油脂油料：申万期货品种策略日报-20260212

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For protein meal, although relevant data is overall bearish, the US soybean futures price continued to rise after the report was released as previous market expectations were mostly digested. In China, the domestic soybean meal futures followed the external market but were still under pressure due to expected post - holiday imported soybean auctions, high domestic soybean meal inventories, and sufficient supply expectations in the far - month [2]. - For oils, the Malaysian palm oil is in a destocking cycle during the production - reduction season, which supports the palm oil price. However, the decline of crude oil and pre - holiday market wait - and - see sentiment restrict the price, and it is expected that oils will fluctuate in the short term [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 8110, 8906, etc. The price changes are 12, - 34, etc., with corresponding percentage changes of 0.15%, - 0.38%, etc. The spreads and ratios of different contracts also show certain changes [1]. - International Futures: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, etc. are 4050, 1124, etc. The price changes are - 50.0, 0.3, etc., with corresponding percentage changes of - 1.22%, 0.02%, etc. [1] 3.2 Spot Market - Domestic Spot: The current spot prices of domestic soybean oil, palm oil, and other varieties are 8490, 8950, etc. The percentage changes are 0.00%, - 1.10%, etc. The spot basis and spreads also have specific values [1]. 3.3 Import and Crushing Profit - The current import and crushing profits of Malaysian palm oil, US Gulf soybeans, etc. are - 377, - 399, etc., showing certain changes compared with the previous values [1]. 3.4 Industry Information - SPPOMA data shows that from February 1 - 10, 2026, the yield per unit of Malaysian palm oil decreased by 9.16% month - on - month, the oil extraction rate increased by 0.3% month - on - month, and the output decreased by 7.58% month - on - month [2]. - Anec indicates that Brazil's soybean exports in February are expected to be 11.71 million tons, higher than the previous week's forecast of 11.42 million tons [2]. - According to CONAB data, as of February 8, the soybean harvest rate in Brazil was 17.4%, compared with 11.2% last week, 14.8% in the same period last year, and a five - year average of 18.7% [2]. - USDA's February supply - demand report increased the estimated Brazilian soybean output from 178 million tons in January to 180 million tons, and raised the global soybean ending stocks by 1.1 million tons to 125.51 million tons [2]. 3.5 MPOB Report - In January, Malaysia's palm oil inventory was 2.815 million tons, a 7.72% month - on - month decrease; exports were 1.484 million tons, an 11.44% month - on - month increase; production was 1.577 million tons, a 13.78% month - on - month decrease; imports were 32,316 tons, a 2.93% month - on - month decrease [2].