Report Overview - Report Title: Bean Meal Morning Report - Report Date: November 20, 2025 - Analyst: Wang Mingwei from Dayue Futures Investment Consulting Department 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - **Bean Meal (M2601)**: Expected to oscillate in the range of 3000 - 3060. Influenced by US soybean trends, demand in the off - season, and spot price discounts, it will likely maintain a short - term oscillatory pattern [9]. - **Soybean (A2601)**: Forecasted to fluctuate between 4080 - 4180. Supported by the cost of imported soybeans and the expected increase in domestic soybean demand, but restricted by the high arrival volume of imported soybeans and the expected increase in domestic soybean production [11]. 3. Summary by Directory 3.1 Daily Prompt - **Bean Meal**: Oscillates and declines, affected by US soybean trends, demand off - season, and spot price discounts. Expected to maintain an oscillatory pattern [9]. - **Soybean**: Rises and then falls, influenced by US soybean trends, with the cost of imported soybeans supporting the price and the expected increase in domestic soybean production suppressing it [11]. 3.2 Recent News - The preliminary agreement in China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases and US soybean weather are still uncertain. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills declined from a high level. - The decrease in domestic pig - raising profits led to low expectations for pig replenishment, weakening the demand for bean meal in November. - The bean meal inventory of domestic oil mills remains at a relatively high level. Bean meal is expected to maintain an oscillatory pattern in the short term, pending further guidance on US soybean production and the follow - up of China - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns Bean Meal - **Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure on domestic oil mills, and uncertain weather in US soybean - producing areas [14]. - **Bearish Factors**: High arrival volume of imported soybeans in November and the expected high yield of US soybeans [14]. Soybean - **Bullish Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [15]. - **Bearish Factors**: High yield of Brazilian soybeans and expected increase in domestic soybean production [15]. 3.4 Fundamental Data - **Bean Meal**: Spot price in East China is 3000, with a basis of - 42, indicating a discount to futures. Oil mill bean meal inventory is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase year - on - year [9]. - **Soybean**: Spot price is 4100, with a basis of - 45, indicating a discount to futures. Oil mill soybean inventory is 710.79 million tons, a 5.39% decrease from last week and a 29.06% increase year - on - year [11]. 3.5 Position Data - **Bean Meal**: The main short positions decreased, and funds flowed out [9]. - **Soybean**: The main short positions increased, and funds flowed out [11]. 3.6 Other Data - **Price and Volume**: The trading volume and average price of bean meal and the price difference between bean meal and rapeseed meal are presented in the report [16]. - **Supply and Demand Balance Sheets**: Global and domestic soybean supply - demand balance sheets are provided, showing data on harvest area, inventory, production, consumption, etc. [32][33]. - **Sowing and Harvesting Progress**: The sowing, growth, and harvesting progress of soybeans in the US, Brazil, and Argentina are detailed [34][35][39]. - **USDA Reports**: The USDA's monthly supply - demand reports in the past six months are included, showing data on planting area, yield, production, etc. [44]. - **Industry Conditions**: Information on the arrival volume of imported soybeans, soybean inventory of oil mills, soybean crushing volume, and the situation of the pig - raising industry is provided [47][48][55].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2601 is expected to fluctuate in the range of 3040 - 3100. It is affected by the US soybean trend, demand in the off - season, and the spot price discount, and is likely to maintain a volatile pattern in the short term [9]. - The soybean A2601 is projected to oscillate between 4120 and 4220. The cost of imported soybeans and the expected increase in domestic soybean demand support the price, while the large - scale arrival of imported soybeans and the expected increase in domestic soybean production suppress the upside [11]. Summary According to the Table of Contents 1. Daily Tips No relevant content provided. 2. Recent News - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans. However, the quantity of China's soybean purchases and the US soybean weather remain uncertain. The US soybean market is strongly volatile above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills also dropped from a high level. Soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - farming profits has led to a low expectation of pig restocking, weakening the demand for soybean meal in November and suppressing its price [13]. - The high inventory of domestic oil mills' soybean meal, the possibility of weather speculation in the US soybean - producing areas, and the China - US trade negotiation agreement have caused soybean meal to maintain a short - term range - bound pattern [13]. 3. Long and Short Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertain weather in the US soybean - producing areas [14]. - Bearish factors: high arrival volume of domestic imported soybeans in November, the harvest and listing of US soybeans, and the continuous expectation of a US soybean bumper harvest [14]. Soybeans - Bullish factors: cost support from imported soybeans and the expected increase in domestic soybean demand [15]. - Bearish factors: a bumper harvest of Brazilian soybeans and an expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3010, with a basis of - 61, indicating a discount to the futures. The oil mill's soybean meal inventory is 115300 tons, a 9.33% increase from last week and a 17.16% increase year - on - year [9]. - **Soybeans**: The spot price is 4100, with a basis of - 29, a discount to the futures. The oil mill's soybean inventory is 710790 tons, a 5.39% decrease from last week but a 29.06% increase year - on - year [11]. - **Global Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, production, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [32]. - **Domestic Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, production, and total supply changed, and the inventory - to - consumption ratio also fluctuated [33]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed in [9]. - **Soybeans**: The main short positions decreased, and funds flowed out [11]. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - The market focuses on the impact of US soybean harvest weather and the follow - up of the China - US trade negotiation agreement. The short - term outlook is neutral, and it is expected to maintain a range - bound pattern [9]. Soybeans - The market focuses on the impact of US soybean weather and the China - US trade tariff game. The short - term view is neutral, and it is likely to oscillate within a certain range [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **M2601 Soybean Meal**: It is expected to fluctuate in the range of 3020 - 3080. The market is in a neutral state, with the spot price at 3000 (East China), a negative basis of -59, indicating a discount to the futures. The oil - mill soybean meal inventory is 115.3 million tons, showing a 9.33% increase from last week and a 17.16% increase year - on - year. The price is above the 20 - day moving average and moving upwards, but the main short positions are increasing, and funds are flowing in. The short - term is likely to maintain a fluctuating pattern due to various factors such as China's soybean procurement and South American planting weather [8][9]. - **A2601 Soybeans**: It is expected to fluctuate in the range of 4060 - 4160. The market is neutral, with a spot price of 4100 and a basis of -27, also at a discount to the futures. The oil - mill soybean inventory is 710.79 million tons, a 5.39% decrease from last week but a 29.06% increase year - on - year. The price is above the 20 - day moving average and moving upwards, while the main short positions are increasing, and funds are flowing out. It will maintain a fluctuating pattern influenced by factors like China's soybean procurement and South American planting weather [10][11]. 3. Summary According to the Table of Contents 3.1 Daily Tips - The soybean meal M2601 and soybean A2601 are expected to fluctuate within specific ranges, affected by factors such as China's soybean procurement, South American planting weather, domestic demand, and inventory levels [9][11]. 3.2 Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but there are still uncertainties in China's procurement quantity and US soybean weather. The US soybean market is likely to be relatively strong above the 1000 - point mark in the short term [13]. - The arrival of imported soybeans in China decreased in November, and the oil - mill soybean inventory also declined from a high level. Domestic soybean meal is likely to return to a fluctuating pattern, affected by factors such as US soybean trends, demand off - season, and inventory levels [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig replenishment, weakening the demand for soybean meal in November and suppressing its price. The market will wait for further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3.3 Bullish and Bearish Factors 3.3.1 Soybean Meal - **Bullish**: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil - mill soybean meal, and uncertain weather in US soybean - producing areas [14]. - **Bearish**: High arrival volume of imported soybeans in November, the harvest and listing of US soybeans, and the continuous expectation of a bumper US soybean harvest [14]. 3.3.2 Soybeans - **Bullish**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports its price [15]. - **Bearish**: A bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, as well as the expected increase in domestic new - season soybean production, suppress the price of soybeans [15]. 3.4 Fundamental Data - **Soybean Meal**: The spot price is 3000 (East China), with a negative basis of -59. The oil - mill soybean meal inventory is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase year - on - year [9]. - **Soybeans**: The spot price is 4100, with a negative basis of -27. The oil - mill soybean inventory is 710.79 million tons, a 5.39% decrease from last week but a 29.06% increase year - on - year [11]. 3.5 Position Data - **Soybean Meal**: The main short positions are increasing, and funds are flowing in [9]. - **Soybeans**: The main short positions are increasing, and funds are flowing out [11].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - The preliminary agreement in the China-US trade negotiation has a short - term positive impact on US soybeans, but the subsequent negotiation and weather in the US soybean - growing areas remain uncertain. US soybeans are expected to fluctuate strongly above the 1000 - point mark in the short term, and the domestic soybean and soybean meal markets will also be affected by factors such as US soybean prices, import volumes, and downstream demand [13][34]. - Domestic soybean meal is expected to maintain a short - term range - bound pattern. The short - term demand is in the off - season, and the spot price discount restricts the upward space of the futures price. The market is waiting for further guidance on the implementation of the China - US trade agreement and the arrival of imported soybeans [10]. - The price of domestic soybeans is affected by the cost of imported soybeans, the expected increase in domestic demand, and the expected increase in domestic production. It is expected to maintain a range - bound pattern in the short term, with the market focusing on the weather in the US and South American soybean - growing areas and the follow - up of the China - US trade agreement [11]. Summary According to the Table of Contents 1. Weekly Prompt There is no specific content provided for the weekly prompt in the given text. 2. Recent News - The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans. The US soybean market is waiting for the harvest situation and the planting weather in South America, as well as the follow - up of the China - US trade negotiation [13]. - The arrival volume of imported soybeans in China decreased from its high in November. The inventory of soybean meal in domestic oil mills remained high in November. After the preliminary agreement in the China - US trade negotiation, the arrival of imported soybeans at the end of the year is expected to increase, but the demand for soybean meal is in the off - season [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking, suppressing the price of soybean meal. However, the preliminary agreement in the China - US trade negotiation is positive for US soybeans, and the cost of imported soybeans is expected to rise at the end of the year, so soybean meal is expected to return to a range - bound pattern [13]. 3. Long and Short Concerns Soybean Meal - **Long factors**: The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans; the inventory of soybean meal in domestic oil mills is not under pressure; the weather in the US and South American soybean - growing areas remains uncertain [14]. - **Short factors**: The total arrival volume of imported soybeans in China remained relatively high in November; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Long factors**: The increase in the cost of imported soybeans supports the domestic soybean futures price; the expected increase in domestic demand for soybeans supports the domestic soybean price [16]. - **Short factors**: After the preliminary agreement in the China - US trade negotiation, China has started to purchase US soybeans; the expected increase in domestic soybean production suppresses the price of soybeans [16]. 4. Fundamental Data - **Weather**: The short - term weather in some US soybean - growing areas is normal, with a neutral impact. In the next week, the weather in the US soybean - growing areas is expected to be good, with a neutral or bearish impact [9]. - **Import cost**: US soybeans are fluctuating strongly. With the preliminary agreement in the China - US trade negotiation, the import cost is expected to fluctuate strongly, with a neutral or bullish impact [9]. - **Oil mill crushing**: The demand for soybean meal has weakened in the short term, and the crushing volume of oil mills has declined from its high. The demand is expected to remain weak in the short term, and the operating rate of oil mills is expected to remain low, with a bullish impact [9]. - **Trading volume**: The enthusiasm for downstream long - term stocking has weakened, and the market trading volume is expected to be low, with a neutral or bearish impact [9]. - **Oil mill inventory**: The inventory of soybean meal in oil mills has declined from its high. As the upstream operating rate has dropped to a low level, the inventory is expected to continue to decline, with a bullish impact [9]. 5. Position Data - For soybean meal, the main short positions have increased, and funds have flowed in, indicating a bearish signal [10]. - For soybeans, the main short positions have increased, and funds have flowed out, indicating a bearish signal [11]. 6. Soybean and Soybean Meal Fundamentals (Supply - Demand and Inventory Structure) Global Soybean Supply - Demand Balance Sheet The table shows the supply - demand balance of global soybeans from 2015 to 2024, including harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [21]. USDA's Monthly Supply - Demand Reports in the Past Six Months It presents data on planting area, yield per unit, production, ending inventory, new - bean exports, crushing, and the production of Brazilian and Argentine soybeans from March to September 2025 [22]. US Soybean Planting, Growth, and Harvest Progress It details the progress of US soybean planting, growth, and harvest in 2024 and 2025, including sowing, emergence, flowering, pod - setting, leaf - falling, and harvesting rates, as well as the comparison with the previous year and the five - year average [23][24][25][29]. Brazilian and Argentine Soybean Planting and Harvest Progress It shows the planting progress of Brazilian soybeans in 2024/25 and 2025/26, as well as the planting progress of Argentine soybeans in 2024/25 [26][28][30]. Domestic Soybean Supply - Demand Balance Sheet The table shows the supply - demand balance of domestic soybeans from 2015 to 2024, including harvest area, initial inventory, production, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [36]. Domestic Soybean Meal Industry Chain - **Imported soybean arrival**: The arrival volume of imported soybeans decreased from its high in November, with an overall year - on - year increase [37]. - **Oil mill crushing and inventory**: The soybean inventory in oil mills has declined from its high, while the soybean meal inventory has increased to a high level. The soybean crushing volume in oil mills has declined from its high, and the soybean meal production in September increased year - on - year [38][39]. - **Soybean meal trading**: The orders of domestic downstream buyers have decreased slightly, and the pick - up volume has declined from its high [45]. - **Pig farming inventory**: The pig inventory has continued to rise, the sow inventory is flat year - on - year and has declined slightly month - on - month. The pig price has stopped falling and rebounded recently, while the piglet price remains weak [47][49]. 7. Meal Market Structure - **Soybean meal and rapeseed meal basis analysis**: The soybean meal futures price has risen and then fallen, while the spot price has remained relatively stable, with a slight fluctuation in the spot discount [58]. - **Soybean meal and rapeseed meal price difference**: The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2601 contract has also fluctuated slightly [60]. 8. Technical Analysis Soybean Technical Analysis The soybean futures price has risen and then fallen, affected by the price of US soybeans and the relative stability of domestic soybean spot prices. Technical indicators such as KDJ and MACD are in a high - level oscillation state, indicating that the soybean futures are expected to maintain a range - bound pattern in the short term, waiting for new market guidance [66]. Soybean Meal Technical Analysis The soybean meal futures price has risen and then fallen, affected by the rise in US soybean prices, the China - US trade negotiation agreement, and the short - term weakening of domestic demand. Technical indicators such as KDJ and MACD show that the soybean meal futures are in a short - term technical adjustment stage, and the market is waiting for new guidance from the US and domestic markets [69]. 9. Next Week's Focus Points - **Most important**: The harvest weather in the US soybean - growing areas, the follow - up implementation of the China - US trade agreement, and the arrival and operation of imported soybeans in China [72][73]. - **Second most important**: The domestic demand for soybean meal, the inventory of domestic oil mills, and the downstream procurement situation [74]. - **Less important**: Macroeconomic factors and geopolitical conflicts such as the Russia - Ukraine and Israel - Palestine conflicts [74].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The short - term US soybean market is supported by China's soybean purchases, but uncertainties in purchase volume and good harvesting weather limit its upside. The domestic soybean meal market is driven by US soybeans and maintains a range - bound pattern due to factors such as high - level arrivals of imported Brazilian soybeans and short - term demand being in the off - season [9]. - The domestic soybean market is affected by the price of US soybeans. The cost of imported soybeans and the expected increase in domestic soybean demand support the price floor, while the high - level arrivals of imported soybeans and the expected increase in domestic soybean production limit its upside [11]. Summary by Relevant Catalogs 1. Daily Tips No specific content provided in the text. 2. Recent News - The preliminary agreement in Sino - US tariff negotiations is short - term positive for US soybeans, but uncertainties in China's purchase volume and US soybean weather remain. The US soybean market is oscillating strongly above the 1000 - point mark and awaits further guidance on soybean growth, harvesting, and Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills declined from a high level. Affected by the normal harvesting weather of US soybeans and the preliminary Sino - US trade agreement, soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking, weakening the demand for soybean meal in November and suppressing its price. The market is in a range - bound pattern under the cross - influence of US soybean trends and the off - season demand [13]. - The high - level inventory of domestic oil mills' soybean meal, the potential for weather speculation in US soybean - producing areas, and the Sino - US trade agreement have caused soybean meal to maintain a short - term range - bound pattern, awaiting further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Bullish and Bearish Concerns Bullish Factors - For soybean meal: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertainties in US soybean - producing area weather [14]. - For soybeans: Cost support from imported soybeans for the domestic soybean market, and expected increase in domestic soybean demand [15]. Bearish Factors - For soybean meal: High - level arrival volume of imported soybeans in November and the expected high yield of US soybeans due to the harvest and good weather [14]. - For soybeans: High yield of Brazilian soybeans and China's increased purchases of Brazilian soybeans, as well as the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal**: The spot price is 3000 (in East China), with a basis of - 58, indicating a discount to the futures price. The inventory of oil mills' soybean meal is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase from the same period last year [9]. - **Soybeans**: The spot price is 4100, with a basis of - 18, showing a neutral situation. The inventory of oil mills' soybeans is 710.79 million tons, a 5.39% decrease from last week but a 29.06% increase from the same period last year [11]. 5. Position Data - **Soybean Meal**: The short positions of the main players increased, and funds flowed in [9]. - **Soybeans**: The short positions of the main players increased, and funds flowed out [11]. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal (M2601) - It is expected to oscillate in the range of 3020 - 3080. The market is affected by the trend of US soybeans, with demand in the short - term off - season and the spot price discount limiting the upward movement of the futures price. The overall view is neutral [9]. Soybeans (A2601) - It is expected to oscillate in the range of 4060 - 4160. The market is influenced by the price of US soybeans, with the cost of imported soybeans and expected increase in domestic demand supporting the price floor, while high - level arrivals of imported soybeans and expected increase in domestic production limit its upside. The overall view is neutral [11].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The soybean meal M2601 is expected to oscillate between 3020 and 3080. The domestic soybean meal may maintain an oscillatory pattern in the short - term, influenced by the US soybean trend, demand in the off - season, and spot price discounts. [8][9] - The soybean A2601 is expected to oscillate between 4000 and 4100. The domestic soybean will be affected by the follow - up of Sino - US trade negotiations and the continuous arrival of imported Brazilian soybeans, and will maintain an oscillatory pattern in the short - term. [10][11] Summary by Directory 1. Daily Prompt - Not provided in the document 2. Recent News - The preliminary agreement of Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases and US soybean weather are still uncertain. The US soybean market is oscillating strongly above the 1000 - point mark in the short - term. [13] - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills decreased from a high level. Affected by the normal harvesting weather of US soybeans and the Sino - US trade negotiation agreement, domestic soybean meal has returned to an oscillatory pattern. [13] - The reduction of domestic pig - breeding profits has led to a low expectation of pig restocking, which suppresses the price expectation of soybean meal in November. The soybean meal market is affected by the US soybean trend and the off - season demand, and has returned to an oscillatory pattern. [13] - The soybean meal inventory of domestic oil mills remains at a relatively high level. Affected by the possible weather speculation in the US soybean production area and the Sino - US trade negotiation agreement, the soybean meal will maintain an oscillatory pattern in the short - term, waiting for the clarification of US soybean production and the follow - up of Sino - US trade negotiations. [13] 3. Bullish and Bearish Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertain weather in the US soybean production area. [14] - Bearish factors: high total arrival volume of imported soybeans in November, the listing of harvested US soybeans, and the continuous expectation of a bumper US soybean harvest. [14] 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 the domestic soybean price expectation. [15] - Bearish factors: a bumper harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans, and the expected increase in the output of new - season domestic soybeans suppresses the price expectation of beans. [15] 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From October 29 to November 6, the transaction average price and volume of soybean meal fluctuated, while the transaction volume of rapeseed meal was mostly 0, and the price of rapeseed meal gradually increased. The price difference between soybean meal and rapeseed meal showed a downward trend. [16] - **Soybean and Meal Futures and Spot Price Data**: From October 30 to November 6, the prices of soybean and soybean meal futures fluctuated, and the spot prices of soybeans remained relatively stable, while the spot price of soybean meal gradually increased. [18] - **Soybean and Meal Warehouse Receipt Data**: From October 28 to November 6, the warehouse receipts of soybean No. 1 and soybean No. 2 increased, while the warehouse receipts of soybean meal decreased. [20] - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 show the changes in harvest area, output, inventory, and other data over the years. [31][32] - **Soybean Planting and Harvesting Progress in Different Regions**: It includes the planting and harvesting progress of soybeans in Argentina, the United States, and Brazil from 2023 to 2025/26, reflecting the development of the soybean industry in different regions. [33][34][38] - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March to September 2025 show the changes in planting area, yield, output, and other data of soybeans. [43] - **Other Data**: The weekly export inspection of US soybeans increased month - on - month but decreased year - on - year; the arrival volume of imported soybeans decreased from a high level in November but increased year - on - year as a whole; the soybean inventory of oil mills remained at a high level, and the soybean meal inventory increased slightly; the unexecuted contracts of oil mills decreased from a high level; the soybean crushing volume of oil mills remained at a high level, and the soybean meal output in September increased year - on - year; the import cost of Brazilian soybeans decreased following the US soybeans, and the margin on the futures market fluctuated slightly; the pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month; the pig price stopped falling and rebounded recently, while the piglet price remained weak; the proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly; the domestic pig - breeding profit improved recently. [44][46][47] 5. Position Data - Not provided in the document

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal M2601 is expected to oscillate in the range of 3040 - 3100. The market awaits progress on China's soybean purchases from the US and technical consolidation. The short - term outlook is neutral, with the price affected by factors such as US soybean trends, demand seasonality, and inventory levels [9]. - The soybean A2601 is expected to fluctuate between 4080 - 4180. Influenced by US soybean trends, import volume, and domestic production expectations, the short - term outlook is also neutral [11]. - The short - term trend of soybean meal is affected by the progress of Sino - US trade negotiations, US soybean harvest weather, and domestic demand. It is expected to remain range - bound [13]. Summary by Directory 1. Daily Prompt No relevant content provided. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's purchases and US soybean weather are still uncertain. The US soybean market is expected to be strongly volatile above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China will decline in November, and the soybean inventory of oil mills will also decrease from the high level. Soybean meal is expected to return to range - bound trading [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig restocking, weakening the demand for soybean meal in November and suppressing price expectations [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Affected by potential weather speculation in US soybean - producing areas and the Sino - US trade negotiation agreement, soybean meal is expected to maintain range - bound trading in the short term [13]. 3. Long and Short Concerns Soybean Meal - **Likely Positive Factors**: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills, and uncertain weather in US soybean - producing areas [14]. - **Likely Negative Factors**: High total arrival volume of imported soybeans in November, the harvest and listing of US soybeans, and the continuous expectation of a bumper US soybean harvest [14]. Soybeans - **Likely Positive Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [15]. - **Likely Negative Factors**: A bumper harvest of Brazilian soybeans and increased Chinese purchases, as well as the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From October 28 to November 5, the average transaction price and volume of soybean meal and rapeseed meal fluctuated, and the average price difference between soybean meal and rapeseed meal also showed small - scale changes [16]. - **Soybean and Meal Futures and Spot Prices**: From October 28 to November 5, the prices of soybean and meal futures and spot markets showed different trends. The futures price of soybean meal rebounded, while the spot price was relatively stable, with the spot discount slightly widening [18][23]. - **Soybean and Meal Warehouse Receipt Statistics**: From October 27 to November 5, the warehouse receipts of soybeans and soybean meal changed, with the number of soybean warehouse receipts increasing and the number of soybean meal warehouse receipts decreasing [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 - 2024 show changes in harvest area, output, consumption, and inventory [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 - 2025/26 are presented, including data on planting rate, harvest rate, and growth indicators [33][34][35][36][37][38][39][40][41][42]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March - September 2025 show changes in planting area, yield, output, and other indicators [43]. - **Imported Soybean Arrival Volume**: The arrival volume of imported soybeans in China from 2020 - 2025 shows monthly fluctuations, with a high - level decline in November 2025 and an overall year - on - year increase [46]. 5. Position Data No relevant content provided. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - **View**: The short - term outlook is neutral. Affected by US soybean trends, domestic demand, and inventory, it is expected to oscillate in the range of 3040 - 3100 [9]. - **Analysis of Influencing Factors**: The basis is negative, inventory is increasing, the price is above the 20 - day moving average, and the main short - position is decreasing with capital inflow [9]. Soybeans - **View**: The short - term outlook is neutral. Affected by US soybean trends, import volume, and domestic production expectations, it is expected to fluctuate between 4080 - 4180 [11]. - **Analysis of Influencing Factors**: The basis is neutral, inventory is decreasing year - on - year but still at a relatively high level, the price is above the 20 - day moving average, and the main short - position is increasing with capital inflow [11].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The soybean meal M2601 is expected to oscillate between 2980 and 3040. The short - term trend will be affected by the US soybean market, with uncertainties in China's soybean procurement volume and good US soybean harvest weather limiting the upward space. Domestically, the low - season demand and spot price discounts will suppress the upward movement [9]. - The soybean A2601 is expected to fluctuate between 4000 and 4100. The short - term trend will be influenced by China's US soybean procurement and US soybean harvest weather. The cost - advantage of domestic soybeans over imported ones will support the price bottom, while the high volume of imported soybeans and the expected increase in domestic soybean production will limit the price increase [11]. Summary According to the Directory 1. Daily Tips - Not provided in the given content 2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but there are still uncertainties in China's US soybean procurement volume and US soybean weather. The US soybean market is expected to oscillate strongly above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China will decline in November, and the soybean inventory of oil mills will also fall from a high level. Affected by the relatively normal US soybean harvest weather and the preliminary agreement on China - US trade negotiations, soybean meal will return to range - bound trading [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig replenishment, weakening the demand for soybean meal in November and suppressing the price outlook. The soybean meal market will be affected by both the US soybean market and the off - season demand, returning to a range - bound pattern [13]. - The relatively high inventory of domestic oil mills' soybean meal, the potential for weather speculation in the US soybean - producing areas, and the impact of the preliminary agreement on China - US trade negotiations will keep soybean meal in a short - term range - bound state, waiting for further guidance on the US soybean yield and the follow - up of China - US trade negotiations [13]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertainties in the US soybean - producing area weather [14]. - Bearish factors: high total arrival volume of domestic imported soybeans in November, the listing of harvested US soybeans, and the continuous expectation of a US soybean bumper harvest [14]. Soybeans - Bullish factors: cost support of imported soybeans for the domestic soybean market bottom, and the expected increase in domestic soybean demand supporting the domestic soybean price outlook [15]. - Bearish factors: a bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production suppressing the soybean price outlook [15]. 4. Fundamental Data - **Soybean Meal and Soybean Futures and Spot Prices**: From October 27 to November 4, the soybean meal futures oscillated and rebounded, while the spot price was relatively stable, with the spot discount slightly widening. The soybean futures prices also fluctuated during this period, and the spot prices of soybeans and soybean meal showed certain changes [16][18]. - **Soybean and Meal - type Warehouse Receipt Statistics**: From October 24 to November 4, the soybean (bean one and bean two) and soybean meal warehouse receipts changed, with some increases and decreases [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 show changes in factors such as harvest area, output, consumption, and inventory [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2015 to 2025/26 are presented, including different stages of sowing, growth, and harvesting [33][34][35][36][37][38][39][40][41][42]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March to September 2025 show changes in factors such as planting area, yield, output, and end - of - period inventory of soybeans [43]. - **Imported Soybean Arrival Volume**: The arrival volume of imported soybeans in November is expected to decline from a high level, with an overall year - on - year increase [46]. 5. Position Data - Not provided in the given content

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2601 is expected to oscillate between 3000 and 3060. Influenced by the US soybean trend and technical consolidation, with short - term demand in the off - season and spot price discount suppressing the upward space of the futures price, it will maintain an oscillatory pattern in the short term [9]. - The soybean A2601 is expected to fluctuate between 4040 and 4140. Affected by the US soybean trend, the cost - performance advantage of domestic soybeans over imported ones supports the price, but high imported soybean arrivals and the expected increase in domestic soybean production will suppress the upward space of the price [11]. - The short - term soybean meal will maintain an oscillatory pattern. Factors such as the initial agreement of Sino - US tariff negotiations, high domestic imported soybean arrivals in November, and the expected high yield of US soybeans will all affect the market, and it awaits further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. Summary by Relevant Catalogs 1. Daily Prompt No relevant content provided. 2. Recent News - The initial agreement of Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's purchases of US soybeans and the US soybean weather are still uncertain. The US soybean market is oscillating strongly above the 1000 - point mark in the short term [13]. - The arrivals of imported soybeans in China will decline in November, the soybean inventory of oil mills will fall from a high level in November, the US soybean harvest weather is relatively normal, and with the initial Sino - US trade negotiation agreement, the soybean meal will return to an oscillatory pattern in the short term [13]. - The decrease in domestic pig - raising profits leads to a low expectation of pig replenishment, and the weakening demand for soybean meal in November suppresses the price expectation of soybean meal. Affected by the US soybean and the off - season demand for soybean meal, it returns to an oscillatory pattern [13]. - The high - level inventory of domestic oil - mill soybean meal, the possibility of weather speculation in the US soybean - producing areas, and the Sino - US trade negotiation agreement will make the soybean meal maintain an oscillatory pattern in the short term, awaiting the clarification of US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Long and Short Concerns Soybean Meal - **Long Factors**: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil - mill soybean meal, and uncertain weather in the US soybean - producing areas [14]. - **Short Factors**: High total arrivals of imported soybeans in China in November, the harvest and listing of US soybeans, and the continuous expectation of a high - yield of US soybeans [14]. Soybeans - **Long Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price expectation [15]. - **Short Factors**: The high - yield of Brazilian soybeans and China's increased purchases of Brazilian soybeans, and the expected increase in domestic soybean production suppress the price expectation of beans [15]. 4. Fundamental Data - **Soybean Meal**: The spot price is 2990 (East China), with a basis of - 36, indicating a discount to the futures. The oil - mill soybean meal inventory is 115300 tons, a month - on - month increase of 9.33% and a year - on - year increase of 17.16% [9]. - **Soybeans**: The spot price is 4100, with a basis of 24, indicating a premium to the futures. The oil - mill soybean inventory is 710790 tons, a month - on - month decrease of 5.39% and a year - on - year increase of 29.06% [11]. - **Global Soybean Supply - Demand Balance**: From 2015 to 2024, the global soybean harvest area, output, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [31]. - **Domestic Soybean Supply - Demand Balance**: From 2015 to 2024, China's soybean harvest area, output, and import volume changed, and the inventory - to - consumption ratio also fluctuated [32]. 5. Position Data - **Soybean Meal**: The main short positions increased, and the funds flowed out [9]. - **Soybeans**: The main short positions decreased, and the funds flowed out [11]. Other Information - The daily trading data of soybean meal and rapeseed meal from October 24 to November 3, including the average trading price and trading volume, are provided, and the price difference between soybean meal and rapeseed meal also fluctuated [16]. - The futures and spot price data of soybeans and soybean meal from October 24 to November 3 are provided, and the soybean meal futures oscillated upward, while the spot price was relatively stable, with a slight increase in the spot discount [18][23]. - The soybean and soybean meal warehouse receipt data from October 23 to November 3 are provided, and the soybean meal warehouse receipt quantity changed slightly [20]. - The soybean - crushing volume of oil mills remained high, and the soybean meal output in September increased year - on - year. The downstream procurement decreased slightly, and the pick - up volume fell from a high level [25][26]. - The price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract between soybean meal and rapeseed meal rebounded from a low level [28]. - The planting and harvest progress data of soybeans in Argentina, the United States, and Brazil from 2023 to 2025 are provided, which reflect the growth status of soybeans in different regions [33][34][38]. - The monthly supply - demand reports of the USDA from March to September 2025 are provided, including data on planting area, yield per unit, output, and ending inventory [43]. - The weekly export inspection volume of US soybeans increased month - on - month but decreased year - on - year, and the arrivals of imported soybeans in November decreased from a high level but increased year - on - year overall [44][46]. - The soybean inventory of oil mills remained high, and the soybean meal inventory increased slightly. The unexecuted contracts of oil mills fell from a high level, and the procurement demand in the off - season decreased [47][49]. - The import cost of Brazilian soybeans decreased with the decline of US soybeans, and the futures profit fluctuated slightly [52]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price stopped falling and rebounded recently, while the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly. The domestic pig - raising profit improved recently [54][56][60].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2601 is expected to oscillate in the range of 3000 - 3060. The short - term US soybean market is supported by China's soybean purchases but restricted by uncertain purchase volume and good harvest weather. The domestic soybean meal is also affected by these factors and the demand off - season, thus maintaining an oscillating pattern [9]. - The soybean A2601 is expected to fluctuate between 4060 and 4160. The short - term US soybean market is influenced by China's purchases and weather. The domestic soybean market is supported by the cost - performance advantage of domestic soybeans over imports but restricted by high import volume and domestic production increase expectations [11]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's purchases and US soybean weather are uncertain. The US soybean market is oscillating strongly above the 1000 - point mark, waiting for further guidance [13]. - The arrival of imported soybeans in China will decline in November, and the soybean inventory of oil mills will also decrease from a high level. Affected by normal harvest weather and the preliminary trade agreement, soybean meal will return to an oscillating pattern [13]. - The reduction of domestic pig - breeding profits leads to low expectations of pig restocking, weakening the demand for soybean meal in November and suppressing price expectations. The soybean meal market is affected by both US soybean trends and the demand off - season [13]. - The domestic oil - mill soybean meal inventory remains at a relatively high level. With the possibility of weather speculation in US soybean - growing areas and the Sino - US trade agreement, the soybean meal market will maintain an oscillating pattern, waiting for clear US soybean production and further trade negotiation results [13]. 3. Long and Short Concerns Soybean Meal - **Positive Factors**: Slow customs clearance of imported soybeans, low inventory pressure on domestic oil - mill soybean meal, and uncertain weather in US soybean - growing areas [14]. - **Negative Factors**: High total arrival of imported soybeans in November in China, the harvest and listing of US soybeans, and continuous expectations of a US soybean bumper harvest [14]. Soybeans - **Positive Factors**: Cost of imported soybeans supports the bottom of the domestic soybean market, and rising domestic soybean demand expectations support prices [15]. - **Negative Factors**: A bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans, as well as the expected increase in domestic soybean production suppressing price expectations [15]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From October 23 to October 31, the average transaction price of soybean meal ranged from 2991 to 3048, with daily trading volumes between 5.35 and 15.08 million tons. The average transaction price of rapeseed meal was between 2470 and 2530, and the daily trading volume was mostly 0 [16]. - **Soybean and Meal Futures and Spot Prices**: From October 23 to October 31, the futures prices of soybean No.1, soybean No.2, and soybean meal showed certain fluctuations, while the spot prices of soybean No.1 remained stable at 4100, and the spot price of soybean meal rose from 2910 to 2970 [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From October 22 to October 31, the warehouse receipts of soybean No.1, soybean No.2, and soybean meal changed. For example, the soybean No.1 warehouse receipts increased from 7090 to 7238 [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: From 2015 to 2024, the global and domestic soybean supply - demand balance sheets showed changes in harvest area, output, consumption, and inventory, with the inventory - to - consumption ratio fluctuating [31][32]. - **Soybean Planting and Harvest Progress**: In 2023/24, the planting and harvest progress of Argentine soybeans, in 2024, the planting, growth, and harvest progress of US soybeans, in 2024/25, the planting and harvest progress of Brazilian and Argentine soybeans, in 2025, the harvest progress of US soybeans, and in 2025/26, the planting progress of Brazilian soybeans are all presented [33][34][38][40][41]. - **USDA Monthly Supply - Demand Reports**: From March to September 2025, the USDA monthly supply - demand reports showed changes in US soybean planting area, yield, output, and ending inventory, as well as Brazilian and Argentine soybean production [43]. 5. Position Data No relevant content provided. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - **View**: The short - term US soybean market is influenced by China's purchases and weather, and the domestic soybean meal market is affected by US soybean trends, demand off - season, and inventory. It is expected to oscillate in the range of 3000 - 3060 [9]. - **Strategy**: No specific strategy content provided. Soybeans - **View**: The short - term US soybean market is affected by China's purchases and weather. The domestic soybean market is supported by cost - performance advantages but restricted by import volume and production increase expectations. It is expected to fluctuate between 4060 and 4160 [11]. - **Strategy**: No specific strategy content provided.