Core Viewpoint - The domestic oilseed and oil futures market experienced a decline on August 15, with significant drops in prices for various commodities, particularly canola meal, which fell over 3% [1] Price Movements - Canola meal futures dropped by 3.34% to 2550.00 CNY/ton - Canola oil futures decreased by 1.79% to 9746.00 CNY/ton - Soybean meal futures fell by 1.17% to 3127.00 CNY/ton - Peanut futures declined by 1.16% to 7840.00 CNY/ton [1] Futures Market Data - The opening and closing prices for various contracts on August 15 are as follows: - Soybean oil: Opened at 8500.00 CNY, closed at 8550.00 CNY - Palm oil: Opened at 9382.00 CNY, closed at 9450.00 CNY - Canola oil: Opened at 9820.00 CNY, closed at 9924.00 CNY - Soybean meal: Opened at 3150.00 CNY, closed at 3164.00 CNY - Canola meal: Opened at 2599.00 CNY, closed at 2638.00 CNY - Peanut: Opened at 7880.00 CNY, closed at 7932.00 CNY [2] Warehouse Receipt Data - As of August 14, warehouse receipts for soybean oil decreased by 5200 contracts to 16970 contracts - Palm oil warehouse receipts remained unchanged at 1420 contracts - Canola oil warehouse receipts were stable at 3487 contracts [3] Additional Warehouse Data - Soybean meal warehouse receipts increased by 2000 contracts to 10925 contracts - Canola meal warehouse receipts remained unchanged at 9821 contracts - Warehouse receipts for soybean one decreased by 63 contracts to 12802 contracts - Warehouse receipts for soybean two remained unchanged at 2900 contracts [4] Basis Data - As of August 14, several contracts exhibited a 'backwardation' phenomenon where spot prices exceeded futures prices: - Canola oil: Spot price 9956.67 CNY, futures price 9924 CNY, basis 32 CNY - Canola meal: Spot price 2646.67 CNY, futures price 2638 CNY, basis 8 CNY - Soybean one: Spot price 4300 CNY, futures price 4071 CNY, basis 229 CNY - Soybean oil: Spot price 8598 CNY, futures price 8550 CNY, basis 48 CNY [5][6]

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: With both supply and demand booming in the producing areas, a low - buying strategy is recommended [2]. - Soybean oil: Bullish factors have been fully priced in, and there may be a correction at high levels [2]. - Soybean meal: US soybeans have risen and then fallen, and the Dalian soybean meal futures will adjust and fluctuate [2]. - Soybean No.1: The futures price will fluctuate [2]. - Corn: It will move in a fluctuating manner [2]. - Sugar: It will consolidate within a range [2]. - Eggs: The price will adjust in a fluctuating way [2]. - Live pigs: Second - fattening has entered the market, but the spot performance is below expectations [2]. - Peanuts: The near - term contracts are stronger than the far - term ones [2]. Summary by Related Catalogs 1. Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's daytime closing price was 9,294 yuan/ton with a decline of 1.38%, and the night - session closing price was 9,386 yuan/ton with an increase of 0.99%. Soybean oil's daytime closing price was 8,540 yuan/ton with a decline of 0.61%, and the night - session closing price was 8,512 yuan/ton with a decline of 0.33% [5]. - **Macro and Industry News**: India's palm oil imports in July were 855,695 tons, down from 955,683 tons in June. The total vegetable oil imports in July were 1,579,041 tons, up from 1,549,825 tons in June. ICE Canadian canola futures closed down 0.8%, and CBOT soybean futures fell 1.5% due to profit - taking and export concerns. CONAB and ABIOVE both raised their forecasts for Brazil's 2024/25 soybean production and exports [6][8]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [9]. 2. Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2511's daytime closing price was 4,041 yuan/ton with a decline of 1.13%, and the night - session closing price was 4,049 yuan/ton with a decline of 0.54%. DCE soybean meal 2601's daytime closing price was 3,157 yuan/ton with an increase of 0.38%, and the night - session closing price was 3,140 yuan/ton with a decline of 0.76% [10]. - **Macro and Industry News**: On August 14, CBOT soybean futures fell from a six - week high due to profit - taking and export concerns. The US Department of Agriculture's weekly export sales report showed a significant reduction in 2024/25 US soybean net sales [10][12]. - **Trend Intensity**: The trend intensity of soybean meal and soybean No.1 is 0 [12]. 3. Corn - **Fundamental Data**: The closing price of C2509 was 2,281 yuan/ton with a 0.35% increase during the day and 2,279 yuan/ton with a 0.09% decline at night. The closing price of C2511 was 2,202 yuan/ton with a 0.05% decline during the day and 2,197 yuan/ton with a 0.23% decline at night [13]. - **Macro and Industry News**: Northern corn port collection prices were stable, while prices in Northeast and North China were weak. Imported sorghum and barley had different price quotes for different shipment periods [14]. - **Trend Intensity**: The trend intensity of corn is 0 [15]. 4. Sugar - **Fundamental Data**: The raw sugar price was 16.58 cents/pound with a 0.27 - cent decline. The mainstream spot price was 5,990 yuan/ton with a 10 - yuan increase. The futures主力 price was 5,659 yuan/ton with a 2 - yuan increase [16]. - **Macro and Industry News**: Brazil's sugar production needs to be re - estimated, and India's monsoon rainfall has weakened. China imported 420,000 tons of sugar in June. CAOC made production, consumption, and import forecasts for the 24/25 and 25/26 domestic sugar seasons. ISO estimated a global sugar supply shortage of 547 million tons in the 24/25 season [16][17][18]. - **Trend Intensity**: The trend intensity of sugar is 0 [19]. 5. Eggs - **Fundamental Data**: The closing price of egg 2509 was 3,191 yuan/500 kilograms with a 3.01% decline, and the closing price of egg 2601 was 3,578 yuan/500 kilograms with a 0.11% decline [20]. - **Trend Intensity**: The trend intensity of eggs is 0 [20]. 6. Live Pigs - **Fundamental Data**: The Henan spot price was 13,930 yuan/ton, the Sichuan spot price was 13,550 yuan/ton, and the Guangdong spot price was 15,190 yuan/ton. The prices of futures contracts such as live pig 2509, 2511, and 2601 all showed year - on - year declines [23]. - **Trend Intensity**: The trend intensity of live pigs is - 1 [24]. - **Market Logic**: In August, the planned slaughter volume of group farms increased, while散户 were forced to hold back pigs. Demand growth was limited, and market pressure was high. The September contract is approaching the delivery month, and the industrial willingness to deliver is increasing. There is a pattern of weak reality and strong expectation, and the spread structure maintains an inverse spread [25]. 7. Peanuts - **Fundamental Data**: The prices of important spot peanuts such as Liaoning 308 common peanuts remained unchanged. The closing price of PK510 was 8,058 yuan/ton with a 1.03% decline, and the closing price of PK511 was 7,884 yuan/ton with a 1.40% decline [27]. - **Spot Market Focus**: New peanuts have been gradually coming onto the market in small quantities in some areas, with uneven quality and small supply. Most areas' prices are stable or slightly weak [28]. - **Trend Intensity**: The trend intensity of peanuts is 0 [31].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum will focus on key industry issues, providing a platform for experts to discuss solutions and explore new development paths for stable operations in the face of market changes [1] Group 1: Forum Overview - The forum will feature two sub-forums: one on agricultural products (oilseeds) and another on industrial products (polyester), addressing themes related to trade changes and international competitiveness [1] - Experts from various associations and companies will present on topics such as global supply and demand analysis, market risks, and the role of futures markets in enhancing industry resilience [2] Group 2: Agricultural Products Forum Insights - The agricultural forum will cover critical topics including global vegetable oil supply and demand, the biodiesel market, and the domestic peanut market's risks and responses [2][3] - The futures market is seen as a tool for precise pricing and risk management, helping companies navigate challenges posed by geopolitical factors and supply chain disruptions [3] Group 3: Industrial Products Forum Insights - The industrial forum will discuss the evolution of the global aromatics supply chain and the outlook for polyester supply and demand [2] - The use of futures and derivative tools is emphasized for managing production costs and enhancing competitiveness in global trade [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are expected to continue to rise in the short - term, potentially approaching 4500 ringgit, with a chance of briefly breaking through and reaching 4580 - 4600 ringgit. However, due to potential production growth and export slowdown in the second half of the month, there is a risk of a pull - back. The overall view is near - term strength and long - term weakness. Domestically, Dalian palm oil futures have the potential to continue rising after breaking through 9500 yuan, possibly reaching 10,000 yuan. It is crucial to monitor whether they can effectively stay above 9500 yuan [3]. - **Soybean Oil**: China's decision to impose a 75.8% anti - dumping tariff on Canadian rapeseed from August 15 will increase the demand for other oilseeds and vegetable oils. The USDA monthly report has lowered the forecast for US soybean production and ending stocks, which will boost the prices of CBOT soybeans and soybean oil in the short term, and also support the price of Dalian soybean oil. The continuation of Sino - US tariffs until early November makes the fourth - quarter soybean import volume uncertain. The main January contract may face resistance at 8700 yuan, and if it fails to break through, a technical correction may occur [4]. - **Oilseeds (Bean and Rapeseed Meal)**: The US Department of Agriculture's report unexpectedly lowered the US soybean planting area, reducing the new - season production forecast and benefiting South American soybean exports. The preliminary anti - dumping ruling on Canadian rapeseed has led to a limit - up in rapeseed meal futures, also boosting the price of soybean meal futures. Short - term attention should be paid to whether the main contract of Dalian soybean meal can reach the resistance range of 3180 - 3200 yuan/ton [16]. 3. Summary by Relevant Catalogs 3.1 Oil Price Spreads - **Inter - monthly and Inter - variety Spreads of Oils**: The report provides price spreads and their daily changes for various oil contracts, such as P 1 - 5, Y - P 01, etc. For example, P 1 - 5 is 318 yuan/ton with a daily increase of 66 yuan, and Y - P 01 is - 920 yuan/ton with a daily decrease of 122 yuan [5]. 3.2 Palm Oil Spot and Futures Prices - **Palm Oil Futures and Spot Prices**: Palm oil futures prices for different contracts (01, 05, 09) have increased, with the 01 contract at 9490 yuan/ton (up 1%), the 05 contract at 9170 yuan/ton (up 1.01%), and the 09 contract at 9424 yuan/ton (up 0.66%). The BMD palm oil main contract is at 4459 ringgit/ton (up 1.29%). The spot price of 24 - degree palm oil in Guangzhou is 9470 yuan/ton, and the basis is - 42 yuan/ton [7]. 3.3 Soybean Oil Spot and Futures Prices - **Soybean Oil Futures and Spot Prices**: Soybean oil futures prices for different contracts (01, 05, 09) have also increased, with the 01 contract at 8576 yuan/ton (up 2.33%), the 05 contract at 8118 yuan/ton (up 1.89%), and the 09 contract at 8592 yuan/ton (up 2.24%). The CBOT soybean oil main contract is at 53.07 cents/pound (up 0.11%). The spot price of first - grade soybean oil in Shandong is 8640 yuan/ton, and the basis is - 6 yuan/ton [13]. 3.4 Oilseed Futures Prices - **Bean and Rapeseed Meal Futures Prices**: Futures prices of bean and rapeseed meal have generally increased. For example, the bean meal 01 contract is at 3163 yuan/ton (up 2.33%), and the rapeseed meal 01 contract is at 2688 yuan/ton (up 4.92%). The price of CBOT yellow soybeans remains unchanged at 1032.25, and the offshore RMB exchange rate is 7.1852 (down 0.12%) [16]. 3.5 Bean and Rapeseed Meal Spreads - **Bean and Rapeseed Meal Price Spreads**: The report provides price spreads and their daily changes for different contracts of bean and rapeseed meal, such as M01 - 05, RM01 - 05, etc. For example, M01 - 05 is 294 yuan with a daily increase of 4 yuan, and RM01 - 05 is 100 yuan with a daily increase of 52 yuan [17].

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: August 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Fats and Oils - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are oscillating around 4,250 ringgit, awaiting the MPOB report on Monday and August export data. If it effectively holds above 4,250 ringgit and export data is positive, there's an upward trend; otherwise, it may decline to around 4,000 ringgit in the long - term. Domestically, Dalian palm oil futures are oscillating between 8,900 - 9,000 yuan, waiting for Malaysian palm oil trends. If it gets support, it may stabilize; otherwise, it could fall to 8,500 - 8,600 yuan. If Malaysian palm oil holds above 4,250 ringgit and export data is positive, Dalian palm oil may rise [3]. - **Soybean Oil**: Last weekend, the total domestic factory soybean oil inventory increased by 13,000 tons. According to historical data, inventory is nearing its peak and will soon decrease due to increased demand. Spot basis quotes will fluctuate narrowly in the short - term and are expected to rise in the long - term [4]. Oilseeds - **Soybean Meal**: Spot prices from oil mills are mostly stable, while traders' quotes fluctuated. Domestic soybean meal inventory has been declining, reaching 1.04 million tons in Week 32, a decrease of 31,000 tons from the previous week, a 2.87% drop. In the short - term, near - month contracts are restricted by supply pressure, with prices ranging from 2,900 - 3,150 yuan/ton [16]. Data Summaries Fats and Oils - **Inter - month and Inter - variety Spreads**: Various spreads such as P 1 - 5, Y - P 01 are provided, with price changes detailed in the table [5]. - **Palm Oil Spot and Futures Prices**: Palm oil futures prices for different contracts (01, 05, 09) have different price levels and percentage changes. BMD palm oil and Guangzhou 24 - degree palm oil prices are also given, along with relevant basis and spreads [7]. - **Soybean Oil Spot and Futures Prices**: Soybean oil futures prices for different contracts (01, 05, 09) and CBOT soybean oil prices are provided, along with Shandong first - grade soybean oil spot price and basis [13]. Oilseeds - **Oilseed Futures Prices**: Futures prices of soybean meal (01, 05, 09), rapeseed meal (01, 05, 09), CBOT soybeans, and the offshore RMB exchange rate are presented, along with their price changes and percentage changes [17]. - **Soybean Meal and Rapeseed Meal Spreads**: Inter - month spreads of soybean meal and rapeseed meal, as well as spot and futures spreads between soybean meal and rapeseed meal, are given [18][20].

Summary of Conference Call Records Industry Overview - The conference call discusses the oilseed and fats market, particularly focusing on the impacts of U.S.-China tariff negotiations on global agricultural markets, especially soybeans and palm oil [1][3][4]. Key Points and Arguments 1. **Market Conditions**: - COMEX and LME inventory pressures are increasing, which may lead to the elimination of price differentials between the two exchanges. Oil and gold prices are experiencing low volatility, indicating potential trading opportunities under external shocks [1][2]. 2. **Impact of Tariffs**: - Post U.S.-China tariff negotiations, extreme risks have not escalated, but retaliatory policies continue to affect global agricultural markets. North American soybean supply is decreasing while overseas palm oil prices are rising, making the fourth quarter's domestic soybean supply-demand balance critical [1][3]. 3. **Soybean Supply and Demand**: - The expectation of a bumper crop in South America is suppressing prices, while domestic soybean meal faces inventory pressure and tight expectations for the fourth quarter. Current enterprise inventories have exceeded one million tons, limiting the upward price movement of soybean meal [1][4]. 4. **U.S. Soybean Production**: - The new season's U.S. soybean yield is at a record level of 52.5 bushels per acre, up 4% from the previous year, despite a 4% reduction in planting area. However, due to tariff uncertainties, U.S. soybean exports are significantly lagging, with the latest annual export forecast at 47 million tons, which is below expectations and may be further downgraded [5][7]. 5. **China's Soybean Imports**: - China is expected to import approximately 59.8 million tons of soybeans from May to September 2025, an increase from 55 million tons in 2024. This increment will provide inventory buffer for the fourth quarter. If no U.S. soybeans are imported in the fourth quarter, a gap of about 2.5 million tons may arise, but it can be managed through tight balance due to Brazilian export potential and domestic stocks [1][13]. 6. **Palm Oil Market Dynamics**: - Palm oil prices have recently surged due to better-than-expected Malaysian inventory data and increased exports. The key to the global palm oil price recovery lies in the restoration of Indonesian inventories, with the B40 biodiesel policy in Indonesia expected to support domestic consumption [1][16][17]. 7. **Future Trends in Oilseed Market**: - The oilseed market is influenced by various factors, including the increase in U.S. biofuel blending ratios and the seasonal impact of weather changes. These factors will collectively determine the future direction of the oilseed market [6]. 8. **Competition from South America**: - Brazil's record soybean production and exports have intensified competition for U.S. soybeans, with Brazil exporting 69 million tons from March to July 2025, a 6% increase year-on-year. This situation raises concerns about the U.S. export outlook [9][12]. 9. **Domestic Consumption Challenges**: - Despite U.S. policies to boost domestic consumption through biofuels, the loss of Chinese demand creates a significant gap that cannot be fully compensated. The EPA's increase in biodiesel blending ratios is not sufficient to offset the lost demand from China [9][12]. 10. **Market Sentiment**: - The soybean meal market is experiencing increased trading volume and price expectations, reflecting strong market sentiment for future price increases. The outcome of U.S.-China trade relations will significantly impact market dynamics [11][12]. Additional Important Insights - The potential for large-scale imports of Argentine soybean meal remains uncertain due to possible impacts on the domestic crushing industry, necessitating ongoing monitoring of policy changes [14]. - The competitive pricing of Argentine soybean meal and Brazilian soybeans poses challenges for U.S. exports, with Argentine soybean meal priced at approximately 2,880 yuan per ton, making it more competitive than domestic prices [15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The strong pattern of oils is difficult to change in the short - term due to factors such as the low inventory of oils in the same period over the years, the expected increase in US biodiesel demand, and the potential insufficiency of palm oil production increase in Southeast Asia. However, the upside space is limited by factors like the annual - level oil production increase expectation, high near - term palm oil production, and uncertain RVO rules. Palm oil is expected to be range - bound, with a possible upward trend in the fourth quarter due to Indonesia's B50 policy [11]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In July, rapeseed oil fluctuated, while palm oil and soybean oil rose. The net long positions of foreign capital in the three major oils oscillated near historical highs. Malaysian palm oil may have slightly increased its inventory in July due to rising production and declining exports. Ex - market rapeseed prices entered a range - bound pattern after a high - level correction. The spread between soybean oil and palm oil widened [11]. - **International Oils**: The USDA July report estimated an increase of about 1.5 million tons in US industrial demand for soybean oil in the 2025/2026 season. Canadian rapeseed farmers' shipments decreased, and the contact between China and Australia on rapeseed trade pressured rapeseed prices. India may start a replenishment process, supporting palm oil export demand [11]. - **Domestic Oils**: In July, soybean oil had good sales, while palm oil sales were weak. The total domestic oil inventory was about 400,000 tons higher than last year. In the next two months, soybean crushing volume will decline slightly, palm oil export willingness will increase, and rapeseed oil will gradually reduce its inventory [11]. - **Viewpoint Summary**: Fundamentally, factors such as the US biodiesel policy draft, low inventory of vegetable oils in India and Southeast Asia, and the expectation of Indonesia's B50 policy support the oil price center. Palm oil prices are expected to be range - bound in the short - term and may rise in the fourth quarter, but the upside is limited [11]. - **Trading Strategy**: For single - side trading, the market is expected to be range - bound. No specific arbitrage strategy is recommended [13]. 2. Futures and Spot Market - Multiple charts are provided to show the basis of palm oil, soybean oil, and rapeseed oil futures contracts, including the basis of different contracts and the seasonal basis, which helps analyze the relationship between futures and spot prices [18][21][24][27] 3. Supply Side - **Palm Oil Production and Export**: Charts show the monthly production and export of Malaysian and Indonesian palm oil, as well as the weekly arrival and port inventory of soybeans, and the monthly import of rapeseed and rapeseed oil [30][31][32][33] - **Palm - growing Region Weather**: Charts display the weighted precipitation in Indonesian and Malaysian palm - growing regions, as well as the NINO 3.4 index and the impact of La Nina on global climate, which may affect palm oil production [35][37] 4. Profit and Inventory - **Overall Inventory**: Charts show the total inventory of the three major domestic oils and the inventory of Indian imported vegetable oils [43] - **Individual Oil Inventory and Profit**: Charts present the import profit and commercial inventory of palm oil, the spot crushing profit and main oil mill inventory of soybean oil, the spot average crushing profit of rapeseed and the commercial inventory of rapeseed oil in East China, and the inventory of Malaysian and Indonesian palm oil [46][48][49][51] 5. Cost Side - **Palm Oil Cost**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [54] - **Rapeseed and Rapeseed Oil Cost**: Charts display the CNF import price of rapeseed oil and the import cost price of rapeseed [57] 6. Demand Side - **Oils Transaction**: Charts show the cumulative transaction volume of palm oil and soybean oil in the crop year [60] - **Biodiesel Profit**: Charts present the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil), which reflect the profit situation of biodiesel [62]

油脂油料产业日报 2025/08/08 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

| 公司官方微信 | | --- | | 中原期货研究咨询部 0371-58620081 0371-58620083 | 1 中原期货研究咨询部 晨会纪要 2025 第（143）期 发布日期：2025-08-07 公司官方微信 中原期货研究咨询部 | 化工 | 主力合约 | 2025/8/7 | 2025/8/6 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,223.50 | 1,221.00 | 2.50 | 0.205 | | | 焦炭 | 1,647.50 | 1,644.50 | 3.0 | 0.182 | | | 天然橡胶 | 15,430.00 | 15.495.00 | -65.0 | -0.419 | | | 20号胶 | 12,280.00 | 12,320.00 | -40.0 | -0.325 | | | 塑料 | 7,305.00 | 7,321.00 | -16.0 | -0.219 | | | 聚丙烯PP | 7,072.00 | 7,078.00 | ...

Group 1: Industry Investment Rating - No information provided Group 2: Core Views of the Report Palm Oil - International market: Malaysian BMD crude palm oil futures are under pressure from production growth, oscillating around the annual line of 4,250 ringgit. Attention should be paid to whether it can effectively stand above 4,250 ringgit for upward movement; otherwise, it may fall below the annual - line support and decline to 4,000 ringgit [3]. - Domestic market: Dalian palm oil futures are in high - level consolidation, influenced by the adjustment of Malaysian palm oil. They are expected to consolidate around 9,000 yuan. Attention should be paid to whether it can stand above 9,000 yuan, as well as the gains and losses near the 20 - day moving average and whether Malaysian palm oil can stand above 4,250 ringgit [3]. Soybean Oil - Factory sales have improved recently as some market participants are bullish. Although the factory's soybean oil inventory is still increasing, terminal demand is expected to improve due to the start of universities and Mid - Autumn Festival stocking, so the inventory may decrease in the second half of the month. Soybean oil has a price advantage over palm oil and rapeseed oil, which supports the basis quote, and the basis quote is bullish in the long - term [4]. Bean Meal - Argentina's bean meal purchases have limited impact on the market. Due to the tight supply expected in the fourth quarter, oil mills are accelerating South American purchases, pushing up the premiums in Brazil and Argentina. The price of the Lianbo 09 contract will end in oscillation, while the upward momentum of the Lianbo 01 contract is stable, with attention on the resistance at 3,100 yuan. Spot prices are expected to range between 2,900 - 3,150 yuan/ton in the short term [15]. Group 3: Summary by Relevant Catalogs Fats and Oils Month - to - Month and Variety - to - Variety Spreads - P 1 - 5 is 212 yuan/ton, up 18; Y - P 01 is - 724 yuan/ton, down 106; other spreads are also presented in the table [5]. Palm Oil Futures and Spot Prices - Palm oil 01 is 8,986 yuan/ton, down 0.64%; BMD palm oil main contract is 4,249 ringgit/ton, down 0.96%; other prices and spreads are also provided [6]. Soybean Oil Futures and Spot Prices - Soybean oil 01 is 8,380 yuan/ton, up 0.23%; CBOT soybean oil main contract is 53.38 cents/pound, down 1.18%; other prices and spreads are also given [11]. Oilseeds Futures Prices - Bean meal 01 closes at 3,072, up 7 (0.23%); bean meal 05 closes at 2,762, up 11 (0.4%); other futures prices are also listed [16]. Bean and Rapeseed Meal Spreads - M01 - 05 is 310, down 4; RM01 - 05 is 61, up 9; other spreads are also presented [17].