Report Industry Investment Ratings - Not explicitly provided in the report Core Views of the Report - The market divergence is expected to be gradually digested during the index's shock adjustment this year, and the index is expected to rise further with the emergence of a new main line. The central Huijin's support provides a buffer, and the downside risk of the index is generally controllable. The recent market adjustment offers a layout opportunity for the index's further rise next year [1] - Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the rise [1] - The Fed's interest - rate cut expectation is rising, improving the macro - sentiment, which has an impact on various commodities Summary by Industry and Variety Macro - finance - **Stock Index Futures**: The recent market adjustment provides a layout opportunity for the index's rise next year. Traders can gradually build long positions during the adjustment and use the discount structure of index futures to increase the probability of long - term investment success [1] - **Bond Futures**: Asset shortage and weak economy are favorable, but the central bank's short - term interest rate risk warning suppresses the rise [1] Non - ferrous Metals - **Copper**: The Fed's interest - rate cut expectation is rising, the market sentiment is positive, and the industrial side provides support, so the price is running strongly [1] - **Aluminum**: The recent industrial drive is limited, but the macro - sentiment is positive, leading to a price rebound [1] - **Alumina**: The domestic production and inventory are both increasing, the fundamentals are weak, and the price is oscillating around the cost line. Attention should be paid to the change in ore prices [1] - **Zinc**: The Fed's interest - rate cut expectation is rising, the macro - sentiment is improving. The reduction in processing fees in December led to a production cut of over 30,000 tons, improving the fundamentals and supporting the price. It is oscillating strongly in the short term but faces upward pressure [1] - **Nickel**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is warming. Indonesia has restricted nickel - related smelting project approvals again. The nickel price has rebounded after position reduction. In the short term, it may oscillate with the macro - situation. It is recommended to go long at low levels in the short - term range and consider a light - position long - nickel short - stainless - steel strategy. In the medium - to - long - term, primary nickel remains in an oversupply situation [1] - **Stainless Steel**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is warming. The raw material price has stopped falling. In the short term, it is oscillating. It is recommended to focus on short - term operations and consider a light - position long - nickel short - stainless - steel strategy. Pay attention to the opportunity of selling at high levels for hedging [1] - **Tin**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is improving. Due to the tense situation in Congo and the short - term supply not being restored, the price is rising. However, considering the demand pressure, be cautious when chasing high. In the medium - to - long - term, it is still bullish. Pay attention to the opportunity of going long at low levels during the callback [1] Precious Metals and New Energy - **Gold**: Affected by the silver squeeze and the high probability of a December interest - rate cut, the price may run strongly [1] - **Silver**: The squeeze sentiment is fermenting, and the price is rising strongly. It is bullish in the short term, but be vigilant against high volatility [1] - **Platinum**: Affected by the silver squeeze, the price is expected to run strongly in the short term. The domestic futures price still has a premium over the foreign market, so the volatility may be relatively large [1] - **Palladium**: Affected by the silver squeeze, the price is expected to run strongly in the short term. The domestic futures price is higher than the foreign market. It is recommended to wait and see for unilateral trading. The medium - term long - platinum short - palladium arbitrage strategy can continue to be held [1] - **Industrial Silicon**: The northwest production capacity is resuming, and the southwest start - up is weaker than in previous years. The impact of the dry season is weakening. There is an expectation of production capacity reduction in the medium - to - long - term, and the terminal installation is increasing marginally in the fourth quarter [1] - **Polysilicon**: The production schedule decreased in November, and there was a joint production cut in the organic silicon industry. Large manufacturers have a strong willingness to support prices and a low willingness to deliver goods [1] - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, the energy - storage demand is strong, and the supply side is resuming production and increasing production. The macro - drive is strengthening in December, providing some rebound momentum [1] Building Materials and Steel - **Rebar**: The macro - drive is strengthening in December, providing some rebound momentum. After the futures price rises, it is beneficial for the entry of basis positive - arbitrage positions. Do not chase high for unilateral trading, and appropriate participation in spot - futures positions is recommended [1] - **Hot - Rolled Coil**: Similar to rebar, the macro - drive in December provides rebound momentum, and basis positive - arbitrage positions can be rolled and participated in. Do not chase high for unilateral trading [1] - **Iron Ore**: The near - month contracts are restricted by production cuts, but the commodity sentiment is good, and the far - month contracts still have upward opportunities [1] - **Coke and Coking Coal**: From a valuation perspective, the decline is close to the end. The downstream is expected to start a new round of replenishment around mid - December. For the strategy, take a short - term view for unilateral trading and wait and see for the medium - to - long - term. Cash - out the short - hedging positions [1] - **Glass and Soda Ash**: The supply and demand provide support, and the valuation is low, but the short - term price is driven by sentiment and fluctuates strongly. Soda ash follows glass, but the upward price resistance is relatively large [1] Agricultural Products - **Palm Oil**: The impact of floods on production is limited, and the near - month inventory pressure is large. The domestic arrival in December is expected to be large, and the basis is expected to be weak [1] - **Rapeseed**: The industry is optimistic about the supplement of Australian rapeseed and imported crude rapeseed oil. Consider short - selling opportunities [1] - **Cotton**: The cotton market is currently in a situation of "support but no drive". In the future, pay attention to the central No. 1 document's tone on direct - subsidy prices and cotton - planting areas in the first quarter of next year, the intention of cotton - planting areas next year, the weather during the planting period, and the demand during the peak season [1] - **Sugar**: The global sugar supply has changed from shortage to surplus, and the raw sugar price is under pressure. The domestic new - crop supply pressure has increased compared with the same period last year, and the Zhengzhou sugar price is expected to be under pressure and follow the raw sugar [1] - **Grain and Oil Crops**: The short - term replenishment demand of downstream low - inventory cannot be met in time due to logistics and weather factors, resulting in a phased supply - demand mismatch. The spot price is firm, and the futures price is expected to oscillate at a high level. It is recommended to be cautiously bullish [1] - **Soybean Meal**: The Chinese procurement demand supports the US market. The domestic market is expected to oscillate within a range in the short term. Pay attention to the South American weather. If there is weather speculation, it will be beneficial for unilateral trading and the spot basis [1] - **Paper Pulp**: There have been cancellations of old warehouse receipts and registrations of new warehouse receipts recently. The recovery of the demand side remains to be verified, and it is oscillating in the short term [1] - **Logs**: The fundamentals of logs have weakened, but it has been priced in the market. The profit - loss ratio of short - selling after a sharp decline in the market is low. It is recommended to wait and see [1] - **Live Pigs**: The recent spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet cleared, the production capacity still needs to be further released [1] Energy and Chemicals - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1] - **Fuel Oil**: In the short term, the supply - demand contradiction is not prominent, and it follows crude oil. The demand for catch - up work during the 14th Five - Year Plan is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The profit of asphalt is relatively high [1] - **Natural Rubber**: The raw material cost provides strong support, the basis between futures and spot is at a low level, and the middle - stream inventory may tend to accumulate [1] - **BR Rubber**: The support of butadiene price is limited. Refinery overhauls may bring a bullish expectation to the market. The supply price of mainstream butadiene rubber has been significantly reduced, but rubber factories still have profits and strong processing willingness. The high - inventory and loose fundamentals still suppress the upward price movement, but the current synthetic valuation is low. Pay attention to the subsequent rebound range [1] - **PTA**: OPEC's production increase is slowing down, the US's action expectation on Venezuela is wavering. The domestic PTA manufacturers' export prospects have improved, boosting the PX procurement sentiment [1] - **Ethylene Glycol**: The inventory is increasing, and the price is falling. The coal price is falling, and the domestic cost support for ethylene glycol continues to weaken. The domestic device commissioning expectation strongly suppresses the rise of ethylene glycol [1] - **Short - Fiber**: The price of PTA has rebounded, and the short - fiber basis has also strengthened. The short - fiber price continues to fluctuate closely following the cost [1] - **Styrene**: The Asian benzene price is still weak, the operating rates of STDP devices and reforming devices have decreased. The US gasoline demand has weakened, the price of blending oil has decreased, and the cost support for styrene has weakened [1] - **Urea**: The export sentiment has eased, and the limited domestic demand restricts the upward space. There is support from the anti - internal - roll and the cost side [1] - **Propylene**: The number of overhauls has decreased, the operating load is at a high level, and the supply pressure is relatively large. The downstream improvement is less than expected, and the high - level propylene monomer provides strong cost support [1] - **PVC**: The market is returning to fundamentals. There will be fewer subsequent overhauls, new production capacity will be released, the supply will increase, the demand will weaken, and the orders are not good [1] - **Caustic Soda**: Some alumina plants in Guangxi have started to deliver goods, and some alumina plants have delayed production. The delivery rhythm has slowed down. There will be fewer subsequent overhauls. There is a pressure of inventory accumulation in Shandong caustic soda, and the price of liquid chlorine is high. The absolute price is low, and the near - month warehouse receipts are limited, so there is a risk of a squeeze [1] - **LPG**: Geopolitical and tariff tensions have eased, and the international oil and gas market has returned to the logic of loose fundamentals. CP/FEI has recently rebounded. The ethylene device of Maoming Petrochemical in South China is planned to be overhauled, and there is an expectation of an increase in civilian supply from now to January. The combustion demand is gradually being released, and the domestic C3/C4 production and sales are smooth, with no inventory pressure. The PG price is oscillating within a range after a supplementary decline. Pay attention to the rise of the near - month price affected by natural gas and the decline of the far - month spread [1] Shipping - **Container Shipping (European Line)**: The price increase in December was less than expected, the peak - season price - increase expectation was priced in advance, and the shipping capacity supply in December was relatively loose [1]

Core Viewpoint - Domestic soybean meal prices in November showed a downward trend, aligning with previous forecasts, primarily driven by rising costs from international soybean prices [1] Group 1: Price Trends - The average price of 43% protein soybean meal in November was 3060 CNY/ton, an increase of 80 CNY/ton (2.68%) from October, and a slight increase of 27 CNY/ton (0.89%) year-on-year [1] - The domestic soybean meal spot basis narrowed to 31 CNY/ton by November 28, down from 40 CNY/ton on November 3, indicating a slight weakening of the spot basis [1] Group 2: Supply and Demand Factors - Soybean supply is expected to tighten seasonally, with forecasts indicating soybean arrivals of 864 million tons in December, 650 million tons in January, and 450 million tons in February, leading to a downward trend in domestic supply [3] - The demand side remains robust, with high levels of pig farming inventory supporting feed demand, and an expected increase in pig feed sales in December due to seasonal factors [3][4] Group 3: Market Dynamics - The U.S. soybean market faces export pressures, with China having purchased over 3 million tons of U.S. soybeans since October 30, accounting for 30% of the annual import forecast [3] - The overall market is expected to see a reduction in the previously loose conditions, providing some upward momentum for soybean meal prices, although the supply remains at a relatively high level, limiting the extent of price increases [4]

Group 1: Key Events and Developments - French President Macron will visit China from December 3 to 5 at the invitation of President Xi Jinping [1] - The new China-Russia bilateral investment agreement will officially take effect on December 1, consisting of 20 articles covering investment protection, promotion, facilitation, and dispute resolution [1] - Silver prices have surged to a historical high, with spot silver reaching $58 per ounce for the first time, peaking at $58.84 [1] Group 2: Commodity Insights - **Crude Oil**: SC night trading rose by 0.04%. There are mixed sentiments regarding the potential restart of peace talks in Ukraine. The International Energy Agency reported that the daily supply of crude oil from nine OPEC countries in October was 23.77 million barrels, a decrease of 180,000 barrels from September [2][14] - **Copper**: Night trading for copper saw an increase. Supply remains tight, and smelting profits are at breakeven, but smelting output continues to grow. The National Bureau of Statistics indicates positive growth in power grid investment, while real estate remains weak [2][19] - **Zinc**: Night trading for zinc also increased. Zinc concentrate processing fees have declined, and while supply is tight, smelting output continues to rise. Overall, the supply-demand situation for zinc is balanced, with potential fluctuations expected [20] Group 3: Market Trends and Analysis - The U.S. stock indices fell, with the previous trading day seeing a rebound led by the non-ferrous metals sector. The market turnover was 1.89 trillion yuan, and financing balances increased by 1.484 billion yuan to 24,565 billion yuan [3][11] - The 10-year government bond yield has decreased to 1.825%, with the central bank conducting a net withdrawal of 231.1 billion yuan through reverse repos [12][13] - The market is expected to see a balanced style as the year-end approaches, with cautious funding and potential incremental policies to support the economy [3][11]

中心效果图。受访者供图 深儋科创 近日，粤琼两地相继召开重要会议，共同就深化区域合作作出战略部署。广东省委常委会召开会议，指 出要强化粤港澳大湾区与海南自由贸易港联动发展，深化产业合作，进一步推动广东与海南相向而行。 紧接着，中共海南省委八届八次全会于11月29日至30日举行，会议强调要深化广东海南相向发展，加强 同粤港澳大湾区联动，打造跨区域创新链产业链价值链。 在这一政策导向下，作为琼粤合作的"前沿阵地"，儋州工业园正以深儋合作为突破口，积极打造成为落 实"推动广东海南相向发展"战略的实践标杆。 五年蝶变 儋州工业园内，百米高度的深儋科创中心在阳光下熠熠生辉。这座形似扬帆巨轮的建筑正在进行最后的 装饰装修施工，预计年底前可投入使用，项目设计融合了儋州盐田文化底蕴与深圳创新精神，象征着两 地合作的深度与高度。在园区另一边，东华儋州智能制造产业园里，首台搭载华为鲲鹏处理器的"东华 鹏霄"国产化电脑已下线，年生产能力可达8万台。 从"荒地"到"科创门户"的跨越 五年前的儋州工业园还是另一番景象。2020年以前，园区企业绝大多数处于停产状态，产业以饲料加工 为主，基础设施薄弱、产业发展动能不足。"当时从白马井高铁 ...

Core Viewpoint - The major shareholder Wang Yuecheng of Jingliang Holdings plans to reduce his stake in the company by selling up to 5 million shares, which represents 0.69% of the total share capital, due to personal financial needs [1] Group 1 - Wang Yuecheng currently holds 39.4599 million shares, accounting for 5.43% of the total share capital [1] - The share reduction will occur within three months after a 15 trading day period from the announcement date [1] - The shares to be sold are sourced from cash payments and non-publicly issued shares acquired during asset purchases and related transactions [1]

玉米淀粉日报 2025 年 12 月 1 日 玉米淀粉日报 研究所 农产品研发报告 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2236 | -8 | -0.36% | 604,878 | 9.89% | 950,183 | -0.98% | | C2605 | | 2273 | -3 | -0.13% | 92,557 | 6.00% | 365,288 | -2.00% | | C2509 | | 2288 | -1 | -0.04% | 6,189 | -35.94% | 22,346 | -2.75% | | CS2601 | | 2542 | -24 | -0.94% | 127,224 | 13.92% | 230,178 | -3.34% | | CS2605 ...

证券之星消息，12月1日农产品加工板块较上一交易日上涨0.89%，中粮糖业领涨。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600737 | 中粮糖业 | 6874.49万 | 8.27% | 2918.58万 | 3.51% | -9793.08万 | -11.78% | | 920273 | 一致魔宇 | 866.58万 | 16.04% | -197.14万 | -3.65% | -96.96万 | -1.79% | | 002286 | 保龄宝 | 652.10万 | 7.95% | -321.64万 | -3.92% | -330.46万 | -4.03% | | 000930 中粮科技 | | 380.45万 | 5.44% | -238.65万 | -3.41% | ...

Core Insights - Benxi City aims to transition from "storing grain in the ground" to "technology-driven grain production" by 2025, with a total investment of 480 million yuan for high-standard farmland construction [1] - The agricultural sector is focusing on enhancing grain yield and quality through various technological advancements and infrastructure improvements [2][3][4] Group 1: High-Standard Farmland Construction - The construction plan includes 58,200 acres in Benxi County, with an expected investment of 141.56 million yuan, improving irrigation and drainage systems [1] - The project aims to enhance soil quality and agricultural productivity, with a target of increasing grain yield by 8% through various initiatives [1] Group 2: Technological Advancements in Agriculture - The city is investing in facility agriculture, with 500 acres of new and upgraded facilities, promoting smart production technologies [2] - A "technology matrix" is being established, including the introduction of high-quality seed varieties and modern agricultural machinery, achieving a mechanization rate of 88% [2] Group 3: Agricultural Product Processing and Branding - The development of agricultural product processing clusters is underway, with several enterprises recognized as provincial-level agricultural industrialization leaders [3] - Efforts to enhance product quality and branding have led to the creation of new regional brands and increased market visibility [3] Group 4: Rural Development and Social Services - The city has established numerous demonstration cooperatives and family farms, focusing on training and integrating small farmers into modern agricultural practices [4] - Social services are being improved to support agricultural productivity, with significant efforts in rural infrastructure and environmental management [4] Group 5: Policy Support and Financial Assistance - The government is providing substantial subsidies and insurance to support farmers, with a total agricultural insurance premium reaching 825.19 million yuan [6] - Financial products tailored for agricultural development are being introduced, facilitating access to credit for farmers and agricultural enterprises [6] Group 6: Overall Economic Impact - The initiatives have resulted in a significant increase in rural residents' disposable income, outpacing overall economic growth in the region [8] - The focus on ecological sustainability and efficient resource use is contributing to both environmental and economic benefits for the community [8]

Group 1 - The core viewpoint of the article highlights the ongoing management of winter wheat and winter rapeseed in China, with a focus on ensuring safe overwintering and the positive momentum in rural industrial revitalization since 2025 [1][4][6][21][23] Group 2 - The area of winter wheat in the Huang-Huai-Hai region accounts for approximately 80% of the national wheat area, with challenges posed by delayed sowing due to continuous rain in the autumn of 2025 [4] - The Ministry of Agriculture and Rural Affairs has organized 12 technical guidance teams to key provinces to provide support for winter rapeseed management, emphasizing multi-level guidance for seedling management [6] - In Guangxi Pingguo, daily vegetable harvests reach around 100 tons, ensuring stable market supply during winter, with a total planting area of 22,000 acres and an annual output of approximately 240,000 tons [9] - The Hubei Agricultural Expo showcases nearly 2,000 enterprises and research institutions, presenting over 10,000 types of specialty agricultural products, reflecting the growing consumer demand for unique food items [12][16] - The agricultural processing industry in China has shown steady progress, with the added value of above-scale agricultural and sideline food processing industries increasing by 6.3% year-on-year from January to October [21] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of enhancing rural industries through actions such as strengthening leading enterprises, improving supply chains, and expanding rural functions [23]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Last week, BMD Malaysian palm oil main contract rose 46 to close at 4,114 ringgit/ton, up 1.13%; palm oil 01 contract rose 76 to close at 8,626 yuan/ton, up 0.89%; soybean oil 01 contract rose 54 to close at 8,244 yuan/ton, up 0.66%; rapeseed oil 01 contract fell 59 to close at 9,757 yuan/ton, down 0.6%; CBOT soybean oil main contract rose 1.47 to close at 52.08 cents/pound, up 2.90%; ICE canola active contract rose 9.9 to close at 651.7 Canadian dollars/ton, up 1.54% [4][7] - Palm oil prices first declined and then rebounded in a V - shape during the week. The decline was due to weak export demand and strengthened inventory accumulation expectations, with expected inventory increase in November. The rise was due to floods in Southeast Asia affecting palm oil harvesting and transportation, which may lead to reduced production, combined with the seasonal production - reduction season [4][7] - Macroscopically, waiting for the release of US PCE data to guide the December interest - rate cut, paying attention to the US - Russia talks this week, and international oil prices fluctuating weakly. Fundamentally, Malaysian palm oil production is expected to continue to increase at the end of November with inventory pressure, but recent floods in Southeast Asia have affected supply, and the palm oil market rebounded in a V - shape. It is expected to fluctuate within a range in the short term [4][10] Group 3: Summary by Directory 1. Market Data - CBOT soybean oil main contract rose from 50.61 cents/pound to 52.08 cents/pound, up 2.90%; BMD Malaysian palm oil main contract rose from 4,068 ringgit/ton to 4,114 ringgit/ton, up 1.13%; DCE palm oil rose from 8,550 yuan/ton to 8,626 yuan/ton, up 0.89%; DCE soybean oil rose from 8,190 yuan/ton to 8,244 yuan/ton, up 0.66%; CZCE rapeseed oil fell from 9,816 yuan/ton to 9,757 yuan/ton, down 0.6% [5] - The spot price of 24 - degree palm oil in Guangzhou, Guangdong rose from 8,470 yuan/ton to 8,570 yuan/ton, up 1.18%; the spot price of first - grade soybean oil in Rizhao rose from 8,350 yuan/ton to 8,450 yuan/ton, up 1.20%; the spot price of imported third - grade rapeseed oil in Zhangjiagang, Jiangsu fell from 10,170 yuan/ton to 10,110 yuan/ton, down 0.59% [5] - The futures spread between soybean oil and palm oil decreased by 22 yuan/ton to - 382 yuan/ton, and the futures spread between rapeseed oil and palm oil decreased by 135 yuan/ton to 1,131 yuan/ton [5] 2. Market Analysis and Outlook - Production: From November 1 - 25, 2025, Malaysian palm oil production increased by 5.49% month - on - month, fresh fruit bunch yield increased by 3.34%, and oil extraction rate increased by 0.41%. From November 1 - 20, 2025, Malaysian crude palm oil production increased by 3.24% compared with the same period last month [8] - Exports: From November 1 - 25, 2025, Malaysian palm oil exports decreased by 18.8% (ITS data), 16.4% (AmSpec data), and 40.77% (SGS data) compared with the same period last month. Indonesia exported 2.2 million tons of palm oil in September 2025, lower than 2.26 million tons in the same period last year [8][9] - Inventory: As of the week of November 21, 2025, the total inventory of the three major oils in key domestic regions was 2.224 million tons, an increase of 0.1 million tons from last week and 0.253 million tons from the same period last year. Among them, soybean oil inventory was 1.1799 million tons, an increase of 0.0314 million tons from last week and 0.114 million tons from the same period last year; palm oil inventory was 0.6671 million tons, an increase of 0.0139 million tons from last week and 0.1592 million tons from the same period last year; rapeseed oil inventory was 0.377 million tons, a decrease of 0.0443 million tons from last week and 0.0202 million tons from the same period last year [9] - Trading volume: As of the week of November 28, 2025, the average daily trading volume of soybean oil in key domestic regions was 15,080 tons, down from 21,180 tons in the previous week; the average daily trading volume of palm oil was 1,720 tons, up from 1,600 tons in the previous week [9] 3. Industry News - Malaysia's use of palm - derived raw materials to produce sustainable aviation fuel (SAF) has no negative perception risk from European buyers, and the country plans to implement a 1% SAF mandatory blending standard for international flights departing from Kuala Lumpur International Airport [11] - From January to October 2025, Malaysia's palm oil exports to China decreased by about 29% year - on - year, indicating challenges in competitiveness, logistics, pricing dynamics, and market positioning [11] - Continuous heavy rain in Sumatra, Indonesia, has caused floods and landslides, resulting in 52 deaths as of November 27, 2025 [11] 4. Related Charts - The report includes 22 charts showing the price trends, spreads, production, exports, inventory, etc., of palm oil, soybean oil, rapeseed oil, and their related products in Malaysia and Indonesia, as well as the commercial inventory and trading volume of domestic three major oils [12 - 50]