Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The soybean meal M2601 is expected to oscillate in the range of 2900 - 2960. The domestic soybean meal may maintain an oscillatory pattern in the short - term, influenced by factors such as the demand turning weak, high import soybean arrivals in October, and the spot price discount [9]. - The soybean A2601 is expected to fluctuate in the range of 3940 - 4040. It is affected by the cost support of imported soybeans, the expected increase in domestic soybean demand, as well as the high arrivals of imported soybeans and the expected increase in the production of new domestic soybeans [11]. - The market focuses on the impact of the US soybean harvest weather and the Sino - US trade tariff game for both soybean meal and soybeans [14][15]. Summary by Directory 1. Daily Prompt - Not provided in the document 2. Recent News - The Sino - US tariff negotiation remains deadlocked, which is a short - term negative for US soybeans. The US soybean market oscillates above the 1000 - point mark, awaiting further guidance on the growth and harvest of US soybeans, the arrival of imported soybeans, and the follow - up of the Sino - US tariff negotiation [13]. - The arrival of imported soybeans in China remains at a relatively high level in October. The inventory of soybean meal in oil mills has declined from a high level in October. The soybean meal has returned to an oscillatory pattern in the short - term [13]. - The decrease in domestic pig - farming profits has led to a low expectation of pig restocking, weakening the demand for soybean meal in October and suppressing the price expectation of soybean meal [13]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, 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 the continuous expectation of a bumper US soybean harvest [14]. Soybeans - Bullish factors: cost support of imported soybeans for the domestic soybean market, and the expected increase in domestic soybean demand [15]. - Bearish factors: a bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in the production of new domestic soybeans [15]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the harvest area, output, and total supply of soybeans generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [32]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the harvest area, output, and import volume of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [33]. - **Soybean Meal and Soybean Price and Transaction Data**: The transaction price and volume of soybean meal and soybeans have changed from September 26 to October 14. The price of soybean meal futures has shown a weak oscillation, while the spot price has been relatively stable, and the spot discount has slightly narrowed [16][18][23]. - **Soybean and Meal Warehouse Receipt Statistics**: The number of warehouse receipts for soybeans and soybean meal has changed from September 24 to October 14 [20]. 5. Position Data - Not provided in the document 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - **Range**: 2900 - 2960 [9]. - **Fundamentals**: US soybeans oscillated and closed lower. The domestic soybean meal oscillated and declined due to short - term weakening demand and technical consolidation [9]. - **Basis**: The spot price is 2890 (East China), with a basis of - 12, indicating a discount to the futures [9]. - **Inventory**: 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 compared to the same period last year [9]. - **Disk**: The price is below the 20 - day moving average and moving downward [9]. - **Main Position**: The short positions of the main players have decreased, and funds have flowed in [9]. Soybeans - **Range**: 3940 - 4040 [11]. - **Fundamentals**: US soybeans oscillated and closed lower. The domestic soybeans oscillated and recovered, supported by the cost of imported soybeans and the expected increase in demand, but suppressed by high arrivals of imported soybeans and the expected increase in domestic soybean production [11]. - **Basis**: The spot price is 4100, with a basis of 133, indicating a premium to the futures [11]. - **Inventory**: The inventory of soybeans in oil mills is 719.91 million tons, a 3.63% increase from last week and a 14.38% increase compared to the same period last year [11]. - **Disk**: The price is above the 20 - day moving average but moving downward [11]. - **Main Position**: The short positions of the main players have increased, and funds have flowed in [11].

Market Overview - On October 14, A-shares experienced significant volatility, with major indices closing down by 0.62%, 2.54%, and 3.99% respectively, and a total market turnover of 2.6 trillion yuan, an increase of 222.4 billion yuan from the previous trading day [1][2] - The semiconductor sector saw a net outflow of 17.932 billion yuan, with stocks like Yandong Micro and Chipone falling over 11% [1][2] Sector Performance - Traditional sectors such as banking, insurance, public utilities, and food and beverage showed resilience, with increases of over 2%, contrasting sharply with the declines in high-growth sectors like semiconductors and CPO [1][7] - The gold and silver futures market also experienced significant fluctuations, with gold prices initially rising nearly 5% before settling at a 2.7% increase, while silver saw a similar pattern [6][8] Specific Company Impact - Wenta Technology, a key player in the semiconductor sector, faced a sharp decline, with its stock hitting the daily limit down for two consecutive days, reflecting investor concerns over its control of Nexperia due to a Dutch government order freezing assets [3][5] - The company held an investor meeting to reassure stakeholders that its core operations remain unaffected, although the loss of governance control may impact operational efficiency in the short term [5][12] Investment Sentiment - There is a growing trend of risk aversion among investors, leading to a shift from high-growth stocks to more stable, traditional assets [12][14] - Analysts suggest that the banking sector, particularly state-owned and regional banks, may become a preferred choice for risk-averse investors due to their stable earnings and attractive dividend yields [15][16] Future Outlook - The upcoming U.S.-China tariff negotiations are expected to influence market dynamics, with potential volatility as investors await clearer signals [17] - The banking sector is projected to show stable growth, with expected revenue growth of 0.6% and net profit growth of 0.8% year-on-year for the first three quarters of 2025, indicating a resilient financial landscape [14][15]

Group 1 - The core viewpoint of the articles revolves around the fluctuating dynamics of US-China trade relations, particularly the implications of potential tariffs on market performance and investment opportunities [1][2] - The 中证A500ETF (159338) has seen significant inflows, with 153 million shares flowing in and a net inflow of 102 million shares, indicating a balanced capital allocation towards broad-based indices [1] - Following President Trump's hint at canceling new tariffs on China, US stock index futures rose, reflecting market optimism despite previous threats of a 100% tariff increase set to take effect on November 1 [1] Group 2 - Analysts suggest that the recent tariff threats should be viewed as negotiation leverage rather than a definitive outcome, with a low probability of the 100% tariffs being implemented [2] - The 中证A500ETF (159338) is highlighted as a leading investment option, with its total number of accounts being three times that of its closest competitor, indicating strong investor interest [2] - The short-term risk of tariffs may lead to increased volatility in equity assets, but the medium-term outlook remains cautiously optimistic, with potential for a resolution that could stabilize the market [2]

Core Viewpoint - External shocks causing asset declines present a good opportunity to increase holdings in the Chinese market [2] Group 1: Market Analysis - The recent escalation in the US-China trade dispute has led to panic selling, reminiscent of the situation in April [2] - Unlike the uncertainty in April regarding the impact of "reciprocal tariffs," the current trade risk boundaries are clearer, and domestic financial stability is more assured [2] - The demand for quality assets in China remains strong, and the current external conflicts should be viewed as buying opportunities rather than a trend-ending event [2] Group 2: Negotiation Dynamics - The US-China tariff negotiations are characterized by difficulty, repetition, and long-term nature, with a high probability of phased agreements [3] - Prior to negotiations, market sentiment may be suppressed due to the collection of bargaining chips, leading to downward pressure on indices [3] - After negotiations, the market typically rebounds as negative factors are digested, indicating a potential for recovery in the A-share market [3] Group 3: Market Trends - Recent declines in A-share indices were influenced by high valuations triggering financing rules, leading to a shift in market dynamics [3] - The market is undergoing a technical adjustment, but the core logic for sustained growth remains intact, suggesting a likely upward trend [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The soybean meal market is expected to return to a volatile pattern in the short term, with the M2601 contract oscillating between 2900 and 2960. The market is affected by factors such as the weather in US soybean - growing areas, Sino - US tariff negotiations, and the arrival of imported soybeans [8]. - The domestic soybean market is also in a volatile situation, with the A2511 contract ranging from 3900 to 4000. It is influenced by the cost of imported soybeans, the expected increase in domestic soybean demand, and the expected increase in new - season domestic soybean production [10]. Summary by Directory 1. Daily Prompt - The soybean meal M2601 is expected to oscillate between 2900 and 2960, and the domestic soybean A2511 is expected to range from 3900 to 4000 [8][10]. 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, waiting for further guidance on soybean growth, harvest, and Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China remains at a relatively high level in October. The inventory of soybean meal in oil mills decreased from a high level in October. The soybean meal market is expected to return to a range - bound pattern [12]. - The reduction in domestic pig - farming profits has led to a low expectation of pig restocking, suppressing the expected price of soybean meal in October. However, due to the uncertainty of Sino - US trade negotiations, the soybean meal market will return to a range - bound pattern [12]. 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 variable weather in US soybean - growing areas [13]. - Bearish factors: high total arrival of imported soybeans in China in October and the expected high - yield of US soybeans [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: high - yield of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2900, with a basis of - 39, indicating a discount to the futures. The inventory of soybean meal in oil mills is 116.44 tons, a 2.48% increase from last week and a 13.54% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4140, with a basis of 165, indicating a premium to the futures. The inventory of soybeans in oil mills is 73.2 tons, a 0.21% increase from last week and a 6.35% increase compared to the same period last year [10]. 5. Position Data - For both soybean meal and soybeans, the long positions of the main players decreased, but capital flowed in [8][10]. Other Data - **Soybean and Meal Transaction Data**: From September 23 to October 9, the average transaction price and volume of soybean meal and the price difference between soybean meal and rapeseed meal are presented in the report [15]. - **Soybean and Meal Price Data**: From September 23 to October 9, the futures and spot prices of soybeans and soybean meal are provided [17]. - **Soybean and Meal Warehouse Receipt Data**: From September 19 to October 9, the changes in warehouse receipts of soybeans and soybean meal are shown [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 are presented, including data on harvest area, inventory, production, consumption, etc. [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 to 2025 are provided [33][34][37][38][39][40][41]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March to September 2025 are included, with data on planting area, yield, production, etc. [42]. - **Soybean - related Market Conditions**: The weekly export inspection of US soybeans decreased both month - on - month and year - on - year. The arrival of imported soybeans decreased from a high level in September but increased overall year - on - year. The inventory of soybeans in oil mills decreased from a high level, while the inventory of soybean meal continued to increase. The unexecuted contracts of oil mills decreased from a high level. The import cost of Brazilian soybeans decreased following US soybeans, and the profit on the futures market fluctuated slightly [43][45][46][48][52]. - **Pig - related Market Conditions**: The pig inventory continued to rise, the sow inventory was flat year - on - year but decreased slightly month - on - month. The pig price recently declined again, 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 deteriorated [54][56][58][60].

Group 1 - The article discusses the escalating trade tensions between the US and China, highlighting Trump's strategies to pressure China into concessions during tariff negotiations [1] - The US has adopted a stance on Taiwan, which has provoked strong reactions from China, leading to demands for the US to clarify its position against Taiwan independence [1] - Trump's changes to the H-1B visa policy have adversely affected Indian tech talent, while China has seized the opportunity to attract foreign talent through its K visa program [3] Group 2 - Trump's tariffs aimed at protecting US manufacturing have led to significant challenges for American companies, causing many to reconsider domestic investments and seek opportunities abroad [5][6] - The US Commerce Department's new rules on export controls are expected to impact nearly a thousand Chinese companies, creating substantial financial losses [6] - In response to US tariffs, China has implemented a policy that offers a 20% price evaluation discount for foreign companies producing within China, enhancing their competitiveness in the local market [8]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The report analyzes the market conditions of soybeans and soybean meal. For soybean meal, it is expected to return to a volatile pattern in the short - term, with the M2601 contract oscillating between 2920 and 2980. For soybeans, the A2511 contract is expected to oscillate between 3880 and 3980. The market is mainly influenced by factors such as US soybean weather, Sino - US tariff negotiations, soybean supply and demand, and livestock farming conditions [8][10]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - Sino - US tariff negotiations are at a stalemate, and the US soybean market is oscillating above the 1000 - point mark. The US soybean weather and Sino - US trade negotiations are in a critical period. The September USDA report has a relatively neutral impact. The domestic import of soybeans remains high in September, and the soybean meal inventory of oil mills is at a relatively high level. The demand for soybean meal has rebounded in August and September, but the uncertainty of Sino - US trade negotiations persists, and soybean meal has returned to an interval - oscillating pattern [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low soybean meal inventory in domestic oil mills, and variable weather in US soybean - producing areas [13]. - Bearish factors: high volume of imported soybeans in September, and the end of the Brazilian soybean harvest with a 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, and the expected increase in domestic soybean demand supports price expectations [14]. - Bearish factors: a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, and the expected increase in the output of new domestic soybeans suppresses price expectations [14]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the global soybean harvest area, output, and total supply have generally shown an upward trend, while the inventory - to - consumption ratio has also fluctuated and increased [31]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the domestic soybean harvest area, output, and import volume have changed, and the inventory - to - consumption ratio has also fluctuated [32]. - **Soybean and Meal Price Data**: The report provides price data for soybean and meal futures and spot markets from September 16 to 24, 2025, showing the price trends and price differences between futures and spot markets [15][17]. - **Soybean and Meal Warehouse Receipt Statistics**: The report provides warehouse receipt data for soybeans and soybean meal from September 12 to 24, 2025, showing the changes in warehouse receipts [19]. 5. Position Data No relevant content provided. Other Market Conditions - The export inspection of US soybeans has increased week - on - week and year - on - year. The arrival volume of imported soybeans has decreased from its high in September but has generally increased year - on - year. The soybean inventory of oil mills has reached a new high, and the soybean meal inventory has continued to increase. The unexecuted contracts of oil mills have decreased from a high level. The import cost of Brazilian soybeans has followed the decline of US soybeans, and the profit on the futures market has fluctuated slightly. The pig inventory has continued to rise, while the sow inventory has remained flat year - on - year and slightly decreased month - on - month. Pig prices have recently declined again, and piglet prices have remained weak. The proportion of large pigs in the country has increased, and the cost of secondary fattening of pigs has slightly increased. The domestic pig - farming profit has recently deteriorated [42][44][45].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Due to the anti - involution theme, exchange measures like position limits and fee hikes, and the delivery logic of the 2509 contract, some varieties with weak supply - demand fundamentals have seen continuous declines. In September, some varieties started to stabilize after losing the downward guidance of the 09 contract. The impact of the anti - involution theme is limited. With the National Day holiday approaching, it's advisable to control positions and operate cautiously [2][3][5]. - Anti - involution varieties are relatively strong, while the non - ferrous sector is bearish [3]. - The anti - involution is a long - term theme. After a sharp rise in July, trading volume and open interest of anti - involution varieties decreased due to position limits and fee hikes, and some varieties with weak industrial supply - demand in the real - world declined in mid - and late - August. After September 1st, these varieties showed signs of stopping the decline and stabilizing. The implementation of anti - involution policies in the industrial end is a key influencing factor. The Fed's interest - rate cut cycle led to the outflow of profit - taking funds, causing a downward adjustment in the non - ferrous sector. For agricultural products, if the Sino - US tariff negotiation progresses smoothly, domestic agricultural products will face pressure [4]. 3. Directory Summaries 3.1. Capital Flow - The total capital flow is - 5.637 billion yuan, with significant outflows in non - ferrous metals (- 3.211 billion yuan) and precious metals (- 224 million yuan), and inflows in soft commodities (239 million yuan) and oils and fats (123 million yuan) [8]. 3.2. Weekly Data of Black and Non - ferrous Metals - Data such as price percentile, inventory percentile, valuation percentile, open interest percentile, open interest change percentile, and annualized basis are provided for various black and non - ferrous metal varieties. For example, iron ore has a price percentile of 21.5%, a inventory percentile of 55.0%, etc. [8] 3.3. Weekly Data of Energy and Chemicals - Similar data is presented for energy and chemical varieties. For instance, fuel oil has a price percentile of 4.9%, a inventory percentile of 36.7%, etc. [10] 3.4. Weekly Data of Agricultural Products - Data for agricultural product varieties are shown, like soybean meal with a price percentile of 6.1%, a inventory percentile of 77.4%, etc. [11] 3.5. Capital Flow Diagrams - There are diagrams showing the capital flow of black varieties, olefin varieties, polyester varieties, other chemical varieties, energy varieties, oils and fats and oilseeds, agricultural and sideline products, and non - ferrous sectors [12][16][17][19][21][22][26]

Report Industry Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - The US soybean market is affected by factors such as weather uncertainties in the US soybean - producing areas, South American soybean harvest, and Sino - US trade relations. The domestic soybean and soybean meal markets are influenced by import volumes, demand, and price differentials, with short - term trends showing a return to a volatile pattern [8]. - The soybean meal M2601 is expected to fluctuate in the range of 2980 - 3040 [8]. - The soybean A2511 is expected to fluctuate in the range of 3840 - 3940 [10]. Summary by Directory 1. Daily Prompt - There is no specific content for this part in the report. 2. Recent News - Sino - US tariff negotiation progress is short - term positive for US soybeans. The US soybean market is awaiting the follow - up of Sino - US tariff negotiations and the harvest weather in the US soybean - producing areas [12]. - The domestic import of soybeans remains at a relatively high level in August. The soybean meal market is affected by factors such as the US soybean weather, Sino - US trade negotiations, and the rise of rapeseed meal prices, showing short - term volatility [12]. - The reduction in domestic pig - farming profits leads to a low expectation of pig replenishment. The demand for soybean meal has recently recovered, but due to uncertainties in Sino - US trade negotiations, the soybean meal market returns to a range - bound pattern [12]. 3. Long and Short Concerns Soybean Meal - **Likely Positive Factors**: Slow customs clearance of imported soybeans, relatively low current soybean meal inventory in domestic oil mills, and weather uncertainties in the US soybean - producing areas [13]. - **Likely Negative Factors**: High total volume of imported soybeans in September, the end of the Brazilian soybean harvest, and the expected high - yield of South American soybeans [13]. Soybeans - **Likely Positive Factors**: Cost support from imported soybeans and the expected increase in domestic soybean demand [14]. - **Likely Negative Factors**: The expected high - yield of Brazilian soybeans and the increase in domestic procurement of Brazilian soybeans, as well as the expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2920, with a basis of - 82, indicating a discount to futures. The oil mill's soybean meal inventory is 113.62 tons, a 5.32% increase from last week and a 15.76% decrease from the same period last year [8]. - **Soybeans**: The spot price in Jiamusi is 4140, with a basis of 245, indicating a premium to futures. The oil mill's soybean inventory is 731.7 tons, a 5% increase from last week and a 6.17% increase from the same period last year [8][10]. 5. Position Data - **Soybean Meal**: The main long positions have decreased, but there is capital inflow [8]. - **Soybeans**: The main long positions have increased, with capital inflow [10].

Report Industry Investment Rating - No specific industry investment rating provided in the report Core Viewpoints - The soybean market in the US is affected by weather uncertainties in the production areas, South American soybean harvest, and China's import volume. The domestic soybean and bean meal markets are influenced by factors such as import volume, domestic demand, and production expectations. The short - term trend of domestic bean meal is in a volatile and relatively strong pattern, and the soybean and bean meal futures are expected to fluctuate within a certain range [8][10] Summary by Directory 1. Daily Prompt - No content provided on this part 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. The US soybean market is affected by relatively positive data from the US agricultural report and is expected to oscillate above the 1000 - point mark. The domestic bean meal market is in a short - term volatile and relatively strong pattern, affected by factors such as the high arrival volume of imported soybeans in August, the price correction of rapeseed meal, and the uncertain weather in the US soybean production areas. It awaits further guidance on South American soybean production and the follow - up of the China - US tariff war [12] 3. Bullish and Bearish Concerns Bean Meal - Bullish factors: Slow customs clearance of imported soybeans, relatively low inventory of domestic oil mills, and uncertain weather in the US soybean production areas. - Bearish factors: High arrival volume of imported soybeans in September, South American soybean harvest, and overall good planting weather for US soybeans [13] Soybean - Bullish factors: Cost support from imported soybeans and expected increase in domestic demand for domestic soybeans. - Bearish factors: Expected high - yield of Brazilian soybeans and expected increase in domestic new - season soybean production [14] 4. Fundamental Data - The daily trading data of bean meal and rapeseed meal from September 8 to September 16 show that the trading volume of bean meal fluctuates, and the price difference between bean meal and rapeseed meal also fluctuates slightly. The futures and spot prices of soybeans and bean meal from September 8 to September 16 show that the futures prices of soybeans and bean meal fluctuate, and the spot prices of soybeans remain stable while the spot prices of bean meal decline slightly. The global and domestic soybean supply - demand balance sheets show the changes in soybean supply and demand from 2015 to 2024, including harvest area, output, consumption, and inventory [15][17][32] 5. Position Data - No content provided on this part Bean Meal and Soybean Views and Strategies Bean Meal - Fundamental situation: US soybeans oscillate and rebound, while domestic bean meal oscillates and declines. It is expected to return to an oscillatory pattern in the short term. - Basis: The spot price in East China is 2950, with a basis of - 91, indicating a discount to futures. - Inventory: The oil mill's bean meal inventory is 113.62 tons, a 5.32% increase from last week and a 15.76% decrease from the same period last year. - Market trend: The price is below the 20 - day moving average and the direction is downward. - Main position: The main long positions decrease, and funds flow out. - Expectation: The bean meal M2601 is expected to oscillate between 3000 and 3060 [8] Soybean - Fundamental situation: US soybeans oscillate and rebound, while domestic soybeans oscillate and decline. It is affected by the follow - up of China - US tariff negotiations and the peak arrival season of imported soybeans in the short term. - Basis: The spot price is 4200, with a basis of 276, indicating a premium to futures. - Inventory: The oil mill's soybean inventory is 731.7 tons, a 5% increase from last week and a 6.17% increase from the same period last year. - Market trend: The price is below the 20 - day moving average and the direction is downward. - Main position: The main long positions decrease, and funds flow in. - Expectation: The soybean A2511 is expected to oscillate between 3900 and 4000 [10]