Domestic soybean oil and soybean meal contract prices in recent months will show a weak trend of oscillation, and the basis will further weaken

Golden Ten Futures on April 17, according to Futures Daily, with the expected easing of soybean supply in April and May, the domestic soybean oil and soybean meal basis continues to weaken. At present, the soybean meal basis (against the benchmark 2409 contract) has fallen to -100 yuan/ton, and the soybean oil basis has shrunk to 300 yuan/ton. Futures prices are supported by the strengthening of the Brazilian discount and the support of import costs, and the space below the oil meal is limited. In the medium and long term, the soybean system is limited in the case that the Brazilian discount has stabilized and rebounded, the import cost is supported, and the subsequent external market does not have too much bearish to release. After June, there is a possibility of weather factors fermentation in the new soybean-producing areas of North America, when the domestic soybean meal price will be easy to rise but difficult to fall; and soybean oil, on the premise of high crude oil prices, also has strong support below. Although the fundamentals are bearish, the upward momentum is insufficient, but the possibility of a sharp decline is also small, and it is expected to return to a broad swing market.