Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall outlook for oil prices is oscillating with a slight upward bias. The domestic fundamentals are loose, and the domestic oil supply is stable. Tensions in Sino-US relations have affected the export of new US soybeans, putting pressure on prices. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up oil prices. The domestic oil fundamentals are neutral, and the import inventory is stable [2][3][4] Summary by Categories Daily Viewpoints Soybean Oil - Fundamental: The MPOB report shows that in December, Malaysian palm oil production decreased by 5.46% month-on-month to 1.8298 million tons, exports increased by 8.55% month-on-month to 1.3165 million tons, and the end-of-month inventory increased by 7.59% month-on-month to 3.0506 million tons. The report is slightly bearish, and the inventory data exceeded expectations. Currently, shipping survey agencies show that the export data of Malaysian palm oil in January has increased by 29% month-on-month. Entering the production reduction season, the supply pressure of palm oil decreases [2] - Basis: The spot price of soybean oil is 8,646, with a basis of 174, indicating that the spot price is at a premium to the futures price [2] - Inventory: On January 9, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month-on-month decrease of 60,000 tons and a year-on-year increase of 14.7% [2] - Disk: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [2] - Main Position: The long positions of the main soybean oil contract have decreased [2] - Expectation: The soybean oil Y2605 contract is expected to oscillate in the range of 8,400 - 8,800 [2] Palm Oil - Fundamental: Same as soybean oil [3] - Basis: The spot price of palm oil is 95,000, with a basis of 90, indicating that the spot price is at a discount to the futures price [3] - Inventory: On January 9, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month-on-month increase of 2,200 tons and a year-on-year increase of 46% [3] - Disk: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [3] - Main Position: The short positions of the main palm oil contract have decreased [3] - Expectation: The palm oil P2605 contract is expected to oscillate in the range of 9,200 - 9,800 [3] Rapeseed Oil - Fundamental: Same as soybean oil [4] - Basis: The spot price of rapeseed oil is 10,224, with a basis of 513, indicating that the spot price is at a premium to the futures price [4] - Inventory: On January 9, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month-on-month decrease of 20,000 tons and a year-on-year decrease of 44% [4] - Disk: The futures price is running above the 20-day moving average, and the 20-day moving average is upward [4] - Main Position: The short positions of the main rapeseed oil contract have decreased [4] - Expectation: The rapeseed oil OI2605 contract is expected to oscillate in the range of 9,600 - 10,000 [4] Recent利多利空Analysis -利多: The US soybean stock-to-sales ratio remains around 4%, indicating tight supply. Palm oil is in the tremor season [5] -利空: Oil prices are at a relatively high historical level, and domestic oil inventories are continuously accumulating. The macroeconomy is weak, and the expected production of related oils is high [5] - Main Logic: The global oil fundamentals are relatively loose [5]

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core View of the Report - The prices of edible oils are expected to fluctuate with an upward bias, with a generally loose domestic fundamental situation and stable domestic edible oil supply. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up the oil price. The domestic edible oil fundamental is neutral, and the import inventory is stable [2][3][4] 3. Summary by Relevant Catalogs 3.1 Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that Malaysian palm oil production in December decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. The report is slightly bearish. Currently, the export data of Malaysian palm oil in January has increased by 29% month - on - month, and as it enters the production - reducing season, the supply pressure of palm oil decreases. It is rated as neutral [2] - **Basis**: The spot price of soybean oil is 8722, with a basis of 172, indicating that the spot price is at a premium to the futures price. It is rated as bullish [2] - **Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7%. It is rated as bearish [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is rated as bullish [2] - **Main Position**: The long positions of the main soybean oil contract have decreased. It is rated as bullish [2] - **Expectation**: The price of soybean oil Y2605 is expected to fluctuate in the range of 8400 - 8800 [2] 3.2 Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report on Malaysian palm oil is slightly bearish, but the export data in January has increased, and the supply pressure will decrease in the production - reducing season. It is rated as neutral [3] - **Basis**: The spot price of palm oil is 9420, with a basis of 90, indicating that the spot price is at a discount to the futures price. It is rated as bearish [3] - **Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month - on - month increase of 2200 tons and a year - on - year increase of 46%. It is rated as bearish [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is rated as bullish [3] - **Main Position**: The short positions of the main palm oil contract have decreased. It is rated as bearish [3] - **Expectation**: The price of palm oil P2605 is expected to fluctuate in the range of 9100 - 9700 [3] 3.3 Daily View - Rapeseed Oil - **Fundamentals**: The MPOB report on Malaysian palm oil is slightly bearish, and the supply pressure of palm oil will decrease in the production - reducing season. It is rated as neutral [4] - **Basis**: The spot price of rapeseed oil is 10220, with a basis of 513, indicating that the spot price is at a premium to the futures price. It is rated as bullish [4] - **Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44%. It is rated as bullish [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is rated as bullish [4] - **Main Position**: The short positions of the main rapeseed oil contract have decreased. It is rated as bearish [4] - **Expectation**: The price of rapeseed oil OI2605 is expected to fluctuate in the range of 9500 - 9900 [4] 3.4 Recent利多and利空Analysis - **利多**: The US soybean stock - to - use ratio remains around 4%, indicating a tight supply. There is a palm oil tremor season [5] - **利空**: The prices of edible oils are at a relatively high level historically, and the domestic edible oil inventory has been continuously accumulating. The macro - economy is weak, and the expected production of related edible oils is high [5] - **Main Logic**: The global edible oil fundamental is generally loose [5]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The overall price of oils and fats is expected to oscillate with an upward bias. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are tense, causing the export of new US soybeans to be frustrated and prices to be under pressure. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up the oil price. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable. [2][3][4] 3. Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in December, Malaysian palm oil production decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. The report is slightly bearish, and the inventory data exceeded expectations. Currently, shipping survey agencies show that the export data of Malaysian palm oil in January increased by 29% month - on - month. Subsequently, as it enters the production - reduction season, the supply pressure of palm oil decreases. [2] - **Basis**: The spot price of soybean oil is 8810, with a basis of 216, indicating that the spot price is at a premium to the futures price. [2] - **Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7%. [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. [2] - **Main Position**: The long positions of the main soybean oil contract are decreasing. [2] - **Expectation**: The price of soybean oil Y2605 is expected to oscillate in the range of 8400 - 8800. [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report shows slightly bearish results, and the subsequent supply pressure decreases. [3] - **Basis**: The spot price of palm oil is 9590, with a basis of 54, indicating that the spot price is at a discount to the futures price. [3] - **Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month - on - month increase of 2200 tons and a year - on - year increase of 46%. [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. [3] - **Main Position**: The short positions of the main palm oil contract are decreasing. [3] - **Expectation**: The price of palm oil P2605 is expected to oscillate in the range of 9200 - 9800. [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report shows slightly bearish results, and the subsequent supply pressure decreases. [4] - **Basis**: The spot price of rapeseed oil is 10320, with a basis of 507, indicating that the spot price is at a premium to the futures price. [4] - **Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44%. [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. [4] - **Main Position**: The short positions of the main rapeseed oil contract are decreasing. [4] - **Expectation**: The price of rapeseed oil OI2605 is expected to oscillate in the range of 9600 - 10000. [4] Recent Bullish and Bearish Analysis - **Bullish Factors**: The US soybean stock - to - sales ratio remains around 4%, indicating tight supply, and the palm oil production season is affected by tremors. [5] - **Bearish Factors**: The price of oils and fats is at a relatively high historical level, the domestic inventory of oils and fats is continuously increasing, the macro - economy is weak, and the expected production of related oils and fats is high. [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose. [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For the vegetable oil sector, due to the fading of macro - sentiment, the market re - assesses the fundamental supply pressure, and funds flow out of the vegetable oil sector. It is recommended to exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Do not recommend chasing long positions [1][2]. - For the double - meal sector, considering the weakening of the external market, the decline in import costs, and the gradual recovery of Brazilian shipments, it is recommended to exit long positions at low levels and try short positions in small amounts [3]. 3. Summary by Related Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Performance - On March 18, the prices of major and secondary contracts of soybean oil, palm oil, and rapeseed oil all declined, with palm oil leading the decline. For example, the soybean oil main contract Y2605 closed at 8,540 yuan/ton, down 1.20% day - on - day, and the palm oil main contract P2605 closed at 9,692 yuan/ton, down 2.63% day - on - day [1]. 3.1.2 Important Information - On March 18, NYMEX crude oil futures rose due to the attack on the South Pars Gas Field in Iran. The U.S. oil main contract rose 3.68% to $99.05 per barrel, and the Brent oil main contract rose 5.7% to $105.06 per barrel [1]. - The U.S. President Trump may announce the final rule on biofuel blending at an event on March 27. Indonesia is accelerating the road test of B50 biodiesel. There are rumors that the U.S. Environmental Protection Agency will issue a new renewable fuel blending rule [1]. - The Malaysian MPOB report shows that at the end of February, the inventory decreased by 3.94% to 2.7 million tons, the production decreased by 18.55% to 1.28 million tons, and the exports decreased by 22.48% to 1.13 million tons [1]. - From March 1 - 15, Malaysia's palm oil product exports increased by 56.9% compared with the same period last month [1]. - As of the 11th weekend of 2026, the total inventory of the three major edible oils in China increased by 0.46% week - on - week to 2.0557 million tons [1]. 3.1.3 Spot Market - As of March 18, the average spot price of soybean oil in Zhangjiagang was 8,820 yuan/ton, with a basis of 280 yuan/ton, down 38 yuan/ton. The average spot price of palm oil in Guangdong was 9,860 yuan/ton, down 100 yuan/ton, with a basis of 168 yuan/ton, up 162 yuan/ton. The spot price of Grade 4 rapeseed oil in Jiangsu was 10,280 yuan/ton, down 60 yuan/ton, with a basis of 500 yuan/ton, down 5 yuan/ton. The palm oil import profit was - 583.25 yuan/ton [2]. 3.1.4 Market Logic - Although the international crude oil has risen sharply, the domestic vegetable oil market's willingness to follow the rise is hesitant. The soybean oil basis increase is currently due to psychological factors, and it will be significantly boosted when the supply decreases at the end of the month [2]. 3.1.5 Trading Strategy - Exit long positions in oils and fats, and aggressive investors can try short positions in small amounts. Provide support and resistance levels for different contracts [2]. 3.2 Double - Meal Market 3.2.1 Market Performance - On March 18, domestic double - meal prices opened lower and moved lower, with rapeseed meal falling more than soybean meal. For example, the soybean meal main contract M2605 closed at 3,036 yuan/ton, down 1.11% day - on - day [2]. 3.2.2 Important Information - The average forecast of 9 analysts shows that the U.S. soybean crushing volume in February may reach a record high for that month [2]. - Due to the conflict in the Middle East, the soybean exports of Brazil and the United States may decline in the future, and the risk of rising shipping and insurance costs is increasing [2]. - China still promises to buy 25 million tons of U.S. soybeans annually in the next three years [2]. - The estimated soybean exports of Brazil in March 2026 are 16.09 million tons, an increase of 2.2% compared with March 2025 [3]. - As of the 11th weekend of 2026, the domestic imported soybean inventory decreased by 284,700 tons compared with last week, the domestic soybean meal inventory decreased by 18.71% week - on - week, and the contract volume decreased by 6.72% week - on - week. The domestic imported rapeseed inventory increased by 10,000 tons compared with last week, the domestic imported rapeseed meal inventory increased by 33.33% week - on - week, and the contract volume increased by 65.22% week - on - week [3]. 3.2.3 Spot Market - As of March 18, the spot price of soybean meal was 3,395 yuan/ton, up 11 yuan/ton, and the spot price of rapeseed meal was 2,670 yuan/ton, down 12 yuan/ton. Provide basis and trading volume information [3]. 3.2.4 Market Logic - The U.S. soybeans stop falling and stabilize due to China's promise to purchase. The import cost decreases and the Brazilian shipments recover, which suppresses the price. The short - term spot price is expected to weaken. The Zhengzhou rapeseed meal main contract has limited downward space in the short term [3]. 3.2.5 Trading Strategy - Exit existing long positions and try short positions in small amounts. Provide support and resistance levels for different contracts [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The prices of oils and fats are expected to fluctuate on the strong side. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino-US relations are stalemated, the export of new US soybeans is frustrated, and prices are under pressure. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up the oil price. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] Summary by Related Catalogs Daily View - Soybean Oil - **Fundamentals**: The MPOB report shows that in December, Malaysian palm oil production decreased by 5.46% month-on-month to 1.8298 million tons, exports increased by 8.55% month-on-month to 1.3165 million tons, and the month-end inventory increased by 7.59% month-on-month to 3.0506 million tons. The report is slightly bearish, and the inventory data exceeded expectations. Currently, shipping survey agencies show that the export data of Malaysian palm oil in January has increased by 29% month-on-month. Subsequently, it enters the production reduction season, and the supply pressure of palm oil decreases. It is neutral [2] - **Basis**: The spot price of soybean oil is 8,860, the basis is 216, and the spot price is at a premium to the futures price. It is bullish [2] - **Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month-on-month decrease of 60,000 tons, and a year-on-year increase of 14.7%. It is bearish [2] - **Disk**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is bullish [2] - **Main Position**: The long positions of the main soybean oil contract are decreasing. It is bullish [2] - **Expectation**: The price of soybean oil Y2605 is expected to fluctuate in the range of 8,400 - 8,800 [2] Daily View - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is slightly bearish, and the supply pressure of palm oil decreases in the production reduction season. It is neutral [3] - **Basis**: The spot price of palm oil is 9,860, the basis is -94, and the spot price is at a discount to the futures price. It is bearish [3] - **Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month-on-month increase of 2,200 tons, and a year-on-year increase of 46%. It is bearish [3] - **Disk**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is bullish [3] - **Main Position**: The short positions of the main palm oil contract are decreasing. It is bearish [3] - **Expectation**: The price of palm oil P2605 is expected to fluctuate in the range of 9,700 - 10,100 [3] Daily View - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is slightly bearish, and the supply pressure of palm oil decreases in the production reduction season. It is neutral [4] - **Basis**: The spot price of rapeseed oil is 10,320, the basis is 487, and the spot price is at a premium to the futures price. It is bullish [4] - **Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month-on-month decrease of 20,000 tons, and a year-on-year decrease of 44%. It is bullish [4] - **Disk**: The futures price is running above the 20-day moving average, and the 20-day moving average is upward. It is bullish [4] - **Main Position**: The short positions of the main rapeseed oil contract are increasing. It is bearish [4] - **Expectation**: The price of rapeseed oil OI2605 is expected to fluctuate in the range of 9,600 - 10,000 [4] Recent利多利空Analysis - **利多**: The US soybean stock-to-sales ratio remains around 4%, and the supply is tight. The palm oil tremor season [5] - **利空**: The prices of oils and fats are at a relatively high level in history, and the domestic inventory of oils and fats continues to accumulate. The macroeconomy is weak, and the expected production of related oils and fats is high [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Supply - **Soybean Oil Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month-on-month decrease of 60,000 tons, and a year-on-year increase of 14.7% [2] - **Palm Oil Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month-on-month increase of 2,200 tons, and a year-on-year increase of 46% [3] - **Rapeseed Oil Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month-on-month decrease of 20,000 tons, and a year-on-year decrease of 44% [4] - **Rapeseed Inventory**: Not provided - **Domestic Total Inventory of Oils and Fats**: Not provided - **Soybean Meal Inventory**: Not provided - **Oil Mill Soybean Crushing**: Not provided Demand - **Soybean Oil Apparent Consumption**: Not provided - **Soybean Meal Apparent Consumption**: Not provided

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The rapeseed meal price is dragged down by the sharp decline of US soybeans, and the supply pressure in the far - month will increase due to the return of Canadian rapeseed and rapeseed meal to the domestic market. The short - term fluctuation is large, and it is recommended to participate in the short - term. [2] - The rapeseed oil futures price generally maintains a high - level shock recently, and the short - term fluctuation increases. The market is currently trading on the drive of biodiesel demand. [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active contract of rapeseed oil is 9833 yuan/ton, down 115 yuan; the closing price of the active contract of rapeseed meal is 2485 yuan/ton, up 3 yuan. [2] - The 5 - 9 month - to - month spread of rapeseed oil is 134 yuan/ton, up 15 yuan; the 5 - 9 month - to - month spread of rapeseed meal is 30 yuan/ton, up 32 yuan. [2] - The position of the main contract of rapeseed oil is 233,669 lots, down 11,060 lots; the position of the main contract of rapeseed meal is 621,064 lots, up 1,213 lots. [2] - The net long position of the top 20 futures holders of rapeseed oil is - 20,286 lots, down 6,825 lots; the net long position of the top 20 futures holders of rapeseed meal is - 137,909 lots, up 10,052 lots. [2] - The number of rapeseed oil warehouse receipts is 1,125, unchanged; the number of rapeseed meal warehouse receipts is 2,261, unchanged. [2] - The closing price of the active contract of ICE rapeseed is 702.6 Canadian dollars/ton, down 36.5 Canadian dollars; the closing price of the active contract of rapeseed is 5,900 yuan/ton, down 203 yuan. [2] 3.2 Spot Market - The spot price of rapeseed oil in Jiangsu is 10,400 yuan/ton, down 140 yuan; the spot price of rapeseed meal in Nantong is 2,680 yuan/ton, unchanged. [2] - The average price of rapeseed oil is 10,381.25 yuan/ton, down 140 yuan; the import cost price of imported rapeseed is 5,219.32 yuan/ton, down 236.25 yuan. [2] - The spot price of rapeseed in Yancheng, Jiangsu is 6,400 yuan/ton, unchanged; the oil - meal ratio is 3.82, down 0.05. [2] - The basis of the main contract of rapeseed oil is 567 yuan/ton, down 25 yuan; the basis of the main contract of rapeseed meal is 195 yuan/ton, down 3 yuan. [2] - The spot price of grade - 4 soybean oil in Nanjing is 8,840 yuan/ton, down 110 yuan; the spot price difference between rapeseed oil and soybean oil is 1,560 yuan/ton, down 30 yuan. [2] 3.3 Substitute Spot Prices - The spot price of 24 - degree palm oil in Guangdong is 9,960 yuan/ton, down 80 yuan; the spot price difference between rapeseed oil and palm oil is 440 yuan/ton, down 60 yuan. [2] - The spot price of soybean meal in Zhangjiagang is 3,320 yuan/ton, unchanged; the spot price difference between soybean meal and rapeseed meal is 640 yuan/ton, unchanged. [2] 3.4 Upstream Situation - The global rapeseed production forecast for the year is 95.17 million tons, down 0.1 million tons; the annual forecast value of rapeseed production is 13,446 thousand tons, unchanged. [2] - The total import volume of rapeseed in the current month is 5.56 million tons, up 5.36 million tons; the import rapeseed crushing profit on the disk is - 45 yuan/ton, down 69 yuan. [2] - The total inventory of rapeseed in oil mills is 200,000 tons, unchanged; the weekly startup rate of imported rapeseed is 8%, unchanged. [2] 3.5 Industry Situation - The import volume of rapeseed oil and mustard oil in the current month is 220,000 tons, up 50,000 tons; the import volume of rapeseed meal in the current month is - 100 tons, down 500 tons. [2] - The coastal rapeseed oil inventory is 238,200 tons, up 23,500 tons; the coastal rapeseed meal inventory is 20,000 tons, up 5,000 tons. [2] - The rapeseed oil inventory in East China is 276,500 tons, up 21,000 tons; the rapeseed meal inventory in East China is 57,500 tons, down 23,000 tons. [2] - The rapeseed oil inventory in Guangxi is 5,000 tons, up 5,000 tons; the rapeseed meal inventory in South China is 302,000 tons, up 19,000 tons. [2] - The weekly pick - up volume of rapeseed oil is 52,000 tons, down 70,000 tons; the weekly pick - up volume of rapeseed meal is 104,000 tons, up 50,000 tons. [2] 3.6 Downstream Situation - The monthly output of feed is 3,008.6 million tons, up 30.7 million tons; the monthly output of edible vegetable oil is 525.4 million tons, up 60.6 million tons. [2] - The monthly total retail sales of social consumer goods in the catering industry is 573.8 billion yuan, down 31.9 billion yuan. [2] 3.7 Option Market - The implied volatility of at - the - money call options for rapeseed meal is 30.36%, down 4.76%; the implied volatility of at - the - money put options for rapeseed meal is 30.35%, down 4.78%. [2] - The 20 - day historical volatility of rapeseed meal is 28.16%, up 6.34%; the 60 - day historical volatility of rapeseed meal is 20.86%, up 2.12%. [2] - The implied volatility of at - the - money call options for rapeseed oil is down 0.5%; the 20 - day historical volatility of rapeseed oil is 22.78%, up 0.23%; the 60 - day historical volatility of rapeseed oil is 19.91%, down 0.5%. [2] 3.8 Industry News - On March 16th, the rapeseed futures on the Intercontinental Exchange (ICE) closed significantly lower, dragged down by the limit - down of US soybeans and the decline of soybean oil. The most actively traded May rapeseed contract fell 37.30 Canadian dollars or 5.04%, settling at 702.60 Canadian dollars per ton. [2] - The previous market was boosted by the geopolitical conflict, but as the South American soybean harvest progresses, the supply - side pressure is gradually increasing, and the competitive advantage of Brazilian soybeans is good, which frustrates the market's export expectations for US soybeans. [2] 3.9 Rapeseed Meal Viewpoint Summary - The cancellation of the anti - discrimination tariff on Canadian rapeseed meal and the significant reduction of the Canadian rapeseed tariff will increase the supply pressure in the far - month. However, the market has already reacted in advance, and the overall impact is limited. [2] - The planting area of Canadian rapeseed in 2026 is expected to increase by 1% to 21.8 million acres, lower than the previous average expectation of 22.3 million acres. The Canadian Ministry of Agriculture expects the rapeseed production in 2026/27 to be 19.2 million tons, lower than 21.8 million tons in the previous year. [2] 3.10 Rapeseed Oil Viewpoint Summary - The geopolitical conflict in the Middle East continues, and the international oil price has risen significantly, driving the expected demand for vegetable oil biodiesel. The export of Malaysian palm oil has increased significantly in March, and the inventory at the end of the month is expected to continue to decline. [2] - The Indonesian government may impose additional taxes on specific commodities such as palm oil, and the market expects the export of Indonesian palm oil to tighten, supporting the palm oil market price. [2] - The final anti - dumping ruling on Canadian rapeseed has been settled, and the import volume is expected to increase significantly in the future, adding supply pressure in the far - month, but the market has already anticipated this, and the impact on the market is limited. [2]

Report Information - Report Name: Grease Morning Report - Date: March 17, 2026 - Analyst: Wang Mingwei - Qualification Number: F0283029 - Investment Consulting Number: Z0010442 - Contact Information: TEL: 0575 - 85226759 [1] Investment Rating - Not provided in the report Core Views - The prices of oils and fats are expected to fluctuate strongly. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are stalemated, the export of new US soybeans is frustrated, and prices are under pressure. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up the oil price. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] Summary by Category Daily Views Soybean Oil - **Fundamentals**: The MPOB report shows that in December, Malaysian palm oil production decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. The report is slightly bearish, and the inventory data exceeded expectations. Currently, shipping survey agencies show that the export data of Malaysian palm oil in January has increased by 29% month - on - month. Entering the production - reduction season, the supply pressure of palm oil decreases. It is neutral [2] - **Basis**: The spot price of soybean oil is 8900, the basis is 184, and the spot price is at a premium to the futures price. It is bullish [2] - **Inventory**: On January 9, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7%. It is bearish [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [2] - **Main Position**: The long positions of the main soybean oil contract decreased. It is bullish [2] - **Expectation**: The soybean oil Y2605 is expected to fluctuate in the range of 8400 - 8800 [2] Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is slightly bearish, and the subsequent supply pressure decreases. It is neutral [3] - **Basis**: The spot price of palm oil is 9890, the basis is 120, and the spot price is at a discount to the futures price. It is bearish [3] - **Inventory**: On January 9, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month - on - month increase of 2200 tons and a year - on - year increase of 46%. It is bearish [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [3] - **Main Position**: The short positions of the main palm oil contract increased. It is bearish [3] - **Expectation**: The palm oil P2605 is expected to fluctuate in the range of 9700 - 10100 [3] Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is slightly bearish, and the subsequent supply pressure decreases. It is neutral [4] - **Basis**: The spot price of rapeseed oil is 10430, the basis is 482, and the spot price is at a premium to the futures price. It is bullish [4] - **Inventory**: On January 9, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44%. It is bullish [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [4] - **Main Position**: The short positions of the main rapeseed oil contract increased. It is bearish [4] - **Expectation**: The rapeseed oil OI2605 is expected to fluctuate in the range of 9700 - 10100 [4] Recent利多利空Analysis - **利多**: The US soybean stock - to - use ratio remains around 4%, and the supply is tight. There is a tremor season for palm oil [5] - **利空**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats continues to accumulate. The macro - economy is weak, and the expected output of relevant oils and fats is high [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Supply - **Imported Soybean Inventory**: Not detailed in the text, only mentioned [6] - **Soybean Oil Inventory**: On January 9, it was 1.02 million tons, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7% [2] - **Soybean Meal Inventory**: Data charts from 2015 - 2025 are provided, but no specific current data is given [9][10] - **Oil Mill Soybean Pressing**: Data charts from 2015 - 2025 are provided, but no specific current data is given [11][12] - **Palm Oil Inventory**: On January 9, it was 736,000 tons, a month - on - month increase of 2200 tons and a year - on - year increase of 46% [3] - **Rapeseed Oil Inventory**: On January 9, it was 250,000 tons, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44% [4] - **Rapeseed Inventory**: Data charts from 2015 - 2025 are provided, but no specific current data is given [21][22] - **Domestic Total Oil and Fat Inventory**: Data charts from 2015 - 2019 are provided, but no specific current data is given [23][24] Demand - **Soybean Oil Apparent Consumption**: Data charts from 2015 - 2025 are provided, but no specific current data is given [13][14] - **Soybean Meal Apparent Consumption**: Data charts from 2015 - 2025 are provided, but no specific current data is given [15][16]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The ICE rapeseed futures rose on March 11 due to the rebound of crude oil prices after a sharp drop on Tuesday. The most active May rapeseed contract rose 13.20 Canadian dollars, settling at 733.30 Canadian dollars per ton [2]. - The market expects a breakthrough in Sino - US negotiations. The soaring crude oil prices due to the escalation of geopolitical situations will boost the demand for soybean oil through the US soybean biofuel policy. The strong soybean crushing in the US supports the rise of the US soybean market [2]. - For rapeseed meal, the cancellation of anti - discrimination tariffs on Canadian rapeseed meal and the significant reduction of Canadian rapeseed tariffs will increase the supply pressure in the far - month. It is currently the off - season for aquatic product demand, and the demand for rapeseed meal is mainly rigid. However, the adjustment of anti - discrimination measures for Canadian rapeseed meal and the final anti - dumping ruling on Canadian rapeseed are in line with market expectations, with limited overall impact. The rapeseed meal continued to rise, with large short - term fluctuations, and short - term participation is recommended [2]. - For rapeseed oil, the rise in the international soybean market boosts rapeseed oil. The escalation of the Middle East geopolitical conflict leads to a sharp rise in international oil prices, promoting the expected demand for vegetable oil in biodiesel. The rise in the peripheral oil market supports the domestic market. The final anti - dumping ruling on Canadian rapeseed is settled, and the import volume of Canadian rapeseed is expected to increase significantly, adding far - month supply pressure, but the market has already anticipated this, with limited impact on the market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of rapeseed oil futures (active contract) was 9769 yuan/ton, down 9 yuan; the closing price of rapeseed meal futures (active contract) was 2492 yuan/ton, up 12 yuan. The closing price of ICE rapeseed futures (active) was 731.8 Canadian dollars/ton, up 9.8 Canadian dollars; the closing price of rapeseed futures (active contract) was 6199 yuan/ton, up 150 yuan [2]. - Month - to - month spreads: The rapeseed oil month - to - month spread (5 - 9) was 102 yuan/ton, down 15 yuan; the rapeseed meal month - to - month spread (5 - 9) was 22 yuan/ton, up 12 yuan [2]. - Main contract positions: The main contract position of rapeseed oil was 244,974 lots, down 8696 lots; the main contract position of rapeseed meal was 606,359 lots, down 45,781 lots [2]. - Net long positions of the top 20 futures holders: The net long position of rapeseed oil was - 14,396 lots, down 2196 lots; the net long position of rapeseed meal was - 98,903 lots, up 8939 lots [2]. - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil was 1125 sheets, unchanged; the warehouse receipt quantity of rapeseed meal was 2311 sheets, unchanged [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu was 10,410 yuan/ton, up 50 yuan; the spot price of rapeseed meal in Nantong was 2660 yuan/ton, up 40 yuan. The average price of rapeseed oil was 10,435 yuan/ton, up 50 yuan; the import cost price of imported rapeseed was 5445.59 yuan/ton, up 50.16 yuan. The spot price of rapeseed in Yancheng, Jiangsu was 6400 yuan/ton, unchanged [2]. - Price differences: The oil - meal ratio was 3.92, down 0.03. The basis of the rapeseed oil main contract was 632 yuan/ton, down 15 yuan; the basis of the rapeseed meal main contract was 168 yuan/ton, up 28 yuan. The spot price of grade - 4 soybean oil in Nanjing was 8990 yuan/ton, up 150 yuan; the spot price difference between rapeseed oil and soybean oil was 1570 yuan/ton, unchanged. The spot price of 24 - degree palm oil in Guangdong was 9780 yuan/ton, up 250 yuan; the spot price difference between rapeseed oil and palm oil was 880 yuan/ton, down 50 yuan. The spot price of soybean meal in Zhangjiagang was 3280 yuan/ton, up 30 yuan; the spot price difference between soybean meal and rapeseed meal was 620 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Production: The global rapeseed production forecast for the year was 95.17 million tons, down 0.1 million tons; the annual forecast value of rapeseed production was 13,446 thousand tons, unchanged [2]. - Imports: The total monthly import volume of rapeseed was 5.56 million tons, up 5.36 million tons; the monthly import volume of rapeseed oil and mustard oil was 22 million tons, up 5 million tons; the monthly import volume of rapeseed meal was 23.82 million tons, up 2.35 million tons [2]. - Inventory and operation rate: The total inventory of rapeseed in oil mills was 20 million tons, unchanged; the weekly opening rate of imported rapeseed was 8%, up 4.8 percentage points [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory was 0.6 million tons, down 0.4 million tons; the coastal rapeseed meal inventory was 1.5 million tons, up 0.85 million tons. The rapeseed oil inventory in East China was 25.55 million tons, down 0.55 million tons; the rapeseed meal inventory in East China was 8.05 million tons, down 1.24 million tons. The rapeseed oil inventory in Guangxi was 0 million tons, down 0.8 million tons; the rapeseed meal inventory in South China was 28.3 million tons, down 1.5 million tons [2]. -提货量: The weekly rapeseed oil提货量 was - 0.18 million tons, down 0.18 million tons; the weekly rapeseed meal提货量 was 0.54 million tons, up 0.54 million tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed was 3008.6 million tons, up 30.7 million tons; the monthly production of edible vegetable oil was 525.4 million tons, up 60.6 million tons [2]. - Consumption: The monthly social consumer goods retail sales of catering revenue was 573.8 billion yuan, down 31.9 billion yuan [2]. 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal was 28.27%, up 5.62 percentage points; the implied volatility of at - the - money put options for rapeseed meal was 28.28%, up 5.63 percentage points. The implied volatility of at - the - money call options for rapeseed oil was 19.98%, up 0.12 percentage points; the implied volatility of at - the - money put options for rapeseed oil was 19.9%, down 4.96 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal was 18.78%, up 2.04 percentage points; the 60 - day historical volatility of rapeseed meal was 17.53%, up 1.18 percentage points. The 20 - day historical volatility of rapeseed oil was 19.21%, down 0.06 percentage points; the 60 - day historical volatility of rapeseed oil was 20.16%, up 0.02 percentage points [2]. 3.7 Industry News - On March 11, ICE rapeseed futures rose as crude oil prices rebounded after a sharp drop on Tuesday. The most active May rapeseed contract rose 13.20 Canadian dollars, settling at 733.30 Canadian dollars per ton [2]. - The market expects a breakthrough in Sino - US negotiations. The soaring crude oil prices due to the escalation of geopolitical situations will boost the demand for soybean oil through the US soybean biofuel policy. The strong soybean crushing in the US supports the rise of the US soybean market [2]. - The Canadian Bureau of Statistics survey shows that the total intended planting area of Canadian rapeseed in 2026 will increase by 1% to 21.8 million acres, lower than the average expectation of 22.3 million acres among traders. The Canadian Ministry of Agriculture said that the rapeseed production in the 2026/27 season is expected to be 19.2 million tons, lower than 21.8 million tons in the previous year [2]. - The Indonesian Minister of Energy said that the country is accelerating the road test of B50 biodiesel to prevent the impact of the Middle East conflict on crude oil supply [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall situation of the oil and fat market is that prices are in a state of shock consolidation, with a relatively neutral domestic fundamental situation and stable domestic oil and fat supply. The Sino - US relationship is tense, which puts pressure on the price of new US soybeans. The inventory of Malaysian palm oil is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and it is expected to implement the B50 plan in 2026 [2][3][4] Summary by Relevant Catalogs Daily Viewpoints - Soybean Oil - **Fundamentals**: The MPOB report shows that in December, the production of Malaysian palm oil decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. Currently, the export data of Malaysian palm oil in January shows a 29% month - on - month increase, and the supply pressure of palm oil will decrease in the subsequent production - reduction season [2] - **Basis**: The spot price of soybean oil is 8684, with a basis of 240, indicating that the spot price is at a premium to the futures price [2] - **Inventory**: On January 9th, the commercial inventory of soybean oil was 1.02 million tons, a decrease of 60,000 tons from the previous 1.08 million tons, and an increase of 14.7% year - on - year [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [2] - **Main Position**: The main long positions of soybean oil are decreasing [2] - **Expectation**: The price of soybean oil Y2605 will fluctuate in the range of 8200 - 8600 [2] Daily Viewpoints - Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report shows relevant data of Malaysian palm oil, and the supply pressure of palm oil will decrease in the subsequent production - reduction season [3] - **Basis**: The spot price of palm oil is 9340, with a basis of 122, indicating that the spot price is at a discount to the futures price [3] - **Inventory**: On January 9th, the port inventory of palm oil was 736,000 tons, an increase of 2200 tons from the previous 733,800 tons, and an increase of 46% year - on - year [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [3] - **Main Position**: The main short positions of palm oil are increasing [3] - **Expectation**: The price of palm oil P2605 will fluctuate in the range of 9100 - 9500 [3] Daily Viewpoints - Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report shows relevant data of Malaysian palm oil, and the supply pressure of palm oil will decrease in the subsequent production - reduction season [4] - **Basis**: The spot price of rapeseed oil is 10260, with a basis of 547, indicating that the spot price is at a premium to the futures price [4] - **Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250,000 tons, a decrease of 20,000 tons from the previous 270,000 tons, and a decrease of 44% year - on - year [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward [4] - **Main Position**: The main short positions of rapeseed oil are increasing [4] - **Expectation**: The price of rapeseed oil OI2605 will fluctuate in the range of 9400 - 9800 [4] Recent利多利空Analysis - **利多**: The inventory - to - sales ratio of US soybeans remains around 4%, indicating a tight supply. There is a tremor season for palm oil [5] - **利空**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats continues to accumulate. The macro - economy is weak, and the expected production of relevant oils and fats is high [5] - **Main Logic**: The global fundamental situation of oils and fats is relatively loose [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Rapeseed meal**: With the cancellation of anti - discrimination tariffs on Canadian rapeseed meal and a significant drop in Canadian rapeseed tariffs, Canadian rapeseed and meal will flow back to the domestic market, increasing far - month supply pressure. Currently in the off - season of aquaculture demand, rapeseed meal demand is mainly rigid. Affected by the rise of US soybeans, rapeseed meal has been oscillating strongly recently, suitable for short - term trading [2]. - **Rapeseed oil**: The final result of the anti - dumping investigation on Canadian rapeseed is settled, and the import volume of Canadian rapeseed is expected to increase significantly, adding far - month supply pressure, but the market has already priced it in. Affected by the rise in international oil prices, rapeseed oil futures prices continued to rise and are expected to oscillate strongly in the short term [2]. 3. Summary by Directory Futures Market - **Prices**: The closing price of rapeseed oil futures (active contract) was 9486 yuan/ton, up 22 yuan; rapeseed meal was 2303 yuan/ton, down 7 yuan. ICE rapeseed futures (active) were 705.9 Canadian dollars/ton, up 8.7 Canadian dollars [2]. - **Spreads**: The rapeseed oil month - to - month spread (5 - 9) was 85 yuan/ton, up 31 yuan; rapeseed meal month - to - month spread (5 - 9) was - 53 yuan/ton, up 6 yuan [2]. - **Positions**: The open interest of the main rapeseed oil contract was 277,988 lots, up 5,120 lots; rapeseed meal was 880,720 lots, down 7,478 lots. The net long positions of the top 20 futures holders for rapeseed oil was - 10,896 lots, down 1,705 lots; for rapeseed meal was - 215,678 lots, down 2,532 lots [2]. - **Warehouse receipts**: Rapeseed oil had 625 warehouse receipts, unchanged; rapeseed meal had 1,000 warehouse receipts, unchanged [2]. Spot Market - **Prices**: The spot price of rapeseed oil in Jiangsu was 10,100 yuan/ton; rapeseed meal in Nantong was 2,490 yuan/ton. The average price of rapeseed oil was 10,187.5 yuan/ton, down 168.75 yuan [2]. - **Ratios and spreads**: The oil - meal ratio was 4, down 0.04; the basis of the rapeseed oil main contract was 614 yuan/ton, down 172 yuan; the basis of the rapeseed meal main contract was 187 yuan/ton, down 13 yuan. The rapeseed - soybean oil spot spread was 1,430 yuan/ton, down 50 yuan; the rapeseed - palm oil spot spread was 1,100 yuan/ton, down 150 yuan; the soybean - rapeseed meal spot spread was 570 yuan/ton, unchanged [2]. Upstream Situation - **Production**: Global rapeseed production was forecasted at 95.17 million tons, down 0.1 million tons; the annual forecasted rapeseed production in Canada (2026/27) was 1.92 million tons, down from the previous year's 2.18 million tons [2]. - **Imports**: The total rapeseed import volume in the current month was 556,000 tons, up 536,000 tons; the import volume of rapeseed oil and mustard oil was 2.2 million tons, up 500,000 tons; the import volume of rapeseed meal was 2.382 million tons, up 235,000 tons [2]. - **Inventory and operation rate**: The total inventory of rapeseed in oil mills was 2 million tons, up 1.25 million tons; the weekly operation rate of imported rapeseed was 3.2%, unchanged [2]. Industry Situation - **Inventory**: Coastal rapeseed oil inventory was 100,000 tons, up 50,000 tons; rapeseed meal was 65,000 tons, up 5,000 tons. East China rapeseed oil inventory was 2.61 million tons, up 190,000 tons; rapeseed meal was 929,000 tons, down 6,000 tons. Guangxi rapeseed oil inventory was 80,000 tons, up 30,000 tons; South China rapeseed meal inventory was 2.98 million tons, up 230,000 tons [2]. - **Delivery volume**: The weekly delivery volume of rapeseed oil was - 18,000 tons, down 18,000 tons; rapeseed meal was 54,000 tons, up 54,000 tons [2]. Downstream Situation - **Production**: The monthly output of feed was 30.086 million tons, up 307,000 tons; the monthly output of edible vegetable oil was 5.254 million tons, up 606,000 tons [2]. - **Consumption**: The monthly total retail sales of social consumer goods in the catering industry was 573.8 billion yuan, down 31.9 billion yuan [2]. Option Market - **Implied volatility**: The implied volatility of at - the - money call options for rapeseed meal was 20.52%, up 0.45%; put options was 20.52%, up 0.6%. For rapeseed oil, call options was 17.07%, down 1.12%; put options was 17.04%, down 1.13% [2]. - **Historical volatility**: The 20 - day historical volatility of rapeseed meal was 13.76%, down 0.78%; 60 - day was 14.5%, down 0.13%. For rapeseed oil, 20 - day was 16.57%, down 4.55%; 60 - day was 18.18%, up 0.15% [2]. Industry News - On March 3 (Tuesday), ICE rapeseed futures continued to rise as the risk of war in Iran led to a significant increase in the prices of crude oil and related energy commodities. The most actively traded May rapeseed contract rose 8.20 Canadian dollars to 706.60 Canadian dollars per ton [2]. - The US Department of Agriculture stated at the annual outlook forum that the US soybean planting area in 2026 is expected to increase by 3.8 million acres to 85 million acres. Based on a trend yield of 53 bushels per acre, the US soybean production in the next year will reach 4.45 billion bushels, a year - on - year increase of 4.4%. South American soybean harvest is progressing, and the supply - side pressure will gradually increase [2]. - The Canadian Department of Agriculture predicted that the rapeseed production in 2026/27 will be 1.92 million tons, lower than the previous year's 2.18 million tons, and the ending inventory will be 165,000 tons, lower than the previous year's 275,000 tons [2]. - The USDA Outlook Forum predicted that the demand for soybean oil for biofuel production in 2025/26 will reach 14.8 billion pounds, a year - on - year increase of 26%, and will further increase by 17% to 17.3 billion pounds in 2026/27 [2].