Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - General: The report focuses on the weekly situation of soybean meal and soybean oil futures, including their mid - term trends, trading strategies, and related data [6][31]. - Soybean Meal: The soybean meal futures are in a stage of shock consolidation. The high domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - Soybean Oil: The soybean oil futures are in a horizontal shock stage. The abundant global and domestic soybean supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. 3. Summary by Directory Soybean Meal Futures - Mid - term Market Analysis - Trend: The soybean meal main contract is in a shock consolidation stage. In the 41st week, the oil mill's soybean actual crushing volume was 1.2893 million tons, the startup rate was 35.99%, and the soybean meal inventory was 1.0791 million tons. High domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - Strategy: Pay attention to Sino - US trade progress and South American weather [6]. - Variety Trading Strategy - Last Week's Review: The soybean meal futures price was in a downward channel, and funds were bearish. The M2601 was expected to fluctuate between 2880 - 3050 in the short term [9]. - This Week's Suggestion: The soybean meal futures price is in a downward channel, and funds are slightly bearish. The M2601 is expected to continue the shock consolidation pattern, with an expected operating range of 2800 - 3000 [10]. - Related Data Situation: The report mentions data such as soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [20][23][26]. Soybean Oil Futures - Mid - term Market Analysis - Trend: The soybean oil main contract is in a horizontal shock stage. In the 41st week, the actual output of 125 oil mills was 245,000 tons, a decrease of 88,600 tons from the previous week. The commercial inventory in key national regions was 1.2651 million tons, an increase of 16,400 tons from the previous week. Abundant supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. - Strategy: Pay attention to Sino - US trade trends and the progress of Indonesia's B50 policy [31]. - Variety Trading Strategy - Last Week's Review: The soybean oil futures price was in a horizontal stage, and funds were bullish. The Y2601 was expected to be in a wide - range shock pattern in the short term [34]. - This Week's Suggestion: The soybean oil futures price is in a horizontal stage, and funds are slightly bearish. The Y2601 is expected to be in a range - shock pattern in the short term [34]. - Related Data Situation: The report mentions data such as soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly startup rate, weekly port inventory, and Brazilian premium [43][49][51].
豆粕、豆油期货品种周报2025.10.20-10.24-20251020
Chang Cheng Qi Huo·2025-10-20 02:53