Report Date - The report is dated August 10, 2025 [1] Last Week's Views and Logic Palm Oil - Domestic macro - sentiment pushed palm oil to a three - year high, but without strong supply themes, the price was hard to rise further and mainly fluctuated at a high level, waiting for the inventory - reduction inflection point in the producing areas. The palm oil 09 contract rose 0.79% last week [2] Soybean Oil - A large number of domestic soybean oil export orders ignited trading enthusiasm, the soybean - palm oil price spread narrowed significantly, and soybean oil showed signs of a catch - up rise. The soybean oil 09 contract rose 1.52% last week [2] This Week's Views and Logic Palm Oil - Malaysia's inventory peak this year has been gradually digested by the market since April. There is no new significant negative factor in the palm oil fundamentals, and the market has started to trade the inventory - reduction trend in the second half of the year. Domestic macro - sentiment pushed palm oil to a three - year high [3] - In July, Malaysia's palm oil production is expected to be less than 180 tons, and the export volume in the first 25 days was poor, estimated to be less than 140 tons. With the continuous driving effect of European biodiesel, the demand in the producing areas is expected to remain high. Malaysia will continue to accumulate inventory in July, but conservatively estimated not to exceed 2.2 million tons [3] - In Indonesia, the price difference between Indonesia and Malaysia remains high, and the prices of various palm oil products and bunches in the Indonesian producing areas are high. The sentiment of traders reflected in the CPO export premium is relatively positive, and palm oil is quite resistant to price drops at present [3] - Rumors of Indonesia's B50 policy and export ban are considered to have a low correlation with the recent price increase of palm oil. The production recovery in Indonesia may fall short of expectations again under the strong demand for European biodiesel raw materials, and the inventory will hover between 1.5 and 3 million tons this year [3] - In the consumer areas, except for sunflower oil, the import profit of crude palm oil has been higher than that of crude soybean oil. Channel inventory reconstruction is underway. As long as the monthly import volume can be maintained above 800,000 tons, it is difficult for Malaysia's palm oil inventory to exceed 2.3 million tons [3] - The market has great differences in Malaysia's palm oil production this year. If Malaysia and Indonesia maintain good yields in August as in the same period last year and from April to May this year, there will be greater inventory - accumulation pressure from August to September. If Malaysia's palm oil inventory cannot exceed 2.3 million tons, the market may have gradually digested this year's inventory peak [3] - August is the last window for the release of palm oil supply pressure. If no effective price pressure is formed during this period, it will be difficult for significant negative supply - side factors to appear in the later oil market. If inventory accumulates more than expected from August to September, combined with the concentrated listing of European rapeseed and potential downward pressure on the crude oil side, palm oil may not reflect potential positive factors in the fourth quarter prematurely and may still have room for correction. However, be vigilant about the positive sentiment caused by earlier - than - expected inventory reduction due to lower - than - expected production from August to September [3][4] - The soybean - palm oil price spread does not have the driving force to return to parity this year. Continuously pay attention to opportunities to go long on palm oil at low levels [4] Soybean Oil - In mid - to - late July, multiple major producing areas in the US Midwest received good rainfall, which is conducive to the improvement of yield expectations. Before the release of the USDA August report, if there is no more positive progress in Sino - US trade negotiations, CBOT soybeans will maintain a weak fluctuation. Only positive news from Sino - US trade negotiations can drive the rebound of US soybeans [4] - The weak domestic situation of soybean oil has been reversed by a large number of recent export orders. Oil mills' crushing operations are maintained at a very high level. Although domestic apparent demand and提货 are poor, oil mills actively export after finding export trade profits. If this trend continues, it is expected to drive the Chinese soybean - palm oil price spread closer to the international spread [4] - If US soybeans for the October shipment have not been actually purchased, there is still some upward space for the monthly spread and Brazilian premiums, and the prices of oil tanks may be underestimated, which may benefit soybean oil [4] - After the high - production period of palm oil in the third - quarter end, if Sino - US trade issues lead to a soybean import gap, there may be potential upward themes for Brazilian premiums, and there may be opportunities to go long on soybean oil and narrow the spread between rapeseed oil and soybean oil [4] Overall View - As the last window for the release of palm oil supply pressure, if the production increase in August fails to form effective price pressure, it will be difficult for significant negative supply - side factors to appear later. Be vigilant about the positive sentiment caused by earlier - than - expected inventory reduction due to lower - than - expected production in Malaysia and Indonesia from July to August [5] - The soybean - palm oil price spread does not have the driving force to return to parity this year. Continuously pay attention to opportunities to go long on palm oil at low levels [5] - The current driving factors for soybean oil are US soybean weather, the sustainability of soybean oil exports, and the results of Sino - US trade negotiations. After the high - production period of palm oil in the third - quarter end, if Sino - US trade issues lead to a soybean import gap, there may be potential upward themes for Brazilian premiums, and there may be opportunities to go long on soybean oil and narrow the spread between rapeseed oil and soybean oil. Currently, the soybean sector lacks its own effective driving force and mainly follows the trend of the oil sector, and the soybean - palm oil price spread fluctuates in a range with a slightly upward trend [5] Disk Basic Market Data Price and Volume Data - Palm oil main contract: opened at 8,918 yuan/ton, reached a high of 9,076 yuan/ton, a low of 8,746 yuan/ton, and closed at 8,980 yuan/ton, up 0.79%. The trading volume was 2,637,135 lots, a decrease of 70,357 lots, and the open interest was 305,714 lots, a decrease of 88,427 lots [7] - Soybean oil main contract: opened at 8,274 yuan/ton, reached a high of 8,486 yuan/ton, a low of 8,210 yuan/ton, and closed at 8,388 yuan/ton, up 1.52%. The trading volume was 2,707,492 lots, an increase of 5,182 lots, and the open interest was 642,331 lots, an increase of 142,575 lots [7] - Rapeseed oil main contract: opened at 9,516 yuan/ton, reached a high of 9,672 yuan/ton, a low of 9,442 yuan/ton, and closed at 9,574 yuan/ton, up 0.52%. The trading volume was 3,475,013 lots, a decrease of 133,717 lots, and the open interest was 140,480 lots, a decrease of 48,633 lots [7] - Malaysian palm oil main contract: opened at 4,180 ringgit/ton, reached a high of 4,304 ringgit/ton, a low of 4,159 ringgit/ton, and closed at 4,254 ringgit/ton, up 0.21% [7] - CBOT soybean oil main contract: opened at 53.89 cents/pound, reached a high of 54.55 cents/pound, a low of 52.29 cents/pound, and closed at 52.43 cents/pound, down 2.73% [7] Spread Data - Rapeseed - soybean 09 spread: closed at 1,174 yuan/ton this week, down 6.08% from last week [7] - Soybean - palm 09 spread: closed at - 580 yuan/ton this week, up 8.81% from last week [7] - Palm oil 9 - 1 spread: remained unchanged at - 20 yuan/ton [7] - Soybean oil 9 - 1 spread: closed at 12 yuan/ton this week, down 75.00% from last week [7] - Rapeseed oil 9 - 1 spread: closed at 13 yuan/ton this week, down 77.59% from last week [7] Warehouse Receipt Data - Palm oil warehouse receipts: remained unchanged at 570 lots [7] - Soybean oil warehouse receipts: increased by 17,370 lots to 20,370 lots [7] - Rapeseed oil warehouse receipts: remained unchanged at 3,487 lots [7]

Group 1: Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: June 25, 2025 [1] Group 2: Core Views on Oils Palm Oil - Production in the origin is expected to increase month-on-month, and the seasonal production increase is approaching, increasing the supply expectation. Although the domestic port inventory is currently at a low level, with the weakening of the origin's quotation, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted price difference between soybean oil and palm oil, there is no incremental consumption, and the inventory is expected to increase and needs to find consumption by further narrowing the price difference [3]. Soybean Oil - On the supply side, as the purchased ships arrive at the port, the pressure is approaching, and the expected oil mill crushing is also rising. However, on the consumption side, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. In the future, under the expectation of a double increase in the supply of palm oil and soybean oil, the price difference between soybean oil and palm oil may be repaired in the far - month to compete for market share [3]. Rapeseed Oil - Recently, due to the expected improvement in China - Canada relations, the premium of the market's policy - based trading has been hit. On the actual supply side, as the previously purchased rapeseed has arrived at the port, the coastal rapeseed inventory is gradually decreasing. The current supply of rapeseed oil is at a phased peak, and the expected marginal reduction speed will accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the price difference between rapeseed oil and soybean oil is always in an unfavorable range for rapeseed oil consumption, suppressing consumption. Rapeseed oil consumption also remains at the rigid - demand level. There is currently high - inventory pressure, but policy uncertainty provides support for the far - month [3]. Group 3: Oil Price Spreads Month - to - Month and Variety - to - Variety Spreads - P 1 - 5 is 114 yuan/ton, down 14; P 5 - 9 is - 118 yuan/ton, up 22; P 9 - 1 is 4 yuan/ton, down 8; Y - P 01 is - 424 yuan/ton, up 26; Y - P 05 is - 602 yuan/ton, up 48; Y - P 09 is - 376 yuan/ton, up 18; Y 1 - 5 is 292 yuan/ton, down 36; Y 5 - 9 is - 344 yuan/ton, up 52; Y 9 - 1 is 52 yuan/ton, down 16; Y/M 01 is 2.5735, down 1.86%; Y/M 05 is 2.7688, down 1.39%; Y/M 09 is 2.6177, down 2.17%; OI 1 - 5 is 168 yuan/ton, down 9; OI 5 - 9 is - 262 yuan/ton, up 2; OI 9 - 1 is 94 yuan/ton, up 7; OI/RM 01 is 3.9924, down 1.45%; OI/RM 05 is 3.92, down 1.14%; OI/RM 09 is 3.5958, down 1.72% [4] Group 4: Palm Oil Price Information - Palm oil 01 is 8338 yuan/ton, up 0.19%; Palm oil 05 is 8230 yuan/ton, up 0.27%; Palm oil 09 is 8344 yuan/ton, up 0.22%; BMD palm oil main contract is 3991 ringgit/ton, up 0.2%; Guangzhou 24 - degree palm oil is 8460 yuan/ton, down 20; Guangzhou 24 - degree basis is 154 yuan/ton, up 54; POGO is 382.072 US dollars/ton, down 1.168; International soybean oil - palm oil is 49.91 US dollars/ton, up 22.5 [6] Group 5: Soybean Oil Price Information - Soybean oil 01 is 7938 yuan/ton, down 1.27%; Soybean oil 05 is 7626 yuan/ton, down 0.87%; Soybean oil 09 is 7984 yuan/ton, down 1.45%; CBOT soybean oil main contract is 52.66 cents/pound, down 1.83%; Shandong first - grade soybean oil spot is 8080 yuan/ton, down 20; Shandong first - grade soybean oil basis is 150 yuan/ton, up 16; BOHO (weekly) is 66.472 US dollars/barrel, down 10.7912; Domestic first - grade soybean oil - 24 - degree palm oil is - 320 yuan/ton, down 20 [12] Group 6: Oilseeds Market Analysis Imported Soybeans - In terms of purchases, the appreciation of the Brazilian real has strengthened the Brazilian quotation. Commercial purchases are concentrated in near - month Brazil, Argentina, and next - year Brazil. As it gradually enters the fourth - quarter purchase cycle, the purchase progress is slower than the same period last year. In terms of arrivals, 11.5 million tons are expected in July and 9.5 million tons in August. The supply in the third quarter is still abundant, and the supply gap in the fourth quarter depends on China - US relations [15]. Domestic Soybean Meal - The supply - side pressure is still the main factor suppressing the spot price. As the soybean meal 07 contract gradually enters the delivery month, the spot pressure will continue to be reflected in the near - month futures through warehouse receipt registration, which is expected to lead to a weak performance of the soybean meal 09 contract. The supply of soybean raw materials is relatively abundant, the oil mill operating rate is rising, and the crushing volume is increasing month - on - month. Some regions are starting to urge提货. On the demand side, the previous soybean meal pickup was good, and the middle and downstream are mainly executing previous contracts. However, from the actual downstream physical inventory, soybean meal has not been transferred to the end - users, and the apparent consumption is mainly concentrated in middle - stream traders. Therefore, the basis and spot prices are expected to remain under pressure [15]. Rapeseed Meal - The inventory reduction of rapeseed meal is still slow, and the downstream generally lacks cost - effectiveness in adding rapeseed meal. Recently, there has been news about the WTO establishing a panel to investigate the China - Canada tariff issue, and the market has repeatedly priced this information with little elasticity. The subsequent logic will mainly follow soybean meal, and its own market is expected to be weak [15] Group 7: Oilseeds Futures Prices - Soybean meal 01 closes at 3030, down 39, - 1.27%; Soybean meal 05 closes at 2723, down 24, - 0.87%; Soybean meal 09 closes at 2993, down 44, - 1.45%; Rapeseed meal 01 closes at 2327, down 47, - 1.98%; Rapeseed meal 05 closes at 2343, down 32, - 1.35%; Rapeseed meal 09 closes at 2588, down 74, - 2.78%; CBOT yellow soybeans close at 1037, unchanged, 0% [16] Group 8: Oilseeds Price Spreads Bean and Rapeseed Meal Spreads - M01 - 05 is 322, up 2; RM01 - 05 is - 1, up 6; M05 - 09 is - 290, down 6; RM05 - 09 is - 287, down 15; M09 - 01 is - 32, up 4; RM09 - 01 is 288, up 9; The spot price of soybean meal in Rizhao is 2880, down 20; The basis of soybean meal in Rizhao is - 137, down 20; The spot price of rapeseed meal in Fujian is 2617, down 2; The basis of rapeseed meal in Fujian is - 45, down 7; The spot price difference between soybean meal and rapeseed meal is 283, down 18; The futures price difference between soybean meal and rapeseed meal is 375, down 5 [18]

Report Overview - Report Date: June 11, 2025 [1] - Report Author: Xu Liang [2] - Reviewer: Tang Yun [2] Industry Investment Rating - No information provided on the industry investment rating. Core Views Fats and Oils - **Palm Oil**: Production in the producing regions is expected to increase month-on-month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently low, as the origin quotation weakens, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted soybean-palm oil price difference, incremental consumption is not forthcoming, and inventory is expected to increase. The price difference between soybean oil and palm oil needs to be further reduced to stimulate consumption [3]. - **Soybean Oil**: As the purchased ships arrive at ports, supply pressure is approaching, and the expected oil mill crushing volume will increase accordingly. However, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. With the expected increase in the supply of both palm oil and soybean oil, the price difference between soybean oil and palm oil may be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: Recently, the expected improvement in China - Canada relations has hit the premium of the market's policy - expected trading. The current supply is at a phased peak, and the marginal decline rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the price difference between rapeseed oil and soybean oil has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. High inventory exerts pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian soybean premiums are firm, the domestic market has strengthened following the international market, and the far - month crushing profit has slightly weakened. China's soybean imports in May were 13.918 million tons; from January to May, imports were 37.108 million tons, a 0.7% decline from the same period last year. Forecasts for June, July, and August are 11 million tons, 11.5 million tons, and 9.5 million tons respectively. Supply in the second and third quarters remains abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Under the expectation of China - US talks, the domestic soybean meal market has strengthened. Currently, the soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will put pressure on soybean meal prices. On the demand side, downstream enterprises mainly execute previous contracts, and the enthusiasm for restocking is low, keeping the basis weak [15]. - **Rapeseed Meal**: In June, there is still pressure on the spot supply, downstream demand is lower than expected, and inventory reduction is difficult. Although there are some gaps in the far - month supply, the rigid demand is limited. The market performance is weak, and future attention should be paid to China - Canada trade relations [15]. Key Data Summaries Fats and Oils - **Price Differences**: P 1 - 5 is 82 yuan/ton with a daily decrease of 10 yuan/ton; Y - P 01 is - 382 yuan/ton with a daily increase of 46 yuan/ton, etc [4]. - **Palm Oil Prices**: Palm oil 01 is 7954 yuan/ton with a decline of 1.56%; BMD palm oil main contract is 3868 ringgit/ton with an increase of 0.1% [7]. - **Soybean Oil Prices**: Soybean oil 01 is 7644 yuan/ton with a decline of 0.13%; CBOT soybean oil main contract is 47.77 cents/pound with an increase of 0.76% [12]. Oilseeds - **Futures Prices**: Bean meal 01 is 3064 with a decline of 4 and a decline rate of 0.13%; Rapeseed meal 01 is 2349 with a decline of 7 and a decline rate of 0.3% [16][18]. - **Price Differences**: M01 - 05 is 336 with a daily increase of 4; RM01 - 05 is - 15 with a daily decrease of 6 [19].

欢迎加入交易理想国知识星球 文 | 田亚雄 来源 | CFC商品策略研究 编辑 | 杨兰 审核 | 浦电路交易员 来源:路孚特，中信建投期货绘制（通常豆棕价差存在季节性转强的窗口期：4月中-6月初） 过往支持着棕榈油的多头叙事： 1、树龄结构老化；2、成熟面积边际收缩；3、病虫害持续扰动（疥虫）；4、洪水限制铲果效率。 目前新增的多头逻辑讨论： 1、印尼强势表态支持B40，并有望在5年内逐步逼近B50；2、印尼精炼产能大幅增加，以至于新建罐容 囤积的安全生产库存大幅削弱400万吨国内库存压力；3、印尼部分头部种植园股权变更或影响园区管理效率，并限制产出。 在远景观察中，在"展望印尼可持续棕榈油领导地位"商业圆桌会议上，印尼农业部副部长强调，棕榈油产业贡献全国GDP的3.5%， 直接创造420万个就业岗位，并通过供应链支撑1600万人生活。当前印尼棕榈油年产量4600万吨（内需2000万吨，出口2600万 吨），但面临小农认证困难、环境可持续性等挑战。为实现2045年1亿吨毛棕榈油（CPO）的宏伟目标，政府推出三大战略：一是强 化监管协同，包括与林业部优化土地治理，推行B50生物柴油强制政策；二是提升上游生产力 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the short - term, the domestic futures market's soybean oil prices are expected to remain weak initially and then strengthen in the second quarter. The price of US soybean oil may rise due to biofuel policies, which could drive up the domestic palm oil price, and the domestic soybean - palm oil price spread is expected to remain inverted until the second half of Q2 [4]. - The international soybean oil market's raw material supply in Q2 and Q3 mainly comes from Brazilian soybeans, so the impact of US soybeans on domestic supply will be felt in Q4 and Q1 of 2026. The shift in the global soybean trade flow may increase China's soybean import costs. The upward trend in US soybean oil's domestic demand will offset the impact of the decline in US soybean exports, supporting the international oil price [59]. - In the domestic market, with the arrival of a large number of Brazilian soybeans starting in April, the domestic soybean supply will be sufficient from Q2 to Q3. The soybean oil supply will remain abundant even after the increase in soybean crushing, and the demand has not been significantly boosted. The soybean - palm oil spot price spread is expected to remain inverted until the arrival of more palm oil reduces its price [59]. 3. Summary by Relevant Catalogs 3.1行情回顾 (Market Review) - In Q1, the domestic and international soybean oil markets showed different trends. Domestically, soybean oil was relatively firm compared to palm oil at the beginning but was the weakest among the three major oils later due to the accelerated Brazilian soybean harvest and high expected arrivals in Q2. Internationally, US soybean oil prices were weak initially due to pessimistic biofuel policy expectations and then rebounded due to policy changes [7]. 3.2国际市场 (International Market) 3.2.1大豆产量 (Soybean Production) - As of March 29, Brazil's soybean harvest progress reached 81.4%, better than the same period last year and the five - year average. The 2024/25 production is expected to be 167 million tons, a 13.3% year - on - year increase [11]. - The USDA's March planting intention report shows that US farmers plan to plant 83.495 million acres of soybeans in 2025/26, less than in 2024. The Q1 2025 soybean inventory in the US is at the highest level in the past three years [16]. 3.2.2大豆压榨 (Soybean Crushing) - Due to the expiration of the BTC biodiesel tax credit subsidy and the non - implementation of the new 45Z subsidy, US biodiesel production declined, and the soybean oil price dropped, leading to a low soybean crushing profit in Q1 [23]. 3.2.3豆油出口 (Soybean Oil Exports) - Due to the long - term inversion of the international soybean - palm oil price spread, the exports of North and South American soybean oil improved significantly. As of March 27, US soybean oil exports reached 660,000 tons this year, compared with only 35,000 tons in the same period last year. Argentina's soybean oil exports have also been at a high level since Q4 last year, mainly exported to India [31]. 3.2.4生柴 (Biodiesel) - After Trump took office, the RINs price dropped, and biodiesel producers faced losses. However, with the policy change, the RINs price rose, and biodiesel production became profitable, stabilizing the soybean oil price [36]. - Due to pessimistic policy expectations and low blending profits, the use of soybean oil in biodiesel decreased, and its proportion was lower than other raw materials for the first time. The production of BD and RD in January 2025 also decreased significantly [40]. - The market expects the EPA to raise the 2026 biodiesel RVO obligation to 55 - 575 million gallons, creating a raw material demand increase of about 8 - 9 million tons. However, US tariff policies will lead to a raw material shortage of about 6 million tons [43]. 3.2.5生物柴油 (Biodiesel) - The 45Z subsidy model mainly targets domestic producers. In extreme cases, about 2 - 3 million tons of imported canola oil and about 2 - 3 million tons of UCO may be replaced. The new policy and tariffs will create a raw material shortage of 9 - 10 million tons. If all are replaced by soybean oil, an additional 50 million tons of soybean crushing is needed, but the US soybean crushing capacity is insufficient [47]. 3.3国内市场 (Domestic Market) 3.3.1近端到港偏低，远月到港充足 (Low Immediate Arrivals, Sufficient Distant - Month Arrivals) - Due to low arrivals in Q1, the domestic soybean inventory has declined and is approaching a turning point. With the good harvest of Brazilian soybeans, the arrivals from April to May are expected to be earlier and larger, and the supply from Q2 to Q3 is expected to be sufficient [50]. 3.3.2逐步去库，但供应仍宽松 (Gradual De - stocking, but Supply Remains Loose) - The three major domestic oils are in the process of de - stocking. Palm oil inventory is relatively tight, rapeseed oil is relatively loose, and soybean oil inventory is around the historical average. With the arrival of a large number of soybeans and the increase in the crushing rate, soybean oil inventory is expected to start increasing at the end of April, but the process may be slow [53]. 3.3.3对棕榈油替代明显，但消费总量一般 (Obvious Substitution for Palm Oil, but General Consumption Volume) - Soybean oil has significantly substituted palm oil, but due to limited population growth and domestic consumption downgrade, the total vegetable oil consumption has little increase. In Q2, soybean oil consumption is expected to improve, and the substitution for palm oil in the catering sector will be more obvious, with the apparent demand increasing by about 100,000 - 200,000 tons per month compared to last year [57]. 3.4二季度观点汇总 (Summary of Second - Quarter Views) 3.4.1国际市场 (International Market) - Raw material side: In Q2 and Q3, the supply mainly comes from Brazilian soybeans, so the impact of US soybeans on domestic supply will be felt in Q4 and Q1 of 2026. The change in the global soybean trade flow may increase China's soybean import costs [59]. - Demand side: The export demand for US soybean oil will be affected, but the increase in domestic demand due to policy changes will offset the impact of the decline in exports, supporting the international oil price [59]. 3.4.2国内市场 (Domestic Market) - Raw material side: Starting from April, the arrival of a large number of Brazilian soybeans will make the domestic soybean supply sufficient from Q2 to Q3. The supply shortage caused by US soybeans may appear after the supply center shifts from Brazil to the US, which will be more obvious in the 01 contract [59]. - Demand side: The domestic soybean oil inventory is not tight, and the supply will remain abundant after the increase in soybean crushing. The demand has not been significantly boosted, and the soybean - palm oil spot price spread is expected to remain inverted until the arrival of more palm oil reduces its price [59]. 3.4.3策略建议 (Strategy Recommendations) - It is expected that the price spread of the 09 contract of soybean - palm oil will remain inverted in the second quarter and may approach parity in the third quarter. It is recommended to implement strategies to widen the spread of the 09 and 01 contracts of soybean - palm oil and the 9 - 1 reverse spread strategy. - For single - side trading, pay attention to the support of palm oil prices. In the short - term, it is recommended to short at high prices, and long positions in the 01 contract can be considered at the end of the second quarter.