宝城期货豆类油脂早报（2025年10月27日）-20251027

Group 1: Report Summary - The report is the Baocheng Futures' morning report on beans and oils on October 27, 2025, covering the price, market trend, and driving logic of varieties such as soybean meal, palm oil, and soybean oil [1][5][7] Group 2: Investment Ratings - Not provided in the report Group 3: Core Views - The domestic soybean meal market maintains a loose supply - demand pattern. The futures price will oscillate until the quantity and time of China's purchase of US soybeans are announced. Palm oil has short - term pressure but also long - term demand support, and its futures price is oscillating weakly [5][7] Group 4: Variety Summaries Soybean Meal - Time - frame Views: Short - term (within a week) and medium - term (two weeks to one month) views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [5][6] - Driving Factors: The supply - demand pattern is affected by Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure. The futures price is affected by the possible supply gap in the fourth quarter and China's purchase of US soybeans [5][6] Palm Oil - Time - frame Views: Short - term and medium - term views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [6][7] - Driving Factors: Affected by its biodiesel attribute, Malaysian palm production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6][7] Soybean Oil - Time - frame Views: Short - term and medium - term views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [6] - Driving Factors: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]