申万期货品种策略日报：油脂油料-20250512

1. Report Industry Investment Rating - No relevant information provided in the given content 2. Core View of the Report - The export volume of Malaysian palm oil from May 1 - 10 decreased by 9% compared to the same period last month, and the palm oil market is affected by the entry into the production - increasing season, with a weakening fundamental situation compared to other oils. The export situation of US soybeans is still under pressure, and the domestic supply of soybeans and soybean meal in the second quarter is expected to be sufficient, which will continue to put pressure on the price. [3] 3. Summary by Relevant Content 3.1 Domestic Futures Market - Futures Price Changes: The previous day's closing prices of domestic futures such as soybean oil, palm oil, and others are presented, along with their price changes and percentage changes. For example, the soybean oil main contract closed at 7786, with a price increase of 26 and a percentage increase of 0.34%. [2] - Spread and Ratio - Spread: The current and previous values of spreads and ratio - spreads for various futures are given, such as the Y9 - 1 spread of soybean oil being 54 currently and 62 previously. [2] 3.2 International Futures Market - Futures Price Changes: The previous day's closing prices, price changes, and percentage changes of international futures like BMD palm oil, CBOT soybeans, etc. are provided. For instance, BMD palm oil closed at 3795 ringgit/ton, with a price decrease of 94 and a percentage decrease of - 2.42%. [2] 3.3 Domestic Spot Market - Spot Price and Basis: The current spot prices, percentage changes, and spot basis of domestic products such as Tianjin first - grade soybean oil, Guangzhou 24° palm oil, etc. are shown. For example, the current price of Tianjin first - grade soybean oil is 8180, with a percentage increase of 0.12% and a spot basis of 394. [2] - Spot Spread: The current and previous values of spot spreads between different products are presented, like the spread between Guangzhou first - grade soybean oil and 24° palm oil being - 480 currently and - 550 previously. [2] 3.4 Import and Crushing Profit - The current and previous values of import and crushing profits for products such as Malaysian palm oil, US Gulf soybeans, etc. are given. For example, the current import and crushing profit of near - month Malaysian palm oil is - 769, and the previous value was - 838. [2] 3.5 Warehouse Receipts - The current and previous values of warehouse receipts for futures such as soybean oil, palm oil, etc. are provided. For example, the current warehouse receipt of soybean oil is 5,355, and the previous value was also 5,355. [2] 3.6 Industry Information and Comment - Industry Information: Malaysian palm oil export volume from May 1 - 10 decreased by 9% compared to the same period last month, and a US private exporter reported a sale of 120,000 tons of soybeans to Pakistan. [3] - Protein Meal Comment: The night - session soybean meal was weak. Before the substantial adjustment of tariffs, the export situation of US soybeans is still under pressure. The domestic soybean meal supply is expected to be sufficient in the second quarter, which will put pressure on prices. [3] - Oil Comment: The night - session soybean and palm oils were weakly volatile, while rapeseed oil was strongly volatile. The domestic short - term supply of soy - based oils is tight, but the supply of imported soybeans in the second quarter is sufficient. The fundamental situation of palm oil is weaker than that of other oils. [3]