Core Viewpoint - Shaanxi Agricultural Development Oil Group (referred to as Agricultural Oil) has made significant strides in internationalization by successfully importing non-GMO soybean oil from Russia, marking a new phase in its development. The company emphasizes the importance of financial derivatives in stabilizing operations and managing risks in a volatile economic environment [1][8]. Group 1: Company Development and Market Position - Agricultural Oil has evolved from a state-owned oil reserve facility established in 1992 to a leading enterprise in the Northwest oil industry, significantly aided by financial derivatives [2][3]. - The company has a registered capital of 200 million yuan and total assets of 2.347 billion yuan, with an annual oil purchase volume of 300,000 to 400,000 tons, showcasing remarkable growth [3]. - The transition from a reserve-focused entity to a comprehensive player in storage, trade, processing, and branding has been pivotal in its development [3][6]. Group 2: Risk Management and Financial Tools - Agricultural Oil began participating in the futures market in 2006 to manage inventory risks associated with price volatility, marking a proactive approach to risk management [2][4]. - The company successfully reduced procurement costs by at least 70 yuan per ton through strategic futures trading, saving a minimum of 350,000 yuan during a recent procurement cycle [4][6]. - The implementation of a "three-dimensional collaborative" system has transformed futures tools from mere risk hedging instruments to engines of value creation [6][7]. Group 3: Compliance and Internal Control - Agricultural Oil has established a "three-level risk control + full-process closed-loop" internal control system to ensure compliance and mitigate speculative risks [7]. - The company emphasizes that all futures trading is strictly for hedging purposes, with a clear prohibition on speculative activities [7]. Group 4: Industry Collaboration and Social Responsibility - Agricultural Oil actively promotes industry collaboration by sharing knowledge about futures and risk management with local enterprises, enhancing their understanding of financial tools [8]. - The company integrates futures tools with national strategies such as the Belt and Road Initiative and food security, expanding trade with countries like Russia while managing cross-border trade risks [8][9]. - Agricultural Oil aims to continue its role as a stabilizing force in the regional food supply chain, ensuring adequate supply and price stability during emergencies [8].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The report provides comprehensive data on the fundamentals of the oil and fat industry, including futures prices, trading volumes, positions, spot prices, basis, and price spreads, as well as macro and industry news [1][2][3] - The data shows the price trends and trading activities of palm oil, soybean oil, and rapeseed oil, and the news reflects the production, export, and policy - related information in the industry [2][3][4] Group 3: Summary by Related Catalogs 1. Oil and Fat Fundamentals Data - **Futures Prices**: Palm oil主力 closed at 8,674 yuan/ton (up 1.12% during the day, down 0.51% at night), soybean oil主力 at 8,016 yuan/ton (up 0.98% during the day, down 0.25% at night), rapeseed oil主力 at 9,063 yuan/ton (up 2.66% during the day, down 1.19% at night), Malaysian palm oil主力 at 4,056 ringgit/ton (up 1.91%), and CBOT soybean oil主力 at 52.51 cents/pound (down 0.87%) [1] - **Trading Volume and Position**: Palm oil主力 had a trading volume of 570,565 lots (with a change of 36,499 lots) and a position of 415,079 lots (a decrease of 14,737 lots); soybean oil主力 had a trading volume of 364,708 lots (a change of 122,878 lots) and a position of 716,141 lots (an increase of 3,875 lots); rapeseed oil主力 had a trading volume of 462,681 lots (a change of 203,179 lots) and a position of 269,628 lots (an increase of 10,800 lots) [1] - **Spot Prices**: Palm oil (24 - degree, Guangdong) was 8,700 yuan/ton (a price increase of 50 yuan/ton), first - grade soybean oil (Guangdong) was 8,580 yuan/ton (a price increase of 50 yuan/ton), fourth - grade imported rapeseed oil (Guangxi) was 10,000 yuan/ton (a price increase of 250 yuan/ton), and Malaysian palm oil FOB was 1,020 dollars/ton (a price decrease of 10 dollars/ton) [1] - **Basis**: Palm oil (Guangdong) had a basis of 26 yuan/ton, soybean oil (Guangdong) had a basis of 564 yuan/ton, and rapeseed oil (Guangxi) had a basis of 937 yuan/ton [1] - **Price Spreads**: The spread of palm oil futures主力 was 389 yuan/ton (compared to 250 yuan/ton two days ago), the spread of soybean and palm oil futures主力 was - 658 yuan/ton (compared to - 640 yuan/ton two days ago), the palm oil 5 - 9 spread was 12 yuan/ton (compared to 14 yuan/ton two days ago), the soybean oil 5 - 9 spread was 130 yuan/ton (compared to 134 yuan/ton two days ago), and the rapeseed oil 5 - 9 spread was 14 yuan/ton [1] 2. Macro and Industry News - From January 1 - 15, 2026, Malaysian palm oil production decreased. The single - yield decreased by 18.09% month - on - month, the oil - extraction rate decreased by 0.03% month - on - month, and the output decreased by 18.24% month - on - month [2] - The estimated export volume of Malaysian palm oil from January 1 - 15, 2026, was 525,228 tons, a 20.5% increase compared to the same period last month [3][4] - The US lifted the import ban on Malaysian palm oil company FGV Holdings [4] - Brazil's soybean production in 2025 was estimated at 166.05 million tons, a 14.6% increase year - on - year [5] - In the 3rd week of 2026 (January 10 - 16), the actual soybean crushing volume in domestic oil regions was 1.9942 million tons, an increase of 228,400 tons compared to the previous week and 87,800 tons lower than the estimated volume, with an actual startup rate of 54.86% [5] - China and Canada signed the "China - Canada Economic and Trade Cooperation Roadmap" and agreed to strengthen agricultural cooperation and food security [5] 3. Trend Intensity - The trend intensity of palm oil and soybean oil is 0 [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Recently, policy - side disturbances in the oil and fat market are significant, and the overall oils and fats are oscillating. The total inventory of the three major domestic oils and fats is gradually decreasing slightly, but the overall inventory is still sufficient. Malaysian palm oil has entered the production - reduction period, with slow de - stocking and high inventory likely to persist. Indonesia will continue the B40 policy this year, and the potential bullishness from B50 has temporarily disappeared. Domestic soybean oil is gradually de - stocking, and the inventory is not expected to be tight. Rapeseed supply in China is expected to increase, which may lead to a weakening oscillation of rapeseed oil. However, considering the time for rapeseed shipments to arrive after March and the expected release of the US biodiesel plan in March, there is some bullish driving force for soybean oil and rapeseed oil, and the decline space of near - month rapeseed oil contracts may be limited [5][31]. Summary by Directory International Market Malaysian Palm Oil - MPOB data shows that the ending inventory of Malaysian palm oil in December unexpectedly increased to 3.05 million tons, a month - on - month increase of 7.6%. Production decreased by 5% to 1.83 million tons, and exports increased by 8.5% to 1.32 million tons. The market believes the negative impact has been digested, causing the price to rise. SPPOMA predicts that the production of Malaysian palm oil in the first 10 days of January decreased by 20.49% compared with the same period last month, and ITS predicts that exports increased by 29%. It is expected that the inventory in January will be around 2.92 million tons. Additionally, Indonesia has cancelled the plan to increase the mandatory biodiesel blending ratio to 50% this year, maintaining it at 40%, and will raise the CPO export levy from 10% to 12.5% from March 1 [8]. Indian Oils and Fats - SEA data indicates that India imported 1.38 million tons of edible oil in December, a year - on - year increase of 200,000 tons. Among them, soybean oil and sunflower oil imports were relatively large at 510,000 and 350,000 tons respectively, an increase of 140,000 and 200,000 tons, while palm oil imports were only 510,000 tons, a decrease of 120,000 tons. Due to less palm oil imports, the inventory decreased to 460,000 tons, slightly lower than the 5 - year average. There are rumors of palm oil purchases this week [14]. US Bio - fuel - The Trump administration plans to finalize the 2026 bio - fuel blending ratio quota by early March 2026. The US EPA is considering setting the target at 5.2 - 5.6 billion gallons in 2026, slightly lower than the previous proposal of 5.61 billion gallons. It is expected that the US EPA will abandon the plan to penalize imported renewable fuels and raw materials, which eases the concerns of oil refiners [18]. Domestic Market Palm Oil - As of January 9, 2026 (Week 2), the commercial inventory of palm oil in key national regions was 736,000 tons, a week - on - week increase of 2,200 tons, an increase of 0.30%. The import profit inversion has narrowed, currently around - 100. There are rumors of 4 - 6 near - month shipments this week. In the short term, the palm oil market lacks obvious drivers, and the high - inventory situation is expected to continue with slow de - stocking. It is recommended that short - position holders consider partial profit - taking [21]. Soybean Oil - As of January 2, 2026, the commercial inventory of soybean oil in key national regions was 1.081 million tons, a week - on - week decrease of 8,000 tons, a decrease of 0.73%. The inventory has reached an inflection point and is gradually de - stocking, but it will not be overly tight. Considering potential customs policy changes and the de - stocking expectation, the short - term performance is relatively good, but there are no prominent contradictions currently [26]. Rapeseed Oil - As of January 2, 2026, the coastal rapeseed oil inventory was 273,000 tons, a month - on - month decrease of 18,000 tons. The inventory is in a neutral position historically and is continuously decreasing. The spot market trading is light. It is expected that China will reduce the comprehensive tariff rate of Canadian rapeseed to about 15% by March, and the trade between China and Canada may resume. Although rapeseed supply is expected to increase, the decline space of near - month rapeseed oil contracts is limited due to the time for rapeseed shipments to arrive after March and the expected release of the US biodiesel plan in March [29]. Strategy Recommendations - Unilateral strategy: In the short term, the overall oils and fats market may maintain an oscillating trend, with limited upside and downside. It is recommended to conduct high - selling and low - buying range operations. - Arbitrage strategy: Wait and see. - Option strategy: Wait and see [33].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Multiple factors are intertwined, increasing the volatility of oils and fats, with the overall market moving in a volatile manner. The MPOB report had a negative impact, with inventory accumulation slightly exceeding expectations. The latest data shows a significant month - on - month decline in Malaysian palm oil production, and due to the recovery of Indian import demand, export demand has continuously improved, providing support for prices. In terms of biodiesel, Indonesia has cancelled the implementation of the B50 policy in 2026, but there is still uncertainty. The US biodiesel policy is expected to be finalized in early March, which may expand the demand for US soybean oil biodiesel and cause a sharp rise in futures prices. It is expected that palm oil will move in a volatile manner in the short term [4][8][12]. Summary by Directory Market Data - CBOT soybean oil main continuous contract rose 2.85 to 51.51 cents per pound, an increase of 5.74%; BMD Malaysian palm oil main continuous contract rose 18 to 4056 ringgit per ton, an increase of 0.45%; DCE palm oil 05 contract fell 8 to 8674 yuan per ton, a decrease of 0.09%. DCE soybean oil 05 contract rose 22 to 8016 yuan per ton, an increase of 0.28%; CZCE rapeseed oil 05 contract rose 21 to 9063 yuan per ton, an increase of 0.23%. The spot prices of palm oil, soybean oil, and rapeseed oil also showed different degrees of increase. The soybean - palm oil futures spread was - 658 yuan per ton, an increase of 30 yuan per ton; the rapeseed - palm oil futures spread was 389 yuan per ton, an increase of 29 yuan per ton [4][5]. Market Analysis and Outlook - The MPOB report in December showed that Malaysia's palm oil ending inventory was 3.05 million tons, a month - on - month increase of 7.58%, slightly higher than market expectations; exports were 1.317 million tons, a month - on - month increase of 8.52%; production was 1.83 million tons, a month - on - month decrease of 5.76%. - From January 1 - 15, 2026, Malaysian palm oil production decreased by 18.24% month - on - month. From January 1 - 10, exports increased by 16.4% - 29.2% compared with the same period last month according to different survey agencies. - Indonesia cancelled the implementation of the B50 policy in 2026. The US is advancing its biodiesel policy and is expected to finalize the 2026 biodiesel blending quota in early March, with the quota ranging from 5.2 - 5.6 billion gallons. - China - Canada trade relations have improved, and the import comprehensive tariff of Canadian rapeseed has been reduced to 15%, and the domestic supply of rapeseed is expected to increase in the future. - As of the week of January 9, 2026, the inventory of the three major oils in key regions across the country was 2.0146 million tons, a decrease of 70,200 tons from the previous week. Among them, soybean oil inventory decreased by 55,900 tons, palm oil inventory increased by 2,200 tons, and rapeseed oil inventory decreased by 16,500 tons [8][9][11]. Industry News - Maybank analyst Ong Chee Ting believes that this year, crude palm oil prices may be mainly driven by demand, with an expected average price of 4100 ringgit per ton, trading in the range of 3700 - 4700 ringgit per ton. - Economists believe that Indonesia's implementation of the B50 biodiesel mandate will enhance Malaysia's competitiveness in the global palm oil market. - CIMB Securities expects that the upward catalyst for crude palm oil prices may have disappeared. It has lowered the expected average price of crude palm oil this year to 4000 - 4200 ringgit per ton. - Malaysia's palm oil inventory may decline by 5% month - on - month in January to 2.9 million tons, and production is expected to decline by 14% month - on - month to 1.57 million tons. - Malaysia has lowered its reference price for crude palm oil in February, reducing the export tariff to 9%. - RHB Research and MBSB Research believe that stable production, high ending inventory in Malaysia, and Indonesia's new policy adjustments are factors supporting the industry. MBSB Research expects the average price of Malaysian crude palm oil in 2026 to be 4200 ringgit per ton, and RHB Research to be 4250 ringgit per ton [13][14][15]. Relevant Charts - The report provides multiple charts, including the price trends of Malaysian palm oil, US soybean oil, and the three major oils' futures and spot prices, the trends of various oils' inventory, production, and export volume, and the spreads between different oils [18][20][30].

Group 1 - The palm oil market experienced significant fluctuations this week due to the release of monthly supply and demand reports from MPOB and USDA, alongside news regarding Indonesia's export levy and B50, as well as developments in the US biodiesel sector [3][18] - The MPOB report indicated a 5.46% month-on-month decrease in Malaysian palm oil production for December, aligning with MPOA estimates, while domestic consumption unexpectedly dropped to 33 million tons, offset by a surge in exports [19][21] - The market anticipates that Malaysian palm oil inventory may have peaked in December, with expectations of a drawdown in the first quarter of this year, which could stabilize palm oil prices [21][23] Group 2 - Indonesia's export levy on palm oil products will increase by 2.5% starting March 1, 2026, while maintaining a 40% blending plan, which has led to further corrections in palm oil prices [21][23] - The US biodiesel sector is seeing increased optimism, with plans to finalize the 2026 biodiesel blending mandate, potentially setting the obligation between 5.2 to 5.6 billion gallons, which has positively impacted soybean oil prices [25][27] - The anticipated increase in US biodiesel blending demand is expected to significantly raise oilseed input requirements, potentially leading to a rise in soybean oil prices to the range of 60-65 cents [27][29]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the short term, with Indonesia canceling the implementation of the B50 policy this year, it is expected that the oil and fat market will experience wide - range fluctuations [5]. - The overall situation of the 12 - month MPOB report is bearish, with Malaysia's palm oil inventory exceeding expectations and accumulating [40]. - The overall situation of the oil and fat market in the short term is likely to be wide - range fluctuations [9]. 3. Summary by Relevant Catalogs 3.1 Fundamental Viewpoints - **Soybean oil**: In the South American Brazilian main producing areas, there has been good rainfall recently, which is beneficial to the growth of sown soybeans. In the core producing areas of Argentina, there will be less or average rainfall in the next two weeks, which needs key attention [7]. - **Palm oil**: ITS and AmSpec data show that the export volume of Malaysian palm oil from January 1 - 15 increased by 18.64% and 17.5% respectively compared with the previous period. The Indonesian government has decided to maintain the biodiesel plan at the B40 level this year, and will increase the palm oil export tax to 12.5% from March. The US government is expected to finalize the final biofuel blending quota for 2026 in early March, with the expected biomass diesel blending volume being 5.2 - 5.6 billion gallons, higher than 3.35 billion gallons in 2025, and no import - suppressing measures on foreign raw materials will be implemented [7]. - **Rapeseed oil**: The Canadian Prime Minister said that it is expected that by March 1, China will reduce the tariff on Canadian rapeseed to a total of about 15% [7]. 3.2 Strategy Views and Outlook - **Unilateral**: It is recommended that the resistance level of palm oil 05 be referred to as 8,800 - 9,000; for options, it is recommended to wait and see for the time being [9]. - **Arbitrage**: Wait and see for the time being [9]. - **Outlook**: Pay attention to national biodiesel policies, the production and export of Southeast Asian palm oil, China's rapeseed import policy, and crude oil prices [9]. 3.3 Industrial Chain Structure - Futures and Spot Markets - Last week, the oil and fat market fluctuated widely, mainly affected by Indonesia's biodiesel policy, export policy, and US biodiesel policy news [21]. - The soybean - palm oil spread fluctuated widely, the rapeseed - palm oil spread fluctuated weakly, and the rapeseed - soybean spread fluctuated widely. It is recommended to wait and see for all [26]. 3.4 Supply Side - **Malaysian palm oil**: In December, Malaysia's crude palm oil production decreased by 5.46% to 1.8298 million tons compared with the previous month, consumption decreased by 14.01% to 0.3197 million tons, export volume increased by 8.55% to 1.3165 million tons, and the palm oil inventory at the end of December increased by 7.59% to 3.0506 million tons, exceeding market expectations [40]. - **Domestic soybean and soybean oil**: As of January 9, 2026, the commercial inventory of soybean oil in key national regions was 1.0251 million tons, a decrease of 55,900 tons from the previous week, a decline of 5.17%, and an increase of 131,100 tons compared with the same period last year, a rise of 14.66% [78]. - **Domestic rapeseed and rapeseed oil**: As of January 9, 2026, the rapeseed oil inventory in coastal main oil mills was 0.2 million tons, a decrease of 0.1 million tons from the previous week; the rapeseed oil inventory in East China was 251,500 tons, a decrease of 15,500 tons from the previous week; the total rapeseed oil inventory in main national regions was 253,500 tons, a decrease of 16,500 tons from the previous week [82]. - **Domestic palm oil**: As of January 9, 2026 (the 2nd week), the commercial inventory of palm oil in key national regions was 736,000 tons, an increase of 2,200 tons from the previous week, an increase of 0.30%, and an increase of 234,800 tons compared with 501,200 tons last year, an increase of 46.85% [78]. 3.5 Demand Side - The report provides charts of domestic soybean oil, palm oil, rapeseed oil, and total oil and fat trading volumes, but no specific analysis content is given [67][69][71][73]. 3.6 Inventory - As of January 9, 2026, the commercial inventory of soybean oil in key national regions was 1.0251 million tons, a decrease of 55,900 tons from the previous week, a decline of 5.17%, and an increase of 131,100 tons compared with the same period last year, a rise of 14.66% [78]. - As of January 9, 2026 (the 2nd week), the commercial inventory of palm oil in key national regions was 736,000 tons, an increase of 2,200 tons from the previous week, an increase of 0.30%, and an increase of 234,800 tons compared with 501,200 tons last year, an increase of 46.85% [78]. - As of January 9, 2026, the rapeseed oil inventory in coastal main oil mills was 0.2 million tons, a decrease of 0.1 million tons from the previous week; the rapeseed oil inventory in East China was 251,500 tons, a decrease of 15,500 tons from the previous week; the total rapeseed oil inventory in main national regions was 253,500 tons, a decrease of 16,500 tons from the previous week [82]. 3.7 Disk Import Profit - As of January 16, 2026, the disk import profit of 24 - degree palm oil for the February shipment was - 106 yuan/ton [88].

1. Report Recommendation - The report recommends short - term waiting and observing in the trading strategy, suggesting waiting for inventory digestion [11][13] 2. Core Viewpoints - The current fundamental situation of the oil market is weak, with high production and low exports in major palm oil - producing areas leading to high inventories, and domestic inventories of three major oils also at a relatively high level. However, looking forward, there are optimistic expectations such as the downward adjustment of Malaysia's production forecast, Indonesia's confiscation of illegal plantations, and the expected increase in U.S. biodiesel soybean oil consumption in 2026 [11] - Oil prices may be approaching the bottom range [12] 3. Summary According to the Table of Contents 3.1. Weekly Assessment and Strategy Recommendation - **Industry Information**: The Trump administration plans to finalize the 2026 biofuel blending quota in early March, and Indonesia has cancelled the B50 plan. In January, the estimated consumption of U.S. soybean oil decreased compared to December, while India's vegetable oil imports in December increased. Malaysia's palm oil inventory in December increased, production decreased, and exports increased. Malaysia's 2026 palm oil production is expected to be lower than in 2025, and its production in January 2026 decreased. As of January 9, domestic inventories of three major oils decreased week - on - week but increased year - on - year [11] - **Viewpoint Summary**: The current fundamental situation is weak, but there are optimistic long - term expectations, so short - term waiting and observing are recommended [11] - **Fundamental Assessment**: The basis is neutral to low, the biodiesel spread and inventory are neutral, the import profit is negative, the high production and inventory in major producing countries are negative, and other factors are neutral. Oil prices may be near the bottom [12] - **Trading Strategy**: Both unilateral and arbitrage trading strategies recommend waiting and observing [13] 3.2. Futures and Spot Markets - The document presents multiple charts showing the basis of palm oil, soybean oil, and rapeseed oil contracts, the spread between soybean oil and palm oil contracts, and the monthly spread of various oil contracts from 2022 - 2026 [22][23][26][28][30] 3.3. Supply Side - The document shows charts of the monthly production and export of Malaysian and Indonesian palm oil from 2021 - 2025, the weekly arrival and port inventory of soybeans from 2022 - 2026, and the monthly import of rapeseed and rapeseed oil from 2021 - 2025 [34][36][37][38] 3.4. Profit and Inventory - The document presents charts of the total inventory of three major domestic oils from 2022 - 2026, India's imported vegetable oil inventory from 2021 - 2025, the near - month import profit and commercial inventory of palm oil from 2022 - 2026, the spot crushing profit of imported soybeans in Guangdong and the inventory of major soybean oil plants from 2022 - 2026, the average spot crushing profit of rapeseed along the coast and the commercial inventory of rapeseed oil from 2022 - 2026, and the inventory of Malaysian and Indonesian palm oil from 2021 - 2025 [42][44][46][48][50] 3.5. Cost Side - The document shows charts of the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil from 2022 - 2026, as well as the near - month shipping price of rapeseed oil and the import cost price of Chinese rapeseed from 2022 - 2026 [53][56] 3.6. Demand Side - The document presents charts of the cumulative trading volume of palm oil and soybean oil from 2022 - 2026, and the spread between palm oil and diesel, and soybean oil and heating oil from 2022 - 2026 [61][64]

Group 1: Investment Rating - The investment rating for the industry is "Neutral" [4] Group 2: Core View - The prices of the three major oils oscillated and declined yesterday due to the adjustment of Indonesia's biodiesel policy, which suppressed part of the global oil consumption, leading to a looser supply - demand pattern and putting downward pressure on oil prices [3] Group 3: Market Analysis Futures - Yesterday's closing price of the palm oil 2605 contract was 8578.00 yuan/ton, a decrease of 170 yuan or 1.94% compared to the previous day; the soybean oil 2605 contract closed at 7938.00 yuan/ton, a decrease of 62.00 yuan or 0.78%; the rapeseed oil 2605 contract closed at 8828.00 yuan/ton, a decrease of 121.00 yuan or 1.35% [1] Spot - The spot price of palm oil in Guangdong was 8580.00 yuan/ton, a decrease of 150.00 yuan or 1.72%, with a spot basis of P05 + 2.00, an increase of 20.00 yuan; the spot price of first - grade soybean oil in Tianjin was 8330.00 yuan/ton, a decrease of 70.00 yuan or 0.83%, and the spot basis was Y05 + 392.00, a decrease of 8.00 yuan; the spot price of fourth - grade rapeseed oil in Jiangsu was 9680.00 yuan/ton, a decrease of 70.00 yuan or 0.72%, and the spot basis was OI05 + 852.00, an increase of 51.00 yuan [1] Group 4: Recent Market Information Import Prices - The C&F price of Canadian rapeseed (March shipment) was 521 dollars/ton, a decrease of 3 dollars/ton; the C&F price of Canadian rapeseed (May shipment) was 527 dollars/ton, a decrease of 3 dollars/ton; the C&F price of Argentine soybean oil (February shipment) was 1193 dollars/ton, an increase of 1 dollar/ton; the C&F price of Argentine soybean oil (April shipment) was 1126 dollars/ton, an increase of 11 dollars/ton; the C&F price of Canadian rapeseed oil (February shipment) was 1050 dollars/ton, unchanged; the C&F price of Canadian rapeseed oil (April shipment) was 1030 dollars/ton, unchanged; the C&F price of US Gulf soybeans (February shipment) was 469 dollars/ton, an increase of 1 dollar/ton; the C&F price of US West soybeans (February shipment) was 463 dollars/ton, an increase of 1 dollar/ton; the C&F price of Brazilian soybeans (February shipment) was 446 dollars/ton, an increase of 1 dollar/ton [2] Import Premiums - The import premium of Mexican Gulf soybeans (February shipment) was 235 cents/bushel, unchanged; the import premium of US West Coast soybeans (February shipment) was 220 cents/bushel, unchanged; the import premium of Brazilian port soybeans (February shipment) was 172 cents/bushel, a decrease of 2 cents/bushel [2] Export Volume - According to Malaysia's independent inspection agency AmSpec, Malaysia's palm oil export volume from January 1 - 15 was 690,642 tons, a 17.53% increase compared to the same period last month [2] Group 5: Strategy - The strategy is "Neutral" [4] Group 6: Figures - The report includes 30 figures related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil, with data sources mainly from Steel Union Data and Huatai Futures Research Institute [5]

Group 1 - The cancellation of Indonesia's B50 biodiesel policy is expected to negatively impact palm oil prices, leading to a decline in Malaysian palm oil for three consecutive trading days [1] - The Indonesian government will continue with the B40 biodiesel blending policy and is preparing for a potential B50 implementation later in the year, but current market conditions favor maintaining the B40 ratio [1][2] - The market sentiment is currently bearish due to the cancellation of the B50 plan, but there is an expectation of marginal improvement in the short-term supply-demand fundamentals, particularly from major consuming countries like India [1][3] Group 2 - The palm oil export volume from Malaysia increased by 17.53% in the first half of January compared to the same period last month, indicating improved demand from major consumers [2] - The overall market is experiencing volatility, with expectations that Indian consumption and potential adjustments in U.S. biodiesel policies may support demand for oils [3] - MBSB Research forecasts a moderate growth of 1.0% in palm oil production for 2026, with exports expected to remain low at 15.1 million tons and ending stocks at a high of 3.18 million tons due to ongoing weak demand [3]

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