中国大豆油库存激增至纪录水平，因加工率提升扩大了供应，而食用油的消费仍然低迷。
China’s soybean oil inventories surged to a record as elevated crushing rates boosted supplies while consumption of the edible oil remained sluggish.
全球最大的大豆进口国一直从巴西和美国采购油料，以养殖其庞大的畜牧业，同时履行北京在贸易停火期间购买美国货运的承诺。但加工率提升导致大豆油供应增加，而随着经济放缓，消费者在外就餐的频率下降。
The world’s largest soybean importer has been scooping up the oilseed from both Brazil and the US to feed its massive livestock herd, while also fulfilling Beijing’s pledge to buy American shipments under a trade truce. But elevated crushing rates have swelled soybean oil supplies while consumers cut back on dining out as the economy slows.
截至周五，商业大豆油库存升至近150万吨，同比上涨4.3%，为该季节自2024年以来最高，中国咨询公司Mysteel在周一晚间发布的报告中称。
Commercial soybean oil stocks in the nation as of Friday rose to nearly 1.5 million tons, up 4.3% from a year ago, hitting the highest for the time of year since at least 2024, China based consultancy Mysteel said in a report released late Monday.
该国十月份的每周豆粕库存也升至两年多来的最高水平，随后略有回落。
Weekly soymeal stocks in the nation also rose to the highest in more than two years in October, before falling back slightly.
中粮期货武汉分公司在周二的报告中指出，尽管加工厂的高运行率使产出速度快于销售和交付，但大豆油库存压力仍未显著缓解。
Soybean oil inventory pressure has yet to ease substantially, as high operating rates at crushing plants have generated output faster than it can be sold and delivered, COFCO Futures’ Wuhan branch said in a note Tuesday.
面对过剩供应，中国生产商被迫加大海外销售。前九个月的大豆油出口量较去年增长超过三倍，达到近80万吨。
Sitting on excess supply, Chinese producers have been pushed to sell more overseas. Outbound shipments of soybean oil in the first nine months surged more than three-fold from a year ago, to nearly 800,000 tons.
大连商品交易所最活跃的大豆油期货跌幅最高达1%，因国内供应充足对价格形成压制。原油价格亦受美国‑伊朗和平谈判乐观情绪影响大幅下跌，进一步压低大豆油价格。
The most actively traded soybean oil futures on Dalian Commodity Exchange fell as much as 1% as abundant domestic supplies weigh. Prices were also under pressure from crude oil, which had plunged on optimism about US-Iran peace talks.