Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The soybean meal and soybean oil futures are both in a wide - range oscillation phase. For soybean meal, the overall supply is abundant, downstream demand is weak, but import costs and far - month stocking sentiment support the price. For soybean oil, production has shrunk due to lower factory operating rates, but high inventory and weak demand limit price increases, while import costs and factory price - holding intentions provide support [7][30]. 3. Summary by Directory 3.1 Soybean Meal Futures - **Mid - line Market Analysis** - Mid - line trend: The soybean meal main contract is in a wide - range oscillation phase. The 45th week saw an actual soybean crushing volume of 1.8057 million tons in oil mills, an operating rate of 49.67%, and a soybean meal inventory of 998,600 tons. The high arrival volume of domestic soybeans and relatively sufficient crushing volume maintain a loose supply pattern. Downstream feed enterprises are cautious in purchasing, and poor breeding profits suppress consumption enthusiasm. Some bullish expectations in the latest USDA supply - demand report have been digested in advance. However, import cost increases and far - month stocking sentiment support the price. It is recommended to pay attention to Sino - US trade policies, South American weather, and breeding demand [7]. - **Variety Trading Strategy** - Last week's strategy review: The soybean meal futures price was in an upward channel, and the funds were strongly bearish. The M2601 contract might be in a shock - adjustment stage in the short term, with an expected operating range of 2950 - 3150. - This week's strategy suggestion: The soybean meal futures price is in an upward channel, and the funds are relatively bearish. The M2601 contract is expected to slowly move up after short - term shock adjustment, with an expected operating range of 3000 - 3180 [10][11]. - **Related Data Situation** - The report mentions data such as soybean meal weekly production, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [19][21][24]. 3.2 Soybean Oil Futures - **Mid - line Market Analysis** - Mid - line trend: The soybean oil main contract is in a wide - range oscillation phase. In the 45th week, the actual production of soybean oil in 125 oil mills was 343,100 tons, and the commercial inventory in key national regions was 1.1572 million tons. The decline in factory operating rates led to a contraction in production, but the high inventory and weak demand limited price increases. Import soybean cost increases and factory price - holding intentions supported the price. It is recommended to pay attention to Sino - US trade trends, US biodiesel progress, and South American weather [30]. - **Variety Trading Strategy** - Last week's strategy review: The soybean oil futures price was in a sideways phase, and the funds were relatively bearish. The Y2601 contract might maintain a range - bound pattern in the short term. - This week's strategy suggestion: The soybean oil futures price is in a sideways phase, and the funds are relatively bearish. The Y2601 contract is expected to continue the range - bound pattern in the short term [33]. - **Related Data Situation** - The report mentions data such as soybean oil weekly production, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly operating rate, and weekly port inventory, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [43][47][49][54][58].

Report Overview - Report Title: "Futures Varieties Weekly Report: Soybean Meal and Soybean Oil" [2] - Report Date: November 10 - 14, 2025 [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core Views - **Soybean Meal**: The medium - term trend of soybean meal futures is in a wide - range oscillation phase. Although the optimistic Sino - US trade sentiment boosts the expected import cost, high inventory and weak demand limit the price increase space. In the short - term, the overall trend of soybean meal futures price is in an upward channel, but the capital situation has shifted from strongly bullish to strongly bearish [6][9][10]. - **Soybean Oil**: The medium - term trend of soybean oil futures is also in a wide - range oscillation phase. High oil factory inventory and weak downstream demand suppress the price, while the easing Sino - US trade relationship drives up the cost of imported soybeans, providing bottom support. In the short - term, the overall trend of soybean oil futures price is in a sideways phase, and the capital situation has shifted from relatively bullish to relatively bearish [28][31]. 3. Summary by Directory Soybean Meal 3.1.1 Medium - term Market Analysis - **Trend Judgment**: The soybean meal main contract is in a wide - range oscillation phase. In the 44th week, the actual soybean crushing volume of oil mills was 2.2534 million tons, the startup rate was 61.99%, and the soybean meal inventory was 1.153 million tons. High inventory and weak demand limit price increases, while Sino - US trade sentiment affects import costs [6]. - **Strategy Suggestion**: Pay attention to Sino - US trade policies, South American weather, and aquaculture demand [6]. 3.1.2 Variety Trading Strategy - **Last Week's Strategy Review**: The overall trend of soybean meal futures price was in an upward channel, and the capital was strongly bullish. The M2601 contract was expected to continue the oscillating and strengthening pattern in the short - term, with an expected operating range of 2950 - 3100 [9]. - **This Week's Strategy Suggestion**: The overall trend of soybean meal futures price is in an upward channel, but the capital is strongly bearish. The M2601 contract may be in an oscillating adjustment phase in the short - term, with an expected operating range of 2950 - 3150 [10]. 3.1.3 Relevant Data Situation - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [17][20][23] Soybean Oil 3.2.1 Medium - term Market Analysis - **Trend Judgment**: The soybean oil main contract is in a wide - range oscillation phase. In the 44th week, the actual soybean oil output of 125 oil mills was 42,810 tons, and the commercial inventory of soybean oil in key national regions was 1.2158 million tons. High inventory and weak demand suppress prices, while the cost of imported soybeans provides support [28]. - **Strategy Suggestion**: Pay attention to Sino - US trade trends, US biodiesel progress, and South American weather [28]. 3.2.2 Variety Trading Strategy - **Last Week's Strategy Review**: The overall trend of soybean oil futures price was in a sideways phase, and the capital was relatively bullish. The Y2601 contract was expected to continue the range - bound pattern in the short - term [31]. - **This Week's Strategy Suggestion**: The overall trend of soybean oil futures price is in a sideways phase, and the capital is relatively bearish. The Y2601 contract will maintain the range - bound pattern in the short - term [31]. 3.2.3 Relevant Data Situation - Data includes 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. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [41][47][50]

Core Insights - Chicago futures market saw a rise in corn, wheat, and soybean prices on November 5, with corn at $4.35 per bushel, wheat at $5.55, and soybean at $11.34, reflecting increases of 0.87%, 0.82%, and 1.14% respectively [1] Group 1: Market Performance - The most actively traded December corn contract rose by 3.75 cents, while the December wheat contract increased by 4.5 cents, and the January 2026 soybean contract gained 12.75 cents [1] - Trading volume in the Chicago Board of Trade (CBOT) for agricultural products was light due to the USDA "shutdown," leaving uncertainty regarding China's wheat bookings [1] Group 2: Export Expectations - Global soybean demand outside of China is expected to be fully met by Brazil, leading to a pessimistic outlook for U.S. soybean exports, projected at 1.5 billion bushels or less [1] Group 3: Ethanol Production - The U.S. Energy Information Administration reported that ethanol production reached 330 million gallons last week, an increase of 9 million gallons from the previous week, marking a historical high [1] - Ethanol inventory stood at 962 million gallons, reflecting a year-on-year increase of 3% [1] Group 4: Weather Conditions - Weather forecasts indicate that Brazil will experience rain and thunderstorms across all crop-growing regions in the next two weeks, while Argentina will have rain until November 7, followed by clear weather favorable for wheat harvesting and soybean planting [1]

Group 1: Report Overview - Report Name: "Bean Meal and Soybean Oil Futures Weekly Report" [2] - Report Period: November 3 - November 7, 2025 [1] Group 2: Bean Meal Futures 1. Mid - term Market Analysis - Mid - term Trend: The main bean meal contract is in a wide - range oscillation phase. The domestic oil mill's high crushing volume, slow de - stocking of bean meal, and weak demand from the feed industry due to breeding losses are offset by the bottom - driving force of rising import costs caused by Sino - US negotiation sentiment and South American weather uncertainties [6]. - Trend Logic: In the 43rd week, the actual soybean crushing volume of oil mills was 2.3674 million tons, with an operating rate of 65.13%, and the bean meal inventory was 1.0546 million tons. The supply is in a loose pattern, and the demand is weak, but import costs are rising [6]. - Strategy Suggestion: Pay attention to Sino - US trade, South American weather, and breeding demand [6] 2. Variety Trading Strategy - Last Week's Strategy Review: The overall trend of bean meal futures prices was in an upward channel, with funds being relatively bullish. The M2601 contract was expected to be in a slightly bullish oscillation in the short - term, with an expected operating range of 2880 - 3050 [9]. - This Week's Strategy Suggestion: The overall trend of bean meal futures prices is in an upward channel, with funds being strongly bullish. The M2601 contract may continue the slightly bullish oscillation pattern in the short - term, with an expected operating range of 2950 - 3100 [10]. 3. Variety Diagnosis - The main funds for bean meal are strongly bullish, with a multi - empty flow of 98.0. The fund energy is basically stable, and there is a high risk of market reversal with a multi - empty divergence of 90.4 [14]. 4. Related Data - The report covers data such as bean meal's weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Advisory Department [19][20][22] Group 3: Soybean Oil Futures 1. Mid - term Market Analysis - Mid - term Trend: The main soybean oil contract is in a wide - range oscillation phase. High domestic soybean arrivals, high operating rates of oil mills, high production, and inventory are suppressing prices, while the dull demand and weak competing oils are countered by the positive impact of improved Sino - US trade relations and import cost support [27]. - Trend Logic: In the 43rd week, the actual output of soybean oil from 125 oil mills was 44,980 tons, and the commercial inventory of soybean oil in key regions was 125,030 tons [27]. - Strategy Suggestion: Pay attention to Sino - US trade trends, US biodiesel progress, and the implementation rhythm of Indonesia's B50 policy [27] 2. Variety Trading Strategy - Last Week's Strategy Review: The overall trend of soybean oil futures prices was in a sideways phase, with funds being relatively bearish. The Y2601 contract was expected to continue the range - bound oscillation pattern in the short - term [30]. - This Week's Strategy Suggestion: The overall trend of soybean oil futures prices is in a sideways phase, with funds being relatively bullish. The Y2601 contract may continue the range - bound oscillation pattern in the short - term [30]. 3. Variety Diagnosis - The main funds for soybean oil are relatively bullish, with a multi - empty flow of 65.5. The main funds are flowing in slightly with a fund energy of 44.9, and there is a certain risk of market reversal with a multi - empty divergence of 70.9 [35]. 4. Related Data - The report includes data on soybean oil's weekly output, weekly inventory, basis, trading volume, as well as soybean's weekly arrivals, weekly inventory, weekly crushing volume, weekly operating rate, weekly port inventory, and Brazilian premium, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Advisory Department [41][47][50]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The meeting between China and the US today fell short of expectations, and the price of US soybeans declined. The profitability of domestic soybean purchases has improved but remains poor. The domestic futures market has a low multiple, and the short - term expectation is for a rebound to repair the crushing profit. However, the current abundant supply of near - term soybean meal spot and the expected abundant global soybean supply in the long - term limit the upside potential of the futures market. Attention should be paid to the subsequent evolution of drivers brought about by China - US policies and South American weather changes [8]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - On October 30, the basis of the main contract of soybean meal in Zhangjiagang was - 24, with a decrease of - 25. The basis of 43% soybean meal spot in different regions showed various declines, such as - 25 in Tianjin and Rizhao [6]. - The basis of rapeseed meal spot in Guangdong was 73, with an increase of 13. The RM1 - 5 spread was 1500, with a change of 23 [6][7]. - The spot price difference between soybean meal and rapeseed meal in Guangdong was 593, with a decrease of - 3; the price difference between the main contracts was 448, with a decrease of - 16 [7]. 3.2 Ascending and Descending Premiums and Profit Data - The US dollar to RMB exchange rate and the ascending and descending premiums of Brazilian soybeans in 2025 were presented, along with the change in the spot crushing profit of imported soybeans. For example, the spot crushing profit of Brazilian soybeans was - 261.00 yuan/ton, with a change of 5 [7]. 3.3 Supply Situation - The USDA estimates the ending inventory of US soybeans in the 25/26 season to be 300 million bushels, and the expected yield per acre of 53.5 bushels may be adjusted downward. Exports depend on China - US policies. As of October 25, according to CONAB data, the sowing rate of Brazilian soybeans was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. It is expected that domestic soybean meal will start to reduce inventory in November, but the supply in the fourth quarter is still expected to be abundant. 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]. 3.4 Demand Situation - In the short - term, livestock and poultry are expected to maintain a high inventory, and the reduction of production capacity is not obvious, which supports current demand. However, the current hog farming is showing losses, and national policies tend to control the inventory and weight of hogs, which may affect the supply in the far - term. The downstream transactions of soybean meal are normal, and the pick - up is good [8]. 3.5 Inventory Situation - Domestic soybean and soybean meal inventories are at historically high levels in the same period, and the number of days of soybean meal inventory in feed enterprises has decreased to a low level [8].

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].