Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the three major oils stopped falling and rebounded. Foreign capital reduced short positions and increased long positions in the total holdings of the three major oils. Palm oil reduced short positions, and rapeseed oil reduced long positions. According to normal production levels and international demand in previous years, palm oil will enter a rapid de - stocking phase in the first quarter of next year. However, if the palm oil production in Southeast Asia remains high during the off - season of oil demand in the first quarter, the expected de - stocking may reverse. The data of Indonesia's production decline in September has strengthened the de - stocking expectation to some extent [11]. - In the domestic market, the spot basis of oils rose slightly this week, and the total inventory of domestic oils continued to decline. As the soybean crushing volume decreased due to the decline in arrivals, the output of soybean oil decreased, the inventory of rapeseed oil continued to decline due to less imports, and the inventory of palm oil remained stable due to low imports [11]. - The over - expected palm oil production in Malaysia and Indonesia suppresses the performance of the palm oil market, and the high - frequency export data has declined. The current situation of palm oil inventory accumulation due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high - yield cannot be sustained, the de - stocking time may come earlier. It is recommended to try the idea of buying on dips [11][12][13]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Overview**: The three major oils stopped falling and rebounded this week. Foreign capital adjusted its positions in the three major oils. In September, Indonesia exported 2.2 million tons of palm oil, with production and exports lower than previous periods. Rapeseed oil inventory continued to decline due to shortages of seeds at coastal oil mills, but imports from Russia and Australia filled some gaps. Soybean oil mainly followed the market fluctuations [11]. - **International Oils**: Based on normal production and demand levels, palm oil is expected to de - stock rapidly in the first quarter of next year. However, if the production in Southeast Asia remains high during the off - season, the de - stocking may not occur as expected. The decline in Indonesia's production in September has strengthened the de - stocking expectation [11]. - **Domestic Oils**: The spot basis of domestic oils rose slightly, and the total inventory continued to decline. The decline in soybean arrivals led to a decrease in soybean oil production, and the inventory of rapeseed oil decreased due to less imports, while the palm oil inventory remained stable [11]. - **Strategy Recommendation**: Due to the significant decline in Indonesia's production in September, it is recommended to try the idea of buying on dips [11][12][13]. 2. Futures and Spot Market - Multiple charts are provided to show the basis and basis seasonality of palm oil, soybean oil, and rapeseed oil futures contracts, including the basis between FOB palm oil in Malaysia and its futures contracts, and the basis of domestic palm oil, soybean oil, and rapeseed oil 01 contracts [18][20][22]. 3. Supply Side - **Malaysian Palm Oil Production and Exports**: Charts show the monthly production and export data of Malaysian palm oil from 2021 - 2025 [28]. - **Indonesian Palm Oil Production and Exports**: Charts show the monthly production and export data of Indonesian palm oil and palm kernel oil from 2021 - 2025 [29]. - **Supply of Other Oils**: Charts show the weekly arrival and port inventory of soybeans, monthly imports of rapeseed and rapeseed oil [30][32]. - **Weather in Palm - Producing Areas**: Charts show precipitation forecasts in Indonesian and Malaysian palm - producing areas, as well as the NINO 3.4 index and the impact of La Nina on global climate [34][35]. 4. Profit and Inventory - **Total Inventory of Three Major Oils**: Charts show the total inventory of domestic three major oils from 2021 - 2025 and the inventory of imported vegetable oils in India [41]. - **Profit and Inventory of Different Oils**: Charts show the import profit and commercial inventory of palm oil, the spot crushing profit and inventory of soybean oil, the spot crushing profit and commercial inventory of rapeseed oil, and the palm oil inventory in Malaysia and Indonesia [44][46][47]. 5. Cost Side - **Cost of Palm Oil**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [51][53]. - **Cost of Rapeseed and Rapeseed Oil**: Charts show the CNF import price of rapeseed oil and the import cost price of rapeseed [55]. 6. Demand Side - **Oil Transactions**: Charts show the cumulative transactions of palm oil and soybean oil in different crop years [58]. - **Biodiesel Profit**: Charts show the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil) [60].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - In the short - term, palm oil is expected to be strong due to concerns about production cuts caused by floods in Southeast Asia; rapeseed oil will fluctuate as Australian rapeseeds are arriving but need time for customs clearance and pressing; soybean oil will have narrow - range fluctuations due to ample supply and lack of driving forces [28]. - In the medium - to - long - term, palm oil prices are expected to stabilize and rebound after bottom - hunting, considering the upcoming seasonal production cut in the producing areas and the long - term support of Indonesia's biodiesel policy; the trend of rapeseed oil prices depends on China - Canada trade relations; the soybean - palm oil price spread has been repaired, and the cost center of soybean oil is expected to rise [29]. 3. Summary by Related Catalogs 3.1 Domestic Three Major Oils Spot Price Trends - From November 21 to 28, 2025, the futures closing price of palm oil (P2601) rose from 8550 to 8626, a weekly increase of 0.89%; the spot price fell from 8532 to 8518, a weekly decrease of 0.16% [4]. - The futures closing price of rapeseed oil (OI2601) dropped from 9816 to 9757, a weekly decrease of 0.60%; the spot price decreased from 10167 to 10145, a weekly decrease of 0.21% [4]. - The futures closing price of soybean oil (Y2601) increased from 8190 to 8244, a weekly increase of 0.66%; the spot price rose from 8392 to 8412, a weekly increase of 0.24% [4]. 3.2 Three Major Oils Basis Changes - As of November 27, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 188 yuan/ton (a decrease of 10 yuan/ton from the previous week), 373 yuan/ton (an increase of 12 yuan/ton from the previous week), and - 10 yuan/ton (a decrease of 40 yuan/ton from the previous week) respectively [7]. - As of November 28, 2025, the YP spread was - 382 yuan/ton (a decrease of 22 yuan/ton from the previous week) [7]. 3.3 Domestic Three Major Oils Inventory Trends - As of November 21, 2025, the rapeseed oil inventory in coastal areas was 2.45 million tons (an increase of 0.37 million tons from the previous week); the commercial inventory of palm oil mills was 66.71 million tons (an increase of 1.39 million tons from the previous week); the inventory of soybean oil in national oil mills was 117.99 million tons (an increase of 3.14 million tons from the previous week); the total inventory of the three major oils was 187.15 million tons (an increase of 4.9 million tons from the previous week) [10]. 3.4 Supply - side of Palm Oil - As of November 28, 2025, the import cost of 24 - degree palm oil was 8884 yuan/ton (an increase of 71 yuan/ton from the previous week) [13]. - As of November 28, 2025, the gross profit of 24 - degree palm oil against the market was - 224 yuan/ton (a decrease of 145 yuan/ton from the previous week) [13]. - SPPOMA data showed that the year - on - year increase in Malaysian palm oil production from November 1 - 25, 2025, narrowed to 5.49% [13]. 3.5 Supply - side of Soybean Oil - As of November 21, 2025, the soybean inventory in national ports was 942.50 million tons (a decrease of 50.1 million tons from the previous week), the soybean inventory in major national oil mills was 714.99 million tons (a decrease of 32.72 million tons from the previous week), and the oil mill operating rate was 59% (a decrease of 3% from the previous week) [16]. - As of November 28, 2025, the soybean crushing profit was - 533.20 yuan/ton (an increase of 40.15 yuan/ton from the previous week) [16]. 3.6 Supply - side of Rapeseed Oil - As of November 21, 2025, the total rapeseed inventory in oil mills was 0.1 million tons (a decrease of 0.15 million tons from the previous week) [19]. - As of November 28, 2025, the import rapeseed crushing profit was - 2414.40 yuan/ton (an increase of 39.2 yuan/ton from the previous week) [19]. 3.7 Demand - side - On November 27, 2025, the trading volume of palm oil in major oil mills was 3700 tons, the trading volume of first - grade soybean oil was 6300 tons, and the POGO spread was 375.99 US dollars/ton (an increase of 30.75 US dollars/ton from the previous week) [25]. - The predicted annual total consumption of rapeseed oil is 805 million tons [25]. 3.8 Fundamental Analysis of Three Major Oils - Policy: The Trump administration is considering extending the restrictions on imported raw materials and imported biodiesel. The US restructuring of the Energy Bureau and the abolition of renewable energy - related departments have limited the boost to the US biofuel policy. The market is concerned about the progress of China - Canada trade relations [26]. - Foreign factors: For US soybeans, the November USDA supply - demand report lowered the 2025/26 soybean yield per acre by 0.5 bushels to 53 bushels per acre, and the soybean production was also lowered to 4.253 billion bushels, lower than market expectations. Exports were unexpectedly lowered by 0.5 billion bushels, about 136 million tons. Since Tuesday, China has purchased at least 10 ships of US soybeans. Since late October, China has purchased about 3.5 million tons of US soybeans, about 30% of the 12 - million - ton purchase target [26]. For palm oil, SPPOMA data showed that the Malaysian palm oil production from November 1 - 25, 2025, increased by 5.49% compared with the same period last month. AmSpecAgri data showed that the export volume of Malaysian palm oil products from November 1 - 25, 2025, decreased by 16.4% compared with the previous month. The increase in production and decline in exports increased the expectation of inventory accumulation in Malaysia. Recent floods in Southeast Asia have raised concerns about the impact on Malaysian palm oil production [26]. - Import and crushing: The oil mill operating rate decreased by 3% from the previous week, and the soybean inventory decreased. The rapeseed inventory in oil mills was 0.1 million tons, a decrease of 0.15 million tons from the previous week [26]. - Inventory: As of November 14, 2025, the rapeseed oil inventory in coastal areas increased to 2.45 million tons; the commercial inventory of palm oil mills increased to 66.71 million tons; the inventory of soybean oil in national oil mills increased to 117.99 million tons [26]. - Spot: This week, the spot prices of oils showed mixed trends. The spot price of palm oil decreased by 0.16%, the spot price of rapeseed oil decreased by 0.21%, and the spot price of soybean oil increased by 0.24% [26].

油脂日报 | 2025-11-27 期货方面，昨日收盘棕榈油2601合约8440.00元/吨，环比变化+80元，幅度+0.96%；昨日收盘豆油2601合约8150.00 元/吨，环比变化+6.00元，幅度+0.07%；昨日收盘菜油2601合约9819.00元/吨，环比变化+1.00元，幅度+0.01%。现 货方面，广东地区棕榈油现货价8410.00元/吨，环比变化+40.00元，幅度+0.48%，现货基差P01+-30.00，环比变化 -40.00元；天津地区一级豆油现货价格8330.00元/吨，环比变化-20.00元/吨，幅度-0.24%，现货基差Y01+180.00， 环比变化-26.00元；江苏地区四级菜油现货价格10140.00元/吨，环比变化+0.00元，幅度+0.00%，现货基差 OI01+321.00，环比变化-1.00元。 近期市场咨询汇总：农业农村部发布农产品供需形势分析月报，国内市场：受国内油厂开工率提高，油菜籽进口 数量减少、成本增加等因素影响，预计国产油菜籽价格偏强运行。油厂采购花生按质论价，价格上涨。食用植物 油价格总体平稳，涨跌幅有限。国际市场：油菜籽阶段性供应宽松，出口贸易疲软， ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Malay palm oil has increasing production and decreasing exports, with significant pressure in the near term, and should be treated bearishly; rapeseed oil is expected to change the supply shortage situation due to the supply expectations of Australian rapeseed and imported crude rapeseed oil, and there may be a catch - up decline compared to the trend of last year [2] 3. Summary by Related Categories Spot Price - On November 26, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 8480, 8360, and 8290 respectively, with a decrease of 80 compared to November 25 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8320, 8460, and 8470 respectively, with a decrease of 50 compared to November 25 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10110, 10160, and 10360 respectively, with decreases of 80, 80, and 110 compared to November 25 [1] Futures Data - On November 26, 2025, the spread between the main soybean and palm oil contracts was - 290, a change of - 74; the spread between the main rapeseed and soybean oil contracts was 1669, a change of - 5 [1] - The palm oil warehouse receipts were 0, with no change; the soybean oil warehouse receipts were 24625, a decrease of 2596; the rapeseed oil warehouse receipts were 3968, a decrease of 3 [1] Production and Export - According to SPPOMA, from November 1 - 20, the yield per unit area of Malaysian palm oil increased by 10.32% compared to the same period last month [1] - According to ITS, from November 1 - 20, 1 - 15, and 1 - 10, the exports of Malaysian palm oil decreased by 20.5%, 15.5%, and 12.8% respectively compared to the same period last month; according to AmSpec, the corresponding decreases were 14%, 10%, and 10% [1] Inventory - As of November 14, the national palm oil commercial inventory was 65.32 tons, a week - on - week increase of 9.36%, at a high level in recent years [1] - As of November 14, the national soybean oil commercial inventory was 114.85 tons, a week - on - week decrease of 0.75% [2] - The expected rapeseed oil import volume in November is 22.6 tons, a month - on - month increase of 26.3%, due to the concentrated arrival of new - season rapeseed oil from Russia [2] US Soybean Forecast - The 2025/26 US soybean production is forecasted to be 4.266 billion bushels, with a yield per unit area of 53.1 bushels per acre and an ending inventory of 0.304 billion bushels; the export is forecasted to be 1.635 billion bushels, a decrease of 50 million bushels compared to the September forecast [1]

期货方面，昨日收盘棕榈油2601合约8360.00元/吨，环比变化-126元，幅度-1.48%；昨日收盘豆油2601合约8144.00 元/吨，环比变化-24.00元，幅度-0.29%；昨日收盘菜油2601合约9818.00元/吨，环比变化+40.00元，幅度+0.41%。 现货方面，广东地区棕榈油现货价8370.00元/吨，环比变化-80.00元，幅度-0.95%，现货基差P01+10.00，环比变化 +46.00元；天津地区一级豆油现货价格8350.00元/吨，环比变化-10.00元/吨，幅度-0.12%，现货基差Y01+206.00， 环比变化+14.00元；江苏地区四级菜油现货价格10140.00元/吨，环比变化+40.00元，幅度+0.40%，现货基差 OI01+322.00，环比变化+0.00元。 近期市场咨询汇总：11月25日，印尼北苏门答腊省官员表示，该省中塔帕努利地区正受到洪灾影响，从23日开始 的持续强降雨导致多个地点发生洪水和山体滑坡。该官员称，灾害已导致4人死亡。根据北苏门答腊灾害行动中心 收集的数据，分布在7个地区的1902个家庭受到洪灾影响。受灾居民正陆续被疏散到安全地点。印尼气象 ...

南华期货油脂产业周报 ——上行驱动不足，油脂维持偏弱震荡 陈晨（投资咨询资格证号：Z0022868） 联系邮箱：nhchenchen@nawaa.com 交易咨询业务资格：证监许可【2011】1290号 2025年11月25日 第一章 核心矛盾及策略建议 1.1 核心矛盾 近期油脂市场交易的重点来自于全球油脂的供需平衡问题，核心驱动主要在外盘市场，当前油脂的核心 矛盾主要为以下几点： 1、棕榈油产地库存压力能否被增长的需求所消化。11月高频数据显示马棕继续增产，产地供应压力未减，减 产季的到来似乎也已经遥遥无期。而印尼端B50计划不确定性仍存，需进一步政策指引，产地整体来看报价上 行动力不足。 2、美国生物柴油政策依然不明朗，EPA原定11月公布的最终确定美国生物燃料义务量目前延期，且当前美国 已经解散清洁能源部门，或更偏向于化石燃料的使用，政策提振作用存疑。中美贸易和谈进度目前较乐观提 振美豆，支撑豆油相对偏强，但美豆恢复购买后国内豆油供应压力或增加，成本支撑逻辑走完后或转化为供 应压力现实，且美豆出口好转，美国政府对生物燃料政策的力度有减弱可能，等待最终结果；但中加和谈目 前并不像中美和谈乐观，菜系后市供 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Recently, affected by factors such as biodiesel policies and bearish high - frequency data, the overall trend of edible oils has been weak. Although Malaysian palm oil is entering the production - reduction season and will gradually reduce inventory, the inventory is expected to remain at a relatively high level with a slow reduction speed. Indonesian inventory is continuously at a low level, and the origin quotes are stable with a slight increase. Short - term palm oil lacks continuous positive factors, and the rebound height may be limited. [4][31] - Currently, there is no prominent core contradiction in soybean oil. Its price mainly fluctuates with the overall trend of edible oils, showing weak upward momentum but more resistance to decline. [4][31] - In the short term, the domestic rapeseed supply is insufficient, and the import volume of rapeseed oil is also limited. The domestic rapeseed oil inventory is expected to continue to decline, which still provides some support for the rapeseed oil price. [4][31] Summary by Relevant Catalogs Part 1: Weekly Core Points Analysis and Strategy Recommendation International Market - **Malaysian Palm Oil**: SPPOMA predicts that the Malaysian palm oil production from November 1 - 20 increased by 10% month - on - month, significantly higher than the 4% increase in the first 15 days. ITS predicts that the Malaysian palm oil exports from November 1 - 20 decreased by 20% month - on - month, with a greater decline than the 16% decrease in the first 15 days. There is a possibility that the Malaysian palm oil inventory may increase instead of decrease in November. Malaysia set the reference price of palm oil in December at 4,206.38 ringgit, lower than 4,262 ringgit in November, with the tax rate remaining at 10%. [5][8] - **Indonesian Palm Oil**: The Indonesian government revised the calculation rule of CPO reference price and announced that the CPO export price in December is $926.14. The tax decreased from $124 to $74, a reduction of $50. Recently, the prices of fruit bunches and CPO tender in Indonesia have rebounded, currently lower than last year's level but still at a relatively high level in the same historical period. [13] - **US Market**: The market rumor that the EPA proposed a RVO target of 561 million gallons for next year led to a sharp rise in the external edible oil market. However, the final US biodiesel plan has not been finalized, and the market is still waiting. The US Department of Energy plans to revoke the Clean Energy Demonstration Office and the Energy Efficiency and Renewable Energy Office, and add the Hydrocarbon and Geothermal Energy Office and the Fusion Energy Office. It also plans to review and potentially withdraw about $13 billion in unallocated funds originally intended for subsidizing wind, solar, battery, and electric vehicle projects. The price difference between US and Argentine soybean oil has been continuously narrowing and is expected to remain at a low level. [17] Domestic Market - **Palm Oil**: As of November 14, 2025, the commercial inventory of palm oil in key national regions was 653,200 tons, a month - on - month increase of 55,900 tons or 9.36%. The origin quotes are stable, the import profit inversion has narrowed to around - 100, and it is rumored that there were 2 ship purchases this week. The basis is stable. Short - term palm oil lacks positive drivers, with limited downward and upward space. Consider short - term long positions on dips or high - selling and low - buying range operations. [20] - **Soybean Oil**: As of November 14, 2025, the commercial inventory of soybean oil in key national regions was 1.1485 million tons, a month - on - month decrease of 8,700 tons or 0.75%. The inventory has reached an inflection point, and the basis is stable. It is rumored that some US soybeans were purchased this week, accelerating the purchase progress. Spot trading is average, but提货 is good. It is expected that the soybean oil inventory will be difficult to increase. In the short term, the domestic soybean oil supply is sufficient, and it is expected to maintain a volatile trend. Temporarily observe, and consider lightly testing long positions after a callback and stabilization. [26] - **Rapeseed Oil**: As of November 14, 2025, the coastal rapeseed oil inventory was 430,000 tons, a month - on - month decrease of 25,000 tons. It is still at a high level in the same historical period, and the inventory is continuously decreasing. The FOB quote of European rapeseed oil is stable at around $1,100, and the import profit inversion has widened to around - 1,000. It is rumored that there was rapeseed oil import this week. The basis of rapeseed oil remains high, but the downstream acceptance is average. It is expected that the de - stocking trend along the coast will continue. Russia cancelled the price - reduction coefficient for food railway transportation, which is estimated to increase the transportation cost by about $10. In the short term, the overall edible oil has weak upward momentum. The domestic rapeseed oil fundamentals have not changed much. With insufficient rapeseed supply, high import costs, and continuous marginal de - stocking, there is still some support for the rapeseed oil price. Consider buying on dips for OI03 or 05 contracts when the rapeseed procurement is not fully liberalized. [29] Strategy Recommendation - **Unilateral Strategy**: Short - term edible oils lack positive drivers, but the downward space is limited. There may be a technical rebound, but the rebound height may also be limited. Consider short - term long positions on dips or high - selling and low - buying range operations. - **Arbitrage Strategy**: Observe. - **Option Strategy**: Observe. [33] Part 2: Weekly Data Tracking - **Malaysian Palm Oil Supply and Demand**: Data on monthly production, exports, and inventory of Malaysian palm oil are presented, showing trends over multiple years. [37][38] - **Indonesian Palm Oil Market**: Data on monthly production, exports, and inventory of Indonesian palm oil are provided, with historical comparison. [44] - **International Soybean Oil Market**: Data on NOPA US soybean crushing volume, NOPA US soybean oil monthly inventory, Brazilian soybean monthly crushing volume, Brazilian soybean oil monthly inventory, Argentine soybean monthly crushing, and Argentine soybean oil inventory are included. [46] - **Indian Edible Oil Supply and Demand**: Data on Indian edible oil monthly consumption, soybean oil monthly import, edible oil monthly import, and port inventory are shown. [47][48] - **Domestic Market Data**: Data on domestic rapeseed oil import profit, 24 - degree palm oil import profit, soybean oil supply and demand (including weekly crushing volume, consumption, and trading volume), palm oil supply and demand (including monthly import, monthly shipment, and weekly trading volume), rapeseed oil supply and demand (including weekly crushing volume, import volume, and monthly consumption), edible oil spot basis (including first - grade soybean oil, 24 - degree palm oil, and domestic third - grade rapeseed oil), and edible oil commercial inventory (including soybean oil, palm oil, rapeseed oil, and total edible oil) are presented. [57][60]

Core Viewpoint - The U.S. government's decision to delay the import biofuel subsidy reduction plan from 2026 to potentially 2027 or 2028 has caused significant market reactions, particularly affecting soybean farmers and the biofuel industry [1][3][34] Policy Reversal Impact - The Environmental Protection Agency (EPA) initially planned to halve the Renewable Identification Number (RIN) credits for imported biofuels starting January 2026, which would have reduced the competitive advantage of imported waste cooking oil, pushing refineries to buy more domestic soybean and canola oil [5][9] - The sudden policy change is primarily driven by concerns over rising fuel prices, as the biofuel industry heavily relies on imported raw materials [7][9] - The postponement of the subsidy reduction has led to a 2% drop in Chicago soybean oil futures, reflecting immediate market reactions [13][16] Market Reactions - The delay in policy implementation is expected to result in a reassessment of planting strategies among soybean farmers, as the attractiveness of soybeans compared to corn and cotton diminishes without policy support [15][22] - The U.S. biodiesel industry will continue to depend on imported waste oils and animal fats, easing competitive pressures on suppliers from the EU and Southeast Asia [16][22] Long-term Trends - The EPA's long-term goal remains to reduce import dependency and enhance domestic biofuel competitiveness, aligning with the "America First" energy policy [23][28] - Future biodiesel blending quotas are likely to increase, indicating a growing demand for biofuels despite the current policy delay [26][31] - The existing biodiesel production capacity significantly exceeds the proposed quotas, suggesting that large refineries may control output to stabilize RIN prices [31][33] Strategic Considerations - Investors should recognize that policy variables are critical in the oilseed market, often more influential than weather or inventory levels [28][30] - The interplay between energy transition, inflation pressures, and political maneuvering will continue to shape the market landscape for U.S. soybean farmers and related industries [34][36]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View - This week, the prices of vegetable oil futures rose first and then fell. The uncertainty of the US biodiesel policy and the decrease in palm - oil exports in Malaysia from November so far led to the decline of the international vegetable oil market, which in turn drove the overall decline of domestic vegetable oil futures prices. - For soybean oil, the uncertainty of the US biodiesel policy dampens market confidence. Domestic oil mills maintain a high operating rate, with sufficient supply, and the inventory is expected to remain high. - For rapeseed oil, the upcoming arrival of Australian rapeseeds weakens the market's concern about future supply. - For palm oil, both the international and domestic markets are in a situation of strong supply and weak demand, and the fundamentals lack positive support. It is expected that vegetable oil prices will be weak in the near future. [9][31] 3. Summary by Relevant Catalogs 3.1 Market Performance - This week, the soybean oil Y2601 contract fell 0.80% to close at 8,190 yuan/ton, the palm oil P2601 contract fell 1.09% to close at 8,550 yuan/ton, and the rapeseed oil OI2601 contract fell 1.08% to close at 9,816 yuan/ton. [5][30] 3.2 Important Information - **Palm Oil**: According to Malaysia's independent inspection agency AmSpec, Malaysia's palm - oil exports from November 1 - 20 were 828,680 tons, a 14.1% decrease from the same period last month. According to shipping survey agency SGS, Malaysia's palm - oil exports from November 1 - 20 are expected to be 471,222 tons, a 40.6% decrease from the same period last month. Malaysia's palm oil fell 1.38%. [7][30] - **Soybean Oil**: The International Grains Council lowered the global soybean production forecast for the 2025/26 season by 1.6 million tons to 426.4 million tons, a 0.6% decrease from the previous year, but still much higher than the recent average. Argentina's soybean production forecast was lowered to 47.8 million tons, China's to 20.9 million tons, and India's to 13.3 million tons. US soybeans rose 0.36% this week. [7][30] 3.3 Spot Analysis - As of November 21, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,440 yuan/ton, a decrease of 100 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [10] - As of November 21, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,470 yuan/ton, a decrease of 200 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [11] - As of November 21, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 10,160 yuan/ton, an increase of 60 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [13] 3.4 Other Data - As of November 19, 2025, the national soybean - oil inventory increased by 0.30 million tons to 1.373 million tons, and the national commercial palm - oil inventory increased by 6.60 million tons to 0.689 million tons. [17] - As of November 20, 2025, the port's imported soybean inventory was 8,170,220 tons. [19] - As of November 21, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 250 yuan/ton, a decrease of 66 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [21] - As of November 21, 2025, the basis of 24 - degree palm oil in Guangdong was - 80 yuan/ton, a decrease of 104 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [22] - As of November 21, 2025, the basis of rapeseed oil in Jiangsu was 344 yuan/ton, an increase of 23 yuan/ton from the previous trading day, and was at a relatively low level compared to the past 5 years. [24]

近一年中国豆油进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国豆油行业市场供需态势及发展前景研判报告》 根据中国海关数据显示：2025年10月中国豆油进口数量为2万吨，同比增长38.2%，进口金额为0.24亿美 元，同比增长60%。 ...