Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Palm oil lacks driving forces and will mainly move in a sideways pattern [5]. - With the stabilization of US soybeans, the spread between soybean oil and palm oil will continue to widen [5]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: closed at 8,752 yuan/ton during the day session with a 0.09% increase, and 8,712 yuan/ton at night with a -0.46% decrease. Trading volume was 652,768 lots, an increase of 256,393 lots, and open interest was 409,209 lots, a decrease of 10,095 lots [3]. - Soybean oil主力: closed at 8,316 yuan/ton during the day session with a 0.34% increase, and 8,328 yuan/ton at night with a 0.14% increase. Trading volume was 278,949 lots, an increase of 42,242 lots, and open interest was 464,244 lots, an increase of 8,824 lots [3]. - Rapeseed oil主力: closed at 9,975 yuan/ton during the day session with a 1.37% increase, and 9,982 yuan/ton at night with a 0.07% increase. Trading volume was 260,760 lots, an increase of 64,851 lots, and open interest was 237,907 lots, an increase of 15,923 lots [3]. - Malaysian palm oil主力: closed at 4,126 ringgit/ton during the day session with a 0.02% increase, and 4,128 ringgit/ton at night with a 0.07% increase [3]. - CBOT soybean oil主力: closed at 50.53 cents/pound during the day session with a -0.79% decrease [3]. - **Spot Data**: - 24 - degree palm oil in Guangdong: spot price was 8,570 yuan/ton, a decrease of 50 yuan/ton [3]. - First - grade soybean oil in Guangdong: spot price was 8,610 yuan/ton, unchanged [3]. - Fourth - grade imported rapeseed oil in Guangxi: spot price was 10,330 yuan/ton, an increase of 120 yuan/ton [3]. - Malaysian palm oil FOB offshore price: 1,045 dollars/ton, unchanged [3]. - **Basis Data**: - Palm oil (Guangdong): basis was -182 yuan/ton [3]. - Soybean oil (Guangdong): basis was 294 yuan/ton [3]. - Rapeseed oil (Guangxi): basis was 355 yuan/ton [3]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 1,223 yuan/ton, compared with 1,096 yuan/ton two trading days ago [3]. - Soybean - palm oil futures主力 spread: -436 yuan/ton, compared with -456 yuan/ton two trading days ago [3]. - Palm oil 1 - 5 spread: -102 yuan/ton, compared with -90 yuan/ton two trading days ago [3]. 3.2 Macro and Industry News - Indonesia's palm oil production from January to September this year exceeded 43 million tons, a year - on - year increase of 11%, and exports were about 25 million tons, a year - on - year increase of 13.4% [4]. - Indonesia is considering a plan to increase the oil palm plantation area by 600,000 hectares starting next year, including providing 400,000 hectares of "Plasma mode" oil palm plantations for small farmers [6]. - Indonesia will launch the B50 biodiesel road test in early December, and the government is considering whether to implement the B50 mandatory standard only in specific areas. It plans to implement the B50 blending standard in the second half of next year, up from 40% this year [6]. - Due to the implementation of the B50 biodiesel blend fuel, Indonesia's palm oil exports in 2026 may decline by 11% - 12% [6]. - India's palm oil imports in October were 602,381 tons, down from 833,017 tons in September. In the 2024/25 fiscal year, palm oil imports were 7.58 million tons, lower than 9.01 million tons in the same period last year. The proportion of palm oil in India's vegetable oil imports in the 2024/25 fiscal year fell below 50% for the first time [7]. - CONAB expects Brazil's soybean production in the 2025/26 season to reach 177.6016 million tons, a year - on - year increase of 6.1199 million tons or 3.6%; the sown area to reach 49.0634 million hectares, a year - on - year increase of 1.7169 million hectares or 3.6%; and the yield per hectare to be 3.62 tons, a year - on - year decrease of 2.0 kg or 0.1% [8]. - IBGE expects Brazil's soybean planting area in 2025 to be 47.676233 million hectares, roughly the same as last month's forecast and a 3.6% increase from last year; the production to be 165.913102 million tons, the same as last month's forecast and a 14.5% increase from last year. The soybean production forecast for 2026 is 167.683455 million tons, a 1.1% increase from the 2025 forecast [8]. - Brazil exported 942,502 tons of soybeans, 433,164 tons of soybean meal, and 1,602,174 tons of corn last week (November 2 - 8). This week (November 9 - 15), it plans to export 1,361,184 tons of soybeans, 594,397 tons of soybean meal, and 1,600,468 tons of corn [8]. 3.3 Trend Intensity - Palm oil trend intensity: 0 - Soybean oil trend intensity: 0 Note: The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [9].

油脂油料早报 研究中心农产品团队 2025/11/14 隔 夜 市 场 信 息 ： 9月25日止当周美国大豆出口销售合计净增87.05万吨 美国农业部（USDA）周四公布的出口销售报告显示，9月25日止当周，美国当前市场年度大豆出口销售净增87.05万 吨。当周，美国下一年度大豆出口销售净增0万吨。 当周，美国大豆出口装船61.13万吨。 当周，美国当前市场年度大豆新销售93.69万吨，下一市场年度大豆新销售0万吨。 9月25日止当周美国豆粕出口销售合计净增40.73万吨 美国农业部（USDA）公布的出口销售报告显示，9月25日止当周，美国当前市场年度豆粕出口销售净减21.62万吨， 较之前一周减少372%，较前四周均值减少718%。 当周，美国下一年度豆粕出口销售净增62.35万吨。 当周，美国豆粕出口装船28.93万吨，较之前一周增加27%，较前四周均值增加13%。 当周，美国当前市场年度豆粕新销售6.86万吨，下一市场年度豆粕新销售67.5万吨。 Conab：巴西2025/26年度大豆产量预估为1.776亿吨 巴西国家商品供应公司（CONAB）最新预测数据显示，2025/26年度大豆产量预估为创纪录的1 ...

4、据路透社报道，马来西亚的棕榈油产量预计将在2025年首次超过2000万吨，这得益于有利的天气条 件、劳动力供应的改善以及高产的新种植园，贸易和工业官员向路透社透露了这一消息。这一数字超过 了2015年创下的1996万吨的纪录，也高于去年的1934万吨。 1、据外媒报道，印尼能源部官员Eniya Listiani Dewi周四表示，印尼将于12月初开始对使用棕榈油含量 为50%的生物柴油的车辆进行道路测试。政府计划在明年下半年实施"B50"强制措施，将今年的B50比 例提高到40%。 2、据外媒报道，印尼农业部一名主管Baginda Siagian周四表示，由于实施含50%棕榈油的生物柴油混合 燃料（B50），该国2026年的棕榈油出口可能下降11%至12%。目前尚不清楚这一计算是基于全年实施 该生物柴油政策，还是仅半年的影响。印尼计划于明年下半年推出B50混合燃料。 3、船运调查机构ITS数据显示，马来西亚11月1-10日棕榈油出口量为459320吨，较上月同期出口的 523602吨减少12.28%。 据马来西亚独立检验机构AmSpec，马来西亚11月1-10日棕榈油出口量为448328吨，较上月同期出口 ...

Report Overview - The report focuses on the palm oil and soybean oil markets, analyzing their fundamentals, macro and industry news, and trend strength [1] Industry Investment Rating - No investment rating is provided in the report Core Views - Palm oil lacks driving forces, and there may be a sentiment of exhaustion of negative factors after the MPOB report. Soybean oil is stabilizing, and the price difference between soybean oil and palm oil is slowly narrowing [1] Summary by Section Fundamental Tracking - Futures prices: Palm oil closed at 8,660 yuan/ton (down 0.82% during the day, 8,634 yuan/ton at night, down 0.30%); soybean oil at 8,184 yuan/ton (down 0.05% during the day, 8,196 yuan/ton at night, up 0.15%); rapeseed oil at 9,533 yuan/ton (down 0.32% during the day, 9,539 yuan/ton at night, up 0.06%). Malaysian palm oil closed at 4,110 ringgit/ton (down 0.94%), and CBOT soybean oil at 49.63 cents/pound (up 0.57%) [2] - Trading volume and open interest: Palm oil trading volume decreased by 119,804 lots to 501,777 lots, and open interest decreased by 4,265 lots to 416,049 lots. Soybean oil trading volume increased by 107,813 lots to 314,709 lots, and open interest decreased by 4,568 lots to 471,543 lots. Rapeseed oil trading volume decreased by 41,619 lots to 164,344 lots, and open interest decreased by 1,245 lots to 210,490 lots [2] - Spot prices: Palm oil (24 degrees) in Guangdong was 8,560 yuan/ton (up 20 yuan/ton); first - grade soybean oil in Guangdong was 8,490 yuan/ton (unchanged); fourth - grade imported rapeseed oil in Guangxi was 9,900 yuan/ton (up 20 yuan/ton). Malaysian palm oil FOB was 1,035 US dollars/ton (unchanged) [2] - Basis: Palm oil in Guangdong had a basis of - 100 yuan/ton; soybean oil in Guangdong had a basis of 306 yuan/ton; rapeseed oil in Guangxi had a basis of 367 yuan/ton [2] - Price spreads: The spread between rapeseed oil and palm oil futures was 873 yuan/ton (previously 832 yuan/ton); the spread between soybean oil and palm oil futures was - 476 yuan/ton (previously - 544 yuan/ton). Palm oil 1 - 5 spread was - 70 yuan/ton (previously - 66 yuan/ton); soybean oil 1 - 5 spread was 224 yuan/ton (previously 182 yuan/ton); rapeseed oil 1 - 5 spread was 405 yuan/ton (previously 391 yuan/ton) [2] Macro and Industry News - SPPOMA data shows that from November 1 - 5, the yield per unit area of palm oil in the Malay Peninsula increased by 5.12% month - on - month, the oil extraction rate increased by 0.32%, and the output increased by 6.80%, indicating that the high - yield rhythm at the beginning of November continued [3][4] - On Friday evening, the EPA approved two new SRE exemptions, 12 partial exemptions, and rejected two exemption requests [5] - The FAO vegetable oil price index averaged 169.4 points in October, up 1.5 points (0.9%) from September, reaching the highest level since July 2022. The increase was driven by higher prices of palm oil, rapeseed oil, soybean oil, and sunflower oil. International palm oil prices rebounded slightly after last month's decline, supported by the expectation of tightened export supply due to Indonesia's plan to increase the mandatory biodiesel blending ratio in 2026. Global sunflower oil prices rose for the fourth consecutive month due to delayed harvests in the Black Sea region and farmers' reluctance to sell. Rapeseed oil and soybean oil prices rose due to tight EU supply and increased domestic demand in Brazil and the US respectively [5] - China's Customs总署 decided to resume the soybean export qualifications of three US companies from November 10, 2025 [5] - In the first 10 months, China imported 95.682 million tons of soybeans, a 6.4% increase, with an average price decrease of 11.1% [6] Trend Strength - The trend strength of palm oil is 0, and that of soybean oil is also 0, indicating a neutral trend for both [7]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures are experiencing low volatility, with slight price fluctuations observed in recent trading sessions [1][2]. Group 1: Market Performance - On November 4, CBOT soybean oil futures opened at 49.93 cents per pound and are currently at 49.98 cents per pound, reflecting a 0.10% increase, with intraday highs of 50.10 cents and lows of 49.92 cents [1]. - On November 3, the soybean oil futures had an opening price of 48.78 cents, reaching a high of 49.86 cents and a low of 48.27 cents, closing at 49.81 cents, marking a 2.28% increase [2]. Group 2: Price Adjustments and Trade Volumes - The C&F price for Argentine soybean oil for December shipment decreased by $5 to $1,142 per ton, while the February shipment price increased by $10 to $1,151 per ton compared to the previous trading day [2]. - The national first-class soybean oil transaction volume on November 3 was 9,500 tons, which is a 17.39% decrease from the previous trading day [2]. Group 3: Import Trends - India's soybean oil imports in October decreased by 17.1% month-on-month to 417,000 tons, while sunflower seed oil imports fell by 6.4% to 255,000 tons [2].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - Global vegetable oils: Sunflower oil is the fourth-largest vegetable oil globally, with its total production approaching that of rapeseed oil. Zhengzhou Commodity Exchange plans to steadily advance the research and registration of sunflower oil futures [4]. - Supply and demand in China: In China, the supply of sunflower oil raw materials comes from both domestic cultivation and imports, and the supply of refined oil is about half domestic production and half imports. The consumption of sunflower oil is significantly lower than that of palm oil, soybean oil, rapeseed oil, and peanut oil, but higher than that of linseed oil, olive oil, and camellia oil. Its pricing needs to consider both domestic and international factors [4]. - Substitution potential: Refined sunflower oil and refined peanut oil have similar fatty acid ratios and smoke points, and may have a strong substitution relationship in the Chinese catering industry. If global sunflower seed cultivation increases, it may reduce the overall cost of China's catering cooking oil [4]. - Production and consumption: Domestic oil - pressing enterprises have mature processes and market experience in sunflower oil production, and some well - known brands have been accepted by consumers. The delivery standards of sunflower oil are expected to be widely accepted by producers and the catering industry [5]. 3. Summary by Directory 3.1 Oil - used Sunflower: An Annual Herbaceous Oil Crop in Mid - Latitude Regions, Neighbor to Spring Rapeseed - Global status: Sunflower oil is the fourth - largest vegetable oil globally. Oil - used sunflower (oil - used sunflower) is one of China's five major oil crops. It is rich in linoleic acid and is known as the "healthy and nutritious oil" of the 21st century [21]. - Cultivation in China: In China, oil - used sunflower is mainly planted in northern provinces. It is usually sown in spring when the soil temperature at 10 cm depth is above 10°C, and harvested from August to September. It has stronger adaptability to soil pH than rapeseed, and mechanical harvesting can be considered in large - scale farms [21]. - Comparison with rapeseed: Oil - used sunflower and rapeseed are comparable in terms of oil - producing potential, but they have significant differences in crop morphology, growth laws, and cultivation requirements. Factors such as soil alkalinity, the need for large - scale mechanization, and local high - yield demonstration fields should be considered when choosing between them [25][26]. 3.2 Can Sunflower Oil Rich in Linoleic Acid Omega - 6 Integrate into Chinese Cuisine? - Consumption form: In China, sunflower oil is mainly for edible consumption, and it is unlikely to be used as a raw material for biodiesel under current policies. The retail and wholesale prices of sunflower oil are usually lower than those of peanut oil and higher than those of genetically modified soybean oil [28][30]. - Fatty acid composition: Sunflower oil and peanut oil are similar in fatty acid distribution, both being rich in linoleic acid. They may have a strong substitution relationship in Chinese cuisine, although the current annual consumption of sunflower oil in China is less than 5 million tons [30][35]. - Smoke point: The smoke point of sunflower oil is generally defined as the lowest temperature at which it produces continuous blue smoke when heated without ventilation. Refined sunflower oil can reach a smoke point of over 190°C, meeting the requirements of most Chinese restaurants. If sunflower oil futures are launched, the delivery standard is likely to be "national standard grade 3", which can be refined to "national standard grade 1" to meet catering needs [36][40][43]. 3.3 Import of Sunflower Oil: A Reference for the "Full Customs Process" - Sunflower oil import process: The import of sunflower oil requires overseas production enterprise registration, importer and exporter filing, and compliance with customs declaration document requirements. Customs conducts qualified assessment upon arrival, and there are specific storage and transportation requirements for bulk sunflower oil [49][50][51]. - Sunflower seed import: Sunflower seeds are a long - term trade surplus product in China. The import volume shows an upward trend. They are classified as "oilseeds" by customs and need to obtain the "Entry Animal and Plant Quarantine Permit" [56]. - Current market products: There are many well - known domestic sunflower oil brands, each with its own characteristics, such as market share, quality, and health - related features [58].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The USDA's weekly export sales report was suspended due to the federal government shutdown, but the overseas agricultural service will continue to process export sales information, and the missing data will be补发 after federal funds are restored [1] - The expected net increase in US soybean export sales for the week ending October 16, 2025/26 is 60.0 - 200.0 million tons, with similar ranges for corn, wheat, bean meal, and soybean oil [1] - If Indonesia upgrades from B40 to B50, it will require an additional 3 million tons of palm oil, reducing its export supply significantly as it currently exports 24 - 28 million tons annually [1][2] - Global vegetable oil demand in the coming year will rely on sunflower oil as US and Brazilian exportable soybean oil supply is expected to drop from 2.7 million tons in 2024/25 to 1.6 million tons in 2025/26, a 41% decrease [2] - Argentina's soybean product export tax exemption policy has stimulated forward sales, which may weaken its crushing capacity and limit soybean oil exports [2] - Sunflower oil prices remain strong, leading vegetable oil prices, with a price of $1,360 per ton in the European market in mid - October, indicating tight supply [2] Summaries by Relevant Catalogs Overnight Market Information - The USDA's weekly export sales report was suspended due to the federal government shutdown, and the overseas agricultural service will continue to process export sales information. The missing data will be补发 after federal funds are restored [1] - Surveys show expected net increases in US export sales for the week ending October 16: soybeans 60.0 - 200.0 million tons, corn 80.0 - 200.0 million tons, wheat 35.0 - 65.0 million tons, bean meal 15.0 - 45.0 million tons, and soybean oil 0.5 - 2.5 million tons [1] MPOC Forecast - If Indonesia implements the B50 policy, it will need an additional 3 million tons of palm oil for blending, reducing its export supply to 22 million tons or less from the current 24 - 28 million tons annually [1][2] Global Vegetable Oil Supply and Demand - Global vegetable oil demand in the coming year will rely on sunflower oil as US and Brazilian exportable soybean oil supply is expected to drop by 41% from 2.7 million tons in 2024/25 to 1.6 million tons in 2025/26 [2] - Argentina's soybean product export tax exemption policy has stimulated forward sales, which may limit its soybean oil exports in the coming months [2] - Sunflower oil prices remain strong, leading vegetable oil prices, with a price of $1,360 per ton in the European market in mid - October, indicating tight supply [2] Spot Prices - Spot prices of various products in different regions from October 17 - 23, 2025 are provided, including bean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [11]

Core Viewpoint - The company is focusing on its core business of corn oil while expanding its product offerings to include various healthy oils such as canola oil and sunflower oil, aiming to establish a diversified product matrix [1]. Group 1 - The company is reinforcing its leading position in the corn oil market [1]. - The company is accelerating the expansion into multiple healthy oil varieties [1].

Core Viewpoint - The company is focusing on its core business of corn oil while expanding its product offerings to include various healthy oils such as canola oil and sunflower oil, aiming to establish a diversified product matrix [1] Group 1 - The company aims to consolidate its leading position in the corn oil market [1] - The expansion into canola oil and sunflower oil is part of the strategy to diversify its product range [1]

Core Insights - The small border town of Raohe is experiencing significant growth in e-commerce, with a projected transaction volume of 1.364 billion RMB in 2024, representing a year-on-year increase of 31.9% [2] Group 1: E-commerce Development - Raohe County has been recognized as a typical case of rural e-commerce leadership by the Ministry of Commerce of China [2] - The county government has established a 6,300 square meter e-commerce live streaming base that integrates various services including product selection, training, incubation, finance, and legal support [4] - The e-commerce live streaming base has over 100 hosts selling more than 500 types of agricultural and forestry products, including local specialties and imported goods from Russia [4] Group 2: International Participation - Russian host Katyusha, who graduated from university, is the first foreign host at the Raohe e-commerce live streaming base, selling Russian products such as flour and soy sauce [2][3] - The local government provides free equipment and training for new hosts, lowering the entry barriers for young entrepreneurs [2] - To attract and retain international talent, Raohe County has introduced multilingual living service guides and special housing subsidies [4]