The main contract of DCE soybean oil is undergoing position rolling, with the Y2605-Y2609 contract spread weakening and market expectations moving toward a flat structure. The directional trend continues to revolve around the Middle East situation. As crude oil prices remain relatively strong, domestic vegetable oils are expected to stay range-bound at high levels in the short term. On the spot side, pickup demand may slow after the holiday, and spot basis is expected to gradually converge toward the MayJune levels.