Soybean oil continues to maintain a bottom-range narrow consolidation pattern, with the core logic of weak demand versus ample supply unchanged. On the supply side, domestic oil mill operating rates remain high, and feedstock supplies continue to increase. With the approaching peak of subsequent soybean arrivals, inventory accumulation pressure persists, exerting a core suppression on prices. On the demand side, it is currently the off-season for consumption, domestic spot transaction activity remains sluggish, and essential demand provides lackluster support. However, there is marginal support for prices on the futures board, with strong sentiment among spot holders to firm up prices. Export demand provides some assistance, while institutional net long positions are notable, indicating capital recognition of the market's downside resilience.