食品加工包装在线 . 食品加工包装在线（www.sjgle.com）项下资讯平台，汇聚深度报道、科普知识、政策解读、企业动 态、专业活动等行业热点信息。 // // 点击蓝字 点击蓝字 · · 关注我们 关注我们 //// 油脂精炼是油脂加工的重要手段，可去除加工过程产生的水分、蛋白质、胶质、色素等一系列影响油 脂品质的杂质。精炼技术一般为脱胶、脱酸、脱色、脱臭，包含物理和化学多种方法。为改善传统技 术的不足，实现油脂适度、绿色加工，国内外学者对新型精炼技术进行了广泛研究。 以下文章来源于食品加工包装在线 ，作者小泥沙 01 脱胶 脱胶是指将毛油中所含磷脂等胶质去除。脱胶工艺被认为是油脂精炼加工中最重要的环节之一。脱胶效果的好坏将 直接影响成品油脂的质量和产量。在化学精炼时，因为脱胶之后伴随的脱酸工序可以进一步将残余磷脂等胶质去 除，所以在化学精炼中脱胶工序后磷脂等物质允许有一定的残留量；但是物理精炼过程中，如果脱胶后的磷脂残留 量超标，往往在其后工序中很难完全去除，会影响最终产品的风味和氧化稳定性。所以相对化学精炼，物理精炼方 法虽然无需脱酸，可减少废弃物的产生，有利于环境保护，但是因其对脱胶效果要求极高， ...

1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The report analyzes the price trends, basis changes, inventory levels, supply - demand situations of domestic three major oils (palm oil, soybean oil, and rapeseed oil), and provides short - and medium - long - term price forecasts for palm oil [2][35][36]. 3. Summary by Relevant Catalogs 3.1 Domestic Three Major Oils Spot Price Trends - From July 25 to August 1, 2025, the palm oil futures主力合约 (P2509) decreased by 0.29% to 8910, and the spot price decreased by 0.04% to 9012; the rapeseed oil futures主力合约 (OI2509) increased by 0.71% to 9524, and the spot price increased by 0.33% to 9622; the soybean oil futures主力合约 (Y2509) increased by 1.60% to 8274, and the spot price increased by 0.48% to 8454 [2]. 3.2 Three Major Oils Basis Changes - As of July 31, 2025, the basis of soybean oil, rapeseed oil, and palm oil was 262 yuan/ton (increased by 14 yuan/ton from the previous week), 111 yuan/ton (increased by 13 yuan/ton), and 112 yuan/ton (increased by 44 yuan/ton) respectively. As of August 1, 2025, the YP spread was - 636 yuan/ton (increased by 158 yuan/ton from the previous week) [7]. 3.3 Domestic Three Major Oils Inventory Trends - As of July 25, 2025, the rapeseed oil inventory in coastal areas was 9.55 tons (increased by 0.30 tons from the previous week), the palm oil commercial inventory in factories was 61.55 tons (increased by 2.41 tons), the soybean oil inventory in national oil mills was 108.81 tons (decreased by 0.37 tons), and the total inventory of the three major oils was 179.91 tons (increased by 2.34 tons) [10]. 3.4 Supply - side Analysis 3.4.1 Palm Oil Supply - side - MPOB data shows that Malaysia's palm oil ending inventory in June increased by 2.4% to 2.03 million tons. In May 2025, Indonesia's palm oil ending inventory decreased by 4.2% to 2.916 million tons [16]. 3.4.2 Soybean Oil Supply - side - As of July 25, 2025, the national port soybean inventory was 8.085 million tons (increased by 0.106 million tons from the previous week), the soybean inventory in major national oil mills was 6.4559 million tons (increased by 0.0335 million tons), and the oil mill operating rate was 58% (increased by 3%). As of August 1, 2025, the soybean crushing profit was - 722.05 yuan/ton (decreased by 0.85 yuan/ton from the previous week) [21]. 3.4.3 Rapeseed Oil Supply - side - As of July 25, 2025, the total rapeseed inventory in oil mills was 15,000 tons (decreased by 5,000 tons from the previous week). As of August 1, 2025, the imported rapeseed crushing profit was 295.20 yuan/ton (increased by 39.6 yuan/ton from the previous week) [26]. 3.5 Demand - side Analysis - On July 31, 2025, the trading volume of palm oil in major oil mills was 200 tons, the trading volume of first - grade soybean oil was 2500 tons, and the POGO spread was 352.24 dollars/ton (decreased by 12 dollars/ton from the previous week). The predicted annual total consumption of rapeseed oil is 8.65 million tons [32]. 3.6 Three Major Oils Fundamental Analysis - Policy: The US biodiesel policy is favorable. - Overseas: According to the USDA June report, the expected ending inventory of US soybeans is 295 million bushels, and the production of Brazil and Argentina is 175 million tons and 48.5 million tons respectively. The MPOB report shows that Malaysia's palm oil production in June was 1.692 million tons, a month - on - month decrease of 4.5%, and the inventory was 2.03 million tons, a month - on - month increase of 2.4%. - Import and crushing: The oil mill operating rate increased by 3% from the previous week, and the soybean inventory increased. The rapeseed inventory in oil mills was 15,000 tons, a decrease of 5,000 tons from the previous week. - Inventory: As of July 25, the rapeseed oil inventory in coastal areas increased to 95,500 tons, the palm oil commercial inventory in factories increased to 615,500 tons, and the soybean oil inventory in national oil mills decreased to 1.0881 million tons. - Spot: This week, the spot prices of oils showed mixed trends. The spot price of palm oil decreased by 0.04%, the spot price of soybean oil increased by 0.48%, and the spot price of rapeseed oil increased by 0.33%. - Risks: The production situation of Malaysian palm oil and weather [33]. 3.7 Strategy Recommendation 3.7.1 Palm Oil Single - week Summary - This week, palm oil slightly declined by 0.02%. From January to May 2025, Malaysia's palm oil exports to the US increased by 51.8% year - on - year. Since August 1, 2025, the US has imposed additional import tariffs of 19% and 25% on Indonesian and Malaysian palm oil respectively. The EU may allow Indonesian palm oil to enter its market at zero - tariff with a quota system. The BMD crude palm oil futures ended a two - day rising trend. Malaysia's palm oil exports in July decreased by 9.6% compared to June. India set the reference price for crude palm oil exports in August at 910.91 dollars/ton, higher than 877.89 dollars/ton in July [35]. 3.7.2 Price Forecast - Short - term: Palm oil is hovering around the 9000 mark, and the expected fluctuation range next week is 8750 - 9050. - Medium - long - term: The palm oil主力合约 has broken through the upper limit of the previous shock range, and the center of gravity may rise. The expected fluctuation range is 8600 - 9400 [36]. 3.8 Next Week's Focus and Risk Warning - The production situation of Malaysian palm oil and weather [37].

油脂日报 | 2025-08-01 马棕出口放缓，油脂震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2509合约8900.00元/吨，环比变化-82元，幅度-0.91%；昨日收盘豆油2509合约8192.00 元/吨，环比变化-48.00元，幅度-0.58%；昨日收盘菜油2509合约9510.00元/吨，环比变化-111.00元，幅度-1.15%。 现货方面，广东地区棕榈油现货价8940.00元/吨，环比变化-60.00元，幅度-0.67%，现货基差P09+40.00，环比变化 +22.00元；天津地区一级豆油现货价格8330.00元/吨，环比变化-40.00元/吨，幅度-0.48%，现货基差Y09+138.00， 环比变化+8.00元；江苏地区四级菜油现货价格9600.00元/吨，环比变化-110.00元，幅度-1.13%，现货基差OI09+90.00， 环比变化+1.00元。 近期市场咨询汇总：船运调查机构ITS数据显示，马来西亚7月1-31日棕榈油出口量为1289727吨，较上月同期出口 的1382460吨减少6.71%。印度植物油生产商协会（IVPA）表示，随着全球价格下降，印度植物油进口商正在增 ...

从费用端来看，公司实施全面的降本增效措施，销售费用同比减少27.26%，主要源于精细化管理与渠 道效率提升；财务费用同比大幅下降98.28%，资金管理效率显著提升。 作为国内菜籽油细分领域的龙头企业，道道全凭借品牌、渠道、质量控制等核心优势，已在华中、西 南、华东等区域建立起稳固的市场地位。 面向未来，道道全表示，公司将进一步整合研发、营销与管理资源，加速全国布局。面对消费者健康意 识升级与行业竞争加剧的双重趋势，公司将继续聚焦主业，通过拓展高端健康油脂品类、提升经销商服 务能力与线上渗透率、强化原材料成本控制与套期保值管理，持续释放增长潜力。 同时，道道全还表示，公司将以上半年的良好业绩为基础，推动品牌价值与市场份额双提升，为股东创 造更多价值。（胡敏） （文章来源：证券时报网） 7月31日晚间，道道全(002852)发布2025年半年度报告。报告显示，公司上半年业绩表现亮眼，盈利能 力实现跨越式增长，降本增效成果显著，运营效能持续释放，为投资者交出了一份超预期的答卷。 2025年上半年，道道全实现营业收入27.92亿元，较上年同期小幅增长1.16%，在稳规模的基础上，盈利 指标实现爆发式增长，归属于上市公 ...

Group 1 - The company held its 16th meeting of the 10th Supervisory Board on July 30, 2025, with all three supervisors present [1][2] - The Supervisory Board approved the extension of the expected completion date for the "Jingliang Hainan Yangpu Oil Processing Project" from June 2025 to December 2027, while keeping the original implementation subject, location, purpose, and scale of investment unchanged [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information on weather, international and domestic supply - demand, macro - economic news, and details on fund flows. It also provides data on key agricultural products such as palm oil, soybeans, and their related products, along with information on livestock and macro - economic indicators both in the US and globally [1][3][7][16]. 3. Summary by Directory 01 Overnight Market - Overnight prices and price changes of various futures including palm oil, Brent crude, US crude, soybeans, and related products are presented. Price changes of major currencies are also provided [1]. - Information on futures - spot price differences (basis) for palm oil, soybean oil, and soybean meal in different regions, as well as CNF quotes for imported soybeans from different countries [1]. 02 Spot Market No specific content provided. 03 Important Fundamental Information - **产区天气 -** - US soybean - producing states are expected to have low temperatures and precipitation close to or above the median from August 2 - 6. The Midwest has good soil moisture with rain this week, and although there is high - temperature stress, the overall situation is favorable for crops [3][5]. - **国际供需 -** - Malaysian palm oil production from July 1 - 25, 2025, increased by 5.52% compared to the same period last month, while exports decreased by 8.53% [7]. - As of July 27, 2025, the US soybean good - to - excellent rate was 70%, higher than expected. The flowering and pod - setting rates are also reported [8]. - Brazilian soybean exports in the first four weeks of July 2025 increased by 12% compared to the daily average of July last year [9]. - Argentina reduced export withholding tax rates for various agricultural products [9]. - The Baltic Dry Index declined on Monday due to falling freight rates of all ship types [10]. - **国内供需 -** - On July 28, 2025, the total trading volume of soybean oil and palm oil increased by 72% compared to the previous trading day. The trading volume of soybean meal also increased, and the oil - mill operating rate rose [12]. - As of July 25, 2025, the total commercial inventory of three major oils increased slightly, with palm oil inventory rising and soybean oil inventory falling [12]. - As of July 28, 2025, the inventory of imported soybeans at Chinese ports increased [13]. - In June 2025, the slaughter volume of large - scale pig - slaughtering enterprises decreased month - on - month but increased year - on - year. As of July 28, there were price changes in major agricultural products in the wholesale market [14]. 04 Macro News - **International News** - The probability of the Fed keeping interest rates unchanged in July is 96.9%, and in September, the probability of a 25 - basis - point rate cut is 62.6% [16]. - The US July Dallas Fed Business Activity Index was 0.9, better than expected [16]. - The US Treasury increased its borrowing forecast for the third quarter by $453 billion [16]. - China - US economic and trade teams held talks in Stockholm on July 28 [16]. - Trump announced a trade agreement with the EU, including tariff and investment details [16]. - The US will not extend the tariff - increase deadline on August 1, but Trump is ready to continue tariff negotiations [16]. - OPEC + is considering another production - increase action and will discuss September's production level on August 3 [17]. - **Domestic News** - On July 28, the US dollar/Chinese yuan exchange rate was adjusted up, and the Chinese central bank conducted a net injection of 325.1 billion yuan through reverse repurchase operations [19]. 05 Fund Flows - On July 28, 2025, the futures market had a net capital outflow of 18.351 billion yuan, with a net outflow of 23.813 billion yuan in commodity futures and a net inflow of 5.461 billion yuan in stock - index futures. Details of fund flows for major futures varieties are provided [22][23]. 06 Arbitrage Tracking No information provided.

1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - The prices of the three major oils oscillated yesterday. With the expected increase in Malaysian palm oil production, declining export data, and growing pressure on inventory accumulation, coupled with favorable weather conditions in the US soybean - producing areas and the gradual realization of high - yield expectations, the supply pressure is significant, causing the oils to face downward pressure and oscillate [3] 3. Summary by Related Content Futures and Spot Prices - Futures: On the previous trading day, the closing price of the palm oil 2509 contract was 8946.00 yuan/ton, a change of +10 yuan or +0.11% compared to the previous day; the closing price of the soybean oil 2509 contract was 8120.00 yuan/ton, a change of - 24.00 yuan or - 0.29%; the closing price of the rapeseed oil 2509 contract was 9406.00 yuan/ton, a change of - 51.00 yuan or - 0.54% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8920.00 yuan/ton, a change of - 40.00 yuan or - 0.45%, with a spot basis of P09 + - 26.00, a change of - 50.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8230.00 yuan/ton, a change of - 30.00 yuan/ton or - 0.36%, with a spot basis of Y09 + 110.00, a change of - 6.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9500.00 yuan/ton, a change of - 60.00 yuan or - 0.63%, with a spot basis of OI09 + 94.00, a change of - 9.00 yuan [1] Market Information Summary - Palm oil: From July 1 - 25, 2025, according to SPPOMA data, the yield per unit area of Malaysian palm oil increased by 6.08% month - on - month, the oil extraction rate decreased by 0.10% month - on - month, and the production increased by 5.52% month - on - month. The expected export volume of Malaysian palm oil from July 1 - 25 was 684308 tons, a decrease of 8.53% compared to the same period last month [2] - Rapeseed and rapeseed oil: As of July 25, 2025, the rapeseed inventory of major coastal oil mills was 13.7 million tons, a decrease of 2.5 million tons from the previous week; the rapeseed oil inventory was 9.55 million tons, an increase of 0.30 million tons from the previous week; the unexecuted contracts were 10.1 million tons, a decrease of 0.8 million tons from the previous week [2] - Soybean oil: As of July 25, 2025, the commercial inventory of soybean oil in key national regions was 108.81 million tons, a decrease of 0.37 million tons or 0.34% from the previous week [2] - Import prices: The C&F price of Argentine soybean oil (August shipment) was 1183 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day; the C&F price of Argentine soybean oil (October shipment) was 1140 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day. The C&F price of Canadian rapeseed oil (August shipment) was 1060 US dollars/ton, an increase of 30 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed oil (October shipment) was 1040 US dollars/ton, an increase of 30 US dollars/ton from the previous trading day. The C&F price of Canadian rapeseed (October shipment) was 583 US dollars/ton, a decrease of 3 US dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (December shipment) was 573 US dollars/ton, a decrease of 3 US dollars/ton from the previous trading day. The C&F price of US Gulf soybeans (August shipment) was 457 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day; the C&F price of US West soybeans (August shipment) was 452 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day; the C&F price of Brazilian soybeans (September shipment) was 471 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day. The import soybean premium quotes: the premium for the Mexican Gulf (August shipment) was 224 cents/bushel, a decrease of 2 cents/bushel from the previous trading day; the premium for the US West Coast (August shipment) was 197 cents/bushel, a decrease of 2 cents/bushel from the previous trading day; the premium for Brazilian ports (September shipment) was 262 cents/bushel, a decrease of 3 cents/bushel from the previous trading day [2]

1. Report Industry Investment Ratings | Industry | Rating | | --- | --- | | Oils and Fats | Volatile [5] | | Protein Meal | Volatile [5] | | Corn and Starch | Volatile [5] | | Live Pigs | Volatile [6] | | Natural Rubber | Volatile [7] | | Synthetic Rubber | Volatile [11] | | Cotton | Volatile [11] | | Sugar | Volatile [12] | | Pulp | Volatile, Slightly Bullish [14] | | Logs | Volatile, Slightly Bearish [16] | 2. Report's Core View The report analyzes multiple agricultural products, finding that most are in a volatile state. Factors such as policy regulation, supply - demand relationships, and macro - environment impact the market. For instance, the anti - involution policy in the live pig industry affects its supply and demand expectations; the complex supply - demand situation in the oils and fats market leads to market fluctuations [1][5]. 3. Summary by Catalog 3.1 Oils and Fats - **View**: Market sentiment has weakened, and attention should be paid to the effectiveness of lower technical support [5]. - **Logic**: Uncertainty in export demand, good weather in production areas, and various supply - demand factors at home and abroad are in play. For example, the expected increase in US biodiesel demand for soybean oil, the increase in domestic soybean imports and inventory, and the increase in palm oil production season [5]. - **Outlook**: The market is facing a game of multiple factors, and it is expected to be volatile [5]. 3.2 Protein Meal - **View**: As sentiment fades, both types of meal see reduced positions and price drops [5]. - **Logic**: Abundant precipitation and suitable temperature in US soybean production areas are conducive to high yields. Domestically, short - term soybean arrivals increase, while long - term supply may face shortages [5]. - **Outlook**: The market is expected to maintain a pattern of near - term weakness and long - term strength [5]. 3.3 Corn and Starch - **View**: Spot prices are generally stable, waiting for new guidance [5]. - **Logic**: Supply is tightening, but downstream demand is weak. New - season corn production is normal, and imported corn supply is abundant [5][6]. - **Outlook**: Short - term price rebounds may occur, but there is a downward trend after new - crop listing [6]. 3.4 Live Pigs - **View**: Emotional trading has cooled, and the futures price has fallen from its high [1][6]. - **Logic**: In the short - term, the supply is affected by industry guidance and farmer sentiment; in the medium - term, the supply is expected to increase; in the long - term, policies may lead to a supply inflection point. Demand is limited due to hot weather, and inventory pressure exists [1][6]. - **Outlook**: The market is volatile, with a situation of "weak present, strong future." Anti - spread strategies can be considered [6]. 3.5 Natural Rubber - **View**: The commodity market has adjusted sharply, and rubber prices have dropped significantly [7]. - **Logic**: The market decline is mainly due to regulatory impacts on leading varieties. Fundamentally, supply is affected by the rainy season, and demand is relatively stable [7]. - **Outlook**: The market will continue to trade based on the macro - environment, and it is expected to be volatile [7]. 3.6 Synthetic Rubber - **View**: The futures price continues to fluctuate accordingly [11]. - **Logic**: Affected by the overall market macro - environment, the raw material price is volatile, and the supply is relatively tight in the short - term [11]. - **Outlook**: It is expected to maintain a range - bound operation [11]. 3.7 Cotton - **View**: The monthly spread is converging [11]. - **Logic**: Supply is expected to be abundant, demand is in the off - season, and inventory is at a low level. Low inventory supports prices, but the upside is limited in the short - term [11]. - **Outlook**: It is volatile. Low inventory supports prices, but upward resistance increases, and the monthly spread may follow an anti - spread logic [11]. 3.8 Sugar - **View**: Attention should be paid to import conditions [12]. - **Logic**: The global sugar market supply is expected to be abundant. In Brazil, the sugar - making ratio is expected to remain high. In China, imports are increasing, which will put pressure on prices [13]. - **Outlook**: In the long - term, prices are expected to decline; in the short - term, there are short - selling opportunities [13]. 3.9 Pulp - **View**: Anti - involution trading may resume, and attention should be paid to arbitrage hedging during the decline [14]. - **Logic**: The supply of hardwood pulp is excessive, and demand is weak in the short - term but may improve marginally in the future. There is a ceiling on price increases [14]. - **Outlook**: Fluctuations follow the macro - environment, and futures prices are expected to rise with volatility [14]. 3.10 Logs - **View**: Fundamental changes are limited, and it is short - term dominated by macro - expectations [16]. - **Logic**: It follows the "anti - involution" macro - policy. Supply is affected by shipping rhythms, and demand is stable with no obvious peak or off - season [16]. - **Outlook**: It is volatile and slightly bearish in the short - term. Pay attention to changes in effective deliverable quantities of the 09 contract [16][17].

Report Industry Investment Rating - Not provided Core Viewpoints - International: US soybeans are in a critical growth period, with favorable weather in major producing areas, causing some long - positions to leave. CBOT soybean futures continue to decline slightly. Malaysian palm oil exports have declined in July, production has increased month - on - month, and the prices of international crude oil and US soybean oil are weak, increasing the pressure on Malaysian palm oil futures to correct [5][6] - Domestic: Soybean oil spot supply is abundant, and the result of the Sino - US trade negotiation is crucial for future imported soybean supply. Palm oil inventory has slightly rebounded, maintaining a pattern of weak supply and demand, and its price follows the import cost. Rapeseed oil inventory is gradually falling, but the spot supply is still sufficient. The weather in the Canadian rapeseed - growing area is good, and ICE rapeseed fluctuates narrowly. The uncertainty of imports still supports rapeseed oil prices, which are expected to continue the range - bound pattern in the short term [6] Summary by Related Catalogs 1. Macro and Industry News - Argentina cuts export tariffs on most agricultural products, including reducing the tariff on sunflower seeds from 7% to 4%, soybeans from 33% to 26%, and soybean meal and soybean oil from 31% to 24.5% [2] - The US and the EU reach a major trade agreement, with the EU imposing a unified 15% tariff on most goods exported to the US, lower than the original 30% [2] - Malaysian palm oil exports from July 1 - 25 are expected to be 684,308 tons, a decrease of 8.53% compared to the same period last month [2] - Indonesia's palm oil exports will decrease by 5.1% in 2025, from 29.5 million tons last year to 28 million tons due to increased domestic consumption [2] - As of July 25, 2025, the commercial inventory of soybean oil in key regions in China is 1088100 tons, a decrease of 3700 tons or 0.34% compared to last week [2] 2. Fundamental Data Charts - Not provided 3. Views and Strategies - International: US soybeans are in a critical growth period. Some long - positions leave waiting for the result of the new round of US trade negotiations, and CBOT soybean futures continue to decline slightly. Malaysian palm oil faces increased correction pressure due to export decline, production increase, and weak prices of international crude oil and US soybean oil [5][6] - Domestic: Soybean oil supply is abundant, and the Sino - US trade negotiation result is crucial for future imports. Palm oil maintains a weak supply - demand pattern and follows the import cost. Rapeseed oil inventory is falling, but supply is still sufficient, and the uncertainty of imports supports its price, which is expected to range - bound in the short term [6]

投资咨询业务资格：证监许可【2012】31号 【油脂周报（P&Y&OI)】 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 油脂：宏观情绪降温后警惕回调风险 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 棕榈油观望； 豆油偏空； 菜油偏多 | （1）马来棕榈油7月高频数据显现增产但印尼5月减产去库对价格有支撑；（2）豆油供应充足；（3）菜籽库存历史低位，短期压榨偏少。 | | 需求 | 棕榈油菜油 偏多 | （1）印尼棕榈油出口大增、马来出口减弱；（2）美生柴配额提振国际油脂需求，主要利多棕榈油、菜油。 | | 库存 | 菜油棕榈油 中性偏空； 豆油偏空 | （1）国内棕榈油逐渐累库；（2）豆油库存被动累库；（3）国内菜油库存高位去化。 | | 宏观及政策 | 棕榈油偏多； 菜油中性偏 | （1）宏观情绪有所降温；（2）美国生柴政策或将改变全球油脂供需格局；（3）澳菜籽有望进入国内市场，利空菜油；（4）印尼有望明年实施B50。 | | | 空。 | | | 投资 ...