Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-17 02:13Report Industry Investment Rating - Not provided Core Views - The domestic soybean market is transitioning from a stage of expected supply loosening to a reality, exerting downward pressure on prices [3]. - Mid - and downstream players are waiting for the large - scale listing of new - season grains, with low acquisition enthusiasm and light current spot trading [3]. - The soybean No. 1 futures maintain a bearish trend under the suppression of supply loosening expectations [3]. - The future import rhythm will affect the demand for domestic soybeans due to the high uncertainty of Sino - US trade relations [3]. - Reducing or suspending the one - way auctions of Sinograin this week is beneficial for alleviating pressure on the spot market, and specific auction arrangements should be monitored [3]. - The consumer market is gradually recovering in September, with an expected rebound in edible demand [3]. - The new - season harvest and listing of domestic soybeans are causing significant pressure on prices, and the passive attitude of the procurement end may lead to price declines [3][4]. Summary by Related Catalogs Bean One Risk Strategy - For inventory management of planting subjects with high new - bean sales demand in autumn and large short - term selling pressure, it is recommended to short the A2511 soybean No. 1 futures with a 30% hedging ratio when the price is between 4000 - 4050 to lock in planting profits [2]. - When there is a large - scale listing and weakening bargaining power of sellers, it is recommended to sell the A2511 - C - 4050 call option with a 30% hedging ratio at 40 - 50 (holding) to increase the grain selling price [2]. - For procurement management, when worried about rising raw material prices and aiming to reduce procurement costs, it is recommended to mainly wait to purchase spot goods in the medium term and focus on forward procurement management, with a long position in A2603 and A2605, waiting for price guidance in autumn [2]. Bean One Futures Price - On September 16, 2025, compared with September 15, the closing prices of all listed soybean No. 1 futures contracts declined, with the decline ranging from 0.25% to 0.38% [4].