Golden Ten Futures, November 14th, from the perspective of production, the trend is very obvious, and the production of horse palm is accelerating. In Indonesia, the production area suffered a long-term drought in August-October last year, which directly led to the anti-seasonal production reduction in the third quarter of this year. From the perspective of inventory, according to the current production reduction situation, inventory repair is very difficult. Unless exports continue to decline sharply, by the first quarter of next year, horse palm inventories will most likely fall to the position in early 2022. India's palm oil imports are still strong. According to ITS data, the share of horse palm exports to India in October has been increasing month-on-month. In short, palm oil is currently expected to be strong and realistic, and the implementation of B40 may be delayed by 1 to 2 months. However, the pattern of weak supply and strong demand for palm oil is difficult to change in the short and medium term, and the price has not peaked yet.