宝城期货豆类油脂早报-20250520

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Views of the Report - The domestic soybean meal market is trading on the "weak reality, strong expectation" logic due to increased imported soybean arrivals and rising oil - mill operating rates. Short - term soybean meal futures prices are expected to fluctuate weakly. - The international palm oil market is full of uncertainties. The short - term palm oil futures prices are expected to fluctuate weakly, and the overall oil market remains in a wide - range oscillation range. [5][7] 3) Summary by Relevant Catalogs For Soybean Meal (M) - Time - cycle Views: The intraday view is weakly oscillating, the mid - term view is oscillating, and the reference view is weakly oscillating. - Core Logic: With more imported soybeans arriving and most oil mills' operating rates rising, the domestic market trades on the "weak reality, strong expectation" logic. The US soybean market is more sensitive to yield risks and trade - policy changes. The spread between domestic and foreign soybean futures has been gradually repaired, and short - term soybean futures prices are expected to fluctuate weakly. [5] For Palm Oil (P) - Time - cycle Views: The short - term, mid - term, and intraday views are all weakly oscillating, and the reference view is also weakly oscillating. - Core Logic: The international oil market is full of uncertainties. The US soybean oil biodiesel demand is unclear, and Indonesia's export tax increase affects its export advantage, boosting Malaysia's palm oil exports. However, Malaysia's palm oil is in a stage of both increasing production and demand and cannot have an independent market. Rapeseed oil is the strongest among the three major oils and has some positive influence on palm oil. Overall, the oil market remains in a wide - range oscillation range, and short - term palm oil futures prices are expected to fluctuate weakly. [7]