申万期货品种策略日报-油脂油料-20260113

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Night trading of protein meal (soybean meal and rapeseed meal) closed higher. The expected high yield of South American soybeans and high domestic soybean meal inventory will continue to pressure prices, but the suspension and resumption of imported soybean auctions and strong downstream demand have affected the price trend [3]. - Night trading of oils was strong. The December MPOB report on palm oil was in line with market expectations, with production down and exports up, and inventory growth within expectations, having a neutral impact on the market. Soybean oil prices are supported by supply concerns, and it is expected that soybean and palm oils will fluctuate strongly in the short - term. Rapeseed oil is expected to maintain a weak oscillation due to the expected easing of China - Canada trade relations [3]. 3. Summary by Relevant Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures were 7994 for soybean oil, 8724 for palm oil, 8980 for rapeseed oil, 2790 for soybean meal, 2770 for rapeseed meal, and 8844 for peanuts. The price changes were 0, 42, - 62, 4, - 18, and 26 respectively, with corresponding percentage changes of 0.00%, 0.48%, - 3.15%, 0.14%, - 0.65%, and 0.29% [2]. - Spreads and Ratios: The current spreads and ratios have changed compared to the previous values, such as the Y9 - 1 spread changing from - 390 to - 364, and the M9 - 1 spread changing from - 179 to - 238 [2]. International Futures Market - Prices and Changes: The previous day's closing prices of international futures were 3970 ringgit/ton for BMD palm oil, 1051 cents/bushel for CBOT soybeans, 50.35 cents/pound for CBOT soybean oil, and 298 dollars/ton for CBOT soybean meal. The price changes were - 15, - 12, 1, and - 5 respectively, with corresponding percentage changes of - 0.38%, - 1.15%, 1.39%, and - 1.78% [2]. Domestic Spot Market - Prices and Changes: The current spot prices of various oils and meals have different percentage changes. For example, the prices of Tianjin and Guangzhou first - grade soybean oil increased by 0.12%, while the prices of Zhangjiagang and Guangzhou 24° palm oil decreased by 0.35% [2]. - Basis and Spreads: The current basis and spreads of domestic spot products have also changed compared to the previous values, such as the basis of Tianjin first - grade soybean oil being 526, and the spread between Guangzhou first - grade soybean oil and 24° palm oil remaining at - 150 [2]. Import Profit and Crush Margin - The current import profit and crush margin values of various imported products have changed compared to the previous values. For example, the import profit of Malaysian palm oil changed from - 235 to - 232, and the import profit of Canadian rapeseed changed from 581 to 577 [2]. Warehouse Receipts - The current warehouse receipts of various products have changed compared to the previous values. For example, the warehouse receipts of soybean oil changed from 29,426 to 29,197, and the warehouse receipts of palm oil changed from 560 to 1,248 [2]. Industry Information - Malaysian palm oil exports from January 1 - 10 increased by 17.65% compared to the same period last month, reaching 466,457 tons [3]. - According to MPOB data, Malaysian palm oil production in December decreased by 5.46% month - on - month to 1,829,761 tons, exports increased by 8.52% month - on - month to 1,316,522 tons, and inventory increased by 7.58% month - on - month to 3.05 million tons [3]. - As of the week of January 3, the Brazilian soybean sowing rate was 98.2%, and the harvesting rate was 0.1%, with a high - yield expectation [3].