1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The soybean meal market may return to a range - bound pattern in the short term. The bottom of the US soybean futures is supported by the uncertain weather in the US soybean - producing areas, but the rebound height is limited by the good planting weather recently and the bumper harvest of South American soybeans. In the domestic market, the large arrival of imported Brazilian soybeans also affects the soybean meal market. The soybean meal M2509 is expected to fluctuate between 2960 and 3020 [8]. - The domestic soybean market is affected by the interaction of the follow - up of the Sino - US tariff negotiation and the expected increase in the arrival of imported soybeans. The bottom of the domestic soybean futures is supported by the cost of imported soybeans and the expected increase in domestic soybean demand, but the rebound height is limited by the bumper harvest of South American soybeans and the expected increase in domestic soybean production. The soybean A2509 is expected to fluctuate between 4100 and 4200 [10]. 3. Summary According to the Directory 3.1 Daily Tips - Soybean meal: The US soybeans are oscillating and falling back. The overall good weather in the US soybean - producing areas suppresses the market, and it is oscillating above the thousand - point mark waiting for further guidance. The domestic soybean meal rebounds after reaching the bottom, with technical oscillatory consolidation. The high arrival of imported soybeans in July and the weak spot price suppress the market. It may return to the range - bound pattern. The basis is at a discount, the inventory has increased, the price is below the 20 - day moving average but the direction is upward, the long positions of the main force have decreased, and the funds have flowed out [8]. - Soybeans: The US soybeans are oscillating and falling back. The domestic soybeans are oscillating and rising, affected by the US soybean trend and technical oscillatory consolidation. The increase in the arrival of imported soybeans and the expected increase in domestic soybean production suppress the market. The basis is at a premium, the inventory has increased slightly, the price is below the 20 - day moving average but the direction is upward, the short positions of the main force have decreased, and the funds have flowed out [10]. 3.2 Recent News - The progress of the Sino - US tariff negotiation is short - term positive for US soybeans. The US soybean planting weather is relatively good recently, and the US futures have risen and then fallen back, expected to oscillate above the thousand - point mark [12]. - The arrival of imported soybeans in China remains high in July, the soybean meal inventory of oil mills continues to rise, and the soybean meal has risen and then fallen back due to the reduction of protein content in feed formulations [12]. - The decrease in domestic pig - raising profits leads to a low expectation of pig replenishment. The demand for soybean meal has weakened after May Day, but the tight supply supports the post - festival price. With the weakening pressure of the Sino - US tariff war, the soybean meal has entered a short - term oscillatory and weak pattern [12]. - The low inventory of domestic oil mills' soybean meal supports the short - term price expectation. The possibility of weather speculation in the US soybean - producing areas and the variables of the Sino - US tariff war still exist, and the soybean meal remains oscillatory in the short term [12]. 3.3 Bullish and Bearish Factors 3.3.1 Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and uncertain weather in the US soybean - producing areas [13]. - Bearish factors: High total arrival of imported soybeans in July in China, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper harvest of South American soybeans [13]. 3.3.2 Soybeans - Bullish factors: Cost of imported soybeans supports the bottom of the domestic soybean futures, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: Continuous expectation of a bumper harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans, and the expected increase in domestic soybean production suppresses the price [14]. 3.4 Fundamental Data - Global soybean supply - demand balance sheet: From 2015 to 2024, the harvest area, output, and total supply of soybeans generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [30]. - Domestic soybean supply - demand balance sheet: From 2015 to 2024, the harvest area, output, and import volume of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [31]. 3.5 Position Data - The long positions of the main force in the soybean meal market have decreased, and the funds have flowed out [8]. - The short positions of the main force in the soybean market have decreased, and the funds have flowed out [10]. 3.6 Other Market Information - The export inspection of US soybeans on a weekly basis has declined both month - on - month and year - on - year [41]. - The arrival peak of imported soybeans has been postponed to June, with an overall increase [43]. - The soybean inventory of oil mills has increased slightly, and the soybean meal inventory has continued to rise [44]. - The unexecuted contracts of oil mills have declined from a high level, and the demand for forward stocking has increased [46]. - The soybean crushing volume of oil mills has declined from a high level, and the soybean meal output in June has increased year - on - year [48]. - The import cost of Brazilian soybeans has fluctuated slightly, and the profit of imported soybean futures has also fluctuated slightly [49]. - The pig inventory has maintained an upward trend, the sow inventory is flat year - on - year and has declined slightly month - on - month [51]. - The pig price has recently risen and then fallen back, and the piglet price has remained weak [53]. - The proportion of large pigs in the domestic market has increased, and the cost of secondary fattening of pigs has increased slightly [55]. - The domestic pig - raising profit has recently declined [57].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market is affected by factors such as US soybean planting weather, Sino - US trade tariffs, and South American soybean harvests. The soybean market may experience range - bound oscillations. Specifically, the M2509 contract of soybean meal is expected to oscillate between 3000 and 3060, and the A2509 contract of soybeans is expected to oscillate between 4140 and 4240 [8][10]. - The short - term trend of the soybean market is influenced by multiple factors. The US soybean planting weather and Sino - US trade tariff negotiations are the main focuses of the market [12][13][14]. Summary by Directory 1. Daily Hints - The soybean meal M2509 is expected to oscillate between 3000 and 3060, and the soybean A2509 is expected to oscillate between 4140 and 4240. The analysis of soybean meal and soybeans includes aspects such as fundamentals, basis, inventory,盘面, and expected trends [8][10]. 2. Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean planting weather is currently good, and the US soybean market is expected to oscillate above the 1000 - point mark [12]. - The arrival of imported soybeans in China reached a high in June. The soybean and soybean meal inventories of oil mills have increased since May. The short - term trend of soybeans and soybean meal is affected by the decline of US soybeans [12]. - The profit of pig farming in China has decreased, leading to low expectations for pig replenishment. The demand for soybean meal has weakened since May, but the supply shortage supports the post - festival price of soybean meal. The short - term trend of soybean meal is oscillating weakly [12]. - The low inventory of soybean meal in domestic oil mills supports the short - term price. The possibility of weather speculation in the US soybean production area and the uncertainty of Sino - US tariff wars affect the short - term oscillation of soybean meal [12]. 3. Bullish and Bearish Concerns Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in the US soybean production area [13]. - Bearish factors: High arrival volume of imported soybeans in July, the end of the Brazilian soybean harvest, and the expected high yield of South American soybeans [13]. Soybeans - Bullish factors: Cost support of imported soybeans and expected increase in domestic soybean demand [14]. - Bearish factors: Expected high yield of Brazilian soybeans, increased procurement of Brazilian soybeans by China, and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal and Soybean Price and Transaction Data**: It shows the transaction average price, trading volume, and price differences of soybean meal and rapeseed meal from July 14 to July 23, as well as the futures and spot prices of soybeans and soybean meal during the same period [15][17]. - **Soybean and Meal Warehouse Receipt Data**: It records the changes in the warehouse receipts of soybeans (including soybean No.1 and soybean No.2) and soybean meal from July 11 to July 23 [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: They show the supply - demand balance data of global and domestic soybeans from 2015 to 2024, including harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: It includes the planting and harvest progress of soybeans in Argentina in the 2023/24 season, the planting, growth, and harvest progress of soybeans in the US in 2024, and the planting and harvest progress of soybeans in Brazil and Argentina in the 2024/25 season [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: It shows the data of harvest area, yield per unit, output, ending inventory, old - crop soybean exports, crushing volume, and soybean output in Brazil and Argentina in the USDA's monthly supply - demand reports from January to July 2025 [41]. - **Imported Soybean Arrival Data**: It shows the monthly arrival volume of imported soybeans in China from 2020 to 2025, indicating that the arrival volume reached a high in June [44]. 5. Position Data - The main long positions of soybean meal have decreased, and the funds have flowed in. The main short positions of soybeans have increased, and the funds have flowed out [8][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **For Soybean Meal**: The US soybean market is oscillating upwards, supported by uncertain weather in US soybean - growing areas and technical buying. The domestic soybean meal market is also rising, driven by the US soybean market and technical buying. However, high imports of soybeans in July and weak spot prices are suppressing the market. In the short - term, it may return to a range - bound pattern, with the M2509 contract expected to fluctuate between 3040 and 3100 [8]. - **For Soybeans**: The US soybean market is rising, supported by the rebound of the oil and fat market and technical buying. The domestic soybean market is also rising, driven by the US soybean market. But the increase in imported soybeans and the expected increase in new - season domestic soybeans are suppressing the market. In the short - term, it is affected by the follow - up of China - US tariff negotiations and the expected increase in imported soybeans. The A2509 contract is expected to fluctuate between 4160 and 4260 [10]. 3. Summary According to the Table of Contents 3.1 Daily Tips - **Soybean Meal**: The market is affected by multiple factors, with the M2509 contract expected to range between 3040 and 3100 [8]. - **Soybeans**: The market is influenced by various factors, with the A2509 contract expected to range between 4160 and 4260 [10]. 3.2 Recent News - The short - term progress of China - US tariff negotiations is positive for US soybeans. The US soybean market is relatively strong in the short - term, expected to oscillate above the 1000 - point mark. Future trends depend on US soybean planting and growth, imported soybean arrivals, and the follow - up of China - US tariff negotiations [12]. - The arrival of imported soybeans in China reached a high in June. After May Day, domestic soybean inventories rebounded from a low level, and soybean meal inventories in oil mills also rebounded from a low level in June. The soybean market has oscillated downward recently due to the decline of US soybeans [12]. - The decline in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal has weakened after May Day, but tight supply supports the post - festival price. With the weakening pressure of the China - US tariff war, the soybean meal market has entered a short - term oscillating and weakening pattern [12]. - Low soybean meal inventories in domestic oil mills support short - term price expectations. There is still a possibility of speculation about the weather in US soybean - growing areas and uncertainties in the China - US tariff war. The soybean meal market will remain oscillating in the short - term, waiting for the clear output of South American soybeans and the follow - up of the China - US tariff war [12]. 3.3 Bullish and Bearish Factors 3.3.1 Soybean Meal - **Bullish**: Slow customs clearance of imported soybeans, low soybean meal inventories in domestic oil mills, and uncertain weather in US soybean - growing areas [13]. - **Bearish**: High total arrivals of imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. 3.3.2 Soybeans - **Bullish**: Cost support of imported soybeans for the domestic soybean market, and the expected increase in domestic soybean demand [14]. - **Bearish**: Continuous expectation of a bumper Brazilian soybean harvest, China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybeans [14]. 3.4 Fundamental Data - **Soybean Meal**: Spot price in East China is 2880, with a basis of - 176, indicating a discount to the futures. Oil mill soybean meal inventory is 88.62 tons, a 7.76% increase from last week and a 27.32% decrease from the same period last year [8]. - **Soybeans**: Spot price is 4300, with a basis of 111, indicating a premium to the futures. Oil mill soybean inventory is 657.49 tons, a 3.31% increase from last week and an 11.18% increase from the same period last year [10]. 3.5 Position Data - **Soybean Meal**: The main long positions increased, but funds flowed out [8]. - **Soybeans**: The main long positions decreased, and funds flowed out [10]. 3.6 Other Data - **Soybean and Meal Transaction Data**: From July 9th to 18th, the trading volume and average price of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also fluctuated [15]. - **Soybean and Meal Futures and Spot Price Data**: From July 10th to 18th, the futures and spot prices of soybeans and soybean meal showed an upward - trending oscillation [17]. - **Soybean and Meal Warehouse Receipt Data**: From July 8th to 18th, the warehouse receipts of soybeans and soybean meal changed, with some increasing and some decreasing [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on the supply - demand balance of soybeans globally and in China from 2015 to 2024, including harvest area, inventory, production, consumption, etc. [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: Include the planting and harvest progress of soybeans in Argentina, the US, Brazil, and Argentina in different periods from 2023 - 2025 [33][34][38][40]. - **USDA Monthly Supply - Demand Reports**: Show the data of the USDA's monthly supply - demand reports from January to July 2025, including harvest area, yield, production, inventory, and exports [41]. - **US Soybean Export Inspection Data**: US soybean weekly export inspections decreased both month - on - month and year - on - year [42]. - **Imported Soybean Arrival Data**: The peak of imported soybean arrivals was postponed to June, with an overall increase [44]. - **Oil Mill Data**: Oil mill soybean inventories increased slightly, soybean meal inventories continued to rise, unexecuted contracts decreased from a high level, and the demand for forward stockpiling increased. The soybean crushing volume in oil mills remained high, and the soybean meal output in June increased year - on - year [45][47][49]. - **Pig - Related Data**: The inventories of pigs and sows increased slightly year - on - year but decreased slightly month - on - month. Pig prices rebounded recently, while piglet prices remained weak. The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs increased slightly. Domestic pig - farming profits rebounded from a low level [53][55][59].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - **For Soybean Meal**: The U.S. soybean market is experiencing a decline due to favorable weather in the main production areas and technical adjustments. In the short - term, it will fluctuate above the 1000 - point mark, awaiting further guidance from China - U.S. tariff negotiations and the growth weather in U.S. soybean - producing areas. The domestic soybean meal market has also declined, affected by the U.S. soybean market and technical adjustments. With an increase in imported soybeans in June and weak spot prices, the upward movement of the futures price is restricted, and it will return to a range - bound pattern. The expected trading range for M2509 is between 2900 and 2960 [8]. - **For Soybeans**: The U.S. soybean market is in a downward trend with short - term fluctuations above the 1000 - point mark. The domestic soybean market has declined, influenced by the U.S. market, while the cost - performance advantage of domestic soybeans supports price expectations. In the short - term, it will be affected by the follow - up of China - U.S. tariff negotiations and the expected increase in imported soybeans. The expected trading range for A2509 is between 4100 and 4200 [10]. Summary by Directory 1. Daily Tips - **Soybean Meal**: Market is neutral, with a bearish basis, a bullish inventory situation, a neutral position on the 20 - day moving average, and a bullish outlook for the main position. It is expected to trade in the range of 2900 - 2960 [8]. - **Soybeans**: Market is neutral, with a bullish basis, a bearish inventory situation, a neutral position on the 20 - day moving average, and a bearish outlook for the main position. It is expected to trade in the range of 4100 - 4200 [10]. 2. Recent News - The short - term agreement in China - U.S. tariff negotiations is beneficial for U.S. soybeans, but favorable weather in U.S. soybean - growing areas has led to a short - term decline after a rally. In the future, it awaits further guidance from soybean planting, imported soybean arrivals, and the follow - up of China - U.S. tariff negotiations. - The arrival of imported soybeans in China reached a high in May, and the domestic soybean inventory has rebounded from a low level after May Day, while the soybean meal inventory remains low. The soybean and soybean meal markets have returned to a volatile pattern due to the conclusion of the China - U.S. tariff war, showing a pattern of strong reality and weak expectations. - The reduction in domestic pig - farming profits has led to a low expectation of pig replenishment, and the demand for soybean meal has weakened after May Day. However, the tight supply supports the post - holiday price of soybean meal. With the weakening pressure of the China - U.S. tariff war, the soybean meal market has entered a weakly - volatile pattern in the short - term. - The low inventory of soybean meal in domestic oil mills and the relatively strong spot price support short - term price expectations. The possibility of weather speculation in U.S. soybean - producing areas and uncertainties in the China - U.S. tariff war still exist. The soybean meal market will remain volatile in the short - term, awaiting the clarification of South American soybean production and the follow - up of the China - U.S. tariff war [12]. 3. Bullish and Bearish Factors - **Soybean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in U.S. soybean - producing areas [13]. - **Soybean Meal Bearish Factors**: The total arrival of imported soybeans in China will reach a high in June, and the expected high - yield of South American soybeans continues after the end of the Brazilian soybean harvest [13]. - **Soybean Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports price expectations [14]. - **Soybean Bearish Factors**: The expected high - yield of Brazilian soybeans continues, and China has increased its procurement of Brazilian soybeans. The expected increase in the output of new - season domestic soybeans suppresses price expectations [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From June 17th to 26th, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also showed small - scale fluctuations [15]. - **Soybean and Meal Futures and Spot Prices**: From June 17th to 26th, the futures and spot prices of soybeans and soybean meal showed a downward trend [17]. - **Soybean and Meal Warehouse Receipts**: From June 13th to 26th, the warehouse receipts of soybeans (including soybean 1 and soybean 2) and soybean meal changed, with some increasing and some decreasing [19]. - **Soybean Meal Spot Prices**: The soybean meal futures market is in a relatively strong and volatile state, while the spot market has been relatively weak after May Day, and the discount has slightly widened [22]. - **Soybean Supply and Demand Balance Sheets**: Global and domestic soybean supply and demand balance sheets from 2015 to 2024 are provided, including information on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [30][31]. 5. Position Data No relevant content provided specifically for position data other than the general description of main positions in the viewpoints and strategies section. Other Market Conditions - The weekly export inspection of U.S. soybeans has increased compared to the previous week but decreased compared to the same period last year [41]. - The soybean inventory of oil mills has slightly decreased, while the soybean meal inventory has continued to increase [43]. - The unexecuted contracts of oil mills have declined from a high level, indicating a weakening of long - term procurement demand [45]. - The soybean crushing volume of oil mills remains high, but the soybean meal output in April decreased year - on - year [46]. - The import cost of Brazilian soybeans has slightly increased, and the profit margin of imported soybean futures has slightly narrowed [48]. - The inventory of live pigs and sows has increased slightly year - on - year but decreased slightly month - on - month [50]. - The prices of live pigs and piglets have slightly declined [52]. - The proportion of large pigs in China has decreased, and the cost of secondary fattening of live pigs has slightly increased [54]. - The domestic pig - farming profit has declined to a relatively low level [56].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-24 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆震荡回落，油脂回落带动和技术性调整，美豆短期千点关口上方震荡等待中 美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕震荡回落，美豆带动和 技术性震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面反弹高度，短期回归区 间震荡格局。中性 2.基差：现货2860（华东），基差-177，贴水期货。偏空 3.库存：油厂豆粕库存50.89万吨，上周41万吨，环比增加24.12%，去年同期96.77万吨，同 比减少47.41%。偏多 4.盘面：价格在20日均线上方且方向向上。偏多 5.主力 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-20 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆因假日休市一天，消息面短期平静和技术性震荡整理，美豆短期千点关口上 方震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕震荡回升， 美豆带动和技术性震荡整理，但6月进口大豆到港增多和现货价格弱势压制盘面反弹高度， 短期回归区间震荡格局。中性 2.基差：现货2910（华东），基差-167，贴水期货。偏空 3.库存：油厂豆粕库存41万吨，上周38.25万吨，环比增加7.19%，去年同期99.49万吨，同 比减少58.79%。偏多 4.盘面：价格在20日均线上方且方向向上。偏 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market in the US is oscillating above the thousand - point mark, awaiting the follow - up of China - US tariff negotiations and the planting weather in US soybean - producing areas. The domestic soybean meal market may return to a range - bound pattern due to factors such as increased soybean imports in June and weak spot prices [8]. - The domestic soybean market is affected by the US soybean trend, the cost - effectiveness advantage of domestic soybeans, and the expected increase in imports. It is also in a state of interaction between various factors and may experience short - term range - bound fluctuations [10]. Summary According to the Table of Contents 1. Daily Hints No relevant content provided. 2. Recent News - The short - term agreement reached in China - US tariff negotiations is beneficial for US soybeans, but the good recent planting weather in the US has led to a short - term pullback in the US soybean market. The market is expected to oscillate above the thousand - point mark, awaiting further guidance [12]. - The volume of imported soybeans arriving in China reached a high in May, and the domestic soybean inventory has recovered from a low level after May Day. However, the soybean meal inventory remains low, and the soybean and soybean meal markets have returned to a state of oscillation [12]. - The decrease in domestic pig - farming profits has led to a low expectation of pig replenishment, resulting in a weakening demand for soybean meal after May Day. But the tight supply supports the post - holiday price expectation of soybean meal, and the soybean meal market has entered a short - term weakening and oscillating pattern [12]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - Slow customs clearance of imported soybeans [13]. - Low inventory of soybean meal in domestic oil mills [13]. - Uncertain weather in US soybean - producing areas [13]. Bearish for Soybean Meal - The total volume of imported soybeans arriving in China will reach a high in June [13]. - The harvest of Brazilian soybeans is over, and the expectation of a bumper harvest in South America persists [13]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [14]. - The expected increase in demand for domestic soybeans supports the price expectation [14]. Bearish for Soybeans - The expectation of a bumper harvest of Brazilian soybeans persists, and China has increased its procurement of Brazilian soybeans [14]. - The expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2900, with a basis of - 162, indicating a discount to the futures. The inventory of oil mills is 410,000 tons, a 7.19% increase from last week and a 58.79% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of - 58, indicating a discount to the futures. The inventory of oil mills is 5.996 million tons, a 1.75% decrease from last week and an 8.59% increase compared to the same period last year [10]. 5. Position Data - For soybean meal, the main long positions have decreased, and funds have flowed out [8]. - For soybeans, the main short positions have increased, and funds have flowed in [10].

1. Report Industry Investment Rating No industry investment rating was provided in the report. 2. Core Views of the Report - **For Bean Meal**: The US soybean market is affected by factors such as lower - than - expected excellent rate and weather uncertainties in the US soybean - producing areas. In the domestic market, the import of soybeans in June is increasing, and the weak spot price restricts the upward movement of the bean meal price. It is expected to return to a range - bound pattern, with the M2509 contract oscillating between 3040 and 3100 [8]. - **For Soybeans**: The US soybean market has a bottom - support due to weather uncertainties in the US soybean - producing areas, but the bumper harvest in South America and good recent planting weather limit its upward potential. The domestic soybean market is influenced by the cost of imported soybeans and the expected increase in domestic demand, while the bumper harvest in Brazil and the expected increase in domestic production limit the price increase. The A2509 contract is expected to oscillate between 4200 and 4300 [10]. 3. Summary by Directory 3.1 Daily Tips - Bean meal M2509 is expected to oscillate between 3040 and 3100, and soybean A2509 is expected to oscillate between 4200 and 4300 [8][10]. 3.2 Recent News - The short - term agreement in the China - US tariff negotiation is beneficial to US soybeans, but the good recent planting weather in the US has led to a short - term pull - back after the rise in the US soybean market. The domestic soybean inventory has rebounded from a low level after May Day, while the bean meal inventory remains low. The short - term market has returned to a volatile pattern, showing a strong - reality and weak - expectation situation. The profit of domestic pig farming has decreased, leading to a low expectation of pig replenishment, and the demand for bean meal has weakened after May Day [12]. 3.3 Multi - and Short - Term Concerns - **Bean Meal**: Bullish factors include slow customs clearance of imported soybeans, low domestic oil - mill bean meal inventory, and uncertain weather in the US soybean - producing areas. Bearish factors include the increase in the total import of domestic soybeans in June and the continuous expectation of a bumper harvest in South America [13]. - **Soybeans**: Bullish factors are the cost support of imported soybeans and the expected increase in domestic demand. Bearish factors are the continuous expectation of a bumper harvest in Brazil and the expected increase in domestic production of new - season soybeans [14]. 3.4 Fundamental Data - **Bean Meal**: The spot price in East China is 2900, with a basis of - 174, indicating a discount to the futures. The oil - mill bean meal inventory is 410,000 tons, a 7.19% increase from last week and a 58.79% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of - 47, indicating a discount to the futures. The oil - mill soybean inventory is 5.996 million tons, a 1.75% decrease from last week and an 8.59% increase compared to the same period last year [10]. 3.5 Position Data - **Bean Meal**: The long positions of the main contract have increased, and funds have flowed in [8]. - **Soybeans**: The short positions of the main contract have decreased, and funds have flowed in [10].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - **Bean Meal**: The short - term outlook for domestic bean meal is to return to a range - bound pattern. The price of M2509 is expected to oscillate between 3000 and 3060. The U.S. soybean growing weather and Sino - U.S. trade tariff game are the main focuses. The market is affected by factors such as the increase in imported soybeans arriving in June, the low inventory of domestic oil mills' bean meal, and the variable weather in the U.S. soybean - producing areas [8]. - **Soybeans**: The domestic soybean price is expected to move in a range of 4100 - 4200 for A2509. The market focuses on the impact of South American soybean harvesting weather and Sino - U.S. trade tariff game. Factors like the cost of imported soybeans, the expected increase in domestic soybean demand, the continuous high - yield expectation of Brazilian soybeans, and the expected increase in domestic soybean production all influence the price [10]. Summary by Relevant Catalogs 1. Daily Tips - **Bean Meal**: The domestic bean meal market is affected by the U.S. soybean market, with the increase in imported soybeans in June and weak spot prices suppressing the upward space of the futures market. It is in a neutral state in the short - term [8]. - **Soybeans**: The domestic soybean market is influenced by the U.S. soybean trend, the cost of imported soybeans, and the expected increase in domestic soybean production. It is also in a neutral state in the short - term [10]. 2. Recent News - The short - term agreement of Sino - U.S. tariff negotiation is beneficial to U.S. soybeans, but the good weather for U.S. soybean planting has led to a short - term decline after the rise of the U.S. soybean market. The domestic imported soybean arrivals reached a high in May, and the soybean inventory has rebounded from a low level, while the bean meal inventory remains low. The domestic pig - raising profit has decreased, leading to a weak demand for bean meal after May Day [12]. 3. Bullish and Bearish Concerns - **Bean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory of domestic oil mills' bean meal, and variable weather in the U.S. soybean - producing areas [13]. - **Bean Meal Bearish Factors**: The increase in the total arrivals of domestic imported soybeans in June, the end of the Brazilian soybean harvest, and the continuous high - yield expectation of South American soybeans [13]. - **Soybean Bullish Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [14]. - **Soybean Bearish Factors**: Continuous high - yield expectation of Brazilian soybeans and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Bean Meal**: The spot price in East China is 2850, with a basis of - 197, showing a discount to the futures. The oil mill's bean meal inventory is 38.25 tons, a 28.36% increase from last week and a 65.19% decrease from the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of - 3, showing a discount to the futures. The oil mill's soybean inventory is 610.29 tons, a 4.7% increase from last week and a 24.7% increase from the same period last year [10]. 5. Position Data - **Bean Meal**: The main long positions have decreased, but the capital has flowed in [8]. - **Soybeans**: The main short positions have increased, and the capital has flowed in [10].

Report Industry Investment Rating No relevant content provided. Core Views - The soybean meal market is expected to trade in a range between 2920 and 2980 for M2509. The market is influenced by factors such as the weather in US soybean - growing areas, the arrival of imported soybeans, and the outcome of Sino - US tariff negotiations. The short - term outlook is neutral, with both bullish and bearish factors at play [8]. - The soybean market for A2507 is expected to trade in a range between 4040 and 4140. The market is affected by the cost of imported soybeans, the expected increase in domestic soybean demand, the harvest in South America, and the outcome of Sino - US tariff negotiations [10]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - Sino - US tariff negotiations reached a short - term agreement, which is positive for US soybeans. However, favorable weather in US soybean - growing areas led to a short - term pullback in the US market. The market is expected to trade above the 1000 - point mark, awaiting further guidance on US soybean planting, the arrival of imported soybeans, and the outcome of Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China reached a high in May. After May Day, domestic soybean inventories rebounded from a low level, while soybean meal inventories remained low. The soybean market is in a pattern of strong reality and weak expectation [12]. - Reduced profits in the domestic pig - farming industry led to low expectations for pig replenishment. The demand for soybean meal weakened after May Day, but tight supply supported post - holiday price expectations. With reduced pressure from the Sino - US tariff war, soybean meal entered a short - term weakening and oscillating pattern [12]. - Low soybean meal inventories at domestic oil mills and strong spot prices supported short - term price expectations. Uncertainty about the weather in US soybean - growing areas and the outcome of the Sino - US tariff war meant that soybean meal would continue to oscillate in the short term, awaiting further guidance on South American soybean production and the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low soybean meal inventories at domestic oil mills, and uncertainty about the weather in US soybean - growing areas [13]. - Bearish factors: high arrival volume of imported soybeans in May, and the expected bumper harvest of South American soybeans [13]. Soybeans - Bullish factors: cost support from imported soybeans and expected increase in domestic soybean demand [14]. - Bearish factors: expected bumper harvest of Brazilian soybeans and increased procurement of Brazilian soybeans by China, and expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2850, with a basis of - 111, indicating a discount to futures. Oil mill soybean meal inventories are 20.69 million tons, up 70.01% from last week and down 72.8% from the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of 41, indicating a premium to futures. Oil mill soybean inventories are 560.63 million tons, down 4.46% from last week and up 24.44% from the same period last year [10]. 5. Position Data - **Soybean Meal**: The long positions of the main players increased, but funds flowed out [8]. - **Soybeans**: The short positions of the main players increased, and funds flowed out [10].