申万期货品种策略日报：油脂油料-20260401

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The protein meal market: Night trading of soybean and rapeseed meal closed down. Brazil's soybean harvest is progressing, and although it is slower than last year, a bumper harvest is expected. The US soybean planting area is expected to increase due to the high soybean - corn price ratio and rising fertilizer prices. The medium - term domestic supply of protein meal is expected to be loose, suppressing prices [3]. - The oil market: Night trading of oils was strong. The US bio - diesel policy RVO quantity is in line with expectations, and Indonesia plans to implement the B50 bio - diesel policy, which is expected to boost palm oil demand. The oil market is expected to fluctuate at a high level due to the co - existence of fundamental pressure and positive policy expectations [3]. Group 3: Summary by Related Catalogs Domestic Futures Market - Prices and Changes: The previous day's closing prices of domestic futures for soybean oil, palm oil, and other varieties are presented, along with their price changes and percentage changes. For example, the soybean oil主力's previous day's closing price was 8668, with a decline of 46 and a decline rate of - 0.53% [2]. - Spreads and Ratios: Spreads and ratios such as Y9 - 1, P9 - 1, etc., are provided, along with their current and previous values [2]. International Futures Market - Prices and Changes: The previous day's closing prices, price changes, and percentage changes of international futures like BMD palm oil, CBOT soybeans, etc., are given. For instance, BMD palm oil's previous day's closing price was 4666, with an increase of 221 and an increase rate of 4.97% [2]. Domestic Spot Market - Prices and Changes: Spot prices and their percentage changes of various products in different regions are shown, including soybean oil, palm oil, etc. For example, the spot price of Tianjin first - grade soybean oil is 8990, with an increase rate of 0.45% [2]. - Basis and Spreads: Spot basis and spreads between different products are provided, such as the basis of Tianjin first - grade soybean oil is 322, and the spread between Guangzhou first - grade soybean oil and 24° palm oil is - 630 [2]. Import Profit and Warehouse Receipts - Import Profit: Current and previous values of import profit for various imported products like Malaysian palm oil, US soybeans, etc., are presented. For example, the current import profit of near - month Malaysian palm oil is - 495 [2]. - Warehouse Receipts: Current and previous values of warehouse receipts for products such as soybean oil, palm oil, etc., are given. For example, the current warehouse receipt of soybean oil is 0, and the previous value was 13,019 [2]. Industry Information - USDA Report: The USDA's planting intention report predicts that the US soybean planting area in 2026 will be 84.7 million acres, and the wheat planting area will be 43.775 million acres, which are different from Reuters' expectations [3]. - Brazilian Exports: Brazil's March soybean and soybean meal export estimates are slightly lower than last week's forecasts [3]. - Brazilian Harvest: As of March 28, Brazil's soybean harvest rate is 74.3%, slower than last year but still expected to be a bumper harvest [3].