1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March, the US soybean market enters the resonance period of the old and new crop years. The export and crushing demand of the old crop year remain the focus of the market. The increase in Chinese purchases and the improvement of Sino - US economic and trade relations may boost US soybean exports. The crushing demand is still strong, and the tight inventory situation may support the futures price. The CBOT soybean may fluctuate around 1150 cents per bushel and may rise to 1200 cents per bushel [32][94]. - The implementation of multiple biodiesel policies in the US soybean oil market in March is crucial. If the policies are favorable, the strong expectation may turn into strong reality, and soybean oil prices may continue to rise. Otherwise, it may face a decline [48][94]. - For the Malaysian palm oil market, high inventory restricts price increases. In the short - term, prices may fluctuate at a low level. When the inventory drops below 2.4 million tons, prices may rise. In March, production may recover significantly, and the reduction of inventory depends on the increase in Indian imports [65][95]. - In March, the domestic oil inventory may increase steadily but with limited recovery. The supply of domestic soybean oil may improve in March and increase significantly in April. Palm oil inventory may remain at a relatively high level, and rapeseed oil inventory may change little due to policy uncertainties. The increase in domestic oil inventory in March may mainly rely on soybean oil [3][92][97]. 3. Summary According to the Table of Contents 3.1 First Part: Market Review - In February, CBOT soybean oil rose significantly due to positive biodiesel policy expectations, rising international crude oil prices, and active fund buying. The US Treasury's 45Z proposed rules and the EPA's submission of the 2026 biofuel mandate boosted market sentiment. In contrast, Malaysian palm oil was weak, with declining export data and high inventory [9]. - Domestic oils fluctuated within a range, with soybean oil and rapeseed oil rising slightly following international oils, but the increase was much lower than that of the external market. Palm oil's weak performance dragged down the domestic oil market [9]. 3.2 Second Part: Oils 3.2.1 US Soybean Inventory and Market Outlook - The USDA did not adjust US soybean exports in the February supply - demand report. Although the year - on - year export sales decreased, the sales progress was in line with expectations. However, the export shipment progress was slow, and future exports may change due to factors such as tariff policies and Chinese purchases [13][14]. - The NOPA's January soybean crushing volume was high, and the crushing demand is the main force of US soybean demand. The crushing profit has continued to recover, and the crushing demand will remain strong [20][23]. - In 2026, the US soybean planting area is expected to increase, but there are differences in the market's expectations. If the weather is normal, the yield is expected to increase, and the inventory in the 26/27 year may increase slightly. In the short - term, the US soybean market may maintain a strong and volatile trend [24][29]. 3.2.2 US Biodiesel Policy and Soybean Oil Market - The US biodiesel policy has not been implemented, and the consumption of US soybean oil has not increased as expected. The USDA expects the industrial consumption of US soybean oil to increase significantly in the 25/26 year [33]. - The US Treasury issued the proposed rules for biofuel tax credits in February, and the EPA is expected to finalize the biofuel blending quota rules by the end of March, which may bring positive support to US soybean oil [41]. - Currently, the supply of US soybean oil has increased significantly, but the demand growth is not obvious, and the inventory has reached a four - year high. The implementation of biodiesel policies in March is the key to the future trend of soybean oil [46][48]. 3.2.3 Malaysian Palm Oil Market - February and March are the transition months from the production - reduction to the production - increase cycle for Southeast Asian palm oil. In March, Malaysian palm oil production may increase significantly. In February, production and exports both decreased, and the inventory decline may be less than expected. In March, production and exports may both increase [51][56]. - High inventory restricts the rise of Malaysian palm oil prices. When the inventory drops below 2.4 million tons, prices may rise. The increase in Indian imports is crucial for inventory reduction [65][69]. - The production of Indonesian palm oil may decline, and the implementation of the B40 biodiesel plan has led to a continuous decline in inventory. The change of Indonesian policies may bring opportunities to the market [63]. 3.2.4 Domestic Oil Market - As of February 21, the domestic inventory of the three major vegetable oils decreased compared with the previous month. In March, the domestic oil supply is expected to increase, and it will be more abundant in April [71]. - The domestic soybean oil inventory has declined, and the demand may increase steadily in March. The supply may improve in March and increase significantly in April, and the inventory may remain stable with limited increase [76][77]. - The domestic palm oil inventory has remained at a relatively high level. Due to high prices and import losses, the market mainly makes rigid purchases, and the inventory may remain stable [79][83]. - The domestic rapeseed oil inventory has decreased. In March, the supply may recover, but the inventory repair is limited. The market is waiting for the relaxation of Sino - Canadian economic and trade relations to increase supply [86][90]. 3.3 Fourth Part: Conclusion and Operational Suggestions - In the international market, the US soybean and soybean oil markets are affected by policies and demand. The Malaysian palm oil market is restricted by inventory. In the domestic market, the inventory may increase steadily, mainly relying on soybean oil [94][97]. - Operationally, adopt a strategy of buying on dips for oils, as there are opportunities for phased price increases. Or use a double - selling options strategy based on the wide - range oscillation idea [97].