Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Recent performance at the origin and demand sides is decent, but there is still a lack of obvious bullish factors. Affected by the decline in crude oil prices and the weakening of the oil market, palm oil prices both at home and abroad continued to decline slightly on the day. The p2601 contract of Dalian palm oil still rose and then fell during the day, with four consecutive days of decline in the daily line. In the short term, the price of the p2601 contract is likely to continue the volatile consolidation trend. In the future, attention should be paid to the biodiesel policy, origin data, and the trends of other oils [12]. 3. Summary by Related Catalogs 3.1 Futures Market - **Contract Market**: On October 21, 2025, the price of the main palm oil p2601 contract opened lower and consolidated during the day, rose in the afternoon session and then fell with a reduction in positions at the end of the session, closing at 9,294 yuan/ton, a decrease of 24 yuan/ton or 0.26% from the previous day's closing price. The trading volume was 553,500 lots, an increase of 92,100 lots from the previous day, and the open interest was 333,700 lots, a decrease of 10,600 lots from the previous day [2]. - **Variety Prices**: The total trading volume of all palm oil futures contracts was 628,800 lots, and the total open interest of the variety was 477,500 lots, a decrease of 11,100 lots from the previous day [4]. - **Related Market**: On the same day, the main 01 contract of the Malaysian BMD futures fell again, closing at 4,508 ringgit/ton, a decrease of 0.13% from the previous day's closing price [5]. 3.2 Spot Market - **Spot Price and Basis Data**: The average spot price of 24 - degree palm oil in China on the day was 9,390 yuan/ton, unchanged from the previous day's average price, and the basis continued to strengthen [5]. - **Registered Warehouse Receipts**: The number of registered warehouse receipts on the day was 600 lots, with no increase or decrease from the previous day [8]. - **Import Profit**: The cost of importing Malaysian palm oil increased slightly on the day, and the import profit loss deepened [10]. 3.3 Influencing Factors - **Export and Production Data**: According to the data of high - frequency institutions ITS and AmSpec Agri, the exports of Malaysian palm oil in the first 20 days of October were 1.0448 million tons and 0.9651 million tons respectively, an increase of 3.4% and 2.5% respectively compared with the same period last month. According to the data of SPPOMA, the yield per unit of Malaysian palm oil in the first 20 days of October increased by 1.45%, and the output increased by 2.71% month - on - month [9]. - **Policy**: Indonesian government officials held a meeting to discuss the preparations for B50 (mixing 50% of palm oil biodiesel with diesel) and E10 (mixing 10% of ethanol with gasoline), and considered restricting the export volume of crude palm oil to increase the production of biodiesel [9][11]. - **Domestic Inventory**: As of October 17, the total domestic palm oil inventory was 549,000 tons, a weekly increase of 26,000 tons; the contract volume was 40,000 tons, a weekly decrease of 17,000 tons. Recently, the arrival volume of purchased palm oil in China has gradually increased, the market trading has remained light, and the inventory has slowly accumulated [11].

Report Industry Investment Ratings - Bean粕: ★☆☆ (One star represents a bullish/bearish bias, indicating a driving force for price increase/decrease, but limited operability on the market) [1] - Bean oil: ★☆☆ [1] - Rapeseed meal: ★☆☆ [1] - Rapeseed oil: ★☆☆ [1] Core Views - The overall trend of the agricultural products market is complex, with different products showing various price trends and facing different supply - demand situations and influencing factors such as weather, policies, and market sentiment [2][3][4] Summary by Related Catalogs Soybean (Bean one) - Domestic soybean positions are reduced, and the downward trend slows. The price difference between domestic and imported soybeans narrows, with domestic soybean prices weaker. The domestic supply of imported soybeans is abundant from May to July due to large - scale arrivals of Brazilian soybeans. The medium - term price of US soybeans is affected by weather and is expected to be volatile and slightly stronger. Domestic soybeans are entering the planting season, and weather will drive price fluctuations [2] Soybean & Bean粕 - The US government's request for administrative suspension is approved. Dalian bean粕 futures rise slightly with reduced positions. Domestic bean粕 spot prices are stable, and trading is dull. The domestic soybean supply is overly loose, with high oil - mill operating rates and large crushing volumes. Demand is cautious, oil - mill bean粕 inventories are rising, and the spot basis is weakening. The bean粕 market lacks a continuous upward drive and may continue to decline in a volatile manner [3] Bean oil & Palm oil - The domestic market shows a situation of weak oil and strong粕. Palm oil positions are significantly reduced, and prices correct. The US bean oil market is worried about the impact of biodiesel small - refinery exemption policies on demand. The medium - term overseas soybean market is driven by weather, and domestic oil futures are expected to follow the US soybean market. The domestic soybean spot market faces pressure from large - scale arrivals from May to July, and the arrival of 24 - degree palm oil in May - June also increases compared to the previous period. Overseas palm oil is in the production - increasing cycle in the second and third quarters. Overall, bean and palm oil are expected to maintain a range - bound trend [4] Rapeseed meal & Rapeseed oil - The rapeseed market shows a pattern of strong粕 and weak oil, with both main - contract positions continuing to decline. The domestic rapeseed inventory is still high, but the inventory pressure is not as severe as the data shows due to unclear domestic and export proportions. Aquatic product prices are higher than last year, feed costs are down, and aquaculture profits are expected to improve, so the demand for aquatic feed is promising. The old - crop Canadian rapeseed season is ending, with good crushing and exports, and limited export availability due to tight old - crop inventories. About 70% - 80% of the new - crop Canadian rapeseed has been sown, and weather is the key variable in the next two months. The rapeseed trade is still uncertain, and the crop fundamentals are notable. A bullish view on rapeseed futures is maintained, and the pattern of strong粕 and weak oil is expected to continue [6] Corn - The main - contract corn futures reduce positions by more than 50,000 lots, and prices rise as main - force funds seek to avoid risks before the holiday. The expectation of new - season wheat production reduction weakens, and some feed enterprises start to substitute orderly. Northeast corn spot prices are flat, with a price inversion between the north and the south. The purchasing power of deep - processing enterprises is weakening, with lower operating rates and rising profits, and they have a certain amount of corn inventory. Feed enterprises have rigid demand but are highly cautious. The supply of circulating corn is increasing, and the market is expected to be volatile and slightly weak in the next stage [7] Pig - The main - contract pig futures are in narrow - range consolidation, and far - month contracts continue to rebound. Affected by policy factors, pig - breeding stocks and futures prices are relatively strong today. The far - month contracts are in a valuation - repair state. However, the industry still faces pressure from accelerated weight - reduction and early - slaughter, and there is still room for the spot price to fall. Attention should be paid to the downward pressure on the futures market from the falling spot price [8] Egg - The egg futures market rebounds with reduced positions, while the spot price drops across the country. After a continuous and rapid decline, there is a phenomenon of capital withdrawal in the short term. Short - sellers can exit to avoid risks. The slaughter of old hens has increased slightly but not significantly. With the arrival of the plum - rain season in June in the south, egg prices may continue to decline, and caution is needed when going long on peak - season contracts at low prices [9]