宝城期货豆类油脂早报（2025年9月25日）-20250925

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on several agricultural commodity futures, including soybean meal, soybean oil, and palm oil, with most of them being "oscillating and moderately strong" [5][6][7]. 3. Summary by Variety Soybean Meal (M) - View: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [5][6]. - Core Logic: The domestic market supply pressure is increasing, and concerns about short - term supply pressure persist. As the National Day holiday approaches, market funds tend to trade short - term logic with poor stability. Without unexpected risk factors, market volatility may decline before the holiday, and a rebound may occur after short - term market sentiment is released [5]. Palm Oil (P) - View: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6][7]. - Core Logic: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. The EU's one - year delay in implementing the anti - deforestation law has eased the decline of Malaysian palm oil, and palm oil futures prices have rebounded slightly [7]. Soybean Oil (Y) - View: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6]. - Core Logic: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].