美国农业部期货品种策略日报：油脂油料-20250729

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - For protein meals, night - session soybean and rapeseed meals showed weak and volatile trends. The overall growth of US soybeans is good, but trade uncertainties make the export outlook of US soybeans worrying, causing the futures price of US soybeans to decline. Considering trade tariff uncertainties, the global soybean - related prices are expected to rise in Q4, and the room for further decline in soybean meal prices is limited [2]. - For oils, night - session oils closed up with volatility. The latest fundamental data from Indonesia is positive, and the head of the Economic and Fiscal Policy Strategy Bureau of the Indonesian Ministry of Finance expects an increase in palm oil product exports to the EU in H2 2025, which will boost palm oil export demand and support palm oil prices. In Malaysia, the latest production and export data are negative in the short - term, but with the support of biodiesel policies in various countries, the medium - and long - term price center of oils is expected to slowly move up [2]. 3. Summary by Relevant Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8120, 8946, and 9406 respectively, with changes of - 24, 10, and - 51 and percentage changes of - 0.29%, 0.11%, and - 3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 2990, 2647, and 8844 respectively, with changes of - 31, - 23, and 26 and percentage changes of - 1.03%, - 0.86%, and 0.29% respectively [1]. - Spreads and Ratios: For spreads like Y9 - 1, P9 - 1, and OI9 - 1, the current values are 44, 14, and 49 respectively, compared with previous values of 40, 8, and 56. For ratios - spreads such as M9 - 1, RM9 - 1, and M - RM09, the current values are - 51, 267, and 330 respectively, compared with previous values of - 38, 270, and 346 [1]. International Futures Market - Prices and Changes: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4258 (ringgit/ton), 1012 (cents/bu), 56 (cents/lb), and 279 (dollars/ton) respectively, with changes of 14, - 10, 0, and - 2 and percentage changes of 0.33%, - 1.00%, 0.09%, and - 0.82% respectively [1]. Domestic Spot Market - Prices and Changes: The current prices of domestic spot products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil are 8260, 8310, and 9070 respectively, with percentage changes of - 0.36%, - 0.36%, and - 0.33%. For spot products like Nantong soybean meal, Dongguan soybean meal, and Nantong rapeseed meal, the current prices are 2870, 2890, and 2560 respectively, with percentage changes of 0.00%, 0.70%, and - 0.78% [1]. - Basis and Spreads: The current spot basis values for Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, and Zhangjiagang 24° palm oil are 140, 190, and 124 respectively. The current spot spreads such as the spread between Guangzhou first - grade soybean oil and 24° palm oil, and the spread between Zhangjiagang third - grade rapeseed oil and first - grade soybean oil are - 670 and 1350 respectively [1]. Import and Crushing Profits - The current import and crushing profits for near - month Malaysian palm oil, near - month US Gulf soybeans, and near - month Brazilian soybeans are - 437, - 271, and - 165 respectively, compared with previous values of - 526, - 249, and - 76 [1]. Warehouse Receipts - The current warehouse receipt values for soybean oil, palm oil, and rapeseed oil are 21,495, 0, and 3,487 respectively, remaining the same as the previous values [1]. Industry Information - As of the week ending July 24, 2025, the US soybean export inspection volume was 409,714 tons, compared with 377,020 tons (revised) in the previous week [2]. - As of the week ending July 27, 2025, the good - to - excellent rate of US soybeans was 70%, higher than the market expectation of 67%, and the good - to - excellent rate of US corn was 73%, in line with market expectations [2].