Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - **M2601 Soybean Meal**: It is expected to fluctuate in the range of 2960 - 3020. The US soybean market is affected by the preliminary Sino - US agreement and technical buying, waiting for further guidance on Sino - US trade negotiations and US soybean harvest weather. The domestic soybean meal market is influenced by the US soybean trend, but high imports in October and spot price discounts suppress the market, likely to maintain a short - term oscillatory pattern [9]. - **A2601 Soybeans**: It is expected to fluctuate in the range of 4060 - 4160. The US soybean market is affected by trade negotiation signals and technical adjustments. The domestic soybean market is supported by the US soybean trend and the cost - performance advantage of domestic soybeans over imports, but high imports and the expected increase in domestic soybean production suppress the market [11]. Summary by Directory 1. Daily Prompt There is no specific content provided for the daily prompt in the given text. 2. Recent News - The preliminary Sino - US tariff agreement is short - term positive for US soybeans, but uncertainties remain in Sino - US trade negotiations and US soybean weather. The US soybean market will oscillate above the 1000 - point mark in the short term [13]. - The volume of imported soybeans in China remained high in October. The inventory of soybean meal in oil mills declined from a high level in October. The soybean meal market will return to an oscillatory pattern in the short term [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig restocking, weakening the demand for soybean meal in October and suppressing price expectations [13]. - The inventory of soybean meal in domestic oil mills continued to rise. The possibility of weather speculation in the US soybean - producing areas and uncertainties in Sino - US trade negotiations will keep the soybean meal market oscillating in the short term [13]. 3. Bullish and Bearish Factors Soybean Meal - **Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure of soybean meal in domestic oil mills, and uncertainties in US soybean - producing area weather [14]. - **Bearish Factors**: High volume of imported soybeans in October and the expected high yield of US soybeans [14]. - **Main Logic**: The market focuses on the impact of US soybean harvest weather and the Sino - US trade tariff game [14]. 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 price expectations [15]. - **Bearish Factors**: The high yield of Brazilian soybeans and China's increased procurement of Brazilian soybeans, as well as the expected increase in domestic soybean production, suppress price expectations [15]. - **Main Logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2940, with a basis of - 54, indicating a discount to the futures price. The inventory of soybean meal in oil mills is 118.92 million tons, a 4.86% decrease from last week and a 3.04% decrease from the same period last year [9]. - **Soybeans**: The spot price is 4100, with a basis of - 3, indicating a discount to the futures price. The inventory of soybeans in oil mills is 719.91 million tons, a 3.63% increase from last week and a 14.38% increase from the same period last year [11]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed out [9]. - **Soybeans**: The main short positions increased, and funds flowed out [11]. Other Market - Related Information - **Price and Transaction Data**: The report provides the trading prices and volumes of soybean meal and rapeseed meal from October 22 to 30, as well as the prices of soybean and soybean meal futures and spot from October 22 to 30 [16][18]. - **Warehouse Receipt Data**: It shows the warehouse receipt data of soybeans and soybean meal from October 21 to 30, including changes compared to the previous day [20]. - **Supply - Demand Balance Sheets**: Global and domestic soybean supply - demand balance sheets from 2015 - 2024 are provided, including data on harvested area, beginning inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - **Sowing and Growth Progress**: The sowing and growth progress of soybeans in Argentina (2023/24), the US (2024), and Brazil (2024/25) are presented, including sowing rate, emergence rate, good - quality rate, etc. [34][35][39]. - **USDA Reports**: The USDA's monthly supply - demand reports from March to September 2025 are provided, including data on planting area, yield, production, ending inventory, and exports [43]. - **Other Market Conditions**: The weekly export inspection of US soybeans increased month - on - month but decreased year - on - year. The volume of imported soybeans in China decreased from a high level in October but increased year - on - year. The inventory of soybeans in oil mills remained high, and the inventory of soybean meal decreased from a high level [44][46][47].

Report Investment Rating The report does not provide an investment rating for the industry. Core Views - **M2601 Soybean Meal**: Expected to oscillate between 2940 and 3000. Influenced by US soybean trends, October's high import volume of soybeans, and spot price discounts, it will likely maintain a short - term oscillatory pattern [9]. - **A2601 Soybeans**: Forecasted to fluctuate between 4060 and 4160. Affected by US soybean trends, high import volumes of soybeans, and expectations of a new domestic soybean harvest, it will also stay in a short - term oscillatory state [11]. Summary by Directory 1. Daily Tips - **Soybean Meal**: Forecasted to oscillate between 2940 - 3000. Neutral in terms of fundamentals and price trends; basis shows a discount, which is bearish; inventory reduction is bullish; the main position shows a decrease in short positions and capital outflows, which is bearish [9]. - **Soybeans**: Expected to fluctuate between 4060 - 4160. Neutral in terms of fundamentals and price trends; basis is neutral; inventory increase is bearish; the main position shows an increase in short positions and capital inflows, which is bearish [11]. 2. Recent News - Sino - US tariff negotiations remain deadlocked, causing short - term bearish sentiment for US soybeans. The US soybean market will oscillate above the thousand - point mark, awaiting further guidance on US soybean production and Sino - US tariff negotiations [13]. - In October, the domestic import volume of soybeans remained high, and the inventory of soybean meal at oil mills declined from its high. The soybean meal market will return to an oscillatory pattern [13]. - Reduced domestic pig - farming profits have led to low expectations for pig restocking, suppressing the price of soybean meal. However, uncertainties in Sino - US trade negotiations have caused the soybean meal market to return to an oscillatory pattern [13]. 3. Bullish and Bearish Factors - **Soybean Meal Bullish**: Slow customs clearance of imported soybeans, low inventory pressure of soybean meal at domestic oil mills, and uncertain weather in US soybean - producing areas [14]. - **Soybean Meal Bearish**: High total import volume of domestic soybeans in October, US soybean harvest and continuous expectations of a bumper harvest [14]. - **Soybean Bullish**: Cost of imported soybeans supports the domestic soybean market, and expected increase in domestic soybean demand supports price expectations [15]. - **Soybean Bearish**: Bumper harvest of Brazilian soybeans and increased Chinese procurement, and expected increase in new domestic soybean production suppressing price expectations [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2930, with a basis of - 39, showing a discount to futures. The inventory of soybean meal at oil mills is 118.92 million tons, a 4.86% decrease from last week and a 3.04% decrease year - on - year [9]. - **Soybeans**: The spot price is 4100, with a basis of 13, showing a discount to futures. The inventory of soybeans at oil mills is 719.91 million tons, a 3.63% increase from last week and a 14.38% increase year - on - year [11]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and capital flowed out [9]. - **Soybeans**: The main short positions increased, and capital flowed in [11].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints 2.1. Soybean Meal - Soybean meal M2601 will fluctuate in the range of 2880 - 2940. The market is neutral, with the U.S. soybean price being affected by Sino - U.S. negotiations and harvest weather, and the domestic soybean meal price being influenced by U.S. soybean trends, high imports, and spot - price discounts [9]. 2.2. Soybeans - Soybean A2601 will fluctuate in the range of 3980 - 4080. It is neutral, supported by the cost - effectiveness of domestic soybeans compared to imports but suppressed by high imports and expected domestic yield increases [11]. 3. Summary by Directory 3.1. Daily Hints - No specific content provided 3.2. Recent News - Sino - U.S. tariff negotiations are deadlocked, causing short - term negative impacts on U.S. soybeans. The U.S. soybean market will oscillate above 1000 points, awaiting further guidance [13]. - Domestic soybean imports in October remain high, and soybean meal inventory has declined from its high. The soybean market will return to a range - bound pattern [13]. - Reduced domestic pig - breeding profits have led to low expectations for pig restocking, weakening soybean meal demand in October [13]. - The soybean meal market will remain volatile, waiting for clear U.S. soybean production and the outcome of the Sino - U.S. tariff war [13]. 3.3. Long and Short Concerns 3.3.1. Soybean Meal - Bullish factors include slow customs clearance for imported soybeans, low inventory pressure on domestic oil mills, and uncertain weather in U.S. soybean - growing areas [14]. - Bearish factors are high domestic soybean imports in October and expected high U.S. soybean yields [14]. - The main logic is the focus on U.S. soybean harvest weather and Sino - U.S. trade tariff negotiations [14]. 3.3.2. Soybeans - Bullish factors are cost support for domestic soybeans from imported soybeans and expected increased domestic demand [15]. - Bearish factors are high Brazilian soybean yields and expected increases in domestic soybean production [15]. - The main logic is the focus on U.S. soybean weather and Sino - U.S. trade tariff negotiations [15]. 3.4. Fundamental Data 3.4.1. Price Data - From October 9 - 17, the average trading price of soybean meal fluctuated between 2965 - 3004 yuan/ton, and the trading volume varied from 6.51 - 22.38 million tons [16]. - From October 9 - 17, the prices of soybean and soybean meal futures and spot markets showed certain fluctuations [18]. 3.4.2. Inventory Data - As of a certain period, the oil - mill soybean meal inventory was 118.92 million tons, a 4.86% month - on - month decrease and a 3.04% year - on - year decrease [9]. - The oil - mill soybean inventory was 719.91 million tons, a 3.63% month - on - month increase and a 14.38% year - on - year increase [11]. 3.4.3. Supply and Demand Balance Sheets - Global and domestic soybean supply - demand balance sheets from 2015 - 2024 are provided, showing changes in harvest area, production, consumption, and inventory [32][33]. 3.5. Positioning Data - The positions of the main contracts of soybean meal and soybeans have changed, with the main short positions in soybean meal decreasing and those in soybeans increasing [9][11]. 3.6. Others - Sino - U.S. soybean trade is affected by tariff negotiations and weather in U.S. soybean - growing areas [13][14]. - Domestic soybean imports in October are high, and the inventory of soybean meal in oil mills has declined from its peak [13]. - The profitability of domestic pig - breeding has decreased, and the demand for soybean meal has weakened [13]. - The price of Brazilian soybeans has decreased, and the profit margin of the futures market has fluctuated slightly [53].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **豆粕 (M2601)**: Expected to oscillate between 2900 and 2960. The US soybean market is waiting for new guidance from China - US trade negotiations and harvest weather. In China, low - price buying and technical adjustments support the market, but high imports and spot price discounts limit the upside. Overall, it will likely maintain a short - term oscillatory pattern [9]. - **大豆 (A2601)**: Forecasted to fluctuate between 3960 and 4060. The US soybean market has similar uncertainties as above. In China, the cost - advantage of domestic soybeans over imports supports prices, but high imports and expected domestic soybean production growth suppress the market. It will be affected by China - US trade and import volumes in the short term [11]. 3. Summary by Directory 3.1 Daily Tips - **豆粕**: Oscillates weakly in the futures market, with relatively stable spot prices and a slightly narrowing spot discount. The oil mill's soybean processing volume has declined from a high level, and the August bean meal production increased year - on - year. Downstream procurement has slightly decreased, while提货量 remains high. The spread between bean meal and rapeseed meal fluctuates slightly [23][25][27]. - **大豆**: The cost of imported soybeans supports the domestic market, and the expected increase in domestic soybean demand is positive. However, Brazilian soybean production and expected domestic soybean yield growth are negative factors [11]. 3.2 Recent News - China - US tariff negotiations are at a stalemate, which is short - term negative for US soybeans. The US soybean market is oscillating above the 1000 - point mark, waiting for further guidance on harvest, imports, and trade negotiations. - China's imported soybean arrivals remain high in October. The oil mill's bean meal inventory has declined from a high level in October. The demand for bean meal has weakened in October due to reduced pig - farming profits, but the market is still oscillating due to trade uncertainties [13]. 3.3 Multi - Empty Concerns - **豆粕**: Positive factors include slow customs clearance of imported soybeans, low inventory pressure in domestic oil mills, and uncertain US soybean weather. Negative factors are high October arrivals of imported soybeans and expected US soybean harvest and high yields. The main focus is on US soybean harvest weather and China - US trade tariff games [14]. - **大豆**: Positive factors are the cost support of imported soybeans and expected increased domestic demand. Negative factors are Brazilian soybean production and expected domestic soybean yield growth. The main focus is on US soybean weather and China - US trade tariff games [15]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance**: Data from 2015 - 2024 shows changes in harvest area, production, consumption, and inventory, with the inventory - consumption ratio fluctuating [32]. - **Domestic Soybean Supply - Demand Balance**: Data from 2015 - 2024 shows changes in harvest area, production, imports, consumption, and inventory, with the inventory - consumption ratio also fluctuating [33]. - **Soybean Planting and Harvest Progress**: Information on the planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 - 2025 is provided, including percentages at different time points [34][35][38]. - **USDA Supply - Demand Reports**: Data from March - September 2025 shows changes in planting area, yield, production, end - of - period inventory, exports, and crushing volume of US soybeans, as well as Brazilian and Argentine soybean production [43]. 3.5 Position Data - **豆粕**: The main short positions have increased, and funds have flowed out, indicating a bearish sentiment [9]. - **大豆**: The main short positions have decreased, and funds have flowed in, but overall, the market has a bearish bias [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - **For Soybean Meal (M2601)**: It is expected to oscillate between 2900 and 2960. The US soybean market is affected by the follow - up of China - US tariff negotiations and harvest weather in the US soybean - producing areas. In the domestic market, high imports of soybeans in October and spot price discounts suppress the futures price, but the variable weather in the US soybean - producing areas supports the bottom of the market. Overall, it is expected to maintain a range - bound pattern in the short term [9]. - **For Soybeans (A2601)**: It is predicted to fluctuate between 3900 and 4000. Similar to soybean meal, the US soybean market has uncertainties. In the domestic market, the cost - performance advantage of domestic soybeans over imported ones supports the price, but high imports and the expected increase in domestic soybean production in the new season suppress the market. It is affected by the follow - up of China - US tariff negotiations and the peak season of imported soybean arrivals in the short term [11]. 3. Summary by Directory 3.1 Daily Tips - Not provided in the content 3.2 Recent News - China - US tariff negotiations are at a standstill, which is a short - term negative for US soybeans. The US soybean market is oscillating above the 1000 - point mark, waiting for further guidance on soybean growth, harvest, imported soybean arrivals, and the follow - up of China - US tariff negotiations [13]. - The arrival of imported soybeans in China in October remains at a relatively high level. The inventory of soybean meal in oil mills has declined from a high level in October. The soybean market is in a critical period affected by US soybean weather and China - US trade negotiations, and the September USDA report has a relatively neutral impact. Soybean meal is expected to return to a range - bound pattern in the short term [13]. - The reduction in domestic pig - breeding profits has led to low expectations for pig replenishment, which weakens the demand for soybean meal in October, suppressing the price. However, due to the uncertainties in China - US trade negotiations, soybean meal is still in a range - bound pattern [13]. - The inventory of soybean meal in domestic oil mills continues to rise. There is still the possibility of speculation about the weather in the US soybean - producing areas and uncertainties in the China - US tariff war. Soybean meal will maintain an oscillating pattern in the short term, waiting for clear information on US soybean production and the follow - up of the China - US tariff war [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - **Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure of soybean meal in domestic oil mills, and variable weather in the US soybean - producing areas [14]. - **Bearish Factors**: High total arrivals of imported soybeans in China in October, the harvest and listing of US soybeans, and continuous expectations of a bumper US soybean harvest [14]. - **Main Logic**: The market focuses on the impact of US soybean harvest weather and the China - US trade tariff game [14]. 3.3.2 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 [15]. - **Bearish Factors**: A bumper harvest of Brazilian soybeans and increased Chinese procurement of Brazilian soybeans, and the expected increase in domestic soybean production in the new season suppress the price [15]. - **Main Logic**: The market focuses on the impact of US soybean weather and the China - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal Transaction Data**: From September 25 to October 13, the transaction price of soybean meal was between 2981 - 3004 yuan/ton, and the trading volume ranged from 3.81 - 22.38 million tons. The price of rapeseed meal was between 2500 - 2560 yuan/ton, and the trading volume was mostly 0. The price difference between soybean meal and rapeseed meal fluctuated between 431 - 504 yuan/ton [16]. - **Soybean and Meal Futures and Spot Price Data**: From September 25 to October 13, the price of soybean meal futures (M2601) was between 2922 - 2967 yuan/ton, and the spot price was between 2880 - 2910 yuan/ton. The price of soybean futures (A2601) on October 13 was 3967 yuan/ton, and the spot price was 4100 yuan/ton [18]. - **Soybean and Meal Warehouse Receipt Data**: From September 23 to October 13, the soybean (A) warehouse receipts decreased from 7606 to 7090, the soybean (B) warehouse receipts increased from 0 to 600, and the soybean meal warehouse receipts increased from 39055 to 41285 [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets show the changes in harvest area, production, consumption, inventory, etc. from 2015 to 2024, reflecting the overall supply - demand situation of soybeans [32][33]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress data of soybeans in the US, Brazil, and Argentina from 2023 to 2025 are provided, which helps to understand the production situation in different regions [34][35][38][39][40][41][42]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March to September 2025 show changes in planting area, yield, production, and other data, which have an important impact on the soybean market [43]. 3.5 Position Data - Not provided in the content

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides viewpoints and strategies for both soybeans and soybean meal. The overall outlook for soybean meal is that it will return to a range - bound pattern in the short term, with the M2601 contract expected to oscillate between 2940 and 3000. The domestic soybean A2511 contract is expected to fluctuate between 3900 and 4000. Key factors influencing these trends include the weather in US soybean - producing areas, Sino - US tariff negotiations, the arrival volume of imported soybeans, and the supply - demand situation in the market [8][10] Summary by Directory 1. Daily Prompt - Not provided in the given content 2. Recent News - Sino - US tariff negotiations are at a stalemate, causing short - term negative impacts on US soybeans. The US soybean market is oscillating above the 1000 - point mark, awaiting further guidance on soybean growth, harvest, and Sino - US tariff negotiations. - The arrival volume of imported soybeans in China remains high in October, and the inventory of soybean meal in oil mills has declined from a high level in October. The weather in US soybean - producing areas and Sino - US trade negotiations are in a critical period, and the September USDA report has a relatively neutral impact. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking, weakening the demand for soybean meal in October and suppressing price expectations. However, the uncertainty of Sino - US trade negotiations still keeps the soybean meal market in a range - bound pattern. - The inventory of soybean meal in domestic oil mills continues to rise. There is still a possibility of speculation about the weather in US soybean - producing areas and uncertainties in the Sino - US tariff war. The soybean meal market will maintain an oscillating pattern in the short term, awaiting clarity on US soybean production and the follow - up of the Sino - US tariff war [12] 3. Bullish and Bearish Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of soybean meal in domestic oil mills, and uncertainties in the weather of US soybean - producing areas. - Bearish factors: high total arrival volume of imported soybeans in October, the harvest and listing of US soybeans, and continuous expectations of a bumper US soybean harvest. - Current main logic: The market focuses on the impact of US soybean harvest weather and the Sino - US trade tariff game [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 price expectations. - Bearish factors: a bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in the output of new - season domestic soybeans suppressing price expectations. - Current main logic: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [14] 4. Fundamental Data - Soybean and soybean - meal futures and spot price summary: Data from September 22 to September 30 show the prices and trading volumes of soybean and soybean - meal futures and spot markets, and the price difference between soybean meal and rapeseed meal [15][17] - Global and domestic soybean supply - demand balance sheets: Provide data on the supply - demand balance of soybeans globally and in China from 2015 to 2024, including harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32] - The sowing, growth, and harvest progress of soybeans in the US, Brazil, and Argentina: Show the sowing, growth, and harvest progress of soybeans in the US, Brazil, and Argentina in different time periods, including sowing rate, emergence rate, good - quality rate, flowering rate, pod - setting rate, defoliation rate, and harvest rate [33][34][35][36][37][38][39][40][41] - USDA's monthly supply - demand reports in the past six months: Provide data on planting area, yield per unit, output, ending inventory, new - bean exports, crushing volume, and the output of Brazilian and Argentine soybeans from March to September 2025 [42] - Other data: The weekly export inspection volume of US soybeans has declined both month - on - month and year - on - year. The arrival volume of imported soybeans reached a high in September and then declined, with an overall year - on - year increase. The inventory of soybeans in oil mills has declined from a high level, while the inventory of soybean meal continues to increase. The unfulfilled contracts of oil mills have declined from a high level, and the post - holiday stocking demand has decreased. The soybean crushing volume of oil mills remains high, and the soybean - meal output in July increased year - on - year. The import cost of Brazilian soybeans has decreased following the decline of US soybeans, and the margin on the futures market has fluctuated slightly [43][45][46][48][50][52] 5. Position Data - Not provided in the given content