Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Supply: US soybean good rate dropped to 68% this week, with dry conditions expected in Kansas in the next two weeks, potentially unfavorable for soybean growth, but normal weather in other areas is overall beneficial. Under the pressure of concentrated arrivals of Brazilian soybeans, domestic soybean crushing in July and August is expected to exceed 10 million tons, and the pressure of soybean meal inventory accumulation is expected to last until September; ship arrivals are slow from October to January [7]. - Demand: Short - term high inventory of pig and poultry farming is expected to support feed demand, but policies aim to control pig inventory and weight. Soybean meal has a high cost - performance ratio, with high提货 volume. Wheat substitution for corn in some areas reduces protein consumption. Recent soybean meal transactions are normal [8]. - Inventory: Domestic soybean inventory has reached a high level; soybean meal is in an inventory accumulation cycle, and the number of days of soybean meal inventory in feed enterprises has increased [8]. - Investment advice: Buy on dips and pay attention to Sino - US policies. Overall, domestic near - month ship purchases are basically covered, soybean meal is in an inventory accumulation cycle, the near - month basis is still expected to be under pressure, M09 is expected to fluctuate, and M01 is recommended based on the expectation of rising import costs [8]. 3. Summary by Related Content Price and Spread Data - **Base Difference of Soybean Meal Futures and Spot**: On July 28, the base difference of the soybean meal main contract in Dalian was 10 with a decrease of 9; in Tianjin, it was - 70 with an increase of 11; in other regions, the base differences and their changes are also provided in detail [6]. - **Spread Data**: The differences between soybean meal and rapeseed meal, including spot spread in Guangdong and main contract spread, as well as the differences between different contract months (such as M9 - 1, M9 - RM9, RM9 - 1) are presented, along with their values and changes [7]. Supply - related Data - **Soybean Import and Processing**: The CNF premium of imported soybeans from Brazil, the exchange rate of the US dollar against the RMB, the disk crushing profit, and the import soybean disk gross profit are shown. The disk crushing profit of Brazilian soybeans is 265 yuan/ton with no change [7]. - **Inventory Data**: Data on Chinese port soybean inventory, national major oil - mill soybean inventory, national major oil - mill soybean meal inventory, and the number of days of soybean meal inventory in feed enterprises are provided, showing their historical trends [7]. - **Soybean Pressing and Operation Rate**: Data on the national major oil - mill soybean pressing volume and operation rate are presented, showing their historical trends [7].

Report Overview - Report Title: Feed and Livestock Weekly Report [1] - Report Date: July 25, 2025 [2] - Analyst: Ge Yan [3] Industry Investment Rating No industry investment rating was provided in the report. Core Viewpoints - During the speculation period in the US soybean producing areas, there have been frequent positive developments on the trade front, and the support level of 10 cents for US soybeans is relatively strong. However, due to concerns about domestic demand, the prices of double rapeseed meal have declined from their highs. - The Ministry of Agriculture and Rural Affairs of China held a symposium on promoting the high - quality development of the pig industry, emphasizing capacity control measures, such as reasonable culling of sows, reduction of secondary fattening, and control of fat pig slaughter weight, and promoting the reduction and substitution of soybean meal. - For soybean meal, in the short - term, it is supported by the import cost of US and Brazilian soybeans, and short - term long positions can be considered; in the long - term, due to factors such as slowing demand growth and continuous inventory accumulation, short positions can be held. - For rapeseed meal, in the short - term, considering the low inventory of domestic coastal oil mills and uncertain trade relations, short - term long positions can be held; in the long - term, it can be configured with a bearish view [41]. Summary by Relevant Catalogs 1. Domestic Main Feed and Livestock Futures and Spot Price Trends - **Futures Prices**: As of July 24, 2025, the closing prices of the main contracts of soybean meal (M2509), rapeseed meal (RM509), corn (C2509), live pigs (LH2509), and eggs (JD2508) were 3025, 2682, 2318, 14365, and 3636 respectively, with weekly increases of 48, 29, 25, 355, and 45, and weekly growth rates of 0.02, 0.01, 0.01, 0.03, and 0.01 respectively [4]. - **Spot Prices**: The spot prices of 43% protein soybean meal, rapeseed meal, national standard second - grade corn with 14.5% moisture, commercial pigs in Henan, and eggs in the main producing areas were 2850, 2570, 2320, 1413, and 334 respectively, with weekly changes of 40, 20, 0, - 39, and 55, and weekly growth rates of 0.01, 0.01, 0, - 0.03, and 0.20 respectively [4]. 2. Fundamental Analysis - **Cost Side** - **Weather**: August is a critical month for the autumn soybean harvest. There will be a brief heatwave in the US Midwest this week, but showers are expected to relieve the pressure on soybean crop growth. - **US Soybeans**: The USDA downgraded the good - to - excellent rating of US soybean growth. As of July 20, the good - to - excellent rate was 68%, lower than the previous week's 70% and the market expectation of 71%, but the same as the 68% in the same period of 2024. - **Brazil**: Brazilian farmers' selling progress has accelerated, but it is still relatively slow overall. - **Argentina**: In June, Argentina's soybean crushing volume was 4,055,149 tons, and its soybean oil production was 788,210 tons [10]. - **Supply** - **Import**: In June 2025, China imported 12.264 million tons of soybeans; from January to June 2025, China's cumulative soybean imports were 49.37 million tons, a year - on - year increase of 1.8%. - **Import Price**: As of July 24, the CNF import price of Brazilian soybeans was 471.00 US dollars/ton, a decrease of 1 US dollar/ton from the previous week; the CNF import price of US West Coast soybeans was 454.00 US dollars/ton, an increase of 1 US dollar/ton from the previous week [10][17]. - **Demand** - **Crushing**: As of the week of July 18, the domestic main oil mills' soybean crushing volume was 2.3 million tons, unchanged from the previous week, a decrease of 80,000 tons from the previous month, an increase of 410,000 tons year - on - year, and an increase of 510,000 tons compared with the average of the past three years. This week, the oil mills' operating rate remained high, with a crushing volume of about 2.2 million tons. - **Trading Volume**: On July 23, the total trading volume of soybean meal was 110,300 tons, a decrease of 24,500 tons from the previous day, including 44,300 tons of spot trading [10]. - **Inventory** - **Oil Mill Inventory**: In the 29th week of 2025, the national oil mills' soybean inventory was 6.4224 million tons, a decrease of 152,500 tons from the previous week, a year - on - year increase of 310,400 tons; the soybean meal inventory was 998,400 tons, an increase of 112,200 tons from the previous week, a year - on - year decrease of 262,200 tons. - **Port Inventory**: As of July 24, the import soybean port inventory was 6.6793 million tons, an increase of 103,100 tons from the previous week, at a near - 5 - year low level. As of July 19, the oil mills' soybean meal inventory was 908,300 tons, an increase of 65,400 tons from the previous week, at a near - 5 - year medium level [10][25]. 3. Supply - Side Analysis - **Import**: As of July 24, the CNF import price of Brazilian soybeans was 471.00 US dollars/ton, down 1 US dollar/ton from the previous week; the CNF import price of US West Coast soybeans was 454.00 US dollars/ton, up 1 US dollar/ton from the previous week [17]. - **Crushing**: As of the week of July 24, the soybean crushing profit was 91.60 yuan/ton, an increase of 25.45 yuan/ton from the previous week. As of the week of July 18, the domestic oil mills' weekly soybean crushing volume was 2.1476 million tons, an increase of 175,000 tons from the previous week. As of July 18, the domestic soybean oil mill operating rate was 55%, a decrease of 4 percentage points from the previous week [23]. 4. Demand - Side Analysis As of July 18, the average daily trading volume of soybean meal in domestic mainstream oil mills was 113,700 tons, a decrease of 122,000 tons from the previous week, at a near - 5 - year medium - low level [29]. 5. Strategy Recommendation - **Short - Term**: For soybean meal, due to the support from the import cost of US and Brazilian soybeans, short - term long positions can be considered; for rapeseed meal, considering the low inventory of domestic coastal oil mills and uncertain trade relations, short - term long positions can be held. - **Long - Term**: For soybean meal, due to factors such as slowing demand growth and continuous inventory accumulation, short positions can be held; for rapeseed meal, it can be configured with a bearish view [41]. 6. Next Week's Focus and Risk Warning The focus is on the weather in the producing areas, trade relations, and the arrival rhythm of imported soybeans [42].

Report Title - "Bean Meal Weekly Report" [1] Report Date - June 23, 2025 [3] Core Viewpoint - Last week, the CBOT July soybean contract fell 1.25 to close at 1067.25 cents per bushel, a decrease of 0.12%; the September bean meal contract rose 26 to close at 3067 yuan per ton, an increase of 0.85%; the South China bean meal spot price rose 40 to close at 2920 yuan per ton, an increase of 1.39%; the September rapeseed meal contract rose 5 to close at 2679 yuan per ton, an increase of 0.19%; the Guangxi rapeseed meal spot price rose 10 to close at 2570 yuan per ton, an increase of 0.39% [4][7] - The U.S. soybeans fluctuated at a high level during the week. The ongoing geopolitical conflict in the Middle East and the volatile and stronger oil prices provided support, and the impact of the U.S. biodiesel policy proposal was gradually digested. The weather in the U.S. soybean producing areas was generally good, providing no driving factors. The U.S. soybean crushing volume in May was lower than market expectations. Under multiple factors, the outer market fluctuated near the resistance level. The domestic oil mill crushing start - up rate continued to rise, increasing the bean meal supply. With no purchase of soybeans for the fourth quarter yet, the expected tight supply in the distant future supported the Dalian bean meal to fluctuate strongly [4][7] - The good weather in the U.S. soybean producing areas provides no driving factors. Concerns about Sino - U.S. tariffs remain, and the domestic soybean supply in the fourth quarter is expected to be tight. The risk of soybean shortage will also support the Brazilian soybean premium. The U.S. soybeans may fluctuate and adjust. The oil mill crushing start - up rate continues to rise, and the bean meal is in the process of inventory accumulation. However, the terminal demand is strong, and the feed enterprise pick - up volume is at a high level in the same period. With the domestic supply tending to be loose, the spot supply is also becoming loose, and the basis is generally weak. Currently, it is suppressed by factors such as weather and loose spot supply, and at the same time, it is supported by the expected tight supply in the distant future. The Dalian bean meal may fluctuate and adjust [4][12] Market Data | Contract | June 20 | June 13 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | CBOT Soybean | 1067.25 | 1068.50 | - 1.25 | - 0.12% | Cents per bushel | | CNF Import Price: Brazil | 467.00 | 454.00 | 13.00 | 2.86% | US dollars per ton | | CNF Import Price: US Gulf | 467.00 | 453.00 | 14.00 | 3.09% | US dollars per ton | | Brazilian Soybean Crushing Margin on the Disk | 59.99 | 133.72 | - 73.72 | - | Yuan per ton | | DCE Bean Meal | 3067.00 | 3041.00 | 26.00 | 0.85% | Yuan per ton | | CZCE Rapeseed Meal | 2679.00 | 2674.00 | 5.00 | 0.19% | Yuan per ton | | Bean Meal - Rapeseed Meal Spread | 388.00 | 367.00 | 21.00 | - | Yuan per ton | | Spot Price: East China | 2920.00 | 2860.00 | 60.00 | 2.10% | Yuan per ton | | Spot Price: South China | 2920.00 | 2880.00 | 40.00 | 1.39% | Yuan per ton | | Spot - Futures Spread: South China | - 147.00 | - 161.00 | 14.00 | - | Yuan per ton | [5] Market Analysis and Outlook U.S. Soybean Conditions - As of the week of June 15, 2025, the excellent - good rate of U.S. soybeans was 66%, lower than the market expectation of 68%, the previous week was 68%, and the same period last year was 70%. The planting progress was 93%, lower than the market expectation of 95%, the previous week was 90%, and the same period last year was 92%, with a five - year average of 94%. The emergence rate was 84%, the previous week was 75%, the same period last year was 80%, and the five - year average was 83%. As of the week of June 17, 2025, about 13% of the U.S. soybean planting areas were affected by drought, the previous week was 13%, and the same period last year was 2% [8] - As of the week of June 12, 2025, the U.S. soybean export inspection volume was 21.58 tons, in line with expectations (the previous market forecast was 17.5 - 45 tons), the previous week's revised value was 55.86 tons, and the initial value was 54.7 tons. The soybean export inspection volume to the Chinese mainland was 0 tons. So far in this crop year, the cumulative U.S. soybean export inspection volume was 4541 tons, compared with 4088 tons in the same period of the previous year [8] - As of the week of June 12, 2025, the net export sales of U.S. soybeans in the current year increased by 54 tons, the previous week was 6.1 tons. The cumulative export sales of U.S. soybeans in the 2024/2025 season was 4913 tons, with a sales progress of 97.6%, compared with 95.8% in the same period last year. The net export sales of U.S. soybeans in the 2025/2026 season in that week was 7.5 tons, and the cumulative sales volume in this season was 119.3 tons, compared with 111.8 tons in the same period last year [9] - The NOPA report showed that the U.S. soybean crushing volume in May was 192.829 million bushels, a 1.4% increase from April's 190.266 million bushels and a 5% increase from May 2024's 183.625 million bushels. As of May 31, the soybean oil inventory of NOPA member units dropped to 1.373 billion pounds, a 10.1% decrease from the end of April's 1.527 billion pounds and a 20.3% decrease from the same period last year's 1.724 billion pounds [9] - As of the week of June 13, 2025, the U.S. soybean crushing gross profit (spread between soybeans, soybean oil, and bean meal) was 1.87 US dollars per bushel, the previous week was 1.49 US dollars per bushel; the truck - board price of soybean oil in central Illinois was 47.36 cents per pound, the previous week was 46.23 cents per pound; the wholesale price of 48% bean meal in central Illinois was 288.25 US dollars per short - ton, the previous week was 290.85 US dollars per short - ton; the truck price of No. 1 yellow soybeans in central Illinois was 10.42 US dollars per bushel, the previous week was 10.73 US dollars per bushel [10] South American Soybean Conditions - The Brazilian National Association of Grain Exporters (Anec) estimated that Brazil's soybean exports in June are expected to reach 14.37 million tons, previously expected to be 14.08 million tons [10] - The Buenos Aires Exchange reported that as of the week of June 18, 2025, the soybean harvesting progress in Argentina was 96.5%, the previous week was 93.2%, and the same period last year was 98% [10] Domestic Conditions - As of the week of June 13, 2025, the soybean inventory of major oil mills was 5.996 million tons, a decrease of 106,900 tons from the previous week and an increase of 474,100 tons from the same period last year; the bean meal inventory was 410,000 tons, an increase of 27,500 tons from the previous week and a decrease of 584,900 tons from the same period last year; the unexecuted contracts were 4.6056 million tons, a decrease of 824,900 tons from the previous week and a decrease of 286,400 tons from the same period last year. The soybean inventory in national ports was 7.427 million tons, a decrease of 35,000 tons from the previous week and an increase of 352,700 tons from the same period last year [11] - As of the week of June 20, 2025, the daily average weekly trading volume of national bean meal was 392,450 tons, including 87,990 tons of spot trading and 304,460 tons of forward trading. The previous week's daily average trading volume was 347,700 tons; the daily average weekly pick - up volume of bean meal was 208,980 tons, the previous week was 194,760 tons; the crushing volume of major oil mills was 2.3842 million tons, the previous week was 2.2587 million tons; the bean meal inventory days of feed enterprises was 7.74 days, the previous week was 6.83 days [11] Industry News 1. Secex data showed that Brazil exported 6,980,666.88 tons of soybeans in the first two weeks of June, with a daily average export volume of 698,066.69 tons, roughly the same as the daily average export volume of 697,980.60 tons in June last year. The total export volume in June last year was 13,959,612.09 tons [13] 2. According to foreign media reports, the Mato Grosso State Institute of Agricultural Economics (IMEA) announced that the soybean crushing profit in Mato Grosso State from June 9 - 13 was 515.08 Brazilian reals per ton, compared with 558.66 Brazilian reals per ton in the previous week. The bean meal price in that state was 1619.60 Brazilian reals per ton, and the soybean oil price was 5670.10 Brazilian reals per ton [13] 3. According to foreign media reports, the French Ministry of Agriculture predicted that the winter barley and rapeseed production in France in 2025 will strongly rebound compared with last year's rainfall - affected production. In the first forecast of this year's harvest, the French Ministry of Agriculture said that the winter rapeseed production in France in 2025 will reach 4.2 million tons, a 9.4% increase from 2024 [13] 4. According to foreign news, industry analysts said that the U.S. soybean production in the 2025/26 season is expected to be 118 million tons, slightly higher than the previous forecast. The U.S. Department of Agriculture said in the June supply - demand report that the U.S. soybean production in the 2025/26 season is expected to be 118.1 million tons. A previous survey showed that analysts on average expected the U.S. soybean yield per acre in the 2025/26 season to be 52.5 bushels, and the production to be 4.34 billion bushels. It is expected that the U.S. soybean planting area this year will be 84 million acres, a 3.4% decrease from the previous year and 500,000 acres higher than the pre - estimated value announced in the U.S. Department of Agriculture's March planting intention report [14] 5. According to foreign news, industry analysts said that the soybean production in Argentina in the 2024/25 season is expected to be 48.8 million tons, slightly higher than the previous forecast. The weather forecast shows that it will be drier in the next few days in that country. Although the recent weather has been humid, the crop harvest season is almost over. The current pre - estimated values of soybean production in Argentina in the 2024/25 season by the Buenos Aires Grain Exchange and the Rosario Grain Exchange are 50.3 million tons and 48.5 million tons respectively [14] 6. According to foreign news, the European Vegetable Oil and Protein Meal Industry Federation (FEDIOL) said that in May, the rapeseed crushing volume in the 27 EU countries + the UK was 1.318 million tons, compared with 1.519 million tons in April; the soybean crushing volume was 1.332 million tons, compared with 1.328 million tons in April. The total oilseed crushing volume in Europe in May was 3.053 million tons, higher than 3.179 million tons in April. The crushing volume of enterprises participating in FEDIOL accounts for 80% of the total crushing volume of soybeans, sunflower seeds, and rapeseed in the 27 EU countries and the UK (including FEDIOL members and non - FEDIOL members) [15] 7. According to foreign media reports, analysts pointed out that the weather forecast shows that there will be rainfall in the Canadian prairie area, which will help relieve the drought. Currently, about 40% of the prairie area is experiencing drought. Statistics Canada is scheduled to release the sowing area report on June 27. Its March report showed that the rapeseed planting area was 21.6 million acres, a 1.7% decrease from the 2024/25 season [15] 8. The U.S. Department of Agriculture (USDA) announced that the predicted total cost of U.S. soybean production in 2025 is 639.15 US dollars per acre, and the predicted total cost in 2026 is 650.34 US dollars per acre [15] Related Charts The report includes multiple charts, such as the trend of U.S. soybean continuous contracts, Brazilian soybean CNF arrival prices, RMB spot exchange rate trends, regional crushing profits, bean meal main contract trends, and various inventory and trading volume - related charts [16 - 55]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints - The decline in US soybean oil inventory supports international oils and fats. The impact of the macro - environment on soybean oil weakens, and it is in a range - bound consolidation phase [1] 3. Summaries by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - Palm oil主力: Closing price (day session) is 8,720 yuan/ton with a decline of 0.32%, and (night session) is 8,148 yuan/ton with a decline of 6.56%. Trading volume decreased by 177,914 to 296,037 lots, and open interest decreased by 22,181 to 134,408 lots [1] - Soybean oil主力: Closing price (day session) is 7,706 yuan/ton with a decline of 0.36%, and (night session) is 7,708 yuan/ton with an increase of 0.03%. Trading volume decreased by 8,033 to 57,797 lots, and open interest decreased by 6,166 to 137,712 lots [1] - Rapeseed oil主力: Closing price (day session) is 9,255 yuan/ton with a decline of 1.36%, and (night session) is 9,302 yuan/ton with an increase of 0.51%. Trading volume decreased by 2,198 to 273,054 lots, and open interest decreased by 22,875 to 82,760 lots [1] - Malaysian palm oil主力: Closing price is 4,107 ringgit/ton with a decline of 1.51%, and (night session) is 4,121 ringgit/ton with an increase of 0.32% [1] - CBOT soybean oil主力: Closing price is 47.80 cents/pound with an increase of 2.03% [1] 3.1.2 Spot - 24 - degree palm oil in Guangdong: Spot price is 9,150 yuan/ton, down 100 yuan/ton [1] - First - grade soybean oil in Guangdong: Spot price is 8,100 yuan/ton, down 30 yuan/ton [1] - Fourth - grade imported rapeseed oil in Guangxi: Spot price is 9,230 yuan/ton, down 150 yuan/ton [1] - Malaysian palm oil FOB price: 1,060 dollars/ton, down 10 dollars/ton [1] 3.1.3 Basis - Palm oil (Guangdong): Basis is 430 yuan/ton [1] - Soybean oil (Guangdong): Basis is 394 yuan/ton [1] - Rapeseed oil (Guangxi): Basis is - 25 yuan/ton [1] 3.1.4 Spreads - Rapeseed - palm oil futures spread: 1,152 yuan/ton, compared with 635 yuan/ton previously [1] - Soybean - palm oil futures spread: - 458 yuan/ton, compared with - 1,050 yuan/ton previously [1] - Palm oil 5 - 9 spread: 586 yuan/ton, compared with 578 yuan/ton previously [1] - Soybean oil 5 - 9 spread: 30 yuan/ton, compared with 36 yuan/ton previously [1] - Rapeseed oil 5 - 9 spread: - 31 yuan/ton, same as before [1] 3.2 Macro and Industry News - ITS: Malaysia's palm oil exports from April 1 - 15 were 491,984 tons, a 16.95% increase from the same period last month [2] - AmSpec: Malaysia's palm oil exports from April 1 - 15 were 450,657 tons, a 13.55% increase from the same period last month [2] - Malaysia will keep the crude palm oil export tax at 10% in May and lower the reference price. The May reference price is 4,449.35 ringgit/ton (1,008.47 dollars/ton), compared with 4,547.79 ringgit/ton in April [4] - NOPA: US soybean crushing volume in March increased month - on - month but was lower than market expectations. The daily average crushing volume declined for the third consecutive month. The March soybean crushing volume was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024. The soybean oil inventory at the end of March was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year [5] - Anec: Brazil's soybean exports in April are expected to reach 14.5 million tons, higher than last week's forecast. If confirmed, it will be about 1 million tons more than last year but lower than the record in March. Brazil's soybean meal exports in April are expected to reach 2.4 million tons, higher than last week's forecast [6] - IMEA: The soybean crushing profit in Mato Grosso from April 7 - 11 was 655.59 reais/ton, up from 635.63 reais/ton the previous week [6] - Ukraine experienced severe cold snaps and frosts in early April, almost halting the development of grain crops. Rapeseed may be the most affected, with the 2025 harvest possibly at a three - year low, a potential 8% decrease to 3.39 million tons. Rapeseed exports in the 2025/26 season may also decline by 13% to 2.7 million tons [7] 3.3 Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral outlook [8]