Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2605 is expected to oscillate between 3120 and 3180. The US soybeans are experiencing a short - term upward trend, influenced by the escalation of the Middle East situation and weekend technical fluctuations. The domestic soybean meal has entered a short - term, slightly bullish oscillatory pattern, affected by the US soybean trend and the short - term restriction of imported soybeans due to the intensification of the Middle East conflict [9]. - The soybean A2605 is expected to oscillate between 4900 and 5000. The US soybeans are in a short - term upward trend, and the domestic soybeans are rising. The escalation of the Middle East conflict has led to a decrease in the expected arrival of imported soybeans, and the short - term good demand supports the market. However, there is still uncertainty in the subsequent Sino - US trade negotiations, and the market will maintain a high - level oscillation in the short term [11]. Summary According to the Directory 1. Daily Tips - The soybean meal M2605 is in the 3120 - 3180 range, and the soybean A2605 is in the 4900 - 5000 range. The US soybeans are in a short - term upward trend, and the domestic soybean meal and soybeans have different trends affected by various factors such as the Middle East situation and Sino - US trade [9][11]. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but there are still uncertainties in the quantity of US soybeans purchased by China and the US soybean weather. The US soybean market is in a short - term upward trend, waiting for further guidance on the South American soybean harvest, imported soybean arrival, and subsequent Sino - US trade negotiations [13]. - The arrival of imported soybeans in China continues to decline in the first quarter, and the soybean inventory of oil mills remains at a relatively high level in March. The planting and growth weather of South American soybeans is relatively normal, and the soybean meal has returned to range oscillation [13]. - The reduction in domestic pig - farming profits has led to a low expectation for pig replenishment, and the demand for soybean meal remains low in March, suppressing the price expectation of soybean meal. The influence of US soybeans and the weak demand for soybean meal intersect [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possibility of weather speculation in South American soybean - producing areas and the influence of the preliminary Sino - US trade negotiation agreement, the soybean meal is in a short - term, slightly bullish oscillation, waiting for further clarity on the Middle East situation, the determination of South American soybean production, and further guidance on subsequent Sino - US trade negotiations [13]. 3. Long and Short Concerns Soybean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - Bearish factors: The total arrival of imported soybeans in China remains at a relatively high level in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - Current main logic: The market focuses on the impact of South American soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price expectation [15]. - Bearish factors: Brazilian soybeans have a good harvest, and China has increased its purchases of Brazilian soybeans; the expected increase in the production of new domestic soybeans suppresses the price expectation of beans [15]. - Current main logic: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 4. Fundamental Data - **Transaction Data**: The trading data of soybean meal and rapeseed meal from March 5th to March 13th shows different trends in transaction prices and volumes, and the price difference between soybean meal and rapeseed meal also fluctuates [16]. - **Price Data**: The futures and spot prices of soybeans and soybean meal from March 6th to March 13th show different trends, and the spot prices of soybean meal are relatively strong, with the spot premium remaining at a relatively high level [18]. - **Warehouse Receipt Data**: The warehouse receipt data of soybeans and soybean meal from March 4th to March 13th shows changes in the quantity of warehouse receipts [20]. - **Supply and Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 to 2025 show the changes in harvest area, output, consumption, and inventory [32][33]. - **Sowing and Growth Progress**: The sowing and growth progress data of soybeans in Argentina, the US, and Brazil from 2023 to 2026 shows the progress of soybean sowing, growth, and harvest in different regions and time periods [34][35][36][37][38][39][40][41][42][43]. - **USDA Reports**: The USDA's monthly supply - demand reports from July 2025 to February 2026 show the changes in planting area, yield, output, and other data of US soybeans [44]. 5. Position Data - The main short positions of soybean meal M2605 have increased, and funds have flowed in, showing a bearish signal [9]. - The main short positions of soybean A2605 have decreased, and funds have flowed in, showing a bearish signal [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report 2.1. Views on Soybean Meal - The soybean meal M2605 is expected to oscillate in the range of 3020 - 3080. The US soybeans are in a short - term strong oscillation due to potential escalation of the Middle East situation and technical buying. The domestic soybean meal has entered a short - term strong oscillation pattern affected by the US soybean trend and short - term import restrictions caused by the Middle East conflict. However, factors such as the completion of China's purchase of US soybeans and good weather in South American soybean - producing areas will limit the upside of the soybean meal price [9]. 2.2. Views on Soybeans - The soybean A2605 is expected to oscillate in the range of 4780 - 4880. The US soybeans are in a short - term strong oscillation. The domestic soybeans are in a high - level oscillation, supported by reduced import expectations due to the Middle East conflict and short - term good demand, but restricted by factors such as the increase in China's purchase of Brazilian soybeans and the expected increase in domestic new - season soybean production [11]. 3. Summary According to the Directory 3.1. Daily Tips - Not provided in the content 3.2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's purchase of US soybeans and US soybean weather are still uncertain. The short - term US soybean market is in a strong oscillation, waiting for further guidance on South American soybean harvesting, import soybean arrivals, and the follow - up of Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China continued to decline in the first quarter. The soybean inventory of oil mills remained at a relatively high level in March. The weather for soybean planting and growth in South America was relatively normal, and the soybean meal has returned to range oscillation in the short term [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal remained low in March, suppressing the price expectations of soybean meal. The US soybean trend and weak demand for soybean meal have cross - effects [13]. - The soybean meal inventory of domestic oil mills remained at a relatively high level. Due to the possibility of weather speculation in South American soybean - producing areas and the impact of the preliminary agreement on Sino - US trade negotiations, the soybean meal is in a short - term strong oscillation, waiting for further clarity on the Middle East situation, determination of South American soybean production, and further guidance on the follow - up of Sino - US trade negotiations [13]. 3.3. Long and Short Concerns 3.3.1. Soybean Meal - **Likely positives**: The preliminary agreement on Sino - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Likely negatives**: The total arrival volume of imported soybeans in March remained at a relatively high level; the harvesting of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - **Current main logic**: The market focuses on the impact of South American soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. 3.3.2. Soybeans - **Likely positives**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the price expectations of domestic soybeans [15]. - **Likely negatives**: Brazilian soybeans have a good harvest, and China has increased its purchase of Brazilian soybeans; the expected increase in domestic new - season soybean production suppresses the price expectations of beans [15]. - **Current main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 3.4. Fundamental Data - **Soybean meal and rapeseed meal trading data**: From March 3 to March 11, the trading volume and average price of soybean meal and rapeseed meal fluctuated. The average price difference between soybean meal and rapeseed meal also showed certain fluctuations [16]. - **Soybean and soybean meal price data**: From March 4 to March 11, the futures and spot prices of soybeans and soybean meal showed an upward trend, and the spot price of soybean meal was in a state of premium to the futures price [18]. - **Soybean and meal warehouse receipt statistics**: From March 2 to March 11, the warehouse receipts of soybean No. 1, soybean No. 2, and soybean meal changed to different degrees [20]. - **Global and domestic soybean supply - demand balance sheets**: The report provides the global and domestic soybean supply - demand balance sheets from 2016 to 2025, including data on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - **Soybean planting and harvesting progress**: The report provides the planting and harvesting progress of soybeans in Argentina, the United States, and Brazil from 2023 to 2026, including data on planting rate, harvesting rate, emergence rate, flowering rate, pod - setting rate, defoliation rate, etc. [34][35][36][37][38][39][40][41][42][43]. - **USDA's semi - annual monthly supply - demand report**: From July 2025 to February 2026, the report provides data on the planting area, yield per unit, output, ending inventory, new - bean export, and crushing of US soybeans, as well as the output of Brazilian and Argentine soybeans [44]. 3.5. Position Data - Not provided in the content

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to oscillate between 2980 and 3040. Influenced by the upward trend of US soybeans and the intensification of the Middle - East conflict leading to short - term import restrictions, it has entered a short - term oscillatory and bullish pattern. However, factors such as the completion of China's US soybean procurement and good weather in South American soybean - producing areas will limit its upward space [9]. - **Soybeans (A2605)**: It is expected to oscillate between 4720 and 4820. Affected by the upward trend of US soybeans and the reduction in the expected arrival of imported soybeans due to the escalation of the Middle - East conflict, it will maintain a high - level oscillation in the short term. The purchase of US soybeans by China supports the short - term US soybean market, but factors like the uncertainty of China's purchase volume and good weather in South American soybean - producing areas will suppress the upward space of US soybeans [11]. 3. Summary According to the Table of Contents 3.1 Daily Hints No information provided in the report. 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 purchase volume of US soybeans and US soybean weather. The US soybean market is in a short - term bullish oscillation, waiting for further guidance on South American soybean harvesting, imported soybean arrivals, and the follow - up of Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter. The soybean inventory of oil mills remains at a relatively high level in March. With normal weather for soybean planting and growth in South America, soybean meal has returned to range oscillation in the short term [13]. - The reduction in domestic pig - farming profits leads to a low expectation of pig restocking. The demand for soybean meal remains low in March, suppressing the price expectation of soybean meal. The upward trend of US soybeans and the weak demand for soybean meal have a cross - impact [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possible weather speculation in South American soybean - producing areas and the impact of the preliminary Sino - US trade agreement, soybean meal is in a short - term oscillatory and bullish pattern, waiting for further clarity on the Middle - East situation, the determination of South American soybean production, and the follow - up of Sino - US trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China remains at a relatively high level in March; the harvesting of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - **Main logic**: The market focuses on the impact of South American soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. - **Soybeans** - **Bullish factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the price expectation of domestic soybeans [15]. - **Bearish factors**: Brazilian soybeans have a good harvest, and China has increased its purchase of Brazilian soybeans; the expected increase in the production of new domestic soybeans suppresses the price expectation of soybeans [15]. - **Main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From March 2 to March 10, the transaction average price of soybean meal fluctuated between 3119 - 3327, and the transaction volume fluctuated between 2.97 - 24.83 million tons. The transaction average price of rapeseed meal fluctuated between 2350 - 2450, and the transaction volume was mostly low, with a maximum of 1.8 million tons [16]. - **Soybean and Meal Futures and Spot Prices**: From March 3 to March 10, the prices of soybean futures (including bean 1 and bean 2), soybean meal futures (including the main contract and far - month contract), and soybean and soybean meal spot prices all showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 27 to March 10, the warehouse receipts of bean 1, bean 2, and soybean meal all changed to varying degrees [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The report provides the global and domestic soybean supply - demand balance sheets from 2016 to 2025, including data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - **Soybean Planting and Harvesting Progress in Different Regions**: It includes the planting and harvesting progress of soybeans in Argentina (2023/24), the United States (2024), Brazil (2024/25, 2025/26), and Argentina (2024/25, 2025/26) [34][35][36][37][38][39][40][41][42][43]. - **USDA's Monthly Supply - Demand Reports in the Past Six Months**: It shows the planting area, yield per unit, production, ending inventory, new - bean exports, crushing volume, etc. of US soybeans from July 2025 to February 2026, as well as the production of Brazilian and Argentine soybeans [44]. 3.5 Position Data No information provided in the report.

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to oscillate in the range of 2950 - 3010. The market is currently in a moderately bullish oscillatory pattern, influenced by factors such as the US - China trade agreement and South American soybean harvest weather. The basis is bullish, but inventory and main - position data are bearish [9]. - **Soybeans (A2605)**: It is expected to oscillate in the range of 4720 - 4820. The market will maintain a high - level oscillation in the short term, affected by factors like the US - China trade negotiation and South American soybean production. The basis and inventory are bearish, while the price trend on the disk is bullish [11]. 3. Summary According to the Directory 3.1 Daily Hints - **Soybean Meal**: It is in a moderately bullish oscillatory pattern, with the US - China trade agreement and South American soybean harvest weather being the main influencing factors. The basis is positive, inventory is increasing, the price on the disk is above the 20 - day moving average, and the main - position short orders are increasing [9]. - **Soybeans**: It will maintain a high - level oscillation in the short term, affected by the US - China trade negotiation and South American soybean production. The basis is negative, inventory is decreasing, the price on the disk is above the 20 - day moving average, and the main - position short orders are increasing [11]. 3.2 Recent News - The preliminary agreement on US - China tariff negotiation is short - term bullish for US soybeans, but the quantity of Chinese purchases and US soybean weather are still uncertain. The short - term US soybean market is moderately bullish and oscillatory. - The arrival volume of imported soybeans in China will continue to decline in the first quarter, and the soybean inventory of oil mills will remain at a relatively high level in March. - The reduction in domestic pig - farming profit leads to a low expectation of pig restocking, suppressing the price expectation of soybean meal in March. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possible weather speculation in South American soybean - producing areas and the impact of the preliminary US - China trade agreement, the soybean meal market is short - term moderately bullish and oscillatory [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary US - China trade agreement is short - term bullish for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather of South American soybean - producing areas. - **Bearish factors**: The total arrival volume of imported soybeans in China will remain at a relatively high level in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions. - **Soybeans** - **Bullish factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price. - **Bearish factors**: The good harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans; the expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14][15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 27 to March 9, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also changed [16]. - **Soybean and Meal Futures and Spot Price Summary**: From March 2 to March 9, the futures and spot prices of soybeans and soybean meal showed an upward trend [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 26 to March 9, the warehouse receipts of soybeans and soybean meal changed, with some fluctuations in the quantity of warehouse receipts [20]. 3.5 Position Data - The report does not provide specific content about position data. 3.6 Global and Domestic Soybean Supply - Demand Balance Sheets - **Global Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, total supply, total consumption, and ending inventory of global soybeans changed, and the inventory - to - consumption ratio also fluctuated [32]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, import volume, total supply, total consumption, and ending inventory of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [33]. 3.7 Soybean Planting and Harvest Progress - **2023/24 Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2023/24 is compared with the same period last year and the five - year average [34]. - **2024 US Soybean Planting, Growth, and Harvest Progress**: The planting, growth, and harvest progress in 2024 are compared with the same period last year and the five - year average [35][36][37][38]. - **2024/25 Brazil and Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2024/25 are compared with the same period last year and the five - year average [39][40][41]. - **2025/26 Brazil and Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2025/26 are compared with the same period last year and the five - year average [42][43]. 3.8 USDA Recent Monthly Supply - Demand Reports - From July 2025 to February 2026, the planting area, yield per unit, output, ending inventory, new - bean export, and pressing volume of US soybeans changed, and the production of Brazilian and Argentine soybeans is also reported [44]. 3.9 Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year. - The arrival volume of imported soybeans increased from a low level and increased year - on - year. - The soybean inventory of oil mills increased, and the soybean meal inventory decreased from a high level. - The soybean crushing volume of oil mills increased from a low level, and the soybean meal output in February decreased slightly year - on - year. - The unfulfilled contracts of oil mills decreased slightly, and the short - term stocking demand weakened. - The import cost of Brazilian soybeans decreased with the oscillation of US soybeans, and the disk profit fluctuated slightly. - The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and decreased slightly month - on - month. - The pig price continued to decline recently, and the piglet price fluctuated slightly. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly. - The loss of domestic pig - farming profit expanded. - The pig - to - grain ratio and feed - to - meat ratio decreased to a low level [45][47][50][51][53][55][57][59][61][63][65]

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Views - **For Soybean Meal**: The domestic soybean meal is in an oscillating and moderately strong pattern in the short - term, driven by the upward movement of US soybeans and the short - term restriction of imported soybeans due to intensified Middle - East conflicts. However, the ample supply of imported soybeans and the high yield expectation of South American soybeans suppress the upward potential. The market is waiting for the follow - up implementation of the China - US trade agreement, the harvest weather in South American soybean - producing areas, and the clarification of the Middle - East situation [10]. - **For Soybeans**: Domestic soybeans maintain a high - level oscillation in the short - term. The short - term good demand and the expected decrease in the arrival of imported soybeans due to the escalation of the Middle - East conflict support the price. But the uncertainty of the follow - up China - US trade negotiation, the new - season domestic soybean yield increase expectation, and the spot price limit the upward height [11]. 3. Summary by Directory 3.1 Weekly Hints - No specific content provided for weekly hints 3.2 Recent News - The preliminary agreement of the China - US tariff negotiation is short - term positive for US soybeans, but there are still uncertainties in China's soybean purchase volume and US soybean weather. The US soybean futures are in a moderately strong oscillation in the short - term, awaiting further guidance [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter, while the soybean inventory of oil mills remains relatively high in March. The soybean meal price returns to range oscillation in the short - term [13]. - The decrease in domestic pig - raising profit leads to a low expectation of pig restocking, suppressing the soybean meal price in March. The price is affected by both the upward movement of US soybeans and the weak demand [13]. - The soybean meal inventory of domestic oil mills remains relatively high. Due to the possibility of weather speculation in South American soybean - producing areas and the influence of the preliminary China - US trade negotiation agreement, the soybean meal is oscillating moderately strongly in the short - term, waiting for further clarification of the Middle - East situation, the determination of South American soybean yield, and the follow - up of the China - US trade negotiation [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - **Bullish Factors**: The preliminary agreement of the China - US trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no significant pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remains relatively high in March; the harvest of Brazilian soybeans is progressing, and South American soybeans are expected to have a high yield under normal weather conditions [14]. - **Main Logic**: The market focuses on the impact of the harvest weather in South American soybean - producing areas and the follow - up of the preliminary China - US trade agreement [14]. 3.3.2 Soybeans - **Bullish Factors**: The increase in the cost of imported soybeans supports the domestic soybean price; the expected increase in domestic demand for soybeans supports the price expectation [15]. - **Bearish Factors**: The preliminary agreement of the China - US trade negotiation leads to an increase in China's purchase of US soybeans; the expected increase in the new - season domestic soybean yield suppresses the price expectation of beans [15]. - **Main Logic**: The market focuses on the impact of the weather in US and South American soybean - producing areas and the follow - up of the China - US trade agreement [15]. 3.4 Fundamental Data - **Weather**: The short - term weather in Brazilian soybean - producing areas is normal, with a bearish or neutral impact in the short - and medium - term [9]. - **Import Cost**: US soybeans are oscillating upward, and the interaction between China's soybean purchase and the high yield of South American soybeans affects the import cost. The import cost is expected to oscillate upward, with a bullish or neutral impact [9]. - **Oil Mill Pressing**: The short - term demand for soybean meal is weak, but the pressing volume of oil mills is rising from a low level. The demand is expected to recover in the short - term, and the operating rate of oil mills is expected to rise from a low level, with a bearish impact [9]. - **Transaction Volume**: The enthusiasm for downstream forward stocking has improved, and the market transaction volume is expected to rise from a low level, with a bullish or neutral impact [9]. - **Oil Mill Inventory**: The soybean meal inventory of oil mills has decreased, but with the low - level recovery of the upstream operating rate, the inventory is expected to increase, with a bearish impact [9]. 3.5 Position Data - **Soybean Meal**: The main short positions have increased, and funds have flowed in, showing a bearish signal [10]. - **Soybeans**: The main long positions have turned to short positions, and funds have flowed out, showing a bearish signal [11]. 3.6 Trading Strategies 3.6.1 Soybean Meal - **Futures**: US soybeans are oscillating above the 1200 mark in the short - term, and soybean meal is maintaining range oscillation. The M2605 contract is oscillating in the range of 2900 - 3100 in the short - term, and short - term range trading is recommended [17]. - **Options**: Sell out - of - the - money put options [19]. 3.6.2 Soybeans - **Futures**: The A2605 contract of soybeans is oscillating in the range of 4700 - 4900, and short - term range trading is recommended [20]. - **Options**: Sell out - of - the - money put options [20]. 3.7 Next Week's Concerns - **Most Important**: The harvest weather and export situation in South American soybean - producing areas; the follow - up implementation of the China - US trade agreement; the arrival of imported soybeans in China and the operating status of oil mills [75]. - **Second - most Important**: The domestic demand for soybean meal; the inventory of domestic oil mills and the downstream procurement situation [75]. - **Less Important**: Macroeconomic factors, the Russia - Ukraine conflict, and the Israel - Palestine conflict [75].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to oscillate in the range of 2840 - 2900. The US soybeans are in a short - term strong oscillation, waiting for the follow - up of the China - US trade agreement implementation and the weather in South American soybean - producing areas. The domestic soybean meal is affected by the US soybean trend and spot price premium, and may maintain an oscillating pattern in the short term due to mixed news [9]. - **Soybeans (A2605)**: It is expected to oscillate in the range of 4600 - 4700. The US soybeans are in a short - term strong oscillation. The domestic soybeans are in a narrow - range oscillation. Although the expected increase in imported soybean arrivals and technical adjustments exist, the short - term good demand supports the market. The follow - up China - US trade negotiations still have uncertainties [10]. 3. Summary According to the Directory 3.1 Daily Tips - Soybean meal M2605 is expected to oscillate between 2840 and 2900, and soybean A2605 is expected to oscillate between 4600 and 4700 [9][10]. 3.2 Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases from the US and the US soybean weather are still uncertain. The US soybean market oscillates above the 1000 - point mark in the short term, waiting for the South American soybean harvest and the follow - up of China - US trade negotiations [12]. - The arrival volume of imported soybeans in China continues to decline in the first quarter. The soybean inventory of oil mills remains at a relatively high level in January. The planting and growth weather of South American soybeans is relatively normal, and soybean meal returns to the range oscillation in the short term [12]. - The decrease in domestic pig - raising profits leads to a low expectation of pig restocking. The demand for soybean meal remains low in March, suppressing the price expectation of soybean meal. The influence of US soybeans and the weak demand for soybean meal cross - affect to maintain the range - oscillation pattern [12]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of weather speculation in South American soybean - producing areas, and the preliminary agreement on China - US trade negotiations affects the short - term range - oscillation of soybean meal, waiting for the clear South American soybean yield and the follow - up of China - US trade negotiations [12]. 3.3 Bullish and Bearish Concerns Soybean Meal - **Bullish Factors**: The preliminary agreement on China - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still variables in the weather of South American soybean - producing areas [13]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remains at a relatively high level in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to have a bumper harvest under normal weather conditions [13]. - **Main Logic**: The market focuses on the impact of the South American soybean harvest weather and the follow - up of the preliminary China - US trade agreement [13]. Soybeans - **Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price expectation [14]. - **Bearish Factors**: Brazilian soybeans have a bumper harvest, and China increases the purchase of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price expectation of beans [14]. - **Main Logic**: The market focuses on the impact of US soybean weather and the China - US trade tariff game [14]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 25 to March 5, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also fluctuated [15]. - **Soybean and Meal Futures and Spot Price Data**: From February 26 to March 5, the futures and spot prices of soybeans and soybean meal fluctuated [17]. - **Soybean and Meal Warehouse Receipt Data**: From February 24 to March 5, the warehouse receipts of soybeans and soybean meal changed [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The report provides the global and domestic soybean supply - demand balance sheets from 2016 to 2025, including harvest area, output, consumption, inventory, etc. [31][32]. - **Soybean Planting and Harvest Progress**: It includes the planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 to 2026 [33][34][38]. - **USDA Monthly Supply - Demand Reports**: The report provides the USDA's monthly supply - demand reports from July 2025 to February 2026, including planting area, yield, output, etc. [43]. 3.5 Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed in [9]. - **Soybeans**: The main long positions increased, and funds flowed out [10]. 3.6 Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [44]. - The arrival volume of imported soybeans increased from a low level and increased year - on - year [46]. - The soybean inventory of oil mills continued to decline, and the soybean meal inventory remained at a relatively high level [49]. - The soybean crushing volume of oil mills dropped to a low level, and the soybean meal output in December increased year - on - year [51]. - The unexecuted contracts of oil mills fluctuated slightly, and the short - term stocking demand weakened [53]. - The import cost of Brazilian soybeans oscillated and declined following the US soybeans, and the disk profit fluctuated slightly [55]. - The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and declined slightly month - on - month [57]. - The pig price declined slightly recently, and the piglet price fluctuated slightly [59]. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly [61]. - The loss of domestic pig - raising profits expanded [63]. - The pig - grain ratio and feed - meat ratio dropped to a low level [65].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - **For soybean meal (M2605)**: The market is expected to oscillate between 2,800 and 2,860. The US soybean market shows short - term strong fluctuations, and the domestic soybean meal market is affected by the US soybean trend and spot price premiums. With mixed news, it will likely maintain a range - bound pattern in the short term [9]. - **For soybeans (A2605)**: The market is expected to fluctuate between 4,600 and 4,700. The US soybean market is subject to uncertainties in Sino - US trade relations and technical adjustments. The domestic soybean market will maintain a high - level shock due to factors such as expected increases in imported soybean arrivals and short - term good demand [10]. 3. Summary by Directory 3.1 Daily Hints - No specific content for daily hints provided 3.2 Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of Chinese purchases of US soybeans and US soybean weather are still uncertain. The US market oscillates above the 1,000 - point mark in the short term [12]. - The arrival volume of imported soybeans in China continues to decline in Q1. The soybean inventory in oil mills remains high in January. The planting and growing weather of South American soybeans is relatively normal, causing soybean meal to return to range - bound trading [12]. - Reduced domestic pig - raising profits lead to a low expectation of pig restocking. The demand for soybean meal remains low in March, suppressing price expectations. The market is affected by both the US soybean trend and weak demand, maintaining a range - bound pattern [12]. - The soybean meal inventory in domestic oil mills remains high. There is still a possibility of weather speculation in South American soybean - producing areas, and the preliminary Sino - US trade negotiation agreement has an impact. The short - term soybean meal market will maintain a range - bound pattern, waiting for the clarification of South American soybean yields and the follow - up of Sino - US trade negotiations [12]. 3.3 Long and Short Concerns **Soybean Meal** - **Positive factors**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans. The soybean meal inventory in domestic oil mills has no pressure. There are still uncertainties in the weather of South American soybean - producing areas [13]. - **Negative factors**: The total arrival volume of imported soybeans in March remains high. The harvesting of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [13]. - **Main logic**: The market focuses on the impact of South American soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [13]. **Soybeans** - **Positive factors**: The cost of imported soybeans supports the bottom of the domestic soybean market. The expected recovery in domestic soybean demand supports price expectations [14]. - **Negative factors**: The good harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans. The increase in the production of new - season domestic soybeans suppresses price expectations [14]. - **Main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [14]. 3.4 Fundamental Data - **Soybean meal trading data**: From February 12 to March 2, the成交均价 of soybean meal fluctuated around 3,100 - 3,200 yuan/ton, and the trading volume also showed fluctuations, with a maximum of 10.52 million tons on February 25 [15]. - **Soybean and soybean meal price data**: From February 13 to March 2, the futures prices of soybeans (both No. 1 and No. 2) and soybean meal showed fluctuations. The spot prices of soybeans and soybean meal also had corresponding changes [17]. - **Soybean and meal - type warehouse receipt data**: From February 12 to March 2, the warehouse receipts of soybeans (both No. 1 and No. 2) and soybean meal changed. For example, the soybean No. 1 warehouse receipts decreased by 200 on March 2 compared to the previous day, and the soybean meal warehouse receipts increased by 2,313 on February 27 [19]. - **Soybean supply - demand balance sheets**: The global and domestic soybean supply - demand balance sheets from 2016 - 2025 are presented, including data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32]. - **Soybean planting and harvesting progress**: The planting and harvesting progress of soybeans in Argentina (2023/24, 2024/25, 2025/26), the US (2024), and Brazil (2024/25, 2025/26) are provided, showing the comparison with the same period last year and the five - year average [33][34][35][38][41]. 3.5 Position Data - No specific content for position data provided 3.6 Other Market Data - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [44]. - The arrival volume of imported soybeans increased from a low level and also increased year - on - year [46]. - The soybean inventory in oil mills continued to decline, while the soybean meal inventory remained high [49]. - The soybean crushing volume in oil mills dropped to a low level, and the soybean meal production in December increased year - on - year [51]. - The unfulfilled contracts in oil mills fluctuated slightly, and the short - term stocking demand weakened [53]. - The import cost of Brazilian soybeans fluctuated downward following the US soybean market, and the on - paper profit fluctuated slightly [55]. - The pig inventory increased slightly year - on - year, while the sow inventory decreased year - on - year and declined slightly month - on - month [57]. - The pig price decreased slightly recently, and the piglet price fluctuated slightly [59]. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly [61]. - The domestic pig - raising profit deficit widened [63]. - The pig - to - grain ratio and feed - to - meat ratio dropped to a low level [65].

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。 交易咨询业务资格：证监许可【2012】1091号 美豆偏强带动，豆粕冲高回落 （豆粕周报2.24-2.27） 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 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 | 巴西大豆产区天气短期正常 | 偏空 | 巴西大豆产区天气短期良 | | | | | 好。中性或偏空 | | 进口成本 | 美豆震荡回升，中国采购美 | 偏多 | 进口成本预计震荡偏弱，中 | | | 豆和南美大豆丰产交互影响 | | 性或偏空 | | 油厂压榨 | 豆粕需求短期回落，油厂压 | 偏多 | 需求短期偏淡，油厂开机预 | | | 榨量维持低位 | ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-03-02 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2800至2860区间震荡 1.基本面：美豆震荡回升，美国生物燃料政策利多豆油带动和技术性震荡整理，美豆短期偏 强震荡等待中美贸易协议执行后续和南美大豆产区收割天气进一步指引。国内豆粕震荡 回落，美豆走势带动和现货价格升水支撑盘面，消息面多空交织短期或维持区间震荡格 局。中性 2.基差：现货3020（华东），基差187，升水期货。偏多 3.库存：油厂豆粕库存84.25万吨，上周83.94万吨，环比增加0.37%，去年同期49.88万吨， 同比增加68.91%。偏空 4.盘面：价格在20 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Soybean Meal (M2605)**: Expected to oscillate between 2800 and 2860. The market is influenced by the US - China trade negotiation, US soybean harvest weather, and South American soybean production. The short - term trend is neutral, with factors such as basis, inventory, and position affecting the market [9]. - **Soybeans (A2605)**: Forecasted to fluctuate between 4660 and 4760. The market is affected by the US - China trade negotiation, US soybean weather, and South American soybean production. The short - term trend is neutral, with factors like basis, inventory, and position having an impact [11]. 3. Summary by Directory 3.1 Daily Tips - Soybean Meal (M2605): Ranged from 2800 to 2860, influenced by US - China trade and South American weather. The market is neutral, with basis being positive, inventory falling but still high year - on - year, price above the 20 - day moving average, and an increase in short positions by the main players [9]. - Soybeans (A2605): Ranged from 4660 to 4760, affected by US - China trade and South American weather. The market is neutral, with basis being negative, inventory decreasing but higher year - on - year, price above the 20 - day moving average, and an increase in long positions by the main players [11]. 3.2 Recent News - The preliminary US - China tariff agreement is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are uncertain. The US soybean market is oscillating above the 1000 - point mark [13]. - Domestic soybean imports are decreasing in Q1, and soybean meal has returned to range - bound trading [13]. - Reduced domestic pig - farming profits lead to low expectations for pig restocking, but soybean meal demand in January supports prices. The market is affected by both US soybeans and demand [13]. - High domestic soybean meal inventory, potential US soybean weather speculation, and the preliminary US - China trade agreement result in short - term range - bound trading for soybean meal [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Long Factors**: Preliminary US - China trade agreement, no pressure on domestic soybean meal inventory, and uncertain South American soybean weather [14]. - **Short Factors**: High total domestic soybean imports in January and expected South American soybean harvest under normal weather [14]. - **Main Logic**: Market focus is on US soybean harvest weather and the follow - up of the preliminary US - China trade agreement [14]. - **Soybeans** - **Long Factors**: Imported soybean cost supports the domestic soybean market, and there is an expected increase in domestic soybean demand [15]. - **Short Factors**: Brazilian soybean harvest and increased Chinese purchases of Brazilian soybeans, as well as new domestic soybean production suppressing prices [15]. - **Main Logic**: Market focus is on US soybean weather and US - China trade tariff negotiations [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 10 to 26, 2026, the trading volume of soybean meal varied, while rapeseed meal had little trading volume. The price difference between soybean meal and rapeseed meal gradually increased [16]. - **Soybean and Meal Futures and Spot Prices**: From February 11 to 26, 2026, soybean and soybean meal futures and spot prices showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 10 to 26, 2026, the number of soybean and soybean meal warehouse receipts changed to some extent [20]. - **Soybean Meal Spot Price**: Soybean meal futures returned to range - bound trading, while spot prices were relatively stable, with the spot premium remaining at a relatively high level [23]. - **Soybean Supply and Demand Balance Sheets**: Global and domestic soybean supply and demand balance sheets from 2016 to 2025 are presented, showing changes in harvest area, production, consumption, and inventory [32][33]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 to 2026 are provided, including data on planting rate, harvest rate, and growth indicators [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply and Demand Reports**: The USDA's monthly supply and demand reports from July 2025 to February 2026 show changes in planting area, yield, production, and other indicators [44]. 3.5 Position Data - **Soybean Meal**: The main short positions increased, and funds flowed in [9]. - **Soybeans**: The main long positions increased, and funds flowed in [11]. 3.6 Other Market Information - US soybean weekly export inspections decreased month - on - month but increased year - on - year [45]. - Imported soybean arrivals were at a low level at the beginning of the year and decreased year - on - year recently [47]. - Oil mill soybean inventory continued to decline, while soybean meal inventory rebounded from a low level [48]. - Oil mill soybean crushing volume returned to a high level, and soybean meal production in December increased year - on - year [50]. - Oil mill unfulfilled contracts continued to decline, and stocking demand weakened [52]. - Brazilian soybean import costs fluctuated downward following US soybeans, and the market profit fluctuated slightly [54]. - Pig inventory increased slightly year - on - year, sow inventory decreased year - on - year and slightly month - on - month [56]. - Pig prices fluctuated slightly recently, and piglet prices rebounded slightly [58]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs continued to rise [60]. - Domestic pig - farming profits were slightly profitable [62]. - The pig - grain ratio and feed - meat ratio dropped to a low level [64].