Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, all of which are "oscillating weakly" with a medium - term "oscillating" view [6]. Group 3: Summary by Related Catalogs Soybean Meal (M) - Viewpoints: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5]. - Core Logic: The market has digested the positive news in advance, and the US soybean export data is weak, especially the sales to China far below expectations. The cost support for the domestic soybean meal market exists but lacks continuous driving force. The domestic supply is loose, with high port soybean inventories, increased oil mill operating rates leading to high soybean meal inventories. The arrival of previously purchased Argentine soybean meal has further expanded the supply and increased supply pressure concerns, causing the futures price to weaken [5]. Palm Oil (P) - Viewpoints: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [7]. - Core Logic: Short - term trends depend on external markets like soybean oil and the bio - diesel policy expectations of major producing countries. The current situation of loose supply and weak demand in the palm oil market is the main pressure. The short - term futures price will continue to oscillate, and it is necessary to pay attention to Malaysian production and export data, the final implementation of the US bio - diesel policy, and changes in global vegetable oil trade flows [7]. Other Related Information - Price Calculation Method: For varieties with night trading, the starting price is the night - trading closing price; for those without, it is the previous day's closing price. The ending price is the day - trading closing price, and the rise - fall range is calculated accordingly [2]. - Strength and Weakness Definition: A decline of more than 1% is considered weak; a decline of 0 - 1% is oscillating weakly; a rise of 0 - 1% is oscillating strongly; a rise of more than 1% is strong. Oscillating strongly/weakly only applies to intraday views [3]. - Time - Cycle Definition: Short - term is within one week, and medium - term is from two weeks to one month, with the previous day's night - trading closing price as the benchmark [6].
宝城期货豆类油脂早报-20251120
Bao Cheng Qi Huo·2025-11-20 01:37