Report's Industry Investment Rating - Not provided in the content Core View of the Report - The report provides intraday, short - term, and medium - term views and core logics for three agricultural commodity futures: soybean meal, palm oil, and soybean oil. It analyzes the price driving factors of each commodity and points out future areas of concern [5][7] Summary by Related Catalogs Soybean Meal (M) - **Price View**: Intraday view is oscillating strongly, medium - term view is oscillating, and the reference view is oscillating strongly [5] - **Core Logic**: U.S. soybean futures prices are above 1100 cents per bushel, supported by the expectation of Sino - U.S. trade relaxation and the news that China plans to purchase 12 million tons of U.S. soybeans. However, the key report from the U.S. Department of Agriculture on November 14 may bring uncertainties. If the report lowers the yield per unit, it may strengthen the strong oscillation of U.S. soybeans. Domestically, the spot price of soybean meal has risen slightly due to poor crushing margins of oil mills and strong price - holding intentions. But the demand side is affected by breeding losses, and the decline in Brazilian premium will limit the rebound of soybean meal futures prices. In the short term, the supply pressure in the domestic industrial chain will still restrict the rebound space of futures prices [5][6] - **Future Concerns**: South American weather and the actual fulfillment of purchases [6] Palm Oil (P) - **Price View**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5][7] - **Core Logic**: Malaysia's palm oil production in October increased by 5.55% month - on - month. The current loose supply - demand pattern of palm oil is difficult to change in the short term. The contradiction between the increase in Malaysian palm oil production and weak exports is prominent, and the weakening demand after India's Diwali festival intensifies the inventory accumulation expectation. In addition, the high port inventory of palm oil in China has increased the pressure on the domestic palm oil market. In the short term, palm oil futures prices are oscillating weakly, and attention should be paid to the support at the lower integer level [7] - **Future Concerns**: Production and sales data in Southeast Asia and the inventory reduction rhythm in China [7] Soybean Oil (Y) - **Price View**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating weakly [5] - **Core Influencing Factors**: Sino - U.S. relations, U.S. biofuel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [5]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The overall view for soybean meal, soybean oil, and palm oil in the short - term, medium - term, and intraday is "oscillating and slightly bullish" [5][7][8] Summary by Related Catalogs Soybean Meal (M) - **Time - frame Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating and slightly bullish; Reference view: oscillating and slightly bullish [5][7] - **Core Logic**: The market focuses on the US Department of Agriculture report tonight. Traders adjust their positions before the report, leading to a rebound in US soybean futures prices. The domestic soybean market supply remains abundant, and rising trade concerns boost market sentiment again. In the short - term, pay attention to the linkage effect of the US Department of Agriculture report. Under the influence of weak reality and trade concerns, soybean meal futures prices are expected to move in an oscillating and slightly bullish manner [5] Palm Oil (P) - **Time - frame Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating and slightly bullish; Reference view: oscillating and slightly bullish [7][8] - **Core Logic**: Palm oil was dragged down by the disappointing Malaysian palm report and weakened. The Malaysian palm report showed that the Malaysian palm inventory increased instead of decreasing, disappointing the market. Some funds left the market, causing the palm oil futures prices to decline. The strengthening of the neighboring soybean oil futures prices provides some support to palm oil futures prices. In the short - term, palm oil futures prices may enter a consolidation phase [8] Other Influencing Factors - **Soybean Meal 2509**: Influenced by import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] - **Soybean Oil 2509**: Affected by US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7] - **Palm 2509**: Influenced by biodiesel properties, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [7]