1. Report Industry Investment Rating - The investment rating for the industry is "Neutral" [4] 2. Core View of the Report - The prices of the three major oils and fats are oscillating and falling due to the recent significant fluctuations in crude oil prices, which put pressure on the three major vegetable oils. However, from a fundamental perspective, the further implementation of biodiesel in Southeast Asia in the future, combined with the later shift in El Niño weather, will strongly support palm oil prices [3] 3. Summary by Relevant Catalog Futures and Spot Market - Futures: The closing price of the palm oil 2605 contract was 9866.00 yuan/ton, with a month - on - month change of - 64 yuan and a range of - 0.64%; the closing price of the soybean oil 2605 contract was 8668.00 yuan/ton, with a month - on - month change of - 46.00 yuan and a range of - 0.53%; the closing price of the rapeseed oil 2605 contract was 9884.00 yuan/ton, with a month - on - month change of - 7.00 yuan and a range of - 0.07% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9830.00 yuan/ton, with a month - on - month change of + 160.00 yuan and a range of + 1.65%, and the spot basis was P05 - 36.00, with a month - on - month change of + 224.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8860.00 yuan/ton, with a month - on - month change of + 50.00 yuan/ton and a range of + 0.57%, and the spot basis was Y05 + 192.00, with a month - on - month change of + 96.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10400.00 yuan/ton, with a month - on - month change of - 20.00 yuan and a range of - 0.19%, and the spot basis was OI05 + 516.00, with a month - on - month change of - 13.00 yuan [1] Market Consultation - Soybean prices: The C&F price of US Gulf soybeans (April shipment) was 511 dollars/ton, unchanged from the previous trading day; the C&F price of US West soybeans (April shipment) was 505 dollars/ton, unchanged from the previous trading day; the C&F price of Brazilian soybeans (May shipment) was 476 dollars/ton, down 2 dollars/ton from the previous trading day [2] - Import soybean premium quotes: The premium for the Gulf of Mexico (April shipment) was 232 cents/bushel, up 2 cents/bushel from the previous trading day; the premium for the US West Coast (April shipment) was 216 cents/bushel, up 2 cents/bushel from the previous trading day; the premium for Brazilian ports (May shipment) was 139 cents/bushel, down 5 cents/bushel from the previous trading day [2] - Other oil prices: The C&F price of Argentine soybean oil (April shipment) was 1299 dollars/ton, up 10 dollars/ton from the previous trading day; the C&F price of Argentine soybean oil (June shipment) was 1216 dollars/ton, down 5 dollars/ton from the previous trading day. The C&F quote for imported rapeseed oil: the C&F price of Canadian rapeseed oil (April shipment) was 1120 dollars/ton, unchanged from the previous trading day; the C&F price of Canadian rapeseed oil (June shipment) was 1100 dollars/ton, unchanged from the previous trading day. The C&F price of Canadian rapeseed (May shipment) was 591 dollars/ton, up 4 dollars/ton from the previous trading day; the C&F price of Canadian rapeseed (July shipment) was 600 dollars/ton, up 4 dollars/ton from the previous trading day [2] Figures - The report includes 30 figures related to the prices, trading volumes, production, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil, with data sources from Steel Union Data and Huatai Futures Research Institute [5]

1. Report Industry Investment Rating - The investment strategy is neutral [3] 2. Core View of the Report - The spot market for oils and fats is sluggish, and prices are oscillating. Global economic slowdown and geopolitical uncertainties in the Middle East may delay purchases and limit upward price movement. After a significant increase driven by crude oil prices, spot demand remains weak, leading to an adjustment in oils and fats prices [2] 3. Summary by Relevant Catalogs Futures Market Performance - The closing price of the palm oil 2605 contract was 9796 yuan/ton, up 104 yuan or 1.07% [1] - The closing price of the soybean oil 2605 contract was 8616 yuan/ton, up 76 yuan or 0.89% [1] - The closing price of the rapeseed oil 2605 contract was 9854 yuan/ton, up 74 yuan or 0.76% [1] Spot Market Performance - The spot price of palm oil in Guangdong was 9720 yuan/ton, up 30 yuan or 0.31%, with a spot basis of P05 - 76 yuan, down 74 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8800 yuan/ton, up 60 yuan or 0.69%, with a spot basis of Y05 + 184 yuan, down 16 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 10380 yuan/ton, up 70 yuan or 0.68%, with a spot basis of OI05 + 526 yuan, down 4 yuan [1] Recent Market News - Canadian rapeseed (May shipment) C&F price was 598 dollars/ton, down 4 dollars/ton; (July shipment) was 607 dollars/ton, down 2 dollars/ton [2] - Argentine soybean oil (April shipment) C&F price was 1248 dollars/ton, up 56 dollars/ton; (June shipment) was 1216 dollars/ton, up 29 dollars/ton [2] - Imported rapeseed oil C&F quotes: Canadian rapeseed oil (April shipment) was 1150 dollars/ton, unchanged; (June shipment) was 1130 dollars/ton, unchanged [2] - US Gulf soybeans (April shipment) C&F price was 509 dollars/ton, unchanged; US West soybeans (April shipment) was 503 dollars/ton, unchanged; Brazilian soybeans (April shipment) was 480 dollars/ton, up 4 dollars/ton [2] - Imported soybean premium quotes: Mexican Gulf (April shipment) was 222 cents/bushel, down 7 cents/bushel; US West Coast (April shipment) was 206 cents/bushel, down 7 cents/bushel; Brazilian ports (April shipment) was 145 cents/bushel, up 5 cents/bushel [2] - From March 1 - 15, 2026, Malaysian palm oil yield decreased by 2.96% month - on - month, oil extraction rate decreased by 0.44% month - on - month, and production decreased by 5.28% month - on - month [2] - The Malaysian Palm Oil Council (MPOC) expects palm oil prices to remain above 4450 ringgit/ton due to strong energy prices and favorable palm - gasoline spreads [2] - International CNF quotes for palm oil continued to rise, increasing China's import costs. On March 18, the CNF quotes for 24 - degree palm oil for April and May shipments were 1200 dollars/ton and 1228 dollars/ton respectively, up 22 - 50 dollars/ton from the previous week [2]

1. Report Industry Investment Rating - The investment rating for the industry is neutral [3] 2. Core View of the Report - The prices of the three major oils and fats oscillated. Driven by rising crude oil, geopolitical conflicts, and expectations of biofuel policies, the market is short - term bullish, but the fundamental demand is weak. The strengthening of the energy attribute has driven the prices of palm oil and soybean oil to rise in tandem with crude oil. The tense situation in the Middle East has enhanced the economic viability of biodiesel, supporting the prices of oils and fats. However, high inventories and the post - holiday consumption off - season have made downstream procurement cautious. Overall, the oils and fats are oscillating [2] 3. Summary According to Related Catalogs 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2605 contract was 9954.00 yuan/ton, with a month - on - month change of - 56 yuan and a decline of - 0.56%; the closing price of the soybean oil 2605 contract was 8644.00 yuan/ton, with a month - on - month change of - 72.00 yuan and a decline of - 0.83%; the closing price of the rapeseed oil 2605 contract was 9833.00 yuan/ton, with a month - on - month change of - 115.00 yuan and a decline of - 1.16% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9850.00 yuan/ton, with a month - on - month change of - 110.00 yuan and a decline of - 1.10%, and the spot basis was P05 - 104.00, with a month - on - month change of - 54.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8770.00 yuan/ton, with a month - on - month change of - 120.00 yuan/ton and a decline of - 1.35%, and the spot basis was Y05 + 126.00, with a month - on - month change of - 48.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10360.00 yuan/ton, with a month - on - month change of - 170.00 yuan and a decline of - 1.61%, and the spot basis was OI05 + 527.00, with a month - on - month change of - 55.00 yuan [1] 3.2 Market Information Summary - Canadian rapeseed (May shipment) C&F price was 594 US dollars/ton, down 26 US dollars/ton from the previous trading day; Canadian rapeseed (July shipment) C&F price was 600 US dollars/ton, down 27 US dollars/ton from the previous trading day [2] - Argentine soybean oil (April shipment) C&F price was 1238 US dollars/ton, up 16 US dollars/ton from the previous trading day; Argentine soybean oil (June shipment) C&F price was 1220 US dollars/ton, up 15 US dollars/ton from the previous trading day [2] - Imported rapeseed oil C&F quotes: Canadian rapeseed oil (April shipment) was 1150 US dollars/ton, unchanged from the previous trading day; Canadian rapeseed oil (June shipment) was 1130 US dollars/ton, unchanged from the previous trading day [2] - US Gulf soybeans (April shipment) C&F price was 534 US dollars/ton, unchanged from the previous trading day; US West soybeans (April shipment) C&F price was 528 US dollars/ton, unchanged from the previous trading day; Brazilian soybeans (April shipment) C&F price was 472 US dollars/ton, down 21 US dollars/ton from the previous trading day [2] - Imported soybean premium quotes: Mexican Gulf (April shipment) was 299 cents/bushel, up 69 cents/bushel from the previous trading day; US West Coast (April shipment) was 283 cents/bushel, up 69 cents/bushel from the previous trading day; Brazilian ports (April shipment) was 130 cents/bushel, up 10 cents/bushel from the previous trading day [2] - The geopolitical conflict in the Middle East shows no sign of easing, international crude oil prices remain high, and the shipping freight for imported soybeans in China continues to rise. On March 16, the shipping freight for soybeans from the US Gulf to China was quoted at 59 US dollars/ton, up 2 US dollars/ton from the same period last week; the freight from the US West to China was quoted at 33 US dollars/ton, up 2 US dollars/ton; the freight from Brazil to China was quoted at 52 US dollars/ton, up 5 US dollars/ton [2]

Group 1 - The core viewpoint of the news is that Chicago Board of Trade (CBOT) soybean oil futures prices experienced a slight increase, opening at 57.73 cents per pound and currently at 57.70 cents per pound, reflecting a rise of 0.37% [1] - On February 11, the opening price for CBOT soybean oil was 57.79 cents, with a high of 58.05 cents and a low of 57.24 cents, closing at 57.55 cents, which represents a decrease of 0.26% [2] - Argentine soybean oil prices for April shipment increased by $28 per ton to $1200 per ton, while June shipment prices rose by $13 per ton to $1164 per ton compared to the previous trading day [2] Group 2 - As of February 5, 2026, the expected net sales of U.S. soybean oil exports for the 2025/26 marketing year are projected to be between -1,000 to -16,000 tons, while for the 2026/27 marketing year, net sales are expected to be zero tons [2] - The Dalian Commodity Exchange reported that soybean oil futures warehouse receipts remained stable at 26,305 lots compared to the previous trading day [2]

Group 1 - The core viewpoint of the news is that soybean oil futures prices on the Chicago Board of Trade (CBOT) have experienced a significant increase, with the current price at 56.05 cents per pound, marking a rise of 1.28% from the opening price of 55.51 cents per pound [1] - On February 6, the opening price for soybean oil futures was 55.66 cents per pound, with a closing price of 55.29 cents per pound, reflecting a decrease of 0.50% [2] - The highest price during the trading session on February 6 reached 56.14 cents per pound, while the lowest was 54.95 cents per pound [2] Group 2 - On February 6, the C&F price for Argentine soybean oil for April shipment was reported at $1,183 per ton, down by $5 per ton compared to the previous trading day [2] - The C&F price for Argentine soybean oil for June shipment was reported at $1,156 per ton, which is an increase of $8 per ton from the previous trading day [2] - The total number of soybean oil futures warehouse receipts on the Dalian Commodity Exchange was 26,305 lots, remaining unchanged from the previous trading day [2] - The national first-level soybean oil transaction volume on February 6 was 900 tons, which is a decrease of 83.93% compared to the previous trading day [2]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures prices are experiencing narrow fluctuations, with a slight decrease observed in recent trading sessions [1][2]. Group 1: Market Performance - On February 4, CBOT soybean oil futures opened at 54.49 cents per pound and are currently at 54.44 cents per pound, reflecting a decline of 0.15% [1]. - The trading session on February 3 saw soybean oil open at 53.35 cents, reach a high of 54.78 cents, and close at 54.32 cents, marking an increase of 2.28% [2]. Group 2: Price Adjustments - The price of Argentine soybean oil for April shipment has decreased by $60 per ton to $1,142, while the June shipment price has dropped by $16 per ton to $1,127 [2]. Group 3: Inventory and Trading Volume - As of February 3, the national soybean oil port inventory stands at 879,000 tons, down from 892,000 tons on January 27, indicating a reduction of 13,000 tons [2]. - The trading volume for national first-grade soybean oil on February 3 was 49,000 tons, which represents an increase of 113.04% compared to the previous trading day [2].

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures are experiencing a strong fluctuation, with current prices showing an increase of 0.88% compared to previous trading sessions [1]. Group 1: Market Performance - On February 3, CBOT soybean oil futures opened at 53.35 cents per pound and are currently at 53.71 cents per pound, reaching a high of 53.94 cents and a low of 53.35 cents during the trading session [1]. - On February 2, the opening price for soybean oil was 53.45 cents, with a closing price of 53.11 cents, reflecting a decrease of 0.65% [2]. Group 2: Price Adjustments - On February 2, the C&F price for Argentine soybean oil for March shipment was adjusted down to $1202 per ton, a decrease of $6 from the previous trading day [2]. - The C&F price for Argentine soybean oil for May shipment was also adjusted down to $1143 per ton, similarly down by $6 from the previous day [2]. Group 3: Trading Volume and Inventory - On February 2, the national trading volume for first-grade soybean oil reached 23,000 tons, which is an increase of 48.39% compared to the previous trading day [2]. - The Dalian Commodity Exchange (DCE) reported a soybean oil futures warehouse receipt of 26,460 lots on February 2, which is an increase of 500 lots from the previous trading day [2].

Group 1 - The core viewpoint of the news is the fluctuation in Chicago Board of Trade (CBOT) soybean oil futures prices, with a current price of 53.57 cents per pound, reflecting a decline of 0.78% from the opening price of 54.04 cents per pound [1] Group 2 - On January 29, CBOT soybean oil futures opened at 54.26 cents, reached a high of 54.83 cents, and closed at 53.93 cents, marking a decrease of 0.64% [2] - Argentine soybean oil prices for March shipment increased by $13 per ton to $1215 per ton, while May shipment prices rose by $12 per ton to $1149 per ton [2] - The national first-class soybean oil transaction volume on January 29 was 127,800 tons, which is an increase of 272.59% compared to the previous trading day [2] - According to the USDA, for the week ending January 22, net sales of soybean oil for the 2025/2026 marketing year were 22,000 tons, up from 10,000 tons the previous week; there were no net sales for the 2026/2027 marketing year [2] - For the 2025/2026 marketing year, 26,000 tons of soybean oil were shipped, compared to 5,000 tons the previous week [2]

Core Viewpoint - Chicago Board of Trade (CBOT) soybean oil futures prices experienced a slight increase, indicating a stable market trend for soybean oil [1] Group 1: Soybean Oil Futures Market - On January 29, CBOT soybean oil futures opened at 54.26 cents per pound and rose to 54.39 cents per pound, marking a 0.07% increase [1] - The intraday trading range for soybean oil futures was between a high of 54.44 cents per pound and a low of 54.25 cents per pound [1] - On January 28, the closing price for soybean oil was 54.28 cents per pound, reflecting a decrease of 0.15% from the previous day [1] Group 2: Argentine Soybean Oil Prices - On January 28, the C&F price for Argentine soybean oil for March shipment was reported at $1202 per ton, down by $29 per ton from the previous trading day [1] - The C&F price for Argentine soybean oil for May shipment was reported at $1137 per ton, down by $14 per ton from the previous trading day [1] Group 3: Domestic Soybean Oil Sales - On January 28, the national first-class soybean oil transaction volume was 34,300 tons, which represents a 10.91% decrease compared to the previous trading day [1] Group 4: Export Sales Forecast - According to external media forecasts, U.S. net sales of soybean oil for the 2025/26 marketing year are expected to be between 0 to 26,000 tons, while for the 2026/27 marketing year, net sales are projected to be 0 tons [1]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures are experiencing a strong performance, with prices showing an upward trend as of January 28, 2023 [1]. Group 1: Market Performance - On January 28, CBOT soybean oil futures opened at 54.40 cents per pound and are currently at 54.77 cents per pound, reflecting an increase of 0.68%. The intraday high reached 54.80 cents per pound, while the low was 54.31 cents per pound [1]. - On January 27, the opening price for soybean oil was 53.75 cents per pound, with a high of 54.53 cents, a low of 53.35 cents, and a closing price of 54.36 cents, marking a 0.93% increase [2]. Group 2: Supply and Demand Dynamics - On January 27, Argentina's soybean oil (February shipment) C&F price was reported at $1231 per ton, an increase of $4 per ton compared to the previous trading day. The April shipment price was $1151 per ton, also up by $4 per ton [2]. - The national first-class soybean oil transaction volume on January 27 was 38,500 tons, which is a 6.06% increase compared to the previous trading day [2]. - As of January 27, the national soybean oil port inventory stood at 892,000 tons, down from 934,000 tons on January 20, indicating a decrease of 42,000 tons [2].