宝城期货豆类油脂早报（2025 年 6 月 27 日）-20250627

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View The report provides short - term, medium - term, and intraday views on several agricultural commodity futures, suggesting that the prices of soybean meal, palm oil, and soybean oil are likely to be oscillating strongly in the short - term and strong in the medium - term [5][6][7]. 3. Summary by Variety Soybean Meal (M) - View: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - Core Logic: US soybean产区 weather has improved, causing the US soybean futures price to show weather - driven fluctuations and decline. The market focus will shift to the July - August weather's impact on yield. The domestic soybean market follows the US soybean futures price, and after continuous price drops, it may stabilize [5]. Palm Oil (P) - View: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - Core Logic: As the impact of international oil prices weakens, the palm oil market returns to its fundamentals. Malaysia's reduction of crude palm oil export tax and Brazil's increase in the mandatory biodiesel blending ratio boost demand. Active oil - meal arbitrage funds also support the price [7]. Soybean Oil (Y) - View: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [6] - Core Logic: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].