Report Title - "Guofu Bean Series Research Weekly Report: Potential Tightness in Forward Soybean Imports, Stronger Domestic than Overseas Bean Futures" [1] Report Date - August 11, 2025 [1] Table of Contents I. Market Review - Covers soybean, soybean meal, and soybean oil [4] II. Production Area Weather - Includes weather in US soybean production areas and international supply - demand [4] III. International Supply - Demand - Focuses on US, Brazilian, and Argentine soybeans [4] IV. Domestic Supply - Demand - Analyzes soybean oil and soybean meal supply - demand [4] V. Domestic and International Oil Futures and Spot Prices, Spreads - Considers basis, monthly spreads, variety spreads, and CFTC position situation [4] Price Data - Brazilian soybean quotes for October 2025 rose from 300 to 315 (a week - on - week increase of 15), for February 2026 from 157 to 175 (an increase of 18), for March 2026 from 130 to 142 (an increase of 12), for April 2026 from 120 to 132 (an increase of 12), and for May 2026 from 135 to 155 (an increase of 20) [47] - Argentine soybean quotes for October 2025 were 240, and for November 2025 were 245 [47]

Core Insights - China's soybean imports in June reached 12.264 million tons, contributing to a total import of 49.37 million tons from January to June, reflecting a year-on-year increase of 1.8% [1] Group 1 - In June, China imported 12.264 million tons of soybeans [1] - From January to June, the cumulative soybean imports amounted to 49.37 million tons [1] - The year-on-year growth rate for soybean imports in the first half of the year is 1.8% [1]

Core Insights - In June, China's soybean imports reached 12.264 million tons, a decrease from 13.918 million tons in May [1] Group 1 - China's soybean imports in June were significantly lower compared to the previous month, indicating a potential shift in demand or supply chain issues [1]

Core Viewpoint - China's soybean imports from January to June reached 49.37 million tons, indicating significant demand in the agricultural sector [1] Group 1: Import Data - The total soybean import volume for China in the first half of the year is reported at 49.37 million tons [1]

Core Insights - In May, China's soybean imports reached 13.918 million tons, a significant increase from 6.081 million tons in April [1] Group 1 - The increase in soybean imports indicates a strong demand in the Chinese market [1] - The data reflects a month-over-month growth of approximately 129% in soybean imports [1]

Group 1: Report Investment Rating - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [4][7] Group 2: Core Views - In the short - term, the soybean meal market shows narrow - range fluctuations due to ample spot supply. In the medium to long - term, with the arrival of Brazilian soybeans, the supply of soybean meal in China will become more abundant, and the support of import costs for soybean meal prices will weaken [1][3] - For the corn market, the domestic supply is tight as the grassroots grain sources are exhausted, but the demand is affected by factors such as the inventory of deep - processing enterprises, feed enterprises' procurement strategies, and the substitution pressure from wheat [6] Group 3: Market News and Important Data (Soybean Meal and Rapeseed Meal) - Futures: The closing price of the soybean meal 2509 contract was 2919 yuan/ton, down 1 yuan/ton from the previous day, a decrease of 0.03%. The closing price of the rapeseed meal 2509 contract was 2563 yuan/ton, down 2 yuan/ton from the previous day, a decrease of 0.08% [1] - Spot: In Tianjin, the soybean meal spot price was 3340 yuan/ton, up 40 yuan/ton from the previous day; in Jiangsu, it was 3100 yuan/ton, up 10 yuan/ton; in Guangdong, it was 3120 yuan/ton, down 80 yuan/ton. The rapeseed meal spot price in Fujian was 2500 yuan/ton, up 10 yuan/ton [1] Group 4: Market News and Important Data (Corn and Corn Starch) - Futures: The closing price of the corn 2507 contract was 2365 yuan/ton, down 4 yuan/ton from the previous day, a decrease of 0.17%. The closing price of the corn starch 2507 contract was 2731 yuan/ton, down 14 yuan/ton from the previous day, a decrease of 0.51% [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged from the previous day [4] Group 5: Recent Market Information (Soybeans) - On May 7, the Brazilian National Association of Grain Exporters estimated that Brazil's soybean exports in May might drop to 12.6 million tons. The current export forecast by Anec shows a possible reduction of 900,000 tons compared with April this year and May last year. Brazil exported 15.27191382 million tons of soybeans in April, with an average daily export volume of 763,595.69 tons, a 14% increase from the same period last year [2] Group 6: Recent Market Information (Corn) - Brazil exported 178,347.53 tons of corn in April, with an average daily export volume of 8,917.38 tons, a 197% increase from the same period last year. As of May 7, Ukraine's grain exports in the 2024/25 season were 35.81 million tons, compared with 42.91 million tons in the same period last year. Corn exports were 18.98 million tons, compared with 23.81 million tons last year [5] Group 7: Market Analysis (Soybean Meal) - The tariff policy has changed rapidly this month, causing concerns about future soybean imports. However, with the arrival of Brazilian new - season soybeans, the domestic soybean supply will be relatively abundant in the coming months. The tight supply of soybean meal in the early stage of April will ease, and the inventory will replenish quickly. The support of import costs for soybean meal prices will weaken. The current tariff policy has limited impact on soybean meal prices, but policy changes, domestic soybean arrivals, and the planting and weather conditions of new - season US soybeans still need attention [3] Group 8: Market Analysis (Corn) - In China, the supply is tight as the grassroots grain sources are exhausted and traders are reluctant to sell. The demand is affected by factors such as the inventory of deep - processing enterprises, feed enterprises' procurement strategies, and the substitution pressure from wheat. The price of corn in North China increased by more than 100 yuan/ton during the May Day holiday. The supply and price of new wheat in May need attention, and the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release of substitute grains [6]

Group 1 - The core point of the article is that China's soybean imports in April reached 6.081 million tons, a significant increase compared to 3.503 million tons in March [1] Group 2 - The data indicates a month-over-month increase of approximately 73.5% in soybean imports from March to April [1] - This surge in imports may reflect changes in domestic demand or supply chain adjustments within the agricultural sector [1] - The figures suggest a potential recovery or growth in the agricultural commodities market, particularly for soybeans [1]

Report Industry Investment Rating - The investment strategy for both the soybean meal and corn sectors is "cautiously bearish" [4][7] Core Viewpoints - In the soybean meal market, due to the large - scale arrival of new - season Brazilian soybeans, the domestic soybean supply will be relatively abundant in the coming months. The tight supply situation of soybean meal is expected to ease, and the oil mill operating rate and inventory will increase. The support of import costs for soybean meal prices is expected to weaken. Attention should be paid to policy changes, domestic soybean arrivals, and the planting and weather conditions of new - season US soybeans [3] - In the corn market, the domestic supply is tight as the grassroots grain sources are exhausted and traders are reluctant to sell. The demand side shows that deep - processing enterprises have sufficient inventory, and feed enterprises sign long - term contracts and purchase on - demand. With the approaching of the new wheat harvest in May, the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release policy of substitute grains [6] Summary by Relevant Catalogs 1. Soybean Meal Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 2920 yuan/ton, up 5 yuan/ton (+0.17%) from the previous day; the rapeseed meal 2509 contract was 2565 yuan/ton, up 17 yuan/ton (+0.67%) [1] - Spot: In Tianjin, the soybean meal spot price was 3300 yuan/ton, up 120 yuan/ton; in Jiangsu, it was 3090 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3200 yuan/ton, down 30 yuan/ton. In Fujian, the rapeseed meal spot price was 2490 yuan/ton, up 10 yuan/ton [1] Recent Market News - As of May 4, the soybean harvest progress in Brazil's 2024/25 season was 97.7%, higher than 94.3% in the same period last year. The harvest in some states has ended, and the progress in Rio Grande do Sul was 92%. In Argentina, the soybean harvest was only 25%, 9 percentage points slower than last year [2] Market Analysis - With the arrival of new - season Brazilian soybeans, the domestic soybean supply will be abundant, the tight situation of soybean meal will ease, and the oil mill operating rate and inventory will recover. The decline in soybean premiums will weaken the support of import costs for soybean meal prices. The current tariff policy has limited impact on soybean meal prices, but policy changes still need attention [3] Strategy - Cautiously bearish [4] 2. Corn Market News and Important Data - Futures: The closing price of the corn 2507 contract was 2369 yuan/ton, up 4 yuan/ton (+0.17%); the corn starch 2507 contract was 2745 yuan/ton, up 4 yuan/ton (+0.15%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton; in Jilin, the corn starch spot price was 2650 yuan/ton [4] Recent Market News - As of May 4, the US corn planting progress was 40%, slightly lower than the market expectation of 41%, but higher than 35% in the same period last year and the five - year average of 39% [5] Market Analysis - Domestically, the supply is tight as grassroots grain sources are exhausted and traders are reluctant to sell. The demand side shows that deep - processing enterprises have sufficient inventory, and feed enterprises sign long - term contracts and purchase on - demand. With the approaching of the new wheat harvest in May, the substitution pressure on corn will increase. Attention should be paid to tariff policies and the release policy of substitute grains [6] Strategy - Cautiously bearish [7]