宝城期货豆类油脂早报-20250516

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The overall view of the agricultural products sector in commodity futures is that the prices of soymeal and palm oil are showing signs of weakness. The internal and external linkages of soybeans have strengthened after the price difference repair, and the decline in US soybean futures prices has put pressure on the domestic soybean market. The increase in the arrival of imported soybeans and the gradual recovery of oil refinery operating rates have led to a short - term decline in the basis of soymeal, with its futures prices showing a weak and volatile trend. The overall trend of edible oil futures is weak, and the lack of driving factors for palm oil has caused it to be dragged down by the soybean oil market, resulting in a weak operation of its futures prices [5][7]. 3. Summary by Variety Soymeal (M) - Intraday View: Weak and volatile [5] - Medium - term View: Volatile [5] - Reference View: Weak and volatile [5] - Core Logic: After the repair of the price difference between domestic and foreign soybeans, the internal - external linkage has increased. The decline in US soybean futures prices due to concerns about the demand for biodiesel made from US soybean oil has put pressure on the domestic soybean market. The increase in the arrival of imported soybeans and the gradual recovery of oil refinery operating rates, along with the incomplete recovery of the oil refinery's shipping rhythm, have led to a short - term decline in the basis of soymeal [5]. Palm Oil (P) - Intraday View: Weak [7] - Medium - term View: Volatile [7] - Reference View: Weak [7] - Core Logic: The overall trend of edible oil futures is weak, with some short - term funds leaving the market. The US soybean oil futures hitting the daily limit down due to the lower - than - expected demand for biodiesel made from US soybean oil has dragged down the domestic soybean oil futures prices. Palm oil lacks driving factors and is dragged down by the soybean oil market, resulting in a weak operation of its futures prices [7].