# [Viewpoint] Nanhua Futures: Oils to rebound short term, palm oil leads gains but weak fundamentals cap upside

> Overnight, palm oil main contract rose 2.06% to 8,954 yuan/t, canola oil rose 1.42% and soybean oil rose 0.79%, with WTI and Brent crude up about 1.7% and 1.8%. Following the USDA November report, which came in bullish with lower US soybean yield and ending stocks than expected, oils rebounded for a second day. Analysts say high inventories, weakening soybean oil state reserve auction uptake and softer Malaysian exports limit the rally.

- Date: 2026-11-12 · published 2026-11-12T03:06:17.185Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/94776-viewpoint-nanhua-futures-oils-to-rebound-short-term-palm-oil-leads-gains-but
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The USDA surprise supports soybean oil and palm oil prices, but high palm and soyoil stocks and fading export demand cap the upside for feed-related fats. Medium-term support remains from El Niño-related output risk and biodiesel policy.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Sources

- goodsfu.10jqka.com.cn: https://goodsfu.10jqka.com.cn/20261112/c681732945.shtml

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.