宝城期货豆类油脂早报-20250617

Report Overview - Report Name: Baocheng Futures' Morning Report on Beans and Oils (June 17, 2025) [1] - Research Focus: Commodity futures in the agricultural products sector, including soybean meal, soybean oil, and palm oil 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report 2. Report's Core View - The overall trend of the beans and oils market is positive, with short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil all being either "strong" or "slightly strong" [5][6][7][9] 3. Summary by Variety Soybean Meal (M) - View: Intraday view is slightly strong, medium - term view is strong, and the reference view is slightly strong [5][7] - Core Logic: The positive outlook of the US biofuel policy boosts the demand for US soybean crushing. As US soybeans enter the weather - sensitive period, they tend to rise. The domestic soybean market is supported by the US soybean futures price, and the upward trend continues. The linkage between beans and oils is strengthening. Also, factors such as import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand affect the market [5][7] Soybean Oil (Y) - View: Intraday and medium - term views are strong, and the reference view is strong [6][7][8] - Core Logic: The improving outlook for US bio - energy demand has led to the US soybean oil futures price hitting the daily limit for two consecutive days, which significantly boosts the domestic oils and fats sector. The strengthening of international oil prices also has a spill - over effect on the oils and fats sector. Although the domestic oil mill's soybean oil inventory is still accumulating, the market trading logic focuses on the US soybean oil in the external market and the cost support of raw soybeans, making the soybean oil futures price turn strong [8] Palm Oil (P) - View: Intraday and medium - term views are strong, and the reference view is strong [7][9] - Core Logic: The overall oils and fats market is strong. The strong performance of US soybean oil futures and the strengthening of international oil prices have made the biodiesel attribute of palm oil prominent. Market sentiment has improved significantly, and funds have flowed back into the palm oil market. With the enhanced linkage between beans and oils, the oils and fats market has entered a rebound channel, and domestic palm oil has shown high price elasticity and led the rebound of the oils and fats sector [9]