宝城期货豆类油脂早报-20250527

Report Overview - The report is the Baocheng Futures' morning report on beans and oils for May 27, 2025, covering the price trends, driving logics, and investment outlooks of varieties such as soybean meal, palm oil, and soybean oil [1] Industry Investment Rating - Not provided Core Viewpoints - The short - term soybean futures prices will rebound following the external market, but the upside is restricted by the supply recovery expectation; the palm oil price is affected by the soybean oil price, and its supply - demand pattern has slightly improved, with the price still in a wide - range oscillation [5][7] Summary by Variety Soybean Meal (M) - Time - frame Views: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - Core Logic: The weather theme continues to ferment, boosting market sentiment. The US soybean futures price continues to rebound, supporting domestic soybean futures prices. The domestic supply improvement expectation persists, and the oil mill inventory accumulation expectation is increasing. The external soybean futures price is in a rebound, and the impact of market procurement rhythm on price should be noted [5] Palm Oil (P) - Time - frame Views: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - Core Logic: The palm oil futures price was dragged down by the neighboring soybean oil futures price yesterday. The palm oil supply - demand pattern has slightly improved, and the rapeseed oil de - stocking expectation continues. Palm oil and rapeseed oil perform better than soybean oil in the oil market. The impact of short - term capital inflows and outflows on price should be noted, and the palm oil futures price has not broken through the wide - range oscillation recently [7] Soybean Oil - Time - frame Views: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6] - Core Logic: Influenced by US tariff policies, US soybean oil inventory, biodiesel demand, domestic raw material supply rhythm, and oil mill inventory [6]