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What is the relationship between soybean meal, soybean oil, bean one and bean two in futures? From the trend, what about the fundamentals? Is it just supply and demand?
Soybean meal, soybean oil and beans are generally affected by the output of beans. Soybean meal and soybean oil are different from beans to some extent because they are also affected by the start of processing plants. If the start-up scale is large and the supply exceeds demand, it will naturally be bad, and vice versa. However, because the speculation of China futures is far greater than futures hedging, it may not be affected by the spot in the short term, and there will be some deviation.