油脂油料：申万期货品种策略日报-20260209

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The growth and moisture conditions of Argentina's 2025/26 soybean crops have significantly deteriorated, with the proportion of normal - to - good rated crops and suitable - to - optimal moisture areas decreasing [2] - Malaysia's palm oil production in February 1 - 5, 2026 increased compared to the same period last month, with an increase in both yield per unit and oil extraction rate [2] - Brazilian soybean harvesting is ongoing, and the harvest pressure may put downward pressure on US soybean prices, while the new purchase plan of US soybeans may support prices [2] - Malaysia's palm oil is in a de - stocking cycle during the production - reduction season, which supports palm oil prices, but the expected increase in far - month supply of rapeseed oil may put pressure on near - term oil prices [2] 3. Summary by Related Catalogs 3.1 Futures Market - Domestic Futures: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties are provided, along with price changes and their percentages. For example, soybean oil's previous day's closing price was 8102, with a change of - 2 and a percentage change of - 0.02% [1] - International Futures: International futures prices of BMD palm oil, CBOT soybeans, etc. are given, including previous day's closing prices, price changes and their percentages. For instance, BMD palm oil's previous day's closing price was 4119, with a change of - 21.0 and a percentage change of - 0.51% [1] 3.2 Spot Market - Domestic Spot Prices: Spot prices of various oils and meals in domestic markets are presented, along with their price changes and percentages, such as the spot price of Tianjin first - grade soybean oil at 8480 with a percentage change of - 0.12% [1] - Spot Basis and Spreads: Spot basis and spreads of different products are provided, like the spot basis of Tianjin first - grade soybean oil at 378 and the spread between Guangzhou first - grade soybean oil and 24° palm oil at - 460 [1] 3.3 Import and Processing Margins - Import and processing margins of near - month Malaysian palm oil, US Gulf soybeans, etc. are presented, and their values compared with the previous values. For example, the current import and processing margin of near - month Malaysian palm oil is - 360, compared with the previous value of - 383 [1] 3.4 Warehouse Receipts - Warehouse receipts of soybean oil, palm oil, etc. are given, with the current values and previous values remaining the same for most products. For example, the current and previous values of soybean oil warehouse receipts are both 26,305 [1]