Galaxy Futures: Currently, domestic oil and fat inventories are at a neutral to slightly high level.

MPOB shows that Malaysia’s palm production in May decreased in line with MPOA’s estimate; however, the export decline exceeded expectations, resulting in weak performance. In May, inventories increased more than expected. The report’s impact is neutral to slightly bearish. After the market opened lower, it rebounded.

Domestic soybean oil inventories are relatively high. However, in the near term, there are ongoing soybean oil exports from within China, which provides some support to soybean oil prices. As the peak period for soybean arrivals approaches, soybean oil may begin to accumulate (build inventories). Soybean oil lacks a clear catalyst.

In recent days, domestic rapeseed purchases have continued. As rapeseed arrives in large quantities, domestic rapeseed will generally not be in short supply afterward, and rapeseed oil inventory accumulation is expected to accelerate, with supply expectations tending to be more relaxed. At present, China’s domestic edible oil inventories are at a neutral to slightly high level, and overall domestic edible oil supplies are not tight. (Galaxy Futures)