油粕日报：延续震荡-20260114

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints - Near - term soybean meal is expected to fluctuate strongly, while far - month contracts are weak due to the bearish effect of the USDA report and may decline further if South American harvest progresses well [1]. - Due to the uncertainty of Indonesia's B50 policy, palm oil prices have slightly declined, but the domestic import cost is unlikely to drop significantly. The rapeseed oil market is waiting for the meeting between Chinese and Canadian leaders, and it is recommended to buy on dips in the medium - term for oils [1][2]. 3. Summary by Related Content Soybean Meal - As of January 10, 2026, the harvest progress of Brazil's 2025/26 soybean was 0.6%, higher than 0.1% a week ago, lower than 0.3% of the same period last year, and lower than the five - year average of 1.0% [1]. - On January 13, US private exporters reported selling 168,000 tons of soybeans to China and 152,400 tons to Mexico for 2025/26 delivery [1]. - The market is unclear about the future reserve release schedule. Yesterday, all imported soybean reserve releases were sold at a premium, indicating a supply gap and strong short - term demand [1]. Oils - Indonesia's decision on the B50 biodiesel mandatory blending policy this year depends on the price difference between crude oil and palm oil. Indonesia charges palm oil export fees to subsidize the biodiesel program, and the subsidy amount depends on the price difference [1]. - If Canada relaxes tariffs on Chinese - made electric vehicles during the prime minister's visit to China, China will relax some restrictions on Canadian rapeseed products. The rapeseed oil market is waiting for the result of the meeting on Friday [2].