Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term trading logic of the bean market has shifted to the weak reality, and the short - term rebound of soybean meal futures prices is under pressure, showing a weak and volatile trend. The medium - term view is in a volatile state [6]. - Palm oil is highly sensitive to crude oil price fluctuations. The short - term price of palm oil futures fluctuates around energy attributes and industrial changes, and is expected to be mainly in a wide - range volatile state. The medium - term view is also in a volatile state [9]. 3. Summary by Relevant Catalogs For Soybean Meal (M) - **Time - frame Views**: The short - term, medium - term, and intraday views are all "weak and volatile", and the reference view is also "weak and volatile" [6][8]. - **Core Logic**: The Sino - US trade prospect is the biggest uncertainty factor affecting the bean market. If a procurement agreement is reached, there is an expectation of price spread repair between domestic and foreign bean markets, and the risk of the long - term supply gap being falsified exists. The market trading logic has shifted to the more certain weak reality, leading to the short - term rebound pressure of soybean meal futures prices [6]. For Palm Oil (P) - **Time - frame Views**: The short - term, medium - term, and intraday views are all "weak and volatile", and the reference view is also "weak and volatile" [8][9]. - **Core Logic**: Palm oil is still highly sensitive to crude oil price fluctuations. The market expects that the increase in Malaysia's palm oil inventory may be limited due to strong exports. The short - term price of palm oil futures fluctuates around energy attributes and industrial changes [9].