宝城期货豆类油脂早报（2026年3月5日）-20260305

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The soybean meal market is expected to be weak in the short - term and remain in a mid - term oscillation. The palm oil market is expected to be strong in the short - term and also remain in a mid - term oscillation [5][7] 3. Summary by Related Catalogs 3.1 Soybean Meal (M) - Price Trend: Short - term: oscillation with a weak bias; Mid - term: oscillation; Intraday: oscillation with a weak bias; Reference view: oscillation with a weak bias [5][6] - Core Logic: International soybean import cost and potential freight increase expectations support the bottom of the soybean meal price. However, the domestic spot market is weak, with sufficient supply of soybeans and soybean meal, high inventory (although it has decreased month - on - month), and weak demand from downstream feed enterprises, leading to weak spot basis. In the long - term, the high inventory, weak demand, and the replenishment of the gap by far - month soybean purchases will suppress the price [5] 3.2 Palm Oil (P) - Price Trend: Short - term: oscillation with a strong bias; Mid - term: oscillation; Intraday: oscillation with a strong bias; Reference view: oscillation with a strong bias [6][7] - Core Logic: The oil market is oscillating at a high level due to geopolitical risk premiums and fundamental factors. International crude oil prices support the oil market. The Malaysian palm oil market shows a pattern of both supply and demand decline, with inventory expected to fall to a four - month low in late February. In China, the near - month arrival of palm oil is concentrated, inventory has increased significantly, and demand recovery is slow due to the off - season. The palm oil market is dominated by macro - sentiment and supply - demand differences and is overall oscillating with a strong bias [7]