1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - The report provides short - term, medium - term, and intraday views on soybean meal, soybean oil, and palm oil futures, along with their core driving logics [5][6][7] 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [5][6] - **Core Logic**: Optimistic expectations of Sino - US trade continue to ferment, enhancing the expectation of good US soybean exports. Seasonally, US soybean futures are in a sensitive period for weather themes and tend to rise. The trading logic of the soybean market comes from the increase in import costs, but the rebound will face domestic fundamental suppression. It fluctuates with US soybean futures intraday and mainly moves in a weakly oscillating manner [5] Palm Oil (P) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏强; Reference view:震荡偏强 [6][7] - **Core Logic**: Attention is paid to the impact of the Malaysian Palm Oil Board report on the market. Before the report, the market expects the Malaysian palm oil inventory to increase for three consecutive months, pressuring the rebound of palm oil futures. The export competition between Indonesia and Malaysia continues. In China, as palm oil purchases increase, domestic supply is supplemented, and the palm oil inventory rises from a low level. The entire oil and fat sector stops falling and rebounds, and palm oil maintains a weakly bullish oscillating trend in the short term [7] Soybean Oil (Not elaborated in detail in the given text, only listed in the table) - **Viewpoints**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏强; Reference view:震荡偏强 [6] - **Core Logic**: Related to US tariff policies, US soybean oil inventory, biodiesel demand, domestic raw material supply rhythm, and oil mill inventory [6]