Research report text
Market Dynamics:
Oil and meal arbitrage put pressure on the upper side, but South American output was lower than expected, and the expectation of stronger US soybeans was still there; some oil plants began to expand their warehouses and shut down, and the spotsoybean mealDifficulty maintaining basis
logic:Looking at the external market, the USDA report lowered the US soybean crush, and the oil meal arbitrage put pressure on the upper side, but the South American output was lower than expected, and the strengthening expectation is still there. In the short term, the US soybean may fluctuate strongly above 1,500 cents/lb; The arrival of new season U.S. soybeans in Hong Kong continued, some oil plants began to expand their warehouses, and the operating rate was affected. It was difficult to maintain the basis of soybean meal, and the arbitrage of oil meal provided a relatively large upper resistance. It is expected that the market will continue to strengthen driven by the external market.
Outlook:too much
Operation suggestion:Soybean and rapeseed meal spread shrinking strategy
Industry chain daily tracking:
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