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宝城期货豆类油脂早报-20250724
Bao Cheng Qi Huo·2025-07-24 01:23

Report Overview - The report is the Baocheng Futures' morning report on beans and oils for July 24, 2025, covering the price trends, driving logics, and views of different varieties in the agricultural products sector of commodity futures [1]. Industry Investment Rating - There is no information about the industry investment rating in the report. Core Views - The overall view of the report is that the domestic market sentiment of soybean meal is high, and the expectation of tightening forward supply continues to heat up, leading to a continuous rise in the price of soybean meal futures. Palm oil leads the rise in the oil and fat sector, and its price is affected by international oil prices, but the expected good demand for biodiesel in Indonesia provides strong support for its price [5][7]. Summary by Variety Soybean Meal (M) - Intraday View: Oscillating strongly [5]. - Medium - term View: Strong [5]. - Reference View: Oscillating strongly [5]. - Core Logic: Recently, the domestic and foreign markets of soybean meal have shown continuous divergence. The domestic market sentiment is high, and the expectation of tightening forward supply continues to heat up. The rise in soybean meal prices is the result of the resonance of supply expectation difference and cost. The resilience of Brazilian premiums and the expected procurement gap in the fourth quarter are the main drivers. The futures are stronger than the spot, and the rebound continues [5]. Palm Oil (P) - Intraday View: Oscillating strongly [7]. - Medium - term View: Oscillating [7]. - Reference View: Oscillating strongly [7]. - Core Logic: Palm oil leads the rise in the oil and fat sector, and its price hit a new high yesterday. The rebound reflects the energy attribute of oils and fats, so the price is affected by international oil price fluctuations. However, the expected good demand for biodiesel in Indonesia provides strong support for its energy demand, restricting the downside space. In the short term, the price of palm oil will run oscillating strongly [7].