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]

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].

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]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily unfalsifiable [2] Group 2: Core Viewpoints - The report presents price changes of 24 - degree palm oil, first - grade soybean oil, and fourth - grade rapeseed oil in different regions on August 20, 2025, compared to August 19, 2025, with most showing a downward trend [1] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and there are concerns about future rapeseed supply. The estimated rapeseed arrivals in August are about 200,000 tons, and the average monthly arrivals from September to October are about 130,000 tons [2] - The USDA report adjusted the US soybean new - crop area and yield. Although the yield per acre was raised to a historical high, the planting area was unexpectedly reduced, resulting in a lower - than - expected production [2] - The weather in the US in the next two weeks is favorable for soybean yield, and the good - to - excellent rates of US soybeans and corn are in line with market expectations [2] Group 3: Summary by Related Content Spot Price - 24 - degree palm oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9,660, 9,540, and 9,510 respectively, down 200 from August 19 [1] - First - grade soybean oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 8,510, 8,630, and 8,610 respectively, down 200 from August 19 [1] - Fourth - grade rapeseed oil: On August 20, 2025, prices in Zhangjiagang, Wuhan, and Chengdu were 9,900, 9,950, and 10,160 respectively, down 130 from August 19 [1] Futures Data - The price difference between soybean and palm oil main contracts was - 1,140 on August 20, 2025, down 26 from August 19 [1] - The price difference between rapeseed and soybean main contracts was 1,414 on August 20, 2025, up 90 from August 19 [1] - Palm oil warehouse receipts were 1,404 on August 20, 2025, down 16 from August 19; soybean oil warehouse receipts remained unchanged at 15,310; rapeseed oil warehouse receipts remained unchanged at 3,487 [1] Rapeseed - related Information - The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed, and from August 14, 2025, importers need to pay a 75.8% deposit on Canadian rapeseed [2] Palm Oil - related Information - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - In Malaysia, from August 1 - 5, palm oil yield per unit decreased 17.27% month - on - month, and from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] Soybean - related Information - The USDA report raised the US soybean yield per acre to 53.6 bushels/acre but cut the 2025/26 planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 - million - bushel reduction in production to 4.292 billion bushels [2] - As of the week ending August 10, the good - to - excellent rate of US soybeans was 68%, and that of US corn was 72%, both in line with market expectations [2]

Report Industry Investment Rating - The report recommends going long on oils and fats as the bullish drivers are temporarily difficult to disprove [2] Core Viewpoints - The report analyzes the price, inventory, production, and export data of palm oil, soybean oil, and rapeseed oil, and points out that due to the anti - dumping investigation on Canadian rapeseed, the supply of rapeseed may be tight; the production and export situation of palm oil in Malaysia is complex; and the production of US soybeans has both high - yield expectations and area reduction [1][2] Summary by Related Content Price Data - **Palm Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 9710, 9640, and 9300 respectively, while on August 18, they were 9440, 9370, and 9570, with a one - price change of 270 [1] - **Soybean Oil**: On August 15, 2025, the prices in Tianjin, Zhangjiagang, and Huangpu were 8660, 8780, and 8760 respectively, and on August 18, they were 8710, 8830, and 8810, with a one - price change of 50 [1] - **Rapeseed Oil**: On August 15, 2025, the prices in Zhangjiagang, Wuhan, and Chengdu were 9900, 10080, and 10160 respectively, and on August 18, they were 10030, 9950, and 10290, with a one - price change of 130 [1] Futures Data - The spread between soybean and palm oil main contracts changed from - 926 to - 1068, a decrease of 142; the spread between rapeseed and soybean main contracts changed from 1310 to 1223, a decrease of 87; palm oil warehouse receipts remained at 1420, and soybean oil warehouse receipts increased from 14840 to 15310, an increase of 470 [1] Supply and Demand Information - **Rapeseed**: The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed. From August 14, 2025, importers need to pay a 75.8% deposit. The procurement of domestic distant - month rapeseed is slow, and the supply may be tight. The estimated arrival volume in August is about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - **Palm Oil**: Bloomberg's July MPOB estimate shows that production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons. In Malaysia, from August 1 - 5, production decreased 17.27% month - on - month; from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] - **Soybean**: The USDA report increased the yield per acre of US soybeans to 53.6 bushels/acre but decreased the planting area by 2.5 million acres to 80.9 million acres, resulting in a production decrease of 43 million bushels to 4.292 billion bushels. The weather in the next two weeks is favorable for yield, and as of August 10, the good - to - excellent rate of US soybeans was 68% [2]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily hard to disprove [2] Group 2: Core View of the Report - The report provides a comprehensive analysis of the spot and futures prices of palm oil, soybean oil, and rapeseed oil, as well as relevant market data and news, suggesting a long - position in the oils and fats market due to non - falsifiable bullish drivers [1][2] Group 3: Summary Based on Different Data Spot Price - On August 13, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 9520, 9450, and 9380 respectively, with a daily increase of 120 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8720, 8840, and 8820 respectively, with a daily increase of 170 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10260, 10310, and 10520 respectively, with a daily increase of 500 [1] Futures Data - On August 13, 2025, the spread between soybean and palm oil main contracts was - 848, up 38 from the previous day; the spread between rapeseed and soybean oil main contracts was 1488, up 162 [1] - The number of palm oil warehouse receipts was 1420, unchanged; the number of soybean oil warehouse receipts was 22170, an increase of 216; the number of rapeseed oil warehouse receipts was 3487, unchanged [1] Market News - The Ministry of Commerce preliminarily ruled that imported Canadian rapeseed was dumped. From August 14, 2025, importers need to pay a 75.8% deposit on Canadian companies [2] - Affected by the anti - dumping investigation on Canadian rapeseed, the domestic long - term rapeseed procurement progress is slow. The imported rapeseed arrival volume in August is expected to be about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - From August 1 - 5, Malaysia's palm oil yield per unit decreased 19.32% month - on - month, the oil extraction rate increased 0.39% month - on - month, and production decreased 17.27% month - on - month [2] - From August 1 - 10, Malaysia's palm oil exports increased 23.3% and 23.7% respectively compared with the same period last month according to ITS and AmSpec [2] - The USDA report adjusted the new - crop soybean yield per acre from 52.5 bushels/acre to a record high of 53.6 bushels/acre but unexpectedly reduced the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 million - bushel reduction in production to 4.292 billion bushels [2] - The US soybean and corn good - to - excellent rates as of August 10 were 68% and 72% respectively, in line with market expectations [2]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests going long on the palm oil 09 contract and the soybean oil 09 contract [2] Group 3: Summary of Related Data Spot Price - On August 7, 2025, the spot price of 24 - degree palm oil in Tianjin was 9120 yuan, up 50 yuan from the previous day; in Zhangjiagang it was 9050 yuan, up 50 yuan; in Huangpu it was 9000 yuan, up 50 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8550 yuan, up 50 yuan; in Zhangjiagang it was 8630 yuan, up 50 yuan; in Huangpu it was 8670 yuan, up 50 yuan [1] - The spot price of fourth - grade rapeseed oil in Zhangjiagang was 9630 yuan, down 70 yuan; in Wuhan it was 9680 yuan, down 70 yuan; in Chengdu it was 9890 yuan, down 70 yuan [1] Futures Data - On August 7, 2025, the price difference between the soybean and palm oil main contracts was - 544, up 20 from the previous day; the price difference between the rapeseed and soybean oil main contracts was 1090, down 66 [1] - The palm oil warehouse receipts were 570, unchanged; the soybean oil warehouse receipts were 15370, an increase of 3830; the rapeseed oil warehouse receipts were 3487, unchanged [1] Import Data of India - In July, India's palm oil imports decreased by 10% month - on - month to 858,000 tons; soybean oil imports soared by 38% month - on - month to 495,000 tons; sunflower oil imports decreased by 7% month - on - month to 201,000 tons; total edible oil imports increased by 1.5% month - on - month to 1.53 million tons [2] Malaysian Data - Bloomberg's July MPOB forecast: production increased by 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased by 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased by 10% to 2.23 million tons [2] - From July 1 - 31, Malaysia's palm oil yield per unit increased by 7.19% month - on - month, the oil extraction rate decreased by 0.02% month - on - month, and production increased by 7.07% month - on - month [2] - According to ITS, from July 1 - 31, exports decreased by 6.7% compared to the previous month; according to AmSpec, exports decreased by 9.6% compared to the previous month [2] Other Data - Indonesia raised the reference price of crude palm oil (CPO) in August to $910.91 per metric ton, up from $877.89 in July, and the export tax will increase from $52 per ton in July to $74 per ton [2] - From July 27 to August 2, Brazil's soybean exports were 2.5504 million tons, up from 2.2902 million tons the previous week [2] - In the next two weeks, the overall precipitation in the US soybean - growing areas is good, which is beneficial to the soybean yield per unit [2] - As of the week ending July 27, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the flowering rate was 76% [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report suggests caution as the oils and fats market may experience a correction after the cooling of macro - sentiment, and recommends a wait - and - see approach [2]. 3. Summary by Relevant Content Spot Price Information - **Palm Oil**: On July 29, 2025, the spot price in Tianjin was 9070, down 50 from July 28; in Zhangjiagang it was 9020, down 50; and in Huangpu it was 8920, down 50 [1]. - **Grade I Soybean Oil**: On July 29, 2025, the spot price in Tianjin was 8270, up 20 from July 28; in Zhangjiagang it was 8370, up 20; and in Huangpu it was 8320, up 20 [1]. - **Grade IV Rapeseed Oil**: On July 29, 2025, the spot price in Zhangjiagang was 9590, up 50 from July 28; in Wuhan it was 9610, up 50; and in Chengdu it was 9820, up 50 [1]. Futures Data - **Contract Spreads**: On July 29, 2025, the spread between soybean and palm oil main contracts was - 744, up 82 from July 28; the spread between rapeseed and soybean oil main contracts was 1266, down 20 [1]. - **Warehouse Receipts**: On July 29, 2025, palm oil warehouse receipts were 570, unchanged; soybean oil warehouse receipts were 21113, down 382; and rapeseed oil warehouse receipts were 3487, unchanged [1]. Palm Oil Supply and Demand Information - **Indonesia**: In May, due to a surge in exports, Indonesia's palm oil inventory decreased 4.27% month - on - month to 2.9 million tons. Exports reached 2.66 million tons, a nearly 50% increase from April and a 35.64% year - on - year increase. May's crude palm oil production was 4.17 million tons, lower than April but a 7.2% increase from last year [2]. - **Malaysia**: From July 1 - 20, the yield per unit area increased 7.03% month - on - month, the oil extraction rate decreased 0.16% month - on - month, and production increased 6.19% month - on - month. Export data from different institutions showed varying degrees of decline compared to the previous month [2]. - **India**: In June, India's palm oil imports increased 61% month - on - month to 953,000 tons, the highest in 11 months [2]. Other Information - **US Soybeans**: As of the week ending July 20, 2025, the good - excellent rate of US soybeans was 68%, lower than the expected 71%. The flowering rate was 62%, and the pod - setting rate was 26% [2]. - **Australian Rapeseed**: Australian rapeseed is expected to enter the domestic market, which will alleviate the shortage of rapeseed imports caused by the tense China - Canada relationship [2].

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Report's Core View - The market is concerned about the demand for palm oil and the impact of international crude oil on palm oil. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the palm oil futures main contract is 8,336 yuan/ton, with a daily increase of 6 yuan/ton; the 9 - 1 spread is -24 yuan/ton, down 14 yuan/ton [2] - The futures trading volume of the active palm oil contract is 428,231 lots, a decrease of 3,330 lots; the registered warehouse receipts are 470 lots [2] - The net long positions of the top 20 futures holders of palm oil are 41,923 lots, a decrease of 8,481 lots; the settlement price of BMD crude palm oil futures is 3,959 Malaysian ringgit/ton, down 33 ringgit/ton [2] - The settlement price of NYMEX light crude oil futures is $65.11 per barrel, down $0.41 [2] 3.2 Spot Price - The spot price of 24 - degree palm oil in Guangdong is 8,430 yuan/ton, up 30 yuan/ton; in Zhangjiagang, it is 8,530 yuan/ton, up 30 yuan/ton; in Tianjin, it is 8,580 yuan/ton, up 30 yuan/ton [2] - The FOB price of Malaysian palm oil is $1,005 per ton, unchanged; the CNF price is $1,043 per ton, unchanged [2] - The basis of the palm oil main contract is 94 yuan/ton, up 24 yuan/ton [2] 3.3 Upstream Situation - Malaysia's palm oil production in the month is 1,685,962 tons, an increase of 298,531 tons; exports are 1,102,266 tons, an increase of 96,719 tons; the ending inventory is 1,865,537 tons, an increase of 302,720 tons [2] - Indonesia's palm oil production in the month is 4.9 million tons, an increase of 90,000 tons; exports are 2.88 million tons, unchanged; the inventory is 3.05 million tons, an increase of 1.01 million tons [2] - The FOB price difference between soybean oil and 24 - degree palm oil is $49.48 per ton, an increase of $7.35 [2] - SGS's daily palm oil export volume is 847,695 tons, an increase of 185,115 tons; ITS's daily export volume data is not clearly presented in a comparable way [2] - The weekly palm oil inventory is 759,881 tons, an increase of 246,668 tons [2] - Malaysia's palm oil import profit is -499.12 yuan/ton, a decrease of 49.08 yuan/ton [2] - The monthly import volume of palm oil (customs statistics) is 1.6 million tons, a decrease of 100,000 tons [2] - The national port inventory of soybean oil is 857,000 tons, an increase of 52,000 tons [2] 3.4 Industry Situation - The weekly port inventory of rapeseed oil is 752,500 tons, an increase of 13,200 tons [2] - The import cost of Malaysian palm oil is 8,929.12 yuan/ton, a decrease of 19.08 yuan/ton [2] - The ex - factory price of first - grade bulk soybean oil in Zhangjiagang, Jiangsu is 8,200 yuan/ton, unchanged [2] - The ex - factory price of fourth - grade rapeseed oil in Xiamen, Fujian is 9,540 yuan/ton, an increase of 80 yuan/ton [2] - The price difference between soybean oil and 24 - degree palm oil in Guangdong is -230 yuan/ton, a decrease of 30 yuan/ton; the price difference between rapeseed oil and palm oil is 1,110 yuan/ton, an increase of 50 yuan/ton [2] - Malaysia's annual food use of palm oil is 870,000 tons, an increase of 5,000 tons; industrial use is 3.1 million tons, unchanged [2] 3.5 Downstream Situation - Indonesia's annual food use of palm oil is 7.4 million tons, an increase of 200,000 tons; industrial use is 13.75 million tons, an increase of 500,000 tons [2] - China's annual food use of palm oil is 3.6 million tons, a decrease of 100,000 tons; industrial use is 2.3 million tons, unchanged [2] 3.6 Option Market - The implied volatility of at - the - money call options for palm oil is 17.85%, an increase of 0.15 percentage points; the implied volatility of at - the - money put options is 17.89%, an increase of 0.18 percentage points [2] - The 20 - day historical volatility of palm oil is 19.08%, a decrease of 0.82 percentage points; the 60 - day historical volatility is 22.69%, unchanged [2] 3.7 Industry News - According to SPPOMA data, Malaysia's palm oil production in June decreased by 0.65% month - on - month, with the fresh fruit bunch (FFB) yield decreasing by 0.23% month - on - month and the oil extraction rate (OER) decreasing by 0.08% month - on - month [2] - According to SGS data, Malaysia's palm oil exports in June were 1,195,265 tons, an increase of 11.7% compared to May. Exports to China were 168,000 tons, an increase of 36,000 tons compared to the previous month [2] - On Monday, edible oil importers cancelled 6,500 tons of crude palm oil import orders originally scheduled to arrive at Indian ports from July to September [2]