宝城期货豆类油脂早报-2025-04-02

Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. Core View of the Report The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, all of which are considered to be oscillating and strengthening. It also elaborates on the core logic behind these views for each commodity [6][7][8]. Summary According to Relevant Catalogs 1. Soybean Meal (M) - View: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [6]. - Core Logic: The US Department of Agriculture's oilseed crushing monthly report showed that the US soybean crushing volume in February was slightly higher than market expectations, boosting US soybean futures prices. Domestic soybean futures prices follow the upward trend. However, there is an expectation of a weaker domestic supply - demand environment in the future, and risks such as the weakening of the far - month basis and inventory reconstruction should be watched out for. The upward space of short - term soybean meal futures prices is limited [6]. 2. Soybean Oil (Y) - View: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [8]. - Core Logic: The US government plans to raise the biofuel blending target, which drives the soybean oil market sentiment. The US Department of Agriculture's report shows that the US soybean oil inventory at the end of February decreased more than expected year - on - year, supporting the futures prices. Domestic soybean oil futures prices are mainly affected by raw material soybean costs and the linkage with US soybean oil futures prices [8]. 3. Palm Oil (P) - View: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [9]. - Core Logic: Currently, there is no obvious driver for the three major oil futures, and capital attention has declined. The recent improvement in palm oil exports has boosted its futures prices. With the continuous decline of domestic palm oil inventory, trading sentiment has recovered. However, short - term high - frequency data only has a short - term impact on prices, and short - term trading is advisable [9].