热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：CFC商品策略研究 作者 | 中信建投期货 研究发展部 石丽红 研究助理涂标 期货交易咨询业务资格：证监许可〔2011〕1461 号 本报告完成时间 | 2026年2月27日 重要提示：本报告观点和信息仅供符合证监会适当性管理规定的期货交易者参考。因本平台暂时无法设 置访问限制，若您并非符合规定的交易者，为控制交易风险，请勿点击查看或使用本报告任何信息。对 由此给您造成的不便表示诚挚歉意，感谢您的理解与配合！ 2025年3月8日，商务部（以下称调查机关）发布2025年第11号公告，公布就加拿大对华相关限制性措施 进行反歧视调查的裁定并采取反歧视措施。2026年2月27日，商务部发布公告称调整相关措施。 保税仓留置的"加菜粕"库存或逐步释放 本次加菜粕"反歧视"关税取消可能带来连锁反应。在2025年4-9月期间，尽管中国已经对加拿大菜粕实 施100%反歧视关税，但仍有部分菜粕进口合同得到执行，放置在中国保税仓当中，未能流入内地。本 次关税取消后，预计前期保税仓加菜粕库存或逐步释放流入市场，短期内带来一定压力。另外，海南保 税区加工的加菜粕或 ...

Core Viewpoint - Palm oil futures are experiencing a strong oscillation, with the main contract reaching a peak of 8866.00 yuan and currently trading at 8772.00 yuan, reflecting a 1.32% increase [1]. Group 1: Market Analysis - Zhengxin Futures indicates that palm oil continues its oscillating strong trend, supported by a decrease in production and an increase in exports as reported in the MPOB December report, which noted a month-end inventory of 3.05 million tons [2]. - Copper Crown Jin Yuan Futures anticipates a short-term strengthening of palm oil prices, citing macroeconomic factors such as the investigation into the Federal Reserve Chairman and geopolitical tensions in Iran, which have contributed to rising oil prices [3]. - Hualian Futures expects domestic oilseeds to maintain a strong oscillating trend, with signs of improvement in palm oil exports in January and potential favorable developments regarding Canadian canola tariffs [3]. Group 2: Inventory and Production Insights - The MPOB report indicates that Malaysia's palm oil ending inventory for December was 3.05 million tons, slightly above expectations, but the market has absorbed this bearish news [3]. - High-frequency data shows a reduction in Malaysian palm oil production and an increase in demand in early January, which is expected to improve supply-demand dynamics and support price recovery [3].