Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - This week, soybean meal prices first rose and then fell. On the cost side, recent rainfall in US soybean - producing areas has been good, but some areas have faced high - temperature threats. As of July 22, about 8% of the US soybean - growing areas were affected by drought, slightly higher than the previous week and last year. As of July 17, the soybean good - to - excellent rate dropped to 68%, lower than expected, which supported US soybeans. Last week, the net export sales of US soybeans were 400,000 tons, in line with expectations but down from the previous week. With the approaching of August 1, the slow progress of tariff negotiations between the US and other countries has increased market concerns about US soybean demand. Amidst the mix of positive and negative factors, US soybeans have been oscillating downward. In the domestic market, recent soybean arrivals have been sufficient, the oil - mill operating rate has returned to normal, and the spot supply of soybean meal is abundant. Meanwhile, recent downstream restocking has weakened, but the spot price of soybean meal has remained stable due to the influence of the futures market. Additionally, oil mills' soybean and soybean - meal inventories are in an accumulation cycle, with short - term soybean inventories slightly decreasing and soybean - meal inventories continuously increasing. The strategy is that US soybeans are oscillating downward due to the mix of positive and negative factors; in the domestic market, soybean supply is sufficient in the third quarter, the oil - mill operating rate has reached a high level compared to the same period, the overall spot supply of soybean meal is abundant, and current downstream restocking has weakened, so the spot price will remain oscillating. In the short term, as Sino - US economic and trade consultations are approaching, attention should be paid to changes in Sino - US tariffs; in the long term, US soybeans have entered the weather - sensitive period. Favorable weather in the early - stage production areas has limited speculation, and the temperature in US soybean - producing areas will be high first and then low in the next two weeks, so attention should be paid to potential weather - related speculation [6]. Group 3: Summary by Relevant Catalogs 1. Market Review - As of the close on July 25, the CBOT soybean closed at 1021.75 cents per bushel, down 13.25 points from last week's close, a weekly decline of 1.28%. The M2509 soybean meal closed at 3021 yuan per ton, down 35 points from last week's close, a weekly decline of 1.15% [7] 2. Fundamental Analysis Cost Side - **Weather**: In the next two weeks, there will be sufficient rainfall and low temperatures in US soybean - producing areas [12] - **US soybean growth**: As of the week of July 20, the US soybean good - to - excellent rate was 68%, lower than the market expectation of 71%, 70% in the previous week, and 68% in the same period last year. The US soybean flowering rate was 62%, up from 47% in the previous week, compared with 63% in the same period last year and a five - year average of 63%. The US soybean pod - setting rate was 26%, up from 15% in the previous week, compared with 27% in the same period last year and a five - year average of 26%. As of the week of July 22, about 8% of the US soybean - growing areas were affected by drought, compared with 7% in the previous week and 4% in the same period last year [12][21] - **US soybean exports**: As of the week of July 17, the net export sales of US soybeans in the 2024/2025 season were 161,000 tons, compared with 272,000 tons in the previous week; the net sales of soybeans in the 2025/2026 season were 239,000 tons, compared with 530,000 tons in the previous week [12][25] - **Brazilian soybeans**: The estimated Brazilian soybean exports in July are 12.11 million tons, an increase of 2.5 million tons year - on - year. Recently, the Brazilian real has been stable, US soybeans have been oscillating, and the near - month soybean premium has stopped rising and adjusted [12][31] Supply - **Imports**: In the 29th week (July 12 - July 18), the total arrival of soybeans at domestic full - sample oil mills was 31.5 ships, about 2.0475 million tons of soybeans [12][35] Demand - **Pressing**: In the 30th week (July 19 - July 25), the actual soybean pressing volume of oil mills was 2.2389 million tons, with an operating rate of 62.94%, 380 tons higher than the estimate [12][35] - **Transactions**: In the 30th week, soybean - meal transactions increased to 692,600 tons, an increase of 4.51%; pick - up increased to 942,100 tons, an increase of 1.72% [12][39] Inventory - **Oil - mill inventory**: In the 29th week, the soybean inventory of major domestic oil mills decreased, the soybean - meal inventory increased, and the unfulfilled contracts decreased. Among them, the soybean inventory was 6.4224 million tons, a decrease of 152,500 tons from the previous week; the soybean - meal inventory was 998,400 tons, an increase of 112,200 tons from the previous week [12][44] 3. Spread Tracking - No specific spread - tracking analysis content was provided except for listing items such as soybean - meal basis in Jiangsu, oil - to - meal ratio, soybean - meal 9 - 1 spread, and soybean - meal to rapeseed - meal spread [47][51][52]

Report Information - Reported Industry: Soybean Meal [1] - Date: July 4, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - Not provided in the content Core Viewpoints - The USDA area report slightly favors the market as the estimated 2025 US soybean planting area is 83.38 million acres, slightly lower than the March estimate. If the harvest area is adjusted down to 82.6 million acres and the yield per unit remains at 52.5 bushels, the new US soybean production is expected to be 4.337 billion bushels, a 0.7% decrease from this year. The ending inventory in the 2025/26 season is expected to drop from 350 million bushels this year to 290 million bushels, reaching a relatively balanced supply - demand state. However, the inventory report shows that the current US soybean inventory has increased year - on - year, with a higher - than - expected increase, making the overall impact of the report neutral [6]. - The market will gradually focus on US soybean weather conditions. Currently, the 66% good - to - excellent rate is slightly lower than last year but still at a moderately high level. The weather forecast for the next two weeks indicates that most production areas are expected to receive above - average rainfall, which is beneficial for potential yield [6]. - In the domestic soybean meal market, there are rumors that China has started purchasing Argentine soybean meal, reducing the dependence on US soybeans in the fourth quarter. In terms of futures operations, soybean meal prices continue to be priced according to CBOT soybeans, with short - term sensitivity to weather increasing. Considering the expected increase in the cost of imported soybeans in the fourth quarter, the fourth - quarter contracts should be treated with cautious optimism after corrections [6]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Quotes**: For the soybean meal 2601 contract, the previous settlement price was 2990, the opening price was 2990, the highest price was 3021, the lowest price was 2987, the closing price was 3008, with a gain of 18 and a gain rate of 0.60%. The trading volume was 332,791, the open interest was 1,062,964, and the open interest decreased by 10,344. Similar data are provided for the soybean meal 2509 and 2511 contracts [6]. - **External Market**: The US soybean futures contracts rose, with the main contract at 1045 cents. The USDA area and inventory reports were released at 1 am. The estimated 2025 US soybean planting area is 83.38 million acres, slightly lower than the March estimate. Different scenarios of yield per unit will lead to different supply - demand situations [6]. - **Domestic Market**: There are rumors that China has started purchasing Argentine soybean meal, reducing the dependence on US soybeans in the fourth quarter. Futures operations should be based on the price of CBOT soybeans, with short - term sensitivity to weather increasing. The fourth - quarter contracts should be treated with cautious optimism after corrections [6]. 2. Industry News - **USDA Export Sales Report Forecast**: As of the week ending June 26, US soybean export sales are expected to increase by 30 - 100 tons, with 30 - 70 tons in the 2024/25 season and 0 - 30 tons in the 2025/26 season. US soybean meal export sales are expected to increase by 10 - 65 tons, with 10 - 40 tons in the 2024/25 season and 0 - 25 tons in the 2025/26 season. US soybean oil export sales are expected to decrease by 10,000 tons to an increase of 26,000 tons [7]. - **Argentine Soybean Sales**: As of the week ending June 25, Argentine farmers sold 1.6793 million tons of 2024/25 season soybeans, bringing the cumulative sales to 23.8259 million tons. They also sold 49,900 tons of 2025/26 season soybeans, bringing the cumulative sales to 264,400 tons [9]. 3. Data Overview - Multiple data charts are provided, including the spread between soybean meal 1 - 5 contracts, the spread between soybean meal 5 - 9 contracts, the US dollar - RMB central parity rate, the US dollar - Brazilian real exchange rate, the ex - factory price of soybean meal, and the basis of the soybean meal 09 contract, with data sources from Wind and the Research and Development Department of CCB Futures [12][14][15]

Group 1 - The oilseed and oil market has shown a strong upward trend recently, driven by favorable expectations regarding U.S. biodiesel policies and a general rise in commodity prices [1][2] - The U.S. Senate's proposed tax bill aims to prohibit the use of non-North American materials for biodiesel production, which could significantly benefit U.S. soybean and corn farmers if passed [1][2] - Analysts indicate that the current international oilseed supply remains ample, with Brazil and Argentina experiencing high soybean yields, while U.S. soybean planting area is expected to decrease [2][3] Group 2 - The palm oil market is under pressure due to high production levels and cautious purchasing from India and China, which limits price increases [3] - Domestic soybean oil inventories are rising, and the market is experiencing seasonal supply pressures, leading to a weak basis for oilseed prices [3][4] - Analysts suggest that while the oil market is currently influenced by policy changes, the overall trend remains unclear, with potential for short-term fluctuations [4][5] Group 3 - The outlook for soybean meal prices is more optimistic compared to canola meal, with expectations of price increases driven by U.S. soybean market dynamics and weather factors [4] - The ongoing U.S.-China trade tensions are seen as a "gray rhino," with diminishing impacts on prices, although positive negotiations could support U.S. soybean prices [4]

1. Report Information - Reported industry: Soybean meal [1] - Date: July 2, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Market Review and Operational Suggestions 2.1 Market Quotes - **Domestic soybean meal futures**: For the contracts of soybean meal 2507, 2509, and 2511, the closing prices were 2822, 2961, and 2998 respectively, with changes of -21, +3, and +1, and percentage changes of -0.74%, +0.10%, and +0.03% [6]. - **US soybean futures**: The main contract of US soybean futures on the outer - market fluctuated around 1020 cents [6]. 2.2 USDA Reports - **Area report**: The estimated planting area of US soybeans in 2025 was adjusted down to 83.38 million acres, slightly lower than the March estimate. With an estimated harvest area of 82.6 million acres and a yield of 52.5 bushels per acre, the new - crop US soybean production is expected to be 4.337 billion bushels, a 0.7% decrease from this year's 4.366 billion bushels [6]. - **Inventory report**: The current US soybean inventory increased year - on - year, with the increase exceeding expectations. The combined effect of the area and inventory reports was neutral [6]. 2.3 Impact of Weather on Yields - **Current situation**: The current excellent - good rate of US soybeans is 66%, slightly lower than last year but still at a moderately high level. Forecasts for the next two weeks indicate above - average rainfall in most production areas, which is beneficial for potential yields [6]. - **Yield and inventory scenarios**: If the yield rises to 53.2 bushels per acre, the ending inventory will remain at 350 million bushels; if it drops below 51.9 bushels per acre, the ending inventory is expected to fall below 250 million bushels, tightening the supply - demand balance [6]. 2.4 Domestic Market Situation - There are rumors that China has started purchasing Argentine soybean meal, reducing its dependence on US soybeans in the fourth quarter [6]. 2.5 Operational Suggestions - Soybean meal pricing continues to follow CBOT soybeans. In the short term, it is more sensitive to weather. For fourth - quarter contracts, a cautious and bullish approach is recommended after price corrections, with risks related to weather improvement and tariff policies [6]. 3. Industry News 3.1 USDA Quarterly Inventory and Planting Area Survey Report - As of June 1, 2025, the total inventory of old - crop US soybeans was 1.01 billion bushels, a 4% year - on - year increase. Farm inventories were 412 million bushels, a 12% year - on - year decrease, and non - farm inventories were 596 million bushels, an 18% year - on - year increase [7]. - From March to May, soybean consumption was 903 million bushels, a 3% year - on - year increase. The estimated planting area of US soybeans in 2025 was 83.4 million acres, lower than the market expectation of 83.655 million acres and the March planting intention of 83.495 million acres [7]. 3.2 USDA Crop Growth Report - As of the week of June 29, 2025, the excellent - good rate of US soybeans was 66%, lower than the market expectation of 67%. The emergence rate was 94%, the flowering rate was 17%, and the pod - setting rate was 3% [9]. 4. Data Overview - The report presents multiple data charts, including the spread between soybean meal 1 - 5 contracts, 5 - 9 contracts, the US dollar - RMB central parity rate, the US dollar - Brazilian real exchange rate, the ex - factory price of soybean meal, and the basis of the soybean meal 09 contract [11][13][14]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View The report provides short - term, medium - term, and intraday views on several agricultural commodity futures, suggesting that the prices of soybean meal, palm oil, and soybean oil are likely to be oscillating strongly in the short - term and strong in the medium - term [5][6][7]. 3. Summary by Variety Soybean Meal (M) - **View**: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - **Core Logic**: US soybean产区 weather has improved, causing the US soybean futures price to show weather - driven fluctuations and decline. The market focus will shift to the July - August weather's impact on yield. The domestic soybean market follows the US soybean futures price, and after continuous price drops, it may stabilize [5]. Palm Oil (P) - **View**: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: As the impact of international oil prices weakens, the palm oil market returns to its fundamentals. Malaysia's reduction of crude palm oil export tax and Brazil's increase in the mandatory biodiesel blending ratio boost demand. Active oil - meal arbitrage funds also support the price [7]. Soybean Oil (Y) - **View**: Short - term: oscillating; Medium - term: strong; Intraday: oscillating strongly; Reference view: oscillating strongly [6] - **Core Logic**: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Group 1 - The domestic oilseed market is mostly in the red, with soybean meal futures showing a downward trend, closing at 2986.00 CNY/ton, down 2.56% from the previous session [1] - External factors such as falling crude oil prices and ample global wheat supply are contributing to the weak market environment, while the upcoming U.S. grain inventory and planting report is highly anticipated [1] - Weather conditions in the U.S. soybean growing regions are favorable, which may lead to an increase in the quality rating of U.S. soybeans next week [1] Group 2 - Domestic soybean imports surged to nearly 14 million tons in May, with expectations of over 10 million tons arriving in June and July [2] - The U.S. soybean planting progress is ahead of schedule, and while the quality rating has slightly decreased to 66%, it remains relatively high, with no immediate weather-related trading opportunities [2] - The market is currently experiencing mixed signals, making it difficult to establish a clear trend for soybean meal prices, with a focus on the upcoming planting area data [2]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: June 26, 2025 [2] - Research team: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Domestic soybean meal futures contracts: The settlement prices of soybean meal 2507, 2509, and 2511 decreased by -1.05%, -1.19%, and -1.27% respectively, with trading volumes of 26,867, 1,342,168, and 77,065, and open interest changes of -18,048, -59,986, and -4,441 respectively [6] - International soybean market: U.S. soybean futures contracts declined, with the main contract at 1045 cents. After a rebound last week, the price turned to consolidation. The biodiesel policy is relatively positive for U.S. soybean crushing, but there is still uncertainty due to an upcoming hearing in early July. U.S. soybean exports are approaching the end of the season, and the market is entering the weather - sensitive period. New - season soybean planting is progressing, with uneven rainfall distribution in the产区, and the overall good - to - excellent rate is at a medium level [6] Operation Suggestions - Short - term: There may be profit - taking pressure on the rebound. For the fourth - quarter contracts, they should be treated with cautious optimism after pullbacks, with risks related to weather improvement and tariff conditions [6] Group 3: Industry News - Imea: From June 16 - 20, the soybean crushing profit in Mato Grosso was 493.39 reais/ton, down from 515.08 reais/ton the previous week. The soybean meal price was 1561.35 reais/ton, and the soybean oil price was 5,771.88 reais/ton [9] - Argentina: In May, the soybean crushing volume was 3,878,549 tons, soybean oil production was 763,045 tons, and soybean meal production was 2,821,060 tons. As of June 1, 2025, the soybean inventory in factories was 3,515,610 tons, soybean oil inventory was 223,426 tons, and soybean meal inventory was 647,658 tons [9][10] - EU: As of June 22, the 2024/25 palm oil imports were 2.76 million tons (vs. 3.41 million tons last year), soybean imports were 13.79 million tons (vs. 12.89 million tons last year), soybean meal imports were 18.88 million tons (vs. 14.93 million tons last year), and rapeseed imports were 7.16 million tons (vs. 5.59 million tons last year) [10] Group 4: Data Overview - The report provides multiple data charts, including the price difference between soybean meal 1 - 5, 5 - 9, the central parity rate of the US dollar against the RMB, the US dollar against the Brazilian real exchange rate, the ex - factory price of soybean meal, and the basis of the soybean meal 09 contract, with data sources from Wind and the Research and Development Department of CCB Futures [12][14][15]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The overall trend of the agricultural products futures market in the report shows that the short - term performance of soybean meal futures is stronger than that of oils and fats, and the short - term is in a volatile state. The oils and fats market is affected by multiple factors such as international oil prices and inventory, showing a relatively weak trend in the short - term [5][7]. 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: The intraday view is weakly volatile, the medium - term view is strong, and the reference view is weakly volatile [5]. - **Core Logic**: As the geopolitical risk in the Middle East cools down and the weather is favorable for crop growth, the decline in the US soybean oil futures price drags down the US soybean futures price. The domestic soybean market follows the fluctuation rhythm of the US soybean futures price. With stable market funds, the short - term soybean meal futures price is stronger than that of oils and fats and runs in a volatile manner [5]. Palm Oil (P) - **Viewpoints**: The intraday view is weakly volatile, the medium - term view is strong, and the reference view is weakly volatile [7]. - **Core Logic**: The oils and fats market as a whole follows the decline of international oil prices. After returning to the fundamentals, the inventory of the three major oils shows an obvious increasing trend, and the inventory pressure appears. Domestic palm oil lacks its own driving force and follows the price fluctuations of other oils and international palm oil futures, running weakly in the short - term [7]. Other Related Information - **Time Cycle Definition**: Short - term refers to within one week, and medium - term refers to two weeks to one month. For soybean meal 2509, soybean oil 2509, and palm 2509, the short - term and medium - term views are strong, while the intraday view is weakly volatile. Different varieties are affected by different factors such as import arrival rhythm, US biofuel policy, and biodiesel attributes [6].

Report Information - Report Date: June 24, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Team Members: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - The external market of US soybean futures contracts is currently oscillating, with the main contract at 1060 cents. After the positive news about US soybean oil, the US soybean price rebounded last week and then gradually turned to oscillation. The biodiesel policy is relatively positive for US soybean crushing, but there is still uncertainty due to an upcoming hearing in early July. The market is temporarily digesting the positive news. In terms of exports, as the US soybean marketing year is approaching its end, last week's weekly export data was good but had limited impact. The market is gradually entering the weather - sensitive period. New - season soybean planting is in progress, with most soybeans in the emergence stage. Rainfall is unevenly distributed in the producing areas. Although the new excellent - rate has decreased compared to before, it is still at a medium level. Considering that soybeans are only in the emergence stage, there is currently no topic for weather speculation. The supply - demand pattern of US soybeans has improved, but the international soybean supply is still sufficient. Under the interweaving of multiple and short factors, the external market will oscillate in the short term, waiting for weather guidance [6]. - Domestic soybean meal rebounded last week and then declined. Since June, soybean meal sales have been good. When the price is low, downstream buyers are willing to make some safety purchases, but it is difficult to see continuous large - scale purchases when the price rises. The price of domestic soybean meal will still be mainly determined by the cost of imported soybeans. In terms of futures operations, there may be pressure for profit - taking in the short - term rebound. However, based on the potential of US weather - related topics and the expectation of higher costs for imported soybeans in the fourth quarter, the fourth - quarter contracts should be treated with cautious bullishness after corrections. The risk factors are the improvement of weather and tariff conditions [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Data**: For the soybean meal 2507 contract, the previous settlement price was 2907, the opening price was 2911, the highest price was 2912, the lowest price was 2857, the closing price was 2872, with a decline of 35 and a decline rate of - 1.20%. The trading volume was 36,635, the open interest was 108,255, and the open interest decreased by 16,064. For the soybean meal 2509 contract, the previous settlement price was 3070, the opening price was 3074, the highest price was 3076, the lowest price was 3021, the closing price was 3037, with a decline of 33 and a decline rate of - 1.07%. The trading volume was 1,158,175, the open interest was 2,341,727, and the open interest increased by 2,195. For the soybean meal 2511 contract, the previous settlement price was 3107, the opening price was 3108, the highest price was 3113, the lowest price was 3059, the closing price was 3074, with a decline of 33 and a decline rate of - 1.06%. The trading volume was 69,842, the open interest was 588,107, and the open interest increased by 10,520 [6]. - **External Market**: The US soybean futures contracts are oscillating. After the positive news of US soybean oil, the price rebounded last week and then oscillated. The biodiesel policy is positive for US soybean crushing, but there is uncertainty due to the upcoming hearing. The export data is good but has limited impact as the marketing year is ending. New - season planting is in progress, with uneven rainfall. The excellent - rate is at a medium level, and there is currently no weather - related speculation topic. The external market will oscillate in the short term, waiting for weather guidance [6]. - **Domestic Market**: Domestic soybean meal rebounded last week and then declined. Sales in June have been good, with downstream buyers making safety purchases at low prices. The price will be mainly determined by imported soybean costs. In futures operations, short - term rebounds may face profit - taking pressure, and fourth - quarter contracts should be treated with cautious bullishness after corrections, with risks related to weather and tariffs [6]. 3.2 Industry News - According to the USDA export sales report, as of the week ending June 12, US soybean export sales increased by a net of 614,700 tons, better than expected. US soybean export sales for the current marketing year increased by a net of 539,500 tons, a 779% increase from the previous week and a 204% increase from the average of the previous four weeks. The market previously expected a net increase of 0 tons. US soybean export sales for the next marketing year increased by a net of 75,200 tons. The market previously expected a net increase of 0 - 200,000 tons. US soybean exports for shipment were 406,100 tons, a 10% decrease from the previous week and a 33% increase from the average of the previous four weeks [7]. - The monthly report released by the Secretariat of Agriculture, Livestock, Fisheries and Food of Argentina shows that the estimated planting area of soybeans in Argentina for the 2024/25 season is 17.8 million hectares, a 0.6% increase from last month's estimate and a 7.2% increase from the previous year. The estimated soybean production for the 2024/25 season is 49.9 million tons, a 1.8% increase from last month's estimate and a 3.5% increase from the previous year [9].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The soybean meal market shows an intraday view of being weakly volatile and a medium - term view of being strongly - trending. The core logic is that favorable rainfall in US soybean - producing areas has improved the weather outlook, causing US soybean futures prices to fluctuate weakly. The domestic soybean market's trading logic remains unchanged, and the room for further decline is limited after giving back some weather - risk premiums following the US soybean futures prices [5]. - The palm oil market has an intraday view of being weakly volatile and a medium - term view of being strongly - trending. The core logic is that with the sharp drop in international oil prices, the energy spill - over support for the oil and fat market has weakened. The palm oil market is a short - term game between increasing production and strong demand, and strong export demand helps offset some inventory pressure. The domestic palm oil market lacks its own drivers and follows other oils and the international palm oil futures prices [6][8]. Group 3: Summary by Related Catalogs Soybean Meal (M) - **Time - frame Views**: Short - term (within a week) is strongly - trending, medium - term (two weeks to a month) is strongly - trending, and intraday is weakly volatile. The reference view is weakly volatile. - **Core Logic**: Import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7]. Soybean Oil (2509) - **Time - frame Views**: Short - term is strongly - trending, medium - term is strongly - trending, and intraday is weakly volatile. The reference view is weakly volatile. - **Core Logic**: US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]. Palm Oil (2509) - **Time - frame Views**: Short - term is strongly - trending, medium - term is strongly - trending, and intraday is weakly volatile. The reference view is weakly volatile. - **Core Logic**: Biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7].