Report Overview - Report Name: Baocheng Futures' Morning Report on Beans and Oils (September 11, 2025) [1] 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The beans and oils market is facing a game between weak reality and strong expectations. Domestic bean futures prices are relatively resistant to the decline compared to foreign markets. The prices of various products such as soybean meal, soybean oil, and palm oil are in a state of shock, with short - term intraday views being mostly shock - biased upwards [5][8][9]. 3. Summary by Variety Soybean Meal (M) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [5] - **Core Logic**: The beans market is in a game between weak reality and strong expectations. Domestic soybean meal futures are relatively resistant to decline. Under the background of high refinery operating rates, the inventory pressure of soybean meal continues to accumulate, and the negative basis has not improved. The differentiated trend of domestic and foreign bean futures will continue before the improvement of Sino - US trade relations [5] Soybean Oil (Y) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [8] - **Core Logic**: There is still great uncertainty in the supply and cost fluctuations of long - term raw material soybeans, and the weak reality pressure of the industrial chain is difficult to resolve. Soybean oil futures prices are affected by US soybean oil, adjacent oil varieties, and Sino - US trade prospects, resulting in a wide - range shock [8] Palm Oil (P) - **Price Performance**: Intraday view is shock - biased upwards, medium - term view is shock, and reference view is shock - biased upwards [9] - **Core Logic**: The inventory pressure of Malaysian palm oil has been released as expected, and its price pressure has an impact on domestic palm oil futures. After the short - term market pressure is released, the driving force for further decline is not strong. Palm oil futures prices fluctuate around energy attributes and industrial changes, and the short - term price may stop falling and stabilize [9]