Galaxy Futures: Approaching holidays, prices fluctuate and retreat, with oils and fats generally maintaining wide-range volatility

Recently, fats and oils have been significantly affected by trade and policy expectations, experiencing a rapid rise earlier and a recent slowdown with some pullback. Malaysian palm oil January production was reduced as scheduled to clear stocks, but due to high base levels, palm oil inventories may remain relatively high. However, inventories in Malaysia and Indonesia have diverged, and combined stocks in both countries are still not considered ample. The positive outlook for U.S. soybean meal is expected to benefit U.S. soybean oil demand, which could be a potential bullish factor for soybean oil. However, overall, soybean oil lacks a clear core contradiction, and market rumors suggest China may increase its soybean purchase commitments to 20 million tons this season, with a new round of stockpiling possibly occurring after the holiday, which could delay supply pressure for soybean oil. In the short term, rapeseed oil maintains a slight destocking pace, providing some support to prices. As fats and oils continue to retrace, rapeseed oil will likely follow suit, but with limited downside space, as support levels are expected to hold. Currently, domestic rapeseed oil remains affected by policy disturbances. (Galaxy Futures)