1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The short - term upward trend of palm oil slows down due to inventory accumulation in Malaysia, but the medium - to - long - term trend continues. In the producing areas, the MPOB reported a 0.73% decrease in September palm oil production, a 7.69% increase in exports, and a 7.2% increase in inventory in Malaysia. From January to August, Indonesia's cumulative exports of crude and refined palm oil increased by 13.56% year - on - year, and the reference price of crude palm oil in October was raised to $963.61 per ton. In July, the consumption of US soybean oil in the biodiesel sector was 1.108 billion pounds, and about 9% of Brazil's soybeans were sown. In China, downstream replenishment after the holiday led to good spot sales of soybean oil, but the supply of soybean oil is expected to increase as oil mills resume operations. During the long holiday, 8 new palm oil cargoes were purchased for October - December [7]. - As of September 1, the old - crop soybean inventory in the US decreased by 8% year - on - year, and the biodiesel consumption of soybean oil continued to increase. However, the lack of improvement in US soybean exports to China and the fast - paced sowing in Brazil suppressed the trend of US soybeans. In the short term, CBOT soybeans will continue to fluctuate around 1000. The MPOB report had a negative impact as the decrease in Malaysia's September palm oil production was less than expected, exports increased, and the ending inventory increased more than expected. Indonesia's palm oil exports increased significantly from January to August, the implementation of B40 is progressing well, and the implementation of B50 in the second half of 2026 will drive further growth in palm oil consumption. With strong demand, Indonesia's palm oil inventory remains at a low level. India imported 833,000 tons of palm oil in September, and the absolute volume is still high. After Argentina cancelled the export tax on soy products, which caused a correction in global palm oil prices, China and India made purchases at low prices. It is highly likely that the exports from the producing areas will remain strong in October. Overall, there are both positive and negative factors in the short term in the producing areas, but there is still support in the medium - to - long - term [7]. - In terms of operations, the inventory accumulation in Malaysia and the strong demand in Indonesia are in a game. The upward trend of palm oil at home and abroad is under pressure in the short term, but the medium - to - long - term trend remains unchanged. Ordinary investors should continue to hold long positions in palm oil at low levels and cautiously go long on dips in the medium - to - long - term. Enterprises with low inventory are advised to establish virtual positions by buying call options [8]. 3. Summary by Directory 3.1 Market Review - In September, CBOT soybeans and soybean oil fluctuated weakly, with support levels at 1000 and 50 respectively. Malaysian palm oil fluctuated slightly downward in September, and recovered the previous decline at the beginning of October and approached the previous high again. In China, the trends of soybean oil, palm oil, and rapeseed oil diverged in September. In early October, soybean oil and palm oil made up for the previous decline [10]. 3.2 Fundamental Analysis 3.2.1 Recent Policy Review of Soybean - Related Producing Areas - Argentina temporarily cancelled the export tax on grains and by - products (including soybeans, soybean oil, and soybean meal) from September 22 to October 31 or until the export volume reached $7 billion. The previous export tariffs on soybeans and derivatives were 26% and 24.5% respectively. Due to the sales reaching the $7 - billion limit on September 24, Argentina resumed the export tax [14]. - The US government shutdown led to the suspension of some USDA reports. Brazil's antitrust agency CADE voted to suspend the "soybean ban" agreement, which has been followed by grain traders for nearly two decades [15]. 3.2.2 Soybean Harvest and Sowing Progress - As of the week ending September 28, the US soybean harvest progress was 19%, compared with 9% in the previous week, 24% in the same period last year, and a five - year average of 20%. The good - to - excellent rate was 62%, compared with 61% in the previous week and 64% in the same period last year [16]. - As of October 4, the soybean sowing rate in Brazil was 8.2% according to CONAB, 9.15% according to Patria Agronegocios, and 9% according to AgRural as of October 2. The sowing progress is faster than the same period last year [18]. 3.2.3 US Soybean Quarterly Inventory - As of September 1, 2025, the total inventory of old - crop soybeans in the US was 316 million bushels, a year - on - year decrease of 8%. Among them, the on - farm inventory was 91.5 billion bushels, a year - on - year decrease of 18%, and the off - farm inventory was 225 million bushels, a year - on - year decrease of 3%. The soybean consumption was 691 million bushels, a year - on - year increase of 10% [19]. 3.2.4 US Soybean Crushing and Biodiesel Consumption - In August 2025, the US soybean crushing volume was 189.81 million bushels, the highest in the same period over the years. The biodiesel consumption of soybean oil continued to increase. In July, 1.108 billion pounds of US soybean oil were consumed in the biodiesel sector [22][24]. 3.2.5 Brazilian Soybean Premium - In September, the premium of Brazilian soybeans was in the high - level range of 180 - 210 cents per bushel [25]. 3.2.6 Malaysian Palm Oil Inventory - In September, Malaysia's palm oil production was 1.84 million tons, a month - on - month decrease of 0.73%; exports were 1.43 million tons, a month - on - month increase of 7.69%; imports were 80,000 tons, a month - on - month increase of 33.95%; and inventory was 2.36 million tons, a month - on - month increase of 7.2% [27]. 3.2.7 Indonesian Palm Oil Inventory and Export - In July, Indonesia's palm oil inventory was 2.53 million tons. From January to August 2025, Indonesia exported 16.2 million metric tons of crude and refined palm oil, a year - on - year increase of 13.56%. In August, the palm oil export volume reached 2.56 million tons [30][34]. - Indonesia plans to implement B50 in the second half of 2026 after completing laboratory tests in August and will conduct road tests. The annual allocation of B50 is 20.1 million kiloliters, higher than 15.6 million kiloliters of B40. The Indonesian government is also considering setting a mandatory standard of 10% for bio - ethanol in gasoline [35]. - Indonesia set the reference price of crude palm oil in October at $963.61 per ton, higher than $954.71 per ton in September. The export tax on crude palm oil in October will remain at $124 per ton, and a 10% special tax is also levied on palm oil [36]. 3.2.8 Indian Palm Oil Import - In September, India imported 833,000 tons of palm oil, a month - on - month decrease of 15.9%, the lowest in the past five months; imported 505,000 tons of soybean oil, a month - on - month increase of 37.3%, the highest since July 2022; imported 272,000 tons of sunflower oil, a month - on - month increase of 5.8%, the highest in eight months; and the total edible oil import was 1.61 million tons, a month - on - month decrease of 0.7%. India also raised the reference import prices of vegetable oils [37]. 3.2.9 Canadian Rapeseed and Ukrainian Export Policy - Canada's rapeseed production forecast for the 2025/26 season is about 20.028 million tons, with an export forecast of 7 million tons and an ending inventory forecast of 2.5 million tons. Ukraine has approved a tax - exemption mechanism for rapeseed and soybean exports [39]. 3.2.10 Domestic Oilseed Crushing Profit - In September, the domestic situation was better than that in the producing areas. The spot and futures crushing profits of imported rapeseed continued to expand. As of early October, they reached over 1200 and 1000 respectively. There were some new purchase orders in China, and the import profit of palm oil for the October - December shipment was inverted by less than 100 [41]. 3.2.11 Domestic Oil and Oilseed Import - From January to August, China imported 73.312 million tons of soybeans, a year - on - year increase of 4%; 1.59 million tons of palm oil, a year - on - year decrease of 13.8%; 190,000 tons of soybean oil, a year - on - year decrease of 8.6%; 1.45 million tons of rapeseed oil, a year - on - year increase of 24.1%; and 2.3306 million tons of rapeseeds, a year - on - year decrease of 31.94% [44]. 3.2.12 Domestic Oil Mill Operation and Inventory - During the National Day holiday in September, the oil mill crushing rate decreased slightly but remained at a relatively high level. The total soybean crushing volume in September was 9.54 million tons, lower than 10.33 million tons in August. As of September 26, the soybean inventory in oil mills was 7.12 million tons, a month - on - month increase of 370,000 tons and a year - on - year increase of 14% [50]. - Due to the shortage of rapeseed raw materials, the crushing rate of rapeseed oil mills continued to decline in September, with the weekly crushing volume dropping to a minimum of 20,000 tons and the monthly crushing volume about 170,000 tons, lower than 220,000 tons in August [54]. - As of early October, the soybean oil inventory was stable at around 1.25 million tons, the rapeseed oil inventory decreased rapidly to around 600,000 tons, the palm oil inventory dropped to 580,000 tons, a decrease of 85,000 tons from the previous high, and the total inventory of the three major oils was 2.34 million tons, compared with 1.98 million tons in the same period last year [57]. 3.2.13 Domestic Oil Spot Price and Transaction - In September, the spot prices of oils showed a divergent trend. Soybean oil and palm oil prices first rose and then fell, with an overall decline, while the rapeseed oil price increased. As of September 30, the price of soybean oil was 8348 yuan per ton, a 2.55% decrease from the end of last month; the price of palm oil was 9140 yuan per ton, a 2.59% decrease from the end of last month; and the price of rapeseed oil was 10544 yuan per ton, a 3.80% increase from the end of last month [62]. - In September, the spot trading volume of soybean oil decreased significantly, while palm oil had a small amount of pre - holiday replenishment. The trading volume of soybean oil was 338,600 tons, compared with 754,400 tons in the previous month; the trading volume of palm oil was 34,592 tons, compared with 19,029 tons in the previous month; and the trading volume of rapeseed oil was 20,000 tons, compared with 3000 tons in the previous month [64]. 3.3 Spread Tracking - No specific content provided in the given text for detailed summary, only the section title "4.1 Basis Spread" is shown [72].