2.2月26日，芝加哥期货交易所（CBOT）大豆期价收盘下跌，其中基准期约收低0.20%，主要因为大豆 出口销售疲软以及多头获利平仓。截至收盘，大豆期价下跌0.25～2.00美分不等，其中3月期价下跌0.50 美分，报收1147.75美分/蒲；5月期价下跌1.50美分，报收1163.50美分/蒲。 （来源：国家粮食和物资储备数据中心） 3.美国农业部周度出口销售报告显示，截至2月19日，2025/26年度（9月/8月）美国大豆销售总量3565万 吨，比去年同期的4389万吨减少18.8%；其中对华销售1066.4万吨，比去年同期的2095.0万吨减少 49.1%，其中616.1万吨已经装运。 4．阿根廷农业部表示，2026年第七周阿根廷农户新季大豆销售步伐加快。截至2月18日，阿根廷农户预 售2025/26年度大豆535万吨，比一周前增加17万吨，去年同期524万吨；销售2024/25年度大豆4380万 吨，比一周前增加16万吨，去年同期3855万吨。 5.2月26日，芝加哥期货交易所（CBOT）豆油期价收盘上涨，其中基准期约收高1.8%，因为美国环境保 护署（EPA）计划将此前小型炼油厂豁免的一半生物燃料义 ...

大马投资 银行在一份报告中称，在春节假期市场人气低迷的情况下，棕榈油价格在亚洲早盘下跌。该 行称，技术分析预测毛棕榈油 期货可能继续走低。大马投资银行认为，毛棕榈油期货的阻力位在每吨 4,201林吉特，支撑位在每吨3,976林吉特。该行补充称，只要价格保持在阻力位下方，前景就依然负 面。马来西亚衍生品交易所5月交割的合约下跌4林吉特，至每吨4,042林吉特。 ...

Group 1 - The Malaysian Derivatives Exchange (BMD) crude palm oil futures are expected to open higher, reflecting the strength in the external vegetable oil market [1] - The Trump administration plans to finalize the 2026 biofuel blending quotas in early March, which has boosted Chicago soybean oil futures, positively impacting Malaysian crude palm oil futures [1] - Malaysian palm oil exports have improved, with a reported increase of 17.5% to 18.6% in export volume for the first half of January [1] Group 2 - However, international crude oil futures have declined, and Indonesia has canceled its planned B50 biodiesel program for this year, which may limit the upward momentum of Malaysian palm oil prices [1] - The increase in Malaysian palm oil inventory is also expected to constrain price growth [1]

1. Report's Core Views Palm Oil - Internationally, the Malaysian BMD crude palm oil futures show an obvious sign of breaking downward, pressured by concerns of increased production and slowed exports. It is expected to seek support between 4,000 - 4,100 ringgit. The potential increase in end - month inventory may further dampen the market [3]. - Domestically, the Dalian palm oil futures are dragged down by the Malaysian market, with short - term pressure to decline to 8,500 yuan. It may follow the upward trend after the Malaysian palm oil stabilizes around 4,000 ringgit, maintaining a near - weak and far - strong pattern [3]. Soybean Oil - Domestically, the supply of soybean oil is abundant while demand is weak, and high soybean import costs support the oil mills. The January contract of Dalian soybean oil reached a low of 8,066 yuan today. It is supported at 8,000 yuan in the short term. Its trend depends on the movement of CBOT soybeans and soybean oil [4]. Bean Meal - The Dalian bean meal 01 contract fluctuates upward, influenced by import costs and the weak performance of the oil sector. It follows the movement of US soybeans, and there is a risk of profit - taking causing a price dip to test the 3,000 - yuan support. The overall upward trend remains. Spot prices are adjusted within the range of 3,000 - 3,200 yuan/ton [16]. 2. Price and Spread Information Palm Oil - Futures spreads: P 1 - 5 is - 50 yuan/ton, down 4 yuan; P 5 - 9 is 202 yuan/ton, down 18 yuan; P 9 - 1 is - 152 yuan/ton, up 22 yuan [5]. - Spot and futures prices: BMD palm oil主力 is 4,097 ringgit/ton, down 2.61%; Guangzhou 24 - degree palm oil is 8,550 yuan/ton, down 70 yuan [7]. Soybean Oil - Futures spreads: Y 1 - 5 is 170 yuan/ton, unchanged; Y 5 - 9 is 92 yuan/ton, unchanged; Y 9 - 1 is - 262 yuan/ton, unchanged [5]. - Spot and futures prices: CBOT soybean oil主力 is 48.62 cents/pound, down 1.94%; Shandong first - grade soybean oil spot is 8,270 yuan/ton, down 30 yuan [13]. Bean and Rapeseed Meal - Futures prices: Bean meal 01 is 3,026 yuan, up 5 yuan (0.17%); Rapeseed meal 01 is 2,491 yuan, up 103 yuan (4.31%) [17]. - Spreads: M01 - 05 is 208 yuan, unchanged; RM01 - 05 is 46 yuan, down 20 yuan [18].

Market Review - Domestic oilseed market showed a strong fluctuation on Monday, with palm oil futures for the 2601 contract rising by 1.67% to 9482 CNY/ton [1] Fundamental Summary - As of August 29, 2025, the commercial inventory of palm oil in key regions of China reached 610,100 tons, an increase of 28,000 tons (4.81%) from the previous week, and a year-on-year increase of 1.65% from 593,700 tons [2] - The Planters' Association of Ceylon reiterated its call for lifting the palm oil planting ban, with the current government showing positive acceptance of their proposal [2] - AmInvestment Bank reported on September 2 that crude palm oil futures are expected to trend downward due to seasonal production increases and cautious market sentiment, with support at 4,353 MYR/ton and resistance at 4,429 MYR/ton [2] Institutional Perspectives - Zhengxin Futures noted that palm oil production in Malaysia decreased in August while exports increased, leading to a slowdown in inventory accumulation; Indonesia's palm oil inventory fell to 2.5 million tons, with cumulative exports up by 10.95% year-on-year [3] - Zhonghui Futures highlighted that policies in Indonesia and Malaysia are favorable for palm oil market consumption expectations, with demand from China and India; the outlook remains bullish, suggesting a buying strategy on dips [3] - The potential reduction of export tariffs on Indonesian palm oil to the U.S. may negatively impact palm oil prices, but strong export data from Malaysia in August warrants caution against aggressive short positions [3]

Group 1 - The core viewpoint of the article highlights the recent fluctuations in the palm oil market, particularly focusing on the Malaysian BMD crude palm oil futures, which are currently under pressure due to increased production, with short-term resistance around 4250 MYR [1] - The domestic palm oil market in China shows that Dalian palm oil futures are maintaining high-level fluctuations, with expectations to consolidate around 9000 CNY, contingent on whether it can effectively hold above this level [1] - In the soybean oil sector, recent factory transactions have improved as some market participants are bullish, with expectations of reduced inventory in the latter half of the month due to seasonal demand from school openings and the Mid-Autumn Festival [1] Group 2 - The article emphasizes the importance of monitoring the 20-day moving average and the ability of Malaysian palm oil to stabilize above 4250 MYR, as failure to do so may lead to a decline towards 4000 MYR [1] - Among the three major oils, soybean oil is noted for its price advantage, which supports its substitution for palm oil and canola oil, indicating a bullish medium to long-term outlook [1]