1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - For vegetable oils, due to the uncertain Middle - East situation, international crude oil prices oscillate between 80 - 100. Vegetable oils follow the crude oil trend. Palm oil adjustment is almost in place, short positions can be closed, and new long positions can be slightly added. Soybean and rapeseed oils oscillate at high levels [1][2] - For double - meal products, the US biodiesel policy will be clear on Friday, which boosts US soybeans. In the short - term, the main contract of continuous meal should focus on the support at the 2900 yuan/ton mark. Near - month short positions of double - meal can gradually take profits, and wait for new buying opportunities for far - month contracts after adjustment [3] 3. Summary by Related Catalogs 3.1行情复盘 - **Three Oils**: On March 25th, due to the US announcing armistice conditions, international crude oil was under pressure and declined. Vegetable oils were under pressure at high levels. Palm oil had a large decline, while soybean and rapeseed oils oscillated at high levels. For example, the main soybean oil contract Y2605 closed at 8550 yuan/ton, down 0.51% day - on - day, with a daily reduction of 24,534 lots [1] - **Two Meals**: On March 25th, China relaxed the inspection standards for Brazilian soybeans, causing double - meal prices to decline under pressure. The main soybean meal contract M2605 closed at 2932 yuan/ton, down 0.98% day - on - day, with a daily reduction of 24,152 lots [2] 3.2重要资讯 - **Three Oils** - On Wednesday, the US NYMEX crude oil futures fell by more than 2%, and the May crude oil futures contract fell by $2.03, settling at $90.32 per barrel [1] - The market generally expects an announcement on the biofuel mandatory blending target on Friday [1] - A study shows 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 [1] - The Brazilian Vegetable Oil Industry Association (Abiove) suggests that the Brazilian government should allow more biodiesel to be mixed in regular diesel [1] - The US National Weather Service's Climate Prediction Center (CPC) reports that La Nina is still ongoing, and it is expected to turn into an ENSO neutral state next month, with El Nino likely to form from June - August 2026 and last until the end of 2026 [1] - The shipping survey agency SGS shows that Malaysia's palm oil exports from March 1 - 20th were 889,128 tons, a 61.0% increase compared to February 1 - 20th [1] - Due to the ongoing Middle - East war, supply concerns drive up crude oil prices. Indian vegetable oil refineries are reducing purchases of palm oil, soybean oil, and sunflower oil [2] - As of the weekend of the 12th week of 2026, the total inventory of the three domestic edible oils was 2.0348 million tons, a weekly decrease of 20,900 tons, a 9.31% month - on - month decrease [2] - **Two Meals** - AgMarket.net predicts that the US soybean planting area in spring this year will reach 86.1 million acres, higher than the USDA's February forecast [2] - Patria AgroNegocios reports that Brazil's 2025/26 soybean harvest rate has reached 65.79%, behind last year's 73.84% but close to the five - year average of 66.96% [3] - The Brazilian National Grain Exporters Association (Anec) estimates that Brazil's soybean exports in March will be 15.87 million tons, lower than last week's forecast, and the soybean meal exports will be 2.44 million tons, also lower than the previous forecast [3] - As of the weekend of the 12th week of 2026, the total inventory of imported soybeans in China was 5.4328 million tons, a decrease of 388,700 tons from last week [3] 3.3市场逻辑 - **Three Oils**: Externally, the Middle - East situation is uncertain, international crude oil prices oscillate at high levels, the US biodiesel policy is about to be implemented, and there are still many uncertainties internationally. Domestically, soybean oil mills are shutting down one after another, and the market demand is weak. Palm oil mainly follows the crude oil trend, and rapeseed oil oscillates at high levels [2] - **Two Meals**: Externally, the US biodiesel policy will be clear on Friday, which boosts US soybeans. Domestically, the spot price of oil mills decreases with the market, the traditional shutdown period is approaching, but the aquaculture industry is in serious losses, and the market trading slows down [3] 3.4交易策略 - **Three Oils**: For single - side trading, new long positions of palm oil can be slightly added, and soybean and rapeseed oils oscillate at high levels. For example, the pressure level of the Y2605 contract is 9300, and the support level is 8048 [2] - **Two Meals**: Near - month short positions of double - meal can gradually take profits, and wait for new buying opportunities for far - month contracts after adjustment. For example, the pressure level of the M2605 contract is 3278, and the support level is 2710 [3]