Soybean oil night trading retreated from intraday highs. External factors such as US soybean price movements and biofuel policy expectations have not yet been fully priced in, and futures prices are expected to fluctuate in a range-bound manner. However, the domestic crush margin environmentwith high operating rates and high crushing volumesis unlikely to change in the short term, leading to continued accumulation of soybean oil inventories. Coupled with downstream resistance to high prices and weaker-than-expected release of dual-holiday (Mid-Autumn and National Day) stocking demand, spot basis remains under downward pressure. Going forward, attention should be paid to weather changes in US soybean production areas, the progress of biofuel policy implementation, and adjustments in crush plant operating rates.