申万期货品种策略日报：油脂油料-20250925

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views of the Report - Protein Meal: Night trading of soybean and rapeseed meal rebounded. Argentina temporarily取消 export taxes on soybeans and their derivatives, corn, and wheat, increasing global soybean market pressure. With ongoing US soybean harvest and unclear export prospects, domestic supply increase expectations and lower import costs may lead to short - term low - level oscillations of domestic soybean meal futures [2]. - Oils and Fats: Night trading of oils and fats was strong. In Malaysia, concerns about palm oil production due to floods in Sabah have subsided. Both production and exports of Malaysian palm oil decreased in September 1 - 20, 2025. Argentina取消 export taxes on soybean oil and meal, pressuring soybean oil prices and affecting palm oil's cost - effectiveness. This is expected to continue to drag down the performance of oils and fats in the short term [2]. 3. Summary by Relevant Catalogs Domestic Futures Market - Futures Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8100, 9126, and 9921 respectively, with changes of 14, 72, and - 75, and percentage changes of 0.17%, 0.80%, and - 3.15%. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 2930, 2457, and 8844, with changes of 2, - 35, and 26, and percentage changes of 0.07%, - 1.40%, and 0.29% [1]. - Spreads and Ratios: Spreads and ratios such as Y9 - 1, P9 - 1, etc., showed different changes compared to the previous values. For example, Y9 - 1 changed from - 296 to - 320 [1]. International Futures Market - Futures Prices and Changes: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4299 (ringgit/ton), 1009 (cents/bushel), 50 (cents/pound), and 276 (dollars/ton), with changes of - 84, - 4, - 0, and - 1, and percentage changes of - 1.92%, - 0.40%, - 0.14%, and - 0.40% [1]. Domestic Spot Market - Spot Prices and Changes: Spot prices of various oils and fats and meals in different regions showed different percentage changes. For example, the spot price of Tianjin first - grade soybean oil increased by 0.85%, while the spot price of Zhangjiagang third - grade rapeseed oil decreased by 0.59% [1]. - Spot Basis and Spreads: Spot basis and spreads also changed. For example, the spot basis of Tianjin first - grade soybean oil was 210, and the spot spread between Guangzhou first - grade soybean oil and 24° palm oil changed from - 590 to - 560 [1]. Import and Crushing Profits - Import and crushing profits for different products such as Malaysian palm oil, US Gulf soybeans, etc., changed compared to the previous values. For example, the import and crushing profit of Malaysian palm oil changed from - 656 to - 417 [1]. Warehouse Receipts - Warehouse receipts for soybean oil, palm oil, etc., showed some changes. For example, the warehouse receipts of palm oil decreased from 1570 to 1500 [1]. Industry Information - Indonesia's palm oil exports in July 2025 were 354 tons, production was 511 tons, and inventory was 257 tons, slightly increasing from the previous month [2]. - Brazil's National Association of Grain Exporters (ANEC) lowered the September soybean export forecast from 753 tons to 715 tons and increased the September corn export forecast from 712 tons to 761 tons [2].