申万期货品种策略日报：油脂油料-20250508

Report Investment Rating - Not provided in the documents Core Views - Analysts predict the 2025/2026 US soybean yield to be 4.338 billion bushels, with a range of 4.3 - 4.4 billion bushels, lower than the USDA's 4.37 billion bushels from the Agricultural Outlook Forum [2] - Anec expects Brazil's May 2025 soybean exports to be 12.6 million tons and soybean meal exports to be 1.87 million tons, both lower than last year [2] - Protein meal: Night - trading of soybean and rapeseed meal oscillated. The market is cautious about the Sino - US economic and trade talks. US soybean exports face pressure, and the abundant domestic supply in Q2 will pressure prices [2] - Oils: Night - trading of palm oil was weakly oscillating, while soybean and rapeseed oils rose. The short - term domestic soybean supply is tight, but will be sufficient in Q2. Palm oil fundamentals are weaker due to the production - increasing season [2] Summary by Related Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, etc. are given, with price changes and percentage changes. For example, soybean oil rose 26 points (0.34%), palm oil fell 60 points (-0.75%) [1] - Spreads and Ratios: Spreads and ratios such as Y9 - 1, P9 - 1, etc. are presented, showing current and previous values [1] International Futures Market - Prices and Changes: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, etc. are provided, along with price changes and percentage changes. For example, BMD palm oil fell 94 points (-2.42%) [1] Domestic Spot Market - Prices and Changes: Spot prices of various oils and meals in different regions are given, with percentage changes. For example, Tianjin's first - grade soybean oil rose 0.12% [1] - Basis and Spreads: Spot basis and spreads are presented, showing current and previous values [1] Import and Crushing Profit - Values and Changes: Import and crushing profit values for different products are given, showing current and previous values. For example, the profit of near - month Malaysian palm oil improved from - 838 to - 769 [1] Warehouse Receipts - Quantities and Changes: Warehouse receipt quantities for different products are provided, showing current and previous values. For example, the soybean oil warehouse receipt quantity remained at 5,355 [1]