油脂油料产业日报-20250723

1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views 2.1 Fats and Oils - Palm Oil: Internationally, the Malaysian BMD crude palm oil futures opened low, then rose and maintained a high - level volatile consolidation. It's necessary to watch if it can effectively break through the 4,350 ringgit resistance. Given concerns about production growth and export slowdown, it may face a volatile adjustment after reaching a high. Domestically, the Dalian palm oil futures market is strong, briefly returning to around 9,000 yuan. It's expected to consolidate between 9,000 - 9,100 yuan. If the Malaysian palm oil falls after reaching a high, the Dalian palm oil may also be pressured [3]. - Soybean Oil: In late July, some oil mills are urging提货, and market sales are slow, pressuring the basis quotes. In some regions, there is still room for the basis quotes to decline in the short term. As demand gradually increases in August, it will support the basis quotes [4]. 2.2 Oilseeds - Soybean Meal: Supported by the strong rapeseed meal, rising US soybeans, and higher Brazilian premiums, the main contract of Dalian soybean meal briefly broke through the 3,100 - yuan mark. However, as the 2508 contract approaches delivery, beware of the impact of spot - futures convergence on the market. In the short term, focus on the support in the 3,000 - 3,050 - yuan range. Spot prices are expected to fluctuate between 2,850 - 3,100 yuan/ton [16]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils 3.1.1 Price Differences - Inter - monthly and Inter - variety Spreads: Data shows the price differences and their daily changes for various contracts such as P 1 - 5, Y - P 01, etc. For example, P 1 - 5 is 296 yuan/ton with a daily increase of 10 yuan, and Y - P 01 is - 874 yuan/ton with a daily decrease of 64 yuan [5]. - Palm Oil Spot - Futures Prices and Basis: The latest prices and price changes of palm oil contracts (01, 05, 09), BMD palm oil, and spot prices in Guangzhou are provided. The basis of Guangzhou 24 - degree palm oil is 34 yuan/ton, down 6 yuan [7]. - Soybean Oil Spot - Futures Prices and Basis: The latest prices and price changes of soybean oil contracts (01, 05, 09), CBOT soybean oil, and spot prices in Shandong are given. The basis of Shandong first - grade soybean oil is 94 yuan/ton, down 4 yuan [12]. 3.2 Oilseeds 3.2.1 Futures Prices - Oilseed Futures Prices: The closing prices, daily changes, and price change rates of contracts such as soybean meal 01, rapeseed meal 01, and CBOT soybeans are presented. For example, soybean meal 01 closed at 3,116 with a daily increase of 12 and a price change rate of 0.39% [17]. 3.2.2 Price Differences - Inter - monthly and Inter - variety Spreads: Data includes the price differences and their daily changes for various contracts such as M01 - 05, RM01 - 05. For instance, M01 - 05 is 344 with a daily increase of 9, and RM01 - 05 is 60 with a daily increase of 11 [20].