1. Report Industry Investment Rating - The report does not provide an overall industry investment rating. 2. Report's Core View - The overall trend of the agricultural products futures in the commodity market is weak, with most varieties showing a weak - oscillatory pattern. The market situation of each variety is affected by multiple factors, and the future market trend is uncertain, lacking a clear direction [5][6][7][8]. 3. Summary According to Related Catalogs 3.1. Bean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend will depend on Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure [5][6]. - **Core Logic**: Driven by the expectation of China resuming soybean purchases from the US, the far - month US soybean contract rose to the $11 mark and then fell back. Before the market direction is determined by details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm, the market is in a game state. In the short term, the cost - driven logic of the bean meal market replaces the supply logic, and the bean meal futures price faces a risk of decline after approaching the upper limit of the oscillatory range [5]. 3.2. Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all oscillatory and weak. The future trend is affected by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6][7]. - **Core Logic**: The weakness in the oil market continues, with soybean oil being relatively resistant to decline. The spot price is also falling. The arrival volume of raw soybeans remains high, the oil mill start - up rate continues to increase, and the soybean oil inventory has reached 1.2503 million tons, a year - on - year increase of 10.26%, hitting a new high in the same period in the past five years. On the demand side, catering consumption is weak and downstream procurement is cautious, resulting in a sluggish market. In the process of supply - demand re - balance, the pattern of strong meal and weak oil continues, and the soybean oil futures price will continue to oscillate weakly [7]. 3.3. Palm Oil (P) - **Price Trend**: Short - term view is weak, medium - term view is oscillatory, and intraday view is oscillatory and weak. The future trend is influenced by biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6][8]. - **Core Logic**: The main pressure on the palm oil market comes from the expected 10% year - on - year increase in Indonesia's palm oil production in 2025 to about 56 - 57 million tons, and the weak exports of Malaysian palm oil also drag down the international palm oil futures price. The domestic market is focused on the possible meetings between Chinese, US, and Canadian leaders during the APEC Summit. The palm oil futures price has fallen below the lower limit of the previous oscillatory range and will continue to be weak [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The uncertainty of Sino-US trade policies and the reality of loose domestic soybean meal supply bring pessimistic market expectations, but the current domestic crushing profit is poor, which is expected to affect the pace of vessel purchases. It is not advisable to be overly bearish on the single side. Later, attention should be paid to Sino-US policies and South American weather [9] 3. Summary by Related Catalogs 3.1 Spot Basis - On October 17th, the 43% soybean meal spot basis in Dalian was 132, up 19; in Tianjin it was 112, up 19; in Rizhao it was 82; in Zhangjiagang it was 52, up 39; in Dongguan it was 32; in Zhanjiang it was 82, up 29; in Fangcheng it was 72, up 29. The rapeseed meal spot basis in Guangdong was 120, and MJ - 5 was 155, down 10 [6] 3.2 Spread Data - The spot spread of soybean meal - rapeseed meal in the factory area was 300, and the futures spread of the main contract was 562, up 19. The RM1 - 5 spread was 30, and the soybean meal - rapeseed meal spread was 410 [7] 3.3 International Data - The US dollar to RMB exchange rate was 7.0897, down 38.00. The futures crushing profit was 297 yuan/ton [7] 3.4 Inventory Data - Domestic soybean inventory has increased to a high level. This week, the soybean meal inventory of oil mills decreased due to the holiday, and the number of days of soybean meal inventory of feed enterprises decreased [9] 3.5 Supply and Demand Situation - **Supply**: Affected by less rainfall in the US soybean producing areas after August, the estimated yield per acre of US soybeans in the 2025/26 season by USDA still has some room for downward adjustment. Due to the US government shutdown, the USDA crop growth report was postponed. Brazilian soybean planting has begun, and as of October 14th, the planting rate was 11.1%, higher than 9.1% of the same period last year but lower than the five - year average of 16.9%. In October, domestic soybeans are expected to start destocking, but the supply of domestic soybean meal in the fourth quarter is still expected to be loose. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [7][8][9] - **Demand**: Livestock and poultry are expected to maintain high inventory in the short term, and the capacity reduction is not obvious, which supports the feed demand. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. Soybean meal has a high cost - performance ratio and a high feed addition ratio. The downstream transactions of soybean meal are apparently light, but the pick - up is good [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **General**: The report focuses on the weekly situation of soybean meal and soybean oil futures, including their mid - term trends, trading strategies, and related data [6][31]. - **Soybean Meal**: The soybean meal futures are in a stage of shock consolidation. The high domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Soybean Oil**: The soybean oil futures are in a horizontal shock stage. The abundant global and domestic soybean supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. 3. Summary by Directory Soybean Meal Futures - **Mid - term Market Analysis** - **Trend**: The soybean meal main contract is in a shock consolidation stage. In the 41st week, the oil mill's soybean actual crushing volume was 1.2893 million tons, the startup rate was 35.99%, and the soybean meal inventory was 1.0791 million tons. High domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Strategy**: Pay attention to Sino - US trade progress and South American weather [6]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean meal futures price was in a downward channel, and funds were bearish. The M2601 was expected to fluctuate between 2880 - 3050 in the short term [9]. - **This Week's Suggestion**: The soybean meal futures price is in a downward channel, and funds are slightly bearish. The M2601 is expected to continue the shock consolidation pattern, with an expected operating range of 2800 - 3000 [10]. - **Related Data Situation**: The report mentions data such as soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [20][23][26]. Soybean Oil Futures - **Mid - term Market Analysis** - **Trend**: The soybean oil main contract is in a horizontal shock stage. In the 41st week, the actual output of 125 oil mills was 245,000 tons, a decrease of 88,600 tons from the previous week. The commercial inventory in key national regions was 1.2651 million tons, an increase of 16,400 tons from the previous week. Abundant supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. - **Strategy**: Pay attention to Sino - US trade trends and the progress of Indonesia's B50 policy [31]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean oil futures price was in a horizontal stage, and funds were bullish. The Y2601 was expected to be in a wide - range shock pattern in the short term [34]. - **This Week's Suggestion**: The soybean oil futures price is in a horizontal stage, and funds are slightly bearish. The Y2601 is expected to be in a range - shock pattern in the short term [34]. - **Related Data Situation**: The report mentions data such as soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly startup rate, weekly port inventory, and Brazilian premium [43][49][51].