宝城期货豆类油脂早报（2026年2月24日）-20260224

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The soybean meal is expected to maintain a volatile and slightly stronger trend after the Spring Festival due to factors such as slow import procurement, logistics congestion in Brazil, and policy uncertainty [5][6] - The palm oil futures price may remain in a relatively stronger operating pattern after the Spring Festival, relying on external factors like the rise of soybean oil and crude oil [7] 3. Summary by Variety 3.1 Soybean Meal (M) - Price Trend: Short - term: volatile; Medium - term: volatile; Intraday: volatile and slightly stronger; Reference view: volatile and slightly stronger [5] - Core Logic: Slow import procurement of domestic soybeans, logistics congestion in central Brazil delaying the arrival of low - cost soybeans, uncertain soybean import cost due to policy changes, and short - term supply shortage after the Spring Festival [5][6] 3.2 Palm Oil (P) - Price Trend: Short - term: volatile; Medium - term: volatile; Intraday: strong; Reference view: strong [5] - Core Logic: During the holiday, the rise of US soybean oil due to strong bio - fuel demand and the increase of international crude oil to a six - month high pushed up the palm oil futures price. It lacks independent upward drive and depends on external factors [7]