宝城期货豆类油脂早报（2026年1月29日）-20260129

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The domestic soybean meal market is in a game between external cost drivers, pre - holiday stocking support, and its own loose supply expectations. In the short term, the soybean meal futures price mainly follows the external market fluctuations, and may show a trend of rising and then falling during the day [5][6]. - The palm oil futures price is in a period of multiple positive resonances, and its strong pattern continues. In the short term, driven by fundamentals and sentiment, it remains the core variety in the oil and fat sector and maintains a relatively strong operating pattern [7]. Group 3: Summary According to Related Catalogs Soybean Meal (M) - Short - term, Mid - term, and Intraday Views: Short - term:震荡 (oscillation); Mid - term:震荡 (oscillation); Intraday:震荡偏弱 (oscillation with a weak bias); View reference:震荡偏弱 (oscillation with a weak bias) [5]. - Core Logic: The continuous high - temperature and drought in Argentina's core producing areas have pushed up the price of US soybeans. The US dollar index has weakened, reducing the cost of US - dollar - denominated agricultural products. The domestic soybean meal market is affected by the external market, and the pre - holiday stocking supports the price, but the new procurement is light. The soybean meal inventory of oil mills is passively reduced. Overall, it is in a game situation [5]. - Factors Affecting: Imported soybean cost, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [5]. Palm Oil (P) - Short - term, Mid - term, and Intraday Views: Short - term:强势 (strong); Mid - term:强势 (strong); Intraday:震荡偏强 (oscillation with a strong bias); View reference:震荡偏强 (oscillation with a strong bias) [5]. - Core Logic: Palm oil is in a period of multiple positive resonances, including improved supply - demand in the producing areas, favorable demand substitution, policy expectation support, and strong domestic sentiment. The dual drivers of improved supply - demand in the producing areas and rising domestic market sentiment will further consolidate its strong foundation [7]. - Factors Affecting: Malaysian palm oil production and exports, Indonesian biodiesel and export policies, EU - related policy changes, domestic arrival and inventory, and substitution demand [5]. Soybean Oil (Y) - Short - term, Mid - term, and Intraday Views: Short - term:强势 (strong); Mid - term:强势 (strong); Intraday:震荡偏强 (oscillation with a strong bias); View reference:震荡偏强 (oscillation with a strong bias) [5]. - Factors Affecting: US soybean cost support, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [5].