宝城期货豆类油脂早报-20251208

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [1][5][7] 2. Report Core View - The domestic market of soymeal is in a pattern of "strong supply and weak demand", with prices oscillating weakly under cost support and inventory pressure. The palm oil market is in a complex game between "weak reality" and "strong expectations", and the futures price may turn to oscillate after a continuous rebound [5][7] 3. Summary by Variety Soymeal (M) - Time - period Views: Short - term is weak, medium - term is oscillating, and intraday is weak. The reference view is also weak [5][6] - Core Logic: The domestic market is in a "strong supply and weak demand" situation. Soybean supply is abundant, and port soybean inventory has increased significantly year - on - year. The soymeal market is in a game between high - inventory pressure and cost - support expectations, with short - term prices running weakly [5] Palm Oil (P) - Time - period Views: Short - term is oscillating, medium - term is oscillating, and intraday is oscillating weakly. The reference view is oscillating weakly [6][7] - Core Logic: The palm oil market is in a game between "weak reality" and "strong expectations". Supply - side pressure is significant. Malaysia's inventory is expected to reach a six - and - a - half - year high at the end of November due to high production and slow exports. The futures price is in a game between high - inventory and weak - export pressure and potential policy benefits and seasonal production - reduction expectations, and may turn to oscillate after a continuous rebound [7] Other Information - For varieties with night trading, the night - trading closing price is the starting price; for those without, the previous day's closing price is used. The intraday closing price is the end price to calculate the price change [2] - A decline greater than 1% is considered weak, a decline of 0 - 1% is oscillating weakly, a rise of 0 - 1% is oscillating strongly, and a rise greater than 1% is strong. Oscillation strength/weakness only applies to intraday views, and no distinction is made between short - term and medium - term [3][4] - Short - term refers to within one week, and medium - term refers to two weeks to one month, with the previous day's night - trading closing price as the benchmark [6]