1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Soybean Oil**: The long - term bullish factors for soybean oil continue, but the amplitude has increased. It is recommended to shift long positions to the 09 contract. The support level for the 09 contract is 8500 - 8550 yuan/ton, and the resistance level is 8800 - 8900 yuan/ton [1]. - **Rapeseed Oil**: In the short - term, rapeseed oil may continue to fluctuate widely. It is advisable to wait and see and look for opportunities to go long after stabilization. The 05 contract's upper resistance range is 10000 - 10100, and the lower support range is 9450 - 9460 [1]. - **Palm Oil**: Considering the positive factors such as biodiesel policies, geopolitical tensions, and strong exports of Malaysian palm oil, palm oil can be treated with a cautious bullish attitude, mainly adopting the strategy of going long on dips. The upper resistance range for the main contract is 10200 - 10220, and the lower support range is 9400 - 9410 [2]. - **Soybean No. 2 and Soybean Meal**: The cost - side support for the far - month contracts continues. It is recommended to arrange long positions in the 09 contracts of soybean No. 2 and soybean meal. The support level for the 09 contract of soybean meal is 2940 - 2950 yuan/ton, and the resistance level is 3070 - 3080 yuan/ton. The lower support for the 05 contract of soybean No. 2 is 3700 - 3720, and the upper resistance is 3850 - 3860 yuan/ton [3]. - **Rapeseed Meal**: In the short - term, the price of rapeseed meal may continue to fluctuate and bottom out. It is advisable to wait and see and look for opportunities to go long after stabilization. The RM contract's lower support level is 2280 - 2300, and the upper resistance level is 2500 - 2510 [4]. - **Corn and Corn Starch**: The short - term futures prices may adjust slightly. It is recommended to wait and see or look for opportunities to go long on dips. The support range for the 2605 contract of corn is 2250 - 2280, and the resistance range is 2450 - 2480. The support range for the 05 contract of corn starch is 2670 - 2680, and the resistance range is 2850 - 2860 [5]. - **Soybean No. 1**: The upward driving force for soybean No. 1 is expected to be insufficient. It is not advisable to chase long positions. It is recommended to wait and see in the short - term. The resistance level for the 05 contract is 4740 - 4760 yuan/ton, and the support level is 4400 - 4450 yuan/ton [6]. - **Hogs**: The short - term supply - demand pattern is difficult to change fundamentally. Cautious investors can wait and see, while aggressive investors can consider going long on the 2607 contract lightly below 11000 points after the release of spot pressure. For options, a covered call strategy combination can be held [7]. - **Eggs**: Cautious investors are advised to wait and see, while aggressive investors can go long on the 05 contract below 3400 points. It is not advisable to chase short positions in the near - month contracts at historical low price ranges [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: Soybean No. 1 05 contract is expected to fluctuate widely. It is recommended to wait and see. Soybean No. 2 05 contract is in a wide - range adjustment. It is also recommended to wait and see [10]. - **Oils**: The 09 contract of soybean oil, 05 contract of rapeseed oil, and 05 contract of palm oil are all in a wide - range or oscillatory pattern. The 09 contract of soybean oil can be considered for long positions after stabilization, the 05 contract of rapeseed oil is recommended to wait and see, and the 05 contract of palm oil can be bought on dips [10]. - **Proteins**: The 09 contract of soybean meal and 05 contract of rapeseed meal are in an oscillatory pattern. It is recommended to go long after stabilization [10]. - **Energy and By - products**: The 05 contracts of corn and corn starch are in an oscillatory adjustment. It is recommended to wait and see [10]. - **Livestock**: The 05 contracts of hogs and eggs are in an oscillatory bottom - seeking pattern. It is recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Oilseeds**: For the 5 - 9 spreads of soybean No. 1 and soybean No. 2, it is recommended to wait and see [11]. - **Oils**: For the 5 - 9 spreads of soybean oil, rapeseed oil, and palm oil, it is recommended to wait and see. For the 05 spreads of soybean oil - palm oil, rapeseed oil - soybean oil, and rapeseed oil - palm oil, it is also recommended to wait and see [12]. - **Proteins**: For the 5 - 9 spreads of soybean meal and rapeseed meal, it is recommended to wait and see. For the 05 spread of soybean meal - rapeseed meal, it is recommended to wait and see [12]. - **Energy and By - products**: For the 5 - 9 spread of corn, it is recommended to go short on rallies. For the 5 - 9 spread of corn starch, it is recommended to wait and see. For the 05 spread of corn - corn starch, it is recommended to wait and see [12]. - **Livestock**: For the 5 - 7 spread of hogs, it is recommended to hold reverse arbitrage positions. For the 5 - 7 spread of eggs, it is recommended to wait and see [12]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the arrival premium, futures prices, CNF prices, and import - duty - paid prices [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseeds, rapeseed meal, palm oil, peanuts, and peanut oil, as well as their corresponding operating rates [18]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import - duty - paid costs [18]. - **Weekly Data**: It shows the weekly data of corn and corn starch, such as the consumption, inventory, operating rate, and sales progress of corn in deep - processing enterprises, as well as the inventory of corn starch enterprises [19]. 3.2.3 Livestock - It provides the daily and weekly data of hogs and eggs, including the spot prices, price changes, and key weekly data such as inventory, production rate, and profit of hogs and eggs [19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts It includes a series of charts related to the livestock (hogs and eggs), oils and oilseeds, and feed sectors, such as the closing prices of futures contracts, spot prices, inventory, production, and trading volume of various commodities [23][31][55]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It shows the historical volatility of various commodities such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [93]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It presents the warehouse receipt situations of various commodities, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [101].

Group 1: General Information - The report is about the oil and fat industry, dated March 25, 2026 [1][2] - The researchers are Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - P2605: The previous settlement price was 9820, the opening price was 9680, the highest price was 9774, the lowest price was 9532, the closing price was 9644, down 176 or 1.79%, the trading volume was 512,050, and the open interest decreased by 21,561 [7] - P2609: The previous settlement price was 9780, the opening price was 9660, the highest price was 9740, the lowest price was 9508, the closing price was 9622, down 158 or 1.62%, the trading volume was 173,245, and the open interest decreased by 10,373 [7] - Y2605: The previous settlement price was 8678, the opening price was 8632, the highest price was 8680, the lowest price was 8544, the closing price was 8594, down 84 or 0.97%, the trading volume was 296,544, and the open interest decreased by 32,990 [7] - Y2609: The previous settlement price was 8592, the opening price was 8580, the highest price was 8606, the lowest price was 8474, the closing price was 8532, down 60 or 0.70%, the trading volume was 108,631, and the open interest increased by 945 [7] - OI2605: The previous settlement price was 9896, the opening price was 9840, the highest price was 9896, the lowest price was 9701, the closing price was 9813, down 83 or 0.84%, the trading volume was 218,082, and the open interest decreased by 14,079 [7] - OI2609: The previous settlement price was 9776, the opening price was 9685, the highest price was 9773, the lowest price was 9607, the closing price was 9705, down 71 or 0.73%, the trading volume was 36,940, and the open interest decreased by 692 [7] Price Quotes - Dongguan third - grade rapeseed oil trader quotes: Spot: OI2605 + 400 (Dongguan/Guangxi); March - April: OI2605 + 350 (Dongguan/Guangxi); May - July: OI2605 + 80 (Dongguan/Guangxi/Fujian); June - August: OI2609 + 120 (Dongguan/Guangxi/Fujian) [7] - East China soybean oil basis quotes: First - grade soybean oil: Spot: Y2605 + 270; April - May: Y2605 + 240; May - July: Y2605 + 150; June - September: Y2605 + 130; Third - grade soybean oil: Y2605 + 200; Degummed soybean oil: March - May: Y2605 + 100 [7] - A Guangdong oil factory's palm oil basis quotes: Imported 24 - degree: P2605 + 30; National standard 24 - degree: P2605 + 80; Refined 24 - degree: P2605 + 230; 18 - degree: P2605 + 170 [7] Market Analysis - Intraday, the oil and fat market was dragged down by the crude oil trend and declined. In the short term, the oil and fat market mainly depends on the external crude oil driving factors and some funds are changing contracts. Attention should be paid to the progress of the US biodiesel policy and the international crude oil price trend [8] - If the macro - situation cools down, with the seasonal increase in palm oil production in the producing areas and the increase in the future arrival volume of imported soybeans, as well as the weak economic growth and the uncertainty of the Middle East situation that may suppress demand, the oil and fat prices will回调 from high levels, and there is an opportunity for the soybean - palm oil price spread to widen [8] Group 3: Industry News - According to ITS, Malaysia's palm oil product exports from March 1 - 20 were 1,191,962 tons, a 38.1% increase from the 863,358 tons in the same period last month. Exports to China were 82,000 tons, a significant increase from 40,000 tons last month [9] - According to the Brazilian consulting firm Home农商 Company, as of March 20, the harvest progress of Brazil's 2025/26 soybean crop was 65.79%, up from 57.43% a week ago, lower than 73.84% in the same period last year and slightly lower than the five - year average of 66.96% [9] - MPOC: Due to the continuous high oil prices caused by the Middle East conflict, palm oil prices are expected to remain above 4450 ringgit per ton in the short term. However, the agency warns that weak economic growth and price volatility caused by the uncertainty of the Middle East situation may temporarily delay imports in major markets and suppress the further rise of palm oil prices [9] Group 4: Data Overview - The report presents multiple charts including the spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, and the basis changes of palm oil, soybean oil, and rapeseed oil, as well as the price spreads of P1 - 5, P5 - 9, P9 - 1, and exchange rates such as the US dollar against the Chinese yuan and the US dollar against the Malaysian ringgit [11][13][14][23][29][30]

Report Information - Report Date: March 19, 2026 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Core Viewpoint - The upward momentum of the oil and fat sector has temporarily paused, with all three major oils declining during the day, led by palm oil. Trump's postponement of his visit to China due to the Iran war has dampened market sentiment. However, geopolitical risks have restricted the decline of palm oil. Palm oil exports are strong, and Indonesia's consideration of a new tax on commodities may lead to supply tightening. Although palm oil on the Dalian Commodity Exchange has adjusted downward under pressure, it still has the opportunity to strengthen in the medium to long term. The quarantine incident may delay the arrival of Brazilian soybeans in China, and domestic soybean oil inventories are continuously decreasing, with the basis quote likely to rise. Attention should be paid to the progress of the US biodiesel policy and the trend of international crude oil prices [8] Section Summaries 1. Market Review and Operational Suggestions - **Price Quotes**: Dongguan's third - grade rapeseed oil trader quotes: Third - grade rapeseed oil is 05 + 120 (5 - 6), and first - grade rapeseed oil is 05 + 860. East China's soybean oil basis quotes: First - grade soybean oil, spot price is Y05 + 270, fixed price is 8870; far - month prices are Y2605 + 240 for April - May, Y2605 + 150 for May - July, Y2605 + 130 for June - September; third - grade soybean oil is 05 + 200; degummed soybean oil is 05 + 100 for March - May. Dongguan's palm oil trader quotes are stable with a slight decline: Guangzhou Yihai's 18 - degree palm oil is 05 + 150; Dongguan's 24 - degree palm oil from various factories is 05 - 40, national standard 24 - degree is 05 + 20, 52 - degree is 05 - 350, and 33 - degree is 05 + 20 [7] - **Market Analysis**: The oil and fat sector has seen a temporary halt in its upward trend, with palm oil leading the decline. Geopolitical risks and export data, as well as potential supply - tightening policies, affect the market. The quarantine incident in Brazil may impact soybean oil inventories and basis quotes [8] 2. Industry News - **Palm Oil Exports**: According to SGS, Malaysia's palm oil exports from March 1 - 15, 2026, were 443,812 tons, a 12.7% increase compared to 393,853 tons in the same period in February. Exports to China were 39,000 tons, an increase of 1,700 tons compared to the previous month [9] - **Indian Oil Imports**: In February, India's palm oil imports increased by about 11% to 847,689 tons, soybean oil imports increased by 7% to 299,046 tons, and sunflower oil imports decreased by about 45% to 145,308 tons [9] 3. Data Overview - **Price and Basis Charts**: There are charts showing the spot prices of East China's third - grade rapeseed oil, fourth - grade soybean oil, and South China's 24 - degree palm oil, as well as the basis changes of soybean oil, rapeseed oil, and palm oil, and the price spreads of palm oil futures contracts (P1 - 5, P5 - 9, P9 - 1), and the exchange rates of the US dollar against the Malaysian ringgit and the Chinese yuan [11][15][19][25][29][33]

Group 1: General Information - Reported industry: Oil and fat [1] - Report date: March 5, 2026 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 8988 | 9050 | 9084 | 8938 | 9002 | 20 | 0.22% | 420332 | 361707 | -9884 | | P2609 | 8668 | 9040 | 9006 | 8944 | 9024 | 26 | 0.29% | 52853 | 92208 | 3328 | | Y2605 | 8332 | 8370 | 8422 | 8322 | 8370 | 38 | 0.46% | 291264 | 658889 | 1760 | | Y2609 | 8310 | 8350 | 8398 | 8292 | 8340 | 30 | 0.36% | 69057 | 256042 | 6553 | | O1605 | 9418 | 9496 | 9577 | 9430 | 9486 | 68 | 0.72% | 195441 | 277988 | 5120 | | O1609 | 9384 | 9437 | 9494 | 9347 | 9401 | 17 | 0.18% | 26381 | 55450 | 6804 | [7] Spot Price and Basis Information - Dongguan rapeseed oil trader's quotation: Spot: OI2605 + 360; April - May: OI2605 + 280; May - July: OI2605 + 120 - East China market soybean oil basis price: First - grade soybean oil: Spot: Y05 + 280; Far - month price: March - April: Y05 + 300; March - May: Y05 + 280; April - May: Y05 + 250; June - September: Y09 + 230; Third - grade soybean oil: Y05 + 260; Degummed soybean oil: March - May: Y05 + 100 - Guangzhou Yihai 18 - degree palm oil: Y05 + 140; Dongguan factories' 24 - degree palm oil: Y05 - 40; Guangdong national standard 24 - degree palm oil: Y05 + 0 [7] Oil and Fat Comment The oil and fat sector rose and then fell with sharp price fluctuations, mainly supported by the strengthening of international crude oil futures. Reports suggest that Chinese and US officials are expected to meet this month to prepare for the meeting between the US President and the Chinese leader, alleviating concerns that the US - Israel attack on Iran might lead to the breakdown of US - China trade negotiations. The Malaysian Palm Oil Board (MPOB) plans to release its monthly report on March 10. Due to the uncertainties brought by the Middle East conflict, trading in the market has become more cautious. In the near future, the oil and fat market is expected to follow the trend of crude oil, with a bullish view but no chasing of high prices. Attention should be paid to the progress of US biodiesel policies and the trend of international crude oil prices. [8] Group 3: Industry News - StoneX lowered its forecast for Brazil's soybean production in the 2025/26 season to 177.8 million tons, a reduction of 3.8 million tons or 2.09% from the previous forecast of 181.6 million tons. However, the revised production is still at a record - high level. Weather problems have caused some damage to the crops, especially the late and irregular rainfall in Rio Grande do Sul. [9] - USDA's monthly soybean crushing report shows that the soybean crushing volume in January 2026 was 227.8 million bushels, a 0.9% decrease from the previous month and a 7% increase year - on - year. This figure is slightly higher than the market expectation of 226.3 million bushels. As of the end of January 2026, the US soybean oil inventory was 2.433 billion pounds, a 11.7% increase from the previous month and a 33.9% surge year - on - year. This data also exceeds market expectations and is the highest since April 2023. [9] Group 4: Data Overview - The report includes multiple data charts, such as the spot price of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, soybean oil basis change, rapeseed oil basis change, palm oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Malaysian ringgit exchange rate, US dollar - Chinese yuan exchange rate. All data sources are from Wind and the Research and Development Department of Jianxin Futures. [11][15][19][25][29][33]

Group 1: Report Overview - Report Date: March 4, 2026 [2] - Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Investment Rating - Not provided Group 3: Core View - The oil and fat sector continued to strengthen, mainly due to the continuous military strikes by the United States and Israel against Iran, which pushed up crude oil prices. The oil and fat market is expected to follow the trend of crude oil and be bullish in the near future. Attention should be paid to the progress of the US biodiesel policy and the trend of international crude oil prices [7] Group 4: Market Review and Operation Suggestions - Dongguan rapeseed oil traders' quotes: Spot: OI2605 + 450, April - May: OI2605 + 280, May - July: OI2605 + 120. East China market soybean oil basis prices: March: Y2605 + 340, April - May: Y2605 + 280, May - July: Y2609 + 260, June - September: Y2609 + 250. Palm oil basis quotes were stable with a slight decline: East China port 24 - degree 05 - 60, 24 - degree refined 05 + 230 (yuan/ton) [7] - In February 2026, Malaysia's palm oil exports decreased by 21.5% - 25.5% month - on - month. Malaysia's palm oil inventory in February may have decreased for the second consecutive month, with an expected decrease of 6.52% from January to 2.63 million tons, the lowest since November last year. The Malaysian Palm Oil Board (MPOB) plans to release its monthly report on March 10 [7] Group 5: Industry News - According to SPPOMA data, Malaysia's palm oil production in February decreased by 19.35% month - on - month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 19.2% month - on - month and the oil extraction rate (OER) decreasing by 0.03% month - on - month [8] - AmSpec data showed that Malaysia's palm oil exports in February were 1,025,449 tons, a 25.5% decrease from January. ITS data showed that exports were 1,149,063 tons, a 21.5% decrease from January, with exports to China increasing by 17,800 tons to 58,000 tons compared to the previous month. SGS data showed that Malaysia's palm oil product exports in February 2026 were 852,629 tons, a 9.76% decrease from January, with exports to China increasing significantly from 44,000 tons to 57,000 tons [8][9] Group 6: Data Overview - USDA压榨月报: In January 2026, the US soybean crushing volume was 227.8 million bushels, a 0.9% decrease from the previous month and a 7% increase from the same period last year, slightly higher than the market expectation of 226.3 million bushels. As of the end of January 2026, the US soybean oil inventory was 2.433 billion pounds, a 11.7% increase from the previous month and a 33.9% surge from the same period last year, the highest level since April 2023 [14] - As of February 27, the soybean harvest progress in Mato Grosso state in the 2025/26 season reached 78.34% of the planted area, higher than 65.75% a week ago but lower than 82.30% in the same period last year. The predicted soybean production in the state in the 2025/26 season is 50.5 million tons, a 0.74% decrease from the record - high production of the previous year [14]

Group 1: General Information - Report date is March 3, 2026 [2] - Reported industry is the oil and fat industry [1] - Researchers are Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review | Futures Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 8756 | 8814 | 8922 | 8768 | 8898 | 142 | 1.62% | 489772 | 387932 | -560 | | P2609 | 8776 | 8814 | 8944 | 8784 | 8920 | 144 | 1.64% | 55344 | 90314 | 1730 | | Y2605 | 8226 | 8246 | 8304 | 8208 | 8260 | 34 | 0.41% | 328276 | 656400 | -10210 | | Y2609 | 8184 | 8218 | 8278 | 8174 | 8244 | 60 | 0.73% | 75167 | 242090 | 5961 | | O1605 | 9208 | 9210 | 9390 | 9196 | 9366 | 151 | 1.64% | 248126 | 268810 | 10866 | | O1609 | 9191 | 9196 | 9352 | 9188 | 9330 | 39 | 1.51% | 25736 | 44208 | 4705 | [7] Spot Price Quotes - Dongguan rapeseed oil traders' quotes: Spot: OI2605 + 450, April - May: OI2605 + 280, May - July: OI2605 + 120 - East China market soybean oil basis price: March: Y2605 + 340, April - May: Y2605 + 280, May - July: Y2609 + 260, June - September: Y2609 + 250 - Palm oil basis quotes are stable with a slight decline: East China port 24 - degree 05 - 60, 24 - degree refined 05 + 230 (unit: yuan/ton) [7] Core Viewpoint - The intensification of geopolitical conflicts has caused a significant increase in crude oil futures prices, driving the overall strength of the oil and fat sector. On February 28, the Ministry of Commerce officially ruled that Canadian - imported rapeseed was being dumped and announced that a 5.9% anti - dumping duty would be imposed on relevant Canadian companies for five years starting from March 1, 2026, which was in line with expectations. In the near future, the oil and fat market is expected to follow the trend of crude oil and be viewed bullishly. Attention should be paid to the progress of the US biofuel policy and the trend of international crude oil prices [8] Group 3: Industry News - According to data from the Southern Palm Oil Millers' Association (SPPOMA) of Malaysia, the palm oil production in Malaysia decreased by 19.35% month - on - month in February, with the fresh fruit bunch (FFB) yield per unit area decreasing by 19.2% month - on - month and the oil extraction rate (OER) decreasing by 0.03% month - on - month [9] - According to data released by the independent inspection agency AmSpec, the export volume of Malaysian palm oil in February was 1,025,449 tons, a decrease of 25.5% compared to the 1,375,718 tons exported in January [9] - 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 to the 1,463,069 tons exported in January. The exports to China were 58,000 tons, an increase of 17,800 tons compared to 40,100 tons in the previous month [9] - According to data released by the cargo inspection agency SGS, the export volume of Malaysian palm oil products from February 1 - 28, 2026, was 852,629 tons, a decrease of 9.76% compared to the 944,885 tons exported in January. The exports to China were 57,000 tons, a significant increase compared to 44,000 tons in the same period of the previous month [9] Group 4: Data Overview - The report includes multiple charts such as the spot price of 24 - degree palm oil in South China, palm oil basis changes, the spot price of Grade 3 rapeseed oil in East China, the spot price of Grade 4 soybean oil in East China, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to RMB exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [13][16][22][24][30][31]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The vegetable oil market shows a slightly differentiated and overall strong trend. The market is affected by factors such as international crude oil prices, export data, and domestic policies. For double - meal, it maintains a relatively strong trend, and the market is influenced by factors like overseas soybean prices, customs inspection policies, and import and export expectations [1][2][3] 3. Summary by Relevant Contents 3.1 Vegetable Oil Market 3.1.1 Market Performance - On February 26, the vegetable oil sector was overall strong with some differentiation. The closing prices of main and secondary contracts of soybean oil, palm oil, and rapeseed oil had varying degrees of decline or increase in positions. For example, the Y2605 soybean oil contract closed at 8198 yuan/ton, down 0.36% day - on - day, with a daily decrease of 5259 lots [1] 3.1.2 Important Information - NYMEX crude oil futures closed lower on February 26. The US and India reached a temporary trade agreement framework, and the US will reduce the so - called reciprocal tariff rate on Indian goods from 25% to 18%. The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal. Malaysian palm oil exports from February 1 - 20 and 1 - 25 decreased compared to the same period in January, but exports to China increased. Indian buyers have locked in a large amount of soybean oil purchases from April to July 2026. As of the end of the 7th week of 2026, the total inventory of the three major edible oils in China decreased week - on - week and year - on - year [1][2] 3.1.3 Market Logic - Externally, the US - Iran conflict and the improvement of US soybean export expectations and domestic biodiesel policy expectations support the strength of US soybean oil. Malaysian palm oil is boosted by international crude oil and US soybean oil but is dragged down by poor export data and the upcoming seasonal production recovery period. Domestically, after the end of traders' restocking and the arrival of the traditional off - season, if reserve soybeans are not auctioned, soybean oil inventory will continue to decline; if a large number of reserve soybeans are auctioned, the supply will be sufficient and the basis will be under pressure. Palm oil follows the overseas vegetable oil trend, and the supply shortage of rapeseed oil is expected to be alleviated, with its increase limited [2] 3.1.4 Trading Strategy - For single - side trading, existing long positions in oils should be held, and new long positions can be slightly absorbed on pullbacks. Specific support and resistance levels are provided for different contracts [2] 3.2 Double - Meal Market 3.2.1 Market Performance - On February 26, driven by macro funds and with the fundamental pressure postponed, the double - meal maintained a relatively strong trend. The main and secondary contracts of soybean meal and rapeseed meal had different price changes and position increases [2] 3.2.2 Important Information - As of February 21, 2026, the soybean harvest progress in Brazil in the 2025/26 season was 32.3%. The ANEC lowered the February soybean export forecast by 800,000 tons to 10.69 million tons. Analysts expect the US soybean net sales volume from February 1 - 19 to be between 400,000 and 1 million tons. There are rumors that the customs inspection time in South and East China will be extended by 5 days. As of the end of the 8th week of 2026, the inventory of imported soybeans in China increased, the inventory of soybean meal decreased, and the inventory of imported rapeseed increased [2][3] 3.2.3 Market Logic - Externally, the improvement of the US soybean trade prospects boosts the US soybean futures price. The market is affected by the news of extended customs inspection, and the theoretical crushing profit weakens, causing the futures price to rise slightly. The market is also concerned about the import soybean auction. In the spot market, the oil mill's fixed - price is stable, the near - month basis is lowered, and the actual transaction price drops. For rapeseed meal, the market digests the policy of extended customs inspection and has expectations of opening up Canadian rapeseed meal imports. The post - Spring Festival spot market is mainly for rigid demand procurement, and the basis quotation has a risk of decline [3] 3.2.4 Trading Strategy - In the medium term, the double - meal maintains a wide - range oscillation pattern. Do not over - chase the high. Long positions at low levels can be gradually liquidated for profit, and new purchases can be made after pullbacks. Wait for the supply pressure to materialize in the long term. Specific support and resistance levels are provided for different contracts [3]

1. Report Industry Investment Ratings - The report does not provide an overall industry investment rating. However, it gives individual ratings for different varieties: - **Bullish**: Cotton (★★), indicating a relatively strong bullish outlook [1]. - **Neutral with a Bullish Bias**: Soybean Meal (★), suggesting a slightly bullish trend [1]. - **Neutral with a Bearish Bias**: Rapeseed Meal (★), Palm Oil (★), and Soybean Oil (★), indicating a neutral stance with a slight bearish tendency [1]. - **Bearish**: Red Dates (★), and Live Pigs (★★), showing a bearish outlook [1]. 2. Core Views of the Report - **Soybean Meal**: Expected to have a bullish - oscillating trend. The market has concerns about South American rainfall and US biodiesel policies. Although it rose significantly recently, the short - term boost may not last [1][4]. - **Rapeseed Meal**: Forecasted to have a short - term oscillating trend. It is expected to follow the soybean meal's trend due to limited spot supply and the pending Canadian rapeseed anti - dumping ruling [1][7]. - **Palm Oil**: Predicted to have an oscillating and consolidating trend. Weak exports from Malaysia and high domestic purchases in February may suppress the domestic market. Attention should be paid to future export and production data [1][9]. - **Soybean Oil**: Anticipated to have an oscillating and consolidating trend. The upcoming US biodiesel policy may affect the market. Domestic soybean imports are in a trough, and inventory is decreasing, but the spot trade is average [1]. - **Rapeseed Oil**: Expected to have a range - bound oscillating trend. Consumption has weakened after the Spring Festival, and supply has improved. Attention should be paid to the basis support and the Canadian rapeseed anti - dumping ruling [1]. - **Cotton**: Forecasted to have a bullish - oscillating trend. Global production is expected to decrease, and domestic consumption is expected to increase during the "Golden March and Silver April" period. Short - term callback risks should be noted, and a long - term bullish view is maintained [1][13]. - **Red Dates**: Predicted to be under pressure. After the Spring Festival, the market is in a weak demand period, and high inventory may suppress the price. Attention should be paid to inventory reduction and holiday consumption [1][15]. - **Live Pigs**: Expected to have a bearish - oscillating trend. Supply is high due to slow reduction of breeding sows, and demand is weak in the post - Spring Festival period. Short - term contracts may be under pressure, but long - term contracts may have short - term long - position opportunities if there is a significant callback [1][18]. 3. Summary by Variety Soybean Meal - **Price Data**: The futures price of the main contract closed at 2,831 yuan/ton, up 1.80% from the previous day. The national average spot price was 3,192.57 yuan/ton, up 0.78% [2]. - **Market Factors**: Future rainfall in Argentina is expected to be below normal, and excessive rainfall in Brazil has affected the harvest progress and quality. The concern about US tariffs has cooled, and the US market has recovered. The boost from port clearance is limited [4]. - **Industry Outlook**: CoBank predicts that the US soybean planting area will reach 86 million acres in 2026, up from 81 million acres in 2025 [3]. Rapeseed Meal - **Price Data**: The futures price of the main contract closed at 2,312 yuan/ton, up 0.96% from the previous day. The national average spot price was 2,607.89 yuan/ton, up 0.53% [5]. - **Market Factors**: After the Spring Festival, the market has gradually resumed work, but the spot supply is tight, and most imported rapeseed meal is for distant - month contracts. The inventory is low, and the Canadian rapeseed anti - dumping ruling is pending [7]. Palm Oil - **Price Data**: The futures price of the main contract closed at 8,848 yuan/ton, up 0.27% from the previous day. The national average price was 8,860 yuan/ton, down 0.23% [8]. - **Market Factors**: Malaysian palm oil exports in February were weak, and domestic purchases in February were high, which may suppress the domestic market. Attention should be paid to the US biodiesel policy and future Malaysian export and production data [9]. Cotton - **Price Data**: The futures price of the main contract (CF2605) closed at 15,380 yuan/ton, up 0.62% from the previous day. The US cotton main - continuous contract was at 65.56 cents/pound, up 0.64% [10]. - **Market Factors**: The USDA predicts a decrease in global cotton production in 2026/27. US cotton exports have reached a new high this year. In China, production is expected to decrease, and consumption is expected to increase during the "Golden March and Silver April" period [11][12][13]. Red Dates - **Price Data**: The futures price of the main contract (CJ2605) closed at 8,910 yuan/ton, up 0.73% from the previous day. The spot prices in different regions were generally stable [14]. - **Market Factors**: After the Spring Festival, the market is in a weak demand period, and inventory is high. The supply is sufficient, and demand is weak, so the price is under pressure [15]. Live Pigs - **Price Data**: The futures price of the main contract (lh2605) closed at 11,465 yuan/ton, up 1.78% from the previous day. The national average slaughter price was 10,770 yuan/ton, down 1.46% [16]. - **Market Factors**: The supply of live pigs is high due to slow reduction of breeding sows, and demand is weak in the post - Spring Festival period. The slaughter end may put pressure on prices [17][18].

Group 1: Investment Rating - No investment rating provided for the industry in the report Group 2: Core Viewpoints - On February 25, after the holiday, commodities had a collective positive start, with the vegetable oil sector gap - opening higher and moving up. The external environment and domestic fundamentals of oils and meals are complex, with both positive and negative factors co - existing, and policy factors have a significant impact on market trends [1][2][3] Group 3: Summary by Relevant Content 3.1 Vegetable Oil Market 3.1.1 Market Performance - On February 25, the soybean oil, palm oil, and rapeseed oil futures contracts all showed varying degrees of increase and position increase. For example, the soybean oil main contract Y2605 closed at 8228 yuan/ton, up 1.08% day - on - day, and the position increased by 33,881 lots [1] 3.1.2 Important Information - US NYMEX crude oil futures were basically flat, and the market was still worried about the threat to oil supply from the potential military conflict between the US and Iran - 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 government is expected to finalize the 2026 biofuel blending ratio quota in early March, and the EPA is considering setting the 2026 biodiesel usage between 5.2 billion and 5.6 billion gallons - From February 1 - 20, Malaysia's palm oil exports decreased by 8.9% compared with the same period in January, but exports to China increased significantly - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026 - From February 1 - 20, Malaysia's palm oil production decreased by 22.24% month - on - month - As of the 7th weekend of 2026, the total inventory of the three major domestic edible oils decreased by 1.44% week - on - week and 6.56% year - on - year [1][2] 3.1.3 Market Logic - Externally, due to the US - Iran dispute and positive factors such as the improvement of US soybean export expectations and the domestic biodiesel policy, US soybean oil is strong. Malaysian palm oil is affected by both international crude oil and US soybean oil, but its own export data is poor, and the upcoming seasonal production recovery will drag down its upward trend - Domestically, after the end of traders' restocking, the traditional off - season of demand arrives. If reserve soybeans are not auctioned, soybean oil inventory will continue to decline; if a large number of reserve soybeans are auctioned, the supply of soybean oil will be sufficient and the basis will be under pressure. Palm oil follows the trend of overseas vegetable oils. For rapeseed oil, the uncertainty of US biodiesel and tariff policies, the increase in Australian rapeseed supply, and the on - the - way purchase of Canadian rapeseed will ease the tight supply situation, limiting its increase [2] 3.1.4 Trading Strategy - For single - sided trading, continue to hold existing long positions in oils, and buy a small number of long positions on dips. Provide support and pressure levels for each contract [2] 3.2 Double Meal Market 3.2.1 Market Performance - On February 25, due to the market rumor that the customs would continue to tighten the clearance time of Brazilian beans, the double meal futures rose sharply. The main contract of soybean meal M2605 closed at 2831 yuan/ton, up 1.80% day - on - day, and the position increased by 128,000 lots [2] 3.2.2 Important Information - As of February 21, 2026, the soybean harvest progress in Brazil in the 2025/26 season was 32.3%, higher than that of the previous week but lower than the same period last year and the five - year average - ANEC lowered the February soybean export forecast by 800,000 tons to 10.69 million tons, still 9.9% higher than the same period last year - There are unconfirmed reports that China is seeking soybean offers from the US Pacific Northwest - The market rumors that the customs in South and East China will extend the inspection time by 5 days - As of the 8th weekend of 2026, the domestic imported soybean inventory increased, the soybean meal inventory decreased slightly, and the contract volume increased significantly. The imported rapeseed inventory increased, and the rapeseed meal inventory and contract volume remained unchanged [2][3] 3.2.3 Market Logic - Externally, the improvement of the US soybean trade outlook and the upcoming clarity of the US biodiesel policy support the US soybean futures price. The slow soybean harvest progress in Brazil and the suspension of some port operations postpone the export pressure - Domestically, the market rumor of extended customs inspection time may be a prelude to the resumption of imported soybean auctions. Affected by the incomplete resumption of domestic oil mills and inconvenient logistics, the spot market trading is average, but the futures rally boosts the sentiment of some traders. For rapeseed meal, the supply will gradually increase as Australian rapeseed arrives and is pressed, and the current rise is mainly driven by the customs policy and the rise of soybean meal [3] 3.2.4 Trading Strategy - All newly - entered short positions in double meal should be closed, and do not chase long positions for now. Provide support and pressure levels for each contract [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Supply**: Soybean oil supply is tight, rapeseed oil supply tightness is easing, and palm oil supply in the producing areas is tight. The reasons include continuous production cuts in Malaysia, a potential shortage of imported soybeans from February to March, a significant reduction in the import cost of Canadian rapeseed after March 1st due to a 15% tax rate, and the expected entry of Australian seeds into commercial pressing [3]. - **Demand**: Demand is neutral. The stocking rhythms in India and China have significantly boosted the demand for oils and fats, but the substitution between varieties needs to be considered. The news that Indonesia postponed B50 has a negative impact on the far - month palm oil prices, but it may still be implemented this year. The overall quota of US biodiesel is expected to remain at the previous draft level or lower, and the cancellation of the penalty on imported feedstocks is more beneficial to the demand for Canadian rapeseed products. Attention should be paid to the implementation in February and March [3]. - **Inventory**: For palm oil, it is advisable to wait and see. Malaysia has a high palm oil inventory, while Indonesia's inventory is low. Overall, the total inventory in the producing areas is expected to reach an inflection point during the production - cut season. Domestic soybean oil inventory is gradually decreasing and will be tight in the first quarter. Rapeseed oil inventory is low due to supply shortages and is waiting for supply replenishment [3]. - **Macro and Policy**: The situation is bullish. International geopolitical tensions may lead to a rebound in crude oil prices, which in turn may cause a rebound in oil and fat prices from the biodiesel end. The US biodiesel policy is tentatively scheduled to be released in early March, and there are also reports that the court requires the EPA to release the final proposal in February, which is still a potential risk. Indonesia's B50 may be postponed, and funds may be the biggest problem. Attention should be paid to the price difference between crude oil and palm oil [3]. - **Investment Viewpoint**: In the short term, it is advisable to wait and see. The rise last week was driven by fundamental support, policy promotion, and the linkage with crude oil prices. However, the short - term increase was large, and it is currently facing the previous high point with significant resistance. Coupled with the sharp decline in gold and silver, which has tightened commodity liquidity, and the subsequent policy disturbances related to oils and fats, it is recommended to wait and see in the short term [3]. - **Trading Strategy**: For single - side trading, wait and see. For arbitrage, conduct P5 - 9 positive spreads and OI5 - 9 positive spreads. Risks to be concerned about include rising crude oil prices, extreme weather impacts, unexpected production cuts in Malaysia, and the release of RVO [3]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - Analyzes the supply, demand, inventory, macro and policy factors of oils and fats, and provides corresponding investment viewpoints and trading strategies [3]. 3.2 Market Review - Presents the closing prices of the main oil and fat contracts and the trend of the agricultural product index, as well as the price differences between different contracts and varieties [5][9][14][15][16]. 3.3 Oils and Fats Supply - Demand Fundamentals - **Southeast Asian Weather**: Shows the precipitation and temperature forecasts and historical data in Southeast Asia [19][21][24]. - **Indonesian Monthly Supply - Demand**: Displays the production, domestic consumption, export volume, and ending inventory of Indonesian palm oil [33][37][38]. - **Malaysian Monthly Supply - Demand**: Presents the production, domestic consumption, export volume, and ending inventory of Malaysian palm oil [39][44]. - **Indian Monthly Imports and International Soybean - Palm Oil Price Difference**: Shows India's imports of palm oil, soybean oil, and sunflower oil, as well as the price difference between Argentine soybean oil and Malaysian palm oil [45][50]. - **Domestic Palm Oil Import Profit and Supply - Demand**: Displays China's palm oil import volume, trading volume, commercial inventory, import cost, and import profit [51][53][55]. - **Weather and Soybean Production Situation**: Presents the temperature and precipitation distribution in the soybean - producing areas of Argentina and Brazil, as well as the soybean planting progress and harvesting rate [63][66][72]. - **US and Brazilian Export Situations**: Shows the export volume and export sales volume of US soybeans, as well as the monthly export volume and CNF premium of Brazilian soybeans [77][81]. - **Domestic Soybean and Soybean Oil Situation**: Displays China's soybean arrival volume, soybean oil production, trading volume, and inventory [92]. - **Origin Rapeseed Export and Domestic Arrival Situation**: Shows the FOB price, export volume, and import profit of rapeseed, as well as the expected arrival volume of domestic rapeseed and the import volume of rapeseed oil and mustard oil [93][95]. - **Domestic Rapeseed and Rapeseed Oil Situation**: Displays China's rapeseed crushing volume, rapeseed oil production,提货 volume, and inventory [102][103].