Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal market is expected to enter a volatile and slightly bullish pattern in the short term, with the M2601 contract fluctuating between 3000 and 3060. The main influencing factors include the uncertainty of weather in US soybean - growing areas, the high arrival of imported soybeans in China, and the demand for soybean meal [8]. - The soybean market is in a neutral situation in the short term, with the A2511 contract fluctuating between 3920 and 4020. Factors such as the cost of imported soybeans, the expected increase in domestic soybean production, and the demand for domestic soybeans affect the market [10]. Summary by Directory 1. Daily Tips - No specific content provided for a detailed summary. 2. Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean market is affected by relatively positive USDA report data and is expected to oscillate above the 1000 - point mark, awaiting further guidance on soybean growth, harvest, and tariff negotiations [12]. - In China, the arrival of imported soybeans remained high in August, and the soybean meal inventory of oil mills reached a relatively high level. Affected by the USDA report and the rise of rapeseed meal, soybean meal is in a short - term volatile and slightly bullish pattern [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. However, the recent increase in soybean meal demand supports the price, and the market is back in a range - bound pattern due to uncertainties in Sino - US trade negotiations [12]. - The short - term bullish oscillation of soybean meal is affected by factors such as the possible weather speculation in US soybean - growing areas, the changeable Sino - US tariff war, and it awaits the clarification of South American soybean production and the follow - up of the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of domestic oil mills' soybean meal, and uncertain weather in US soybean - growing areas [13]. - Bearish factors: high arrival volume of imported soybeans in July, the end of Brazilian soybean harvesting, and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: the cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: the continuous expectation of a bumper Brazilian soybean harvest and China's increased purchase of Brazilian soybeans, and the expected increase in new - season domestic soybean production suppresses the price [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2990, with a basis of - 60, indicating a discount to the futures. The inventory of oil mills' soybean meal is 105.33 tons, a 3.8% increase from last week and a 29.71% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of 230, indicating a premium to the futures. The inventory of oil mills' soybeans is 682.53 tons, a 0.31% increase from last week and a 5.46% decrease compared to the same period last year [10]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024, showing the long - term supply - demand situation of soybeans globally and in China [31][32]. - **Soybean and Meal Futures and Spot Prices**: Present the trading prices and volumes of soybean meal and rapeseed meal from August 22 to September 2, as well as the price trends of soybean and soybean meal futures and spot from August 25 to September 2 [15][17]. - **Soybean and Meal Warehouse Receipt Statistics**: Record the quantity changes of soybean and soybean meal warehouse receipts from August 21 to September 2 [19]. 5. Position Data - For soybean meal, the long positions of the main contract decreased, and funds flowed out [8]. - For soybeans, the long positions of the main contract decreased, and funds flowed out [10].

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - **Bean Meal**: US soybeans are oscillating and rebounding, with the rise of oils and fats and technical consolidation. Domestic bean meal is oscillating and falling back, affected by profit - taking and technical factors. In the short term, it may enter an oscillating and bullish pattern, with the M2601 contract oscillating in the range of 3080 - 3140 [8]. - **Soybeans**: US soybeans are oscillating and rebounding, while domestic soybeans are oscillating and falling back. Affected by factors such as increased expected imports and new - season domestic soybean production, the short - term trend is neutral, with the A2511 contract oscillating in the range of 3960 - 4060 [10]. Summary by Directory 1. Daily Hints No specific content provided for daily hints. 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. The US soybean market is oscillating and rebounding under the influence of relatively positive USDA report data. It is expected to oscillate above the 1000 - point mark, awaiting further guidance on US soybean growth, harvest, import arrivals, and China - US tariff negotiations [12]. - The arrival volume of imported soybeans in China remains high in August. Affected by the relatively positive USDA report data in August and the rise of rapeseed meal, domestic bean meal is in a short - term oscillating and bullish pattern [12]. - The decrease in domestic pig - farming profits leads to low expectations of pig restocking. The recent increase in bean meal demand supports the price, but due to the uncertainty of China - US trade negotiations, bean meal returns to an oscillating pattern [12]. - The inventory of domestic oil - mill bean meal continues to rise. Affected by the possibility of weather speculation in the US soybean - producing areas and the uncertainty of the China - US tariff war, bean meal is in a short - term bullish oscillation, awaiting further guidance on South American soybean production and the follow - up of the China - US tariff war [12]. 3. Long and Short Concerns - **Bean Meal** - **Bullish Factors**: Slow customs clearance of imported soybeans, low inventory of domestic oil - mill bean meal, and variable weather in the US soybean - producing areas [13]. - **Bearish Factors**: High arrival volume of imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. - **Soybeans** - **Bullish Factors**: Cost support of imported soybeans for the domestic soybean market and the expected increase in domestic soybean demand [14]. - **Bearish Factors**: Continuous expectation of a bumper Brazilian soybean harvest, increased Chinese procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Bean Meal and Rapeseed Meal Transaction Data**: The report provides the transaction average price, trading volume, and price difference between bean meal and rapeseed meal from August 12th to August 21st [15]. - **Soybean and Meal Futures and Spot Prices**: The report lists the futures prices of soybeans (bean one, bean two) and bean meal (near - month, main contract), as well as the spot prices of soybeans and bean meal from August 13th to August 21st [17]. - **Soybean and Meal Warehouse Receipt Statistics**: The report shows the warehouse receipt data of bean one, bean two, and bean meal from August 11th to August 21st [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global soybean supply - demand balance sheet covers the period from 2015 to 2024, and the domestic soybean supply - demand balance sheet covers the same period, including data on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32]. - **Soybean Planting and Harvest Progress**: It includes the planting and harvest progress of soybeans in Argentina (2023/24, 2024/25), the United States (2024), and Brazil (2024/25) [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: The report presents the USDA's monthly supply - demand reports from February to August 2025, including data on harvest area, yield, output, ending inventory, old - crop exports, crushing, and soybean production in Brazil and Argentina [41]. - **Imported Soybean Arrival Volume**: The arrival volume of imported soybeans in August is high but declining, with an overall year - on - year increase. The report provides monthly arrival volume data from 2020 to 2025 [44]. 5. Position Data - **Bean Meal**: The main long positions in bean meal are decreasing, and funds are flowing out [8]. - **Soybeans**: The main long positions in soybeans are increasing, and funds are flowing in [10].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The US soybean market is oscillating upward, with short - term weather uncertainties and technical consolidation. It awaits the follow - up of China - US tariff negotiations and the growth weather in US soybean - producing areas. The domestic soybean meal market is also in an upward oscillation, supported by good demand expectations and technical factors. However, the high volume of imported soybeans arriving in August and the spot price discount limit the upside. It may enter a moderately bullish oscillation pattern in the short term. The domestic soybean market is in a narrow - range oscillation, affected by the US soybean trend and technical factors. The high volume of imported soybeans and the expected increase in new - season domestic soybean production suppress the price. It is currently under the interactive influence of the follow - up of China - US tariff negotiations and the peak season of imported soybean arrivals [8][10]. Summary by Directory 1. Daily Tips - Not provided in the given content 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. With relatively good recent weather in US soybean - growing areas, the US soybean market is oscillating upward after being affected by relatively positive data in the US agricultural report. It is expected to oscillate above the 1000 - point mark, awaiting further guidance on US soybean growth, harvesting, imported soybean arrivals, and the follow - up of China - US tariff negotiations. - The volume of imported soybeans arriving in China remains high in August, and the soybean meal inventory in oil mills is at a relatively high level. Affected by the relatively positive data in the August US agricultural report and the rise in rapeseed meal prices, soybean meal is in a short - term moderately bullish oscillation. - The decline in domestic pig - farming profits leads to low expectations for pig replenishment. The recent recovery in soybean meal demand supports the price. Considering the uncertainty in China - US trade negotiations, soybean meal returns to an oscillation pattern within a range. - The soybean meal inventory in domestic oil mills continues to rise. Affected by the possibility of weather speculation in US soybean - growing areas and uncertainties in the China - US tariff war, soybean meal is in a short - term bullish oscillation, awaiting the clarification of South American soybean production and the follow - up of the China - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans; relatively low domestic oil - mill soybean meal inventory; uncertainties in US soybean - growing area weather [13]. - Bearish factors: high volume of imported soybeans arriving in July; the end of the Brazilian soybean harvest and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: cost of imported soybeans supports the bottom of the domestic soybean market; expected recovery in domestic soybean demand supports the domestic soybean price [14]. - Bearish factors: continuous expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans; expected increase in new - season domestic soybean production suppresses the price expectation of soybeans [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2990, with a basis of - 165, indicating a discount to the futures. The oil - mill soybean meal inventory is 100.35 tons, a 3.66% decrease from last week and a 31.74% decrease from the same period last year. The price is above the 20 - day moving average and moving upward. The main - contract long positions are increasing, and funds are flowing in [8]. - **Soybeans**: The spot price is 4300, with a basis of 256, indicating a premium to the futures. The oil - mill soybean inventory is 710.56 tons, an 8.38% increase from last week and a 0.59% decrease from the same period last year. The price is below the 20 - day moving average and moving downward. The main - contract long positions are increasing, and funds are flowing in [10]. 5. Position Data - Not provided in the given content Other Data - **Soybean and Meal Transaction Data**: From August 7th to 18th, the average transaction price of soybean meal ranged from 2999 to 3086, and the trading volume ranged from 0.15 to 33.1 tons. The average transaction price of rapeseed meal ranged from 2640 to 2660, and the trading volume was relatively low. The price difference between soybean meal and rapeseed meal fluctuated slightly [15]. - **Soybean and Meal Price Data**: From August 8th to 18th, the futures prices of soybean No. 1 (2511), soybean No. 2 (2511), soybean meal near - month (2509), and soybean meal main - contract (2601) all showed certain fluctuations. The spot prices of soybean No. 1 (in Jiamusi), soybean No. 2 (duty - paid price), and soybean meal (in Jiangsu) also changed to some extent [17]. - **Soybean and Meal Warehouse - receipt Data**: From August 6th to 18th, the soybean No. 1 warehouse receipts decreased from 13621 to 12632, the soybean No. 2 warehouse receipts remained at 2900 for most of the time, and the soybean meal warehouse receipts were mainly 10925 or 10950 [19]. - **Global and Domestic Soybean Supply - and - Demand Balance Sheets**: The global and domestic soybean supply - and - demand balance sheets show the changes in harvest area, beginning inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024 [31][32]. - **Soybean Planting, Growth, and Harvest Progress**: The planting, growth, and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 - 2025 are presented, including data on planting rate, emergence rate, flowering rate, pod - setting rate, defoliation rate, harvest rate, etc. [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - and - Demand Reports**: The USDA's monthly supply - and - demand reports from February to August 2025 show changes in harvest area, yield per unit, production, ending inventory, old - crop exports, crushing, and the production of Brazilian and Argentine soybeans [41]. - **Other Market Data**: The weekly export inspection of US soybeans is increasing both month - on - month and year - on - year. The volume of imported soybeans arriving in China is decreasing from its high in August but showing an overall year - on - year increase. The soybean inventory in oil mills is slightly increasing, while the soybean meal inventory is slightly decreasing. The unexecuted contracts of oil mills have risen to a high and then declined, with an increase in short - term stocking demand. The cost of imported Brazilian soybeans is rising with the increase in US soybean prices, and the profit margin of imported soybeans in the futures market is deteriorating. The pig inventory is rising, the sow inventory is flat year - on - year and slightly decreasing month - on - month. The pig price has recently declined after reaching a high, and the piglet price remains weak. The proportion of large pigs in China is increasing, and the cost of secondary fattening of pigs is slightly rising. The domestic pig - farming profit has recently declined [42][44][45][47][51][53][55][57][59].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market in the US is oscillating and rising, with short - term weather uncertainties and short - covering. It is waiting for the follow - up of China - US tariff negotiations and the growth weather in US soybean - producing areas. The domestic soybean meal market has risen and then fallen, affected by rapeseed meal and technical adjustments. In the short term, it may enter a moderately strong oscillation pattern. The soybean market in China is oscillating and falling, influenced by the decline of US soybeans and technical adjustments. It is affected by the high arrival of imported soybeans and the expected increase in domestic soybean production [8][10]. - The short - term progress of China - US tariff negotiations is favorable for US soybeans. The US soybean market is rising due to relatively positive data from the US agricultural report. The domestic soybean meal market is moderately strong in the short term due to the high arrival of imported soybeans, the relatively high inventory of soybean meal in oil mills, and the positive data from the August US agricultural report and the rise of rapeseed meal [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. The recent recovery of soybean meal demand supports the price, but due to the uncertainty of China - US trade negotiations, the soybean meal market returns to an oscillating pattern [12]. Summary by Directory 1. Daily Prompt No relevant content provided. 2. Recent News - The short - term progress of China - US tariff negotiations is favorable for US soybeans. The US soybean market is rising due to relatively positive data from the US agricultural report. It is expected to oscillate above the 1000 - point mark, waiting for the growth and harvest of US soybeans, the arrival of imported soybeans, and the follow - up of China - US tariff negotiations [12]. - The arrival of imported soybeans in China remains high in August. The inventory of soybean meal in oil mills is relatively high. Affected by the relatively positive data from the August US agricultural report and the rise of rapeseed meal, the soybean meal market is moderately strong in the short term [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. The recent recovery of soybean meal demand supports the price, but due to the uncertainty of China - US trade negotiations, the soybean meal market returns to an oscillating pattern [12]. - The inventory of soybean meal in domestic oil mills continues to rise. Affected by the possibility of weather speculation in US soybean - producing areas and the variables in the China - US tariff war, the soybean meal market is moderately strong in the short term, waiting for the clear output of South American soybeans and the follow - up of the China - US tariff war [12]. 3. Long and Short Concerns - **Soybean Meal**: - **Positive Factors**: Slow customs clearance of imported soybeans, relatively low inventory of soybean meal in domestic oil mills, and uncertain weather in US soybean - producing areas [13]. - **Negative Factors**: High arrival of imported soybeans in July, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. - **Soybeans**: - **Positive Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected recovery of domestic soybean demand supports the price [14]. - **Negative Factors**: The continuous expectation of a bumper Brazilian soybean harvest, China's increased purchase of Brazilian soybeans, and the expected increase in domestic soybean production suppressing the price [14]. 4. Fundamental Data - **Soybean Meal**: Spot price is 2980 (East China), with a basis of - 157, indicating a discount to futures. The inventory of soybean meal in oil mills is 100.35 tons, a 3.66% decrease from last week and a 31.74% decrease from the same period last year. The price is above the 20 - day moving average and moving upwards. The long positions of the main contract have increased, but the funds have flowed out [8]. - **Soybeans**: Spot price is 4300, with a basis of 244, indicating a premium to futures. The inventory of soybeans in oil mills is 710.56 tons, an 8.38% increase from last week and a 0.59% decrease from the same period last year. The price is below the 20 - day moving average and moving downwards. The long positions of the main contract have decreased, and the funds have flowed out [10]. 5. Position Data - **Soybean Meal**: The long positions of the main contract have increased, but the funds have flowed out [8]. - **Soybeans**: The long positions of the main contract have decreased, and the funds have flowed out [10].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The domestic soybean market is expected to return to a range - bound pattern in the short term, influenced by factors such as the progress of Sino - US tariff negotiations, the arrival of imported soybeans, and the weather in the US soybean - growing areas. The domestic soybean market is also affected by the cost of imported soybeans, the expected increase in domestic soybean demand, the bumper harvest of Brazilian soybeans, and the expected increase in domestic soybean production [10][11]. - The domestic soybean meal market is likely to maintain a range - bound pattern in the short term. The demand is good, but the high arrival of imported soybeans in August and the spot price discount limit the upside of the market. The market is mainly affected by the weather in the US soybean - growing areas and the Sino - US trade tariff game [10]. 3. Summary by Directory 3.1 Weekly Tips - Not provided in the given content. 3.2 Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean planting weather is relatively good recently, and the US soybean futures are oscillating around the 1000 - point mark, waiting for further guidance on soybean growth and the progress of Sino - US tariff negotiations [13]. - The arrival of imported soybeans in China remains high in August, and the soybean meal inventory of oil mills also stays high. The soybean meal market is expected to return to a range - bound pattern [13]. - The decrease in domestic pig - farming profits leads to a low expectation of pig replenishment. The recent increase in soybean meal demand supports the price, but the uncertainty of Sino - US trade negotiations keeps the soybean meal market in a range - bound pattern [13]. 3.3 Long and Short Concerns Soybean Meal - **Long factors**: Slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and variable weather in the US soybean - growing areas [14]. - **Short factors**: High arrival of imported soybeans in August, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper harvest of South American soybeans [14]. Soybeans - **Long factors**: 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]. - **Short factors**: The bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in domestic soybean production [15]. 3.4 Fundamental Data Global Soybean Supply - Demand Balance Sheet - From 2015 to 2024, the global soybean harvest area, output, and total supply generally showed an upward trend. The total consumption also increased steadily, and the ending inventory and inventory - to - consumption ratio fluctuated [22]. USDA's Monthly Supply - Demand Reports in the Past Six Months - From January to July 2025, the US soybean harvest area, yield per unit, and output remained relatively stable, with some minor adjustments. The ending inventory, old - crop exports, and crushing volume also had certain changes [23]. US Soybean Planting and Growth Progress in 2024 - The sowing, emergence, flowering, pod - setting, and other growth stages of US soybeans in 2024 were compared with the same period last year and the five - year average, showing that the progress was generally affected by weather and other factors [24][25]. Brazilian and Argentine Soybean Planting and Harvesting Progress in 2024/25 - The planting and harvesting progress of Brazilian and Argentine soybeans in 2024/25 was compared with the same period last year and the five - year average, reflecting the impact of weather and other factors on the production of soybeans in these regions [27][28][29]. 3.5 Position Data - Not provided in the given content. 3.6 Domestic Soybean and Soybean Meal Supply - Demand and Inventory Structure US Soybean Market - The US soybean market is currently affected by the progress of Sino - US trade negotiations and relatively good weather. The market is oscillating around the 1000 - point mark, and the future trend is mainly determined by the weather in the US soybean - growing areas and the progress of Sino - US tariff negotiations [33]. Domestic Soybean Meal Industry Chain - **Imported Soybean Arrival**: The arrival of imported soybeans in August decreased from the high level, with an overall year - on - year increase [36]. - **Oil Mill's Crushing and Inventory**: The soybean inventory of oil mills increased slightly, and the soybean meal inventory remained basically flat. The unexecuted contracts of oil mills returned to a high level, and the short - term stocking demand increased. The soybean crushing volume of oil mills decreased from the high level, and the soybean meal output in June increased year - on - year [37][39][40]. - **Soybean Meal Transaction**: The downstream procurement in China decreased from the high level, and the pick - up volume remained high [44]. - **Pig - Farming Inventory**: The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price recently rose and then fell, and the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly. The domestic pig - farming profit recently decreased [46][48][50][52]. 3.7 Meal Market Structure - The soybean meal futures oscillated and rebounded, and the spot price followed. The spot discount remained at a high level. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract between soybean meal and rapeseed meal oscillated weakly [58][60]. 3.8 Technical Analysis Soybeans - The soybean futures are weakly oscillating, affected by the trend of US soybeans and the relative stability of domestic soybean spot prices. Technical indicators such as KDJ and MACD show that the market is in a stage of technical adjustment, and the future trend needs new guidance [65]. Soybean Meal - The soybean meal futures oscillated and rebounded, affected by the trend of US soybeans and the expected good domestic demand. Technical indicators such as KDJ and MACD show that the market is in a stage of technical rebound, but the upside space is limited, and the future trend needs new guidance [68]. 3.9 Next Week's Focus Points - The most important factors are the weather in the US soybean - growing areas, the progress of Sino - US trade relations and tariff negotiations, and the arrival and operation of imported soybeans in China [71]. - The second - most important factors are the domestic soybean meal demand, the inventory of domestic oil mills, and downstream procurement [72]. - The third - most important factors are macro - factors and conflicts such as the Russia - Ukraine and Palestine - Israel conflicts [72].

Report Industry Investment Rating No information provided in the content. Core Views of the Report - The soybean meal market is expected to return to a range - bound pattern in the short term, with the M2509 contract oscillating between 2980 and 3040. The US soybean market is affected by factors such as weather and Sino - US tariff negotiations, and the domestic soybean meal market is influenced by import volume and inventory [8]. - The domestic soybean market is also expected to be range - bound, with the A2509 contract fluctuating between 4080 and 4180. It is affected by factors like South American soybean harvest, import volume, and domestic production expectations [10]. Summary by Directory 1. Daily Tips - The soybean meal M2509 is expected to oscillate between 2980 and 3040, and the soybean A2509 is expected to oscillate between 4080 and 4180 [8][10]. 2. Recent News - Sino - US tariff negotiation progress is short - term positive for US soybeans. The US soybean planting weather is relatively good recently, and the short - term US market has oscillated downward, expected to oscillate around the 1000 - point mark [12]. - The domestic import soybean arrival volume remained high in July, the oil mill soybean meal inventory continued to rise, and the soybean meal market returned to an oscillating pattern [12]. - The reduction in domestic pig breeding profit has led to a low expectation of pig replenishment. The recent increase in soybean meal demand supports the price expectation, and the uncertainty in Sino - US trade negotiations has led the soybean meal market to return to a range - bound pattern [12]. - The domestic oil mill soybean meal inventory continues to rise. There is still a possibility of weather speculation in the US soybean production area and uncertainties in the Sino - US tariff war, so the soybean meal market will maintain short - term oscillations [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low domestic oil mill soybean meal inventory, and uncertain US soybean production area weather [13]. - Bearish factors: high domestic import soybean arrival volume in July and the end of the Brazilian soybean harvest with a continuous expectation of South American soybean bumper harvest [13]. Soybeans - Bullish factors: cost support of imported soybeans for the domestic soybean market and the expectation of increased domestic soybean demand [14]. - Bearish factors: continuous expectation of Brazilian soybean bumper harvest and China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024 for the global market and from 2015 to 2024 for the domestic market [31][32]. - **Soybean Planting and Harvest Progress**: Include the 2023/24 Argentina soybean planting and harvest progress, 2024 US soybean planting, growth, and harvest progress, 2024/25 Brazilian and Argentine soybean planting and harvest progress [33][34][38]. - **USDA Monthly Supply - Demand Reports**: Show data from January to July 2025, including harvest area, yield, production, ending inventory, old - crop exports, crushing, and Brazilian and Argentine soybean production [41]. - **Imported Soybean Arrival Volume**: The peak of imported soybean arrival volume was postponed to June, with an overall increase [44]. 5. Position Data - For soybean meal, the main long positions decreased, and funds flowed out, but it is still considered bullish [8]. - For soybeans, the main long positions increased, and funds flowed out, also considered bullish [10].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean market in the US is experiencing a downward trend due to favorable weather conditions in the soybean - growing regions and is expected to fluctuate around the 1000 - point mark, awaiting further guidance on soybean planting, growth, import arrivals, and the progress of China - US tariff negotiations [8][10][12]. - The domestic soybean market is also on a downward trend, influenced by the US soybean market, increased import arrivals, and expectations of a domestic soybean harvest. It is affected by the interaction between the follow - up of China - US tariff negotiations and the expected increase in imported soybean arrivals [10]. - The domestic soybean meal market is in a narrow - range oscillation. With high import arrivals in July, weak spot prices, and an increase in oil - mill soybean meal inventories, it may return to a range - bound pattern in the short term [8][12]. Summary by Directory 1. Daily Hints - For soybean meal M2509, it is expected to oscillate between 2960 and 3020. The market is neutral, with a negative basis, increasing inventories, a bullish trend on the chart, and a bullish signal from the main positions. The US soybean - growing weather and China - US tariff negotiations are the main factors affecting the market [8]. - For soybean A2509, it is expected to oscillate between 4080 and 4180. The market is neutral, with a positive basis, increasing inventories, a neutral chart trend, and a bearish signal from the main positions. The cost of imported soybeans and domestic demand support the bottom, while increased imports and domestic harvest expectations limit the upside [10]. 2. Recent News - The progress of China - US tariff negotiations is uncertain in the short term. With favorable weather for US soybean planting, the US market is in a downward trend and is expected to oscillate around the 1000 - point mark [12]. - The volume of imported soybeans in China remained high in July. Oil - mill soybean meal inventories continued to rise, and the Ministry of Agriculture promoted a reduction in protein content in feed formulations, causing soybean meal prices to rise and then fall [12]. - Reduced profits in domestic pig farming have led to low expectations for pig replenishment. The demand for soybean meal has weakened since May Day, but tight supply supports post - holiday prices. With reduced pressure from the China - US tariff war, soybean meal has entered a weakly oscillating pattern [12]. - Low oil - mill soybean meal inventories in China support short - term price expectations. The possibility of weather speculation in US soybean - growing regions and uncertainties in the China - US tariff war mean that soybean meal will maintain an oscillating pattern in the short term [12]. 3. Long and Short Concerns - **Soybean Meal** - **Bullish factors**: Slow customs clearance of imported soybeans, low domestic oil - mill soybean meal inventories, and uncertain weather in US soybean - growing regions [13]. - **Bearish factors**: High volume of imported soybeans in July, and expectations of a bountiful South American soybean harvest [13]. - **Soybeans** - **Bullish factors**: Cost of imported soybeans supports the domestic market, and expected increased domestic demand supports prices [14]. - **Bearish factors**: Expectations of a bountiful Brazilian soybean harvest and increased Chinese purchases, as well as expected domestic soybean harvest [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From July 22 to July 31, the average transaction price and volume of soybean meal and rapeseed meal fluctuated. The price difference between soybean meal and rapeseed meal also showed small fluctuations [15]. - **Soybean and Meal Futures and Spot Prices**: From July 23 to July 31, the prices of soybean and meal futures and spot prices fluctuated. The spot price of soybean meal was relatively stable, with a high level of spot discount [17][22]. - **Soybean and Meal Warehouse Receipt Statistics**: From July 21 to July 31, the number of warehouse receipts for soybeans and soybean meal decreased [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide historical data on global and domestic soybean supply - demand balances, including harvest area, output, consumption, and inventory [30][31]. - **Soybean Planting and Harvest Progress in Argentina, the US, and Brazil**: Provide data on the planting and harvest progress of soybeans in Argentina, the US, and Brazil in different periods [32][33][37]. - **USDA Monthly Supply - Demand Reports**: Provide data on the harvest area, yield, output, and other aspects of soybeans in the US in the past six months [40]. 5. Position Data No relevant content provided.

Report Investment Rating - No investment rating for the industry is provided in the report. Core Views - **Soybean Meal**: The U.S. soybean market is affected by weather and Sino - U.S. tariff negotiations. In China, factors such as high soybean imports in July, efforts to reduce protein content in feed, and weak spot prices are influencing the market. The soybean meal M2509 is expected to trade in the range of 2940 - 3000 [8]. - **Soybeans**: The U.S. soybean market has a bottom - support due to weather uncertainties, but the upside is limited. In China, domestic soybeans are supported by cost - advantage over imports, yet the high import volume and expected domestic yield increase are suppressing the price. The soybean A2509 is expected to trade in the range of 4100 - 4200 [10]. Summary by Directory 1. Daily Tips - Not provided in the given content. 2. Recent News - Sino - U.S. tariff negotiation progress is short - term positive for U.S. soybeans. U.S. soybean planting weather is currently good, leading to a short - term rise and fall in the U.S. market, with further guidance awaited [12]. - China's soybean imports are high in July, oil - mill soybean meal inventory continues to rise, and the Ministry of Agriculture's push to reduce protein in feed has led to a rise and fall in soybean meal prices [12]. - China's pig - farming profit decline has led to low expectations for pig restocking, resulting in weakening soybean meal demand after May Day. However, supply tightness and reduced Sino - U.S. tariff pressure have put the soybean meal market in a short - term weak - oscillation pattern [12]. 3. Bullish and Bearish Factors Soybean Meal - **Bullish**: Slow customs clearance of imported soybeans, low domestic oil - mill soybean meal inventory, and uncertain U.S. soybean - growing weather [13]. - **Bearish**: High July imports of domestic soybeans and expected high yields of South American soybeans [13]. Soybeans - **Bullish**: Cost of imported soybeans supports the domestic market, and expected increase in domestic soybean demand supports prices [14]. - **Bearish**: Expected high yields of Brazilian soybeans and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal and Soybean Prices**: Data shows the trading prices and volumes of soybean meal and soybean futures and spot markets from July 18 - 28, 2025 [15][17]. - **Soybean and Meal Warehouse Receipts**: The number of warehouse receipts for soybeans and soybean meal from July 16 - 28, 2025, with changes compared to the previous day [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on harvest area, inventory, production, consumption, etc., from 2015 - 2024 for the global market and 2015 - 2024 for the domestic market [30][31]. - **Soybean Planting and Harvest Progress**: Include the planting and harvest progress of soybeans in Argentina, the U.S., and Brazil from 2023 - 2025 [32][33][37]. - **USDA Supply - Demand Reports**: Show the data from USDA's monthly supply - demand reports from January - July 2025, including harvest area, yield, production, etc. [40]. 5. Position Data - Not provided in the given content.

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market is affected by factors such as US soybean planting weather, Sino - US trade tariffs, and South American soybean harvests. The soybean market may experience range - bound oscillations. Specifically, the M2509 contract of soybean meal is expected to oscillate between 3000 and 3060, and the A2509 contract of soybeans is expected to oscillate between 4140 and 4240 [8][10]. - The short - term trend of the soybean market is influenced by multiple factors. The US soybean planting weather and Sino - US trade tariff negotiations are the main focuses of the market [12][13][14]. Summary by Directory 1. Daily Hints - The soybean meal M2509 is expected to oscillate between 3000 and 3060, and the soybean A2509 is expected to oscillate between 4140 and 4240. The analysis of soybean meal and soybeans includes aspects such as fundamentals, basis, inventory,盘面, and expected trends [8][10]. 2. Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean planting weather is currently good, and the US soybean market is expected to oscillate above the 1000 - point mark [12]. - The arrival of imported soybeans in China reached a high in June. The soybean and soybean meal inventories of oil mills have increased since May. The short - term trend of soybeans and soybean meal is affected by the decline of US soybeans [12]. - The profit of pig farming in China has decreased, leading to low expectations for pig replenishment. The demand for soybean meal has weakened since May, but the supply shortage supports the post - festival price of soybean meal. The short - term trend of soybean meal is oscillating weakly [12]. - The low inventory of soybean meal in domestic oil mills supports the short - term price. The possibility of weather speculation in the US soybean production area and the uncertainty of Sino - US tariff wars affect the short - term oscillation of soybean meal [12]. 3. Bullish and Bearish Concerns Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in the US soybean production area [13]. - Bearish factors: High arrival volume of imported soybeans in July, the end of the Brazilian soybean harvest, and the expected high yield of South American soybeans [13]. Soybeans - Bullish factors: Cost support of imported soybeans and expected increase in domestic soybean demand [14]. - Bearish factors: Expected high yield of Brazilian soybeans, increased procurement of Brazilian soybeans by China, and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal and Soybean Price and Transaction Data**: It shows the transaction average price, trading volume, and price differences of soybean meal and rapeseed meal from July 14 to July 23, as well as the futures and spot prices of soybeans and soybean meal during the same period [15][17]. - **Soybean and Meal Warehouse Receipt Data**: It records the changes in the warehouse receipts of soybeans (including soybean No.1 and soybean No.2) and soybean meal from July 11 to July 23 [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: They show the supply - demand balance data of global and domestic soybeans from 2015 to 2024, including harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: It includes the planting and harvest progress of soybeans in Argentina in the 2023/24 season, the planting, growth, and harvest progress of soybeans in the US in 2024, and the planting and harvest progress of soybeans in Brazil and Argentina in the 2024/25 season [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply - Demand Reports**: It shows the data of harvest area, yield per unit, output, ending inventory, old - crop soybean exports, crushing volume, and soybean output in Brazil and Argentina in the USDA's monthly supply - demand reports from January to July 2025 [41]. - **Imported Soybean Arrival Data**: It shows the monthly arrival volume of imported soybeans in China from 2020 to 2025, indicating that the arrival volume reached a high in June [44]. 5. Position Data - The main long positions of soybean meal have decreased, and the funds have flowed in. The main short positions of soybeans have increased, and the funds have flowed out [8][10].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The soybean market is influenced by multiple factors such as US soybean planting weather, Sino - US tariff negotiations, and South American soybean harvest. Both soybeans and soybean meal are expected to remain range - bound in the short term [10][11]. - The price of US soybeans is affected by the progress of Sino - US tariff negotiations and the weather in the soybean - growing areas. The overall good weather in the US soybean - growing areas suppresses the upward movement of the price, while the uncertainty of the weather and the follow - up of the Sino - US tariff war determine the short - and medium - term trends of the market [33]. - The domestic soybean and soybean meal markets are affected by factors like the arrival of imported soybeans, oil mill operations, and downstream demand. The increase in the arrival of imported soybeans and the expected increase in domestic soybean production suppress the upward movement of prices [10][11]. Summary by Directory 1. Weekly Prompt No relevant information provided. 2. Recent News - The short - term progress of Sino - US tariff negotiations is beneficial to US soybeans. The US soybean market has bottomed out and rebounded, and it is expected to fluctuate above the 1000 - point mark, waiting for further guidance on soybean planting and growth, the arrival of imported soybeans, and the follow - up of Sino - US tariff negotiations [13]. - The arrival of imported soybeans in China remains high in July. The soybean inventory in domestic oil mills has continued to rise since May Day, and the soybean meal inventory in oil mills has continued to rise in July. The soybean market has returned to a fluctuating pattern due to the decline in US soybean prices [13]. - The decrease in domestic pig - raising profits has led to low expectations for pig replenishment. The demand for soybean meal has weakened since May Day, but the tight supply supports the post - holiday price. With the weakening pressure of the Sino - US tariff war, the soybean meal market has entered a weakly fluctuating pattern [13]. - The low inventory of domestic oil mills' soybean meal supports the short - term price. The possibility of weather speculation in the US soybean - growing areas and the uncertainty of the Sino - US tariff war affect the soybean meal market, which is expected to remain fluctuating in the short term, waiting for the clarification of South American soybean production and the follow - up of the Sino - US tariff war [13]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and uncertain weather in the US soybean - growing areas [14]. - Bearish factors: high arrival of imported soybeans in June, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [14]. Soybeans - Bullish factors: support from the cost of imported soybeans and the expected increase in domestic demand for domestic soybeans [15]. - Bearish factors: continuous expectation of a bumper Brazilian soybean harvest, increased procurement of Brazilian soybeans by China, and the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Weather**: The weather in some US soybean - growing areas is still variable in the short term, which is bullish, but it is expected to be normal in the short term, being neutral or bearish [9]. - **Import Cost**: US soybeans have bottomed out and rebounded. The Sino - US tariff negotiation and the weather in the US soybean - growing areas are still uncertain, which is bullish. The import cost is expected to fluctuate, being neutral or bearish [9]. - **Oil Mill Pressing**: The demand for soybean meal has weakened in the short term, but the oil mill's pressing volume remains high, which is bearish. The demand is expected to be weak in the short term, and the oil mill's operation is expected to decline from a high level, being bullish [9]. - **Transaction**: The enthusiasm for downstream forward stocking has weakened, which is bearish. The market transaction is expected to remain at a low level, being neutral or bearish [9]. - **Oil Mill Inventory**: The inventory of soybean meal in oil mills remains at a low level in the same period of history, which is bullish. With the increase in upstream operation, the inventory of oil mills is expected to continue to rise, being bearish [9]. 5. Position Data No relevant information provided. 6. Trading Strategies Soybean Meal - Futures: US soybeans are expected to fluctuate above the 1000 - point mark in the short term, and soybean meal is expected to fluctuate within the range of 2900 - 3100. Short - term trading within the range is recommended [17]. - Options: Wait and see [19]. Soybeans - Futures: The A2509 contract of soybeans is expected to fluctuate within the range of 4000 - 4200. Short - term trading within the range is recommended [20]. - Options: Wait and see [20].