宝城期货豆类油脂早报-20250916

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - The report provides views on the futures of two agricultural products: soymeal and palm oil. For soymeal, the short - term view is "oscillating weakly", and the medium - term view is "oscillating". For palm oil, both the short - term and medium - term views are "oscillating", with an "oscillating weakly" intraday view [5][7]. 3. Summary by Variety Soymeal (M) - Intraday view: Oscillating weakly - Medium - term view: Oscillating - Reference view: Oscillating weakly - Core logic: The expected high yield of US soybeans is strengthening, and export demand is decreasing, putting short - term pressure on US soybean futures prices. Before the improvement of Sino - US trade, the impact on domestic soybeans is limited, and the divergence between domestic and international soybean futures prices will continue. The domestic market's trading logic has shifted to the weak industrial chain, with continuous accumulation of soymeal inventory pressure and a continuous negative basis pattern, causing short - term weakness in soymeal futures prices [5]. Palm Oil (P) - Intraday view: Oscillating weakly - Medium - term view: Oscillating - Reference view: Oscillating weakly - Core logic: As the benchmark of the oil market, when other varieties fluctuate around trade topics, the palm oil industrial chain environment has weakened. Pay attention to the impact of weather - related factors. In the short term, market sentiment drives the market, and palm oil futures prices are oscillating weakly [7].