Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View - The short - term trends of soybean meal, soybean oil, and palm oil futures are all expected to be oscillating on the stronger side, while the medium - term trends are mostly oscillating [5][8][9]. 3) Summary by Related Catalogs For Soybean Meal (M) - Viewpoint: Short - term and intraday views are oscillating on the stronger side, and the medium - term view is oscillating. The reference view is oscillating on the stronger side [5]. - Core Logic: The U.S. soybean futures prices are oscillating on the stronger side, the South American Brazilian soybean premium is still relatively high, and the sowing weather of new crops in South America and the harvesting weather of U.S. soybeans are attracting market attention. In China, the pattern of near - term weakness and long - term strength continues. The rising procurement cost of imported soybeans in the long - term and the supply gap support the long - term soybean meal futures prices [5]. For Soybean Oil (Y) - Viewpoint: Short - term view is strong, medium - term view is oscillating, and intraday view is oscillating on the stronger side. The reference view is oscillating on the stronger side [7][8]. - Core Logic: Currently, the operating rate of domestic oil mills is at a high level, and the domestic oil and meal market has entered a stage of increasing supply. The market focus is that due to the weakening monthly crushing profit, the procurement enthusiasm of oil mills is not high. The market continues to show a strong oscillating trend supported by cost and supply gap expectations. In the short term, the domestic soybean oil futures prices are boosted by both the external U.S. soybean oil market and the cost of domestic soybean raw materials [8]. For Palm Oil (P) - Viewpoint: Short - term view is strong, medium - term view is oscillating, and intraday view is oscillating on the stronger side. The reference view is oscillating on the stronger side [7][9]. - Core Logic: Although the previously leading palm oil futures prices have fallen from their highs, the positive expectations of the industrial chain still support the palm oil futures prices. Affected by sentiment fluctuations, the prices mainly fluctuate at high levels with strong support below. In the short term, the high - level oscillation of palm oil futures prices does not change the overall strong pattern [9].
宝城期货豆类油脂早报-20250821
Bao Cheng Qi Huo·2025-08-21 01:08