Group 1: Industry Investment Rating - No relevant content found Group 2: Core Views - Palm oil has limited short - term rebound height [3] - Soybean oil has a weak and volatile trend in the US, and the upside space is difficult to open [3] Group 3: Summary by Related Catalogs Futures Data - Palm oil futures: The previous trading day's closing price was 9,126 yuan/ton (day session) with a 0.80% increase and 9,190 yuan/ton (night session) with a 0.70% increase. Trading volume was 591,824 lots, a decrease of 429,324 lots, and positions were 376,778 lots, a decrease of 11,149 lots [2] - Soybean oil futures: The previous trading day's closing price was 8,100 yuan/ton (day session) with a 0.17% increase and 8,162 yuan/ton (night session) with a 0.77% increase. Trading volume was 310,807 lots, a decrease of 507,057 lots, and positions were 549,420 lots, an increase of 3,511 lots [2] - Rapeseed oil futures: The previous trading day's closing price was 9,921 yuan/ton (day session) with a - 0.75% decrease and 9,958 yuan/ton (night session) with a 0.37% increase. Trading volume was 345,408 lots, a decrease of 73,952 lots, and positions were 306,205 lots, a decrease of 21,837 lots [2] - Malaysian palm oil futures: The previous trading day's closing price was 4,380 ringgit/ton (day session) with a 0.90% increase and 4,425 ringgit/ton (night session) with a 1.05% increase [2] - CBOT soybean oil futures: The previous trading day's closing price was 49.77 cents/pound with a - 0.22% decrease [2] Spot Data - Palm oil (24 - degree, Guangdong): The previous trading day's price was 9,020 yuan/ton, with a price increase of 100 yuan/ton [2] - First - grade soybean oil (Guangdong): The previous trading day's price was 8,440 yuan/ton, with a price increase of 50 yuan/ton [2] - Fourth - grade imported rapeseed oil (Guangxi): The previous trading day's price was 9,900 yuan/ton, with a price decrease of 80 yuan/ton [2] - Malaysian palm oil FOB price: The previous trading day's price was 1,085 dollars/ton, with a price decrease of 20 dollars/ton [2] Basis Data - Palm oil (Guangdong) basis: - 106 yuan/ton [2] - Soybean oil (Guangdong) basis: 340 yuan/ton [2] - Rapeseed oil (Guangxi) basis: - 21 yuan/ton [2] Spread Data - Rapeseed - palm oil futures spread: 795 yuan/ton (previous trading day), compared with 942 yuan/ton two trading days ago [2] - Soybean - palm oil futures spread: - 1,026 yuan/ton (previous trading day), compared with - 968 yuan/ton two trading days ago [2] - Palm oil 1 - 5 spread: 182 yuan/ton (previous trading day), compared with 198 yuan/ton two trading days ago [2] - Soybean oil 1 - 5 spread: 248 yuan/ton (previous trading day), compared with 238 yuan/ton two trading days ago [2] - Rapeseed oil 1 - 5 spread: 484 yuan/ton (previous trading day), compared with 529 yuan/ton two trading days ago [2] Macro and Industry News - GAPKI: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. In July, Indonesia's crude palm oil production reached 5.11 million tons, a 6% month - on - month increase, and exports decreased by 1.92% month - on - month to 3.54 million tons. Domestic demand for biodiesel and food also declined slightly [3][4] - An Indonesian industry official expects that Indonesia's palm oil exports to the EU will increase in 2026 due to the signing of a bilateral trade agreement and the EU's second postponement of its anti - deforestation law. Exports to the EU are expected to increase from an estimated 3.3 million tons this year to about 4 million tons in 2026, and exports to India are expected to increase from 4.8 million tons last year to 5 million tons in 2025 [4] - USDA: A private exporter reported selling 101,400 tons of soybean meal to Guatemala for delivery in the 2025/2026 season [3][5] - USDA export sales report forecast: As of the week ending September 18, US soybean export sales are expected to increase by 60 - 160 million tons, soybean meal export sales are expected to increase by 15 - 45 million tons, and soybean oil export sales are expected to decrease by 1 million tons to increase by 3 million tons [5] - Hedge Point: Brazil's 2025/26 soybean production is expected to be 178 million tons, and exports are expected to be 112 million tons [5] - Anec: Brazil's September soybean export volume forecast was lowered from 7.53 million tons to 7.15 million tons, and soybean meal export volume forecast was lowered from 2.19 million tons to 2.1 million tons [5] - Chinese buyers have purchased about 1.3 million tons of Argentine soybeans after Argentina temporarily abolished export taxes on soybeans and grain by - products [5] - As of the week ending September 17, Argentine farmers sold 676,400 tons of 2024/25 soybeans, with cumulative sales reaching 32.5735 million tons, and 108,900 tons of 2025/26 soybeans, with cumulative sales reaching 1.1472 million tons [6] - An Indian industry official said that India's 2025 soybean production may decrease from 11 million tons last year to 9.9 million tons due to excessive rainfall damaging crops in major grain - producing states [6] Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The range of trend intensity is [- 2, 2], with - 2 being the most bearish and 2 being the most bullish [7]