Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week (August 25 - August 29), the domestic oil and fat futures prices declined overall, with the palm oil main contract dropping 2.8% and the soybean oil and rapeseed oil main contracts falling over 1%. Spot prices were under pressure. Palm oil may experience shock and correction; soybean oil will have short - term shock adjustment; rapeseed oil will have short - term shock [11][12] Summary by Directory 1. Fundamental Observation Supply - Palm oil: According to MPOA, the estimated production of Malaysian palm oil from August 1 - 20 increased by 3.03%. SPPOMA data showed that from August 1 - 25, 2025, the yield per unit decreased by 3.26% month - on - month, the oil extraction rate increased by 0.4% month - on - month, and the production decreased by 1.21% month - on - month. - Soybean oil: As of August 29, the actual soybean crushing volume of oil mills was 2.4254 million tons, the operating rate was 68.18%, and the soybean oil production was 460,800 tons. - Rapeseed oil: As of August 29, the rapeseed oil production of coastal oil mills was 18,500 tons, and the production decreased with the reduction of rapeseed crushing volume [5] Demand - Palm oil: As of August 29, the total transaction volume of 24 - degree palm oil in key national oil mills this week was 7,864 tons, a week - on - week increase of 2,298 tons, or 41.28%. - Soybean oil: As of August 29, the domestic soybean oil trading volume was 168,800 tons, with an average daily trading volume of 33,700 tons, a week - on - week decrease of 34.37%. - Rapeseed oil: As of August 29, the pick - up volume of rapeseed oil in coastal oil mills was 19,450 tons, a week - on - week increase of 27 tons [5] Inventory - Palm oil: As of August 29, the commercial inventory of palm oil in key national regions was 610,100 tons, a week - on - week increase of 28,000 tons, or 4.8%. - Soybean oil: As of August 29, the commercial inventory of soybean oil in key national regions was 1.2388 million tons, a week - on - week increase of 52,800 tons, or 4.45%. - Rapeseed oil: The rapeseed oil inventory was 658,000 tons, a week - on - week increase of 2.65% [5] 2. Cost and Profit - As of August 29, the FOB price of 24 - degree Malaysian palm oil was $1,087.5 per ton; the import CIF price was $1,112 per ton, a week - on - week decrease of $17 per ton; the import cost price was 9,479 yuan per ton; the hedging profit was - 103 yuan per ton [6] 3. Overseas Oil and Fat Information - Malaysian palm oil: From August 1 - 25, the export volume increased by 10.9% compared with the same period last month. The Malaysian government is seeking to exempt crude palm kernel oil and refined palm kernel oil from the 5% sales and service tax. The US has agreed in principle to exclude Indonesian palm oil from the 19% tariff, but no timetable has been set. - Brazilian biodiesel: Due to the increase in the blending ratio, the biodiesel demand in Brazil in 2025 has been adjusted from 9.6 million cubic meters to 9.9 million cubic meters, and then slightly adjusted down to 9.8 million cubic meters, still an 8.9% increase compared with 2024. - Canadian rapeseed: As of the week of August 17, the export volume decreased by 64.34% week - on - week to 90,800 tons. From August 1 - 17, 2025, the export volume was 355,900 tons, a 46.16% decrease compared with the same period last year. As of August 17, the commercial inventory was 793,400 tons [8][9] 4. Market Review Palm oil - The SPPOMA data showed that from August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% month - on - month, the oil extraction rate increased by 0.4% month - on - month, and the production decreased by 1.21% month - on - month. The export in August increased month - on - month. The US agreed in principle to exclude Indonesian palm oil from the 19% tariff. Indian festival stocking and Indonesian biodiesel policy support demand. On Friday, the weakening of international oil and fat and crude oil prices dragged down domestic oils and fats, leading to shock and correction [11] Soybean oil - The US EPA's exemption decision for small refineries caused the US soybean oil price to fall. Domestic oil mills maintained a high operating rate, with high - level production and increasing inventory pressure. However, the start of the school year and the Mid - Autumn Festival are expected to relieve the inventory pressure. China has not purchased US soybeans yet, and attention should be paid to China - US trade negotiations. Short - term shock adjustment is expected [11] Rapeseed oil - China's preliminary anti - dumping ruling on Canadian rapeseed is expected to reduce imports. China is purchasing Australian new - crop rapeseed, which is expected to be shipped from November to December. Domestic rapeseed oil production is at a low level, and the inventory is at a high level year - on - year, still under pressure. Attention should be paid to China - Canada relations, and short - term shock is expected [12] 5. Palm Oil Data Weekly Tracking Production and Inventory in Malaysia - In July 2025, the Malaysian palm oil production was 1.8124 million tons, a month - on - month increase of 7.09%, and the inventory was 2.1133 million tons, a month - on - month increase of 4.02%, at a high level year - on - year [16] Exports in Malaysia - According to MPOB, the Malaysian palm oil export volume in July was 1.3091 million tons, a month - on - month increase of 3.82%. SGS data showed that from August 1 - 20, the export volume was 667,278 tons, a month - on - month increase of 37.1%. From August 1 - 25, ITS and Amspec data showed a month - on - month increase of 10.9% and 16.4% respectively [19] Domestic Palm Oil Import and Inventory - In July 2025, the palm oil import volume was 180,000 tons, a month - on - month decrease of 48.57%, and the cumulative import volume from January to July was 1.25 million tons, a year - on - year decrease of 19.4%. As of August 29, the domestic palm oil commercial inventory was 610,100 tons, a week - on - week increase of 28,000 tons, at a high level within the year [25][26] Domestic Palm Oil Consumption - In July, the domestic palm oil consumption was 207,800 tons, a month - on - month decrease of 29,600 tons [27] Import Cost and Profit - As of August 29, the import profit of 24 - degree palm oil was - 24 yuan per ton, a week - on - week decrease of 54 yuan per ton [22] 6. Soybean Oil Data Weekly Tracking - As of August 29, the soybean oil production was 460,800 tons, a week - on - week increase of 29,500 tons, at a high level year - on - year. The commercial inventory was 1.2388 million tons, a week - on - week increase of 52,800 tons, or 4.45%. In July, the export volume was 34,000 tons, a month - on - month increase of 12,700 tons [31][32][33] 7. Rapeseed Oil Data Weekly Tracking - As of August 29, the rapeseed oil production of coastal oil mills was 18,500 tons, a week - on - week decrease of 1,200 tons, at a relatively low level year - on - year. The inventory was 658,000 tons, a week - on - week increase of 25,600 tons, at a high level year - on - year [36]

油脂日报 | 2025-09-03 供需结构稳定，油脂价格震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2601合约9422.00元/吨，环比变化+38元，幅度+0.40%；昨日收盘豆油2601合约8356.00 元/吨，环比变化+8.00元，幅度+0.10%；昨日收盘菜油2601合约9766.00元/吨，环比变化-35.00元，幅度-0.36%。现 货方面，广东地区棕榈油现货价9380.00元/吨，环比变化+70.00元，幅度+0.75%，现货基差P01+-42.00，环比变化 +32.00元；天津地区一级豆油现货价格8480.00元/吨，环比变化+10.00元/吨，幅度+0.12%，现货基差Y01+124.00， 环比变化+2.00元；江苏地区四级菜油现货价格9900.00元/吨，环比变化+0.00元，幅度+0.00%，现货基差OI01+134.00， 环比变化+35.00元。 近期市场咨询汇总：棕榈油周度成交环比上涨，但24度及以下棕榈油消费需求有限，上周国内棕榈油库存小幅攀 升，再度回升至近期高位附近。监测数据显示，截止到2025年第35周末，国内棕榈油库存总量为55.8万吨，较上周 的52.0万 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-9-3 九月出栏继续增加，猪价压力持续 油脂：短期或继续震荡调整，等待进一步信息指引 蛋白粕：关注下沿支撑，盘面料延续区间震荡 玉米/淀粉：贸易商提前布局囤货，情绪不易过度悲观 生猪：9月出栏继续增加，猪价压力持续 橡胶：胶价上行驱动有限，但下方支撑偏强 合成橡胶：盘面维持区间震荡 纸浆：现货成交清淡，纸浆期货核心驱动难定 棉花：棉价震荡整理，关注收购价 白糖：供应压力边际增大，糖价偏弱运行 原木：弱现实与旺季预期博弈 【异动品种】 ⽣猪观点：9⽉出栏继续增加，猪价压⼒持续 逻辑：（1）供应：短期，9月计划出栏量预计保持环增趋势，猪源供应整 体充裕。中期，2025年上半年全国能繁母猪产能尚在高位波动，并且1月~ 7月新生仔猪数量持续环比增加，按照仔猪→商品猪6个月出栏时间推算， 预计下半年生猪出栏呈增量趋势，周期仍受供应压制。长期，7月"反内 卷"政策引导生猪产业"降重+减产"，农业部、发改委、中畜协开会落 实政策精神，8月农业部继续表示"持续推进生猪产能综合调控"。但是 当前生猪养殖尚有利润，主动减产存在阻力，7月钢联、涌 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - International oilseeds: The global soybean market shows complex trends. The US soybean was initially boosted by the EPA's SRE policy but then corrected due to lack of continuous positive policies. The market is optimistic about US soybean purchases during the China - US talks, keeping the outer - market firm. In the US, the late - stage growth of soybeans faces uncertainties due to weather. In South America, Brazil is about to start planting new - crop soybeans, and low soil moisture may affect production [1][2]. - International oils: For palm oil, Malaysia's supply pressure is limited due to increased exports, while Indonesia's supply and transportation are a concern. The increase in export reference prices may affect demand, but global demand is still supported. US soybean oil remains neutral with low inventory and uncertain policies. Canadian canola oil is affected by weather and China - Canada trade policies [3][7]. - Domestic oilseeds: The domestic oilseed market shows a narrow - range oscillation. The outer - market is strong due to China - US talks, while the inner - market lacks stimulus. The purchase of imported soybeans is affected by various factors, and there may be a supply gap in the first quarter of next year. Domestic soybean meal shows seasonal accumulation, and rapeseed meal may see accelerated inventory reduction [8]. - Domestic oils: The short - term supply - demand contradiction of domestic oils is not significant. There is a strong expectation of inventory reduction in the fourth quarter. It is recommended to go long at low prices [9]. 3. Summary by Relevant Catalogs International Oilseeds Global Soybean - After the EPA announced the SRE policy, US soybean oil soared, driving up US soybeans. Then, due to lack of continuous positive policies, the market sentiment declined, but the China - US talks kept the outer - market firm, and the Brazilian premium weakened [1]. US Soybean - New - crop planting is in the late sowing stage. In August, the Midwest experienced low - temperature and dry weather, which may affect crop growth, increase the risk of frost damage, and make the growth uncertainty similar to last year [2]. South American Soybean - Brazil is about to start planting new - crop soybeans. Due to low soil moisture in some major producing areas, the average yield and output of soybeans in some areas are expected to decline. If the soil moisture cannot be improved by rainfall, it may have a great impact on the new - crop soybean production [2]. International Oils Palm Oil - Malaysia has increased exports with limited supply pressure due to more rainfall. In Indonesia, domestic unrest and rainfall have raised concerns about supply and transportation. The B40 plan supports local demand, and inventory growth is limited. Although the increase in export reference prices may suppress demand, global demand is still supported by India's purchases [3]. Soybean Oil - US biodiesel policies lack further guidance, and the market is in a wait - and - see state. US soybean oil inventory is low, and there is no obvious negative driver. The impact of weather on production cannot be ignored [7]. Canola Oil - The weather in Canada, the main producing area, is normal. Its demand may be affected by China - Canada trade policies. Future attention should be paid to China - Canada relations and Canadian weather [7]. Domestic Oilseeds Disk Review - The outer - market oscillates strongly due to China - US talks, while the inner - market shows a narrow - range oscillation in the short term due to lack of news [8]. Supply - Demand Analysis - Imported soybeans: The Brazilian premium has declined, and the profit of domestic purchases has slightly decreased. The pace of purchasing has slowed down. The soybean arrivals in September, October, and November are 10 million tons, 9 million tons, and 8 million tons respectively. Without purchasing US soybeans, there may be a supply gap after the first quarter of next year [8]. - Domestic soybean meal: The trading logic has shifted to the far - month contract. The supply of imported soybeans is at a seasonal high, and the oil mill's crushing volume has slightly increased. The inventory shows a seasonal accumulation. The downstream demand is stable [8]. - Rapeseed meal: Due to the expectation of China - Canada talks, the short - term sentiment suppresses the disk. The inventory may be reduced seasonally, and the opportunity to go long depends on the change of warehouse receipts [8]. Future Outlook - The weather in the late - stage growth of US soybeans has been improved to some extent, and future attention should be paid to US soybean exports. The domestic soybean market may be weak in the short term and may stabilize in the far - month contract. The domestic rapeseed market may be weak due to the expectation of China - Canada talks [8]. Strategy Viewpoint - Wait for the opportunity to go long at low prices [8]. Domestic Oils Disk Review - There is limited news from the producing areas, but the medium - and long - term trend of oils is upward [9]. Supply - Demand Analysis - Palm oil: The price of the producing area lacks a clear driver, but the increase in production may end early. The domestic inventory pressure is moderate, and the demand is poor. The import profit is still in an inverted state [9]. - Soybean oil: The current inventory pressure is large, and the inventory accumulation continues. However, there is an expectation of a raw - material gap in the fourth quarter, and exports to India may accelerate inventory reduction [9]. - Canola oil: The inventory is still at a high level. Although the new supply is limited, the domestic supply is sufficient. The consumption is poor, and the inventory reduction is slow. Future attention should be paid to China - Canada relations and Australian rapeseed imports [9]. Future Outlook - The short - term supply - demand contradiction of domestic oils is not significant. The decline recently is due to capital withdrawal and sentiment slowdown. There is a strong expectation of inventory reduction in the fourth quarter [9]. Nanhua's Viewpoint - Oils are expected to oscillate in the short term and rise in the medium - and long - term. It is recommended to go long at low prices [9].

Core Viewpoint - The collaboration between Minsheng Bank and a local oil company aims to enhance employees' awareness of telecom fraud and improve financial service quality through a promotional event focused on safeguarding personal finances [1][2]. Group 1: Event Overview - Minsheng Bank's Jining Yanzhou branch organized a telecom fraud prevention campaign for employees of a local oil company, emphasizing the theme "Protecting the Wallet" [1]. - The event included various promotional activities such as setting up a dedicated booth, distributing brochures, and playing anti-fraud videos to educate employees on common fraud tactics and prevention techniques [1]. Group 2: Educational Content - Bank staff provided detailed explanations of prevalent fraud types, including impersonation of law enforcement, fake investment schemes, and online loan scams, highlighting their characteristics and identification methods [1]. - Employees were advised to remain vigilant against suspicious calls and links, reinforcing the importance of personal security [1]. Group 3: Financial Services Enhancement - The event also served as an opportunity for employees to open salary accounts, with bank staff offering guidance on the safe use of mobile and online banking services [1]. - Employees not only successfully opened their salary accounts but also gained practical financial knowledge, enhancing their self-protection capabilities [1]. Group 4: Company Feedback and Future Plans - The oil company praised the event, noting that Minsheng Bank not only provided efficient financial services but also took on social responsibility by raising fraud awareness among employees [2]. - Minsheng Bank's Jining Yanzhou branch expressed commitment to continue collaborating with enterprises to strengthen fraud prevention efforts and protect clients' financial security [2].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View of the Report - Recent soybean harvest season in the US is approaching, with favorable weather conditions in the production areas, gradually realizing the expected high - yield, and the global soybean supply remains in a loose pattern. The China - US negotiation is the main focus for the future market. The consumption of palm oil during the two festivals has limited driving force, and the overall price of edible oils will continue to fluctuate [2] Group 3: Market Analysis Futures - Yesterday's closing price of the palm oil 2601 contract was 9384.00 yuan/ton, a change of +68 yuan or +0.73% compared to the previous day. The closing price of the soybean oil 2601 contract was 8348.00 yuan/ton, a change of - 10.00 yuan or -0.12%. The closing price of the rapeseed oil 2601 contract was 9801.00 yuan/ton, a change of +12.00 yuan or +0.12% [1] Spot - In the Guangdong region, the spot price of palm oil was 9310.00 yuan/ton, a change of +110.00 yuan or +1.20%, and the spot basis was P01 + - 74.00, a change of +42.00 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8470.00 yuan/ton, with no change, and the spot basis was Y01 + 122.00, a change of +10.00 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9900.00 yuan/ton, a change of +10.00 yuan or +0.10%, and the spot basis was OI01 + 99.00, a change of -2.00 yuan [1] Group 4: Recent Market Information Summary - As of August 29, 2025 (Week 35), the commercial inventory of palm oil in key regions across the country was 61.01 tons, an increase of 2.80 tons or 4.81% compared to the previous week [2] - In September, the arrival volume of imported soybeans in China remains high, and it is expected that oil mills will maintain a high operating rate, with the monthly soybean crushing volume around 9.5 million tons [2] - In August, Argentina's agricultural exports dropped by 25% year - on - year, and the total export value of the agricultural sector was 1.82 billion US dollars, a significant decrease of 55% compared to July [2] - Last week, the soybean crushing volume of domestic oil mills increased again, reaching a high in more than two months. As of the end of Week 35 (August 30), the average operating rate of domestic major soybean oil mills was 67.26%, an increase of 3.23% compared to the previous week's 64.03%. The total soybean crushing volume of national oil mills was 2.5148 million tons, an increase of 120,900 tons compared to the previous week. Among them, the crushing volume of domestic soybeans was 16,900 tons, and the crushing volume of imported soybeans was 2.4979 million tons. This week, the expected soybean processing volume will remain high at 2.5213 million tons, with an operating rate of 67.44% [2]

Group 1 - The core viewpoint indicates that CBOT soybean oil futures are experiencing a slight upward trend, with the current price at 52.14 cents per pound, reflecting a 0.08% increase [1] - On September 1, the opening price for soybean oil futures was 52.10 cents per pound, with a closing price of 52.09 cents per pound, showing a decrease of 0.06% [2] - The highest price during the trading session reached 52.33 cents per pound, while the lowest was 51.83 cents per pound [1] Group 2 - Argentine soybean oil prices for October shipment decreased by $7 per ton to $1163 per ton, while December shipment prices fell by $15 per ton to $1164 per ton [2] - As of September 1, the Dalian Commodity Exchange reported soybean oil futures warehouse receipts at 15,760 lots, remaining stable compared to the previous trading day [2] - National key regions' commercial soybean oil inventory increased by 5.28 million tons to 123.88 million tons, marking a 4.45% rise compared to the previous week [2]

Group 1 - The palm oil futures market is experiencing a downward trend, with the main contract opening at 9438.00 CNY/ton and a maximum of 9446.00 CNY, while the lowest point reached 9276.00 CNY, resulting in a decline of 2.03% [1] - Factors affecting palm oil prices include rising domestic inventories in China and India, which negatively impact export demand, but Indian pre-festival stockpiling supports demand [1] - Indonesia's crackdown on illegal palm oil plantations has led to the confiscation of 3.1 million hectares, raising concerns about future palm oil production due to operational inefficiencies during the transition of management rights [1] Group 2 - The oilseed market is under pressure from falling crude oil prices, while end-users are increasing purchases at lower prices, leading to higher transaction volumes [2] - Uncertainties surrounding soybean and canola prices due to U.S.-China negotiations and Australian canola imports are negatively impacting palm oil prices, suggesting a short-term bearish outlook for palm oil [2]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Short-term oil price increase lacks momentum, palm oil may experience a correction, and holders of long positions can consider partial profit-taking and partial holding. Those without positions can consider shorting or waiting patiently for a correction to buy on dips. - YP01 may rebound in the short term, and holders of YP spreads can consider partial profit-taking and partial holding. P15 can be considered to widen after a correction. - Options are recommended to be on the sidelines [6][9][11] Summary by Directory Part 1: Data Analysis - **Spot Prices and Basis**: The closing price of 2601 for soybean oil is 8372 with a decrease of 18. The spot prices in Zhangjiagang, Guangdong, and Tianjin are 8572, 8722, and 8512 respectively. The basis for soybean oil in Zhangjiagang, Guangdong, and Tianjin is 350, 200, and 140 respectively, with corresponding increases of 10, 0, and 10. For palm oil, the closing price of 2601 is 9414 with a decrease of 86. The spot prices in Guangdong, Zhangjiagang, and Tianjin are 9384, 9464, and 9554 respectively. The basis for palm oil in Guangzhou, Zhangjiagang, and Tianjin is -30, 50, and 140 respectively, with corresponding increases of 0, 30, and 0. For rapeseed oil, the closing price of 2601 is 9809 with a decrease of 44. The spot prices in Zhangjiagang, Guangxi, and Guangdong are 9929, 9849, and 9849 respectively. The basis for rapeseed oil in Zhangjiagang and Guangdong is 120 and 40 respectively, with no change [3]. - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread for soybean oil is 268 with a decrease of 2, for palm oil is 260 with an increase of 8, and for rapeseed oil is 157 with a decrease of 13 [3]. - **Cross - Variety Spreads**: The Y - P spread for the 01 contract is -1042 with an increase of 68, the OI - Y spread is 1437 with a decrease of 26, the OI - P spread is 395 with an increase of 42, and the oil - meal ratio is 2.75 with a decrease of 0.0005 [3]. - **Import Profits**: The 24 - degree palm oil from Malaysia and Indonesia has a盘面 profit of -242, with a CNF price of 1120 for the 9 - month shipment. The FOB price of crude rapeseed oil from Rotterdam for the 10 - month shipment is 1075, and the 盘面 profit is -751 [3]. - **Weekly Commercial Inventories**: In the 34th week of 2025, the commercial inventory of soybean oil is 109.4 million tons, palm oil is 58.2 million tons, and rapeseed oil is 64.6 million tons [3]. Part 2: Fundamental Analysis - **International Market**: As of the week ending August 20, Argentine farmers sold 39.42 million tons of 24/25 - season soybeans, bringing the cumulative sales to 2989.56 million tons. They also sold 11.89 million tons of 25/26 - season soybeans, bringing the cumulative sales to 78.96 million tons. The total sales of all - season soybeans for the week were 51.65 million tons, bringing the cumulative sales to 7147.94 million tons. As of August 20, the cumulative export sales registration of 24/25 - season soybeans was 846.2 million tons, and that of 25/26 - season soybeans was 0 million tons [5]. - **Domestic Market**: There were many rumors about rapeseed today. After the rumors were refuted in the afternoon, the oil prices rebounded. As of August 22, 2025 (week 34), the commercial inventory of palm oil in key regions of the country was 58.21 million tons, a decrease of 3.52 million tons from the previous week, a decrease of 5.70%, and it is at a slightly higher - than - average level in the same period of history. The origin's quotes have decreased, and the import profit inversion has narrowed. The spot market has changed little, and the basis has increased steadily. The soybean oil futures price closed slightly lower after oscillating. The actual soybean crushing volume of oil mills last week was 2.27 million tons, with an operating rate of 63.81%, a decrease from the previous week. As of August 22, 2025, the commercial inventory of soybean oil in key regions of the country was 118.6 million tons, an increase of 4.33 million tons from the previous week, an increase of 3.79%, slightly lower than the same period in history but higher than the average of the past three years. The rapeseed oil futures price closed slightly lower after oscillating. The rapeseed crushing volume of major coastal oil mills last week was 44,800 tons, with an operating rate of 11.94%, a decrease from the previous week. As of August 15, 2025, the coastal rapeseed oil inventory was 66 million tons, a decrease of 1.2 million tons from the previous week, still at a high level in the same period of history, but the inventory is continuously decreasing marginally [5][6][9]. Part 3: Trading Strategies - **Single - Side Strategy**: Short - term oil price increase lacks momentum, and there may be a correction, but the correction range is expected to be limited. Holders of long positions can consider partial profit - taking and partial holding. Those without positions can consider shorting or waiting patiently for a correction to buy on dips [11]. - **Arbitrage Strategy**: YP01 may rebound in the short term, and holders of YP spreads can consider partial profit - taking and partial holding. P15 can be considered to widen after a correction [11]. - **Options Strategy**: Options are recommended to be on the sidelines [12]. Part 4: Relevant Attachments - The report provides eight figures, including the spot basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, the 1 - 5 monthly spreads of Y, P, and OI, the Y - P 01 spread, and the OI - Y 01 spread, with data sources from Galaxy Futures, Bangcheng, and WIND [15][18].

1. Report Industry Investment Rating - The report gives a neutral rating for the industry [4] 2. Core Viewpoints - Market rumors of domestic procurement of Australian rapeseed have been confirmed with cumulative deals of 5 cargoes, which can make up for the shortage of rapeseed arrivals in the fourth quarter [4] - With increasing far - month exports of domestic soybean oil, downstream buyers are actively purchasing the basis of soybean oil from October to January, but be wary of reserve soybeans and Sino - US negotiations [6] - As India's peak procurement season is approaching its end, the bullish drivers for palm oil will be more on the supply side. However, even with supply - side drivers, the upside of the futures market may be limited, and there could be downward pressure if inventory accumulation exceeds expectations [6] 3. Summary by Related Catalogs Palm Oil Market - In the GAPKI June report, palm oil production in Indonesia increased by 15.99% month - on - month. In early July, the market expected a production cut in June. Due to tax cuts in June, exports increased by 35.56% month - on - month. With lower biodiesel subsidy costs and high consumption, the inventory at the end of August dropped to 253 million tons, a historical low. Most expect July production to be flat or slightly lower, and inventory accumulation at the end of July may be limited [4] - MPOA estimates that Malaysia's palm oil production in the first 20 days of August increased by 3.03%, lower than the historical average. However, according to shipping inspection agency data, export growth is slowing down, and inventory may continue to accumulate at the end of August unless consumption continues to exceed expectations [4] - After 8 cargoes of palm oil were traded in China last week, the origin's quotes weakened this week, and the import loss for the domestic futures market narrowed. Cargoes for the November shipment continued to be traded [5] - India's procurement of Malaysian and Indonesian palm oil has slowed down due to the narrowing of the soybean - palm oil price spread at Indian ports and news of India's procurement of South American palm oil [5] Price Movements - As of August 22, 2025, French rapeseed had the largest weekly increase, while price adjustments of rapeseed and soybeans in most regions were small [8] - As of August 25, 2025, except for a slight decline in the prices of Malaysian and Indonesian palm oil, other vegetable oil prices rose, especially the prices of North and South American soybean oil [13] - The weekly price difference between refined palm oil in Malaysia and Indonesia was $10/ton, compared to $0/ton the previous week, lower than the historical average of $11.7/ton. The price difference between Argentine soybean oil and Indonesian crude palm oil was - $28.5/ton, compared to - $36/ton the previous week, lower than the historical average of $127.9/ton [23] - As of August 22, Canada officially raised its rapeseed production forecast, and the price of Canadian rapeseed was weak. Without Chinese purchases, it has to find other markets [24] - As of August 22, the price difference between crude soybean oil and crude palm oil at Indian ports was $30/ton, higher than $15/ton the previous week; the price difference between crude sunflower oil and crude palm oil was $115/ton, compared to $95/ton the previous week; the price difference between refined soybean oil and refined palm oil was $0/ton, compared to - $6/ton the previous week [30] Transaction Volume - Last week, 8 cargoes of palm oil for the October shipment, 2 for the September shipment, 1 for the October shipment, and 5 for the November shipment were traded. One cargo of Dubai rapeseed oil was also traded in China last week [39] - The far - month basis of soybean oil had a large number of transactions again [132] Basis and Spread - The spot basis of 24 - degree palm oil in Guangdong weakened again, the spot basis of first - grade soybean oil in Jiangsu was raised, and the basis of third - grade rapeseed oil in Guangxi remained stable [136] - On August 25, 2025, the spot price difference between first - grade soybean oil and 24 - degree palm oil in Guangdong was - $900.0; the spot price difference between third - grade rapeseed oil and first - grade soybean oil in Jiangsu was $1320; and the spot price difference between third - grade rapeseed oil and first - grade soybean oil was $1540 [148] Bio - diesel - Weekly processing profit and loss remained stable, subsidies decreased, and blending losses increased [127] - The price of European RME was stable, and the processing profit was at the historical average level [128] Demand - The far - month basis of soybean oil had a large number of transactions again [132] Monthly Balance Sheet - The monthly balance sheets for palm oil, rapeseed oil, and soybean oil show the changes in inventory, production, import, demand, and other indicators from 2024 to 2025 [155]