豆粕：若无意外利多，盘面偏弱；豆一：现货偏强，盘面偏弱

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - In the week of 12.01 - 12.05, US soybean futures prices mainly declined due to the extension of China's purchase time and lack of expected positive factors. Domestic soybean meal futures prices first rose and then fell, while soybean No.1 futures prices were weak. - In the coming week (12.08 - 12.12), it is expected that the prices of Dalian soybean meal and soybean No.1 will fluctuate weakly. [2][6] 3. Summary by Relevant Catalogs International Soybean Market - China's Purchase of US Soybeans: On December 5, China purchased 462,000 tons of US soybeans (for delivery in the 2025/26 season). Although the event itself is positive, it is lower than expected and has limited incentive for US soybeans. [2] - Brazilian Soybean Import Cost: As of the week of December 5, the average weekly CNF premium of Brazilian soybeans for February 2026 delivery increased, the average import cost slightly increased, and the average crushing profit on the futures market also increased. [2] - Brazilian Soybean Planting: As of the week of November 27, the planting progress of 2025/26 Brazilian soybeans was 89%, lower than about 91% in the same period last year. Rainfall distribution was uneven, causing drought in some areas, but it's hard to conclude a yield decline. [2] - Argentine Soybean Planting: As of the week of December 4, the planting progress of 2025/26 Argentine soybeans was about 44.7%, lower than about 54% in the same period last year, mainly due to excessive moisture in central Buenos Aires. [2] - South American Weather Forecast: In the next two weeks (December 6 - December 19), precipitation in the main soybean - producing areas of Brazil will be slightly higher and the temperature will be lower; precipitation in the main soybean - producing areas of Argentina will be lower and the temperature will be basically normal. Overall, the weather in the producing areas is not a big problem. [2] Domestic Soybean Meal Spot Market - Trading Volume: The weekly trading volume of soybean meal increased. As of the week of December 5, the average daily trading volume of soybean meal in major domestic oil mills was about 140,000 tons, compared with about 120,000 tons in the previous week. [3] - Pick - up Volume: The weekly pick - up volume of soybean meal slightly decreased. As of the week of December 5, the average daily pick - up volume of soybean meal in major oil mills was about 184,000 tons, compared with about 188,000 tons in the previous week. [3] - Basis: The weekly average basis of soybean meal (Zhangjiagang) increased to about 143 yuan/ton, compared with about - 10 yuan/ton in the previous week and about 198 yuan/ton in the same period last year. [4] - Inventory: The inventory of soybean meal increased both weekly and year - on - year. As of the week of November 28, the inventory of soybean meal in major domestic oil mills was about 1.08 million tons, with a weekly increase of about 6% and a year - on - year increase of about 45%. [4] - Crushing Volume: The weekly soybean crushing volume decreased, and it is expected to increase next week. As of the week of December 5, the domestic weekly soybean crushing volume was about 2.06 million tons, and the operating rate was about 57%. Next week (December 6 - December 12), the crushing volume is expected to be about 2.21 million tons, and the operating rate will be 61%. [4] Domestic Soybean No.1 Spot Market - Soybean Price: The price of soybean No.1 was stable with a slight increase. In the Northeast, the purchase price of clean soybeans increased by 40 yuan/ton; in the Inner Pass region, the price was flat; and in the sales areas, the price was also flat. [5] - State Reserve Purchase: There were no new purchase points for the state reserve. After the opening of purchases at Suihua and Harbin direct - controlled depots, the price was higher than other depots in the province, but there were still few trucks delivering soybeans. [5] - Farmer's Selling Sentiment: The increase in the purchase price in the Northeast产区 loosened farmers' reluctance to sell, but the market's acceptance of the increased - price soybeans was average. Later in the week, some large trading entities slightly lowered the purchase price due to rumors of state reserve sales. [5] - Sales Area Demand: The pattern of "better in the north and stable in the south" in the sales area demand continued. In the north, the demand for soy products increased due to lower temperatures, and the trading speed of Northeast soybeans was fair; in the south, the demand for edible soybeans did not improve significantly, and the trading speed was normal but slow. [5]