1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The prices of major agricultural commodity futures, including soybean meal, palm oil, and soybean oil, are expected to be weak and fluctuate in the short, medium, and intraday terms [5][6][7]. 3. Summary by Related Catalogs 3.1 Soybean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [5][6]. - **Core Logic**: U.S. soybean futures prices are oscillating at 1100 cents. The incremental Chinese purchases are lower than expected, offsetting the bullish impact of South American drought. Domestic oil mills' operating rate remains at a high of 65%, with high soybean meal inventory forcing traders to sell goods, pressuring spot prices. Feed mills only maintain an 8 - day rigid inventory, and pig losses suppress restocking willingness. The spot basis remains negative. The key psychological and technical support level for short - term soybean meal futures prices is 3000 yuan/ton [5]. - **Attention Points**: The realization of precipitation in South America in December and the adjustment of oil mills' operating rhythm [5]. 3.2 Palm Oil (P) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6][7]. - **Core Logic**: The inventory pressure of Malaysian palm oil continues to accumulate as production recovers. The spot price of palm oil continues to decline slightly. The biodiesel policy of U.S. soybean oil is uncertain, and positive signals are released in China - Canada relations. The pressure on the palm oil industry chain continues to increase, and short - term palm oil futures prices continue to fluctuate weakly. The trend of palm oil is closely linked to U.S. soybean oil and the international oil and fat sector, and the biodiesel policy is a key variable [7]. 3.3 Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6]. - **Core Logic**: Influenced by U.S. soybean cost support, U.S. biodiesel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mills' inventory [6].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The market is in a stage of game between cost - driven factors and industrial chain pressure. For soybean meal, there is a divergence between domestic and foreign markets, with a pattern of strong foreign and weak domestic prices. For soybean oil, it is affected by raw material costs and external market prices, and the high inventory is the main resistance to price increases. For palm oil, it is in a stage of bottom - building with limited rebound space [5][7][8] Group 3: Summary by Variety Soybean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating [5][6] - **Core Logic**: The US soybean futures price is supported by strong crushing and good export expectations, providing cost support for domestic imported soybeans. However, the abundant domestic soybean arrivals and high inventory of soybean meal in oil mills suppress the basis to be continuously negative. Short - term attention should be paid to South American weather and domestic inventory reduction rhythm [5] Soybean Oil (Y) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: strongly oscillating; Reference view: strongly oscillating [6][7] - **Core Logic**: The soybean oil market is affected by the cost change of raw material soybeans and the price of US soybean oil in the external market. The domestic supply is very loose, with high inventory (up to nearly 1.2 million tons) and weak terminal consumption, resulting in light spot market transactions. Before there are obvious signals of supply - demand change, the price is expected to oscillate strongly within the current range [7] Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: strongly oscillating; Reference view: strongly oscillating [6][8] - **Core Logic**: The BMD crude palm oil rebounds from a low level, but the increase in Malaysian production and sluggish exports in November are the main drags. The domestic palm oil inventory continues to accumulate, and the futures price is in a stage of bottom - building, with limited rebound space [8]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The short - term soybean futures prices are highly volatile due to the game between cost - driven factors and industrial chain pressure in the domestic soybean market, while the three major oil futures prices are driven by different logics, and the differentiated trend in the oil market may continue. [5][7] 3. Summary by Variety 3.1 Soybean Meal (M) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - **Core Logic**: The positive outlook for US soybean demand has pushed the US soybean futures price to a one - and - a - half - year high, and the record - high US soybean crushing volume also supports the price. The short - term market oscillates between tight US soybean supply and lower - than - expected demand. The domestic soybean market is in a continuous game between cost - driven factors and industrial chain pressure. [5] 3.2 Palm Oil (P) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: BMD crude palm oil rebounded from a low level, supported by the expected tightening of the palm oil supply - demand outlook and the weakening of the ringgit. However, the weak exports of Malaysian palm oil from November 1 - 15 limited the increase. The palm oil futures price is still in the bottom - building phase. [7] 3.3 Other Varieties (General Information in Table) - **Soybean Meal 2601**: Influenced by imported soybean costs, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6] - **Soybean Oil 2601**: Supported by US soybean costs, US biofuel policies, US soybean oil inventory, domestic soybean costs, supply rhythm, and oil mill inventory [6] - **Palm 2601**: Affected by its biodiesel properties, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The overall view of the agricultural products sector in commodity futures is that the short - term and medium - term trends of soybean meal, soybean oil, and palm oil are mainly in a state of shock or weak shock. The market is affected by various factors such as policies, supply, and demand [5][7]. 3. Summary by Variety 3.1 Soybean Meal (M) - **View**: Short - term: shock; Medium - term: shock; Intraday: shock - weak; Reference view: shock - weak [5]. - **Core Logic**: The adjusted tariff of US soybeans is still much higher than that of Brazilian soybeans, reducing the export competitiveness of US soybeans. Domestic traders are mainly focused on profit - taking and rolling purchases. The market is shifting from "policy - emotion - driven" to "fundamental - reality - driven". High domestic inventories and weak downstream demand limit price increases, and short - term high - level fluctuations intensify [5][6]. 3.2 Palm Oil (P) - **View**: Short - term: weak; Medium - term: shock; Intraday: shock - weak; Reference view: shock - weak [5][7]. - **Core Logic**: Before the release of important reports such as MPOB next week, market funds are risk - averse. The expected increase in Malaysian palm oil inventory to 2.44 million tons at the end of October, a nearly 30% year - on - year increase, exerts pressure on the market. Although the total inventory of three major edible oils in China has decreased slightly, it remains at a relatively high level, indicating a loose supply pattern. The short - term palm oil futures price will continue to operate weakly [7].

Report Overview - The report is the Baocheng Futures' morning report on beans and oils dated October 22, 2025, covering the price trends and core logics of commodities in the agricultural futures sector [1] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The domestic soybean meal market is in a situation of loose supply and demand, with prices under pressure. Palm oil production is increasing while demand is weakening, and the substitution demand for palm oil by soybean oil is rising. Overall, the short - term trends of soybean meal, palm oil, and soybean oil futures are all expected to be weakly volatile [5][7] Summary by Variety Soybean Meal (M) - **Time - frame Views**: Short - term: weakly volatile; Medium - term: volatile; Intraday: weakly volatile; Reference view: weakly volatile [5][6] - **Core Logic**: The domestic soybean meal market has an ample supply of soybeans, high port inventories, and some oil mills face the risk of inventory overstocking. Downstream breeding losses have deteriorated, leading to cautious purchasing by feed enterprises and strong market wait - and - see sentiment. The short - term futures price is expected to be weakly volatile [5] Palm Oil (P) - **Time - frame Views**: Short - term: weakly volatile; Medium - term: volatile; Intraday: weakly volatile; Reference view: weakly volatile [7][6] - **Core Logic**: Palm oil production has increased while demand has decreased. The substitution demand for palm oil by soybean oil has risen, and domestic palm oil inventories have increased. The market still depends on the biodiesel policy expectations and is expected to be weakly volatile in the short term [7] Other Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6] - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6] - **Palm 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View - The report analyzes the price trends and core logics of different agricultural commodity futures, including short - term, medium - term, and intraday views [5][6][7]. - For different futures varieties, the core logics are affected by multiple factors such as international policies, supply and demand, and inventory [5][6][7]. 3. Summary by Variety 3.1. Soybean Meal (M) - **View** - Intraday view: Oscillating weakly; Medium - term view: Oscillating; Reference view: Oscillating weakly [5]. - **Core Logic** - Optimistic signals from China - US negotiations have led to a slight decline in the high premium of Brazilian soybeans. But before the substantial improvement of US soybean exports, the high - premium pattern of Brazilian soybeans is hard to change, providing cost support for domestic soybean meal. The far - month contracts still have dual support of supply and cost, and the short - term futures price fluctuates at a high level [5]. 3.2. Palm Oil (P) - **View** - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [7]. - **Core Logic** - The positive expectations of the Southeast Asian palm oil industry chain support the palm oil futures price. Affected by emotional fluctuations, the futures price fluctuates at a high level with strong support below. After continuous short - term rises, short - term capital closing positions cause the futures price to fluctuate at a high level, but the overall strong trend remains [7]. 3.3. Other Contracts - **Soybean Meal 2601**: Short - term and medium - term oscillating, intraday and reference view oscillating weakly, affected by import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [6]. - **Soybean Oil 2601**: Short - term strong, medium - term oscillating, intraday and reference view oscillating strongly, influenced by US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6]. - **Palm 2601**: Short - term and intraday strong, medium - term oscillating, reference view oscillating strongly, affected by biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6].