Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, domestic edible oils oscillated upwards driven by the overall strength of commodities. In the short - term, domestic edible oils may continue to oscillate strongly, but in the medium - to - long - term, the market remains in a pattern of strong supply and weak demand [8][29]. 3. Summary by Directory 3.1 Abstract - This week, the futures prices of edible oils oscillated upwards. The Y2509 soybean oil contract rose 2.18% to close at 8,160 yuan/ton, the P2509 palm oil contract rose 3.25% to close at 8,964 yuan/ton, and the OI2509 rapeseed oil contract rose 1.56% to close at 9,586 yuan/ton [5][28]. - In August, Malaysia's reference price for crude palm oil was 3,864.12 ringgit/ton (about 910.28 US dollars), up significantly from July, and the export tax will increase from 8.5% in July to 9%. The Malaysian palm oil rose 3.38% [6][28]. - In the 2024/25 season, Argentina's soybean production reached 49.9 million tons, a 3.5% increase from the previous year, and the planting area expanded by 7.7%. The US soybean rose 2.73% this week [7][29]. 3.2 Spot Analysis - As of July 18, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,300 yuan/ton, up 60 yuan/ton from the previous trading day, and it was at the average level compared with the past 5 years [9]. - As of July 18, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,970 yuan/ton, up 200 yuan/ton from the previous trading day, and it was at a relatively high level compared with the past 5 years [10]. - As of July 18, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,670 yuan/ton, up 100 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [11]. 3.3 Other Data - As of July 11, 2025, the national soybean oil inventory increased by 37,000 tons to 1.138 million tons. On July 16, 2025, the national commercial palm oil inventory increased by 21,000 tons to 545,000 tons [15]. - As of July 10, 2025, the port's imported soybean inventory was 6,475,410 tons [18]. - As of July 18, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 140 yuan/ton, down 28 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [19]. - As of July 18, 2025, the basis of 24 - degree palm oil in Guangdong was 6 yuan/ton, up 32 yuan/ton from the previous trading day, and it was at the average level compared with the past 5 years [20]. - As of July 18, 2025, the basis of rapeseed oil in Jiangsu was 84 yuan/ton, down 46 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [22]. 3.4 Comprehensive Analysis - This week, the futures prices of edible oils oscillated upwards. The futures prices of edible oils mostly follow external and capital fluctuations. Currently, the producing areas are in the seasonal production - increasing season, and Malaysia's palm oil inventory is likely to increase. However, Indonesia's demand for biodiesel is continuously improving, and the increase in palm oil inventory at a low level is expected to be slow. The soybean oil inventory is accumulating rapidly, and there is still room for further accumulation [28][29].

Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - Last week, the BMD Malaysian palm oil main contract rose 141 to close at 4,316 ringgit/ton, a 3.38% increase; the palm oil 09 contract rose 282 to close at 8,964 yuan/ton, a 3.25% increase; the soybean oil 09 contract rose 174 to close at 8,160 yuan/ton, a 2.18% increase; the rapeseed oil 09 contract rose 147 to close at 9,586 yuan/ton, a 1.56% increase; the CBOT US soybean oil main contract rose 2.01 to close at 55.58 cents/pound, a 3.75% increase; and the ICE canola active contract rose 15.9 to close at 698.9 Canadian dollars/ton, a 2.33% increase [3]. - The domestic oil and fat sector fluctuated and rose, with palm oil being the strongest, followed by soybean oil, and rapeseed oil having the smallest increase. In the biodiesel sector, Indonesia's B40 policy is being gradually implemented, and its domestic B50 plan is in the testing and research phase, expected to be fully implemented in January 2026, leading to high bullish sentiment among funds and a significant increase in palm oil prices. The implementation of the US biodiesel policy will exacerbate the tight supply expectation of US soybean oil, resulting in a relatively obvious increase, and the domestic market is driven by this, with soybean oil performing stronger than rapeseed oil [3][6]. - Macroscopically, the US retail and employment data are strong, the inflation data are generally moderate, the impact of tariffs has not been fully reflected, the expectation of an interest rate cut within the year has cooled, and the US dollar closed higher at a weekly low. In China, the policy expectation of eliminating backward production capacity boosts the bullish atmosphere, and commodity prices have generally increased. Fundamentally, it is currently the production - increasing season, with both supply and demand increasing. Indonesia's B40 policy is being implemented, increasing the demand for biodiesel, and the upcoming B50 policy will exacerbate the tight supply - demand pattern. The US's unexpected biodiesel target will also exacerbate the tight supply pattern of domestic soybean oil. Overall, palm oil may fluctuate strongly in the short term [3][10]. Summary by Directory Market Data - The report provides the price data of various oil and fat contracts on July 18 and July 11, including the CBOT soybean oil main contract, BMD Malaysian palm oil main contract, DCE palm oil, DCE soybean oil, CZCE rapeseed oil, etc., as well as their price changes and percentage changes [4]. Market Analysis and Outlook - The oil and fat sector fluctuated and rose last week, with palm oil being the strongest, followed by soybean oil, and rapeseed oil having the smallest increase. The implementation of Indonesia's biodiesel policies (B40 and the upcoming B50) and the US biodiesel policy are the main factors driving the price increases [6]. - From July 1 - 15, 2025, Malaysia's palm oil production increased by 17.06%, but its export volume decreased according to different survey agencies. The export tax of Malaysian palm oil in August will increase from 8.5% in July to 9% [7][8]. - As of July 16, Indonesia's biodiesel consumption this year has reached 7.42 million kiloliters. India's palm oil import volume in June increased by 60% month - on - month, while soybean oil imports decreased by 9.8% and sunflower oil imports increased by 17.8% [8]. Industry News - Indonesia expects its palm oil tax revenue this year to reach 30 trillion Indonesian rupiah (about $1.84 billion), and plans to replant 50,000 hectares of palm plantations this year, lower than the target of 180,000 hectares [11]. - According to a report, global palm oil prices are expected to rise by 33% by the end of 2025, reaching $1,200/ton, due to supply tightening in Indonesia and Malaysia and increased global demand driven by biodiesel policies [11]. - AI is being used in the Malaysian palm oil industry, improving the oil extraction rate by 0.1%, increasing the normal operation time of the factory by 5 - 10%, and reducing the dependence on manual labor by 45% [12]. - India aims to increase its domestic crude palm oil production from 350,000 tons to 2.3 million tons by 2029 and expand the planting area from 600,000 hectares to 1 million hectares next year [12]. - UOB Kay Hian analysts believe that Malaysia's palm oil exports may increase in July, production is expected to increase, and inventory may remain stable [13]. Related Charts - The report provides multiple charts showing the price trends of palm oil, soybean oil, and rapeseed oil in futures and spot markets, as well as the production, export, and inventory data of Malaysian and Indonesian palm oil, and the commercial inventory data of domestic three major oils [14][39][42]

Group 1 - The domestic palm oil futures market showed positive performance, with the main contract opening at 8800.00 CNY/ton and reaching a high of 8966.00 CNY, reflecting an increase of approximately 2.01% [1] - Malaysia's palm oil export volume decreased by 5.3% to 6.2% from July 1 to July 15 [1] - Shipping costs for palm oil from Malaysia or Indonesia to Rotterdam were reported at 70.9 USD/ton, a slight increase of 0.2 USD (0.28%) from the previous week [1] Group 2 - Indonesia plans to increase the mandatory biodiesel blending ratio from 35% to 40%, significantly boosting palm oil consumption for biodiesel [2] - The Malaysian Palm Oil Board (MPOB) raised the reference price for crude palm oil in August and increased the export tax from 8.5% to 9% [2] - Despite a decrease in palm oil exports from Malaysia in July, the low tariff window is expected to improve export performance in the future [2]

1. Report Industry Investment Rating Most of the industries in the report are rated as "oscillating", with the exception of the log industry which is rated as "oscillating weakly", and the sugar industry which is expected to "oscillate weakly" in the long - term and "oscillate" in the short - term [7][8][9][10][12][14][16][17][18]. 2. Core View of the Report The report analyzes multiple agricultural and related industries, finding that most industries are currently in an oscillating state. Some industries face supply - demand imbalances, such as the oversupply in the hog industry; others are affected by factors like weather, policies, and trade relations, such as the possible weather - related speculation in natural rubber and the impact of trade agreements on protein meal [1][7][8]. 3. Summary by Variety 3.1 Oils and Fats - **View**: Oscillating and differentiating, with soybean and rapeseed oils oscillating strongly yesterday. - **Logic**: Good growth of US soybeans, a decrease in US soybean oil inventory, an increase in the expected demand for soybean oil in biodiesel, and the Brazilian biodiesel blending ratio increase. However, there is also pressure from the increase in palm oil production and the high inventory of domestic rapeseed oil [7]. 3.2 Protein Meal - **View**: Due to the signing of the Sino - Australian trade memorandum of understanding, the double - meal oscillated and slightly declined. - **Logic**: Abroad, the growth of US soybeans is smooth, but the export prospects are worrying; Brazil's exports are still high. Domestically, the signing of the Sino - Australian memorandum implies new Australian seed imports, with supply pressure leading to weak spot prices, but concerns about Sino - US trade support the futures prices. It is expected to oscillate in the short - term and be strong in the long - term [8]. 3.3 Corn/Starch - **View**: Spot transactions are light, and futures and spot prices oscillate weakly. - **Logic**: Futures prices rebounded slightly during the day and then fell back. On the spot side, supply at ports and deep - processing plants decreased, and there were price adjustments at some deep - processing plants. Deep - processing production and consumption data changed slightly, and there is a risk of supply shortage before the new grain is listed in large quantities [9][10]. 3.4 Hogs - **View**: Upstream slaughtering puts pressure on hog prices. - **Logic**: In the short - term, large hogs are being slaughtered at an accelerated pace, but the average weight has bottomed out and rebounded, and farmers are still reluctant to sell standard hogs. In the medium - term, the number of new - born piglets has been increasing, and there is room for an increase in hog slaughter in the second half of the year. In the long - term, the current production capacity is still high. The demand for pork has increased week - on - week, and the weight - reduction trend is blocked. In the short - term, the market has positive sentiment, but in the medium - and long - term, there is supply pressure in the third quarter [1][10]. 3.5 Natural Rubber - **View**: There may be weather - related speculation, but the expected increase is limited. - **Logic**: The rubber price rose rapidly at the end of trading yesterday, possibly due to weather - related speculation about a typhoon landing in Hainan Island or external capital. The trading logic follows the macro - sentiment, and the fundamentals are currently stable. The supply is affected by the rainy season, and the demand is relatively stable [12][13]. 3.6 Synthetic Rubber - **View**: The futures price rebounded after a decline. - **Logic**: The futures price followed the commodity adjustment and then rebounded due to the impact of natural rubber. The upward driving force is not obvious, but there is support from the macro - environment and the improvement in butadiene trading. It is expected to oscillate within a range [14]. 3.7 Cotton - **View**: Cotton prices increased with increased positions, breaking through the 14,000 - yuan mark. - **Logic**: In the medium - and long - term, the cotton market is loose, and the new cotton in Xinjiang is expected to increase in production. The demand is in the off - season, but the current commercial inventory is low. Yesterday, the futures price increased with increased positions, but there are multiple factors restricting further increases, and there is a risk of decline when new cotton is listed in large quantities [14]. 3.8 Sugar - **View**: Sugar prices fluctuated within a narrow range. - **Logic**: In the medium - and long - term, sugar prices are under downward pressure due to the expected supply surplus in the 25/26 sugar - making season. In the short - term, the decline in Brazilian sugar production and high domestic sales rates support sugar prices, but the increase in Brazilian production and exports and domestic imports will increase supply pressure [16]. 3.9 Pulp - **View**: The trend is dominated by the macro - environment, with a stalemate - type fluctuation. - **Logic**: The futures price fluctuated horizontally, and the supply - demand relationship is in a stalemate. The upward driving force comes from the macro - environment, but there is pressure at 5200 - 5300 yuan. In the short - term, there is a slight rebound space, and in the medium - term, there may be a phased increase, but the height is limited [17]. 3.10 Logs - **View**: There are few fundamental contradictions, and the short - term futures price oscillates. - **Logic**: Spot prices are weak due to the impact of delivery products, and the cost of importers has increased. Although it is the off - season, the overall demand is stable, and the market is in the bottom - building stage. There is no clear driving force for upward or downward movement in the short - term [18][19].

Core Viewpoint - The article discusses the impact of international market trends on India's palm oil refining industry, highlighting that 60% of edible oil imports are palm oil, which is subject to price fluctuations that may adversely affect local refiners [1] Group 1: Industry Overview - India's palm oil refining sector is heavily reliant on imports, with 60% of its edible oil sourced from palm oil [1] - The international market's volatility is causing significant challenges for Indian refiners, who are facing pressure from fluctuating prices [1] Group 2: Market Dynamics - The article suggests that Indian palm oil refiners are being "harvested" by international market conditions, indicating a detrimental effect on their profitability [1] - The current trends in global palm oil prices are critical for the sustainability of the refining industry in India [1]

1. Report Industry Investment Rating - The investment rating for the industry is neutral [3] 2. Core Viewpoint of the Report - The global soybean supply is abundant, and the prices of the three major oils are fluctuating. Brazil's soybean harvest is confirmed, the weather in US soybean - growing areas is favorable with a high good - rate, and the future weather risk is low, leading to a strong overall harvest expectation. The supply side will gradually face pressure [2] 3. Summary by Related Content Market Analysis - **Futures Prices**: The closing price of the palm oil 2509 contract was 8708.00 yuan/ton, a decrease of 40 yuan or 0.46% compared to the previous day; the closing price of the soybean oil 2509 contract was 8012.00 yuan/ton, an increase of 18.00 yuan or 0.23%; the closing price of the rapeseed oil 2509 contract was 9404.00 yuan/ton, a decrease of 20.00 yuan or 0.21% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 8740.00 yuan/ton, a decrease of 30.00 yuan or 0.34%, with a spot basis of P09 + 32.00, an increase of 10.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8160.00 yuan/ton, an increase of 20.00 yuan/ton or 0.25%, with a spot basis of Y09 + 148.00, an increase of 2.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9520.00 yuan/ton, a decrease of 30.00 yuan or 0.31%, with a spot basis of OI09 + 116.00, a decrease of 10.00 yuan [1] - **Market News**: As of July 13, the EU's 2025/26 soybean imports were 340,597 tons, compared to 495,953 tons in the same period last year; the EU's 2025/26 palm oil imports were 63,393 tons, compared to 116,181 tons in the same period last year. From July 1 - 15, Malaysia's palm oil exports were 621,770 tons (ITS data), a 6.16% decrease from the same period last month, and 574,121 tons (Amspec data), a 5.29% decrease from the same period last month. As of July 15, the national soybean oil port inventory was 932,000 tons, a 24,000 - ton increase from the previous week; as of July 14, the national imported soybean port inventory was 646,277 tons, a 9,908 - ton increase from July 7 [2] Strategy - The strategy is to maintain a neutral stance [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - This week, domestic oil prices fluctuated and consolidated. The palm oil in the producing areas is still in the seasonal production - increasing cycle, but the production in Malaysia decreased slightly in June, slowing down the inventory - building speed and the supply - demand pressure is not significant. The inventory of soybean oil is building up rapidly with average consumption and is expected to continue to increase. Rapeseed oil has a high current inventory, but the future supply decline is relatively clear and will enter the de - stocking cycle. Overall, the domestic oil inventory level still has room to rise. As oils are in the off - season of consumption and the downstream market mainly replenishes goods based on rigid demand, it is expected that the domestic oil futures prices will likely fluctuate and consolidate in the near future [8][28]. 3. Summary by Directory 3.1 Abstract - This week, oil futures prices fluctuated and consolidated. The soybean oil Y2509 contract rose 0.53% to close at 7,986 yuan/ton, the palm oil P2509 contract rose 2.48% to close at 8,682 yuan/ton, and the rapeseed oil OI2509 contract fell 1.75% to close at 9,439 yuan/ton [5][27]. - In June, Malaysia's palm oil production was 1.692 million tons, exports were 1.2594 million tons, and inventory was 2.03 million tons. Exports were significantly lower than expected, and inventory increased slightly month - on - month. Malaysian palm oil rose 2.78% [6][27]. - For the 2025/26 season, the US soybean production was lowered by 5 million bushels to 4.335 billion bushels, while the soybean yield per acre remained unchanged at 52.5 bushels. US soybean crushing was raised by 50 million bushels to 2.54 billion bushels due to the increased demand for soybean oil in the bio - fuel industry. US soybean exports were lowered by 70 million bushels to 1.745 billion bushels due to domestic demand growth and strong exports from Argentina and Ukraine. The US soybean ending inventory was raised by 15 million bushels to 310 million bushels. US soybeans fell 3.89% this week [7][28]. 3.2 Spot Analysis - As of July 11, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,190 yuan/ton, up 70 yuan/ton from the previous trading day. From a seasonal perspective, it is at the average level compared with the past 5 years [9]. - As of July 10, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,670 yuan/ton, down 30 yuan/ton from the previous trading day. From a seasonal perspective, it is at a relatively high level compared with the past 5 years [10]. - As of July 11, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,580 yuan/ton, down 20 yuan/ton from the previous trading day. From a seasonal perspective, it is at a relatively low level compared with the past 5 years [11]. 3.3 Other Data - As of July 4, 2025, the national soybean oil inventory increased by 80,000 tons to 1.141 million tons. On July 9, 2025, the national commercial palm oil inventory decreased by 19,000 tons to 524,000 tons [14]. - As of July 10, 2025, the port's imported soybean inventory was 6,475,410 tons [17]. - As of July 11, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 204 yuan/ton, up 28 yuan/ton from the previous trading day. From a seasonal perspective, it is at a relatively low level compared with the past 5 years [18]. - As of July 10, 2025, the basis of 24 - degree palm oil in Guangdong was 32 yuan/ton, up 10 yuan/ton from the previous trading day. From a seasonal perspective, it is at the average level compared with the past 5 years [19]. - As of July 11, 2025, the basis of rapeseed oil in Jiangsu was 141 yuan/ton, up 9 yuan/ton from the previous trading day. From a seasonal perspective, it is at a relatively low level compared with the past 5 years [21]. 3.4 Comprehensive Analysis - The content in this part is basically the same as the abstract and the core view, emphasizing the price trends of different oils, the production, export, and inventory situations of palm oil in Malaysia, and the adjustments to US soybean production, crushing, exports, and ending inventory. It also reiterates the future trends of domestic oil inventories and price expectations [27][28].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US June non - farm payrolls increased by 147,000, higher than market expectations, cooling the expectation of an interest rate cut this year. The US "Big and Beautiful" Act restricts the 45Z tax credit to North - American sourced raw materials, and the EPA's proposed policy boosts the use of vegetable oil in biodiesel, expanding US soybean oil demand. Brazil raised the biodiesel blending ratio from 14% to 15% in June 2025. Indonesia's B40 policy is partially completed, and it plans to implement the B50 plan in early 2026. In the fourth quarter, entering the seasonal off - peak, supply - demand is expected to tighten [3][42]. - India's palm oil imports in June reached 953,000 tons, a 61% month - on - month increase. China's cumulative palm oil imports from January to May were 730,000 tons, far below the five - year average of 1.17 million tons. With the arrival of ships from May - June, inventory increased, but there are fewer purchases after July. US soybean crop ratings are good, domestic soybean arrivals are increasing, soybean oil supply is sufficient, and rapeseed oil is at a high level and in a slow destocking phase [3][42]. - The US June non - farm data exceeded expectations, cooling the interest rate cut expectation. Trade policy uncertainty may exacerbate market volatility. Although Israel and Iran signed a cease - fire agreement, geopolitical risks still exist and may impact oil prices. In the third quarter, during the production - increasing season, the supply - demand double - increase pattern may limit the upside, with overall oscillatory operation. In the fourth quarter, entering the seasonal off - peak, combined with the expectation of Indonesia's B50 policy and the implementation of biodiesel support policies in relevant countries, the price center may rise [3][43]. 3. Summary According to the Directory 3.1. Review of the Oils and Fats Market - In the first half of 2025, palm oil prices shifted from a decline to an oscillatory range, with the overall price center moving down. From January to February, prices first declined due to the non - implementation of Indonesia's B40 policy and high - price suppression of demand, then rose due to post - Spring Festival restocking and India's Ramadan备货 demand. In March, prices oscillated, influenced by both negative and positive factors. In April, US tariff policies and concerns about the economy, along with the entry of the production - increasing season, dragged down prices. From May to June, there was no obvious driving factor, and the market fluctuated. From mid - June, prices rose due to geopolitical conflicts and the US biodiesel policy, then retreated and entered an oscillatory phase [8][9]. 3.2. Fundamental Analysis 3.2.1. MPOB Report - In May 2025, Malaysia's palm oil production was 1.77 million tons, a 5.05% month - on - month increase; imports were 69,000 tons; exports were 1.3872 million tons, a 25.62% month - on - month increase; and the ending inventory was 1.99 million tons, a 6.65% month - on - month increase. Reuters' survey predicted that in June 2025, Malaysia's palm oil inventory would be 1.99 million tons, a 0.24% decrease from May; production would be 1.7 million tons, a 4.04% decrease; and exports would be 1.45 million tons, a 4.16% increase [14]. 3.2.2. Malaysian Palm Oil Production and Exports - In June 2025, according to SPPOMA, Malaysia's palm oil production decreased by 0.65%. MPOA estimated a 4.69% decrease in production from June 1 - 30. UOB predicted a 3% - 7% decrease in production by the end of June. Different institutions' data showed that Malaysia's palm oil exports in June increased compared to May [17][18]. 3.2.3. Indonesia's Situation - In April 2025, Indonesia's palm oil production was 4.9 million tons, a slight month - on - month increase. Exports were 1.78 million tons, a month - on - month decrease. Domestic consumption was 2.1 million tons, a month - on - month decrease. The inventory was 3.05 million tons [23]. 3.2.4. India's Vegetable Oil Imports - In May 2025, India's vegetable oil imports were 1.18 million tons, a month - on - month increase. Palm oil imports were 590,000 tons, a month - on - month increase. In June, palm oil imports reached 953,000 tons, a 61% month - on - month increase [26][28]. 3.2.5. China's Oils and Fats Imports - From January to May 2025, China's cumulative palm oil imports were 730,000 tons, far below the five - year average. Cumulative rapeseed oil imports were 1.025 million tons, and cumulative sunflower oil imports were 228,000 tons. The cumulative imports of the three major oils were 1.983 million tons [35][37]. 3.2.6. Domestic Oils and Fats Inventory - As of the week of June 27, 2025, the inventory of the three major oils in key national regions was 2.22 million tons, an increase from the previous week and the same period last year. Soybean oil inventory was 955,200 tons, palm oil inventory was 537,400 tons, and rapeseed oil inventory was 727,400 tons [39]. 3.3. Summary and Outlook for the Future - The report reiterates the factors mentioned in the core viewpoints, including the US economic situation, biodiesel policies in different countries, production and inventory changes in Malaysia and Indonesia, and import situations in India and China. It points out that in the third quarter, the market may oscillate, and in the fourth quarter, the price center may rise [42][43].

油脂日报 | 2025-07-09 棕榈油出口增长，或支撑价格 油脂观点 市场分析 期货方面，昨日收盘棕榈油2509合约8644.00元/吨，环比变化+178元，幅度+2.10%；昨日收盘豆油2509合约7946.00 元/吨，环比变化+52.00元，幅度+0.66%；昨日收盘菜油2509合约9598.00元/吨，环比变化+50.00元，幅度+0.52%。 现货方面，广东地区棕榈油现货价8620.00元/吨，环比变化+110.00元，幅度+1.29%，现货基差P09+-24.00，环比变 化-68.00元；天津地区一级豆油现货价格8090.00元/吨，环比变化+60.00元/吨，幅度+0.75%，现货基差Y09+144.00， 环比变化+8.00元；江苏地区四级菜油现货价格9730.00元/吨，环比变化+50.00元，幅度+0.52%，现货基差 OI09+132.00，环比变化+0.00元。 近期市场咨询汇总：上周进口油菜籽开机降至低位，整体上处于几乎停滞水平，菜油产量随之减少，库存高位小 幅回落。中国粮油商务网监测数据显示，截止到2025年第27周末，国内进口压榨菜油库存量为85.9万吨，较上周的 88.4 ...

Group 1 - The Shanghai Export Container Freight Index for European routes increased by 6.3% to 2258.04 points as of July 7, 2025 [1] - Global iron ore shipments totaled 29.949 million tons from June 30 to July 6, 2025, a decrease of 3.627 million tons compared to the previous period [1] - A coal mine in Linfen, Shanxi Province resumed production on July 5, with a certified capacity of 900,000 tons, after being offline for 15 days, affecting total coal output by over 40,000 tons [1] Group 2 - In June, domestic soybean crushing volume reached a historical high of 10.11 million tons, with expectations of maintaining high operating rates in July at around 9.5 million tons [1] - As of July 3, 2025, U.S. soybean export inspections amounted to 389,364 tons, corn at 1,491,062 tons, and wheat at 436,628 tons [2] - Brazil's first corn harvest rate reached 97.2% as of July 5, 2025, while the second corn harvest rate was at 27.7% [2] - The U.S. soybean good-to-excellent rating remained at 66%, while corn's good-to-excellent rating improved to 74% [2]