宝城期货豆类油脂早报（2026年2月10日）-20260210

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The soybean meal market is expected to be weak and volatile in the short - term due to factors such as fast Brazilian new soybean harvest, strong export expectations in February, and reduced domestic market trading before the Spring Festival [5][6] - The palm oil market is expected to be strongly volatile in the short - term, with the focus on the upcoming MPOB monthly report, and it will turn into a wide - range volatile trend [7] Summary by Variety Soybean Meal (M) - Short - term, Mid - term, and Intraday Views: Short - term:震荡; Mid - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [5] - Core Logic: Brazilian new soybean harvest is faster than usual, with strong export expectations in February, squeezing US soybean export space. The market is waiting for the USDA monthly supply - demand report, which is expected to slightly lower US soybean year - end inventory and raise Brazilian soybean production. In the domestic market, most soybean crushing plants have shut down before the Spring Festival, and feed enterprises' pre - holiday stocking is basically completed, resulting in a loose supply and cautious trading [5][6] Palm Oil (P) - Short - term, Mid - term, and Intraday Views: Short - term:震荡; Mid - term:震荡; Intraday:震荡偏强; Reference view:震荡偏强 [5][7] - Core Logic: The market is focused on the upcoming MPOB monthly report. Malaysian palm oil inventory in January is expected to drop to about 2.91 million tons, ending the continuous inventory build - up. Domestic pre - holiday stocking is basically over, and spot trading is light, with funds more willing to leave the market. In the short - term, it will turn into a wide - range volatile trend [7]