宝城期货豆类油脂早报-20260306

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, all with an intraday and reference view of "oscillating strongly" and a medium - term view of "oscillating" [5][6][7]. Group 3: Summary by Variety Soybean Meal (M) - Intraday View: Oscillating strongly [5] - Medium - term View: Oscillating [5] - Core Logic: U.S. soybean prices are supported by soaring crude oil and geopolitical conflict premiums, but Brazilian soybean harvest expectations pressure U.S. soybean exports. In China, the spot market is weak, with high inventory levels and cautious downstream purchases, yet short - term prices are driven by external costs and sentiment and follow U.S. soybean price fluctuations [5]. Palm Oil (P) - Intraday View: Oscillating strongly [7] - Medium - term View: Oscillating [7] - Core Logic: Palm oil's performance is relatively prominent due to the increased cost - effectiveness as a biodiesel raw material. Malaysian inventory is expected to decline, but in China, supply is abundant, with high inventory and low seasonal demand, and price increases are limited by domestic industrial chain pressure [7]. Soybean Oil (Not elaborated in detail like the above two, but mentioned in the table) - Short - term, Medium - term, Intraday, and Reference Views: Oscillating strongly [6] - Core Logic Factors: U.S. soybean cost support, U.S. biofuel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].