油脂油料：申万期货品种策略日报-2026/3/26-20260326

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Protein meal: Night - session soybean and rapeseed meal fluctuated and closed up. Brazil's soybean harvest progress is still slow, but the high - yield pattern remains unchanged, with production expected to reach a new high. The new - season US soybean planting area is expected to increase, and the US soybean futures price fell due to technical selling pressure. The recent futures price of Dalian soybean meal shows a weak trend, and the mid - term domestic supply surplus situation continues to suppress price performance [2] - Oils and fats: Night - session soybean oil closed slightly up, while rapeseed and palm oil fluctuated and closed down. Southeast Asian palm oil producing areas are entering the production - increasing season, but due to high oil prices, Indonesia may restrict palm oil exports, which will support palm oil prices. Brazil promotes biodiesel producers to increase the blending ratio, and Malaysia's palm oil exports are strong, providing support for the oils and fats sector. However, the decline in crude oil has a negative impact on oils and fats, and the short - term price may continue to adjust, with large fluctuations expected due to the complex macro - environment [2] 3. Summary by Relevant Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures such as soybean oil, palm oil, and rapeseed oil were 8550, 9510, and 9707 respectively, with price changes of - 44, - 134, and - 106 and percentage changes of - 0.51%, - 1.39%, and - 3.15% [1] - Spreads and Ratios: The current spreads and ratios of various varieties have changed compared to the previous values. For example, the Y9 - 1 spread is now 34, up from the previous 24 [1] International Futures Market - Prices and Changes: The previous day's closing prices of international futures such as BMD palm oil, CBOT soybeans were 4500 (ringgit/ton) and 1174 (cents/bushel) respectively, with price changes of - 82.0 and 19.5, and percentage changes of - 1.79% and 1.69% [1] Domestic Spot Market - Prices and Changes: The current spot prices of domestic products such as Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil have changed compared to the previous situation, with percentage changes ranging from - 0.67% to - 2.55% [1] - Basis and Spreads: The current spot basis and spreads of various products have also shown changes, such as the basis of Tianjin first - grade soybean oil being 320 [1] Import and Crushing Profit - The current import and crushing profits of near - month Malaysian palm oil, near - month US Gulf soybeans and other products are - 604, - 294 etc., showing some changes compared to the previous values [1] Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil and other products are 24,892, 621 etc., with some varieties having changes compared to the previous values [1] Industry Information - Malaysia's palm oil exports from March 1 - 25 were 1,414,990 tons, a 38.4% increase compared to the same period last month [2] - As of the week ending March 18, Argentine farmers sold 1.0284 million tons of 2025/26 - season soybeans, bringing the cumulative sales to 8.5527 million tons [2]