Report Investment Rating - No investment rating information provided Core Viewpoints - The report presents the latest information on the supply and demand of major oilseeds and oils in the 2025/26 period, including data on soybeans, rapeseeds, and palm oil, as well as the expected trend of U.S. soybean crushing volume and inventory [1] Summary by Related Catalogs 2025/26 Annual U.S. Soybean Information - The estimated production for the 2025/26 U.S. soybean season is 4.253 billion bushels, down from the September estimate of 4.301 billion bushels - The estimated planting area is 81.1 million acres, the same as the September estimate - The estimated harvested area is 80.3 million acres, consistent with the September estimate - The estimated yield per acre is 53 bushels, down from the September estimate of 53.5 bushels - The estimated export volume is 1.635 billion bushels, down from the September estimate of 1.685 billion bushels - The estimated ending stocks are 290 million bushels, down from the September estimate of 300 million bushels [1] 2025/26 Annual Global Soybean Information - Brazil's estimated soybean production is 175 million tons, the same as the September estimate, and the estimated export volume is 112.5 million tons, up from the September estimate of 112 million tons - Argentina's estimated soybean production is 48.5 million tons, the same as the September estimate, and the estimated export volume is 8.25 million tons, up from the September estimate of 6 million tons - China's estimated soybean imports are 112 million tons, the same as the September estimate - Global estimated soybean production is 421.75 million tons, down from the September estimate of 425.87 million tons, and the estimated ending stocks are 121.99 million tons, down from the September estimate of 123.99 million tons [1] U.S. October Soybean Crushing Volume - The estimated U.S. soybean crushing volume in October is 209.522 million bushels, an increase of 5.9% from September's 197.863 million bushels and 4.8% from October 2024's 199.943 million bushels, setting a new record high [1] U.S. October Soybean Oil Inventory - The estimated U.S. soybean oil inventory in October is 1.257 billion pounds, an increase of 1.1% from the end - of - September inventory of 1.243 billion pounds and 17.0% from October 2024's 1.074 billion pounds [1] 2025/26 Annual Global Rapeseed Information - Global estimated rapeseed production is 92.273 million tons, an increase of 6.274 million tons year - on - year, and the estimated ending stocks are 11.336 million tons, an increase of 1.504 million tons year - on - year - Global estimated rapeseed oil production is 35.009 million tons, an increase of 0.873 million tons year - on - year, and the estimated ending stocks are 3.19 million tons, a decrease of 0.016 million tons year - on - year - Global estimated rapeseed meal production is 50.005 million tons, an increase of 0.949 million tons year - on - year, and the estimated ending stocks are 1.541 million tons, an increase of 0.153 million tons year - on - year - Canada's estimated rapeseed export volume is 6.7 million tons, a decrease of 2.631 million tons year - on - year; the estimated rapeseed oil export volume is 3.375 million tons, an increase of 0.06 million tons year - on - year; the estimated rapeseed meal export volume is 5.5 million tons, a decrease of 0.299 million tons year - on - year [1] Malaysia Palm Oil Export - Malaysia's palm oil product export volume from November 1 - 15 is 728,995 tons, a decrease of 15.5% compared to the same period last month [1] Indonesia Palm Oil Production - Indonesia's palm oil production in 2026 is expected to increase by 3 - 4%, lower than this year's estimated growth rate of 4 - 7%, and the 2025 palm oil export is expected to increase by 6 - 7% [1] Spot Prices - The report provides spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 10 - 14, 2025 [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After a significant decline, the oil market has stabilized and is experiencing a technical rebound. However, in the short term, there is still a lack of obvious drivers, and the expected increase is limited [25][27]. - It is expected that after the Malaysian palm oil inventory accumulates in October, it will gradually start to decline slightly, but the inventory will still remain at a moderately high level. The production forecast of Indonesian palm oil has been raised, and the inventory is expected to remain low, but the fundamentals have weakened marginally compared to before. The domestic palm oil inventory has been continuously accumulating, and the supply may be relatively loose. Currently, there is no prominent core contradiction in soybean oil, and its price fluctuates more in line with the overall trend of the oil market, with limited upward momentum but greater resilience. In the short term, the domestic rapeseed supply is insufficient, and the import volume of rapeseed oil is also relatively limited. The domestic rapeseed oil inventory is expected to continue to decline, but there are rumors of Australian rapeseed arrivals, which alleviates the expectation of a tight rapeseed supply [4][25]. 3. Summary by Relevant Catalogs 3.1 First Part: Weekly Core Points Analysis and Strategy Recommendations 3.1.1 International Market - Malaysian Palm Oil - Estimated institutions predict that the Malaysian palm oil production will increase by 6% to 1.95 million tons in October, exports will increase to 1.48 million tons, and the inventory will accumulate to 2.44 million tons. However, MPOA's latest forecast shows a 12% increase to 2.07 million tons, and UOB also expects an increase of 8 - 12%. If these production forecasts are accurate, the inventory in October may increase to over 2.5 million tons. Attention should be paid to the MPOB report next Monday [5][7]. - SPPOMA predicts a 6.8% month - on - month increase in Malaysian palm oil production in the first 5 days of November. The rainfall forecast indicates that most producing areas will be dry in the next week, with more rainfall in parts of southern Malaysia. The drought will ease in the next two weeks, and southern Malaysia will still have relatively high rainfall [7]. - Some reports predict that the Malaysian palm oil production in the 2025/26 season may be 19.2 million tons, while this year's production is 19.38 million tons. Currently, the market expects the production in the new season to be flat or slightly lower year - on - year [7]. 3.1.2 International Market - Indonesian Palm Oil - Recently, the prices of Indonesian fruit bunches and CPO tender prices have been fluctuating weakly, currently lower than last year but still at a relatively high level in the same historical period. This year's production in Indonesia has recovered beyond market expectations, and Gapki has recently raised this year's production forecast to 56 - 57 million tons, a year - on - year increase of 8 - 10%. Some reports predict that the palm oil production in Indonesia in the 2025/26 season will be 51 million tons, 4% higher than the previous forecast but still lower than last year. The production forecast for the 2024/25 season has been raised to 53 million tons, reflecting better - than - expected production in July and August. Overall, the market has different forecasts for the production of Indonesian palm oil in the new year [10]. - The Indonesian Statistics Bureau shows that the exports of palm oil and refined palm oil from January to September this year were 17.58 million tons, a year - on - year increase of 11.62% [10]. 3.1.3 International Market - Indian Palm Oil and Edible Oil - Due to increased domestic inventory, weak demand in the food industry, and a narrowing price difference with other oilseeds, India's palm oil imports in October dropped to a five - year low of 750,000 tons. The main reason for the decrease in imports is the sufficient inventory in Indian ports and warehouses, currently holding over 1.2 million tons of edible oil. In addition, the relatively low prices of soybean oil and sunflower oil have prompted refineries to change their preferences [13]. - Traders said that India's total edible oil imports in the 2024/25 season increased slightly by 0.3% year - on - year to 16 million tons. Among them, palm oil imports decreased by 16% year - on - year to 7.56 million tons, the lowest level in five years; soybean oil imports increased by 61.6% year - on - year to a record 5.56 million tons; and sunflower oil imports decreased by 17.7% year - on - year to 2.88 million tons, the lowest level in three years. This week, there were rumors that India had purchased over 100,000 tons of palm oil and some soybean oil, with the shipping dates mainly concentrated in December and later [13]. 3.1.4 Domestic Palm Oil - As of October 31, 2025 (week 44), the commercial inventory of palm oil in key national regions was 592,800 tons, a decrease of 14,300 tons from the previous week, a decline of 2.36%. Recently, the palm oil inventory has decreased slightly and is at a neutral level in the same historical period. The origin quotes are stable, and the import profit inversion has narrowed, currently around - 300. It is rumored that three ships were purchased this week, and it is expected that the palm oil purchases in October and November will exceed 200,000 tons. The basis is stable. Attention should be paid to future domestic purchases and arrivals [16]. 3.1.5 Domestic Soybean Oil - As of October 31, 2025, the commercial inventory of soybean oil in key national regions was 1.2158 million tons, a decrease of 34,500 tons from the previous week, a decline of 2.76%. Currently, the soybean oil inventory is at a relatively high level in the same historical period, but the inventory inflection point may have been reached, and the basis is strengthening steadily. This week, the total spot trading volume of soybean oil was 81,000 tons, an increase from the previous week, but the overall trading volume is still weak [20]. - China has lowered the import tariff on US soybeans to 13%, but it is still difficult for commercial purchases. However, it is rumored that domestic purchases of US soybeans have begun. Attention should be paid to the purchase rhythm of US soybeans. In the short term, the domestic soybean oil supply is sufficient, the price increase is weak, and there is a lack of obvious drivers. It is expected to maintain a volatile trend [20]. 3.1.6 Domestic Rapeseed Oil - As of October 31, 2025, the coastal rapeseed oil inventory was 514,000 tons, a decrease of 21,000 tons from the previous week. It is still at a high level in the same historical period, but the inventory is continuously decreasing marginally. Currently, the rapeseed inventory has reached the bottom, and the rapeseed crushing volume of major coastal oil mills this week was 0 tons, with an operating rate of 0%. It is rumored that Australian rapeseed will arrive at the end of the year, which is the first export of Australian rapeseed to China in five years. The FOB quote of European rapeseed oil has remained stable at around $1,100, and the import profit inversion of European rapeseed oil has widened to around - 1,100. The market still has a sentiment of holding back sales at high prices, and the domestic rapeseed oil basis is strengthening steadily. It is expected that the coastal inventory decline trend will continue [23]. 3.1.7 Strategy Recommendations - Unilateral strategy: After a significant decline, the oil market has stabilized and is experiencing a technical rebound. However, in the short term, there is still a lack of obvious drivers, and the expected increase is limited. It is recommended to wait and see for the time being [27]. - Arbitrage strategy: Long OI 1 - 5 spread and short P1 - 5 spread [27]. - Option strategy: Wait and see [27]. 3.2 Second Part: Weekly Data Tracking - The report provides a large amount of data on the production, export, inventory, consumption, and price of palm oil, soybean oil, and rapeseed oil in Malaysia, Indonesia, India, and the domestic market, as well as data on the import, consumption, and basis of various oils in the domestic market [31][38][43]. These data are presented in the form of tables and charts, including monthly and weekly data, which can be used to track the market trends of the oil industry.

Core Insights - The domestic futures market for oilseeds and oils showed significant gains on November 6, with the main soybean futures rising nearly 2% [1] - The main contracts for various oilseed products experienced mixed performance, with some increasing while others, like peanuts, saw a slight decline [1] Price Movements - Soybean oil futures opened at 8138.00 and closed at 8120.00, while palm oil opened at 8582.00 and closed at 8618.00 [2] - The main contracts for canola meal and soybean meal also showed upward trends, with canola meal rising to 2547.00 and soybean meal to 3073.00 [1][2] Warehouse Receipt Data - As of November 5, the number of warehouse receipts for canola oil decreased by 702 to 8738, while palm oil receipts increased by 650 to 650 [3] - Soybean meal receipts decreased by 210 to 42122, and soybean oil receipts decreased by 200 to 27444 [3] Basis and Spot Prices - The basis for canola oil was reported at 302, with a basis rate of 3.10%, indicating that the spot price is higher than the futures price [4] - Other products like soybean and palm oil also showed positive basis values, reflecting a similar trend in the market [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report presents the latest weekly data on the breeding industry chain, including the latest values, previous values, and weekly changes of various indicators for both soybean meal and oils, aiming to provide a data - based reference for the market situation of these products. 3. Directory Summaries 3.1 Soybean Meal Data - The 43% protein soybean meal's aggregated average price is 3067.00 yuan/ton, up 2.61% week - on - week [2]. - The soybean meal's futures - spot price difference is 41.00 yuan/ton, down 28.07% week - on - week [2]. - The output of 111 sample soybean meal enterprises is 154.68 million tons, down 4.42% week - on - week [2]. - The daily trading volume of soybean meal is 104300.00 tons, up 8.42% week - on - week [2]. - The apparent consumption of 111 sample soybean meal enterprises is 146.46 million tons, down 4.36% week - on - week [2]. - The inventory of 111 sample soybean meal enterprises is 102.25 million tons, up 8.74% week - on - week [2]. - The basis of the soybean meal's spot main contract is 101.29 yuan/ton, down 19.25% week - on - week [2]. 3.2 Oil Data - Palm oil inventory in China is 59.28 million tons, down 2.36% week - on - week [5]. - Rapeseed oil inventory in China is 51.60 million tons, down 3.73% week - on - week [5]. - Soybean oil inventory in China is 121.58 million tons, down 2.76% week - on - week [5]. - The futures - spot price difference of palm oil in China is - 1.00 yuan/ton, up 100.00% week - on - week [5]. - The futures - spot price difference of rapeseed oil in China is 488.00 yuan/ton, up 3.83% week - on - week [5]. - The futures - spot price difference of soybean oil and palm oil in China is - 318.00 yuan/ton, down 48.71% week - on - week [5]. - The basis of the palm oil's spot main contract is - 42.00 yuan/ton, down 167.74% week - on - week [5]. - The basis of the rapeseed oil's spot main contract is 356.50 yuan/ton, up 20.54% week - on - week [5]. - The basis of the soybean oil's spot main contract is 250.74 yuan/ton, down 17.69% week - on - week [5].

Group 1 - Canada is expected to have a bumper crop of canola for the 2025/2026 season, with a production estimate of 20.028 million tons, a 12% increase year-on-year, despite a 2% decrease in planting area [2] - Canadian canola exports are projected to decline by 7% to 7 million tons, with only 1.095 million tons exported as of October 17, compared to 2.599 million tons during the same period last year [2] - The carryover stock of Canadian canola is expected to rise significantly by 92% to 2.5 million tons, indicating a substantial increase in inventory pressure [2] Group 2 - Russia's canola production is projected to increase to 5.5 million tons, with a corresponding rise in canola oil exports, as China continues to import Russian canola oil [3] - Australia is in its canola harvest season, with an expected production of 6.4 million tons, but exports to China will be limited as Australia prioritizes meeting EU demand [3] - China's canola imports have sharply decreased to 2.446 million tons in the first nine months of the year, down from 4.23 million tons in the same period last year, with significant declines in imports from Canada and Russia [4] Group 3 - Domestic oilseed crushing has significantly slowed, with coastal oil mills reporting only 0.6 thousand tons of canola stock remaining as of October 24 [4] - The domestic supply of canola oil is heavily reliant on imported canola seeds, with a total canola oil supply of approximately 2.6 million tons in the first nine months, a 14% decrease year-on-year [5] - The demand for canola meal remains stable, with imports of canola meal from Dubai and India increasing despite a 35.5% decrease in imports from Canada due to tariffs [4][5]

Core Insights - The domestic futures market for oilseeds and oils showed a positive trend on November 3, with the main contract for rapeseed meal rising over 4% [1] - The main contracts for palm oil and soybean meal also experienced increases, while soybean oil saw a slight decline [1] Price Movements - Rapeseed meal main contract rose by 4.14% to 2489.00 CNY/ton - Palm oil main contract increased by 1.41% to 8676.00 CNY/ton - Soybean meal main contract went up by 1.60% to 3053.00 CNY/ton - Soybean oil main contract decreased by 0.56% to 8106.00 CNY/ton [1][2] Warehouse Data - As of October 31, the warehouse receipts for soybean oil remained stable at 27,644 lots - The warehouse receipts for soybean one increased by 48 lots to 7,238 lots - The warehouse receipts for soybean meal remained unchanged at 42,332 lots [3] Basis Data - The phenomenon of "backwardation" was observed in several contracts, where spot prices exceeded futures prices - For example, the basis for rapeseed oil was 284 CNY with a basis rate of 2.91% - The basis for rapeseed meal was 103 CNY with a basis rate of 4.13% [3]

Core Viewpoint - The domestic oilseed market experienced a mixed performance on August 26, with palm oil futures declining over 1% while peanut futures saw a slight increase of 0.31% [1] Price Movements - As of August 26, the main futures prices are as follows: - Palm oil down 1.14% at 9504.00 CNY/ton - Soybean meal down 0.64% at 3090.00 CNY/ton - Rapeseed meal down 0.39% at 2549.00 CNY/ton - Peanut up 0.31% at 7802.00 CNY/ton [1][2] Warehouse Receipt Data - As of August 25, warehouse receipt data indicates: - Soybean oil futures unchanged at 15760 contracts - Palm oil futures unchanged at 0 contracts - Rapeseed oil futures unchanged at 3987 contracts - Soybean meal futures unchanged at 10925 contracts - Rapeseed meal futures decreased by 187 contracts to 8101 contracts - Soybean futures decreased by 115 contracts to 12082 contracts [3] Basis and Basis Rate - The basis and basis rates for various commodities are as follows: - Rapeseed oil: Basis 116, Basis Rate 1.16% - Rapeseed meal: Basis 61, Basis Rate 2.33% - Palm oil: Basis 24, Basis Rate 0.25% - Soybean: Basis 302, Basis Rate 7.02% - Soybean meal: Basis 10, Basis Rate 0.32% - Soybean oil: Basis 96, Basis Rate 1.12% [4]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core View of the Report - Short - term palm oil: 7 - month Malaysia palm oil inventory accumulation was less than expected, and it is expected to continue to increase production and accumulate inventory in August. Indonesia's production increased significantly in June, but the inventory remained low, and the price was firm. The short - term market may experience a callback due to weakened sentiment, but the callback range is expected to be limited, maintaining a buy - on - dips strategy [4][27]. - Short - term soybean oil: The US SRE application ruling has limited impact on the demand for biofuels. August is the critical growth period for US soybean pod setting. Weather conditions in August need to be closely monitored. If the weather is unfavorable, there is a risk of yield decline. There are rumors of domestic soybean oil exports. Supported by factors such as US biodiesel, soybean oil has strong support at the bottom and is expected to maintain a volatile and upward trend in the short term [4][22][27]. - Short - term rapeseed oil: The domestic rapeseed oil fundamentals have not changed much, with a supply - exceeding - demand pattern continuing. However, rapeseed oil inventory is gradually decreasing slightly, and there is still support at the bottom [4][25][27]. 3. Summary by Relevant Catalogs 3.1 Recent Core Events & Market Review - Palm oil production and inventory: SPPOMA estimates that Malaysia's palm oil production from August 1 - 20 increased by 0.3% month - on - month, while MPOA estimates a 3% increase. Gapki data shows that Indonesia's palm oil production in June increased by 16% to 529 million tons, and inventory decreased to 253 million tons [4][8][12]. - US SRE application ruling: Among 175 SRE applications, 63 (36%) got full exemption, 77 (44%) got partial exemption, 28 (16%) were rejected, and 7 (4%) did not meet the exemption conditions. The total SRE exemption volume from 2016 - 2024 reached 5.34 billion RIN [13]. 3.2 International Market - Malaysia palm oil: It is estimated that the production in August will be around 1.88 million tons. The export in August was average, and the inventory is expected to increase to 2.2 - 2.3 million tons. The CPO spot price is oscillating strongly around 4,400 ringgit, and the later decline space may be limited [8]. - Indonesia palm oil: The production in June increased significantly, and the inventory continued to decrease. The annual production is expected to increase by more than 2 million tons year - on - year. The CPO tender price is oscillating strongly, and the inventory is expected to remain below 3 million tons in the next few months [12]. 3.3 Domestic Market - Domestic soybean oil: As of August 15, 2025, the commercial inventory was 1.1427 million tons, with a slight increase. The import volume of soybeans in August and September is expected to be 10 million tons per month on average, and the inventory will continue to accumulate. However, with factors such as reduced soybean arrivals and export rumors, there may be a slight inventory reduction later. Supported by US biodiesel, it is expected to maintain a volatile and upward trend [22]. - Domestic palm oil: As of August 15, 2025, the commercial inventory was 617,300 tons, with an increase of 2.92%. The import profit has improved, and the number of purchases has increased. The fundamentals are good, and it is advisable to buy on dips [19]. - Domestic rapeseed oil: As of August 15, 2025, the coastal rapeseed oil inventory was 660,000 tons, showing a continuous marginal decline. The import profit has an expanded deficit, and there are rumors of contract cancellations. The spot market is weak, and the basis is stable with a slight decline. It is expected to maintain a wide - range oscillation [25]. 3.4 Strategy Recommendation - Unilateral strategy: Short - term oils may experience a callback, and it is advisable to buy on dips after the callback [29]. - Arbitrage strategy: Consider doing a positive spread on P1 - 5 after the callback [29]. - Option strategy: Stay on the sidelines [29].

Group 1 - Report title: Weekly Oil Report: Malaysian Palm Oil Inventory Build-up Slightly Exceeds Expectations, Focus on Australian Prime Minister's Visit to China [1] - Core events and market review: MPOB data shows that Malaysia's palm oil inventory at the end of June reached 2.03 million tons, a 2.4% increase month-on-month; Canada's rapeseed exports decreased by 72.1% to 48,400 tons in the week ending July 6; influenced by positive macro sentiment, oils rose significantly this week, but the momentum for further increase weakened after the rapid rise [4] Group 2 - International market - Malaysian palm oil: In June, Malaysia's palm oil inventory build-up slightly exceeded expectations, with production down 4.48% to 1.69 million tons and exports dropping to 1.26 million tons; SPPOMA data indicates that the production of Malaysian palm oil may increase month-on-month in July, and ITS predicts a 5.31% month-on-month increase in exports in the first 10 days of July [8] - International market - Canadian rapeseed: The international cost - performance of Canadian rapeseed declined, with exports decreasing by 72.1% week-on-week; the new planting area was adjusted down by 80,000 hectares; there is still a risk of drought, and Oil World predicts a potential production cut of about 1.86 billion tons [10] Group 3 - Domestic palm oil: As of July 4, 2025, the commercial inventory of palm oil in key regions across the country was 538,100 tons, a 0.13% week-on-week increase; the basis fluctuated weakly; the spot market trading was light; it's expected to have limited upward space and may experience a slight correction, maintaining a sideways movement overall [13] - Domestic soybean oil: In June, the soybean crushing volume of 111 plants was about 8.95 million tons, and the soybean oil output was about 1.7 million tons; as of July 4, 2025, the commercial inventory of soybean oil in key regions across the country was 1.0197 million tons, a 6.75% week-on-week increase; the basis was stable to slightly weak; the trading volume of soybean oil spot increased week-on-week but remained at a historically low level; it's expected to maintain a sideways movement [18] - Domestic rapeseed oil: Last week, the rapeseed crushing volume of major coastal oil mills was 47,000 tons; as of July 4, 2025, the coastal rapeseed oil inventory was 719,000 tons, a 28,000 - ton week-on-week decrease; the import profit of European rapeseed oil was significantly narrowed; the spot market was light; the market is watching the Australian Prime Minister's visit to China on Saturday [21] Group 4 - Strategy recommendation: Unilateral strategy - In the short term, the upward movement of oils is losing steam, may experience a slight correction, and maintain a sideways trend overall. Consider buying on dips. Arbitrage strategy - Hold. Option strategy - Hold [25] Group 5 - Weekly data tracking: The report also tracks data on Malaysian and Indonesian palm oil production, exports, and inventory, international soybean oil market, Indian oil supply and demand, domestic rapeseed oil and palm oil import profits, domestic oils' supply and demand, basis, and inventory [27]

Core Viewpoint - The domestic oilseed market shows mixed performance, with canola meal futures rising while other oil futures decline as of June 30, indicating volatility in the sector [1]. Price Movements - Canola meal futures increased by 1.14% to 2572.00 CNY/ton - Canola oil futures decreased by 0.43% to 9421.00 CNY/ton - Palm oil futures fell by 0.69% to 8308.00 CNY/ton - Soybean oil futures dropped by 0.32% to 7976.00 CNY/ton [1][2]. Futures Market Data - Soybean oil opened at 7994.00 CNY, closing at 8002.00 CNY - Palm oil opened at 8366.00 CNY, closing at 8366.00 CNY - Canola oil opened and closed at 9466.00 CNY - Soybean meal opened at 2942.00 CNY, closing at 2938.00 CNY - Canola meal opened at 2558.00 CNY, closing at 2543.00 CNY [2]. Warehouse Receipt Data - Soybean oil warehouse receipts remained stable at 18882 lots - Palm oil warehouse receipts increased by 470 lots to 470 lots - Canola oil warehouse receipts remained stable at 300 lots - Soybean meal warehouse receipts rose by 9610 lots to 35561 lots - Canola meal warehouse receipts decreased by 1141 lots to 21544 lots [3]. Basis and Spot Prices - Canola meal spot price is 2475 CNY, with a futures price of 2509 CNY, resulting in a basis of -68 CNY and a basis rate of -2.75% - Palm oil spot price is 8586 CNY, with a futures price of 8366 CNY, resulting in a basis of 220 CNY and a basis rate of 2.56% - Soybean one spot price is 4295 CNY, with a futures price of 4144 CNY, resulting in a basis of 151 CNY and a basis rate of 3.52% - Soybean meal spot price is 2906 CNY, with a futures price of 2938 CNY, resulting in a basis of -32 CNY and a basis rate of -1.10% - Soybean oil spot price is 8254 CNY, with a futures price of 8002 CNY, resulting in a basis of 252 CNY and a basis rate of 3.05% [4].