油脂油料：申万期货品种策略日报-2026/2/6-20260206

1. Report Industry Investment Rating - No information provided in the given content 2. Core Views of the Report - Malaysian palm oil production in January decreased by 14% to 1.57 million tons, with significant drops in different regions [2] - US 2025/2026 soybean and corn export net sales decreased compared to the previous week [2] - Brazilian soybean harvest rate reached 11.4% as of January 31, higher than last year but slightly lower than the five - year average [2] - The call between Chinese and US leaders mentioned new procurement plans for US soybeans, boosting US soybean export prospects, but Brazilian harvest pressure still affects US soybean prices [2] - High domestic soybean meal inventory and sufficient supply expectations in the far - month will continue to put pressure on prices [2] - Malaysian palm oil exports were strong in January, production decreased month - on - month, and with tariff cuts, future export expectations are improving, and the inventory pressure will continue to decline [2] - China's consideration of increasing agricultural product purchases, including 20 million tons of soybeans this season, supports soybean oil prices, but the expected increase in far - month rapeseed supply from Canada pressures near - term oil prices [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Domestic Futures - For domestic futures, the previous day's closing prices of soybean oil, palm oil, and rapeseed oil were 8104, 9042, and 9144 respectively, with price changes of - 36, - 96, and - 99, and percentage changes of - 0.44%, - 1.05%, and - 3.15% [1] - The spreads and ratios of different varieties also changed compared to the previous values [1] - International Futures - The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4140 (ringgit/ton), 1111 (cents/bushel), 55.63 (cents/pound), and 303 (dollars/ton) respectively, with price changes of 9.0, 18.8, - 0.1, and 6.4, and percentage changes of 0.22%, 1.72%, - 0.11%, and 2.16% [1] 3.2 Spot Market - Domestic Spot Prices - Spot prices of various oils and meals showed different degrees of change, such as Tianjin and Guangzhou first - grade soybean oil prices decreased by - 0.24% and - 0.47% respectively, while Zhangjiagang and Fangchenggang rapeseed oil prices increased by 1.21% and 1.01% [1] - Spot prices of soybean meal, rapeseed meal, and peanuts also had corresponding changes [1] - Spot Basis and Spreads - Spot basis and spreads of different varieties also changed compared to the previous values [1] 3.3 Import and Crushing Profit - Import and crushing profits of different varieties such as Malaysian palm oil, US and Brazilian soybeans, and Canadian rapeseed and rapeseed oil changed compared to the previous values [1] 3.4 Warehouse Receipts - Warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 26,305, 450, 625, 36,228, 0, and 0 respectively, with little change compared to the previous values [1]