Core Viewpoint - Domestic soybean meal prices are experiencing a downward trend, with a recent drop of 20 yuan/ton, while trading activity remains relatively high [1] Price Summary - As of September 16, 2025, soybean meal prices in Tianjin are reported at 3030 yuan/ton for 43% protein content, consistent across multiple traders [2] - The futures market shows the main soybean meal contract closing at 3041.00 yuan/ton, with a slight decline of 0.33% [2] Shipping and Inventory Data - In the second week of September 2025, a total of 113.69 million tons of soybean meal were shipped, a decrease from 180.93 million tons in the same period last year, but with an average daily shipment increase of 31.95% [3] - As of September 12, major oil mills in the country hold 1.15 million tons of soybean meal in inventory, with expectations to reach around 1.20 million tons by the end of September [4] Market Analysis - According to a report from Jianxin Futures, China has not yet begun purchasing U.S. soybeans as the harvest season approaches, maintaining a 23% import tariff. The country is expected to rely on Brazilian soybeans as a primary substitute, with potential imports from Argentina, although a small import gap may still exist [5] - The market sentiment is cautious, with traders adopting a wait-and-see approach due to unfavorable USDA reports and potential trade changes, leading to a short-term outlook of low-level fluctuations [5]

General Information - Reported industry: Bean meal [1] - Report date: September 16, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 1. Market Review and Operation Suggestions Market Review - **Domestic Bean Meal Contracts**: The contract prices of domestic bean meal decreased. For example, the closing price of Bean Meal 2601 was 3042, down 45 or -1.46% from the previous settlement; Bean Meal 2509 closed at 2919, down 104 or -3.44%; and Bean Meal 2511 closed at 3013, down 44 or -1.44%. [6] - **Foreign Market**: The US soybean futures contract fluctuated, with the main contract at 1040 cents. The USDA's September monthly supply - demand report had a slight negative impact, but the market reaction was limited. The market is focused on the China - US economic and trade consultations in Spain this week, which may affect the export of CBOT soybeans and the supply of domestic bean meal. [7] Operation Suggestions - In the short term, due to the poor USDA September report and potential trade changes, there is a strong sentiment among bulls to leave the market and wait. The market is expected to be in low - level oscillation. If there is no new news from the consultations this week, the futures may rebound, but the pressure on spot supply will persist in the short and medium term. In the long term, the import cost is expected to rise. [7] 2. Industry News - **USDA Report**: In September, the expected soybean production in the US for the 2025/2026 season was 4.301 billion bushels, slightly higher than the market expectation of 4.271 billion bushels; the expected ending inventory was 300 million bushels, up from the previous 290 million bushels. [7][10] - **Agricultural Rural Ministry Report**: In September, it was estimated that China's soybean imports in the 2024/2025 season would be 104 million tons, an increase of 5.76 million tons from the previous estimate, mainly due to improved oil - mill crushing profits. The soybean crushing volume was also adjusted upwards to 98.9 million tons. The supply - demand forecast for the 2025/2026 season remained unchanged from the previous month. [10] - **USDA System Upgrade**: The US Department of Agriculture plans to launch an upgraded system for its export net sales report on October 23, and the first weekly sales report using the new system will be released on October 30. [11] 3. Data Overview - The report provides multiple figures related to bean meal, including the ex - factory price of bean meal, the basis of the Bean Meal 01 contract, the spread between Bean Meal 1 - 5, the spread between Bean Meal 5 - 9, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate. [12]

Core Viewpoint - The recent talks between China and the United States in Madrid focused on economic issues, including TikTok, emphasizing mutual respect and constructive communication [2] Group 1 - The meeting was held in Madrid, Spain, involving representatives from both China and the United States [2] - The discussions aimed to implement the important consensus reached during the recent phone call between the two countries' leaders [2] - The talks were characterized by candid, in-depth, and constructive communication regarding economic issues of mutual concern [2]

Group 1: China-Africa Cooperation - The "Ten Partnership Actions" proposed by President Xi Jinping at the China-Africa Cooperation Forum in September 2024 have received high praise and broad response from African countries, indicating a strong direction for deepening practical cooperation between China and Africa [2][3] - In the first seven months of this year, China's imports from the least developed African countries reached $39.66 billion, a year-on-year increase of 10.2%, showcasing the growing trade ties and the entry of various African specialty products into the Chinese market [3] - Chinese enterprises are enhancing investment quality and efficiency in Africa through overseas economic and trade cooperation zones, contributing to the industrialization of Africa and increasing the local processing rate from 15% to 45% [3][4] Group 2: Inbound Consumption - The number of duty-free shops for outbound tax refunds has increased significantly, exceeding 7,200, reflecting a growing focus on inbound consumption as an important area for expansion [5][6] - In the first half of this year, over 19 million inbound foreign visitors were recorded, a 30% year-on-year increase, with tax refund sales growing by 95%, indicating a robust recovery in inbound consumption [6] - The Ministry of Commerce plans to enhance the international consumption environment and promote various consumer activities to attract more foreign visitors and Chinese residents to experience shopping in China [6] Group 3: China-U.S. Trade Relations - China's trade negotiation representative, Li Chenggang, is set to visit Washington for discussions, emphasizing the importance of dialogue in maintaining healthy and stable China-U.S. trade relations [7] - The Ministry of Commerce is committed to supporting foreign trade enterprises in maintaining orders and expanding markets, focusing on policy support and assistance for enterprises facing various challenges [8] - Efforts will be made to help enterprises explore diversified international markets and utilize trade promotion activities effectively [8]

Core Points - The Ministry of Commerce held a routine press conference on August 28, 2025, with no new information announced [1][2] - The press conference included discussions on the implementation of the "Ten Partnership Actions" proposed by President Xi Jinping at the 2024 China-Africa Cooperation Forum, highlighting the deepening economic and trade cooperation between China and Africa [4][5] Group 1: China-Africa Economic Cooperation - The "Trade Prosperity" initiative has led to closer ties, with China supporting the least developed African countries through zero-tariff treatment on 100% of product categories, resulting in a 10.2% year-on-year increase in imports from these countries, totaling $39.66 billion from January to July [5] - The "Industrial Chain Cooperation" has enhanced investment quality and efficiency, with Chinese companies investing in various sectors in Africa, contributing to a rise in local processing rates from 15% to 45% [5] - The "Green Development" initiative has fostered cooperation in emerging fields, with Chinese companies implementing numerous clean energy projects in Africa and promoting digital economy collaboration [6] Group 2: Domestic Consumption and Trade Policies - The number of duty-free shops for inbound tourists has increased significantly, exceeding 7,200, with a 95% year-on-year growth in tax refund sales [7][8] - The Ministry of Commerce is focused on expanding inbound consumption by enhancing the shopping environment and optimizing tax refund policies, aiming to attract more foreign visitors [8] - The Ministry is also working on supporting foreign trade enterprises through policy reinforcement, financial assistance, and market diversification strategies [10]

Core Viewpoint - The Ministry of Commerce held a press conference on August 28 to discuss key recent activities in the business sector, highlighting ongoing international trade negotiations and cooperation with Canada and the United States [1] Group 1: International Trade Negotiations - The Ministry's international trade representative, Li Chenggang, led a delegation to Canada from August 24 to 27 to co-chair the China-Canada Economic and Trade Joint Committee [1] - Following the visit to Canada, Li Chenggang's team will meet with relevant U.S. officials in Washington [1] Group 2: China-U.S. Economic Relations - China expresses willingness to work with the U.S. to effectively utilize the China-U.S. economic and trade consultation mechanism [1] - The focus is on resolving issues through equal dialogue and consultation to maintain a healthy, stable, and sustainable development of China-U.S. economic relations [1]

Core Viewpoint - The Chinese government is actively engaging in trade negotiations with the United States, emphasizing the importance of dialogue and cooperation to maintain a healthy and stable economic relationship [1] Group 1: Trade Negotiations - Chinese trade representative Li Chenggang visited Canada from August 24 to 27 to co-chair the China-Canada Economic and Trade Joint Committee [1] - Following the visit to Canada, Li Chenggang will meet with U.S. officials in Washington [1] - The Chinese side expresses willingness to work with the U.S. to utilize the China-U.S. economic and trade consultation mechanism for resolving issues through equal dialogue [1]

Core Viewpoint - The Chinese trade negotiation representative, Li Chenggang, will visit Washington to meet with U.S. officials, indicating ongoing efforts to maintain and enhance Sino-U.S. economic relations [1] Group 1: Meeting Details - Li Chenggang led a delegation to Canada from August 24 to 27 to co-chair the China-Canada Economic and Trade Joint Committee [1] - Following the visit to Canada, Li Chenggang will proceed to Washington for discussions with relevant U.S. officials [1] Group 2: Economic Relations - The Chinese side expresses willingness to work with the U.S. to effectively utilize the Sino-U.S. economic consultation mechanism [1] - The goal is to resolve issues through equal dialogue and consultation, aiming for a healthy, stable, and sustainable development of Sino-U.S. economic relations [1]

Core Viewpoint - The U.S. Treasury Secretary expressed satisfaction with the current tariff levels on China, indicating a desire for calm relations before the November tariff deadline, reflecting a potential strategy to maintain stability in U.S.-China trade relations [1] Group 1 - The Chinese Foreign Ministry spokesperson emphasized the importance of adhering to the consensus reached by the leaders of both countries and encouraged the U.S. to engage in constructive economic discussions based on equality, respect, and mutual benefit [1]

Group 1 - The Chinese Foreign Ministry spokesperson Mao Ning addressed questions regarding the upcoming military parade, indicating that information about foreign military attendance or foreign leaders will be released in due course [1] - Mao Ning commented on U.S. Treasury Secretary Becerra's satisfaction with the current tariff levels on China, suggesting that the U.S. should work with China to achieve positive outcomes based on the consensus reached by the two countries' leaders [2] - Regarding the situation in Gaza, Mao Ning expressed China's concern and called for a ceasefire arrangement to alleviate the humanitarian crisis [2] Group 2 - Mao Ning confirmed that China will continue to support Russia in hosting the Eastern Economic Forum, which is an important platform for regional countries to exchange and promote development [3]