Report Industry Investment Rating No information provided in the report. Core Viewpoints - **Bean Meal**: The short - term outlook for domestic bean meal is to oscillate weakly under the influence of US soybeans. Although China's continued purchases of US soybeans support the short - term US soybean market, uncertainties in purchase volume and favorable South American soybean planting weather suppress the US soybean market. Additionally, the high arrival volume of imported Brazilian soybeans in China also affects domestic bean meal. The M2605 contract is expected to oscillate between 2720 and 2780 [9]. - **Soybeans**: The short - term US soybean market is affected by China's soybean purchases and South American planting weather. Domestic soybeans are influenced by the US soybean trend and domestic factors such as state - owned soybean rotation storage. The A2605 contract is expected to oscillate between 4040 and 4140 [10]. Summary by Directory 1. Daily Prompt No relevant content found. 2. Recent News - The preliminary agreement on China - US tariff negotiations is a short - term positive for US soybeans, but there are still uncertainties in China's purchase volume and US soybean weather. The US soybean market is oscillating strongly above the 1000 - point mark in the short term [12]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained high. With normal planting and growth weather in South America, bean meal is expected to oscillate within a range [12]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. However, the increase in bean meal demand in December supports price expectations. The interaction between the US soybean trend and the increase in bean meal demand has led to an oscillating pattern [12]. - The high inventory of domestic oil mills' bean meal, combined with the potential for weather speculation in US soybean - producing areas and the impact of the preliminary China - US trade agreement, means that bean meal will likely oscillate in the short term, awaiting further guidance on US soybean production and the follow - up of China - US trade negotiations [12]. 3. Bullish and Bearish Concerns Bean Meal - **Bullish Factors**: The preliminary China - US trade agreement is a short - term positive for US soybeans; the current bean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of US and South American soybean - producing areas [13]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remained high in December; with normal weather, South American soybeans are expected to have a bumper harvest [14]. Soybeans - **Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports price expectations [15]. - **Bearish Factors**: The bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses price expectations [15]. 4. Fundamental Data - **Bean Meal**: The spot price in East China is 3020, with a basis of 273, indicating a premium over the futures. The oil mill's bean meal inventory is 120.32 million tons, a 4.49% increase from last week and a 44.18% increase from the same period last year. The price is below the 20 - day moving average and moving downward [9]. - **Soybeans**: The spot price is 4100, with a basis of 21, indicating a premium over the futures. The oil mill's soybean inventory is 733.96 million tons, a 2.65% increase from last week and a 47.57% increase from the same period last year. The price is below the 20 - day moving average and moving downward [10]. - **Global Soybean Supply - Demand Balance**: 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**: From 2015 to 2024, the harvest area, output, and import volume of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [33]. 5. Position Data - For bean meal, the short positions of the main contract decreased, and funds flowed in [9]. - For soybeans, the short positions of the main contract decreased, and funds flowed in [10].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **M2605 Soybean Meal**: Expected to trade in the range of 2720 - 2780. Influenced by the US soybean trend, technical adjustments, short - term demand improvement, and spot price discounts. Short - term outlook is neutral, with a tendency to be slightly weaker in the short run [8][9]. - **A2605 Soybeans**: Expected to trade in the range of 4040 - 4140. Affected by the US soybean trend, domestic soybean reserves, and import volumes. Short - term outlook is neutral, with an overall slightly weaker expectation [10][11]. 3. Summary by Directory 3.1 Daily Tips - **Soybean Meal**: Trading range 2720 - 2780, short - term neutral but slightly weaker. Influenced by US soybean trends, demand, and inventory [8][9]. - **Soybeans**: Trading range 4040 - 4140, short - term neutral but slightly weaker. Affected by US soybean trends, import volumes, and domestic soybean advantages [10][11]. 3.2 Recent News - The preliminary Sino - US tariff agreement is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are uncertain. US soybeans are oscillating strongly above the 1000 - point mark. - Domestic imported soybean arrivals will decline in December, while oil mill soybean inventories remain high. South American soybean planting and growth weather are normal, and soybean meal has returned to range - bound trading. - Reduced domestic pig - farming profits lead to low pig - restocking expectations. Soybean meal demand has rebounded from a low level in December, supporting price expectations. [12][13] 3.3 Bullish and Bearish Factors - **Soybean Meal Bullish Factors**: Preliminary Sino - US trade agreement is short - term positive for US soybeans; no pressure on domestic oil mill soybean meal inventories; weather in US and South American soybean - producing areas is uncertain [14]. - **Soybean Meal Bearish Factors**: High volume of domestic imported soybean arrivals in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. - **Soybean Bullish Factors**: Imported soybean costs support the bottom of the domestic soybean market; expected increase in domestic soybean demand supports prices [16]. - **Soybean Bearish Factors**: Bumper harvest of Brazilian soybeans and increased Chinese purchases; expected increase in new - season domestic soybean production suppresses prices [16]. 3.4 Fundamental Data - **Soybean Meal**: Spot price in East China is 3040, basis is 284, indicating a premium over futures. Oil mill soybean meal inventory is 120.32 million tons, a 4.49% increase from last week and a 44.18% increase year - on - year [9]. - **Soybeans**: Spot price is 4100, basis is - 27, indicating a discount to futures. Oil mill soybean inventory is 733.96 million tons, a 2.65% increase from last week and a 47.57% increase year - on - year [11]. 3.5 Position Data - **Soybean Meal**: Main - contract short positions increased, and funds flowed in [9]. - **Soybeans**: Main - contract short positions decreased, and funds flowed out [11]. 3.6 Other Data - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide historical data on global and domestic soybean harvest areas, production, consumption, and inventory from 2015 - 2024 [33][34]. - **Soybean Planting and Harvest Progress**: Include data on Argentina, the US, and Brazil from 2023 - 2026 [35][44]. - **USDA Monthly Supply - Demand Reports**: Provide data on US soybean planting area, yield, production, and inventory from May - December 2025 [46]. - **Imported Soybean Arrivals**: Show monthly data from 2020 - 2025, with arrivals in November 2025 falling from a high level but an overall year - on - year increase [49]. - **Oil Mill Data**: Oil mill soybean inventories are high, soybean meal inventories have returned to high levels, unexecuted contracts have risen to high levels, and soybean crushing volumes remain at a relatively high level [50][52]. - **Pig - Farming Data**: Pig inventories are rising, sow inventories are flat year - on - year and slightly down month - on - month. Pig prices are fluctuating slightly, and piglet prices are weak [58][60].

Report Industry Investment Rating No relevant content provided. Core Views Bean Meal - Bean meal M2605 is expected to oscillate between 2740 and 2800. The market is neutral, with the spot price at a premium to the futures, an increase in oil - mill bean meal inventory, the price below the 20 - day moving average, a reduction in short positions by the main players, and an inflow of funds. In the short term, it may be driven by US soybeans and show a weakening trend [9]. Soybeans - Soybean A2601 is expected to oscillate between 4100 and 4200. The market is neutral, with the spot price slightly at a premium to the futures, an increase in oil - mill soybean inventory, the price below the 20 - day moving average, a reduction in short positions by the main players, and an outflow of funds. The price is supported by the cost - performance advantage of domestic soybeans over imports but is suppressed by high imports and expected domestic production increases [11]. Summary by Directory 1. Daily Tips - Bean meal M2605 is in a 2740 - 2800 range, and soybean A2601 is in a 4100 - 4200 range. Analyses from multiple aspects such as fundamentals, basis, inventory, etc., are provided for both [9][11]. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans. The arrival of imported soybeans in December decreased, while oil - mill soybean inventory remained high. The decline in domestic pig - farming profits led to low expectations for pig restocking, but the demand for bean meal rebounded in December. The bean meal market is in a range - bound state, waiting for further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Bullish and Bearish Factors Bean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement, no pressure on oil - mill bean meal inventory, and uncertainties in the weather of US and South American soybean - producing areas [14]. - Bearish factors: High arrival volume of imported soybeans in December and the expected high yield of South American soybeans under normal weather conditions [15]. Soybeans - Bullish factors: Cost support from imported soybeans and expected increase in domestic soybean demand [16]. - Bearish factors: High yield of Brazilian soybeans and increased purchases by China, and expected increase in domestic soybean production [16]. 4. Fundamental Data - A large amount of data is provided, including the global and domestic soybean supply - demand balance sheets, showing the changes in harvest area, inventory, production, consumption, etc., over the years [33][34]. - The trading data of bean meal and rapeseed meal from December 8th to 16th, including transaction prices, volumes, and price differences, are presented [17]. - The price data of soybean and bean - meal futures and spot from December 9th to 16th are given [19]. 5. Position Data - The warehouse - receipt statistics of soybeans and bean meal from December 5th to 16th are provided, showing the changes in warehouse - receipt quantities [21]. Other Information - The bean - meal futures price declined, while the spot price was relatively stable, and the spot discount narrowed slightly [24]. - The soybean crushing volume of oil mills decreased from a high level, and the bean - meal production in September increased year - on - year [26]. - The procurement of domestic downstream industries rebounded from a low level, and the pick - up volume remained high [28]. - The spot price difference between bean meal and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract widened slightly [30]. - The US soybean export inspection increased week - on - week but decreased year - on - year [47]. - The arrival volume of imported soybeans decreased from a high level in November but increased year - on - year overall [49]. - The soybean inventory of oil mills remained high, and the bean - meal inventory returned to a high level [50]. - The unexecuted contracts of oil mills rebounded to a high level, and the stocking demand increased [52]. - The soybean crushing volume of oil mills remained at a relatively high level, and the bean - meal production in September increased year - on - year [54]. - The import cost of Brazilian soybeans fluctuated with the US soybeans, and the on - disk profit fluctuated slightly [56]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month [58]. - The pig price fluctuated slightly recently, and the piglet price remained weak [60]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly [62]. - The domestic pig - farming profit fluctuated slightly [64].

1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating 2. Core Viewpoints of the Report - **For Bean Meal (M2605)**: The price is expected to oscillate between 2720 and 2780. The short - term outlook is neutral. Although China's soybean purchases support the short - term US soybean market, uncertainties in purchase volume and favorable South American planting weather suppress the US soybean prices. With a high arrival volume of imported Brazilian soybeans in China, domestic bean meal is likely to be weakly oscillating in the short term under the influence of US soybeans [9]. - **For Soybeans (A2601)**: The price is predicted to fluctuate between 4100 and 4200. The short - term view is neutral. China's soybean purchases support the short - term US soybean market, but uncertainties in purchase volume and good South American weather limit the upside. The cost - effectiveness of domestic soybeans against imports supports the price floor, while high import volumes and expected domestic soybean production growth restrict the upward potential [11]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - **Bean Meal (M2605)**: Oscillating between 2720 - 2780, influenced by US soybean trends, demand, and basis. The short - term outlook is neutral, with factors like inventory and position affecting the market [9]. - **Soybeans (A2601)**: Fluctuating between 4100 - 4200, affected by US soybean trends, cost - effectiveness, and domestic supply - demand. The short - term view is neutral [11]. 3.2 Recent News - The preliminary Sino - US tariff agreement is short - term positive for US soybeans, but uncertainties in China's purchase volume and US soybean weather remain. The US market is strongly oscillating above the 1000 - point mark. - The arrival volume of imported soybeans in China decreased in December, while oil mill soybean inventories remained high. With normal South American soybean planting weather, bean meal is back in the oscillating range. - Reduced domestic pig - farming profits lead to low expectations for pig restocking. The increasing bean meal demand in December supports price expectations, and the interaction between US soybean trends and demand brings bean meal back to the oscillating pattern. - High domestic oil mill bean meal inventories, possible US soybean weather speculation, and the Sino - US trade agreement keep bean meal oscillating in the short term, pending clear US soybean yields and further Sino - US trade negotiation results [13]. 3.3 Long and Short Concerns Bean Meal - **Positive Factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; oil mill bean meal inventories are not under pressure; there are uncertainties in the weather of US and South American soybean - growing areas [14]. - **Negative Factors**: The total arrival volume of imported soybeans in China remained high in December; with normal weather, South American soybeans are expected to have a good harvest [15]. Soybeans - **Positive Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; there are expectations of increasing domestic soybean demand [16]. - **Negative Factors**: Brazil is expected to have a bumper soybean harvest, and China is increasing its purchases of Brazilian soybeans; the expected increase in domestic soybean production restricts price expectations [16]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 - 2024, data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are presented, showing the long - term supply - demand situation of global soybeans [33]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 - 2024, data on harvest area, initial inventory, production, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are provided, reflecting the long - term supply - demand situation of domestic soybeans [34]. 3.5 Position Data - **Bean Meal**: The main short positions decreased, and capital flowed in [9]. - **Soybeans**: The main short positions decreased, and capital flowed out [11]. 3.6 Other Data Highlights - **Trading Volume and Price**: Data on bean meal and soybean futures and spot prices from December 5 - 15, 2025, are presented, including trading volume, average price, and basis [17][19]. - **Warehouse Receipts**: Data on bean meal, soybean (bean one and bean two) warehouse receipts from December 4 - 15, 2025, are shown, including changes compared to the previous day [21]. - **Soybean Planting and Harvest Progress**: Information on the planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2015 - 2026 is provided, including sowing rate, emergence rate, excellent - good rate, flowering rate, pod - setting rate, leaf - falling rate, and harvest rate [35][36][37][38][39][40][41][42][43][44][45]. - **USDA Supply - Demand Reports**: The USDA's monthly supply - demand reports from May - December 2025 show data on planting area, yield per unit, production, ending inventory, new - bean export, crushing, and soybean production in Brazil and Argentina [46]. - **Import and Inventory**: The monthly arrival volume of imported soybeans from 2020 - 2025 is presented, along with information on oil mill soybean and bean meal inventories, unexecuted contracts, and crushing volume [49][50][52][54]. - **Pig - Related Data**: Data on pig inventory, price, breeding profit, and secondary fattening cost are provided, showing the current situation of the pig - farming industry [58][60][62][64].

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - **M2605 Soybean Meal**: Expected to oscillate between 2740 and 2800. Influenced by US soybean trends, short - term demand improvement, and spot price discounts, it may maintain a short - term oscillatory pattern [9]. - **A2601 Soybeans**: Forecasted to fluctuate between 4100 and 4200. Affected by US soybean trends, domestic - to - imported soybean price ratios, and domestic soybean production, it will be subject to the follow - up of Sino - US trade agreements and Brazilian soybean arrivals [11]. 3. Summary by Catalog 3.1 Daily Tips - **Soybean Meal**: Short - term oscillation, influenced by US soybean trends, demand changes, and inventory levels [9]. - **Soybeans**: Short - term oscillation, affected by US soybean trends, domestic - to - imported soybean price ratios, and supply - demand factors [11]. 3.2 Recent News - Sino - US tariff negotiations have reached a preliminary agreement, which is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are uncertain. - Domestic imported soybean arrivals will decline in December, while oil refinery soybean inventories will remain high. - Reduced domestic pig - farming profits lead to low expectations for pig restocking, but the recovery of soybean meal demand in December supports price expectations [13]. 3.3 Bullish and Bearish Factors - **Soybean Meal Bullish**: Preliminary Sino - US trade agreement, no pressure on domestic oil refinery soybean meal inventory, and uncertain weather in US and South American soybean - growing regions [14]. - **Soybean Meal Bearish**: High volume of domestic imported soybean arrivals in December and expected high - yield South American soybeans [15]. - **Soybean Bullish**: Cost support from imported soybeans and expected increase in domestic soybean demand [16]. - **Soybean Bearish**: High - yield Brazilian soybeans and increased domestic soybean production [16]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance**: The report provides data from 2015 - 2024, including harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [33]. - **Domestic Soybean Supply - Demand Balance**: Data from 2015 - 2024 are presented, covering harvest area, initial inventory, production, imports, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [34]. 3.5 Position Data - The report does not explicitly summarize position data but mentions that the main short positions in soybean meal have increased, and funds have flowed out; for soybeans, the main short positions have decreased, and funds have also flowed out [9][11]. 3.6 Other Market Information - **Soybean and Meal Futures and Spot Prices**: Data from December 5 - 12, 2025, are provided, including prices of soybean futures, soybean meal futures, and soybean and soybean meal spot prices [19]. - **Soybean and Meal Warehouse Receipts**: Data from December 3 - 12, 2025, are given, showing changes in warehouse receipts for soybeans and soybean meal [21]. - **Soybean Planting and Harvesting Progress**: Progress data for the US, Brazil, and Argentina from 2023 - 2026 are presented [35][36][40][44]. - **USDA Monthly Supply - Demand Reports**: Data from May - December 2025 are provided, including planting area, yield, production, ending inventory, exports, and crushing volume [46]. - **US Soybean Weekly Export Inspections**: There has been a month - on - month increase but a year - on - year decrease [47]. - **Domestic Imported Soybean Arrivals**: Arrivals decreased from a high in November, with an overall year - on - year increase [49]. - **Oil Refinery Operations**: High soybean inventory, high soybean meal inventory, increased unfulfilled contracts, high soybean crushing volume, and increased soybean meal production in September [50][52][54]. - **Pig Farming**: Pig inventory is rising, sow inventory is flat year - on - year and slightly down month - on - month, pig prices are fluctuating slightly, piglet prices are weak, the proportion of large pigs is increasing, and pig - farming profits are fluctuating slightly [58][60][64].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **For Bean Meal (M2605)**: It is expected to oscillate between 2740 and 2800. The market is neutral, with the spot price at 3040 (East China), a basis of 270, and a premium over the futures. The oil - mill bean - meal inventory is 120.32 million tons, up 4.49% week - on - week and 44.18% year - on - year. The price is below the 20 - day moving average and trending down. The main short positions have decreased with capital outflow. In the short term, it is likely to be weakly volatile, affected by factors like China's soybean purchases and South American planting weather [9]. - **For Soybeans (A2601)**: It is predicted to fluctuate between 4100 and 4200. The market is neutral, with a spot price of 4100, a basis of - 48, and a premium over the futures. The oil - mill soybean inventory is 733.96 million tons, up 2.65% week - on - week and 47.57% year - on - year. The price is below the 20 - day moving average and trending down. The main short positions have increased with capital outflow. The domestic soybean price is supported by the cost of imported soybeans and the expected increase in demand but is suppressed by Brazilian soybean production and domestic soybean yield increases [11]. 3. Summary According to the Table of Contents 3.1 Daily Tips - Not provided in the given content 3.2 Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's purchases and US soybean weather are uncertain, and the US market is strongly volatile above the thousand - point mark in the short term. - The arrival of imported soybeans in China decreased in November, and the oil - mill soybean inventory declined from a high in November. With normal US soybean harvesting weather and the preliminary Sino - US trade negotiation agreement, bean meal has returned to range - bound trading. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking. The weakening demand for bean meal in November has suppressed price expectations, and the interaction between the influence of US soybeans and the off - season demand has led to a return to the range - bound pattern. - The domestic oil - mill bean - meal inventory remains at a relatively high level. With the possibility of weather speculation in the US soybean - producing areas and the impact of the Sino - US trade negotiation agreement, bean meal will maintain range - bound trading in the short term, awaiting further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns Bean Meal - **Bullish Factors**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans, the domestic oil - mill bean - meal inventory has no pressure, and there are still uncertainties in the weather of US and South American soybean - producing areas [14]. - **Bearish Factors**: The total arrival of imported soybeans in China remained relatively high in November, and South American soybeans are expected to have a bumper harvest under normal weather conditions [15]. 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 [16]. - **Bearish Factors**: Brazil's soybean harvest is good, and China has increased its purchases of Brazilian soybeans. The expected increase in domestic soybean production in the new season suppresses price expectations [16]. 3.4 Fundamental Data - **Price and Volume Data**: The trading volume and average price of bean meal and rapeseed meal from December 3 to December 11 are presented, along with the price data of soybean futures and spot prices from December 4 to December 11 [17][19]. - **Supply and Demand Balance Sheets**: The global and domestic soybean supply - and - demand balance sheets from 2015 to 2024 are provided, including data on harvested area, beginning inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [33][34]. - **Sowing, Growth, and Harvesting Progress**: The sowing and harvesting progress of soybeans in Argentina, the US, and Brazil from different years are detailed, including data such as sowing rate, emergence rate, flowering rate, pod - setting rate, defoliation rate, and harvesting rate [35][36][37][38][39][40][41][42][43][44][45]. - **USDA Supply - and - Demand Reports**: The USDA's monthly supply - and - demand reports for the past six months are shown, including data on planting area, yield per unit, production, ending inventory, new - bean exports, and crushing volume for the US, as well as soybean production in Brazil and Argentina [46]. - **Other Data**: The weekly export inspection of US soybeans has increased on a week - on - week basis but decreased on a year - on - year basis. The arrival of imported soybeans decreased from a high in November but increased overall on a year - on - year basis. The oil - mill soybean inventory remains at a high level, and the bean - meal inventory has returned to a high level. The unexecuted contracts of oil mills have fallen to a low level, and the stocking demand has decreased. The soybean crushing volume of oil mills has declined from a high level, and the bean - meal production in September increased year - on - year. The import cost of Brazilian soybeans has fluctuated with the US soybean price, and the margin on the futures market has fluctuated slightly [47][49][50][52][54][56]. 3.5 Position Data - Not provided in the given content

1. Report Industry Investment Rating - Not provided in the content 2. Core Views 2.1 Bean Meal - Bean meal M2605 is expected to oscillate in the range of 2720 - 2780. The market is neutral, with the basis being positive, inventory increasing, the price below the 20 - day moving - average, the main short positions decreasing and funds flowing out. In the short - term, it may show a weak oscillation pattern due to factors like the uncertainty of China's soybean purchases from the US and the high arrival volume of imported Brazilian soybeans [9]. 2.2 Soybean - Soybean A2601 is expected to oscillate in the range of 4100 - 4200. The market is neutral, with a negative basis, increasing inventory, the price below the 20 - day moving - average, the main short positions increasing and funds flowing out. The domestic soybean price is affected by the execution of the China - US trade agreement and the arrival of imported Brazilian soybeans [11]. 3. Summary of Each Section According to the Table of Contents 3.1 Daily Hints - Not provided in the content 3.2 Recent News - The preliminary China - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's soybean purchases from the US and the US soybean weather are still uncertain. The domestic arrival volume of imported soybeans decreased in November, and the soybean inventory of oil mills also declined from the high level. The reduction of domestic pig - farming profits led to a low expectation of pig restocking, weakening the demand for bean meal in November [13]. 3.3 Long and Short Concerns 3.3.1 Bean Meal - **Long factors**: The preliminary China - US trade negotiation agreement is short - term positive for US soybeans; there is no pressure on the bean meal inventory of domestic oil mills; the weather in the US and South American soybean - producing areas is still uncertain [14]. - **Short factors**: The total arrival volume of imported soybeans in November remained relatively high; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. - **Main logic**: The market focuses on the impact of the US soybean harvesting weather and the follow - up of the preliminary China - US trade agreement [15]. 3.3.2 Soybean - **Long factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected recovery of domestic soybean demand supports the price expectation [16]. - **Short factors**: The bumper harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans; the expected increase in the output of new - season domestic soybeans suppresses the price expectation of beans [16]. - **Main logic**: The market focuses on the impact of the US soybean weather and the China - US trade tariff game [16]. 3.4 Fundamental Data 3.4.1 Transaction Data - From December 2 to December 10, the trading volume of bean meal fluctuated, and the price also showed slight fluctuations. During this period, the trading volume of rapeseed meal was mostly 0, and only on December 10, 0.6 tons were traded. The average price difference between bean meal and rapeseed meal fluctuated slightly [17]. 3.4.2 Price Data - From December 3 to December 10, the prices of soybean futures and bean meal futures fluctuated. The prices of soybean and bean meal spot were relatively stable, with bean meal futures oscillating downward and the spot discount narrowing slightly [19][24]. 3.4.3 Warehouse Receipt Data - From December 1 to December 10, the warehouse receipts of soybeans and bean meal had different degrees of changes. For example, the bean - 1 warehouse receipts increased from 15,645 to 16,664, and the bean - 2 warehouse receipts changed from 4900 to 7100. The bean - meal warehouse receipts increased from 9450 to 23,830 and then remained stable [21]. 3.4.4 Supply and Demand Balance Sheet - **Global soybean supply - demand balance sheet**: From 2015 to 2024, the harvest area, output, total supply, total consumption, and ending inventory of global soybeans all showed an overall upward trend, and the inventory - to - consumption ratio also fluctuated [33]. - **Domestic soybean supply - demand balance sheet**: From 2015 to 2024, the harvest area, output, import volume, total supply, total consumption, and ending inventory of domestic soybeans all changed to varying degrees, and the inventory - to - consumption ratio also fluctuated [34]. 3.4.5 Sowing and Harvesting Progress - **2023/24 Argentina**: The sowing and harvesting progress of soybeans in 2023/24 was compared with the same period last year and the five - year average. Generally, the sowing progress was slightly faster than the same period last year but slightly slower than the five - year average, and the harvesting progress was faster than the same period last year and the five - year average [35]. - **2024 US**: The sowing, growth, and harvesting progress of soybeans in 2024 were compared with the same period last year and the five - year average. The overall sowing and growth progress was close to the same period last year and the five - year average, and the harvesting progress was faster than the same period last year and the five - year average [36][37][39]. - **2024/25 Brazil**: The planting and harvesting progress of soybeans in 2024/25 was compared with the same period last year and the five - year average. The overall planting and harvesting progress was close to the same period last year and the five - year average [40][41]. - **2024/25 Argentina**: The planting and harvesting progress of soybeans in 2024/25 was compared with the same period last year and the five - year average. The overall planting progress was slightly faster than the same period last year and close to the five - year average [42]. - **2025 US**: The harvesting progress of soybeans on September 21 was 9% [43]. - **2025/26 Brazil**: As of November 29, 2025, the planting progress of soybeans was 86%, compared with 90% in the same period last year and 84.4% of the five - year average [44]. - **2025/26 Argentina**: As of November 26, 2025, the planting progress of soybeans was 36%, compared with 37% in the same period last year and 45% of the five - year average [45]. 3.4.6 USDA Supply - Demand Report - From April to November 2025, the planting area, yield per unit, output, ending inventory, new - bean export, and crushing volume of US soybeans changed to varying degrees. The expected output of Brazilian soybeans in November was 1.75 billion tons, and that of Argentine soybeans was 0.485 billion tons [46]. 3.4.7 Other Data - The weekly export inspection of US soybeans increased month - on - month but decreased year - on - year. The arrival volume of imported soybeans decreased from the high level in November but increased year - on - year as a whole. The soybean inventory of oil mills remained at a high level, and the bean - meal inventory returned to a high level. The unexecuted contracts of oil mills fell to a low level, and the stocking demand decreased. The soybean crushing volume of oil mills decreased from the high level, and the bean - meal output in September increased year - on - year. The import cost of Brazilian soybeans oscillated and rebounded following the US soybeans, and the on - paper profit fluctuated slightly [47][49][50]. 3.5 Position Data - Not provided in the content

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The soybean meal M2605 is expected to oscillate in the range of 2720 - 2780. The market is neutral, with factors like uncertain Chinese purchases of US soybeans, South American soybean production expectations, and domestic demand and inventory conditions influencing the price [9]. - The soybean A2601 is expected to oscillate in the range of 4040 - 4140. The market is neutral, affected by factors such as Chinese soybean - purchasing policies, South American weather, and domestic soybean production and demand [11]. Summary by Directory 1. Daily Prompt No relevant information provided. 2. Recent News - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are still uncertain. The US soybean market is expected to oscillate strongly above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills dropped from a high in November. Affected by factors such as normal US soybean harvesting weather and the preliminary trade agreement, soybean meal has returned to range - bound oscillation [13]. - The reduction in domestic pig - breeding profits has led to low expectations for pig restocking, weakening the demand for soybean meal in November and suppressing price expectations. The soybean meal market is in a range - bound oscillation influenced by US soybean trends and the off - season of demand [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Affected by factors such as the possibility of weather speculation in the US soybean - producing areas and the preliminary China - US trade agreement, soybean meal will maintain range - bound oscillation in the short term [13]. 3. Bullish and Bearish Concerns Bullish Factors for Soybean Meal - The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans [14]. - There is no pressure on the soybean meal inventory of domestic oil mills [14]. - There are still uncertainties in the weather of US and South American soybean - producing areas [14]. Bearish Factors for Soybean Meal - The total arrival volume of imported soybeans in China remained at a relatively high level in November [15]. - Brazilian soybeans have started planting, and South American soybeans are expected to have a bumper harvest under normal weather conditions [15]. Bullish Factors for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [16]. - The expected increase in domestic demand for domestic soybeans supports price expectations [16]. Bearish Factors for Soybeans - Brazilian soybeans are expected to have a bumper harvest, and China has increased its purchases of Brazilian soybeans [16]. - The increase in the production of new - season domestic soybeans suppresses the price of soybeans [16]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the harvest area, production, and total supply of global soybeans generally showed an upward trend, while the inventory - to - consumption ratio also fluctuated and increased [33]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the harvest area, production, and import volume of domestic soybeans changed, and the inventory - to - consumption ratio also showed certain fluctuations [34]. - **Soybean Planting and Harvesting Progress**: The planting and harvesting progress of soybeans in the US, Brazil, and Argentina in different years and periods is presented, including the comparison with the same period last year and the five - year average [35][36][37][38][39][40][41][42][43][44][45]. - **USDA Monthly Supply - Demand Report**: The planting area, yield, production, and other data of soybeans in the US in the past six months are provided, as well as the production data of Brazilian and Argentine soybeans [46]. - **Arrival Volume of Imported Soybeans**: The arrival volume of imported soybeans in China from 2020 to 2025 is presented, showing that the arrival volume decreased from a high in November 2025 but increased overall year - on - year [49]. - **Inventory and Production of Oil Mills**: The soybean inventory of oil mills remains at a high level, and the soybean meal inventory has returned to a high level. The unexecuted contracts of oil mills have dropped to a low level, and the demand for stockpiling has decreased. The soybean crushing volume of oil mills has dropped from a high, and the soybean meal production in September increased year - on - year [50][52][54]. - **Cost and Profit**: The import cost of Brazilian soybeans has oscillated and increased following US soybeans, and the on - market profit has fluctuated slightly [56]. - **Pig - Breeding Situation**: The pig inventory has maintained an upward trend, the sow inventory is flat year - on - year and slightly decreased month - on - month. The pig price has fluctuated slightly recently, and the piglet price has remained weak. The proportion of large pigs in China has increased, and the cost of secondary fattening of pigs has increased slightly. The domestic pig - breeding profit has decreased slightly [58][60][62][64]. 5. Position Data No relevant information provided.

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal market is expected to remain range - bound in the short term, influenced by factors such as the US - China trade agreement, South American soybean planting weather, and domestic demand [10]. - The soybean market will also experience short - term range - bound fluctuations, affected by the execution of the US - China trade agreement, imported soybean arrivals, and domestic soybean production [11]. Summary by Directory 1. Weekly Prompt No relevant content provided. 2. Recent News - The initial agreement in the US - China trade negotiation is a short - term positive for US soybeans, but there are still uncertainties in the follow - up negotiation and US soybean weather. The US soybean market is oscillating strongly above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China decreased from its high in November. The soybean meal inventory of domestic oil mills remained high in November. After the initial agreement in the US - China trade negotiation, the arrival of imported soybeans at the end of the year increased, but domestic soybean meal demand is in the off - season [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig restocking, suppressing the price of soybean meal in November. However, the initial agreement in the US - China trade negotiation is positive for US soybeans, and the cost of imported soybeans will rise at the end of the year [13]. - The high inventory of domestic oil mills' soybean meal is affected by the initial agreement in the US - China trade negotiation. In the short term, soybean meal is driven by US soybeans to oscillate strongly, and future trends await further guidance on US soybean production, South American soybean planting weather, and the follow - up of the US - China trade negotiation [13]. 3. Long and Short Concerns Soybean Meal - **Likely Positive Factors**: The initial agreement in the US - China trade negotiation is a short - term positive for US soybeans; the inventory of domestic oil mills' soybean meal is not under pressure; there are still uncertainties in the weather of US and South American soybean - producing areas [14]. - **Likely Negative Factors**: The total arrival volume of imported soybeans in China remained relatively high in November; with the start of soybean planting in Brazil, South American soybeans are expected to have a good harvest under normal weather conditions [15]. Soybeans - **Likely Positive Factors**: The rising cost of imported soybeans supports the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports domestic soybean price expectations [16]. - **Likely Negative Factors**: After the initial agreement in the US - China trade negotiation, China will increase its purchase of US soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectations of soybeans [16]. 4. Fundamental Data Global Soybean Supply - Demand Balance Sheet - From 2015 to 2024, the harvest area, output, and total supply of global soybeans generally showed an upward trend, while the total consumption also increased steadily. The ending inventory and inventory - to - consumption ratio fluctuated [22]. USDA's Monthly Supply - Demand Reports in the Past Six Months - From April to November 2025, the planting area, yield per unit, and output of US soybeans showed certain fluctuations. The ending inventory, new - bean exports, and crushing volume also changed accordingly. The production of Brazilian and Argentine soybeans also had some changes [23]. US Soybean Planting, Growth, and Harvest Progress in 2024 - The sowing, emergence, flowering, pod - setting, leaf - falling, and harvesting progress of US soybeans in 2024 showed different trends compared with the same period last year and the five - year average, and the excellent - good rate also changed over time [24][25][26]. Brazilian and Argentine Soybean Planting and Harvest Progress - The planting and harvesting progress of Brazilian and Argentine soybeans from 2024/25 to 2025/26 showed different trends compared with the same period last year and the five - year average [27][28][29][31][32]. Domestic Soybean Supply - Demand Balance Sheet - From 2015 to 2024, the harvest area, output, and import volume of domestic soybeans generally showed an upward trend, and the total supply and total consumption also increased. The ending inventory and inventory - to - consumption ratio fluctuated [38]. Domestic Imported Soybean Arrivals - The arrival volume of imported soybeans in November decreased from its high, with an overall year - on - year increase [39]. 5. Position Data No relevant content provided. 6. Trading Strategies Soybean Meal - **Futures**: US soybeans are oscillating around the 1100 - point mark in the short term, and soybean meal will remain range - bound in the short term. The M2605 contract will oscillate between 2700 and 2900 in the short term, and short - term trading within the range is recommended [17]. - **Options**: Sell slightly out - of - the - money put options [19]. Soybeans - **Futures**: The A2601 contract of soybeans will oscillate between 4000 and 4200. Short - term trading within the range is recommended [20]. - **Options**: Sell slightly out - of - the - money put options [20]. 7. Technical Analysis Soybeans - The soybean futures market is oscillating downward, affected by the trend of US soybeans and the relative stability of domestic soybean spot prices. Technical indicators such as KDJ and MACD are in the stage of oscillating consolidation, and the market is expected to return to range - bound fluctuations, awaiting new guidance [68]. Soybean Meal - The soybean meal futures market is oscillating downward, affected by the decline of US soybeans, uncertainties in the execution of the US - China trade agreement, and weak domestic demand in the short term. Technical indicators such as KDJ and MACD are in the stage of technical adjustment, and the market is expected to return to range - bound fluctuations, awaiting new guidance [71]. 8. Next Week's Concerns - **Most Important**: The planting weather in Brazilian soybean - producing areas, the follow - up execution of the US - China trade agreement, and the arrival and operation of imported soybeans in China [74]. - **Second - most Important**: The domestic demand for soybean meal, the inventory of domestic oil mills, and downstream procurement [75]. - **Less Important**: Macroeconomic factors, the Russia - Ukraine conflict, and the Israel - Palestine conflict [75].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The price of soybean meal futures will fluctuate in the range of 2800 - 2860, and the price of soybean futures will fluctuate in the range of 4040 - 4140. The short - term trend of both is affected by factors such as Chinese soybean procurement, South American planting weather, and Sino - US trade agreements [9][11]. - The soybean meal market is affected by both positive and negative factors, and it is expected to maintain a range - bound shock in the short term, waiting for further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13][15]. - The soybean market is also influenced by multiple factors, with the cost of imported soybeans and the expected increase in domestic demand providing support, while the expected bumper harvest of Brazilian soybeans and the increase in domestic production suppressing the upward space [16]. Summary by Relevant Catalogs 1. Daily Tips - The soybean meal M2605 is expected to fluctuate between 2800 - 2860. The domestic soybean meal shows a narrow - range shock. The demand improves in the short term, and the spot price discount restricts the upward space of the futures price. It is expected to maintain a shock pattern in the short term. The basis is at a premium, the inventory is increasing, the price is below the 20 - day moving average, the short positions of the main force are decreasing, and the funds are flowing in [9]. - The soybean A2601 is expected to fluctuate between 4040 - 4140. The domestic soybean shows a shock - down trend. The cost of imported soybeans and the expected increase in domestic demand support the price, while the increase in domestic production restricts the upward space. The basis is slightly at a premium, the inventory is increasing, the price is below the 20 - day moving average, the short positions of the main force are decreasing, and the funds are flowing out [11]. 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but there are still uncertainties in China's procurement volume and US soybean weather. The domestic import of soybeans decreased in November, and the soybean inventory of oil mills also decreased from the high level. The profit of domestic pig farming decreased, and the demand for soybean meal weakened in November. Overall, soybean meal is expected to maintain a range - bound shock in the short term, waiting for further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - The preliminary agreement on Sino - US trade negotiations is short - term positive for US soybeans; the inventory of soybean meal in domestic oil mills is not under pressure; there are still uncertainties in the weather of US and South American soybean production areas [14]. Bearish for Soybean Meal - The total volume of imported soybeans in November remained at a relatively high level; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports the price [16]. Bearish for Soybeans - Brazilian soybeans are expected to have a bumper harvest, and China has increased its procurement of Brazilian soybeans; the new - season domestic soybeans are expected to increase in production [16]. 4. Fundamental Data - The global soybean supply - demand balance shows that the harvest area, output, and total supply have generally increased in recent years, and the inventory - to - consumption ratio has also shown an upward trend [33]. - The domestic soybean supply - demand balance shows that the harvest area, output, and import volume have changed over the years, and the inventory - to - consumption ratio has fluctuated [34]. - The import volume of soybeans decreased from the high level in November but increased year - on - year overall. The soybean inventory of oil mills remained at a high level, and the soybean meal inventory returned to a high level. The unexecuted contracts of oil mills decreased to a low level, and the procurement demand decreased. The soybean crushing volume of oil mills decreased from the high level, and the soybean meal output in September increased year - on - year [49][50][52]. 5. Position Data - For soybean meal, the short positions of the main force decreased, and the funds flowed in. For soybeans, the short positions of the main force decreased, and the funds flowed out [9][11]. Other Information - The price of soybean meal futures fluctuated downwards, while the spot price was relatively stable, and the spot discount narrowed slightly. The price difference between soybean meal and rapeseed meal in the spot market fluctuated slightly, and the price difference in the 2605 contract widened slightly [24][30]. - The cost of imported Brazilian soybeans fluctuated upwards following the US soybeans, and the profit on the futures market fluctuated slightly [56]. - The inventory of live pigs continued to rise, the inventory of sows was flat year - on - year and decreased slightly month - on - month. The price of live pigs fluctuated slightly recently, and the price of piglets remained weak. The proportion of large pigs in the domestic market increased, and the cost of secondary fattening of live pigs increased slightly. The profit of domestic pig farming decreased slightly [58][60][64].