1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The soybean crushing volume of NOPA member companies in February was 208.75 million bushels, a year-on-year increase of 17.4%, higher than market expectations [2] - Malaysia's palm oil exports from March 1 - 20 increased by 49.6% compared to the same period last month [2] - The Brazilian soybean harvest rate as of March 15 was 59.2%, with multiple institutions lowering their production forecasts, but the overall South American harvest remains bountiful [2] - Trump's invitation to farmers and biofuel producers may lead to the announcement of biofuel blending rules, boosting U.S. soybean crushing demand and futures prices [2] - The domestic supply of protein meal remains ample, suppressing price performance [2] - Southeast Asian palm oil production is entering an increasing season, but geopolitical conflicts and potential export restrictions from Indonesia may support palm oil prices [2] - U.S. biodiesel policies will boost demand for U.S. soybean oil, but the increase in domestic vegetable oil prices is limited [2] - The macro - environment is complex, and short - term price fluctuations of oils and fats are expected to be large [2] 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8616, 9796, and 9854 respectively, with price increases of 76, 104, and 74, and percentage increases of 0.89%, 1.07%, and - 3.15% respectively. For protein meal, the previous day's closing price of soybean meal was 3042, an increase of 6 (0.20%), and rapeseed meal was 2443, unchanged. Peanut futures closed at 8844, an increase of 26 (0.29%) [1] - **Spreads and Ratios**: The current spreads and ratios of various futures contracts have changed compared to the previous values. For example, the Y9 - 1 spread is now 18 (previously 20), and the M9 - 1 spread is now - 58 (previously - 56) [1] International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4503 ringgit/ton, 1169 cents/bushel, 65.23 cents/pound, and 333 dollars/ton respectively. The price changes were - 45.0, 4.8, - 0.3, and 11.2 respectively, with percentage changes of - 0.99%, 0.41%, - 0.41%, and 3.48% respectively [1] Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals have different percentage increases. For example, the spot price of Tianjin first - grade soybean oil is 8900, an increase of 0.79%, and the spot price of Nantong soybean meal is 3320, an increase of 0.61% [1] - **Basis and Spreads**: The current spot basis and spreads of various products have also changed compared to the previous values. For example, the spot basis of Tianjin first - grade soybean oil is 284, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is now - 170 (previously - 120) [1] Import Profit and Warehouse Receipts - **Import Profit**: The current import profit of various products has changed compared to the previous values. For example, the import profit of Malaysian palm oil is now - 409 (previously - 585) [1] - **Warehouse Receipts**: The current warehouse receipts of various products have also changed compared to the previous values. For example, the current warehouse receipts of soybean oil are 25,342 (previously 25,714) [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For the vegetable oil sector, due to the fading of macro - sentiment, the market re - assesses the fundamental supply pressure, and funds flow out of the vegetable oil sector. It is recommended to exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Do not recommend chasing long positions [1][2]. - For the double - meal sector, considering the weakening of the external market, the decline in import costs, and the gradual recovery of Brazilian shipments, it is recommended to exit long positions at low levels and try short positions in small amounts [3]. 3. Summary by Related Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Performance - On March 18, the prices of major and secondary contracts of soybean oil, palm oil, and rapeseed oil all declined, with palm oil leading the decline. For example, the soybean oil main contract Y2605 closed at 8,540 yuan/ton, down 1.20% day - on - day, and the palm oil main contract P2605 closed at 9,692 yuan/ton, down 2.63% day - on - day [1]. 3.1.2 Important Information - On March 18, NYMEX crude oil futures rose due to the attack on the South Pars Gas Field in Iran. The U.S. oil main contract rose 3.68% to $99.05 per barrel, and the Brent oil main contract rose 5.7% to $105.06 per barrel [1]. - The U.S. President Trump may announce the final rule on biofuel blending at an event on March 27. Indonesia is accelerating the road test of B50 biodiesel. There are rumors that the U.S. Environmental Protection Agency will issue a new renewable fuel blending rule [1]. - The Malaysian MPOB report shows that at the end of February, the inventory decreased by 3.94% to 2.7 million tons, the production decreased by 18.55% to 1.28 million tons, and the exports decreased by 22.48% to 1.13 million tons [1]. - From March 1 - 15, Malaysia's palm oil product exports increased by 56.9% compared with the same period last month [1]. - As of the 11th weekend of 2026, the total inventory of the three major edible oils in China increased by 0.46% week - on - week to 2.0557 million tons [1]. 3.1.3 Spot Market - As of March 18, the average spot price of soybean oil in Zhangjiagang was 8,820 yuan/ton, with a basis of 280 yuan/ton, down 38 yuan/ton. The average spot price of palm oil in Guangdong was 9,860 yuan/ton, down 100 yuan/ton, with a basis of 168 yuan/ton, up 162 yuan/ton. The spot price of Grade 4 rapeseed oil in Jiangsu was 10,280 yuan/ton, down 60 yuan/ton, with a basis of 500 yuan/ton, down 5 yuan/ton. The palm oil import profit was - 583.25 yuan/ton [2]. 3.1.4 Market Logic - Although the international crude oil has risen sharply, the domestic vegetable oil market's willingness to follow the rise is hesitant. The soybean oil basis increase is currently due to psychological factors, and it will be significantly boosted when the supply decreases at the end of the month [2]. 3.1.5 Trading Strategy - Exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Provide support and resistance levels for different contracts [2]. 3.2 Double - Meal Market 3.2.1 Market Performance - On March 18, domestic double - meal prices opened lower and moved lower, with rapeseed meal falling more than soybean meal. For example, the soybean meal main contract M2605 closed at 3,036 yuan/ton, down 1.11% day - on - day [2]. 3.2.2 Important Information - The average forecast of 9 analysts shows that the U.S. soybean crushing volume in February may reach a record high for that month [2]. - Due to the conflict in the Middle East, the soybean exports of Brazil and the United States may decline in the future, and the risk of rising shipping and insurance costs is increasing [2]. - China still promises to buy 25 million tons of U.S. soybeans annually in the next three years [2]. - The estimated soybean exports of Brazil in March 2026 are 16.09 million tons, an increase of 2.2% compared with March 2025 [3]. - As of the 11th weekend of 2026, the domestic imported soybean inventory decreased by 284,700 tons compared with last week, the domestic soybean meal inventory decreased by 18.71% week - on - week, and the contract volume decreased by 6.72% week - on - week. The domestic imported rapeseed inventory increased by 10,000 tons compared with last week, the domestic imported rapeseed meal inventory increased by 33.33% week - on - week, and the contract volume increased by 65.22% week - on - week [3]. 3.2.3 Spot Market - As of March 18, the spot price of soybean meal was 3,395 yuan/ton, up 11 yuan/ton, and the spot price of rapeseed meal was 2,670 yuan/ton, down 12 yuan/ton. Provide basis and trading volume information [3]. 3.2.4 Market Logic - The U.S. soybeans stop falling and stabilize due to China's promise to purchase. The import cost decreases and the Brazilian shipments recover, which suppresses the price. The short - term spot price is expected to weaken. The Zhengzhou rapeseed meal main contract has limited downward space in the short term [3]. 3.2.5 Trading Strategy - Exit existing long positions and try short positions in small amounts. Provide support and resistance levels for different contracts [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - **Protein Meal**: Night trading of soybean meal oscillated and closed higher. Although the South American soybean harvest is in a high - yield pattern, recent institutions have lowered their forecasts for Brazilian soybean production. The US President's potential announcement of biofuel blending rules boosts US soybean crushing demand, but the medium - term domestic supply surplus still suppresses prices [4]. - **Oils and Fats**: Night trading of oils and fats oscillated strongly. Southeast Asian palm oil production areas are entering the production - increasing season, but geopolitical conflicts and potential export restrictions in Indonesia may support palm oil prices. US biodiesel policies will boost the demand for US soybean oil, and short - term price fluctuations of oils and fats are expected to be large [4]. 3. Summary by Relevant Catalogs Futures Market - **Domestic Futures**: For domestic futures, the previous day's closing prices of soybean oil, palm oil, and rapeseed oil were 8540, 9692, and 9780 respectively, with price drops of - 104, - 262, and - 53 and percentage drops of - 1.20%, - 2.63%, and - 3.15%. The previous day's closing prices of soybean meal, rapeseed meal, and peanuts were 3036, 2443, and 8844 respectively, with price changes of - 34, - 42, and 26 and percentage changes of - 1.11%, - 1.69%, and 0.29% [3]. - **International Futures**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4548 ringgit/ton, 1164 cents/bushel, 65.50 cents/pound, and 322 dollars/ton respectively, with price changes of - 77.0, 7.3, - 0.4, and 9.4 and percentage changes of - 1.66%, 0.63%, - 0.59%, and 3.01% [3]. Spot Market - **Domestic Spot**: The current spot prices of Tianjin and Guangzhou first - grade soybean oils are 8830 and 8770 respectively, with percentage drops of - 0.34% and - 0.57%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oils are 9860, with a percentage drop of - 1.00%. The current spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oils are 10280 and 10100 respectively, with percentage drops of - 0.58% and - 0.59% [3]. - **Spot Basis and Spread**: The current spot basis of Tianjin first - grade soybean oil is 290, and that of Zhangjiagang 24° palm oil is 168. The current spot spread between Guangzhou first - grade soybean oil and 24° palm oil is - 170, and the spread between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil is 1470 [3]. Import and Profit - The current import profits of near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseeds are - 585, - 204, 87, - 80, 305, and 426 respectively [3]. Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 25,714, 823, 905, 36,952, 586, and 900 respectively [3]. Industry Information - The US Department of Agriculture (USDA) announced that a private exporter reported the export of 120,000 tons of soybean meal to an unknown destination for delivery in the 2026/2027 sales year. S&P expects the US soybean planting area in 2026 to be 85 million acres, higher than the January forecast and the 2025 planting area [4]. - As of March 15, the Brazilian soybean harvest rate was 59.2%, compared with 50.6% last week, 69.8% in the same period last year, and a five - year average of 58.4%. Conab expects the 2025/2026 Brazilian soybean production to reach 178 million tons, a 3.7% increase year - on - year [4].

Group 1 - The core point of the articles indicates a significant reduction in U.S. soybean planting area, which is expected to tighten supply and potentially increase domestic soybean meal prices [1][4] - The USDA reported that the U.S. soybean planting area is 83.38 million acres, lower than both the intended planting area of 83.50 million acres and market expectations of 83.65 million acres, marking a five-year low [1] - The ending stocks for U.S. soybeans for the 2025/2026 season are projected to be only 8.03 million tons, with a stocks-to-use ratio of 6.68%, indicating a low inventory situation compared to previous years [1] Group 2 - Weather conditions during the soybean planting period in May and June were favorable for planting but require sufficient rainfall in July and August for crop growth, increasing sensitivity to weather-related speculation [2] - As of July 6, the soybean good-to-excellent rating was 66%, matching the previous week but lower than the 68% from the same time last year, indicating a need for attention to rainfall in August [2] - The EPA's proposed blending rules for 2026-2027 significantly exceed market expectations, which is expected to increase demand for soybean oil and indirectly support soybean prices [3] Group 3 - Domestic soybean meal market is currently characterized by a "weak reality strong expectation" state, with a supply surplus in the third quarter suppressing prices [4] - A potential supply gap for imported soybeans in the fourth quarter could lead to increased domestic soybean meal prices [4] - The forecast for domestic soybean imports is high, with June imports reaching 10.56 million tons and expected to rise to 11 million tons in July, indicating a supply surplus in the near term [3]