豆粕：关注中方采购美豆，盘面或震荡；豆一：关注豆类市场情绪，盘面震荡

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the week of November 21, 2025, US soybean futures prices fluctuated. The price increase was due to China's first large - scale purchase of US soybeans, while the decline was due to market doubts about China's procurement progress and weak overall sentiment in the commodity market. Domestic soybean meal and soybean No.1 futures prices were weak. Next week (November 24 - 28, 2025), it is expected that the prices of Dalian soybean meal and soybean No.1 will fluctuate, and attention should be paid to China's procurement of US soybeans [2][6] Summary by Relevant Catalogs International Soybean Market Fundamentals - China's procurement of US soybeans: From November 18 to 20, 2025, China purchased a total of about 1.584 million tons of US soybeans (all for delivery in the 2025/26 season), which is positive for US soybeans [2] - Brazilian soybean import cost: As of the week of November 21, 2025, the average weekly CNF premium of Brazilian soybeans for February 2026 delivery decreased, the average import cost decreased, and the average crushing profit on the futures market increased. The impact is slightly negative [2] - Brazilian soybean planting progress: As of the week of November 13, 2025, the planting progress of 2025/26 Brazilian soybeans was about 71%, compared with 61% in the previous week and about 80% in the same period last year. The impact is slightly positive [2] - Argentine soybean planting progress: As of the week of November 19, 2025, the planting progress of 2025/26 Argentine soybeans was about 24.6%, compared with about 35.8% in the same period last year. The impact is slightly positive [2] - Weather forecast in South American soybean - producing areas: According to the November 21, 2025, weather forecast, in the next two weeks (November 21 - December 5, 2025), precipitation in the main soybean - producing areas of Brazil and Argentina will be less than normal and temperatures will fluctuate around the average. The impact is slightly positive [2] Domestic Soybean Meal Spot Situation - Trading volume: The weekly trading volume of soybean meal increased. As of the week of November 21, 2025, the average daily trading volume of soybean meal in major Chinese oil mills was about 240,000 tons (with an increase in forward basis trading), compared with about 220,000 tons in the previous week [3] - Pick - up volume: The weekly pick - up volume of soybean meal increased. As of the week of November 21, 2025, the average daily pick - up volume of soybean meal in major oil mills was about 190,000 tons, compared with about 184,000 tons in the previous week [3] - Basis: The weekly basis of soybean meal (Zhangjiagang) increased. As of the week of November 21, 2025, the average weekly basis was about 3 yuan/ton, compared with about - 12 yuan/ton in the previous week and about 181 yuan/ton in the same period last year [3][4] - Inventory: The weekly inventory of soybean meal increased slightly and was higher year - on - year. As of the week of November 14, 2025, the inventory of soybean meal in major Chinese oil mills was about 890,000 tons, with a weekly increase of about 2% and a year - on - year increase of about 27% [4] - Crushing volume: The weekly soybean crushing volume increased and is expected to decrease slightly next week. As of the week of November 21, 2025, the domestic weekly soybean crushing volume was about 2.33 million tons (2.08 million tons in the previous week and 1.97 million tons in the same period last year), with an operating rate of about 64% (57% in the previous week and 56% in the same period last year). Next week (November 22 - 28, 2025), the soybean crushing volume of oil mills is expected to be about 2.32 million tons (1.89 million tons in the same period last year), with an operating rate of 64% (54% in the same period last year) [4] Domestic Soybean No.1 Spot Situation - Soybean price: The price of domestic soybean No.1 was stable with a slight increase. In some northeastern regions, the purchase price of clean soybean grains was in the range of 3,960 - 4,080 yuan/ton, an increase of 0 - 40 yuan/ton compared with the previous week. In some inland regions, the purchase price remained the same as the previous week, at 4,820 - 5,060 yuan/ton. In the sales areas, the selling price of edible soybeans from the Northeast was in the range of 4,460 - 4,680 yuan/ton, an increase of 0 - 20 yuan/ton compared with the previous week [5] - State - reserve procurement: The number of state - reserve procurement points continued to increase, with a neutral impact. The Jiusan Branch of the Jiangjin Directly - affiliated Depot of Sinograin announced that it would start purchasing domestic soybeans on December 15, 2025, at the same price as other depots in the province [5] - Farmer and trader behavior: Farmers in the northeastern production areas were reluctant to sell, and traders maintained stable prices and waited and watched. The procurement volume was slow, and most trading entities reported that they were waiting and watching [5] - Sales area demand: The demand in the sales areas was stable, and attention was paid to New Year's Day stocking. The trading volume in the northern sales areas was at a normal level, but it slowed down this week. Southern dealers mainly consumed inventory, and the trading volume was based on fixed demand. The next stocking peak may be before New Year's Day [5]