豆一期货日报-20250912

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: September 4, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating is provided in the report. 3. Core View - Currently, domestic soybean prices fluctuate, recent imported soybean prices trend weakly, port inventory accumulation slows, and enterprise crushing profits weaken again. The price of the main soybean futures contract A2511 oscillates around the 5 - day moving average, and the short - term bearish power on the disk weakens. The price of the A2511 contract may continue to fluctuate around the 5 - day moving average [15]. 4. Summary by Directory 4.1 Futures Market - Contract行情: On September 4, 2025, the main continuous contract of DCE soybean futures oscillated strongly. The opening price was 3951 yuan/ton, the highest was 3982 yuan/ton, the lowest was 3951 yuan/ton, and the closing price was 3965 yuan/ton, up 1 yuan/ton or 0.03% from the previous day. The trading volume was 101,673 lots, the open interest was 199,022 lots, and the daily increase in positions was - 6675 lots [2]. - Variety price: Different contracts have different closing prices, price changes, and trading volumes. For example, the A2509 contract closed at 4056 yuan/ton, down 31 yuan/ton or 0.76%; the A2511 contract closed at 3965 yuan/ton, up 1 yuan/ton or 0.03% [3]. 4.2 Spot Market - The basis of soybean No. 1 today is 95 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No. 1 today are 8510 lots, a decrease of 64 lots compared with the previous trading day [5]. 4.3 Influencing Factors - Important events: The average domestic soybean price today is 4039 yuan/ton, a month - on - month decrease of 0.81%. The prices have fluctuated in recent days. The soybean inventory in major ports today is 6.7903 million tons, a month - on - month decrease of 0.76%, and the inventory accumulation speed has slowed [8][10]. - Industry information: The recent arrival - at - port duty - paid prices of imported soybeans are generally weak. The recent arrival - at - port duty - paid price of US Gulf soybeans is 4583.97 yuan/ton, that of Brazilian soybeans is 3993.74 yuan/ton, and that of Argentine soybeans is 3852.45 yuan/ton. The enterprise crushing profit has continued to decline from a high level and has weakened again [11].