegetable oils, due to factors such as the decline of palm oil and weak international crude oil, and sufficient domestic oil supply, palm oil should hold short - positions, while soybean oil and rapeseed oil are expected to fluctuate weakly [1][2]. - For double - meal products, with the optimistic expectation of US soybean exports, rising import costs, and low domestic rapeseed raw material inventory, double - meal continues to rebound. Hold existing long - positions, do not chase new long - positions, and wait for short - selling opportunities in the medium - to - long - term [2][3]. 3. Summary by Relevant Catalogs Vegetable Oil Market Market Review - On October 28, affected by palm oil, the overall vegetable oil market weakened. For example, the main soybean oil contract Y2601 closed at 8,182 yuan/ton, down 0.63% day - on - day; the main palm oil contract P2601 closed at 8,958 yuan/ton, down 1.56% day - on - day; the main rapeseed oil contract OI2601 closed at 9,730 yuan/ton, down 0.18% day - on - day [1]. Important Information - International oil prices fell about 2% on October 28. - Indonesia's palm oil production in 2025 is expected to increase by 10% to about 56 million tons. - Brazil may not increase the biodiesel blending ratio from 15% to 16% before March 2026. - If Indonesia implements the B50 policy, the palm oil used for blending will reach about 17 million tons. - Malaysia's palm oil exports from October 1 - 25 decreased by 0.4% compared with the same period in September. - Malaysia's palm oil production from October 1 - 20 increased by 2.71% month - on - month. - As of the 43rd week of 2025, the total inventory of the three major domestic edible oils was 2.631 million tons, a week - on - week increase of 2.90% [1][2]. Market Logic - Internationally, weak crude oil weakens the biodiesel concept, and the optimistic expectation of US soybean exports to China leads to the liquidation of the previous buy - oil - sell - meal arbitrage, pressuring US soybean oil. Indonesia's increased palm oil production and Malaysia's poor export data cause palm oil to fall. Domestically, sufficient oil supply, rising inventory, and a decline in palm oil drag down the overall vegetable oil market [2]. Trading Strategy - In the single - side trading, hold short - positions in palm oil, and soybean oil and rapeseed oil will fluctuate. Provide support and resistance levels for different contracts [2]. Double - Meal Market Market Review - On October 28, supported by low rapeseed inventory and rising external costs, double - meal continued to rebound. For example, the main soybean meal contract M2601 closed at 2,975 yuan/ton, up 1.47% day - on - day; the main rapeseed meal contract RM2601 closed at 2,396 yuan/ton, up 2.61% day - on - day [2]. Important Information - Last week, the US did not export soybeans to China. - As of Friday, the soybean planting area in Mato Grosso state reached more than 60.05% of the expected area. - China's soybean imports in September reached 12.869 million tons, a month - on - month increase of 4.8%. - Trump's administration may announce a 15 - billion - dollar plan to rescue US farmers. - Brazil's soybean exports are expected to reach 102.2 million tons by the end of October. - As of the 43rd week of 2025, the domestic imported soybean inventory was 7.912 million tons, and the domestic soybean meal inventory was 1.052 million tons, a week - on - week increase of 13.48% [2][3]. Market Logic - Internationally, the optimistic expectation of US soybean exports continues to rise. Domestically, soybean meal inventory has exceeded one million tons, and the domestic rapeseed raw material inventory has dropped to zero, causing the rapeseed meal market to rise [3]. Trading Strategy - In single - side trading, be cautious with short - term long - positions, and wait for short - selling opportunities in the medium - to - long - term. Provide support and resistance levels for different contracts [3].