Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal market is expected to enter a volatile and slightly bullish pattern in the short term, with the M2601 contract fluctuating between 3000 and 3060. The main influencing factors include the uncertainty of weather in US soybean - growing areas, the high arrival of imported soybeans in China, and the demand for soybean meal [8]. - The soybean market is in a neutral situation in the short term, with the A2511 contract fluctuating between 3920 and 4020. Factors such as the cost of imported soybeans, the expected increase in domestic soybean production, and the demand for domestic soybeans affect the market [10]. Summary by Directory 1. Daily Tips - No specific content provided for a detailed summary. 2. Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean market is affected by relatively positive USDA report data and is expected to oscillate above the 1000 - point mark, awaiting further guidance on soybean growth, harvest, and tariff negotiations [12]. - In China, the arrival of imported soybeans remained high in August, and the soybean meal inventory of oil mills reached a relatively high level. Affected by the USDA report and the rise of rapeseed meal, soybean meal is in a short - term volatile and slightly bullish pattern [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. However, the recent increase in soybean meal demand supports the price, and the market is back in a range - bound pattern due to uncertainties in Sino - US trade negotiations [12]. - The short - term bullish oscillation of soybean meal is affected by factors such as the possible weather speculation in US soybean - growing areas, the changeable Sino - US tariff war, and it awaits the clarification of South American soybean production and the follow - up of the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of domestic oil mills' soybean meal, and uncertain weather in US soybean - growing areas [13]. - Bearish factors: high arrival volume of imported soybeans in July, the end of Brazilian soybean harvesting, and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: the cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: the continuous expectation of a bumper Brazilian soybean harvest and China's increased purchase of Brazilian soybeans, and the expected increase in new - season domestic soybean production suppresses the price [14]. 4. Fundamental Data - Soybean Meal: The spot price in East China is 2990, with a basis of - 60, indicating a discount to the futures. The inventory of oil mills' soybean meal is 105.33 tons, a 3.8% increase from last week and a 29.71% decrease compared to the same period last year [8]. - Soybeans: The spot price is 4200, with a basis of 230, indicating a premium to the futures. The inventory of oil mills' soybeans is 682.53 tons, a 0.31% increase from last week and a 5.46% decrease compared to the same period last year [10]. - Global and Domestic Soybean Supply - Demand Balance Sheets: Provide data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024, showing the long - term supply - demand situation of soybeans globally and in China [31][32]. - Soybean and Meal Futures and Spot Prices: Present the trading prices and volumes of soybean meal and rapeseed meal from August 22 to September 2, as well as the price trends of soybean and soybean meal futures and spot from August 25 to September 2 [15][17]. - Soybean and Meal Warehouse Receipt Statistics: Record the quantity changes of soybean and soybean meal warehouse receipts from August 21 to September 2 [19]. 5. Position Data - For soybean meal, the long positions of the main contract decreased, and funds flowed out [8]. - For soybeans, the long positions of the main contract decreased, and funds flowed out [10].
大越期货豆粕早报-20250903
Da Yue Qi Huo·2025-09-03 03:09