宝城期货豆类油脂早报-20250703

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The soybean meal futures price may rebound in the short - term as the market sentiment stabilizes. The rise of US soybean futures price, driven by the increase in the expected demand for US soybean crushing due to the US Senate's tax - cut and spending bill and the market's focus on the weather - related yield adjustment from July to August, has led to a rise in the cost of imported soybeans in China [6]. - The palm oil futures price shows a short - term strong and volatile trend. The tightening supply and strong demand of Malaysian palm oil support its price, which in turn boosts the domestic palm oil futures price. The US Senate's fiscal spending bill also boosts the sentiment of the entire oil and fat sector, indirectly benefiting palm oil [8]. 3. Summary according to Relevant Catalogs For Soybean Meal (M) - Time - period Views: Short - term: oscillating; Medium - term: strong; Intraday: strong and volatile; Reference view: strong and volatile [7]. - Core Logic: The US Senate's tax - cut and spending bill includes measures to restrict biofuels from North American sources, which drives up the US soybean oil futures price, increasing the expected demand for US soybean crushing and thus the cost of imported soybeans in China. After the US soybean planting area is determined, the market focuses on the yield adjustment due to weather disturbances from July to August. With the stabilization of market sentiment, the soybean meal futures price may rebound [6]. For Palm Oil (P) - Time - period Views: Short - term: oscillating; Medium - term: strong; Intraday: strong and volatile; Reference view: strong and volatile [7]. - Core Logic: The tightening supply and strong demand of Malaysian palm oil support its price, which has a positive impact on the domestic palm oil futures price. The US Senate's fiscal spending bill on July 1 boosts the US soybean oil futures price, enhancing the sentiment of the entire oil and fat sector and indirectly benefiting palm oil. The obvious return of short - term funds makes the palm oil futures price trend strongly and volatile [8].