Report Overview - Report Date: June 11, 2025 [1] - Report Author: Xu Liang [2] - Reviewer: Tang Yun [2] Industry Investment Rating - No information provided on the industry investment rating. Core Views Fats and Oils - **Palm Oil**: Production in the producing regions 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 low, as the origin quotation weakens, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted soybean-palm oil price difference, incremental consumption is not forthcoming, and inventory is expected to increase. The price difference between soybean oil and palm oil needs to be further reduced to stimulate consumption [3]. - **Soybean Oil**: As the purchased ships arrive at ports, supply pressure is approaching, and the expected oil mill crushing volume will increase accordingly. However, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. With the expected increase in the supply of both palm oil and soybean oil, the price difference between soybean oil and palm oil may be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: Recently, the expected improvement in China - Canada relations has hit the premium of the market's policy - expected trading. The current supply is at a phased peak, and the marginal decline 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 price difference between rapeseed oil and soybean oil has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. High inventory exerts pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian soybean premiums are firm, the domestic market has strengthened following the international market, and the far - month crushing profit has slightly weakened. China's soybean imports in May were 13.918 million tons; from January to May, imports were 37.108 million tons, a 0.7% decline from the same period last year. Forecasts for June, July, and August are 11 million tons, 11.5 million tons, and 9.5 million tons respectively. Supply in the second and third quarters remains abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Under the expectation of China - US talks, the domestic soybean meal market has strengthened. Currently, the soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will put pressure on soybean meal prices. On the demand side, downstream enterprises mainly execute previous contracts, and the enthusiasm for restocking is low, keeping the basis weak [15]. - **Rapeseed Meal**: In June, there is still pressure on the spot supply, downstream demand is lower than expected, and inventory reduction is difficult. Although there are some gaps in the far - month supply, the rigid demand is limited. The market performance is weak, and future attention should be paid to China - Canada trade relations [15]. Key Data Summaries Fats and Oils - **Price Differences**: P 1 - 5 is 82 yuan/ton with a daily decrease of 10 yuan/ton; Y - P 01 is - 382 yuan/ton with a daily increase of 46 yuan/ton, etc [4]. - **Palm Oil Prices**: Palm oil 01 is 7954 yuan/ton with a decline of 1.56%; BMD palm oil main contract is 3868 ringgit/ton with an increase of 0.1% [7]. - **Soybean Oil Prices**: Soybean oil 01 is 7644 yuan/ton with a decline of 0.13%; CBOT soybean oil main contract is 47.77 cents/pound with an increase of 0.76% [12]. Oilseeds - **Futures Prices**: Bean meal 01 is 3064 with a decline of 4 and a decline rate of 0.13%; Rapeseed meal 01 is 2349 with a decline of 7 and a decline rate of 0.3% [16][18]. - **Price Differences**: M01 - 05 is 336 with a daily increase of 4; RM01 - 05 is - 15 with a daily decrease of 6 [19].

Core Insights - The domestic oilseed market experienced mixed performance on June 11, with palm oil futures declining over 2% [1] - Palm oil futures fell by 2.11%, settling at 7988.00 CNY/ton, while canola meal and soybean meal futures saw slight increases of 0.80% and 0.76%, respectively [1] Price Movements - The opening and closing prices for various oilseed futures on June 11 are as follows: - Soybean oil: Opened at 7746.00 CNY, closed at 7766.00 CNY - Palm oil: Opened at 8092.00 CNY, closed at 8160.00 CNY - Canola oil: Opened at 9180.00 CNY, closed at 9186.00 CNY - Soybean meal: Opened and closed at 3031.00 CNY - Canola meal: Opened at 2625.00 CNY, closed at 2616.00 CNY - Peanut: Opened at 8296.00 CNY, closed at 8314.00 CNY [2] Basis and Spot Prices - As of June 10, the basis data indicates that canola oil, palm oil, soybean one, and soybean oil contracts are experiencing a "backwardation" phenomenon, where spot prices exceed futures prices [2] - The following basis and spot prices were reported: - Canola oil: Spot price 9345 CNY, futures price 9186 CNY, basis 159 CNY, basis rate 1.70% - Palm oil: Spot price 8630 CNY, futures price 8160 CNY, basis 470 CNY, basis rate 5.45% - Soybean oil: Spot price 8024 CNY, futures price 7766 CNY, basis 258 CNY, basis rate 3.22% [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Different commodities show various import profit, price difference, and market trends, which are affected by factors such as trade policies, supply - demand relationships, and production and consumption patterns. Attention should be paid to policy changes and market dynamics for investment decisions [1][2][3] Summary by Category Metals - **Non - ferrous Metals**: For non - ferrous metals, understand logistics margins, major importers, and resource dependence. Aluminum and zinc should end their reverse spreads, while for tin, with the smooth resumption of overseas and Myanmar mines and low LME inventory, pay attention to the positive spread. Nickel, zinc, copper, and aluminum all have negative import profits [1] - **Iron Ore**: Near - term shipments and arrivals are increasing, iron - water production is fluctuating at a high level. Overseas macro has strong short - term disturbances, and the domestic macro is relatively stable. The ore price center has declined, and there are few short - term opportunities for internal - external spreads, with the core being to profit from the discount of Dalian iron ore futures. In the long run, the global balance sheet is slightly in surplus compared to China's [1] - **Precious Metals**: The RMB exchange rate has an impact on the domestic price of precious metals, causing the internal - external price ratio to decline rapidly. The domestic consumption peak season has passed, while India's Diwali supports gold consumption. The silver spot discount has widened, and the import window is closed [3] Energy - **SC**: The spot discount on arrival has weakened, and the internal - external spread has also weakened [1] - **FU**: In summer, the internal - external spread maintains a weak pattern and has been fluctuating recently [1] - **LU**: The internal - external spread has widened again, and domestic production in June is relatively high [1] - **PG**: Recently, FEI and MB have declined, CP has increased. The internal - external spread has decreased, especially PG - CP. FEI - MB has changed little, FEI - CP has declined, and CP - MB has increased [1] - **PX**: Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external spread has converged significantly, and the valuation is gradually neutral. It is advisable to wait and see [1] Agricultural Products - **Cotton**: Due to the trade war and sanctions, the internal and external cotton markets have gradually decoupled. Previously, US cotton was stronger than Zhengzhou cotton due to high US tariffs on China. Now, after tariff cuts, Zhengzhou cotton is stronger. Continuously monitor subsequent tariff policy changes [2] - **Oilseeds and Oils**: Oilseeds and oils have a high degree of import dependence. The international supply - demand balance is transmitted to the domestic market through imports. Focus on the difference in internal and external supply - demand rhythms [2]

蛋 白 粕 基 差 ： 油 脂 基 差 ： 油脂油料早报 研究中心农产品团队 日棕榈油出口量环比增长 船货检验机构Intertek Testing Services（简称ITS）发布的数据显示，马来西亚 1-10日棕榈油产品出口量为 371,600吨，较上月同期的293,991吨增长26.4%。 月底棕榈油库存环比增加 马来西亚棕榈油总署（MPOB）公布最新一期供需月报显示，马来西亚 月底棕榈油库存较前月增加6.65%，至199万 吨。 MPOB数据显示，马来西亚 月毛棕榈油产量较前月增加5.05%，至177万吨； 月棕榈油出口量环比增加25.6% 139万 吨。 稍早公布的一份调查预估库存将在201万吨，产量料为174万吨，出口量料为130万吨。 日巴西大豆收割近乎结束，第二季玉米收割率达 巴西国家商品供应公司（Conab）公布的周度作物种植与收割报告显示，截至2025年 日，巴西2024/25年度大豆 收割率为99.9%，之前一周为99.8%，去年同期为98.8%，五年均值为99.9%。 报告同时显示，巴西2024/25年度第一季玉米收割率为90.6%，此前一周为89.6%，去年同期为88.1%，五年均值 ...

1. Report Core Views 1.1 Oil Core Views - 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 ship purchases are gradually emerging. On the consumption side, since the current soybean-palm oil price spread is still inverted, 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 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 a stocking cycle. In the future, 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 consumption market [3]. - Rapeseed oil: Recently, due to the expected improvement in China - Canada relations, the premium of the market on policy - expected trading has been hit. In the real 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 of peak. Subsequently, as the new supply is significantly limited, the expected marginal destocking speed will 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 a bottom - support for the far - month [3]. 1.2 Oilseed Core Views - Imported soybeans: In terms of ship purchases, the external market is weak, the Brazilian premium has been slightly repaired, the domestic market is relatively strong, and the far - month crushing profit has been repaired, but there is still no origin quotation for the fourth quarter. In terms of arrivals, 11.5 million tons are expected in June, 11.5 million tons in July, and 9.5 million tons in August. The supply in the second and third quarters is still relatively abundant, but there is still a gap in ship purchases for the fourth quarter [15]. - Domestic soybean meal: The supply pressure in the second - quarter carry - over and the third quarter is relatively large, which will make the spot basis continue to be weak, while the futures market is relatively strong before the speculation of the weather market. Currently, the soybean supply of oil mills is gradually recovering, the raw material inventory is continuously rising, and the soybean meal inventory remains stable at the bottom due to more downstream pick - ups. However, the subsequent pressure of concentrated soybean arrivals will still suppress the soybean meal price in the third quarter. From the demand side, after the festival, the downstream continues to execute previous contracts, and the mood of buying as needed continues. Coupled with the limited entry of secondary fattening in the Northeast region, the stocking enthusiasm is not high, and the basis will continue to weaken [15]. - Rapeseed meal: There is still pressure on the spot supply. Without a significant increase in aquaculture production, it is difficult to reduce the inventory in the future. For the far - month supply, there is an expectation of relaxation in China - Canada relations, and the futures market shows weakness first. Subsequently, the focus should be on China - Canada trade relations [15]. 2. Oil Price Information 2.1 Oil Monthly and Inter - Variety Price Spreads | Spread | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | 110 | - 24 | | P 5 - 9 | yuan/ton | - 154 | 26 | | P 9 - 1 | yuan/ton | 44 | - 2 | | Y - P 01 | yuan/ton | - 440 | 58 | | Y - P 05 | yuan/ton | - 574 | 14 | | Y - P 09 | yuan/ton | - 442 | 62 | | Y 1 - 5 | yuan/ton | 244 | 20 | | Y 5 - 9 | yuan/ton | - 286 | - 22 | | Y 9 - 1 | yuan/ton | 42 | 2 | | Y/M 01 | - | 2.5623 | - 0.21% | | Y/M 05 | - | 2.7466 | - 0.46% | | Y/M 09 | - | 2.6159 | - 0.19% | | OI 1 - 5 | yuan/ton | 103 | - 57 | | OI 5 - 9 | yuan/ton | - 245 | 77 | | OI 9 - 1 | yuan/ton | 142 | - 20 | | OI/RM 01 | - | 3.8767 | - 1.57% | | OI/RM 05 | - | 3.8025 | - 0.92% | | OI/RM 09 | - | 3.5788 | - 1.3% | [4] 2.2 Palm Oil Spot and Futures Daily Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Palm oil 01 | yuan/ton | 8082 | - 0.05% | | Palm oil 05 | yuan/ton | 7984 | 0.1% | | Palm oil 09 | yuan/ton | 8126 | - 0.05% | | BMD Palm oil main contract | ringgit/ton | 3925 | - 0.58% | | 24 - degree palm oil in Guangzhou | yuan/ton | 8480 | - 40 | | 24 - degree basis in Guangzhou | yuan/ton | 390 | - 64 | | POGO | US dollars/ton | 405.233 | - 1.168 | | International soybean oil - palm oil | US dollars/ton | 14.94 | 0 | [7] 2.3 Soybean Oil Spot and Futures Daily Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Soybean oil 01 | yuan/ton | 7636 | 0.64% | | Soybean oil 05 | yuan/ton | 7404 | 0% | | Soybean oil 09 | yuan/ton | 7676 | 0.65% | | CBOT Soybean oil main contract | cents/pound | 46.81 | 1.25% | | Shandong first - grade soybean oil spot | yuan/ton | 7840 | 20 | | Shandong first - grade soybean oil basis | yuan/ton | 152 | 24 | | BOHO (weekly) | US dollars/barrel | 61.652 | - 8.2296 | | Domestic first - grade soybean oil - 24 - degree palm oil | yuan/ton | - 590 | 100 | [12] 3. Oilseed Price Information 3.1 Oilseed Futures Prices | Variety | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Soybean meal 01 | 3003 | 19 | 0.64% | | Soybean meal 05 | 2695 | 0 | 0% | | Soybean meal 09 | 2958 | 19 | 0.65% | | Rapeseed meal 01 | 2313 | 2 | 0.09% | | Rapeseed meal 05 | 2329 | 0 | 0% | | Rapeseed meal 09 | 2567 | 24 | 0.94% | | CBOT Yellow soybeans | 1044.75 | 0 | 0% | | Offshore RMB | 7.1769 | - 0.0116 | - 0.16% | [16][18] 3.2 Soybean and Rapeseed Meal Price Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 289 | 1 | RM01 - 05 | - 18 | 1 | | M05 - 09 | - 244 | - 1 | RM05 - 09 | - 214 | 11 | | M09 - 01 | - 45 | 0 | RM09 - 01 | 232 | - 12 | | Soybean meal spot in Rizhao | 2820 | - 20 | Soybean meal basis in Rizhao | - 119 | - 24 | | Rapeseed meal spot in Fujian | 2512 | - 11 | Rapeseed meal basis in Fujian | - 31 | 3 | | Soybean and rapeseed meal spot price spread | 308 | - 9 | Soybean and rapeseed meal futures price spread | 396 | 18 | [19]

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]