油脂油料：申万期货品种策略日报-20260114

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The implementation of Indonesia's "B50" biodiesel mandatory blending policy depends on the prices of crude oil and crude palm oil [3] - Malaysia's 2026 palm oil production is expected to be between 19.5 and 19.8 million tons, down from 20.28 million tons in 2025, and the inventory is expected to be 2 million tons, down from 3.05 million tons in 2025 [3] - The night - session of protein meal futures closed down. Brazil's soybean harvest rate is increasing, and the US Department of Agriculture has adjusted the production and export forecasts of US soybeans, with a neutral - to - bearish impact on the market. High domestic soybean meal inventory and the expected high yield of South American soybeans will continue to pressure prices [3] - The night - session of oil futures was weak. The MPOB report had a neutral impact on the market. After the release of the Malaysian palm oil report, the negative factors were exhausted. The improvement in fundamentals is expected to drive the oil sector to fluctuate strongly in the short term [3] Summary by Related Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties are given, along with their price changes and percentage changes. For example, the previous day's closing price of soybean oil futures was 7986, with a decline of 8 and a decline rate of - 0.10% [2] - Spreads and Ratios: The spreads and ratios of different contracts are presented, such as the Y9 - 1 spread of soybean oil futures being - 364, and the M/RM09 ratio of protein meal futures being 1.21 [2] International Futures Market - Prices and Changes: The previous day's closing prices, price changes, and percentage changes of international futures such as BMD palm oil, CBOT soybeans are provided. For example, the previous day's closing price of BMD palm oil was 3970, with no change and a change rate of 0.00% [2] Domestic Spot Market - Spot Prices and Changes: The current spot prices and their percentage changes of various oils and meals in different regions are given. For example, the current spot price of Tianjin first - grade soybean oil is 8510, with a decline rate of - 0.12% [2] - Spot Basis and Spreads: The spot basis and spreads between different products are presented. For example, the spot basis of Tianjin first - grade soybean oil is 524, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is - 150 [2] Import and Crushing Profit - The current and previous values of import and crushing profits for different imported products such as Malaysian palm oil, US Gulf soybeans are provided. For example, the current import profit of near - month Malaysian palm oil is - 261, compared with - 232 previously [2] Warehouse Receipts - The current and previous values of warehouse receipts for different products such as soybean oil, palm oil are given. For example, the current number of soybean oil warehouse receipts is 29,147, compared with 29,197 previously [2]