北京时间11月25日，芝加哥商业交易所(CBOT)豆油期货价格区间震荡，今日开盘报50.40美分/磅，现报 50.50美分/磅，涨幅0.04%，盘中最高触及50.51美分/磅，最低下探50.32美分/磅。 豆油期货行情回顾： 11月24日芝加哥商业交易所(CBOT)豆油期货行情 品种 开盘价 最高价 最低价 收盘价 美豆油 50.61 50.78 49.78 50.50 -0.06% 【豆油市场消息速递】 11月24日，阿根廷豆油(12月船期)C&F价格1170美元/吨，与上个交易日相比上调2美元/吨；阿根廷豆油 (2月船期)C&F价格1158美元/吨，与上个交易日相比下调3美元/吨。 11月15日-11月21日，全国重点地区毛豆油周度产量44.3536万吨，环比增加12.36%，同比增加20.10%。 11月24日：全国一级豆油成交量3400吨，环比上个交易日减少37.04%。 ...

官 方 网 线 型 www.itf.com.cn 00-8888-598 | | | | | | 油脂数据日报。 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ITG国贸期货 | | | 国贸期货出品 | | 2025/11/24 | | | | 投资咨询业务资格 | | | | 农产品中心 | 期货从业证号 | 176 | 投资咨询证号 | | | 证监会许可【2012】31号。 | | | 国学 陈凡生 | | F03117830 | Z0022681 | | | | 24度棕櫚油 2025/11/21 | | 2025/11/20 | 一口价变动 | | 棕榈油主力现货基差(华南) | | | | | 一天津 8660 | | 8860 | -200 | 5000 | | | | | | 8540 张家港 | | 8740 | -200 | 4000 | | | | | | 黄浦 8470 | | 8670 9 | -200 | 3000 | | | | | | | | | | 2000 | | | | | | ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Malay high-frequency production data shows an increase in production in the first half of November, creating a negative expectation gap, and palm oil is expected to run weakly [2] Group 3: Summary by Relevant Catalogs Spot Price - **24-degree Palm Oil**: On November 17, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8760, 8640, and 8570 respectively, with a decrease of 20 compared to November 14, 2025 [1] - **First-grade Soybean Oil**: On November 17, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu remained unchanged at 8450, 8590, and 8640 respectively compared to November 14, 2025 [1] - **Fourth-grade Rapeseed Oil**: On November 17, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 10240, 10290, and 10520 respectively, with a decrease of 50 compared to November 14, 2025 [1] Futures Data - **Bean - Palm Main Contract Spread**: On November 17, 2025, it was -398, a decrease of 10 compared to November 14, 2025 [1] - **Rapeseed - Bean Main Contract Spread**: On November 17, 2025, it was 1598, a decrease of 69 compared to November 14, 2025 [1] - **Warehouse Receipts**: On November 17, 2025, palm oil warehouse receipts were 730 (unchanged), soybean oil warehouse receipts were 24777 (a decrease of 216), and rapeseed oil warehouse receipts were 5323 (unchanged) compared to November 14, 2025 [1] Production, Export, and Inventory - **Malaysian Palm Oil Production**: According to SPPOMA, from November 1 - 15, 2025, the yield per unit increased by 0.82% month - on - month, the oil extraction rate increased by 0.43%, and production increased by 4.09% compared to the same period last month; the production in the first 10 days decreased by 4% compared to the same period last month [2] - **Malaysian Palm Oil Export**: According to ITS, from November 1 - 15, 2025, exports decreased by 15.5% compared to the same period last month; from November 1 - 10, 2025, exports decreased by 12.8% compared to the same period last month. According to AmSpec, from November 1 - 15, 2025, exports decreased by 10% compared to the same period last month; from November 1 - 10, 2025, exports decreased by 10% compared to the same period last month [2] - **Domestic Palm Oil Inventory**: As of November 14, 2025, the national commercial inventory of palm oil was 653,200 tons, a week - on - week increase of 9.36%, at a recent high [2] - **US Soybean Production and Export**: In the 2025/26 season, the predicted production of US soybeans is 4.266 billion bushels, the yield per unit is 53.1 bushels per acre, and the ending inventory is 304 million bushels. The predicted export is 1.635 billion bushels, a decrease of 50 million bushels compared to the September prediction [2] - **Domestic Soybean Oil Inventory**: As of November 14, 2025, the national commercial inventory of soybean oil was 1.1485 million tons, a week - on - week decrease of 0.75% [2] - **Rapeseed Oil Import**: The predicted import volume of rapeseed oil in November 2025 is 226,000 tons (a month - on - month increase of 26.3%) due to the concentrated arrival of new - season Russian rapeseed oil [2]

Group 1 - The core viewpoint of the news is that CBOT soybean oil futures prices are on the rise, with the current price at 49.74 cents per pound, reflecting a 0.22% increase from the opening price of 49.60 cents per pound [1] - On November 7, the opening price for soybean oil futures was 49.35 cents, reaching a high of 49.88 cents and a low of 49.00 cents, closing at 49.67 cents, which represents a 0.53% increase [2] - The Dalian Commodity Exchange reported a decrease in soybean oil futures warehouse receipts by 446 contracts to a total of 26,014 contracts on November 7 [2] Group 2 - The national first-level soybean oil trading volume was 18,800 tons on November 7, which is a 52.76% decrease compared to the previous trading day [2] - In the major soybean-producing states in the U.S., there is a 100% confidence that temperatures will be above normal levels in the next 6-10 days, and 94% confidence that precipitation will be above normal levels [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - Palm oil is dominated by oversupply pressure and performs the weakest, soybean oil oscillates between cost support and inventory pressure, and rapeseed oil is relatively strong but its rebound space is limited [2]. 3. Summary by Category Spot Price - **24 - degree palm oil**: On November 6, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8760, 8600, and 8540 respectively, with a decrease of 10 compared to November 5. The spot - basis of palm oil futures (South China) was 5000, 4000, and 3000 in these regions [1]. - **First - grade soybean oil**: On November 6, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8320, 8390, and 8490 respectively, with an increase of 10 compared to November 5 [1]. - **Fourth - grade rapeseed oil**: On November 6, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9780, 9830, and 10100 respectively, with an increase of 30 compared to November 5. The spot - basis of rapeseed oil futures (East China) was 3000 [1][2]. Futures Data - **Price difference between soybean and palm oil futures contracts**: On November 6, 2025, it was - 544, a decrease of 92 compared to November 5 [1]. - **Price difference between rapeseed and soybean oil futures contracts**: On November 6, 2025, it was 1376, a decrease of 107 compared to November 5 [1]. - **Warehouse receipts**: On November 6, 2025, the palm oil warehouse receipts were 650 (unchanged), soybean oil warehouse receipts were 26460 (a decrease of 984), and rapeseed oil warehouse receipts were 5112 (a decrease of 1726) compared to November 5 [1]. Industry News - **Palm oil supply**: Indonesia's palm oil production in 2025 is expected to reach 56 million tons, a year - on - year increase of 10%. Malaysia's palm oil inventory in October is expected to reach 2.44 million tons, a month - on - month increase of 3.5%, and the production is expected to be 1.94 million tons, a month - on - month increase of 5.6%. As of October 29, China's palm oil commercial inventory was 639,000 tons, a week - on - week increase of 3.06% [2]. - **Soybean news**: Brazil's Supreme Court confirmed the validity of the soybean environmental protection agreement. StoneX lowered the 2025 US soybean yield to 53.6 bushels per acre. Brazil's soybean sowing progress was 47.1% on November 2 [2]. - **Rapeseed oil import**: The rapeseed oil import volume in November is expected to be 226,000 tons, a month - on - month increase of 26.3%, due to the concentrated arrival of new - season rapeseed oil from Russia [2].

Group 1 - The core viewpoint of the news is that CBOT soybean oil futures are experiencing narrow fluctuations, with a slight increase in price observed on November 3rd [1] - On November 3rd, the opening price of soybean oil futures was reported at 48.78 cents per pound, currently at 48.80 cents per pound, reflecting a 0.37% increase [1] - The intraday trading range for soybean oil futures on November 3rd was between a high of 48.91 cents per pound and a low of 48.67 cents per pound [1] Group 2 - On October 31st, the opening price for CBOT soybean oil futures was 49.71 cents per pound, with a closing price of 48.70 cents per pound, marking a decrease of 1.81% [2] - The trading volume for national first-grade soybean oil on October 31st was 11,500 tons, which is a 32.18% increase compared to the previous trading day [2] - According to the EIA, the amount of soybean oil used for biodiesel production in the U.S. in August was 1.041 billion pounds, showing a month-over-month decrease of 6.09% and a year-over-year decrease of 14.48% [2]

Report Industry Investment Rating - Not provided in the document Core View - The report presents the basis data of various futures varieties on October 27, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, along with the corresponding spot prices, price changes, basis values, basis - corresponding contracts, and basis deviation degrees [2][3][4][5] Summary by Category Macro - On October 27, 2025, for IF, the spot price was 4716 with a change of 55, the basis was 32, the corresponding contract was 2512, and the basis deviation degree was 0.76; for IH, the spot price was 3070 with a change of 24, the basis was 3, the corresponding contract was 2512, and the basis deviation degree was 0.30; for IC, the spot price was 7379 with a change of 120, the basis was 125, the corresponding contract was 2512, and the basis deviation degree was 0.90 [2] Black - In Shanghai on October 27, 2025, the spot price of rebar was 3210 with a change of 10, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was 0.34; in Beijing, the spot price was 3210 with a change of - 20, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was - 0.26. For hot - rolled coil in Shanghai, the spot price was 3330 with no change, the basis was 21, the corresponding contract was 2601, and the basis deviation degree was 0.27. For ore in Shandong, the spot price was 840 with a change of 15, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.46. For coke in Tianjin Port, the spot price was 1656 with no change, the basis was - 124, the corresponding contract was 2601, and the basis deviation degree was - 0.72. For coking coal with port warehouse receipts, the spot price was 1623 with a change of 6, the basis was 359, the corresponding contract was 2601, and the basis deviation degree was 0.74. For steam coal in Qinhuangdao Port, the spot price was 768 with a change of - 1, the basis was - 33, the corresponding contract was 2511, and the basis deviation degree was - 0.17. For glass at the low price in Shahe, the spot price was 1095 with a change of - 9, the basis was 0, the corresponding contract was 2601, and the basis deviation degree was 0.05; in Hubei at the low price, the spot price was 1040 with a change of - 30, the basis was - 55, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For ferrosilicon in Yinchuan, the spot price was 5570 with a change of - 30, the basis was - 114, the corresponding contract was 2601, and the basis deviation degree was - 0.80. For silicomanganese in Inner Mongolia, the spot price was 6050 with no change, the basis was 178, the corresponding contract was 2601, and the basis deviation degree was 0.62 [3] Energy - Chemical - On October 27, 2025, for methanol at the port, the spot price was 2232 with no change, the basis was - 55, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88; in Henan, the spot price was 2315 with a change of - 35, the basis was 47, the corresponding contract was 2601, and the basis deviation degree was 0.14; in southern Shandong, the spot price was 2475 with a change of - 10, the basis was 207, the corresponding contract was 2601, and the basis deviation degree was 0.52; in Hebei, the spot price was 2625 with a change of - 160, the basis was 357, the corresponding contract was 2601, and the basis deviation degree was 0.82. For PTA in East China, the spot price was 4534 with a change of 98, the basis was - 82, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.83. For PP in East China, the spot price was 6585 with a change of 10, the basis was - 114, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88. For LLDPE in North China, the spot price was 6930 with a change of 20, the basis was - 94, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.56. For high - end PVC, the spot price was 4625 with no change, the basis was - 90, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.63; for low - end PVC, the spot price was 4565 with a change of 10, the basis was - 150, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For asphalt in East China, the spot price was 3500 with no change, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.24; in Shandong, the spot price was 3340 with a change of - 10, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.07; in South China, the spot price was 3520 with a change of 20, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.51. For ethylene glycol in the domestic market, the spot price was 4191 with a change of 19, the basis was 82, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For soda ash, the spot price was 1170 with a change of 20, the basis was - 76, the corresponding contract was 2601, and the basis deviation degree was - 0.54. For pulp in Shandong, the spot price was 4990 with no change, the basis was - 268, the corresponding contract was 2601, and the basis deviation degree was - 0.94. For staple fiber in East China, the spot price was 6150 with a change of - 30, the basis was - 92, the corresponding contract was 2512, and the basis deviation degree was - 0.89. For urea, the spot price was 1520 with a change of 30, the basis was - 120, the corresponding contract was 2601, and the basis deviation degree was - 0.90. For natural rubber in Shanghai, the spot price was 15000 with a change of 40, the basis was - 380, the corresponding contract was 2601, and the basis deviation degree was 0.62; for whole - latex natural rubber, the spot price was 14680 with a change of 45, the basis was - 700, the corresponding contract was 2601, and the basis deviation degree was 0.55. For 20 - grade rubber in Qingdao, the spot price was 1860 with a change of 5, the basis was 682, the corresponding contract was 2512, and the basis deviation degree was 0.95. For styrene, the spot price was 6505 with a change of - 10, the basis was - 26, the corresponding contract was 2512, and the basis deviation degree was - 0.98 [3] Non - Ferrous - On October 27, 2025, for copper, the spot price was 88210 with a change of 1735, the basis was - 35, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.52; for international copper, the spot price was 78225 with a change of 1450, the basis was - 635, the corresponding contract was 2511, and the basis deviation degree was 0.04. For aluminum, the spot price was 21160 with a change of 50, the basis was - 40, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.36. For zinc, the spot price was 22210 with a change of 20, the basis was - 50, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.73. For lead, the spot price was 17250 with a change of - 50, the basis was - 215, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.43. For nickel, the spot price was 122250 with a change of 200, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.76. For tin, the spot price was 283500 with a change of 1600, the basis was - 3220, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.90 [4] Agricultural Products - On October 27, 2025, for 43% soybean meal in Jiangsu, the spot price was 2900 with a change of - 10, the basis was - 32, the corresponding contract was 2601, and the basis deviation degree was - 0.10. For first - grade soybean oil in Jiangsu, the spot price was 8470 with a change of 30, the basis was 236, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For 36% rapeseed meal at the average price in Guangdong, the spot price was 2470 with a change of 10, the basis was 135, the corresponding contract was 2601, and the basis deviation degree was 0.90. For rapeseed oil at the market average price, the spot price was 10273 with a change of - 10, the basis was 525, the corresponding contract was 2601, and the basis deviation degree was 0.99. For 24° palm oil in Guangzhou, the spot price was 9000 with a change of - 50, the basis was - 100, the corresponding contract was 2601, and the basis deviation degree was - 0.93. For cotton nationwide, the spot price was 14565 with a change of 10, the basis was 1000, the corresponding contract was 2601, and the basis deviation degree was 0.52. For white sugar in Guangxi, the spot price was 5750 with no change, the basis was 305, the corresponding contract was 2601, and the basis deviation degree was 0.07; in Yunnan, the spot price was 5825 with a change of - 5, the basis was 380, the corresponding contract was 2601, and the basis deviation degree was 0.50. For fresh eggs in Shijiazhuang, Hebei, the spot price was 2960 with no change, the basis was - 174, the corresponding contract was 2512, and the basis deviation degree was - 0.52; in Dalian, Liaoning, the spot price was 2890 with no change, the basis was - 244, the corresponding contract was 2512, and the basis deviation degree was - 0.59; in Dezhou, Shandong, the spot price was 2750 with no change, the basis was - 384, the corresponding contract was 2512, and the basis deviation degree was - 0.70; in Shangqiu, Henan, the spot price was 2800 with no change, the basis was - 334, the corresponding contract was 2512, and the basis deviation degree was - 0.72. For soybeans in Bei'an, the spot price was 4060 with no change, the basis was - 17, the corresponding contract was 2601, and the basis deviation degree was - 0.68; in Jiamusi, the spot price was 4140 with no change, the basis was 63, the corresponding contract was 2601, and the basis deviation degree was - 0.33. For corn in Changchun, the spot price was 2240 with no change, the basis was 128, the corresponding contract was 2601, and the basis deviation degree was 0.58; in Weifang, the spot price was 2350 with no change, the basis was 238, the corresponding contract was 2601, and the basis deviation degree was 0.53. For starch in Changchun, the spot price was 2580 with no change, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.32; in Weifang, the spot price was 2605 with no change, the basis was 190, the corresponding contract was 2601, and the basis deviation degree was 0.73. For live pigs in Kaifeng, Henan, the spot price was 12050 with a change of 200, the basis was - 280, the corresponding contract was 2601, and the basis deviation degree was - 0.91. For red dates in Hebei, the spot price was 9600 with no change, the basis was - 790, the corresponding contract was 2601, and the basis deviation degree was - 0.21. For apples in Shandong, the spot price was 7400 with a change of 1000, the basis was - 1536, the corresponding contract was 2601, and the basis deviation degree was - 0.72 [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Category Macro - On October 23, 2025, the spot price of IF was 4606 with a change of 13, the basis was 26, the corresponding contract was 2512, and the basis deviation was 0.62 [2] - The spot price of IH was 3027 with a change of 17, the basis was 3, the corresponding contract was 2512, and the basis deviation was 0.34 [2] - The spot price of IC was 7143 with a change of 15, the basis was 103, the corresponding contract was 2512, and the basis deviation was 0.84 [2] Black - For Shanghai's rebar on October 23, 2025, the spot price was 3220 with a change of 10, the basis was 149, the corresponding contract was 2601, and the basis deviation was 0.78 [3] - Beijing's rebar had a spot price of 3200 with a change of -10, the basis was 129, the corresponding contract was 2601, and the basis deviation was -0.06 [3] - Shanghai's hot - rolled coil had a spot price of 3300 with no change, the basis was 44, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Shandong's ore had a spot price of 831 with a change of 3, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation was 0.45 [3] - Tianjin Port's coke had a spot price of 1656 with no change, the basis was -112, the corresponding contract was 2601, and the basis deviation was -0.69 [3] - Port warehouse receipts of coking coal had a spot price of 1614 with a change of 36, the basis was 355, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Qinhuangdao Port's thermal coal had a spot price of 767 with a change of 3, the basis was -34, the corresponding contract was 2511, and the basis deviation was -0.17 [3] - Shahe's low - price glass had a spot price of 1104 with no change, the basis was -4, the corresponding contract was 2601, and the basis deviation was -0.01 [3] - Hubei's low - price glass had a spot price of 1070 with no change, the basis was -38, the corresponding contract was 2601, and the basis deviation was 0.00 [3] - Yinchuan's ferrosilicon had a spot price of 5580 with no change, the basis was -114, the corresponding contract was 2601, and the basis deviation was -0.80 [3] - Inner Mongolia's ferromanganese had a spot price of 6050 with no change, the basis was 162, the corresponding contract was 2601, and the basis deviation was 0.57 [3] Energy and Chemicals - Port methanol on October 23, 2025, had a spot price of 2250 with no change, the basis was -42, the corresponding contract was provided by a third - party, and the basis deviation was -0.88 [3] - Henan's methanol had a spot price of 2350 with a change of 25, the basis was 58, the corresponding contract was 2601, and the basis deviation was 0.24 [3] - Southern Shandong's methanol had a spot price of 2485 with no change, the basis was 193, the corresponding contract was 2601, and the basis deviation was 0.43 [3] - Hebei's methanol had a spot price of 2785 with no change, the basis was 493, the corresponding contract was 2601, and the basis deviation was 0.97 [3] - East China's PTA had a spot price of 4423 with a change of 29, the basis was -85, the corresponding contract was provided by a third - party, and the basis deviation was -0.87 [3] - East China's PP had a spot price of 6560 with a change of 40, the basis was -131, the corresponding contract was provided by a third - party, and the basis deviation was -0.93 [3] - North China's LLDPE had a spot price of 6920 with a change of 60, the basis was -79, the corresponding contract was provided by a third - party, and the basis deviation was -0.40 [3] - High - end PVC had a spot price of 4625 with a change of 5, the basis was -90, the corresponding contract was provided by a third - party, and the basis deviation was 0.64 [3] - Low - end PVC had a spot price of 4555 with a change of 5, the basis was -160, the corresponding contract was provided by a third - party, and the basis deviation was 0.72 [3] - East China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.30 [3] - Shandong's asphalt had a spot price of 3330 with a change of 20, the basis was 133, the corresponding contract was 2601, and the basis deviation was 0.10 [3] - South China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Domestic ethylene glycol had a spot price of 4185 with a change of 55, the basis was 90, the corresponding contract was provided by a third - party, and the basis deviation was 0.84 [3] - Soda ash had a spot price of 1150 with a change of 20, the basis was -85, the corresponding contract was 2601, and the basis deviation was -0.62 [3] - Shandong's pulp had a spot price of 5000 with a change of 5, the basis was -250, the corresponding contract was 2601, and the basis deviation was -0.92 [3] - East China's staple fiber had a spot price of 6150 with a change of 30, the basis was -10, the corresponding contract was 2512, and the basis deviation was -0.22 [3] - Urea had a spot price of 1490 with no change, the basis was -148, the corresponding contract was 2601, and the basis deviation was -0.95 [3] - Shanghai's natural rubber had a spot price of 14880 with a change of 80, the basis was -365, the corresponding contract was 2601, and the basis deviation was 0.64 [3] - Whole latex natural rubber had a spot price of 14545 with a change of 95, the basis was -700, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Qingdao's 20 - number rubber had a spot price of 1830 with a change of 5, the basis was 606, the corresponding contract was 2512, and the basis deviation was 0.93 [3] - Styrene had a spot price of 6560 with no change, the basis was 15, the corresponding contract was 2511, and the basis deviation was -0.81 [3] Non - ferrous - On October 23, 2025, copper had a spot price of 85500 with a change of 520, the basis was 20, the corresponding contract was provided by a third - party, and the basis deviation was -0.07 [4] - International copper had a spot price of 75695 with a change of 670, the basis was -965, the corresponding contract was 2511, and the basis deviation was -0.35 [4] - Aluminum had a spot price of 21040 with a change of 60, the basis was -10, the corresponding contract was provided by a third - party, and the basis deviation was 0.12 [4] - Zinc had a spot price of 22100 with a change of 200, the basis was -60, the corresponding contract was provided by a third - party, and the basis deviation was -0.82 [4] - Lead had a spot price of 17125 with a change of 125, the basis was -205, the corresponding contract was provided by a third - party, and the basis deviation was -0.36 [4] - Nickel had a spot price of 121300 with a change of 50, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation was 0.76 [4] - Tin had a spot price of 280000 with a change of -1000, the basis was -1230, the corresponding contract was provided by a third - party, and the basis deviation was -0.67 [4] Agricultural Products - On October 23, 2025, 43% soybean meal in Jiangsu had a spot price of 2910 with a change of 50, the basis was -28, the corresponding contract was 2601, and the basis deviation was -0.09 [5] - First - grade soybean oil in Jiangsu had a spot price of 8410 with a change of -70, the basis was 222, the corresponding contract was 2601, and the basis deviation was -0.20 [5] - 36% rapeseed meal in Guangdong had a spot price of 2470 with a change of 30, the basis was 131, the corresponding contract was 2601, and the basis deviation was 0.88 [5] - Rapeseed oil at the market average price had a spot price of 10283 with a change of -100, the basis was 526, the corresponding contract was 2601, and the basis deviation was 0.99 [5] - 24° palm oil in Guangzhou had a spot price of 9000 with a change of -140, the basis was -132, the corresponding contract was 2601, and the basis deviation was -0.97 [5] - National cotton had a spot price of 14575 with a change of 15, the basis was 1000, the corresponding contract was 2601, and the basis deviation was 0.53 [5] - Guangxi's sugar had a spot price of 5750 with no change, the basis was 293, the corresponding contract was 2601, and the basis deviation was -0.02 [5] - Yunnan's sugar had a spot price of 5830 with no change, the basis was 373, the corresponding contract was 2601, and the basis deviation was 0.49 [5] - Fresh eggs in Shijiazhuang, Hebei had a spot price of 2870 with a change of 90, the basis was -157, the corresponding contract was 2512, and the basis deviation was -0.50 [5] - Fresh eggs in Dalian, Liaoning had a spot price of 2800 with a change of 90, the basis was -227, the corresponding contract was 2512, and the basis deviation was -0.57 [5] - Fresh eggs in Dezhou, Shandong had a spot price of 2650 with no change, the basis was -377, the corresponding contract was 2512, and the basis deviation was -0.70 [5] - Fresh eggs in Shangqiu, Henan had a spot price of 2700 with no change, the basis was -327, the corresponding contract was 2512, and the basis deviation was -0.72 [5] - Beian's soybean had a spot price of 4060 with no change, the basis was -53, the corresponding contract was 2601, and the basis deviation was -0.82 [5] - Jiamusi's soybean had a spot price of 4140 with no change, the basis was 27, the corresponding contract was 2601, and the basis deviation was -0.49 [5] - Changchun's corn had a spot price of 2240 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was 0.43 [5] - Weifang's corn had a spot price of 2360 with no change, the basis was 220, the corresponding contract was 2601, and the basis deviation was 0.45 [5] - Changchun's starch had a spot price of 2580 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was -0.03 [5] - Weifang's starch had a spot price of 2605 with no change, the basis was 165, the corresponding contract was 2601, and the basis deviation was 0.54 [5] - Pigs in Kaifeng, Henan had a spot price of 11930 with a change of 240, the basis was -270, the corresponding contract was 2601, and the basis deviation was -0.89 [5] - Hebei's jujube had a spot price of 9600 with no change, the basis was -1565, the corresponding contract was 2601, and the basis deviation was -0.68 [5] - Shandong's apples had a spot price of 6400 with no change, the basis was -2430, the corresponding contract was 2601, and the basis deviation was -0.98 [5]

Report Information - The report is the Yong'an Basis Morning Report released by the Research Center on October 22, 2025 [1] Industry Investment Rating - Not provided in the report Core View - Not provided in the report Summary by Category Macro - IF had a spot price of 4608, a change of 70, a basis of 30, a corresponding contract of 2512, and a basis deviation of 0.74 on October 21, 2025 [2] - IH had a spot price of 3007, a change of 32, a basis of 2, a corresponding contract of 2512, and a basis deviation of 0.28 on October 21, 2025 [2] - IC had a spot price of 7186, a change of 116, a basis of 133, a corresponding contract of 2512, and a basis deviation of 0.92 on October 21, 2025 [2] Black - In Shanghai, rebar had a spot price of 3200, no change, a basis of 153, a corresponding contract of 2601, and a basis deviation of 0.83 on October 21, 2025 [3] - In Beijing, rebar had a spot price of 3190, no change, a basis of 143, a corresponding contract of 2601, and a basis deviation of 0.09 on October 21, 2025 [3] - In Shanghai, hot-rolled coil had a spot price of 3270, no change, a basis of 51, a corresponding contract of 2601, and a basis deviation of 0.77 on October 21, 2025 [3] - In Shandong, ore had a spot price of 824, no change, a basis of 54, a corresponding contract provided by a third - party, and a basis deviation of 0.46 on October 21, 2025 [3] - At Tianjin Port, coke had a spot price of 1656, no change, a basis of - 16, a corresponding contract of 2601, and a basis deviation of - 0.12 on October 21, 2025 [3] - For port warehouse receipts, coking coal had a spot price of 1583, a change of - 17, a basis of 406, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - At Qinhuangdao Port, thermal coal had a spot price of 759, a change of 6, a basis of - 42, a corresponding contract of 2511, and a basis deviation of - 0.25 on October 21, 2025 [3] - For low - price glass in Shahe, it had a spot price of 1111, a change of - 24, a basis of 24, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [3] - For low - price glass in Hubei, it had a spot price of 1070, a change of - 20, a basis of - 17, a corresponding contract of 2601, and a basis deviation of 0.17 on October 21, 2025 [3] - In Yinchuan, ferrosilicon had a spot price of 5530, no change, a basis of - 64, a corresponding contract of 2601, and a basis deviation of - 0.60 on October 21, 2025 [3] - In Inner Mongolia, silicomanganese had a spot price of 6050, no change, a basis of 234, a corresponding contract of 2601, and a basis deviation of 0.84 on October 21, 2025 [3] Energy and Chemicals - At the port, methanol had a spot price of 2263, no change, a basis of - 5, a corresponding contract provided by a third - party, and a basis deviation of - 0.48 on October 21, 2025 [3] - In Henan, methanol had a spot price of 2325, a change of - 25, a basis of 57, a corresponding contract of 2601, and a basis deviation of 0.23 on October 21, 2025 [3] - In southern Shandong, methanol had a spot price of 2485, a change of - 15, a basis of 217, a corresponding contract of 2601, and a basis deviation of 0.59 on October 21, 2025 [3] - In Hebei, methanol had a spot price of 2785, a change of 155, a basis of 517, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - In East China, PTA had a spot price of 4327, a change of 28, a basis of - 87, a corresponding contract provided by a third - party, and a basis deviation of - 0.89 on October 21, 2025 [3] - In East China, PP had a spot price of 6510, a change of 20, a basis of - 73, a corresponding contract provided by a third - party, and a basis deviation of - 0.57 on October 21, 2025 [3] - In North China, LLDPE had a spot price of 6840, no change, a basis of - 43, a corresponding contract provided by a third - party, and a basis deviation of - 0.13 on October 21, 2025 [3] - For high - end PVC, it had a spot price of 4615, a change of - 15, a basis of - 90, a corresponding contract provided by a third - party, and a basis deviation of 0.65 on October 21, 2025 [3] - For low - end PVC, it had a spot price of 4545, a change of - 15, a basis of - 160, a corresponding contract provided by a third - party, and a basis deviation of 0.72 on October 21, 2025 [3] - In East China, asphalt had a spot price of 3500, a change of - 50, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.76 on October 21, 2025 [3] - In Shandong, asphalt had a spot price of 3320, a change of - 10, a basis of 243, a corresponding contract of 2601, and a basis deviation of 0.66 on October 21, 2025 [3] - In South China, asphalt had a spot price of 3500, no change, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.86 on October 21, 2025 [3] - For the domestic market of ethylene glycol, it had a spot price of 4078, a change of 1, a basis of 74, a corresponding contract provided by a third - party, and a basis deviation of 0.69 on October 21, 2025 [3] - For soda ash, it had a spot price of 1120, a change of - 10, a basis of - 90, a corresponding contract of 2601, and a basis deviation of - 0.67 on October 21, 2025 [3] - In Shandong, pulp had a spot price of 4970, a change of 10, a basis of - 200, a corresponding contract of 2601, and a basis deviation of - 0.76 on October 21, 2025 [3] - In East China, staple fiber had a spot price of 6105, a change of 30, a basis of 35, a corresponding contract of 2512, and a basis deviation of 0.46 on October 21, 2025 [3] - For urea, it had a spot price of 1490, no change, a basis of - 119, a corresponding contract of 2601, and a basis deviation of - 0.90 on October 21, 2025 [3] - In Shanghai, natural rubber had a spot price of 14800, a change of 290, a basis of - 350, a corresponding contract of 2601, and a basis deviation of 0.68 on October 21, 2025 [3] - For whole latex natural rubber, it had a spot price of 14450, a change of 340, a basis of - 700, a corresponding contract of 2601, and a basis deviation of 0.57 on October 21, 2025 [3] - In Qingdao, 20 - number rubber had a spot price of 1845, a change of 20, a basis of 780, a corresponding contract of 2512, and a basis deviation of 1.00 on October 21, 2025 [3] - For styrene, it had a spot price of 6445, a change of 75, a basis of 7, a corresponding contract of 2511, and a basis deviation of - 0.87 on October 21, 2025 [3] Non - ferrous Metals - On October 21, 2025, copper had a spot price of 85720, a change of 70, a basis of 60, a corresponding contract provided by a third - party, and a basis deviation of 0.22 [4] - On October 21, 2025, international copper had a spot price of 75910, a change of 120, a basis of - 50, a corresponding contract of 2511, and a basis deviation of 0.72 [4] - On October 21, 2025, aluminum had a spot price of 20970, a change of 40, a basis of 10, a corresponding contract provided by a third - party, and a basis deviation of 0.45 [4] - On October 21, 2025, zinc had a spot price of 21940, a change of 70, a basis of - 40, a corresponding contract provided by a third - party, and a basis deviation of - 0.60 [4] - On October 21, 2025, lead had a spot price of 17000, a change of 75, a basis of - 195, a corresponding contract provided by a third - party, and a basis deviation of - 0.25 [4] - On October 21, 2025, nickel had a spot price of 121700, a change of 400, a basis of 400, a corresponding contract provided by a third - party, and a basis deviation of 0.77 [4] - On October 21, 2025, tin had a spot price of 281300, a change of 1300, a basis of 430, a corresponding contract provided by a third - party, and a basis deviation of 0.25 [4] Agricultural Products - In Jiangsu, 43% soybean meal had a spot price of 2870, no change, a basis of - 19, a corresponding contract of 2601, and a basis deviation of - 0.06 on October 21, 2025 [5] - In Jiangsu, first - grade soybean oil had a spot price of 8550, a change of 10, a basis of 256, a corresponding contract of 2601, and a basis deviation of - 0.09 on October 21, 2025 [5] - The average price of 36% rapeseed meal in Guangdong had a spot price of 2450, a change of - 30, a basis of 129, a corresponding contract of 2601, and a basis deviation of 0.88 on October 21, 2025 [5] - The market average price of rapeseed oil had a spot price of 10400, a change of - 20, a basis of 536, a corresponding contract of 2601, and a basis deviation of 1.00 on October 21, 2025 [5] - In Guangzhou, 24° palm oil had a spot price of 9290, no change, a basis of - 4, a corresponding contract of 2601, and a basis deviation of - 0.66 on October 21, 2025 [5] - Nationwide, cotton had a spot price of 14530, a change of 50, a basis of 990, a corresponding contract of 2601, and a basis deviation of 0.51 on October 21, 2025 [5] - In Guangxi, white sugar had a spot price of 5770, no change, a basis of 332, a corresponding contract of 2601, and a basis deviation of 0.22 on October 21, 2025 [5] - In Yunnan, white sugar had a spot price of 5840, no change, a basis of 402, a corresponding contract of 2601, and a basis deviation of 0.55 on October 21, 2025 [5] - In Shijiazhuang, Hebei, fresh eggs had a spot price of 2780, a change of - 110, a basis of - 166, a corresponding contract of 2512, and a basis deviation of - 0.51 on October 21, 2025 [5] - In Dalian, Liaoning, fresh eggs had a spot price of 2710, a change of - 110, a basis of - 236, a corresponding contract of 2512, and a basis deviation of - 0.59 on October 21, 2025 [5] - In Dezhou, Shandong, fresh eggs had a spot price of 2650, a change of - 100, a basis of - 296, a corresponding contract of 2512, and a basis deviation of - 0.66 on October 21, 2025 [5] - In Shangqiu, Henan, fresh eggs had a spot price of 2700, a change of - 100, a basis of - 246, a corresponding contract of 2512, and a basis deviation of - 0.70 on October 21, 2025 [5] - In Bei'an, soybeans had a spot price of 4050, no change, a basis of - 11, a corresponding contract of 2601, and a basis deviation of - 0.68 on October 21, 2025 [5] - In Jiamusi, soybeans had a spot price of 4120, no change, a basis of 59, a corresponding contract of 2601, and a basis deviation of - 0.34 on October 21, 2025 [5] - In Changchun, corn had a spot price of 2240, no change, a basis of 96, a corresponding contract of 2601, and a basis deviation of 0.40 on October 21, 2025 [5] - In Weifang, corn had a spot price of 2360, no change, a basis of 216, a corresponding contract of 2601, and a basis deviation of 0.45 on October 21, 2025 [5] - In Changchun, starch had a spot price of 2580, no change, a basis of 121, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [5] - In Weifang, starch had a spot price of 2605, no change,

Report Summaries 1. Report Industry Investment Rating - The industry investment rating suggests a range-bound market with a recommendation to wait and see [2] 2. Core View of the Report - The report provides a comprehensive analysis of the current situation of the global oil and fat market, including spot and futures prices, inventory levels, and production and export data from major producers. It also highlights policy changes in Indonesia and the production progress of soybeans in Brazil and the United States [1][2] 3. Summary by Relevant Catalogs Spot Price - **24 - degree Palm Oil**: On October 15, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9420, 9260, and 9200 respectively, each down 80 from the previous day [1] - **First - grade Soybean Oil**: Prices in Tianjin, Zhangjiagang, and Huangpu on October 15, 2025, were 8420, 8520, and 8590 respectively, each down 30 from the previous day [1] - **Fourth - grade Rapeseed Oil**: Prices in Zhangjiagang, Wuhan, and Chengdu on October 15, 2025, were 10150, 10190, and 10470 respectively, each down 30 from the previous day [1] Futures Data - **Bean - Palm Main Contract Spread**: On October 15, 2025, it was - 1070, up 20 from the previous day [1] - **Rapeseed - Bean Main Contract Spread**: On October 15, 2025, it was 1680, down 39 from the previous day [1] - **Warehouse Receipts**: Palm oil warehouse receipts remained at 500; soybean oil warehouse receipts increased by 850 to 26294; rapeseed oil warehouse receipts remained at 7590 [1] International Market Conditions - **India**: In September 2025, total vegetable oil imports were 1639743 tons, slightly down from August. Palm oil imports decreased significantly, while soybean oil and sunflower oil imports increased [2] - **Indonesia**: Plans to raise the crude palm oil (CPO) export tax from 10% to 15% to fund the transition from B40 to B50 biodiesel. B50 is in the final testing stage, with full - scale testing expected in Q2 2026 and official implementation in the second half of the same year [2] - **Malaysia**: In September 2025, palm oil production was 184.12 million tons, with a month - on - month decrease of 0.73% and a year - on - year increase of 1.06%. From October 1 - 10, 2025, production increased by 6.59% month - on - month. Exports from October 1 - 10 increased by 9.9% (ITS) and 19.4% (AmSpec) compared to the previous month [2] Domestic Market Conditions - **Soybean Production**: As of October 11, 2025, Brazil's 2025/26 soybean sowing rate was 11.1%. As of September 28, 2025, the US soybean good - to - excellent rate was 62%, and the harvest rate was 19% [2]