宝城期货豆类油脂早报-20250612

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - The short - term trading logic of the soybean market comes from weather themes and the prospects of Sino - US trade relations, with a continued staged rebound trend. The internal and external soybean futures prices are still in an upward - prone and downward - resistant pattern [5]. - Although there is disappointment about the lack of agricultural content in the details of the Sino - US trade agreement, soybean oil prices are supported by the latest policy expectations of the US Department of Energy. The short - term futures prices of US soybean oil stop falling and rebound, which drives up domestic soybean oil prices [7]. - The Malaysian palm oil inventory has increased for three consecutive months, putting pressure on the palm oil market. The domestic palm oil lacks its own driving force and fluctuates following the international oil market in the short term, with limited rebound space [8]. 3. Summary by Variety 3.1. Soybean Meal (M) - View: The intraday view is strongly volatile, and the medium - term view is sideways. The reference view is strongly volatile [5]. - Core Logic: Sino - US principles have reached an agreement framework, with positive expectations for US soybean exports. The US soybean futures prices continue to show weather - market volatility characteristics [5]. 3.2. Soybean Oil (Y) - View: The intraday view is strongly volatile, and the medium - term view is sideways. The reference view is strongly volatile [6][7]. - Core Logic: Driven by the latest policy expectations of the US Department of Energy, the futures prices of US soybean oil stop falling and rebound, bringing a linkage boost to domestic soybean oil prices [7]. 3.3. Palm Oil (P) - View: The intraday view is strongly volatile, and the medium - term view is sideways. The reference view is strongly volatile [6][8]. - Core Logic: The Malaysian palm oil inventory has increased for three consecutive months, and the market is under pressure. The domestic palm oil lacks its own driving force and fluctuates following the international oil market in the short term [8].