宝城期货豆类油脂早报（2026年3月11日）-20260311

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report assesses the short - term, medium - term, and intraday trends of several agricultural commodity futures. For short - term, all three varieties (soybean meal, soybean oil, and palm oil) are considered "strong"; for medium - term, all are "oscillating"; and for intraday, all are "oscillating strongly". The overall view is that the prices of these futures will show an oscillating and relatively strong trend in the short term [5][6][7]. Summary by Variety Soybean Meal (M) - Price Trend: Short - term is strong, medium - term is oscillating, and intraday is oscillating strongly. The reference view is also oscillating strongly [5][6]. - Core Logic: The adjustment of key data of US and global soybeans in the USDA's March supply - demand report was minimal, and the market focused on the spring planting intention of US corn and soybeans, as well as other supply - demand fundamental factors. The uncertainty of soybean arrivals in the domestic market affects the oil mills' operation plans and soybean meal supply. The market focus has shifted from the expected South American bumper harvest to the supply rhythm, and negative logistics news may cause short - term shortage expectations and price surges [5]. Palm Oil (P) - Price Trend: Short - term is strong, medium - term is oscillating, and intraday is oscillating strongly. The reference view is also oscillating strongly [6][7]. - Core Logic: After the sharp drop in crude oil, international vegetable oil prices generally declined, and the domestic oil and fat sector also fell. The Malaysian Palm Oil Board's monthly report showed that the palm oil inventory in Malaysia at the end of February decreased by 3.9% to 2.7 million tons, production decreased by 18.6% to 1.28 million tons, and exports decreased by 22.5% to 1.13 million tons. The short - term improvement in exports may support the market, making palm oil relatively resistant to decline. After the market sentiment is released, the palm oil futures price may return to the oscillating range and show an oscillating and relatively strong trend in the short term [7]. Soybean Oil - Price Trend: Short - term is strong, medium - term is oscillating, and intraday is oscillating strongly. The reference view is also oscillating strongly [6]. - Core Logic: The influencing factors include energy attributes, US biofuel policy, US soybean oil inventory, imported soybean cost support, supply rhythm, and oil mill inventory [6].