Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. Core View of the Report The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, all of which are considered to be oscillating and strengthening. It also elaborates on the core logic behind these views for each commodity [6][7][8]. Summary According to Relevant Catalogs 1. Soybean Meal (M) - **View**: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [6]. - **Core Logic**: The US Department of Agriculture's oilseed crushing monthly report showed that the US soybean crushing volume in February was slightly higher than market expectations, boosting US soybean futures prices. Domestic soybean futures prices follow the upward trend. However, there is an expectation of a weaker domestic supply - demand environment in the future, and risks such as the weakening of the far - month basis and inventory reconstruction should be watched out for. The upward space of short - term soybean meal futures prices is limited [6]. 2. Soybean Oil (Y) - **View**: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [8]. - **Core Logic**: The US government plans to raise the biofuel blending target, which drives the soybean oil market sentiment. The US Department of Agriculture's report shows that the US soybean oil inventory at the end of February decreased more than expected year - on - year, supporting the futures prices. Domestic soybean oil futures prices are mainly affected by raw material soybean costs and the linkage with US soybean oil futures prices [8]. 3. Palm Oil (P) - **View**: Intraday view is oscillating and strengthening, medium - term view is oscillating, and the reference view is oscillating and strengthening [9]. - **Core Logic**: Currently, there is no obvious driver for the three major oil futures, and capital attention has declined. The recent improvement in palm oil exports has boosted its futures prices. With the continuous decline of domestic palm oil inventory, trading sentiment has recovered. However, short - term high - frequency data only has a short - term impact on prices, and short - term trading is advisable [9].

Group 1 - The article highlights the significant increase in demand for vegetable oils, driven by the potential rise in biodiesel blending requirements by the EPA, which could lead to an additional demand of 5.2 to 8 million tons of vegetable oil [2][6][8] - The political motivations behind Trump's shift towards supporting biofuels are discussed, emphasizing the need to maintain support from agricultural states while aligning with the interests of oil companies investing in renewable energy [6][8] - The article notes that the increase in biodiesel blending requirements may be gradual, with potential challenges in achieving the projected demand due to limited land availability for soybean and canola production in the U.S. [7][8] Group 2 - The article discusses the implications of the U.S. government's tariff policies on commodity pricing, particularly how tariffs could increase import costs and affect the North American supply chain [10] - It mentions the recent actions by the U.S. Treasury to raise capital for major banks, signaling a focus on financial stability and support for the real economy, which could positively impact the capital market [12] - The article also addresses the current state of the pork market, indicating a potential decline in prices due to increased supply pressures from a large number of piglets expected to be sold in 2024 [14]