宝城期货豆类油脂早报-20250507

Report Industry Investment Rating - Not provided Core View of the Report - The report analyzes the price trends and driving factors of several agricultural products in the commodity futures market, including soybean meal, palm oil, and soybean oil, with a short - term view of "oscillating weakly" for all these products and a medium - term view of "oscillating" [6][7][8] Summary According to Relevant Catalogs Soybean Meal (M) - Price Trend: Short - term, medium - term, and intraday views are all "oscillating weakly", with a reference view of "oscillating weakly" [6][7] - Driving Factors: CBOT soybean futures declined for two consecutive days due to concerns about international trade tensions and falling soybean oil futures. Domestic soybean meal spot prices in North and Northeast China stabilized, and the decline of soybean meal futures slowed. The average arrival volume of imported soybeans from May to July is large, and the market focuses on oil mill operation plans,提货 rhythms, and downstream inventory procurement dynamics. The overall price of soybean products is under pressure as supply expectations improve [6] - Core Logic: Import arrival rhythm, customs clearance inspection, North American spring sowing weather, oil mill operation rhythm, and备货 demand [7] Palm Oil (P) - Price Trend: Short - term, medium - term, and intraday views are all "oscillating weakly", with a reference view of "oscillating weakly" [7][8] - Driving Factors: Under the double pressure of rising inventory and weak demand, Malaysian palm oil prices are continuously under pressure. The decline in international oil prices also casts a shadow over the outlook for Indonesian biofuel demand. Both Malaysian and domestic palm oil inventories are expected to rise, and the short - term palm oil futures price lacks obvious drivers, following the trend in the oil and fat sector passively, with a bearish market sentiment [8] - Core Logic: Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2509) - Price Trend: Short - term, medium - term, and intraday views are all "oscillating weakly", with a reference view of "oscillating weakly" [7] - Core Logic: US tariff policies, US soybean oil inventory, biodiesel demand, domestic oil mill inventory, and channel备货 demand [7]