油脂油料：申万期货品种策略日报-2026/3/23-20260323

Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The soybean crushing volume of NOPA member companies in February was 208.75 million bushels, a year-on-year increase of 17.4%, higher than market expectations [2] - Malaysia's palm oil exports from March 1 - 20 increased by 49.6% compared to the same period last month [2] - The Brazilian soybean harvest rate as of March 15 was 59.2%, with multiple institutions lowering their production forecasts, but the overall South American harvest remains bountiful [2] - Trump's invitation to farmers and biofuel producers may lead to the announcement of biofuel blending rules, boosting U.S. soybean crushing demand and futures prices [2] - The domestic supply of protein meal remains ample, suppressing price performance [2] - Southeast Asian palm oil production is entering an increasing season, but geopolitical conflicts and potential export restrictions from Indonesia may support palm oil prices [2] - U.S. biodiesel policies will boost demand for U.S. soybean oil, but the increase in domestic vegetable oil prices is limited [2] - The macro - environment is complex, and short - term price fluctuations of oils and fats are expected to be large [2] 3. Summary by Relevant Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8616, 9796, and 9854 respectively, with price increases of 76, 104, and 74, and percentage increases of 0.89%, 1.07%, and - 3.15% respectively. For protein meal, the previous day's closing price of soybean meal was 3042, an increase of 6 (0.20%), and rapeseed meal was 2443, unchanged. Peanut futures closed at 8844, an increase of 26 (0.29%) [1] - Spreads and Ratios: The current spreads and ratios of various futures contracts have changed compared to the previous values. For example, the Y9 - 1 spread is now 18 (previously 20), and the M9 - 1 spread is now - 58 (previously - 56) [1] International Futures Market - Prices and Changes: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4503 ringgit/ton, 1169 cents/bushel, 65.23 cents/pound, and 333 dollars/ton respectively. The price changes were - 45.0, 4.8, - 0.3, and 11.2 respectively, with percentage changes of - 0.99%, 0.41%, - 0.41%, and 3.48% respectively [1] Domestic Spot Market - Prices and Changes: The current spot prices of various oils and meals have different percentage increases. For example, the spot price of Tianjin first - grade soybean oil is 8900, an increase of 0.79%, and the spot price of Nantong soybean meal is 3320, an increase of 0.61% [1] - Basis and Spreads: The current spot basis and spreads of various products have also changed compared to the previous values. For example, the spot basis of Tianjin first - grade soybean oil is 284, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is now - 170 (previously - 120) [1] Import Profit and Warehouse Receipts - Import Profit: The current import profit of various products has changed compared to the previous values. For example, the import profit of Malaysian palm oil is now - 409 (previously - 585) [1] - Warehouse Receipts: The current warehouse receipts of various products have also changed compared to the previous values. For example, the current warehouse receipts of soybean oil are 25,342 (previously 25,714) [1]