Report Core View - In May 2025, Malaysia's palm oil production increased, and export volume rose significantly; India's palm oil imports jumped to a six - month high, and the total import volume of edible oils also increased [1] Key Points by Category Overnight Market Information - SPPOMA data shows that from May 1 - 31, 2025, Malaysia's palm oil production increased by 3.53% compared with April 1 - 30, with a 1.90% increase in fresh fruit bunch yield per unit and a 0.30% increase in oil extraction rate [1] - AmSpec data shows that Malaysia's palm oil product exports in May 2025 were 1,230,787 tons, a 13.2% increase from the previous month [1] - SGS data shows that Malaysia's palm oil product exports in May 2025 were 1,069,643 tons, a 29.6% increase from the previous month [1] - Indian traders estimate that India's palm oil imports in May 2025 jumped 87% to 600,000 tons, the highest since November 2024; soybean oil imports increased 10% to 398,000 tons; sunflower oil imports increased 2% to 184,000 tons; the total import volume of edible oils increased 37% to 1.18 million tons [1] - Sandeep Bajoria of SunvinGroup says India's palm oil imports may further increase to 750,000 tons in June and 850,000 tons in July; India halved the basic import tax on crude edible oils to 10% last Friday [1] Spot Price - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from May 27 to June 3, 2025 are provided [1] Others - Information on precipitation in major producing countries, import soybean crushing profit on the futures market, and grease import profit are also presented, but no specific data is given [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Malaysia is increasing the mandatory biodiesel blending ratio for ground transportation vehicles at its major international airports from B10 to B20 as part of its effort to achieve net - zero carbon emissions by 2050 [1] - Pakistan's imports of palm oil and soybean oil have increased significantly year - on - year from July last year to April this year [1] Summary by Related Content Malaysia's Biodiesel Policy - Malaysia's plantation and commodity minister announced the increase of the mandatory biodiesel blending ratio for ground transportation vehicles from B10 to B20 [1] - Currently, Malaysia enforces the B10 policy nationwide, but B20 standards are already in place in Labuan, Langkawi, and parts of Sarawak [1] - Similar biodiesel pilot projects are being implemented at several major ports [1] Pakistan's Oil Imports - From July last year to April this year, Pakistan imported over 2.75 million tons of palm oil worth $2.87 billion, up from 2.498 million tons worth $2.3 billion in the same period last year [1] - During the same period, Pakistan imported 262,001 tons of soybean oil worth $279.626 million, compared to 108,205 tons worth $116.6 million last year [1] - In April, Pakistan imported 260,907 tons of palm oil worth $289.078 million, a 37.93% increase from the same month last year [1] Spot Prices - The spot prices of various oilseeds and oils in different regions from May 23 to May 29, 2025, are presented in a table, showing price fluctuations over time [2]

Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Core View - The prices of the three major oils fluctuated yesterday. Weak US export demand and policy uncertainties constrained price movements. Multiple key decisions on US biofuel policies are yet to be finalized, leading to the oil price fluctuations [3] Summary by Related Content Futures and Spot Market Conditions - Futures: Yesterday, the closing price of the palm oil 2509 contract was 8,190.00 yuan/ton, a change of +114 yuan or +1.41% from the previous day; the closing price of the soybean oil 2509 contract was 7,724.00 yuan/ton, a change of +12.00 yuan or +0.16%; the closing price of the rapeseed oil 2509 contract was 9,427.00 yuan/ton, a change of +24.00 yuan or +0.26% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,590.00 yuan/ton, a change of +60.00 yuan or +0.70%, with a spot basis of P09 + 400.00, a change of -54.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 7,930.00 yuan/ton, a change of +10.00 yuan/ton or +0.13%, with a spot basis of Y09 + 206.00, a change of -2.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,610.00 yuan/ton, a change of +30.00 yuan or +0.31%, with a spot basis of OI09 + 183.00, a change of +6.00 yuan [1] Market News Aggregation - According to a report released by the US Department of Agriculture on May 27, as of May 25, the good - to - excellent rate of US corn was 68%, 5 percentage points lower than market expectations. The good - to - excellent rate of spring wheat was only 45%, far from the market - expected 71% [2] - Malaysia will increase the biodiesel blending ratio for ground - transportation vehicles from B10 to B20. Currently, Malaysia has a 10% mandatory biodiesel blending policy nationwide, while Labuan, Langkawi, and Sarawak (except Bintulu) have implemented the B20 standard. Similar pilot projects have been launched at multiple major ports [2] - Indonesia, the world's largest palm oil producer, has implemented a B40 mandatory blending program and is considering further increasing it to B50 [2] - The C&F price of Canadian canola (July shipment) is 613 US dollars/ton, up 7 US dollars/ton from the previous trading day; the C&F price of Canadian canola (August shipment) is 603 US dollars/ton, up 7 US dollars/ton. The C&F price of US Gulf soybeans (July shipment) is 455 US dollars/ton, down 3 US dollars/ton; the C&F price of US West Coast soybeans (July shipment) is 450 US dollars/ton, down 3 US dollars/ton; the C&F price of Brazilian soybeans (July shipment) is 438 US dollars/ton, down 5 US dollars/ton [2] - Import soybean premium quotes: The premium for the Gulf of Mexico (July shipment) is 210 cents/bushel, unchanged from the previous trading day; the premium for the US West Coast (July shipment) is 183 cents/bushel, unchanged; the premium for Brazilian ports (July shipment) is 145 cents/bushel, unchanged [2] - The C&F price of Argentine soybean oil (June shipment) is 1,042 US dollars/ton, unchanged from the previous trading day; the C&F price of Argentine soybean oil (August shipment) is 1,015 US dollars/ton, unchanged. The C&F quote for imported rapeseed oil: The C&F price of Canadian rapeseed oil (June shipment) is 1,050 US dollars/ton, unchanged; the C&F price of Canadian rapeseed oil (August shipment) is 1,030 US dollars/ton, unchanged [2]

以下文章来源于广发期货研究 ，作者研究所 广发期货研究 . 推送广发期货研究所的最新报告和观点 文 | 朱迪 王泽辉 来源 | 广发期货研究 编辑 | 杨兰 审核 | 浦电路交易员 摘要 本次调研时间为5月下旬，走访了广西南宁、防城港、钦州、北海等地，涉及企业包括上游油厂及中游贸易商，主要为了探究当地及全国范围 内油脂油料市场的供需环境，及贸易政策不确定环境下，上中下游的采购、销售及备货节奏。 01 广西油脂油料市场总结 1.2油料市场情况 从本次调研情况来看，未来进口菜籽供应整体偏紧，目前油厂买船积极性差，受贸易关税相关政策影响，工厂担忧未来政策变化，谨 慎采购，少量的几条船均来自加拿大，暂未启动其他国家的菜籽采购。但国内进口颗粒粕库存相对充裕，预计3季度市场菜粕供应宽 松。8、9、10月菜粕将迎来水产旺季，或会有一波库存消化驱动，目前终端提货尚可，叠加4、5月豆粕基差高位，菜粕替代增加， 油厂菜粕库存目前偏低。而考虑到未来菜籽供应趋紧，油厂卖货并不激进，低价有挺价情绪。 巴西大豆目前陆陆续续到港中，但因前期到港衔接不佳及通关限制，油厂开机持续低位，豆粕建库过程缓慢。短期豆粕库存压力不 大，按照目前到货节奏 ...

Core Viewpoint - The domestic futures market for oilseeds and oils experienced significant declines on May 26, with the main soybean futures dropping over 1% [1] Summary by Category Market Performance - The main soybean futures fell by 1.07%, settling at 4150.00 CNY/ton - The main rapeseed meal futures increased by 0.23%, reaching 2571.00 CNY/ton - The main soybean oil futures decreased by 0.98%, priced at 7712.00 CNY/ton - The main peanut futures dropped by 0.70%, now at 8256.00 CNY/ton [1] Warehouse Receipt Data - As of May 23, soybean oil futures warehouse receipts totaled 15802 contracts, an increase of 1200 contracts week-on-week - Palm oil futures warehouse receipts stood at 302 contracts, a decrease of 28 contracts - Rapeseed oil futures warehouse receipts remained unchanged at 2121 contracts - Soybean meal futures warehouse receipts decreased by 9046 contracts to 29265 contracts - Rapeseed meal futures warehouse receipts decreased by 349 contracts to 28528 contracts - Main soybean futures warehouse receipts increased by 393 contracts to 30529 contracts - Main soybean two futures warehouse receipts were at 0 contracts, down by 900 contracts - Peanut futures warehouse receipts were at 0 contracts, down by 600 contracts [1] Basis Data - As of May 23, several oilseed and oil contracts exhibited a "futures-spot inversion" phenomenon - The spot price of rapeseed oil was 9513.33 CNY, with a contract price of 2509 and a futures price of 9412 CNY, resulting in a basis of 101 and a basis rate of 1.06% - The spot price of palm oil was 8510 CNY, with a contract price of 2509 and a futures price of 8032 CNY, leading to a basis of 478 and a basis rate of 5.62% - The spot price of soybean one was 4255 CNY, with a contract price of 2507 and a futures price of 4195 CNY, resulting in a basis of 60 and a basis rate of 1.41% - The spot price of soybean meal was 3024 CNY, with a contract price of 2509 and a futures price of 2950 CNY, leading to a basis of 74 and a basis rate of 2.45% - The spot price of soybean oil was 8034 CNY, with a contract price of 2509 and a futures price of 7788 CNY, resulting in a basis of 246 and a basis rate of 3.06% [1]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the futures prices of edible oils fluctuated and consolidated. The MPOB report on palm oil was bearish, while the USDA report was bullish. Due to changes in the US renewable fuel policy, the demand for biodiesel changed, causing significant fluctuations in US soybean oil. With the fast planting progress of US soybeans and the expected high - yield of South American soybeans, the domestic supply of soybean oil will gradually shift from tight to loose. During the palm oil production season, the supply - demand of palm oil is expected to become marginally looser. Recently, the domestic rapeseed oil inventory remains high with sufficient supply. As the China - US trade negotiation makes substantial progress, the market's expectation of improved China - Canada trade relations has increased, which may be bearish for the domestic rapeseed market. Recently, market sentiment has been volatile, and it is highly likely that the prices of the three major domestic edible oils will fluctuate widely driven by trade policies, overseas biodiesel policies, and the supply of oilseeds [9][31][32]. Summary by Directory 1. Spot Analysis - As of May 15, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,240 yuan/ton, down 70 yuan/ton from the previous trading day, and it was at the average level compared with the past 5 years [10]. - As of May 15, 2025, the spot price of 24 - degree palm oil in Guangdong was 8,600 yuan/ton, down 200 yuan/ton from the previous trading day, and it was at a relatively high level compared with the past 5 years [11]. - As of May 15, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,330 yuan/ton, down 130 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [12]. 2. Other Data - As of May 9, 2025, the national soybean oil inventory decreased by 0.50 million tons to 70.60 million tons. On May 14, 2025, the national commercial inventory of palm oil decreased by 0.80 million tons to 32.40 million tons [16]. - As of May 15, 2025, the port's imported soybean inventory was 5,542,630 tons [19]. - As of May 15, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 444 yuan/ton, up 48 yuan/ton from the previous trading day, and it was at the average level compared with the past 5 years [20][21]. - As of May 15, 2025, the basis of rapeseed oil in Jiangsu was 34 yuan/ton, up 12 yuan/ton from the previous trading day, and it was at a relatively low level compared with the past 5 years [23]. 3. Comprehensive Analysis - This week, the futures prices of edible oils fluctuated and consolidated. The Y2509 soybean oil contract fell 0.33% to close at 7,754 yuan/ton, the P2509 palm oil contract rose 1.24% to close at 7,984 yuan/ton, and the OI2509 rapeseed oil contract fell 0.83% to close at 9,277 yuan/ton [29]. - According to the MPOB report, Malaysia's palm oil production in April was 1.686 million tons, a month - on - month increase of 21.52%, higher than Reuters' expectation of 1.62 million tons; exports were 1.102 million tons, a month - on - month increase of 9.62%, in line with Reuters' expectation of 1.1 million tons; inventory was 1.865 million tons, a month - on - month increase of 19.37%, higher than Reuters' expectation of 1.79 million tons. Malaysian palm oil rose 0.26% [29]. - According to the USDA's May supply - demand report, the US soybean planting area in the 2025/26 season is 83.5 million acres, a year - on - year decrease of 3.6%; the estimated yield per acre is 52.5 bushels, a year - on - year increase of 3.5%, and the soybean output is estimated to be 4.34 billion bushels, a year - on - year decrease of 0.6%. The US soybean crushing volume in the 2025/26 season is expected to be 2.49 billion bushels, a year - on - year increase of 2.9%; the export volume is expected to drop to 1.815 billion bushels, a year - on - year decrease of 1.9%; the ending inventory of soybeans is expected to be 295 million bushels, a year - on - year decrease of 15.7%. The inventory - to - use ratio is estimated to be 6.7%, lower than 8.0% in the 2024/25 season, indicating a tightening supply. The report predicts that the global soybean output in the 2025/26 season will be 427 million tons, a year - on - year increase of 5.95 million tons, mainly contributed by the increase in Brazil's soybean output; imports will be 186 million tons, a year - on - year increase of 8.66 million tons; crushing volume will be 366 million tons, a year - on - year increase of 12.3 million tons; exports will be 188 million tons, a year - on - year increase of 7.56 million tons. The global ending inventory of soybeans is 124 million tons, a year - on - year increase of 1.15 million tons. US soybeans fell 0.12% this week [30].

Report Industry Investment Rating No relevant information provided. Core Views of the Report - **Palm Oil**: The estimated production in the producing regions is expected to increase month-on-month, and the approaching seasonal production increase is adding to the supply expectation. Although the domestic port inventory is currently at a low level, as the origin's offer weakens, subsequent purchases are gradually emerging. On the consumption side, due to the inverted soybean-palm oil price spread, there is no incremental consumption, and the inventory is expected to increase and needs to find consumption by further narrowing the soybean-palm oil price spread [3]. - **Soybean Oil**: On the supply side, as the purchased ships arrive at the port, the pressure is approaching, and the expected oil mill crushing is also rising. However, on the consumption side, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter a cumulative cycle. In the future, under the expectation of increased supply of both palm oil and soybean oil, the soybean-palm oil price spread may be repaired in the far month to compete for market share in the consumer market [3]. - **Rapeseed Oil**: Recently, due to the expected improvement in China-Canada relations, the premium on the policy expectation trading in the market has been hit. In terms of the actual supply, as the previously purchased rapeseed has arrived at the port, the coastal rapeseed inventory is gradually decreasing. The current supply of rapeseed oil is at a stage peak, and the expected marginal depletion rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the rapeseed-soybean oil price spread has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption, and the consumption of rapeseed oil also remains at the level of rigid demand. Currently, there is high inventory pressure, but the policy uncertainty provides support for the far month [3]. - **Imported Soybeans**: After the China-US talks, the Brazilian premium quotes have been weak recently, weakening the cost support for the domestic market. There may be opportunities for purchasing imported soybeans in the fourth quarter, but considering the current crushing profit situation, the far-month crushing profit is still negative under the retained tariffs on US soybeans, so the purchasing progress is expected to be slow. In terms of arrivals, there are currently 12.5 million tons in May and 10.5 million tons in June, indicating that the near-month supply remains abundant [15]. - **Domestic Soybean Meal**: The soybean inventory at ports and oil mills continues to rise, and with the gradual increase in the operating rate and the state reserve auction, the supply in some areas has gradually recovered. The national soybean meal inventory has bottomed out and rebounded, and the spot price has been continuously lowered. On the demand side, as oil mills gradually start production to realize profits, downstream buyers have basically completed their备货, and subsequent purchases are expected to be based on the rhythm of rigid demand replenishment, with the physical inventory remaining at a low level [15]. - **Rapeseed Meal**: The spot rapeseed converted into rapeseed meal and the inventory of rapeseed meal in East and South China are still relatively high. Although it is gradually entering the aquatic product stocking month, the inventory depletion is still difficult. The registration of rapeseed meal delivery month warehouse receipts has reached a historical peak. On the one hand, the low price of soybean meal is constantly squeezing the demand for rapeseed meal, and it is more appropriate to register warehouse receipts for delivery under the background of a negative spot basis. On the other hand, due to the expansion of the number of rapeseed meal delivery factories by the Zhengzhou Commodity Exchange, the position and delivery volume in the delivery month of the futures market have increased, resulting in a natural short - term trend for rapeseed meal delivery. Last Friday, an announcement on the customs import management measures for rapeseed meal was issued, indicating that the better choice for subsequent imported rapeseed is to process it in the bonded area and then re - export, and the same applies to imported rapeseed meal and rapeseed oil. Coupled with the uncertainty of China - Canada relations in the future, the long - term expectation for the far month is still strong [16]. Summary by Relevant Catalogs 1. Oil Price and Spread Information - **Oil Inter - monthly and Inter - variety Spreads**: The spreads of P 1 - 5, P 5 - 9, P 9 - 1, Y - P 01, Y - P 05, Y - P 09, Y 1 - 5, Y 5 - 9, Y 9 - 1, OI 1 - 5, OI 5 - 9, OI 9 - 1, Y/M 01, Y/M 05, Y/M 09, OI/RM 01, OI/RM 05, and OI/RM 09 are provided, along with their price changes [4]. - **Palm Oil Futures and Spot Prices**: The prices of palm oil 01, palm oil 05, palm oil 09, BMD palm oil main contract, Guangzhou 24 - degree palm oil, Guangzhou 24 - degree basis, POGO, and international毛豆 - 毛棕 are provided, along with their price changes [7]. - **Soybean Oil Futures and Spot Prices**: The prices of soybean oil 01, soybean oil 05, soybean oil 09, CBOT soybean oil main contract, Shandong first - grade soybean oil spot, Shandong first - grade soybean oil basis, BOHO (weekly), and domestic first - grade soybean oil - 24 - degree palm oil spread are provided, along with their price changes [12]. 2. Oilseed Information - **Oilseed Futures Prices**: The closing prices, price changes, and price change rates of soybean meal 01, soybean meal 05, soybean meal 09, rapeseed meal 01, rapeseed meal 05, rapeseed meal 09, CBOT yellow soybeans, and the offshore RMB are provided [17][19]. - **Soybean and Rapeseed Meal Spreads**: The spreads of M01 - 05, M05 - 09, M09 - 01, RM01 - 05, RM05 - 09, RM09 - 01, soybean meal Rizhao spot, soybean meal Rizhao basis, rapeseed meal Fujian spot, rapeseed meal Fujian basis, soybean - rapeseed meal spot spread, and soybean - rapeseed meal futures spread are provided, along with their price changes [20]. - **International Soybean and Rapeseed Pressing Profits**: The pressing profits of US Gulf CNF and Brazilian CNF for soybeans, as well as the pressing profits of imported Canadian rapeseed (both spot and futures) are presented [30].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The report comprehensively analyzes the palm oil market and related industries, covering aspects such as production, price, weather, and profit. It presents data on international palm oil production, prices of various oils, import and processing profits, weather conditions in palm oil - producing regions, and biodiesel processing and blending profits, as well as the demand - side situation of the oil market [4][8][11][128]. 3. Summary by Relevant Catalogs 3.1 Palm Oil Production and Market Data - MPOB data shows that in the 4th period, the palm oil production situation includes aspects such as the production of smallholders and large - scale plantations, with a 14% increase in production in certain areas compared to the previous period, and a 20% increase in the 4th period compared to the 3rd period in some regions [4]. - The prices of international soybeans from different origins (Ukraine, Brazil, Germany, etc.) and various international oils (Russian sunflower oil, Indonesian CPO, etc.) are presented, with price fluctuations over different time points from March to May 2025 [8][12]. - The FOB price spreads of different oils, such as the price spreads between Malaysian and Indonesian RBD Olein, and between Argentine soybean oil and Indonesian CPO, are analyzed [15][17]. 3.2 Import and Processing Profits - The palm oil on - the - plate profit for different shipping dates (from October to May) is presented, showing profit fluctuations over time [30]. - The import and processing profits of Brazilian soybean oil and Canadian rapeseed are also analyzed, with historical data from 2021 - 2025 and the average value from 2021 - 2024 [31]. 3.3 Weather Conditions in Palm Oil - Producing Regions - Weather data for multiple palm oil - producing regions in Malaysia (Sabah, Sarawak, Pahang, Johor) and other areas (Kalimantan, Sumatra, Jambi, Riau) are provided, including soil moisture, average weekly temperature, daily rainfall, and rainfall and temperature forecasts [38][51][65]. 3.4 Biodiesel - The processing profit and blending profit of US biodiesel are analyzed, with historical data from 2007 - 2025 and the average value from 2007 - 2024 (for processing profit) and 2021 - 2024 (for blending profit) [129][131]. 3.5 Demand - Side Situation - The weekly trading volume of different oils (palm oil, rapeseed oil, soybean oil) is presented, showing the trading volume changes from April 15 to May 9, 2025 [141][142].

| | 1、南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2025年5月1-10日马来西亚棕榈油单产增加 | | --- | --- | | | 20.2%，出油率增加0.4%，产量增加22.31%。2、据马来西亚棕榈油局MPOB，马来西亚4月棕榈油 | | | 出口为1102266吨，环比增长9.62%。马来西亚4月棕榈油产量为1685962吨，环比增长21.52%。马 | | 行业 | 来西亚4月棕榈油库存量为1865537吨，环比增长19.37%。 | | 信息 | | | | 蛋白粕：夜盘豆菜粕偏弱运行，近期美豆产区天气整体较为顺利，有助于大豆播种工作的推进。 | | | USDA公布本月供需报告，美豆产量及期末库存均低于预估，报告数据利多。并且中美双方在瑞士 | | | 进行会谈并取得实质性进展，因此美豆出口前景得到改善，美豆期价回升至贸易关税之前水平。 | | | 国内方面，中美关税取得进展国内进口美国大豆有望增加，对国内豆粕行情形成阶段性利空。近 | | | 期国内油厂开机大幅回升，供应偏紧情况得到明显缓解，豆粕供应快速增加预期较强。二季度国 | | | 内原料大豆、豆粕供应料充足，将继续施 ...

Report Information - Report Title: Oil and Oilseed Industry Daily Report - Report Date: May 14, 2025 - Report Author: Xu Liang - Reviewer: Tang Yun Industry Investment Rating - No information provided Core Views Fats and Oils - Palm oil: The estimated production in the producing areas is expected to increase month-on-month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently at a low level, as the origin quotation weakens, subsequent vessel purchases are gradually emerging. On the consumption side, since the current soybean-palm oil price spread is still inverted, incremental consumption is not given, and the inventory is expected to increase and needs to find consumption by further narrowing the soybean-palm oil price spread [3]. - Soybean oil: On the supply side, as the purchased vessels arrive at the port, the pressure is approaching, and the expected oil mill压榨 is expected to increase accordingly. However, on the consumption side, since there is no incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. Subsequently, under the expectation of a double increase in the supply of palm oil and soybean oil, the soybean-palm oil price spread may be repaired in the far month to compete for market share in the consumer market [3]. - Rapeseed oil: Recently, due to the expected improvement in China-Canada relations, the premium of the market's policy expectation trading has been hit. On the actual supply side, as the previously purchased rapeseed has now arrived at the port, the coastal rapeseed inventory is gradually decreasing. The current supply of rapeseed oil is at a stage peak, and subsequently, with the obvious limitation of new supply, the expected marginal depletion rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the rapeseed-soybean oil price spread has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. The consumption of rapeseed oil also remains at the level of rigid demand. Currently, there is high inventory pressure, but the policy uncertainty provides support for the far month [3]. Oilseeds - After the China-US talks, there may be opportunities for China to purchase soybeans for import in the fourth quarter. However, from the current crushing profit situation, the far-month crushing profit under the retained tariffs on US soybeans is still negative, and the progress of vessel purchases is expected to be slow. Moreover, this time, the trade agreement between the two sides was not involved, and it is expected to be mainly emotional trading in the short term. In terms of arrivals, there are currently 12.5 million tons in May and 10.5 million tons in June. Overall, the near-month supply is still relatively abundant [15]. - For domestic soybean meal, the current soybean inventory at ports and oil mills continues to rise, and as the operating rate gradually recovers, coupled with the state reserve auction, the supply in some areas has gradually recovered. The national soybean meal inventory has bottomed out and rebounded, and the spot price has been continuously lowered. From the demand side, oil mills are gradually starting up to realize profits, and downstream customers have basically completed their inventory preparations. Subsequently, it is expected that they will pick up goods at a rigid demand replenishment pace, and the physical inventory will continue to remain at a low level [15]. - On the rapeseed meal side, the rapeseed converted into rapeseed meal at the spot end plus the rapeseed meal inventory in East and South China is still relatively high. Although it has gradually entered the aquatic product inventory preparation month, the inventory depletion rate is still difficult. The registration of rapeseed meal delivery month warehouse receipts has reached a historical peak. On the one hand, the low price of soybean meal is constantly squeezing the demand for rapeseed meal, and it is more appropriate to register warehouse receipts for delivery under the background of a negative spot basis. On the other hand, due to the previous expansion of the number of rapeseed meal delivery factories by the Zhengzhou Commodity Exchange, the delivery month positions and delivery orders on the futures market have increased. Last Friday, an announcement on the customs import management measures for rapeseed meal was released, indicating that the better choice for subsequent imported rapeseed is to process it in the bonded area and then re-export it. It is also more appropriate to re-export imported rapeseed meal and rapeseed oil. Coupled with the uncertainty of China-Canada relations in the future, the long-term expectations for the far month are still relatively strong [15]. Summary by Directory Fats and Oils Price Differences between Months and Varieties - P 1-5: -262 yuan/ton, up 92 yuan; P 5-9: 266 yuan/ton, down 104 yuan; P 9-1: -4 yuan/ton, up 12 yuan; Y-P 01: -270 yuan/ton, down 98 yuan; Y-P 05: -420 yuan/ton, down 48 yuan; Y-P 09: -270 yuan/ton, down 108 yuan; Y/M 01: 2.6678, up 0.48%; Y/M 05: 2.9105, up 0.51%; Y/M 09: 2.7159, up 0.59%; OI 1-5: -136 yuan/ton, up 96 yuan; OI 5-9: -41 yuan/ton, down 67 yuan; OI 9-1: 177 yuan/ton, down 29 yuan; OI/RM 01: 4.0056, up 0.27%; OI/RM 05: 3.8895, down 0.28%; OI/RM 09: 3.7617, down 0.2% [4] Palm Oil Spot and Futures Daily Prices - Palm oil 01: 8188 yuan/ton, up 2.74%; Palm oil 05: 8450 yuan/ton, up 1.51%; Palm oil 09: 8184 yuan/ton, up 2.89%; BMD palm oil main contract: 3951 ringgit/ton, up 1.49%; 24-degree palm oil in Guangzhou: 8690 yuan/ton, up 110 yuan; 24-degree basis in Guangzhou: 506 yuan/ton, down 120 yuan; POGO: 409.539 US dollars/ton, down 1.168 US dollars; International soybean oil-palm oil: 68.52 US dollars/ton, up 54.23 US dollars [7] Soybean Oil Spot and Futures Daily Prices - Soybean oil 01: 7918 yuan/ton, up 1.06%; Soybean oil 05: 8030 yuan/ton, up 0.47%; Soybean oil 09: 7914 yuan/ton, up 0.97%; CBOT soybean oil main contract: 51.65 US cents/pound, up 3.65%; Shandong first-grade soybean oil spot: 8100 yuan/ton, up 60 yuan; Shandong first-grade soybean oil basis: 186 yuan/ton, down 62 yuan; BOHO (weekly): 57.847 US dollars/barrel, down 9.8182 US dollars; Domestic first-grade soybean oil - 24-degree palm oil: -460 yuan/ton, down 50 yuan [12] Oilseeds Futures Prices - Soybean meal 01: 2968 yuan, up 31 yuan, up 1.06%; Soybean meal 05: 2759 yuan, up 13 yuan, up 0.47%; Soybean meal 09: 2914 yuan, up 28 yuan, up 0.97%; Rapeseed meal 01: 2312 yuan, up 17 yuan, up 0.74%; Rapeseed meal 05: 2416 yuan, up 6 yuan, up 0.25%; Rapeseed meal 09: 2509 yuan, up 22 yuan, up 0.88%; CBOT yellow soybeans: 1075 yuan, unchanged, 0%; Offshore RMB: 7.2017, up 0.0045, up 0.06% [16][18] Price Differences between Soybean Meal and Rapeseed Meal - M01-05: 209 yuan, up 18 yuan; M05-09: -155 yuan, down 15 yuan; M09-01: -54 yuan, down 3 yuan; RM01-05: -104 yuan, up 11 yuan; RM05-09: -93 yuan, down 16 yuan; RM09-01: 197 yuan, up 5 yuan; Soybean meal spot in Rizhao: 3000 yuan, unchanged; Soybean meal basis in Rizhao: 86 yuan, down 28 yuan; Rapeseed meal spot in Fujian: 2453 yuan, down 11 yuan; Rapeseed meal basis in Fujian: -34 yuan, up 46 yuan; Spot price difference between soybean meal and rapeseed meal: 547 yuan, unchanged; Futures price difference between soybean meal and rapeseed meal: 405 yuan, up 6 yuan [19]