Report Overview - The report is the Baocheng Futures' morning report on beans and oils for August 22, 2025, covering the price trends and core logics of varieties like soybean meal and palm oil [1] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - The report provides intraday, medium - term and reference views on soybean meal and palm oil futures, and analyzes the driving factors and core logics of their price trends [5][7] 3. Summary by Variety Soybean Meal (M) - **Viewpoint**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5] - **Core Logic**: Recently, the price difference between domestic and foreign beans has been repaired. The US soybean futures price is oscillating strongly, while the domestic soybean futures price is in high - level oscillation. The market is in a game between near - term pressure and long - term supply gap. The soybean meal futures price has a high - level volatile market affected by the Sino - US negotiation process [5] Palm Oil (P) - **Viewpoint**: Intraday view is oscillating strongly, medium - term view is oscillating, and the reference view is oscillating strongly [7] - **Core Logic**: The export growth of Malaysian palm oil exceeds market expectations, indicating strong demand. Coupled with the decline in Indonesia's palm oil inventory at the end of June, the positive expectation of the international palm oil industry chain supports the palm oil futures price. The domestic palm oil futures price follows the international oil market, and is oscillating strongly in the short term with strong support below [7]