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1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, CBOT soybeans tumbled significantly, almost giving back all the premiums brought by the rise in international crude oil since March. The domestic soybean meal market was slightly stronger than the external market. The continuous soybean meal market oscillated strongly under the resonance of multiple factors, and the futures price was supported by cost - driven at the bottom and dragged down by poor downstream demand at the top. The main contract of continuous soybean meal may oscillate repeatedly around 3,050 yuan/ton. It is advisable to operate in short - term bands [6]. - In the future, in the international market, the Middle East situation is intensifying, and the enthusiasm of funds to go long on commodities remains due to the increase in shipping costs and logistics delays. If Brazilian soybeans can be exported smoothly, it will have a greater impact on US soybean exports. The upcoming US biodiesel policy may boost US soybean oil and then US soybeans. In the domestic market, attention should be paid to the shipping situation of Brazilian soybeans. The soybean meal supply may decrease and the inventory may decline, which will support the spot price. The main contract of the continuous soybean meal market will test the support level of 3,000 yuan/ton. If it falls below, the downward space will open; otherwise, the market will remain in a high - level and strong oscillation. It is recommended to maintain the idea of buying on dips [81]. 3. Summary According to the Catalog 3.1 Protein Meal Market Analysis 3.1.1 Market Trends - This week, CBOT soybeans tumbled significantly. On Monday, the main contract of CBOT soybeans closed at the daily limit down due to the delay of the Sino - US leaders' meeting. Later, it rebounded at a low level due to the rise of international crude oil and the possible obstruction of Brazilian soybean exports. The domestic soybean meal market was slightly stronger than the external market. The continuous soybean meal market oscillated strongly under the influence of multiple factors, with the futures price supported by cost at the bottom and dragged down by poor downstream demand at the top [6]. 3.1.2 US Soybean Export Situation - As of the week of March 12, 2026, the US soybean export inspection volume was 966,082 tons, and the total export inspection volume for the 2025/26 season reached 28,061,287 tons, a year - on - year decrease of 28.3%. The US soybean exports for the 2025/26 season have reached 65.5% of the annual export target. In that week, the US shipped 545,858 tons of soybeans to China, accounting for 46.8% of the total weekly export inspection volume [11]. 3.1.3 South American Market (Brazil and Argentina) - Brazil: In the central and northern Amazonas state, there were widespread showers, which were generally beneficial to the growth of corn and cotton. In some areas, the rainfall was limited. The soybean harvest has started, with a progress of 7%, and 65% of the corn has been harvested [20]. - Argentina: The western part of the country had continuous rainy weather, while the eastern part was dry. The moisture deficit in soybean fields was mainly concentrated in some areas. The sunflower harvest rate was 42%, and the corn harvest rate was 9% [21]. 3.1.4 Domestic and International Oilseed Market - Brazil - China Negotiation: Brazil's agriculture minister will negotiate with China on the inspection and safety requirements for Brazilian soybean exports to China after receiving complaints from Chinese buyers [33]. - Brazilian Truck Drivers' Strike: Brazilian truck drivers are planning a new national strike due to the sharp rise in diesel prices, which may start as early as mid - March [33]. - US Planting Area Forecast: In 2026, the US soybean planting area is expected to be 85.66 million acres, higher than 81.2 million acres in 2025; the corn planting area is expected to be 93.68 million acres, lower than 98.8 million acres in 2025 [34]. - Brazilian Soybean Export Forecast: In March 2026, the estimated Brazilian soybean export volume is 16.32 million tons, still a 3.8% increase compared to March 2025. From January to February, China accounted for 71% of Brazil's total soybean exports [34]. - Global Soybean Production and Trade Forecast: The 2025/26 global soybean production will reach a record high. The IGC initially predicts that the 2026/27 global soybean production will reach a record 442 million tons, and the trade volume will increase to 190 million tons [36]. - Brazilian Soybean Production and Processing Forecast: ABIOVE predicts that Brazil's 2026 soybean production will reach 177.85 million tons, and the soybean processing volume will be 61.5 million tons, both hitting new records [37]. - Argentine Soybean Sales: As of March 11, 2026, Argentine farmers pre - sold 7.52 million tons of 2025/26 season soybeans, and sold 44.27 million tons of 2024/25 season soybeans [37]. 3.1.5 Soybean Sowing and Harvest Progress - Argentina: As of a certain period, the overall soybean sowing progress was 99.5%, with a 0.5% increase compared to the previous week [39]. - Brazil: As of a certain period, the overall soybean harvest progress was 59.2%, with an 8.6% increase compared to the previous week [41]. 3.1.6 Soybean Port Inventory and Processing Profit - The domestic port's imported soybean inventory was about 8.3056 million tons at the end of this week, with a theoretical crushable days of 27 days. It is expected that the port soybean inventory will be 5.04 million tons next weekend, and the soybean arrival will be about 4.7765 million tons. The Brazilian soybean crush profit on the futures market continued to recover this week [48]. 3.1.7 Soybean Import Cost and Domestic - Foreign Price Difference - The cost of US Gulf soybeans arriving in May (with additional tariffs) is 4,569 yuan/ton, and (with normal tariffs) is 4,173 yuan/ton. The cost of Brazilian soybeans arriving in May is 3,886 yuan/ton. The Brazilian soybean premium continued to recover this week [51]. 3.1.8 Soybean Meal - Soybean Processing Rate and Soybean Meal Inventory - As of the 11th week (March 14), the domestic soybean processing rate increased to 57.70%, and the total soybean processing volume was 2.135 million tons. The domestic soybean meal inventory was 623,500 tons, a decrease of 143,500 tons compared to the previous week, and the contract volume was 4.8823 million tons, a decrease of 351,500 tons compared to the previous week [55]. 3.1.9 Soybean Meal and Rapeseed Meal - Weekly Apparent Consumption - The estimated apparent consumption of soybean meal in the 11th week was 1.8228 million tons, higher than 1.514 million tons in the previous week [57]. 3.1.10 Soybean Meal - Basis Analysis - This week, the domestic soybean meal spot price increased, and the soybean meal basis continued to recover [60]. 3.1.11 Rapeseed Meal - Rapeseed Processing Rate and Processing Volume - As of the 11th week (March 14), the domestic rapeseed processing rate increased to 7.40%, and the total rapeseed processing volume was 30,500 tons. The domestic rapeseed meal inventory was 20,000 tons, an increase of 5,000 tons compared to the previous week, and the contract volume was 76,000 tons, an increase of 30,000 tons compared to the previous week [62]. 3.1.12 Rapeseed Meal - Basis Analysis - No specific new content provided other than the basis analysis chart. 3.1.13 Arbitrage Relationship between Oil and Oilseed Varieties - This week, the oil - meal ratio of soybeans rebounded slightly, the oil - meal ratio of rapeseed main contracts oscillated and rebounded, and the price difference between soybean meal and rapeseed meal main contracts continued to widen [68]. 3.1.14 Protein Meal Inter - Month Spread Arbitrage Relationship - This week, the 5 - 9 spread of soybean meal rose first and then fell, and the 5 - 9 spread of rapeseed meal fell from a high level [72]. 3.2 Market Outlook 3.2.1 Seasonal Analysis - Seasonal analysis charts of US soybeans, US soybean meal, continuous soybean meal, and live pigs are provided, but no specific analysis content is given [75][76][78]. 3.2.2 Next - Week Market Outlook - Technical Aspect: For the main contracts, the short - term indicators of soybean meal and rapeseed meal are entangled, the medium - term indicators are bullish, and the long - term indicators are entangled [80]. - Fundamental Aspect: In the international market, the Middle East situation is intensifying, and the US biodiesel policy may boost US soybean oil and then US soybeans. In the domestic market, attention should be paid to the shipping of Brazilian soybeans. The soybean meal supply may decrease, and the inventory may decline, supporting the spot price. The main contract of the continuous soybean meal market will test the support level of 3,000 yuan/ton. It is recommended to maintain the idea of buying on dips [81].