豆粕、豆油期货品种周报2026.02.02-02.06-20260202

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - 豆粕期货: The soybean meal futures are expected to maintain a range - bound pattern. Brazil's soybean harvest is abundant and gradually hitting the market, leading to significant global supply pressure. Domestic downstream demand is weak, while high oil - mill operation rates and low breeding profits suppress consumption growth. However, Argentina's drought and the continuous reduction of domestic soybean meal inventory provide bottom support [6]. - 豆油期货: The soybean oil futures price is expected to continue a wide - range fluctuation. As the oil - mill operation rate recovers, soybean oil supply is becoming looser, and terminal consumption is weak, with inventory pressure still existing. But the US biodiesel policy expectations and international crude oil price fluctuations support the soybean oil futures price [29]. 3. Summary by Directory 豆粕期货 - 中线行情分析 - The soybean meal futures are in a range - bound stage. The 4th - week oil - mill soybean actual crushing volume is 2.1021 million tons, the operation rate is 57.83%, and the soybean meal inventory is 898,600 tons. Pay attention to South American weather, Brazil's new - crop arrival rhythm, and domestic breeding demand [6]. - 品种交易策略 - 上周策略回顾: The soybean meal futures price was in a sideways trend last week, with a slightly bearish capital sentiment. The M2605 was expected to be in a range - bound pattern, with an expected operating range of 2700 - 2800 [9]. - 本周策略建议: The soybean meal futures price is currently in a sideways trend, with a strongly bearish capital sentiment. The M2605 is expected to be in a weak - range fluctuation, with an expected operating range of 2700 - 2800 [10]. - 相关数据情况 - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. The data sources are Wind, Mysteel, and the Great Wall Futures trading consulting department [19][21][24] 豆油期货 - 中线行情分析 - The soybean oil futures are in a wide - range fluctuation stage. The 125 oil - mills' actual soybean oil output in the 4th week is 39,940 tons, and the national key - area commercial soybean oil inventory is 956,000 tons. Pay attention to the US biodiesel policy, crude oil trends, and domestic demand [29]. - 品种交易策略 - 上周策略回顾: The soybean oil futures price was in an upward trend last week, with a slightly bullish capital sentiment. The Y2605 was expected to continue a slightly bullish range - bound pattern [32]. - 本周策略建议: The soybean oil futures price is in an upward trend, with a slightly bullish capital sentiment. The Y2605 is expected to be in a high - level range - bound stage [32]. - 相关数据情况 - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly operation rate, weekly port inventory, and Brazil's premium. The data sources are Wind, Mysteel, and the Great Wall Futures trading consulting department [42][45][47]