宝城期货豆类油脂早报（2026年1月30日）-20260130

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic large feed groups have completed pre - holiday stockpiling in advance, with weak subsequent purchasing willingness. The market is interested in far - month basis contracts. Near the Spring Festival, soybean meal inventory will be passively reduced, but the large supply of Brazilian new crops and sufficient domestic forward arrivals will suppress price increases. The decline of US soybeans will also weaken the support for domestic soybean meal futures prices [5]. - Palm oil futures prices are running strongly driven by import costs and market sentiment. However, the supply is expected to be loose with the continuous procurement of near - month shipments, which will limit the strengthening space of the basis, and the near - month basis may decline. After continuous rises, the short - term palm oil futures prices will experience increased high - level volatility [7]. Summary by Variety Soybean Meal (M) - Time - period Views: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory weak; Reference view: oscillatory weak [5][6]. - Core Logic: The completion of pre - holiday stockpiling by large feed groups, interest in far - month basis contracts, passive inventory reduction near the Spring Festival, large Brazilian new - crop supply, sufficient domestic forward arrivals, and the decline of US soybeans [5]. Palm Oil (P) - Time - period Views: Short - term: strong; Medium - term: strong; Intraday: oscillatory weak; Reference view: oscillatory weak [6][7]. - Core Logic: The upward trend driven by import costs and market sentiment, the expected supply loosening due to near - month shipment procurement, and high - level volatility after continuous rises [7].