宝城期货豆类油脂早报-20250808

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - The trading logic of the domestic soybean market remains unchanged, with the forward supply and cost supporting the strength of soybean meal. The short - term pattern of strong domestic and weak foreign soybean meal futures prices continues. The palm oil market sentiment weakens, and the inventory of Malaysian palm oil is expected to rise to a two - year high [6][8]. 3. Summary by Variety 3.1 Soybean Meal (M) - Intraday View: Oscillating strongly [6] - Medium - term View: Oscillating [6] - Reference View: Oscillating strongly [6] - Core Logic: Short - term US soybean futures prices are under pressure at the 1000 - cent integer mark. With the growth of US soybean crushing demand, US soybean oil remains strong due to the growth of biofuel demand, while US soybean meal is under pressure from large production. The domestic soybean market's trading logic depends on forward supply and cost, maintaining strength [6]. 3.2 Palm Oil (P) - Intraday View: Oscillating weakly [8] - Medium - term View: Oscillating [8] - Reference View: Oscillating weakly [8] - Core Logic: The market sentiment of palm oil continues to weaken. It is expected that the report of the Malaysian Palm Oil Board next week will show that the inventory of Malaysian palm oil has climbed to a two - year high for five consecutive months because the increase in production exceeds the increase in exports. Short - term palm oil futures prices are greatly affected by market sentiment [8].