宝城期货豆类油脂早报-20250728

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The uncertainty of Sino - US trade continues to affect market sentiment, influencing the export prospects of US soybeans. Before the final result is announced, the price of US soybean futures will remain volatile. The weak reality of the domestic soybean meal fundamentals remains unchanged, and its futures price is more affected by market sentiment. With some funds leaving the market, the price has dropped significantly from its high and will run weakly in a volatile manner before market sentiment recovers [5]. - The overall decline in international oil prices has a continuous spill - over effect on the oil and fat market, suppressing the bio - energy demand prospects of the oil and fat sector. As palm oil has the strongest bio - energy attribute in the oil and fat sector, it is greatly affected by the fluctuations of international oil prices, and the risk of high - level fluctuations in palm oil futures prices increases in the short term [7]. 3. Summary by Variety Soybean Meal (M) - Viewpoints: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [5]. - Core Logic: Sino - US trade uncertainty affects US soybean export prospects, and domestic soybean meal fundamentals are weak. Market sentiment and capital flow influence the futures price [5]. Palm Oil (P) - Viewpoints: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [6][7]. - Core Logic: The decline in international oil prices suppresses the bio - energy demand of the oil and fat sector. Palm oil, with strong bio - energy attributes, is greatly affected by international oil price fluctuations, increasing short - term high - level volatility risks [7].