行业 油脂 日期 2026 年 2 月 25 日 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 东莞菜油报价：5-6 月三菜 05+300、一菜 05+500。华东市场豆油基差价格： 一豆：现货：Y05+380；一口 ...

研究所 农产品研发报告 油脂日报 2026 年 02 月 24 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/24 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 2605收盘价 各品种地区现货价 | | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8140 | 86 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8540 | | | | 8620 | 8440 | | 480 | 0 | 400 | 20 | 300 | 20 | | 棕榈油 | 8824 | 126 | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8774 | | | | 8764 ...

据马来西亚独立检验机构AmSpec，马来西亚2月1-15日棕榈油出口量为587431吨，较上月同期出口的 690642吨减少14.9%。 ...

据外媒报道，印尼棕榈油生产商协会（GAPKI）表示，2026年上半年棕榈油价格预计在每吨4100至4400林吉特区 间波动，随后因供应增加而趋于温和。GAPKI官员Fadhil在吉隆坡行业会议上表示："2026年下半年，由于通常下 半年季节性收成增加，以及来自豆油、葵花籽油的竞争，棕榈油价格预计将降至4000至4300林吉特的区间。"他称， 印尼毛棕榈油产量在2025年增长8%至5198万吨后，预计今年将再增长2%至3%。Fadhil谈及政府没收其宣称非法经 营的油棕种植园时表示："尽管政府进行干预，2025年产量仍实现增长。希望在2026年，即便政府持续介入棕榈油 行业，情况依然如此。"印尼去年棕榈油出口量为3211万吨，同比增长8.7%；2025年底印尼棕榈油库存为266万吨。 USDA将阿根廷2025/2026年度大豆产量预期维持此前的4850万吨不变，市场预期为4838万吨；将巴西2025/2026年 度大豆产量预期从此前的1.78亿吨上调至1.8亿吨，市场预期为1.7939亿吨。 油脂日报 | 2026-02-12 USDA报告发布，巴西大豆产量创新高 油脂观点 市场分析 期货方面，昨日收盘棕榈油2 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the market trends of various agricultural products including soybean oil, rapeseed oil, palm oil, soybeans, soybean meal, rapeseed meal, corn, corn starch, soybeans, live pigs, and eggs, and provides corresponding operation suggestions based on supply - demand fundamentals, policy expectations, and price trends [3][4][5]. - For most products, it is recommended to consider the market situation before and after the Spring Festival, such as waiting for opportunities to go long after the festival for some products, and adopting a wait - and - see or short - term operation strategy before the festival [3][4][5]. Summary by Directory Part I: Sector Strategy Recommendations 1. Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 05 | Pre - holiday stocking is ending, and the market is expected to improve after the holiday. Domestic soybean supply is sufficient. | 4300 - 4310 | 4550 - 4600 | Oscillate strongly | Lightly go long | | | Soybean No.2 05 | Pre - holiday stocking is over. The US soybean market is expected to improve, driving up the domestic soybean market. | 3400 - 3420 | 3550 - 3580 | Oscillate strongly | Wait and see | | Oils | Soybean oil 05 | The US biodiesel policy is expected to be favorable, and the prices of US soybeans and soybean oil are strong. China's soybean oil inventory is low. | 7950 - 8000 | 8560 - 8600 | Stabilize and oscillate | Go long when stabilizing | | | Rapeseed oil 05 | Limited contradictions before the holiday. | 8800 - 8810 | 9390 - 9400 | Oscillate | Wait and see | | | Palm oil 05 | MPOB report is positive, but February's high - frequency data is weak. Supply - demand is supported in Q1. | 8860 - 8880 | 9370 - 9400 | Oscillate | Look for buying opportunities after the holiday | | Protein | Soybean meal 05 | Supply is sufficient, pre - holiday stocking is basically over. The US soybean price is expected to rise, which may boost domestic soybean prices. | 2650 - 2680 | 2800 - 2830 | Oscillate strongly | Lightly go long in the short - term | | | Rapeseed meal 05 | Limited fundamental drivers, driven up by the protein sector. | 2190 - 2200 | 2340 - 2350 | Oscillate | Wait and see or operate within a range | | Energy and By - products | Corn 05 | Spring Festival supply - demand mismatch provides support. Short - term price may oscillate strongly. | 2240 - 2250 | 2350 - 2380 | Oscillate strongly | Go long on dips | | | Corn starch 03 | Follow the cost of corn and oscillate strongly. | 2450 - 2460 | 2620 - 2640 | Oscillate strongly | Wait and see | | Livestock | Live pigs 03 | Feed prices stop falling and rebound, and the expectation of capacity reduction is strengthened. | 11000 - 11300 | 12500 - 12800 | Find the bottom through oscillation | Lightly go long | | | Eggs 05 | Newly - opened production decreases + consumption peak season expectation. | 3300 - 3400 | 3650 - 3700 | Find the bottom through oscillation | Wait and see | [10] 2. Commodity Arbitrage - For most cross - period and cross - variety arbitrage, it is recommended to wait and see, except for the 3 - 5 spread of corn, where it is recommended to sell short at high prices [11][12]. 3. Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including oilseeds, oils, protein, energy and by - products, and livestock [13]. Part II: Key Data Tracking Table 1. Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing margin is zero [15][16]. - **Weekly Data**: It shows the inventory changes and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil, as well as their operating rates [17][18]. 2. Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, including CNF prices and import duty - paid costs [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and sales progress data of corn and corn starch in deep - processing enterprises [19]. 3. Livestock - It provides the daily and weekly data of live pigs and eggs, including spot prices, price changes, and key market indicators such as production costs, profits, slaughter volume, and inventory [19][20][21][23]. Part III: Fundamental Tracking Charts - It includes a series of charts related to the livestock (live pigs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed (corn, corn starch, rapeseed, soybean meal) sectors to track the market fundamentals [24][25][26][27][28][29][30][31][32][33][34][37][39][40][41][42][45][46][47][48][49][50][51][53][55][56][57][58][59][61][63][64][65][66][68][70][72][73][75][77][79][81][83][88][91][92][93][96][97] Part IV: Options Situation of Feed, Livestock, and Oils - It provides charts related to the options of feed, livestock, and oils, including the historical volatility of various products and the trading volume, open interest, and put - call ratio of corn options [89][92][93][94][96][97] Part V: Warehouse Receipt Situation of Feed, Livestock, and Oils - It provides charts showing the warehouse receipt quantities of various products such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indices [98][99][101][103][105][106][107]

行业 油脂 日期 2026 年 2 月 12 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 | 6 87 | 前结算价 : | 开盘价 | 最高价 | 或低价 | | 收盘价 :涨跌: | 涨跌幅 : | 成交量 : | | 持企業 特企童变化: | ...

研究所 农产品研发报告 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8110 | 12 | 张家港 | 广东 | 天津 | 广东 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8490 | | | | 8590 | 8390 | 480 | | 0 | 380 | 0 | 280 | 0 | | 棕榈油 | 8906 | (34) | 广东 | 张家港 | 天津 | 广州 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8856 | | | | 8846 | 9006 | -50 | | 0 | -6 ...

南华期货油脂产业周报 ——春节在即资金避险离场，等待节后机会 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 2026年2月10日 第一章 核心矛盾及策略建议 1.1 核心矛盾 国内油脂市场受制于高供应压力和疲弱需求，缺乏利好，核心驱动依然在产地外盘市场，当前油脂的核 心矛盾主要依然为以下几点： 1、棕榈油产地库存压力和需求增长的博弈。虽然马来进入减产季，但库存当前仍处于七年高位，1月去 库预期目前兑现，产地压力预计进一步减轻；印尼2026年依然持续B40计划，B50目前看来实施难度较大，棕 榈油生物燃料需求端扩张有限；但一季度东南亚斋月公共假期及印度采购支撑产地报价，季节性减产期间产 地价格预计下方空间有限。 2、美国生物柴油政策最新消息称将维持现有提案，即对2026年的掺混要求达到56.1亿加仑，同时取消进 口原料惩罚限制，利好全球油脂市场，及加大拿菜籽，最终结果在3月有望公布，关注后续消息。 3、中加和谈目前较乐观，加菜籽进口有望维持15%进口税，叠加全球菜籽丰产，菜油支撑减弱，近期陆 续有菜籽买船信息传出 ...

油脂日报 2026 年 02 月 10 日 油脂日报 第一部分 数据分析 | | | | | | 银河期货油脂日报 | | | | | | 2026/2/10 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 油脂现货价格及基差 | | | | | | | | | 品种 | 2605收盘价 | 涨跌 | | 各品种地区现货价 | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8098 | (16) | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8478 | | | | 8578 | 8378 | | 480 | -20 | 380 | 0 | 280 | 0 | | 棕榈油 | 8940 | (74) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8890 | | | | 8880 | 9040 | ...

研究所 农产品研发报告 油脂日报 2026 年 02 月 09 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/9 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8114 | 12 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8494 | | | | 8614 | 8394 | | 500 | 0 | 380 | 0 | 280 | 0 | | 棕榈油 | 9014 | (12) | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8964 | | | | 8954 | ...