建信期货豆粕日报-20251014

Report Information - Reported Industry: Soybean Meal [1] - Report Date: October 14, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - Change the previous bullish view to a sideways view. The near - term market focuses on the reality of high supply and high inventory of soybean meal. However, with the 23% import tariff on US soybeans, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter will support the futures market. Also, there is potential upside as US soybean yield may be further adjusted downwards, making it difficult to form a unilateral trend in the short - to - medium term [6] - Future attention points include when the US resumes report publication and the production adjustments in the report, the results of China - US trade negotiations, and whether Argentina's export policy will be liberalized again, which will affect the valuation of the 01 contract [6] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - Market Review: - Domestic soybean meal futures contracts showed different price movements. For example, the price of the bean粕2601 contract increased by 0.27%, the bean粕2603 contract by 0.38%, and the bean粕2511 contract by 0.76% [6] - The US soybean futures contract on the external market fluctuated, with the main contract at 1010 cents. Due to the recent China - US trade disputes, the CBOT soybean futures dropped significantly on Friday night and then stabilized on Sunday [6] - Operation Suggestions: - The current view is changed from bullish to sideways. Although the near - term market faces high supply and high inventory, the depletion of soybean inventory at Chinese ports in the middle of the fourth quarter and the potential reduction in US soybean yield will support the market [6] - Pay attention to the resumption of US report publication, China - US trade negotiation results, and Argentina's export policy, which will affect the valuation of the 01 contract [6] 3.2行业要闻 (Industry News) - As of the week of October 7, about 39% of US soybean - growing areas were affected by drought, compared with 37% in the previous week and 43% in the same period last year [9] - As of October 10, the soybean planting area in Mato Grosso, Brazil, for the 2025/26 season had reached 21.22% of the expected total, up from 15.03% in the previous week and 8.81% in the same period last year [9] - Brazilian farmers had sown 12.48% of the expected soybean planting area in 2025, significantly higher than the 5.28% sowing progress in the same period last year [10]