Report Industry Investment Rating No relevant content provided. Core Views of the Report - The US soybean market is affected by the expectation of a bumper harvest and uncertainties in Sino - US trade negotiations. Before the September USDA report, it oscillates above the 1000 - point mark, waiting for further guidance on Sino - US tariff negotiations and the growth weather in US soybean - producing areas. The domestic soybean meal market may enter a moderately strong oscillation pattern in the short term, supported by good demand recently, but restricted by a high level of imported soybeans arriving at ports in August and spot price discounts [8]. - The domestic soybean market is influenced by the US soybean market and technical oscillations. It is affected by the peak arrival of imported soybeans and the expectation of a new - season domestic soybean harvest, but the cost of imported soybeans and the expected increase in domestic soybean demand support the price floor [10]. Summary by Relevant Catalogs 1. Daily Prompt No relevant content provided. 2. Recent News - The short - term progress of Sino - US tariff negotiations is positive for US soybeans. With relatively good weather in US soybean - producing areas recently, the US soybean futures market has rebounded under the influence of relatively positive USDA report data and is expected to oscillate above the 1000 - point mark [12]. - The arrival of imported soybeans at domestic ports remained high in August, and the inventory of soybean meal at oil mills entered a relatively high level. Affected by the relatively positive data in the August USDA report and the rise of rapeseed meal, soybean meal is expected to oscillate moderately strongly in the short term [12]. - The reduction in domestic pig - breeding profits has led to a low expectation of pig restocking. However, the recent recovery in soybean meal demand supports the price, and due to the uncertainty in Sino - US trade negotiations, soybean meal has returned to an interval oscillation pattern [12]. - The inventory of soybean meal at domestic oil mills continues to rise. With the possibility of weather speculation in US soybean - producing areas and uncertainties in the Sino - US tariff war, soybean meal will oscillate moderately strongly in the short term, waiting for the clear output of South American soybeans and further developments in the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of soybean meal at domestic oil mills, and uncertainties in the weather of US soybean - producing areas [13]. - Bearish factors: high total arrival of imported soybeans at domestic ports in September, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper harvest of South American soybeans [13]. Soybeans - Bullish factors: the cost of imported soybeans supports the price floor of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: the continuous expectation of a bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in the new - season domestic soybean harvest suppressing the price [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From September 1st to 9th, the transaction average price of soybean meal fluctuated between 3053 - 3065 yuan/ton, and the transaction volume ranged from 7.84 - 17.49 million tons. The transaction average price of rapeseed meal was mainly around 2560 - 2600 yuan/ton, and the transaction volume was relatively small [15]. - **Soybean and Meal Futures and Spot Price Data**: From September 1st to 9th, the futures prices of soybean No. 1 fluctuated between 3961 - 3977 yuan/ton, and the spot price in Jiamusi remained at 4200 yuan/ton. The futures prices of soybean meal fluctuated between 3048 - 3081 yuan/ton, and the spot price in Jiangsu was mainly around 2970 - 2990 yuan/ton [17]. - **Soybean and Meal Warehouse Receipt Data**: From August 28th to September 9th, the warehouse receipts of soybean No. 1 decreased from 11545 to 7817, the warehouse receipts of soybean No. 2 increased from 0 to 300, and the warehouse receipts of soybean meal increased from 10925 to 25915 [19]. - **Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets show the changes in harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024 [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 - 2025 are presented, including sowing progress, emergence rate, flowering rate, pod - setting rate, defoliation rate, harvest rate, etc. [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from February to August 2025 show changes in harvest area, yield per unit, output, ending inventory, old - crop exports, crushing volume, and the output of Brazilian and Argentine soybeans [41]. 5. Position Data - The main long positions in soybean meal futures have increased, and capital has flowed in [8]. - The main long positions in soybean futures have decreased, and capital has flowed out [10].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - For soybean meal, the short - term outlook is a volatile and slightly bullish pattern. The US soybean production area weather and Sino - US trade negotiations are the key factors. The M2601 contract is expected to fluctuate between 3020 and 3080 [8]. - For soybeans, the short - term situation is affected by multiple factors. The A2511 contract is expected to oscillate between 3920 and 4020 [10]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - Sino - US tariff negotiation progress is short - term positive for US soybeans. The US soybean market is expected to oscillate above the 1000 - point mark, awaiting further guidance on US soybean growth, harvesting, imports, and Sino - US tariff negotiations [12]. - China's imported soybean arrivals remained high in August. Affected by the relatively positive data in the August USDA report and the rise in rapeseed meal, soybean meal is expected to be slightly bullish in the short term [12]. - The decline in domestic pig - farming profits has led to low expectations for pig restocking. The recent recovery in soybean meal demand supports its price. Due to the uncertainty of Sino - US trade negotiations, soybean meal has returned to a range - bound pattern [12]. - The continued rise in domestic oil - mill soybean meal inventory, the possibility of weather speculation in the US soybean production area, and the variables in the Sino - US tariff war have made soybean meal oscillate slightly bullishly in the short term, awaiting further clarity on South American soybean production and the follow - up of the Sino - US tariff war [12]. 3. Bullish and Bearish Concerns Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, relatively low domestic oil - mill soybean meal inventory, and uncertain weather in the US soybean production area [13]. - Bearish factors: High volume of imported soybeans arriving in July, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: Cost support from imported soybeans and the expected increase in domestic soybean demand [14]. - Bearish factors: Continuous expectation of a bumper Brazilian soybean harvest and China's increased purchase of Brazilian soybeans, as well as the expected increase in the output of new domestic soybeans [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2970, with a basis of - 78, indicating a discount to the futures. The oil - mill soybean meal inventory is 105.33 million tons, a 3.8% increase from last week and a 29.71% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of 235, indicating a premium to the futures. The oil - mill soybean inventory is 682.53 million tons, a 0.31% increase from last week and a 5.46% decrease compared to the same period last year [10]. 5. Position Data - For soybean meal, the main long positions decreased while capital flowed in [8]. - For soybeans, the main long positions decreased and capital flowed out [10].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The soybean meal market is expected to enter a moderately bullish consolidation phase in the short term, with the M2601 contract oscillating between 3040 and 3100. The U.S. soybean market is influenced by the expected high yield and the progress of China - U.S. trade negotiations, waiting for further guidance on the growth weather in U.S. soybean - producing areas and the follow - up of China - U.S. tariff negotiations. In the domestic market, factors such as the high arrival volume of imported soybeans in August, the premium of the spot price, and the good recent demand all have an impact on the market [8]. - The domestic soybean market is neutral in the short term, with the A2511 contract fluctuating between 3940 and 4040. It is affected by the U.S. soybean market, the high arrival volume of imported soybeans, and the expected increase in the yield of new - season domestic soybeans. The bottom of the domestic soybean price is supported by the cost of imported soybeans and the expected increase in domestic soybean demand, but it is also restricted by the high arrival volume of imported soybeans and the expected increase in domestic soybean yield [10]. Summary by Directory 1. Daily Hints - The soybean meal M2601 contract is expected to oscillate between 3040 and 3100, and the soybean A2511 contract between 3940 and 4040 [8][10]. 2. Recent News - The short - term progress of China - U.S. tariff negotiations is positive for U.S. soybeans. The U.S. soybean market is rising due to relatively positive data from the U.S. Agricultural Report, and it is expected to oscillate above the 1000 - point mark. The domestic soybean meal market is moderately bullish in the short term, affected by the relatively positive data from the August U.S. Agricultural Report and the rise of rapeseed meal [12]. - The decrease in domestic pig - breeding profits leads to a low expectation of pig restocking. However, the recent increase in soybean meal demand supports the price. Due to the uncertainty of China - U.S. trade negotiations, the soybean meal market returns to the range - bound pattern [12]. 3. Long and Short Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of domestic oil - mill soybean meal, and uncertain weather in U.S. soybean - producing areas [13]. - Bearish factors: high total arrival volume of domestic imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a high yield of South American soybeans [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 the price [14]. - Bearish factors: the continuous expectation of a high yield of Brazilian soybeans and China's increased purchase of Brazilian soybeans, and the expected increase in the yield of new - season domestic soybeans suppresses the price [14]. 4. Fundamental Data - **Global Soybean Supply - and - Demand Balance Sheet**: From 2015 to 2024, the harvest area, output, total supply, total consumption, and ending inventory of global soybeans all showed certain fluctuations, and the inventory - to - consumption ratio also changed accordingly [31]. - **Domestic Soybean Supply - and - Demand Balance Sheet**: From 2015 to 2024, the harvest area, output, import volume, total supply, total consumption, and ending inventory of domestic soybeans all changed, and the inventory - to - consumption ratio also fluctuated [32]. 5. Position Data - For soybean meal, the main long positions decreased, and funds flowed out [8]. - For soybeans, the main long positions increased, and funds flowed out [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal market is influenced by factors such as the expected abundant supply in China, the high arrival of imported soybeans in August, and the discount of spot prices. It may enter a slightly bullish shock pattern in the short term, with the M2601 contract oscillating between 3000 and 3060 [8]. - The soybean market is affected by factors such as the expected increase in imported soybeans, technical selling pressure, and the expected increase in domestic soybean production. It is currently in a neutral state, with the A2511 contract oscillating between 3880 and 3980 [10]. Summary by Directory 1. Daily Prompt No relevant content provided. 2. Recent News - The short - term progress of Sino - US tariff negotiations is bullish for US soybeans. The US soybean market is expected to oscillate above the 1000 - point mark, awaiting further guidance on US soybean growth and harvest, imported soybean arrivals, and the follow - up of Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China remained high in August, and the soybean meal inventory of oil mills entered a relatively high level. Affected by the relatively bullish data in the August US agricultural report and the rise of rapeseed meal, soybean meal is expected to be slightly bullish in the short term [12]. - The decline in domestic pig - breeding profits has led to low expectations for pig replenishment. The recent recovery in soybean meal demand supports price expectations, and due to the uncertainty of Sino - US trade negotiations, soybean meal has returned to a range - bound pattern [12]. - The soybean meal inventory of domestic oil mills continues to rise. There is still a possibility of speculation on the weather in the US soybean - producing areas and uncertainties in the Sino - US tariff war. Soybean meal is expected to be slightly bullish in the short term, awaiting further guidance on South American soybean production and the follow - up of the Sino - US tariff war [12]. 3. Long and Short Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low soybean meal inventory in domestic oil mills, and uncertainties in the weather of US soybean - producing areas [13]. - Bearish factors: high arrival of imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. Soybean - Bullish factors: the cost of imported soybeans supports the bottom of the domestic soybean market, and the expected recovery in domestic soybean demand supports price expectations [14]. - Bearish factors: the continuous expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, and the expected increase in domestic soybean production suppressing price expectations [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2970, with a basis of - 79, indicating a discount to futures. The oil mill's soybean meal inventory is 105.33 million tons, a 3.8% increase from last week and a 29.71% decrease from the same period last year [8]. - **Soybean**: The spot price is 4200, with a basis of 273, indicating a premium to futures. The oil mill's soybean inventory is 682.53 million tons, a 0.31% increase from last week and a 5.46% decrease from the same period last year [10]. 5. Position Data - **Soybean Meal**: The main long positions decreased, and funds flowed out [8]. - **Soybean**: The main long positions increased, and funds flowed in [10].

交易咨询业务资格：证监许可【2012】1091号 利好出尽，豆粕维持震荡 （豆粕周报8.25-8.29） 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 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 基本面影响因素概览 | 项目 | 概况 | 驱动 | 下周预期 | | --- | --- | --- | --- | | 天气 | 美国大豆部分产区天气短 | 偏多 | 美国大豆产区天气短期仍有 | | | 期尚有变数 | | 变数。中性或偏多 | | 进口成本 | 美豆维持震荡，中美关税 | 偏多 | 进口成本预计震荡偏强，中 | | | 谈判和美豆天气仍有变数 | | 性或偏多 | | 油厂压榨 | 豆粕需求短期预期尚好， 油厂压榨量维持高位 | 偏空 | 需求短期回升，油厂开机预 计维持 ...

Industry Investment Rating No relevant content provided. Core Views - The soybean market in the US is affected by the expected high - yield, technical adjustment, and factors such as China - US tariff negotiations and weather in the US soybean - producing areas. The domestic soybean and soybean meal markets are influenced by factors like import volume, inventory, and price differentials. The soybean meal M2601 is expected to fluctuate between 3020 and 3080, and the soybean A2511 is expected to fluctuate between 3900 and 4000 [8][10]. - The short - term trend of domestic soybean meal is affected by the relative positive data in the August US agricultural report and the rise of rapeseed meal, showing a short - term oscillating and strengthening trend. The soybean meal market will return to the range - oscillating pattern due to factors such as the decline in domestic pig - breeding profit and the uncertainty of China - US trade negotiations [12]. Summary by Directory 1. Daily Tips No specific content provided. 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. The US soybean market is affected by relatively positive data in the US agricultural report and is expected to oscillate above the 1000 - point mark. Future trends depend on factors such as soybean growth and harvest in the US, import volume of soybeans, and the progress of China - US tariff negotiations [12]. - The import volume of domestic soybeans remains high in August. Affected by the relatively positive data in the August US agricultural report and the rise of rapeseed meal, soybean meal is short - term oscillating and strengthening. The uncertain factors such as the decline in domestic pig - breeding profit and the uncertainty of China - US trade negotiations lead to the return of the soybean meal market to the range - oscillating pattern [12]. 3. Long and Short Concerns - **Soybean Meal** - **Positive Factors**: Slow customs clearance of imported soybeans, relatively low inventory of domestic oil - mill soybean meal, and uncertain weather in the US soybean - producing areas [13]. - **Negative Factors**: High import volume of domestic soybeans in July, the end of the Brazilian soybean harvest, and the continuous expected high - yield of South American soybeans [13]. - **Soybeans** - **Positive Factors**: Cost support of imported soybeans for the domestic soybean market and the expected increase in domestic demand for domestic soybeans [14]. - **Negative Factors**: Continuous expected high - yield of Brazilian soybeans, China's increased procurement of Brazilian soybeans, and the expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal** - Spot price in East China is 2970, with a basis of - 75, showing a discount to futures [8]. - Oil - mill soybean meal inventory is 105330 tons, a 3.8% increase from last week and a 29.71% decrease compared to the same period last year [8]. - **Soybeans** - Spot price is 4200, with a basis of 265, showing a premium to futures [10]. - Oil - mill soybean inventory is 682530 tons, a 0.31% increase from last week and a 5.46% decrease compared to the same period last year [10]. 5. Position Data - For soybean meal, the long positions of the main players decreased, but the capital inflow was positive [8]. - For soybeans, the long positions of the main players increased, and the capital inflow was positive [10]. Global and Domestic Soybean Supply - Demand Balance Sheets - **Global**: From 2015 to 2024, the harvest area, output, and other indicators of global soybeans showed certain fluctuations. The inventory - to - consumption ratio also varied, ranging from 17.69% in 2015 to 23.05% in 2018 [31]. - **Domestic**: From 2015 to 2024, the harvest area, output, import volume, and other indicators of domestic soybeans also showed fluctuations. The inventory - to - consumption ratio ranged from 18.41% in 2016 to 23.79% in 2020 [32]. Soybean Planting, Growth, and Harvest Progress - **Argentina (2023/24)**: The sowing and harvesting progress of soybeans in Argentina in 2023/24 showed a certain comparison with the same period last year and the five - year average [33]. - **US (2024)**: The sowing, growth, and harvesting progress of soybeans in the US in 2024 showed a certain comparison with the same period last year and the five - year average. For example, the sowing progress reached 100% on June 30, and the harvesting progress reached 96% on October 13 [34][37]. - **Brazil (2024/25)**: The planting and harvesting progress of soybeans in Brazil in 2024/25 showed a certain comparison with the same period last year and the five - year average. For example, the planting progress reached 98.5% on January 5, and the harvesting progress reached 97.7% on May 4 [38][39]. USDA Monthly Supply - Demand Reports - From February to August 2025, the USDA monthly supply - demand reports showed changes in indicators such as harvest area, yield per unit, output, and ending inventory of US soybeans. For example, the harvest area decreased from 8610 in February to 8090 in August [41]. Other Market Information - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [42]. - The import volume of domestic soybeans reached a high level in August and then declined, with an overall year - on - year increase [44]. - The soybean inventory of oil mills decreased slightly, while the soybean meal inventory increased slightly [45]. - The unexecuted contracts of oil mills continued to decline, indicating a short - term decrease in stocking demand [47]. - The import cost of Brazilian soybeans decreased following the decline of US soybeans, and the profit of imported soybeans in the futures market worsened [51]. - The pig inventory continued to rise, the sow inventory was flat year - on - year but decreased slightly month - on - month. The pig price recently rose and then declined, and the piglet price remained weak. The proportion of large pigs in the country increased, and the cost of secondary fattening of pigs increased slightly. The domestic pig - breeding profit recently declined [53][55][57][59].

交易咨询业务资格：证监许可【2012】1091号 美豆天气变数仍存，豆粕偏强震荡 （豆粕周报8.11-8.15） 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 每周提示 2 近期要闻 3 多空关注 4 基本面数据 1.基本面：美豆震荡回升，美豆天气短期尚有变数和空头回补，美豆重回千点关口上方震荡 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。国内大豆震荡回落，美豆 回落带动和技术性震荡整理，进口大豆到港仍旧偏高和新季国产大豆增产预期压制盘面， 短期受中美关税谈判后续和进口大豆到港旺季预期交互影响。中性。 2.基差：现货4300，基差244，升水期货。偏多 3.库存:油厂大豆库存710.56万吨，上周655.59万吨，环比增加8.38%，去年同期714.78万吨， 同比减少0.59%。偏多 4.盘面：价格 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal market is expected to enter a range - bound and slightly bullish pattern. The M2601 contract is expected to oscillate between 3100 and 3160. Factors include the uncertain weather in US soybean - growing areas, high imports of Brazilian soybeans in China, and the influence of rapeseed meal [8]. - The soybean market is affected by multiple factors and is in a neutral state in the short - term. The A2511 contract is expected to oscillate between 4000 and 4100. The cost of imported soybeans and the expected increase in domestic soybean demand support the price, while the expected high yield of Brazilian soybeans and the expected increase in domestic soybean production suppress the price [10]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - Progress in China - US tariff negotiations is short - term positive for US soybeans. The US soybean market is expected to oscillate above the 1000 - point mark, awaiting further guidance on soybean growth, harvest, imports, and tariff negotiations [12]. - The arrival of imported soybeans in China remains high in August. Affected by the relatively positive data in the August US agricultural report and the rise of rapeseed meal, soybean meal is expected to oscillate slightly bullishly in the short - term [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. The short - term increase in soybean meal demand supports the price. Due to the uncertainty in China - US trade negotiations, soybean meal is expected to return to a range - bound pattern [12]. - The inventory of domestic oil - mill soybean meal continues to rise. Affected by the possible speculation on US soybean - growing weather and the uncertainty of the China - US tariff war, soybean meal is expected to oscillate bullishly in the short - term, awaiting further guidance on South American soybean production and the China - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, relatively low inventory of domestic oil - mill soybean meal, and uncertain weather in US soybean - growing areas [13]. - Bearish factors: High arrival volume of imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a high - yield South American soybean harvest [13]. Soybeans - 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 price [14]. - Bearish factors: The continuous expectation of a high - yield Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production suppress the price [14]. 4. Fundamental Data - **Soybean Meal**: Spot price in East China is 2980, with a basis of - 177, indicating a discount to futures. The inventory of oil - mill soybean meal is 100.35 tons, a 3.66% decrease from last week and a 31.74% decrease from the same period last year [8]. - **Soybeans**: Spot price is 4300, with a basis of 259, indicating a premium to futures. The inventory of oil - mill soybeans is 710.56 tons, an 8.38% increase from last week and a 0.59% decrease from the same period last year [10]. 5. Position Data - For both soybean meal and soybeans, the long positions of the main contracts have decreased, but capital has flowed in [8][10]. Other Data - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide historical data on global and domestic soybean harvest areas, inventory, production, consumption, etc., from 2015 to 2024 [31][32]. - **Soybean Planting and Harvest Progress**: Include the planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2024 to 2025 [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: Provide data on soybean harvest areas, yields, production, inventory, exports, and consumption in the US from February to August 2025 [41]. - **Other Market Data**: Such as the export inspection volume of US soybeans, the arrival volume of imported soybeans, the inventory of oil - mill soybeans and soybean meal, the import cost of Brazilian soybeans, and the situation of the pig - farming market [42][44][45][50][52]

Report Industry Investment Rating No information provided in the content. Core Views of the Report - The domestic soybean meal is expected to enter a moderately bullish and volatile pattern in the short - term, influenced by the rebound of US soybeans and the rise of rapeseed meal. However, the high arrival of imported soybeans in August and the discount of spot prices will limit the upward movement of the futures price. The soybean meal M2601 is expected to oscillate between 3140 and 3200 [8]. - The domestic soybeans are affected by the rise of US soybeans and technical consolidation. The high arrival of imported soybeans and the expected increase in domestic soybean production will limit the upward movement of the price. The soybean A2511 is expected to oscillate between 4040 and 4140 [10]. Summary by Directory 1. Daily Tips No information provided in the content. 2. Recent News - The progress of China - US tariff negotiations is short - term bullish for US soybeans. The US soybean market is expected to oscillate above the 1000 - point mark, awaiting further guidance on US soybean growth, harvest, and the arrival of imported soybeans, as well as the follow - up of China - US tariff negotiations [12]. - The arrival of imported soybeans in China remains high in August. Affected by the relatively bullish data in the August USDA report and the rise of rapeseed meal, the domestic soybean meal is in a moderately bullish and volatile pattern in the short - term [12]. - The decline in domestic pig - breeding profits leads to a low expectation of pig restocking. The recovery of soybean meal demand and the uncertainty of China - US trade negotiations may lead the soybean meal to return to a range - bound pattern [12]. - The continued increase in domestic soybean meal inventory, the potential weather speculation in US soybean - producing areas, and the variables in the China - US tariff war cause the short - term moderately bullish oscillation of soybean meal, waiting for the clear production of South American soybeans and the follow - up of the China - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans; low inventory of domestic soybean meal at oil mills; uncertain weather in US soybean - producing areas [13]. - Bearish factors: high arrival of domestic imported soybeans in July; the end of Brazilian soybean harvest and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: cost support of imported soybeans for the domestic soybean market; expected increase in domestic soybean demand [14]. - Bearish factors: continuous expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans; expected increase in domestic soybean production in the new season [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From August 4th to 13th, the transaction average price of soybean meal fluctuated between 2981 and 3097, and the trading volume varied from 5.25 to 31.15 million tons. The transaction average price of rapeseed meal was between 2600 and 2680, and the trading volume was relatively small, ranging from 0 to 0.3 million tons [15]. - **Soybean and Meal Price Data**: From August 5th to 13th, the futures prices of soybeans and soybean meal generally showed an upward trend. The spot price of soybeans remained stable at 4300, and the spot price of soybean meal increased from 2910 to 3000 [17]. - **Soybean and Meal Warehouse Receipt Data**: From August 1st to 13th, the soybean meal warehouse receipt decreased from 10950 to 8925. The soybean (bean - one) warehouse receipt decreased from 13402 to 12865, and the soybean (bean - two) warehouse receipt decreased from 2600 to 2900 [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 show the changing trends of harvest area, production, consumption, and inventory [31][32]. - **Soybean Planting and Harvest Progress**: It includes the planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023/24 to 2024/25, reflecting the development situation of the soybean industry in different regions [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: From February to August 2025, the data of the USDA monthly supply - demand reports show the changes in harvest area, yield, production, and other indicators [41]. 5. Position Data No information provided in the content. Other Market Information - The weekly export inspection of US soybeans has rebounded both month - on - month and year - on - year [42]. - The arrival of imported soybeans in August has declined from the high level, with an overall year - on - year increase [44]. - The soybean inventory of oil mills has slightly increased, and the soybean meal inventory has remained basically flat [45]. - The unfulfilled contracts of oil mills have rebounded to a high level, indicating an increase in short - term stocking demand [47]. - The soybean crushing volume of oil mills has declined from the high level, and the soybean meal production in June has increased year - on - year [48]. - The import cost of Brazilian soybeans has fluctuated slightly, and the import soybean futures profit has also fluctuated slightly [50]. - The pig inventory has maintained an upward trend, the sow inventory has remained flat year - on - year and slightly declined month - on - month [52]. - The pig price has recently risen and then fallen, and the piglet price has remained weak [54]. - The proportion of large pigs in China has increased, and the cost of secondary fattening of pigs has slightly increased [56]. - The domestic pig - breeding profit has recently declined [58].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal market is expected to enter a moderately bullish and volatile pattern in the short term. The price of soybean meal M2601 is expected to fluctuate between 3080 and 3140. The market is influenced by factors such as the weather in US soybean - growing areas, Sino - US trade tariffs, and the arrival of imported soybeans [8]. - The soybean market is currently neutral. The price of soybean A2511 is expected to fluctuate between 4000 and 4100. The market is affected by factors like the cost of imported soybeans, the harvest situation in South America, and the expected increase in domestic soybean production [10]. Summary by Directory 1. Daily Tips - The soybean meal market is moderately bullish in the short term, with the price of M2601 ranging from 3080 to 3140. The soybean market is neutral, with the price of A2511 ranging from 4000 to 4100 [8][10]. 2. Recent News - The progress of Sino - US tariff negotiations is short - term bullish for US soybeans. The US soybean planting weather is relatively good recently, and the US soybean market is expected to fluctuate near the 1000 - point mark. - The arrival of imported soybeans in China remained high in July, and the inventory of soybean meal in oil mills continued to rise. The soybean meal market has returned to a volatile pattern [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 US soybean - growing areas [13]. - **Soybean Meal 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]. - **Soybean Bullish Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [14]. - **Soybean 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**: The spot price in East China is 2920, with a basis of - 171, indicating a discount to futures. The inventory of oil mills is 100.35 tons, a 3.66% decrease from last week and a 31.74% decrease from the same period last year [8]. - **Soybeans**: The spot price in Jiamusi is 4300, with a basis of 266, indicating a premium to futures. The inventory of oil mills is 710.56 tons, an 8.38% increase from last week and a 0.59% decrease from the same period last year [10]. 5. Position Data - For soybean meal, the long positions of the main contract decreased, and funds flowed out [8]. - For soybeans, the long positions of the main contract increased, and funds flowed in [10].