宝城期货豆类油脂早报（2025年12月5日）-20251205

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The report provides short - term, medium - term, and intraday views on three commodities in the agricultural products sector of commodity futures, including soymeal, soybean oil, and palm oil, all with a reference view of "oscillating weakly" [5][6][7]. 3) Summary by Variety Soymeal (M) - Price Trend: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5]. - Core Logic: US soybeans maintain narrow fluctuations. China's procurement window for 12 million tons of soybeans is extended to the end of February, weakening US soybean export expectations. South American weather divergence limits the downside of US soybeans, but there is no upward driving force. The domestic spot market is under pressure, and rumors of reserve soybean auctions disrupt market sentiment. The soybean meal 2605 contract fluctuates between cost support and abundant spot supply, with prices oscillating weakly within a range in the short term [5]. Palm Oil (P) - Price Trend: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [7]. - Core Logic: Malaysian palm oil inventories may reach a six - and - a - half - year high. Coupled with a strong ringgit exchange rate, BMD crude palm oil has broken key support levels. The short - term market is caught in a game between the collapse of external market costs and the resilience of domestic consumption. The pace of inventory reduction in Malaysia will be the key to breaking the situation. Before that, the rebound space of domestic palm oil is limited. After several consecutive days of rebound, the upward momentum of palm oil futures prices weakens and turns to oscillating [7].