宝城期货豆类油脂早报（2026年2月6日）-20260206

1. Report's Industry Investment Rating - Not provided in the content 2. Report's Core View - The short - term and medium - term views of soybean meal, palm oil, and soybean oil are all "oscillating", while the intraday and reference views are "oscillating strongly". The market is affected by multiple factors, with both positive and negative forces, resulting in a state of oscillation [5][6][7]. 3. Summary According to Related Catalogs For Soybean Meal (M) - Price Trend - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [5][6] - Core Logic - Positive factors: Market expectations of China's purchase of US soybeans and the implementation of the US biodiesel tax credit policy boosting US soybean oil demand have injected positive sentiment and supported US soybean prices [5]. - Negative factors: The abundant global soybean supply is the core force suppressing prices. Brazil's soybean harvest is expected to be bountiful and the progress is faster than usual, which means high imports in the coming months. The domestic soybean and soybean meal inventories are nearly doubled year - on - year and at a historical high, while the downstream aquaculture industry is generally in the red and pre - Spring Festival stockpiling is almost over, leading to weak demand [5]. For Palm Oil (P) - Price Trend - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [7][6] - Core Logic - Positive factors: The upcoming MPOB data is expected to show a decline in Malaysian palm oil inventory, which may provide short - term support [7]. - Negative factors: Although Malaysia's palm oil is in the production - reduction season, the absolute inventory level is still high and it will enter the production - increasing cycle later. The domestic pre - Spring Festival stockpiling is coming to an end, demand support is weakening, and there is still inventory pressure in the near term [7]. For Soybean Oil (Not in a separate doc but in the catalog) - Price Trend - Short - term: Oscillating; Medium - term: Oscillating; Intraday: Oscillating strongly; Reference view: Oscillating strongly [6] - Core Logic - Influenced by US soybean cost support, US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil - mill inventory [6] For Palm (in the catalog) - Price Trend - Short - term: Oscillating; Medium - term: Oscillating; Intraday: Oscillating strongly; Reference view: Oscillating strongly [6] - Core Logic - Affected by Malaysian palm production and exports, Indonesian biodiesel and export policies, EU - related policy changes, domestic arrivals and inventory, and substitution demand [6]