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

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

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

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Domestic soybean meal may return to a range - bound pattern in the short term due to variables in Sino - US tariff negotiations, technical support, and weather uncertainties in US soybean - producing areas, while the expected high yield of South American soybeans suppresses the rebound height of the US soybean market and the increasing arrival of imported Brazilian soybeans in China [8]. - Domestic soybeans are in a relatively strong range - bound state, influenced by the interaction of the US soybean situation and the increasing arrival of imported soybeans, with the cost of imported soybeans and the expected increase in domestic soybean demand supporting the price, but the expected high yield of Brazilian soybeans and the expected increase in domestic soybean production suppressing the price increase [10]. Summary According to Relevant Catalogs 1. Daily Prompt No relevant content provided. 2. Recent News - Sino - US tariff negotiations reached a short - term agreement, which is beneficial to US soybeans. The US soybean market is in a short - term upward trend, waiting for further guidance on Sino - US tariff negotiations and the planting weather in US soybean - producing areas. The domestic soybean meal market is affected by the US soybean market and the low inventory of domestic oil mills, but the increase in imported soybeans in May and the decline in spot prices limit the rebound space [13]. - The domestic import volume of soybeans reached a high in May, and the short - term trend of domestic soybeans and soybean meal is affected by the outcome of Sino - US tariff negotiations, showing a pattern of strong reality and weak expectation [13]. 3. Bullish and Bearish Concerns Bullish Factors for Soybean Meal - Slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and uncertainties in the weather of US soybean - producing areas [14]. Bearish Factors for Soybean Meal - The total arrival volume of imported soybeans in China reached a high in May, and the expected high yield of South American soybeans continues [14]. Bullish Factors for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [15]. Bearish Factors for Soybeans - The expected high yield of Brazilian soybeans continues, and China has increased the purchase of Brazilian soybeans. The expected increase in new - season domestic soybeans suppresses the price [15]. 4. Fundamental Data Soybean Meal - The spot price of soybean meal in East China is 2880, with a basis of - 59, indicating a discount to the futures price [8]. - The inventory of oil mills' soybean meal is 12.17 tons, a 20.26% increase from last week and an 80.47% decrease compared to the same period last year [8]. Soybeans - The spot price of soybeans is 4200, with a basis of 6, indicating a premium to the futures price [10]. - The inventory of oil mills' soybeans is 586.83 tons, a 9.71% increase from last week and a 33.95% increase compared to the same period last year [10]. 5. Position Data Soybean Meal - The long positions of the main players decreased, and funds flowed out [8]. Soybeans - The short positions of the main players decreased, and funds flowed out [10].