Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The short - term price of soybean meal futures is expected to maintain a volatile and slightly stronger trend, while the medium - term view is volatile. The price of palm oil futures shows a high - level volatility, and the short - term high - level volatility does not change the overall strong pattern [5][7]. 3. Summary by Variety Soybean Meal (M) - **Views**: Intraday view is volatile and slightly stronger, medium - term view is volatile, and the reference view is volatile and slightly stronger [5]. - **Core Logic**: The supply pressure of new US soybeans has decreased, and the support for US soybean futures prices has increased. The sowing weather of new crops in South America and the harvesting weather of US soybeans have attracted market attention. The weak domestic situation persists, with some oil mills experiencing inventory overstock and urging提货. The market's expectation of a supply gap in the fourth quarter still supports the far - month soybean meal prices [5]. Palm Oil (P) - **Views**: Short - term, medium - term, and intraday views are all volatile and slightly stronger [6][7]. - **Core Logic**: The upward trend of palm oil futures prices has slowed down, and the oil market has entered a high - level volatility. The fluctuation of international oil prices has highlighted the bio - fuel attribute of palm oil. Currently, the production growth rate of the palm oil industry chain has slowed down, exports remain strong, and the favorable supply - demand environment continues to support the international palm oil prices. The short - term high - level volatility of palm oil futures prices does not change the overall strong pattern [7].