申万期货品种策略日报：油脂油料-20250721

Report Industry Investment Rating - No relevant content found Core Viewpoints of the Report - The domestic supply glut will still pressure the upside space of protein meal, but it is expected to maintain a relatively strong oscillation in the short - term due to import cost support. For oils and fats, the fundamentals have limited changes, and it is expected to maintain an oscillating pattern. [2] Summary by Related Catalogs Futures Market - Domestic Futures: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties were 8072, 8796, etc. with corresponding price changes and percentage changes. For example, soybean oil rose 30 with a 0.37% increase, and palm oil rose 74 with a 0.85% increase. There were also changes in spreads and ratios. [1] - International Futures: The previous day's closing prices of international futures such as BMD palm oil were 4158, with price changes and percentage changes. For example, BMD palm oil rose 49 with a 1.19% increase. [1] Spot Market - Domestic Spot: The current spot prices of domestic products like Tianjin first - grade soybean oil were 8230, with corresponding percentage changes. For example, Guangzhou first - grade soybean oil rose 0.24%. There were also data on spot basis and spot spreads. [1] Import and Profit - The current values of import profits for near - month Malaysian palm oil, near - month US Gulf soybeans, etc. were - 417, - 248, etc., with changes compared to the previous values. [1] Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, etc. were 22,131, 854, etc., with changes compared to the previous values. [1] Industry Information - Malaysian palm oil exports from July 1 - 20 decreased by 3.5% compared to the same period last month according to ITS data. The Canadian rapeseed crop had different excellent - good rates in different provinces. [2] Comments and Strategies - Protein Meal: The US and Indonesia reached a trade agreement, reducing the soybean tariff from 32% to 19%, and Indonesia will purchase 4.5 billion US dollars of US agricultural products. The improvement of Sino - US trade relations is expected to increase, and the US soybean price is supported by the biodiesel policy. The domestic supply is loose, but the continuous meal is expected to maintain a relatively strong oscillation. [2] - Oils and Fats: The MPOB report this month was neutral to bearish, but the high - frequency data showed a month - on - month increase in Malaysian palm oil exports. Indian imports increased sharply, especially palm oil imports which increased by 60% in June. Palm oil prices are expected to be supported, and the overall oils and fats are expected to maintain an oscillating pattern. [2]