The United States is simultaneously signaling a willingness to negotiate while strengthening its military deployment in the Middle East, leading the market to question its true intentions. Iran has also reiterated that negotiations have not yet begun, so the risk to crude oil supply remains. Soybean oil futures closed higher in overnight trading with fluctuations, hovering around Yuan 8,550 /ton in recent days. In the spot market, basis continues to rise, with tight pick-up conditions in East and South China. However, after the basis rose to a certain level, the upward pace has slowed, and trading volumes have also declined. The basis is expected to remain volatile and firm before the Qingming Festival. After the holiday, attention should be paid to the conclusion of the stockpiling period and the actual status of plant maintenance shutdowns.