Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soybean meal market shows a pattern of strong overseas and weak domestic, and near - term strong and long - term weak. The US soybean futures price is driven by geopolitical conflicts and weather premiums, while the domestic soybean meal spot market is regionally differentiated with light trading. The market is waiting for the US Department of Agriculture's planting intention report, and the futures price is oscillating weakly [5]. - The palm oil market is affected by Indonesia's B50 biodiesel policy. Although the futures price follows the external market to strengthen, the domestic spot market is under pressure from high inventory and inverted bean - palm spread, and there is a risk of a pull - back after the market sentiment is released [7]. 3. Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: Overseas, the US soybean futures price is driven by the expansion of the Middle East conflict and the pre - sowing drought in major US agricultural regions. Domestically, the spot market is regionally differentiated with light trading, and the market is waiting for the planting intention report [5]. Palm Oil (P) - **Price Trend**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: Indonesia's B50 biodiesel policy stimulates the futures market, but the domestic spot market is affected by high inventory and inverted bean - palm spread, and there is a risk of a pull - back after the market sentiment is released [7].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The domestic soybean meal market has shown a relatively strong trend recently, driven by both supply - side disturbances and cost support. The short - term core logic lies in the mismatch of imported soybean supply rhythm, and the cost of imported soybeans has increased. The short - term soybean meal futures price will continue the strong pattern [5]. - The value of palm oil as a substitute for biodiesel has significantly increased due to concerns about crude oil supply disruptions caused by the Middle East conflict. The short - term palm oil may continue to be in a volatile and strong pattern, but the increase is limited by factors such as logistics costs, export tax increases, and potential inventory pressure [7]. 3. Summary by Variety Soybean Meal (M) - **Price Movement**: Short - term: strong; Medium - term: oscillating; Intraday: oscillating and strong; Reference view: oscillating and strong [6]. - **Core Logic**: The domestic soybean meal market is driven by supply - side disturbances and cost support. The short - term core is the mismatch of imported soybean supply rhythm. Brazilian government inspection system changes, corporate export suspension, and tightened customs quarantine have led to concerns about supply shortages from late March to early April. The cost of imported soybeans has increased due to the rise in US soybean prices [5]. Palm Oil (P) - **Price Movement**: Short - term: strong; Medium - term: oscillating; Intraday: oscillating and strong; Reference view: oscillating and strong [6]. - **Core Logic**: The Middle East conflict has increased the substitute value of palm oil as a biodiesel raw material. Indonesia is accelerating the B50 biofuel road test. Shipping and insurance costs have soared by 50%, and Malaysia has increased the export tax. Although the export in early March increased significantly, factors such as logistics costs and potential inventory pressure limit the increase [7].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The soybean and oil market is in a complex situation with internal differentiation and a mix of long and short factors. The market is caught in a stalemate between import cost support and high domestic inventory pressure, resulting in an overall oscillating trend [5][6][7] 3. Summary by Variety 3.1 Soybean Meal (M) - **Short - term, Medium - term, and Intraday Views**: All are "oscillating and slightly bullish" [5] - **Core Logic**: The soybean market shows internal differentiation and a mix of long and short factors due to geopolitical conflicts. U.S. soybean prices rise slightly supported by the strong soybean oil futures, but are suppressed by factors such as a stronger U.S. dollar, uncertain Chinese procurement demand, and the progress of the Brazilian harvest. In China, although the soybean meal inventory has decreased month - on - month, the absolute level is still at a historical high, and the supply pressure has not been fundamentally alleviated. With the expected increase in the oil mill operating rate, the inventory may continue to accumulate. Downstream feed enterprises are cautious in procurement, maintaining safety stock for rolling replenishment, which puts pressure on the spot basis [5][6] 3.2 Palm Oil (P) - **Short - term, Medium - term, and Intraday Views**: All are "oscillating and slightly bullish" [5] - **Core Logic**: The oil market continues to be strong driven by geopolitical risk premiums and policy expectations, but there is an obvious differentiation between internal and external fundamentals. Internationally, the ongoing Middle East conflict drives up crude oil prices, and the strength of soybean oil benefits palm oil through the substitution effect. The palm oil origin fundamentals are supportive, with India increasing purchases due to price advantages and the expected decline in Malaysian palm oil inventory. In China, the near - month arrival of palm oil is abundant, the inventory has rebounded significantly, and the basis remains weak. The oil sector is dominated by macro - sentiment and policy expectations, and the high domestic palm oil inventory limits the increase in palm oil futures prices [7] 3.3 Soybean Oil - **Short - term, Medium - term, and Intraday Views**: All are "oscillating and slightly bullish" [5] - **Core Logic**: Supported by U.S. soybean cost, U.S. biofuel policy, U.S. soybean oil inventory, domestic soybean cost, supply rhythm, and oil mill inventory [5]

Report Summary 1. Investment Rating There is no information about the report's industry investment rating in the provided content. 2. Core Views - The domestic supply - demand of soybean meal remains loose, and its futures price will continue to oscillate at a low level. The near - month contracts are relatively resilient, but short - term rebound momentum is insufficient [5]. - Palm oil has stopped falling and rebounded in the short term due to the closing of short - profit positions after the release of pessimistic sentiment in Malaysian palm oil. However, the rebound height is restricted by subsequent export data and domestic arrival rhythm [7]. 3. Summary by Variety Soybean Meal (M) - **Time - based Views**: Short - term view is "oscillating weakly", medium - term view is "oscillating", and the intraday view is "oscillating weakly" [5][6]. - **Core Logic**: Although China's new purchases have boosted US soybean futures prices, they are still in low - level oscillation. Domestic soybean meal inventory has increased week - on - week, contract volume has dropped significantly, indicating reduced market purchasing willingness and shrinking forward orders. The rising oil refinery operating rate has further increased inventory pressure, and the spot price support is limited [5]. Palm Oil (P) - **Time - based Views**: Short - term view is "oscillating strongly", medium - term view is "oscillating", and the intraday view is "oscillating strongly" [6][7]. - **Core Logic**: After the release of pessimistic sentiment in Malaysian palm oil, the closing of short - profit positions in the previous continuous decline of the oil and fat sector has driven the price to stop falling and rebound. However, the oil and fat sector still faces heavy inventory pressure, and the rebound rhythm is affected by the international market. Palm oil is in a resonance stage of international export recovery, domestic inventory pressure relief, and capital game, but the short - term rebound space is restricted [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The short - term prices of soybean meal and palm oil futures are both expected to fluctuate weakly. The soybean meal market is under pressure due to concerns about Chinese demand, South American planting issues, and increased domestic soybean supply. The palm oil market is affected by factors such as weak exports, high domestic inventory, and lack of unilateral drivers [5][7][8]. 3. Summary According to Related Catalogs For Soybean Meal (M) - **Price Trends**: Short - term: weakly fluctuating; Medium - term: fluctuating; Intraday: weakly fluctuating; Reference view: weakly fluctuating [5][6] - **Core Logic**: The overall soybean market is under pressure. There are concerns about Chinese demand, and the US soybean futures price is continuously under pressure. In South America, Argentina's sowing is delayed, soil humidity in the Pampas region is decreasing, and the long - term weather outlook is uncertain. Domestically, the continuous auction of imported soybeans increases the supply, weakening the bullish sentiment in the soybean meal spot market. There are large differences between bulls and bears in the market, and downstream enterprises are cautious, resulting in a cold spot market [5]. For Palm Oil (P) - **Price Trends**: Short - term: weakly fluctuating; Medium - term: fluctuating; Intraday: weakly fluctuating; Reference view: weakly fluctuating [6][8] - **Core Logic**: The entire oil and fat sector has weakened recently. Palm oil is relatively resistant to decline due to potential benefits such as the start of the production - reduction season and Malaysia's tariff reduction. However, weak exports in the producing areas and high domestic inventory suppress the rebound space. The oil and fat sector lacks a unilateral driver and follows the sentiment of crude oil and the Malaysian market in the short term. The pattern of abundant domestic supply and dull demand remains unchanged. In the long - term, the global oil and fat supply - demand situation turns to be loose, and the price center is under pressure [8].