格林大华期货早盘提示：三油-20260211

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall pattern of vegetable oils continues to oscillate narrowly due to the approaching Spring Festival holiday and cautious trading in the domestic market, despite the positive January supply - demand report of Malaysian palm oil and the strengthening of US soybean oil [1]. - The double - meal market shows a narrow - range fluctuation before the Spring Festival, and is likely to face downward pressure after the festival [2][4]. 3. Summary by Related Catalogs 3.1 Agricultural, Forestry, and Livestock (Three Oils) 3.1.1 Market Review - On February 10, the US soybean oil strengthened, but the domestic vegetable oil market remained in a narrow - range oscillation. The closing prices of major and secondary contracts of soybean oil, palm oil, and rapeseed oil all decreased to varying degrees, with corresponding changes in positions [1]. 3.1.2 Important Information - The US and India reached a temporary trade agreement framework, with India canceling or reducing tariffs on US industrial products, food, and agricultural products, and the US reducing the so - called reciprocal tariff rate on Indian goods from 25% to 18% [1]. - The US government is expected to finalize the 2026 biofuel blending ratio quota in early March, with the proposed biodiesel usage between 5.2 billion and 5.6 billion gallons [1]. - Malaysia's January palm oil supply - demand report was positive, with a decrease in imports, production, and inventory, and an increase in exports [1]. - Indian buyers have locked in large - scale soybean oil purchases from South America from April to July 2026 [1]. - As of the end of the 6th week of 2026, the total inventory of the three major domestic edible oils decreased week - on - week and year - on - year, with different trends in the inventories of soybean oil, palm oil, and rapeseed oil [2]. 3.1.3 Market Logic - Externally, the signing of the US - India trade agreement, potential increases in US biodiesel policies and usage, and the positive Malaysian palm oil supply - demand report are positive factors. However, due to the approaching Spring Festival, the market is cautious. Domestically, soybean oil production is high, and the post - festival market may face pressure from increased supply. Palm oil has positive fundamentals but high expected inventory, and rapeseed oil's far - month contracts are under pressure due to expected increases in imports [2]. 3.1.4 Trading Strategies - For single - side trading, it is advisable to adopt a conservative wait - and - see approach and conduct intraday trading before the Spring Festival. Specific support and resistance levels are provided for each contract [2]. 3.2 Two Meals (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review - On February 10, as the holiday approached, the double - meal market maintained a narrow - range fluctuation, with different changes in the closing prices and positions of major and secondary contracts of soybean meal and rapeseed meal [2]. 3.2.2 Important Information - The US Department of Agriculture's February soybean supply - demand report was overall negative, but the expected increase in US soybean exports boosted the US soybean futures price. Data on soybean production, inventory, and export in the US, Brazil, and Argentina are provided, as well as information on domestic inventory, auction, and spot prices [3]. 3.2.3 Market Logic - Externally, although the US supply - demand report was negative, the expected increase in exports supported the US soybean price. As the Spring Festival approaches, institutions adjust positions, and the market focuses on profit transfer. Domestically, logistics is stagnant, trading is light, and the double - meal market is expected to be weak and face downward pressure after the festival [4]. 3.2.4 Trading Strategies - During the Spring Festival, the double - meal market is expected to oscillate narrowly, and intraday trading is recommended. Specific support and resistance levels are provided for each contract [4].