申万期货品种策略日报：油脂油料-20250918

Group 1: Investment Rating - No investment rating was provided in the report. Group 2: Core Views - Protein meal: Night trading of soybean and rapeseed meal was weak. The September USDA report raised the planting area to 81.1 million acres, lowered the estimated soybean yield to 53.5 bushels per acre, raised the estimated crush to 2.555 billion bushels, and lowered the estimated export to 1.685 billion bushels, resulting in an increase in the 2025/2026 US soybean ending stocks to 300 million bushels. The report's impact on the market was neutral to bearish. With the improvement signal of Sino-US trade relations, the domestic supply is expected to increase, and the short - term Dalian meal is expected to be under pressure [3]. - Oils: Night trading of oils was weakly volatile. The August MPOB report showed that Malaysian palm oil production increased by 2.35% month - on - month, exports decreased by 0.29% month - on - month, and the inventory increased by 4.18% month - on - month. The bearish impact of the data has been mostly digested. The flood in Sabah, Malaysia has reduced the concern about production, and the US biodiesel blending obligation allocation proposal has brought certainty to the oil market. Oils are expected to fluctuate overall [3]. Group 3: Summary by Related Catalogs Domestic Futures Market - Futures Prices: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8366, 9424, and 9999 respectively, with changes of - 52, - 58, and - 54, and percentage changes of - 0.62%, - 0.61%, and - 3.15% respectively. For soybean meal and rapeseed meal, the previous day's closing prices were 3002 and 2490, with changes of - 39 and - 40, and percentage changes of - 1.28% and - 1.58% respectively. The peanut futures price was 8844, with a change of 26 and a percentage change of 0.29% [2]. - Spreads and Ratios: The current values of Y9 - 1, P9 - 1, and OI9 - 1 spreads were - 68, 116, and 87 respectively, compared with previous values of 6, 202, and 129. The current values of M9 - 1 and RM9 - 1 spreads were - 57 and - 17, compared with previous values of - 35 and 17 [2]. International Futures Market - Futures Prices: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4383 ringgit per ton, 1049 cents per bushel, 53 cents per pound, and 286 dollars per ton respectively. The changes were - 42, - 5, - 1, and - 1, and the percentage changes were - 0.95%, - 0.48%, - 2.58%, and - 0.21% respectively [2]. Domestic Spot Market - Spot Prices: The current spot prices of Tianjin and Guangzhou first - grade soybean oil were 8580 and 8700, with percentage changes of - 0.69% and - 0.57% respectively. The spot prices of Zhangjiagang and Guangzhou 24° palm oil were 9560 and 9450, with a percentage change of 0.53%. The spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oil were 10250, with a percentage change of 0.29% [2]. - Spot Basis: The spot basis of Tianjin and Guangzhou first - grade soybean oil was 214 and 334, the spot basis of Zhangjiagang and Guangzhou 24° palm oil was 136 and 26, and the spot basis of Zhangjiagang and Fangchenggang third - grade rapeseed oil was 251 [2]. Import and Crush - The current values of import profit for near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed were - 280, - 28, - 188, 211, 827, and 879 respectively, compared with previous values of - 223, 32, - 148, 219, 879, and 992 [2]. Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 24,544, 1,570, 8,202, 29,065, 10,104, and 0 respectively, remaining unchanged from the previous values for soybean oil, palm oil, and peanuts, and with a decrease of 110 for rapeseed meal [2]. Industry Information - Palm oil: From September 1 - 15, 2025, Malaysian palm oil yield decreased by 6.94% month - on - month, oil extraction rate decreased by 0.21% month - on - month, and production decreased by 8.05% month - on - month according to SPPOMA. The export volume from September 1 - 15 was 695,716 tons, a 0.1% decrease compared with the same period last month according to AmSpec [3]. - Protein meal: The September USDA report had a neutral - bearish impact on the market. Sino - US trade relations showed a positive signal, and the domestic supply of soybean meal was expected to increase [3]. - Oils: The August MPOB report showed that Malaysian palm oil production increased, exports decreased, and inventory increased. The bearish impact of the data was mostly digested. The flood in Sabah, Malaysia reduced production concerns, and the US biodiesel blending obligation allocation proposal brought certainty to the oil market [3].