Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The market sentiment of agricultural commodity futures is affected by various factors, including international policies, trade relations, and supply - demand situations of different products. Short - term price fluctuations are significant, and each product has different trends in the short, medium, and intraday periods [5][6][7]. 3. Summary by Relevant Catalogs 3.1.豆粕（M） - **View**: Intraday view is weakly volatile, medium - term view is volatile, reference view is weakly volatile [5]. - **Core Logic**: Trump's tweet boosted US soybean prices, while domestic soybean meal futures prices fell due to loose funds. The industrial chain environment remains unchanged, and short - term Sino - US trade relations affect market sentiment [5]. 3.2.棕榈油（P） - **View**: Intraday view is strongly volatile, medium - term view is volatile, reference view is strongly volatile [7]. - **Core Logic**: MPOB's report shows strong Malaysian palm oil exports and lower - than - expected inventory. Indonesia's B50 biodiesel policy may affect export supply, causing short - term price strength [7]. 3.3. Other Related Information - For different products (such as soybean meal 2601, soybean oil 2601, palm 2509), their short - term, medium - term, and intraday views are affected by factors like import arrival rhythm, customs clearance, oil refinery operation rhythm, biofuel policies, inventory, and production and export in major producing countries [6].