宝城期货豆类油脂早报-20250717

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall view of the agricultural products sector in commodity futures is that the short - term and intraday trends of soymeal, soybean oil, and palm oil are all expected to be oscillating and slightly stronger, while the medium - term trends are all oscillating [5][8][9]. Summary by Variety Soymeal (M) - Viewpoints: Intraday and reference views are oscillating and slightly stronger, and the medium - term view is oscillating [5]. - Core Logic: The positive export outlook of US soybeans boosts the rebound of US soybean futures prices, and strong US soybean crushing demand is an important support. In the domestic market, the negative basis of soymeal continues to widen, and the short - term supply expectation of soymeal futures prices dominates the market again, with futures stronger than spot, maintaining an intraday oscillation and slightly stronger pattern [5]. Soybean Oil (Y) - Viewpoints: Intraday and reference views are oscillating and slightly stronger, and the medium - term view is oscillating [8]. - Core Logic: The lower - than - expected US soybean oil inventory supports US soybean oil futures prices, which continue to run in an oscillating and slightly stronger manner. The domestic soybean oil market is mainly driven by the cost support of raw soybeans and the linkage boost from the strengthening of US soybean oil futures prices, and is expected to continue the oscillating and slightly stronger trend in the short term [8]. Palm Oil (P) - Viewpoints: Intraday and reference views are oscillating and slightly stronger, and the medium - term view is oscillating [9]. - Core Logic: The improving fundamentals of Malaysian palm oil boost palm oil futures prices, which have a continuous linkage effect on domestic palm oil futures prices. The domestic palm oil futures prices follow the fluctuations of the international palm oil market, and the low enthusiasm of funds restricts the rebound space, showing a short - term oscillating and slightly stronger trend [9].