豆类油脂早报-20250912

Group 1: Report Overview - The report is the Baocheng Futures' morning report on beans and oils for September 12, 2025 [1] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - The beans market is still in a game between weak reality and strong expectations. Before the improvement of Sino - US trade relations, the divergence in the prices of domestic and foreign beans futures will continue. Short - term soybean meal futures prices will continue to fluctuate, and the impact of the US Department of Agriculture report should be noted [5] - The pressure on Malaysian palm oil inventory has been released as expected, and the linkage effect of the pressure on Malaysian palm oil prices on domestic palm oil futures prices is evident. After the short - term market pressure is released, there is not a strong driving force for further decline. Palm oil futures prices will still fluctuate around energy attributes and industrial changes, and the short - term rebound of palm oil futures prices will continue [8] Group 4: Summary by Variety Soybean Meal (M) - Time - period Views: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [5][7] - Core Logic: The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] Palm Oil (P) - Time - period Views: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - Core Logic: Bio - diesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2601) - Time - period Views: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [7] - Core Logic: US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]