1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soybean meal M2605 is expected to oscillate between 2810 and 2870. The US soybean market is supported by the slow progress of soybean harvesting in Brazil and ongoing Sino - US trade negotiations, and is waiting for further guidance on the implementation of the Sino - US trade agreement and the harvesting weather in South American soybean - producing areas. The domestic soybean meal market is affected by the US soybean trend and spot price premium, and may maintain an oscillatory pattern in the short term due to mixed news [9]. - The soybean A2605 is expected to oscillate between 4620 and 4720. The US soybean market is also supported by the slow progress of soybean harvesting in Brazil and ongoing Sino - US trade negotiations. The domestic soybean market is supported by strong spot prices and short - term good demand, but its upward height is limited by the implementation of the Sino - US trade agreement and the arrival of imported Brazilian soybeans after the Spring Festival, and there is a risk of a pull - back after a rise [11]. 3. Summary According to the Directory 3.1 Daily Tips - The soybean meal M2605 is in the 2810 - 2870 range, and the soybean A2605 is in the 4620 - 4720 range. The market is affected by factors such as US soybean trends, Sino - US trade negotiations, and South American soybean harvesting weather [9][11]. 3.2 Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of Chinese purchases of US soybeans and US soybean weather are still uncertain. The US soybean market oscillates above the 1000 - point mark in the short term, waiting for further guidance on US soybean growth, harvesting, and Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained high in January. With relatively normal planting and growth weather for South American soybeans, soybean meal has returned to an oscillatory pattern in the short term [13]. - The decrease in domestic pig - raising profits has led to low expectations for pig restocking. The demand for soybean meal was good in January, supporting the price of soybean meal. The interaction between the influence of US soybeans and the recovery of soybean meal demand maintains the oscillatory pattern [13]. - The soybean meal inventory of domestic oil mills remains high. There is still a possibility of weather speculation in the US soybean - producing areas, and the preliminary Sino - US trade negotiation agreement has an impact. Soybean meal will maintain an oscillatory pattern in the short term, waiting for the clarification of US soybean production and further guidance on Sino - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; there is no pressure on the soybean meal inventory of domestic oil mills; there are still uncertainties in the weather of South American soybean - producing areas [14]. - Bearish factors: The total arrival volume of imported soybeans in China remained high in January; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - Current main logic: The market focuses on the impact of US soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. 3.3.2 Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [15]. - Bearish factors: Brazil is expected to have a bumper soybean harvest, and China has increased its purchases of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectation of beans [15]. - Current main logic: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 9 to February 25, the transaction price of soybean meal fluctuated between 3121 - 3171, and the transaction volume varied from 0 - 10.52 million tons. The transaction price of rapeseed meal was mainly 2430 - 2450, and the transaction volume was mostly 0. The price difference between soybean meal and rapeseed meal ranged from 688 - 741 [16]. - **Soybean and Meal Futures and Spot Price Summary**: From February 10 to February 25, the prices of soybean futures, soybean meal futures, and spot prices of soybeans and soybean meal all showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 9 to February 25, the number of soybean and soybean meal warehouse receipts changed to some extent, with the number of soybean warehouse receipts increasing and decreasing, and the number of soybean meal warehouse receipts remaining relatively stable [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 - 2025 show the changes in harvest area, production, consumption, and inventory over the years [32][33]. - **Soybean Planting and Harvesting Progress in Different Regions**: The report provides the planting and harvesting progress of soybeans in Argentina, the United States, and Brazil from 2023 - 2026, including data on different time points and comparisons with the previous year and the five - year average [34][35][36][37][38][39][40][41][42][43]. - **USDA's Recent Monthly Supply - Demand Reports**: From July 2025 to February 2026, USDA's monthly supply - demand reports show changes in planting area, yield, production, and other data [44]. 3.5 Position Data - For soybean meal M2605, the main short positions increased, and funds flowed in, showing a bearish signal [9]. - For soybean A2605, the main long positions decreased, and funds flowed in, showing a bullish signal [11]. 3.6 Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [45]. - The arrival volume of imported soybeans was at a low level at the beginning of the year and decreased year - on - year recently [47]. - The soybean inventory of oil mills continued to decline, while the soybean meal inventory rebounded from a low level [48]. - The soybean crushing volume of oil mills returned to a high level, and the soybean meal production in December increased year - on - year [50]. - The unexecuted contracts of oil mills continued to decline, and the stocking demand weakened [52]. - The import cost of Brazilian soybeans oscillated and declined following the US soybeans, and the margin on the futures market fluctuated slightly [54]. - The pig inventory increased slightly year - on - year, while the sow inventory decreased year - on - year and declined slightly month - on - month [56]. - The pig price fluctuated slightly recently, and the piglet price rebounded slightly [58]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs continued to rise [60]. - The domestic pig - raising profit was slightly profitable [62]. - The pig - grain ratio and feed - meat ratio dropped to a low level [64].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - **豆粕**: The M2605 contract is expected to oscillate between 2780 and 2840. The U.S. soybeans are fluctuating and rising, with the slow progress of soybean harvesting in Brazil and technical consolidation. In China, the soybean meal market is affected by the U.S. soybean trend and the premium of spot prices, and may maintain an oscillating pattern in the short - term due to mixed news. The market expects that China's continuous procurement of U.S. soybeans supports the short - term U.S. soybean market, but the completion of China's procurement volume and good weather in South American soybean - producing areas limit the upside. In China, more new - season Brazilian soybeans are being purchased, and the future arrival of imported soybeans remains at a relatively high level [9]. - **大豆**: The A2605 contract is expected to oscillate between 4600 and 4700. The U.S. soybeans are fluctuating and rising, and in the short - term, they are in a relatively strong oscillation, awaiting further guidance on the implementation of the China - U.S. trade agreement and the weather in South American soybean - producing areas. In China, the soybean market has a narrow oscillation, with strong spot prices and short - term good demand supporting the market. However, the implementation of the China - U.S. trade agreement and the arrival of imported Brazilian soybeans after the Spring Festival limit the upside, so beware of a pullback after a rise. The market expects that China's continuous procurement of U.S. soybeans supports the short - term U.S. soybean market, but the uncertainty of China's procurement volume and good weather in South American soybean - producing areas limit the upside. The purchase and storage of domestic soybeans and the cost - performance advantage over imported soybeans support the bottom of the market, but the high arrival volume of imported soybeans and domestic soybean production limit the upside [11]. 3. Summary of Each Section According to the Catalog 3.1 Daily Tips - **豆粕**: Oscillate in the 2780 - 2840 range. The fundamentals are neutral, the basis is bullish, the inventory situation is bearish, the price on the disk is bullish, the main - force position is bearish, and the future is expected to maintain an oscillating pattern [9]. - **大豆**: Oscillate in the 4600 - 4700 range. The fundamentals are neutral, the basis is bearish, the inventory is bearish, the price on the disk is bullish, the main - force position is bullish, and the future is expected to have an oscillating pattern with a risk of a pullback [11]. 3.2 Recent News - The preliminary China - U.S. tariff negotiation agreement is short - term positive for U.S. soybeans, but there are still uncertainties in China's procurement volume and U.S. soybean weather. The U.S. market is oscillating above the 1000 - point level, awaiting further guidance on U.S. soybean growth and harvesting, the arrival of imported soybeans, and the follow - up of the China - U.S. trade negotiation. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained relatively high in January. With relatively normal weather in South American soybean - growing areas, soybean meal has returned to an oscillating pattern. - The decrease in domestic pig - breeding profits has led to low expectations for pig replenishment. The good demand for soybean meal in January supports the price expectation. The interaction between the influence of U.S. soybeans and the recovery of soybean meal demand maintains the oscillating pattern. - The soybean meal inventory of domestic oil mills remains relatively high. There is still a possibility of weather speculation in U.S. soybean - producing areas, and the preliminary China - U.S. trade negotiation agreement affects the market. The soybean meal market will maintain an oscillating pattern in the short - term, awaiting the clarification of U.S. soybean production and further guidance on the follow - up of the China - U.S. trade negotiation [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - **Bullish factors**: The preliminary China - U.S. trade negotiation agreement is short - term positive for U.S. soybeans; there is no pressure on the soybean meal inventory of domestic oil mills; there are still uncertainties in the weather in South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China remained relatively high in January; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - **Main logic**: The market focuses on the impact of U.S. soybean harvesting weather and the follow - up of the preliminary China - U.S. trade agreement [14]. 3.3.2 Soybeans - **Bullish 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 [15]. - **Bearish factors**: Brazil's soybean harvest is good, and China has increased the procurement of Brazilian soybeans; the increase in new - season domestic soybean production limits the price expectation [15]. - **Main logic**: The market focuses on the impact of U.S. soybean weather and the China - U.S. trade tariff game [15]. 3.4 Fundamental Data - **Trading data**: From February 6 to February 24, the trading average price of soybean meal fluctuated between 3121 - 3156 yuan, and the trading volume varied from 0 - 7.93 million tons. The trading average price of rapeseed meal was around 2440 - 2450 yuan, and the trading volume was mostly 0. The price difference between soybean meal and rapeseed meal gradually widened from 681 to 706 yuan [16]. - **Price summary**: From February 9 to February 24, the prices of soybean and soybean meal futures and spot prices showed certain fluctuations. For example, the price of the main soybean futures contract (A2605) rose from 4383 to 4633 yuan, and the price of the main soybean meal futures contract (M2605) fluctuated between 2729 - 2800 yuan [18]. - **Warehouse receipt statistics**: From February 6 to February 24, the soybean (A) warehouse receipt decreased by 210 at the beginning and then increased by 52, the soybean (B) warehouse receipt decreased from 700 to 400, and the soybean meal warehouse receipt remained at 36180 [20]. - **Supply - demand balance sheets**: The report provides global and domestic soybean supply - demand balance sheets from 2016 to 2025, showing the changes in harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio over the years [32][33]. - **Sowing and harvesting progress**: It includes the sowing and harvesting progress of soybeans in Argentina (2023/24), the sowing, growing, and harvesting progress of soybeans in the United States (2024), and the planting and harvesting progress of soybeans in Brazil (2024/25, 2025/26), as well as the planting progress of soybeans in Argentina (2024/25, 2025/26) [34][35][36][37][38][39][40][41][42][43]. - **USDA monthly supply - demand reports**: The report presents the USDA's monthly supply - demand reports from July 2025 to February 2026, including planting area, yield per unit, output, ending inventory, new - bean exports, crushing volume, and the production of Brazilian and Argentine soybeans [44]. 3.5 Position Data - **Soybean Meal**: The main - force short positions decreased, and funds flowed in. - **Soybeans**: The main - force long positions increased, and funds flowed out.

Reporting Industry Investment Rating - No information provided about the industry investment rating in the report Core Viewpoints of the Report - The soybean meal futures M2605 is expected to trade in the range of 2700 - 2760, with a neutral outlook. The domestic soybean meal market is influenced by the US soybean market and is currently in a fluctuating pattern due to mixed news. The basis is positive, but inventory and market trends show bearish signals, and the main positions are reducing short - positions with capital outflow [9]. - The soybean futures A2605 is expected to trade in the range of 4400 - 4500, also with a neutral outlook. The domestic soybean market is supported by strong spot prices and short - term demand, but is also affected by factors such as the implementation of the China - US trade agreement and the arrival of imported Brazilian soybeans, with a mix of bullish and bearish factors [10]. Summary by Directory 1. Daily Hints - The soybean meal M2605 is expected to trade in the range of 2700 - 2760, with a neutral outlook. The domestic soybean meal market is affected by the US soybean market, and short - term fluctuations are expected due to mixed news [9]. - The soybean A2605 is expected to trade in the range of 4400 - 4500, with a neutral outlook. The domestic soybean market is influenced by factors such as the China - US trade agreement and imported Brazilian soybeans [10]. 2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather remain uncertain. The US soybean market is oscillating above the 1000 - point mark, awaiting further guidance [12]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills is relatively high in January. The planting and growing weather of South American soybeans is relatively normal, and soybean meal is expected to return to a range - bound pattern [12]. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking. However, the demand for soybean meal in January is good, supporting the price. The interaction between the US soybean market and the recovery of soybean meal demand will maintain the range - bound pattern [12]. - The soybean meal inventory of domestic oil mills remains relatively high. There is still a possibility of weather speculation in the US soybean production area, and the preliminary agreement on China - US trade negotiations has an impact. Soybean meal is expected to maintain a range - bound pattern in the short term [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: The preliminary agreement on China - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean production areas [13]. - Bearish factors: The total arrival volume of imported soybeans in China in January remains relatively high; Brazilian soybeans have started planting, and South American soybeans are expected to have a good harvest under normal weather conditions [13]. - Current main logic: The market focuses on the impact of the US soybean harvest weather and the follow - up of the preliminary China - US trade agreement [13]. 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 the price [14]. - Bearish factors: Brazilian soybeans are expected to have a good harvest, and China has increased its purchases of Brazilian soybeans; the increase in the production of new domestic soybeans suppresses the price expectation of beans [14]. - Current main logic: The market focuses on the impact of US soybean weather and the China - US trade tariff game [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From January 30 to February 9, the average transaction price of soybean meal fluctuated between 3117 - 3160 yuan/ton, and the trading volume varied from 5.03 - 26.17 million tons. The average transaction price of rapeseed meal was between 2430 - 2470 yuan/ton, and the trading volume was mostly 0 or 0.5 million tons. The price difference between soybean meal and rapeseed meal was around 667 - 691 yuan/ton [15]. - **Soybean and Meal Futures and Spot Price Data**: From February 2 to February 9, the price of soybean futures (A2605) fluctuated between 4375 - 4393 yuan/ton, the price of soybean meal futures (M2605) was between 2723 - 2750 yuan/ton. The spot price of soybean (in Jiamusi) was 4400 yuan/ton, and the spot price of soybean meal (in Jiangsu) was between 3010 - 3040 yuan/ton [17]. - **Soybean and Meal Warehouse Receipt Data**: From January 29 to February 9, the soybean (A) warehouse receipts decreased from 25662 to 25338, the soybean (B) warehouse receipts increased from 0 to 700, and the soybean meal warehouse receipts increased from 33428 to 36228 and then decreased to 36180 [19]. 5. Position Data - For soybean meal, the main short - positions are decreasing, and capital is flowing out, showing a bearish signal [9]. - For soybeans, the main positions have changed from short to long, and capital is flowing in, showing a bullish signal [10].

1. Report Industry Investment Rating No information provided. 2. Core Views - **Overall**: The soybean and soybean meal markets are in a complex situation, with multiple factors such as Sino - US trade, South American weather, and domestic supply - demand affecting prices. Both are expected to maintain a volatile pattern in the short - term [10][11]. - **Soybean**: US soybeans are in a volatile state, waiting for the follow - up of the Sino - US trade agreement and South American weather. Domestic soybeans are affected by factors like spot price strength, demand, Sino - US trade, and import volume, also showing short - term volatility [11]. - **Soybean Meal**: The domestic soybean meal market is influenced by US soybean trends, end - of - year demand, and import volume. It is expected to maintain a short - term volatile pattern [10]. 3. Summary by Directory 3.1 Weekly Tips No information provided. 3.2 Recent News - Sino - US tariff negotiations have reached a preliminary agreement, which is short - term positive for US soybeans. However, the quantity of Chinese purchases of US soybeans and US soybean weather are still uncertain. The US soybeans are oscillating around 1,100 points in the short - term [13]. - Domestic soybean imports will continue to decline in Q1. The soybean inventory of oil mills remained high in January. The weather for soybean planting and growth in South America is relatively normal, and soybean meal has returned to range - bound trading [13]. - Domestic pig - farming losses have led to low expectations for pig restocking. The good demand for soybean meal in January supports its price expectations. Affected by the interaction of US soybeans and rising soybean meal demand, it maintains a range - bound pattern [13]. - Domestic soybean meal inventories in oil mills remain high. There is still a possibility of speculation on the weather in the US soybean - producing areas. Affected by the preliminary Sino - US trade negotiation agreement, soybean meal will maintain a short - term range - bound pattern [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - **Bullish**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; domestic oil mills have no pressure on soybean meal inventory; there are still uncertainties in the weather in South American soybean - producing areas [14]. - **Bearish**: The total import volume of domestic soybeans remained high in January; under normal weather conditions, South American soybeans are expected to have a bumper harvest [14]. 3.3.2 Soybean - **Bullish**: The rising cost of imported soybeans supports the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports price expectations [15]. - **Bearish**: The preliminary Sino - US trade negotiation agreement leads to an increase in Chinese purchases of US soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectations of beans [15]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance**: From 2016 to 2025, the global soybean harvest area, output, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [21]. - **USDA Monthly Supply - Demand Report**: From June 2025 to January 2026, the US soybean planting area, yield, and output showed some fluctuations, and the期末库存 also changed [22]. - **US Soybean Growth Process**: In 2024, the sowing, growth, and harvesting processes of US soybeans were compared with the previous year and the five - year average, showing different growth progress [23][24][25]. - **South American Soybean Growth Process**: In the 2024/25 and 2025/26 seasons, the planting and harvesting processes of soybeans in Brazil and Argentina were compared with the previous year and the five - year average [26][27][28][29][30]. 3.5 Positioning Data No information provided. 3.6 Soybean and Soybean Meal Fundamentals 3.6.1 US Soybean Market - The January USDA report has a slightly bearish impact. US soybeans are in a weak - volatile state in the short - term, affected by the increase in Brazilian soybean production. The overall short - term trend is influenced by weather changes in South American soybean - producing areas and the follow - up of the Sino - US trade agreement [34]. - The Fed's interest rate cut in December is positive for commodities in the short - term. The US soybean futures market is expected to maintain volatility, and the weather in South America and the follow - up of the Sino - US trade agreement are the main driving forces for short - and medium - term trends [34]. 3.6.2 Domestic Soybean Meal Industry Chain - **Imported Soybean Arrival**: The arrival volume of imported soybeans has entered a low level at the beginning of the year, and the year - on - year volume has recently decreased [37]. - **Oil Mill Pressing and Inventory**: The soybean inventory of oil mills has continued to decline, while the soybean meal inventory has rebounded from a low level. The soybean crushing volume of oil mills has returned to a high level, and the soybean meal output in December increased year - on - year. The unexecuted contracts of oil mills continued to decline, indicating a weakening of stocking demand [38][40][42]. - **Soybean Meal Transaction**: The procurement of domestic downstream enterprises has rebounded from a low level, and the提货 volume has remained at a relatively high level [46]. - **Pig - Farming Inventory**: The pig inventory has increased slightly year - on - year, the sow inventory has decreased year - on - year and slightly month - on - month. The pig price has fluctuated slightly recently, and the piglet price has rebounded slightly. The proportion of large pigs in China has increased, and the cost of secondary fattening of pigs has continued to rise. The domestic pig - farming profit is slightly profitable, and the pig - grain ratio and feed - to - meat ratio have fallen to a low level [47][49][51][53][55]. 3.7 Meal Market Structure - The soybean meal futures have returned to a volatile state, the spot price is relatively stable, and the spot premium has remained at a relatively high level [60]. - The spot price difference between soybean meal and rapeseed meal has narrowed, and the price difference of the 2605 contract has fluctuated slightly [62]. 3.8 Technical Analysis 3.8.1 Soybean - The soybean futures are in a narrow - range oscillation, affected by the interaction of US soybean trends and the relative strength of domestic soybean spot. Technical indicators such as KDJ and MACD are in a volatile adjustment stage, and the future trend needs new guidance [67]. - Domestically, soybeans are in a strong - volatile state, affected by the follow - up of the Sino - US trade agreement, the strength of domestic soybean spot, and the arrival volume of imported soybeans. The overall trend is affected by multiple factors such as the import of US soybeans and domestic soybean production [68]. 3.8.2 Soybean Meal - The soybean meal futures have rebounded after reaching the bottom, affected by the interaction of US soybean trends and the short - term weakening of domestic demand. Technical indicators such as KDJ and MACD are in a volatile adjustment stage, and the future trend needs new guidance. The overall situation is in a range - bound pattern, affected by the bearish weather in South American soybean - producing areas and the peak domestic demand season [70]. - The soybean meal is affected by the interaction of US soybean trends and the off - season of domestic demand, and it rebounds after reaching the bottom. The expected bumper harvest of South American soybeans and the relatively high arrival volume of imported soybeans suppress the price expectations, while the follow - up of the Sino - US trade agreement and the weather in South American soybean - producing areas support the bottom price [71]. 3.9 Next Week's Focus - **Most Important**: The growth and harvesting weather in South American soybean - producing areas, the follow - up of the Sino - US trade agreement, and the arrival and operation of Chinese imported soybeans [72]. - **Second - Important**: The domestic demand for soybean meal, the inventory of domestic oil mills, and downstream procurement [73]. - **Less Important**: Macroeconomic factors and conflicts such as those between Russia and Ukraine and between Israel and Palestine [73]. 3.10 Trading Strategies 3.10.1 Soybean Meal - **Futures**: US soybeans are oscillating around 1,100 points in the short - term, and soybean meal is expected to maintain a range - bound pattern. For the M2605 contract, short - term trading is recommended within the range of 2,700 - 2,900 [16]. - **Options**: Sell out - of - the - money put options [18]. 3.10.2 Soybean - **Futures**: The A2605 contract of soybean is expected to oscillate within the range of 4,300 - 4,500, and short - term range trading is recommended [19]. - **Options**: Sell out - of - the - money put options [19].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The soybean meal M2605 fluctuates in the range of 2720 - 2780. The US soybeans are oscillating and rising, supported by China's potential soybean purchases and technical buying. The domestic soybean meal rebounds after hitting the bottom, affected by the US soybean trend and the peak - season demand at the end of the year. The news is mixed, and it may maintain an oscillating pattern in the short term [9]. - The soybean A2605 fluctuates in the range of 4340 - 4440. The US soybeans are oscillating and rising, and the domestic soybeans are oscillating in a narrow range. The strong spot price and short - term good demand support the market, and it will maintain an oscillating pattern in the short term under the interaction of the implementation of the Sino - US trade agreement and the arrival of imported Brazilian soybeans [11]. 3. Summary According to the Directory 3.1 Daily Tips - The soybean meal M2605 is expected to fluctuate between 2720 and 2780, and the soybean A2605 is expected to fluctuate between 4340 and 4440 [9][11]. 3.2 Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's soybean purchases and the US soybean weather are still uncertain. The US soybeans are oscillating above the thousand - point mark in the short term [13]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained at a relatively high level in January. The planting and growth weather of South American soybeans is relatively normal, and the soybean meal has returned to an oscillating range in the short term [13]. - The decrease in domestic pig - farming profits leads to a low expectation of pig restocking. The demand for soybean meal remained good in January, supporting the price expectation. The soybean meal maintains an oscillating pattern under the cross - influence of the US soybean trend and the rebound in demand [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of weather speculation in the US soybean production areas, and affected by the preliminary Sino - US trade negotiation agreement, the soybean meal will maintain an oscillating pattern in the short term [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather of South American soybean production areas [14]. - Bearish factors: The total arrival volume of imported soybeans in China remained at a relatively high level in January; Brazilian soybeans have started planting, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - Current main logic: The market focuses on the impact of the US soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. 3.3.2 Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price expectation [15]. - Bearish factors: Brazilian soybeans have a good harvest, and China has increased its purchases of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectation of beans [15]. - Current main logic: The market focuses on the impact of the US soybean weather and the Sino - US trade tariff game [15]. 3.4 Fundamental Data - **Price and Volume Data**: The report provides the trading average price and trading volume of soybean meal and rapeseed meal from January 28 to February 5, as well as the price data of soybean and soybean meal futures and spot from January 29 to February 5 [16][18]. - **Inventory Data**: The soybean meal inventory of oil mills is 94.72 tons, a week - on - week decrease of 9.27% and a year - on - year increase of 70.15%. The soybean inventory of oil mills is 687.33 tons, a week - on - week decrease of 3.62% and a year - on - year increase of 31.81% [9][11]. - **Supply and Demand Balance Sheets**: The report provides the global and domestic soybean supply - demand balance sheets from 2016 to 2025, including harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. 3.5 Position Data - For soybean meal M2605, the main short positions decreased, and the funds flowed out [9]. - For soybean A2605, the main long positions decreased, and the funds flowed out [11]. 3.6 Other Information - The soybean and rapeseed meal spot price spread has narrowed, and the spread of the 2605 contract has declined from a high level [29]. - The soybean crushing volume of oil mills has returned to a high level, and the soybean meal production in December increased year - on - year [25][50]. - The downstream procurement in China has rebounded from a low level, and the pick - up volume remains at a relatively high level [27]. - The US soybean weekly export inspection decreased month - on - month and increased year - on - year [45]. - The arrival volume of imported soybeans has entered a low level at the beginning of the year, and the year - on - year figure has recently decreased [47]. - The soybean inventory of oil mills has decreased from a high level, and the soybean meal inventory has continued to decline [48]. - The unexecuted contracts of oil mills have continued to decline, and the inventory demand maintains a good expectation [52]. - The import cost of Brazilian soybeans has oscillated and declined following the US soybeans, and the margin on the futures market has fluctuated slightly [54]. - The pig inventory has increased slightly year - on - year, the sow inventory has decreased year - on - year and declined slightly month - on - month [56]. - The pig price has declined slightly recently, and the piglet price has remained weak [58]. - The proportion of large pigs in China has increased, and the cost of secondary fattening of pigs has continued to rise [60]. - The domestic pig - farming profit is slightly profitable [62].

1. Report Industry Investment Rating There is no information on industry investment rating in the report. 2. Core Views of the Report - **Soybean Meal (M2605)**: The price is expected to oscillate between 2710 and 2770. The US soybeans have rebounded from the bottom, and the domestic soybean meal has oscillated and declined. It is influenced by the US soybean trends, end - of - year demand, and news. It is expected to maintain an oscillating pattern in the short term [9]. - **Soybeans (A2605)**: The price is expected to oscillate between 4320 and 4420. The US soybeans have rebounded from the bottom, and the domestic soybeans have oscillated in a narrow range. Affected by spot prices, demand, and trade agreements, they will maintain an oscillating pattern in the short term [11]. 3. Summary According to the Directory 3.1 Daily Tips - **Soybean Meal**: Oscillates between 2710 - 2770, with a neutral outlook. The basis is positive, inventory decreased last week but is higher than last year, the price is below the 20 - day moving average, the main short - positions decreased, and it is expected to oscillate in the short term [9]. - **Soybeans**: Oscillates between 4320 - 4420, with a neutral outlook. The basis is neutral, inventory decreased last week but is higher than last year, the price is above the 20 - day moving average, the main long - positions increased, and it is expected to oscillate in the short term [11]. 3.2 Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but there are still uncertainties in the quantity of Chinese purchases and US soybean weather. The US market oscillates above the 1000 - point mark. - The arrival volume of imported soybeans in China will continue to decline in the first quarter, and the soybean inventory of oil mills remained high in January. - The decrease in domestic pig - farming profits leads to low expectations for pig restocking, but the demand for soybean meal in January is good, and it is expected to oscillate due to the influence of US soybeans and demand [13]. 3.3 Bullish and Bearish Concerns - **Soybean Meal** - **Bullish factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; there is no pressure on the soybean meal inventory of domestic oil mills; there are still uncertainties in the weather in South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in January remained high; under normal weather conditions, 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 soybean demand supports the price [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 the price [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From January 26 to February 3, the average transaction price of soybean meal fluctuated between 3126 - 3171 yuan/ton, and the trading volume varied from 74.07 million tons to 0 tons. The average transaction price of rapeseed meal was between 2430 - 2480 yuan/ton, and the trading volume was mostly 0 tons [16]. - **Soybean and Meal Futures and Spot Price Summary**: From January 27 to February 3, the prices of soybean futures, soybean meal futures, and spot prices all showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From January 23 to February 3, the number of soybean (bean - one) warehouse receipts decreased, the number of bean - two warehouse receipts decreased to 0, and the number of soybean meal warehouse receipts increased by 1000 on January 29 [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on the supply - demand balance of global and domestic soybeans from 2016 - 2025, including harvest area, output, consumption, and inventory [32][33]. - **Soybean Planting and Harvesting Progress**: Provide the planting and harvesting progress of soybeans in Argentina, the US, and Brazil from 2023 - 2026 [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply - Demand Reports**: Provide the planting area, yield, output, and other data of US soybeans from June 2025 to January 2026, as well as the output data of Brazilian and Argentine soybeans [44]. 3.5 Position Data - **Soybean Meal**: The main short - positions decreased, and the funds flowed out [9]. - **Soybeans**: The main long - positions increased, and the funds flowed out [11]. Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [45]. - The arrival volume of imported soybeans was at a low level at the beginning of the year and decreased year - on - year recently [47]. - The soybean inventory of oil mills decreased from a high level, and the soybean meal inventory continued to decline [48]. - The soybean crushing volume of oil mills returned to a high level, and the soybean meal output in December increased year - on - year [50]. - The unexecuted contracts of oil mills continued to decline, and the stocking demand had a good expectation [52]. - The import cost of Brazilian soybeans oscillated and declined following the US soybeans, and the on - paper profit fluctuated slightly [54]. - The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and declined slightly month - on - month [56]. - The pig price declined slightly recently, and the piglet price remained weak [58]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs continued to rise [60]. - The domestic pig - farming profit was slightly profitable [62].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The soybean meal market is influenced by multiple factors, with both bullish and bearish elements, and is expected to maintain a volatile pattern in the short - term. The market is waiting for further guidance on the implementation of the China - US trade agreement, the growth and harvest weather in South American soybean - producing areas, and the arrival of imported soybeans [10][11][13]. - The soybean market is also in a state of short - term volatility. It is affected by the implementation of the China - US trade agreement, the arrival of imported soybeans, and the supply and demand of domestic soybeans [11]. 3. Summary According to the Directory 3.1 Weekly Tips No information provided in the report. 3.2 Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases from the US and the weather in US soybean - producing areas are still uncertain. The US soybean market is oscillating above the 1000 - point mark in the short - term [13]. - The arrival of imported soybeans in China will continue to decline in the first quarter, and the soybean inventory of oil mills remained at a relatively high level in January. The soybean meal market has returned to range - bound trading [13]. - The loss of domestic pig - farming profits has led to low expectations for pig restocking. The demand for soybean meal remained good in January, supporting the price of soybean meal. The interaction between the influence of US soybeans and the recovery of soybean meal demand maintains the range - bound trading pattern [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of weather speculation in US soybean - producing areas, and the preliminary agreement on China - US trade negotiations has an impact. The soybean meal market is expected to maintain range - bound trading in the short - term, waiting for the clarification of US soybean production and the follow - up of China - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - Bullish factors: The preliminary agreement on China - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather in South American soybean - producing areas [14]. - Bearish factors: The total arrival of imported soybeans in China remained at a relatively high level in January; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - Current main logic: The market focuses on the impact of the harvest weather of US soybeans and the follow - up of the preliminary China - US trade agreement [14]. 3.3.2 Soybeans - Bullish factors: The increase in the cost of imported soybeans supports the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [15]. - Bearish factors: The preliminary agreement on China - US trade negotiations leads to an increase in China's soybean purchases from the US; the increase in the production of new - season domestic soybeans suppresses the price expectations of soybeans [15]. - Current main logic: The market focuses on the impact of the weather in US and South American soybean - producing areas and the follow - up of the China - US trade agreement [15]. 3.4 Fundamental Data 3.4.1 Global Soybean Supply - Demand Balance Sheet The report provides the global soybean supply - demand balance sheet from 2016 to 2025, including data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [22]. 3.4.2 USDA's Monthly Supply - Demand Reports in the Past Six Months The report shows the planting area, yield per unit, production, ending inventory, new - bean exports, crushing volume, and the production of Brazilian and Argentine soybeans in the USDA's monthly supply - demand reports from June 2025 to January 2026 [23]. 3.4.3 US Soybean Planting, Growth, and Harvest Progress in 2024 The report presents the sowing, growth, and harvest progress of US soybeans in 2024, including data on sowing progress, emergence rate, flowering rate, pod - setting rate, defoliation rate, and harvest rate, as well as comparisons with the same period last year and the five - year average [24][25][26]. 3.4.4 Brazilian and Argentine Soybean Planting and Harvest Progress The report provides the planting and harvest progress of Brazilian and Argentine soybeans in the 2024/25 and 2025/26 seasons, including planting rate and harvest rate, as well as comparisons with the same period last year and the five - year average [27][28][29][30][31]. 3.5 Position Data No information provided in the report. 3.6 Soybean and Soybean Meal Fundamentals (Supply - Demand and Inventory Structure) 3.6.1 US Soybean Market Analysis The impact of the January USDA report is slightly bearish. US soybeans are in a weak - oscillating state in the short - term due to the increase in Brazilian soybean production. The interaction between China's continuous purchase of US soybeans and the good growth and harvest weather of South American soybeans affects the market. In general, the short - term weather uncertainties in South American soybean - producing areas and the follow - up progress of the implementation of the China - US trade agreement influence the market [35]. 3.6.2 Domestic Soybean Meal Industry Chain - Imported soybean arrival: The arrival of imported soybeans has entered a low level at the beginning of the year, and the year - on - year figure has recently decreased [38]. - Oil mill crushing and inventory: The soybean inventory of oil mills has declined from a high level, and the soybean meal inventory has continued to decline. The soybean crushing volume of oil mills has returned to a high level, and the soybean meal production in December increased year - on - year. The unexecuted contracts of oil mills have continued to decline, and the备货 demand maintains a good expectation [39][41][43]. - Soybean meal transaction: The procurement of domestic mid - and downstream enterprises has rebounded from a low level, and the提货 volume has remained at a relatively high level [47]. - Pig - farming inventory: The pig inventory has increased slightly year - on - year, the sow inventory has decreased year - on - year and declined slightly month - on - month. The pig price has recently declined slightly, 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 continued to rise. The domestic pig - farming profit is slightly profitable [49][51][53][55]. 3.7 Meal Market Structure - The soybean meal futures have returned to an oscillating state, the spot price has been relatively stable, and the spot premium has remained at a relatively high level [60]. - The spot price difference between soybean meal and rapeseed meal has narrowed, and the price difference between the 2605 contracts of soybean meal and rapeseed meal has declined from a high level [62]. 3.8 Technical Analysis 3.8.1 Soybean Technical Analysis The soybean futures have risen and then fallen, affected by the interaction between the US soybean trend and the relatively strong domestic soybean spot market. The KDJ indicator has crossed and rebounded, and the short - term technical indicators have entered an oscillating and rebounding stage, but the relatively high position of the indicators limits the further upward space. The MACD is oscillating narrowly at a high level, and the short - term has entered a technical oscillating and consolidation stage, with the red energy turning green. Whether it can continue to adjust remains to be observed. The soybean futures have returned to an oscillating state and are waiting for new guidance [67]. 3.8.2 Soybean Meal Technical Analysis The soybean meal futures have risen and then fallen, affected by the interaction between the rapeseed meal trend and the short - term recovery of domestic demand. The KDJ indicator has crossed and declined at a high level, and the short - term has entered a technical oscillating and consolidation stage. The relatively high position of the indicators limits the rebound space. The MACD is oscillating and rebounding at a low level, and the short - term has entered a technical rebound stage, with the red energy narrowing. Whether it can continue to rebound remains to be observed. The soybean meal futures have returned to range - bound trading and are waiting for new guidance from US soybeans [70]. 3.9 Next Week's Concerns - Most important: The growth and harvest weather in South American soybean - producing areas, the follow - up of the implementation of the China - US trade agreement, and the arrival and operation of imported soybeans in China [72]. - Second most important: The domestic demand for soybean meal, the inventory of domestic oil mills, and the downstream procurement situation [73]. - Less important: Macroeconomic factors and the conflicts in Russia - Ukraine and Israel - Palestine [73]. 3.10 Trading Strategies 3.10.1 Soybean Meal Trading Strategy - Futures: US soybeans are oscillating below the 1100 - point mark in the short - term, and soybean meal is expected to maintain range - bound trading in the short - term. For the M2605 contract, short - term trading within the range of 2700 - 2900 is recommended [17]. - Options strategy: Sell out - of - the - money put options [19]. 3.10.2 Soybean Trading Strategy - Futures: The A2605 contract of soybeans is expected to oscillate within the range of 4300 - 4500. Short - term trading within the range is recommended [20]. - Options strategy: Sell out - of - the - money put options [20].

Report Industry Investment Rating No relevant content provided. Core Views - The soybean meal M2605 is expected to oscillate in the range of 2700 - 2760. The market is influenced by the decline of US soybeans, the approaching harvest of Brazilian soybeans, and the interaction between demand improvement and US soybean trends. The short - term outlook is neutral, with a mix of positive and negative factors [9]. - The soybean A2605 is projected to fluctuate between 4280 - 4380. The market is affected by the oscillation of US soybeans, the auction of state - reserved imported soybeans, and the interaction of Sino - US trade agreements and Brazilian soybean imports. The short - term outlook is also neutral [11]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is a short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather remain uncertain. The US soybean market is oscillating above the 1000 - point mark, awaiting further guidance [13]. - The arrival volume of imported soybeans in China will continue to decline in Q1. The soybean inventory of oil mills remains high in January. With normal weather in South American soybean - growing areas, soybean meal has returned to range - bound trading [13]. - Reduced profits in China's pig - farming industry have led to low expectations for pig restocking. However, the demand for soybean meal remains strong in January, supporting price expectations. The interaction between the influence of US soybeans and the recovery of soybean meal demand maintains the range - bound pattern [13]. - The high inventory of soybean meal in domestic oil mills, the potential for weather speculation in US soybean - growing areas, and the impact of the preliminary Sino - US trade agreement keep soybean meal in a short - term range - bound state, waiting for clear US soybean production and further Sino - US trade negotiation results [13]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: The preliminary Sino - US trade agreement 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 South American soybean - growing areas [14]. - Bearish factors: The total arrival volume of imported soybeans in China remains high in January; with normal weather, South American soybeans are expected to have a bumper harvest [14]. - Current main logic: The market focuses on the impact of US soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand 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]. - Current 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 and Rapeseed Meal Transaction Data**: From January 5th to 13th, the average transaction price of soybean meal ranged from 3138 to 3188 yuan/ton, and the transaction volume varied from 8.1 to 116.13 tons. The average transaction price of rapeseed meal was between 2480 and 2570 yuan/ton, and the transaction volume was mostly 0, with a small amount on January 8th and 12th. The price difference between soybean meal and rapeseed meal gradually increased [16]. - **Soybean and Meal Futures and Spot Prices**: From January 6th to 13th, the prices of soybean futures (both No. 1 and No. 2), soybean meal futures (both near - term and far - term), and soybean and soybean meal spot prices all fluctuated [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From December 31st to January 13th, the warehouse receipts of soybean No. 1, No. 2, and soybean meal changed. The warehouse receipts of soybean No. 1 decreased overall, while the warehouse receipts of soybean No. 2 remained at 400, and the warehouse receipts of soybean meal had some small - scale fluctuations [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 show changes in harvest area, output, consumption, and inventory. Generally, the total supply and demand of soybeans have been increasing, and the inventory - to - consumption ratio has fluctuated [32][33]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 to 2026 shows that the progress in different years and regions varies, affected by factors such as weather and planting plans [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from June 2025 to January 2026 show changes in US soybean planting area, yield per unit, output, end - of - period inventory, new - bean exports, and crushing volume, as well as the output of Brazilian and Argentine soybeans [44]. - **Imported Soybean Arrival Volume**: The arrival volume of imported soybeans from 2020 to 2025 shows monthly fluctuations, with an overall upward trend in some years. In December 2025, the arrival volume increased slightly compared to the previous period and was generally higher year - on - year [47]. 5. Position Data No relevant content provided.

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The soybean meal M2605 is expected to fluctuate within the range of 2740 - 2800. The market is influenced by the interaction of U.S. soybean trends and demand improvement, with news being mixed and short - term oscillation likely [9]. - The soybean A2605 is expected to fluctuate within the range of 4200 - 4300. The market is affected by the execution of the China - U.S. trade agreement and the arrival of imported Brazilian soybeans, with the price supported by the cost - performance advantage of domestic soybeans [11]. Summary According to the Directory 1. Daily Hints No information provided in the report. 2. Recent News - The preliminary China - U.S. tariff negotiation agreement is short - term positive for U.S. soybeans, but the quantity of China's soybean purchases and U.S. soybean weather are still uncertain. The U.S. market is oscillating above the thousand - point mark [13]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained high. The planting and growth weather of South American soybeans is relatively normal, and soybean meal has returned to range - bound trading [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal rebounded from a low level in December, supporting price expectations [13]. - The high inventory of domestic oil mills' soybean meal, the potential for weather speculation in U.S. soybean - producing areas, and the impact of the preliminary China - U.S. trade negotiation agreement have kept soybean meal in a short - term range - bound state [13]. 3. Long and Short Concerns Soybean Meal - **Long factors**: The preliminary China - U.S. trade negotiation agreement is short - term positive for U.S. soybeans; the inventory of domestic oil mills' soybean meal is not under pressure; there are still uncertainties in the weather of U.S. and South American soybean - producing areas [14]. - **Short factors**: The total arrival volume of imported soybeans in China remained high in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Long factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports price expectations [16]. - **Short factors**: The bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses price expectations [16]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3050, with a basis of 296, indicating a premium over futures. The inventory of oil mills' soybean meal is 117.02 million tons, a 0.22% increase from last week and a 71.18% increase from the same period last year [9]. - **Soybeans**: The spot price is 4220, with a basis of - 23, indicating a discount to futures. The inventory of oil mills' soybeans is 710.25 million tons, an 8.53% increase from last week and a 19.48% increase from the same period last year [11]. - **Global Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, output, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [33]. - **Domestic Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, output, and import volume generally increased, and the inventory - to - consumption ratio also fluctuated [34]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed in [9]. - **Soybeans**: The main long positions decreased, and funds flowed in [11]. 6. Soybean and Soybean Meal Market Conditions - **Price and Transaction**: The price of soybean meal futures rose and then fell, while the spot price was relatively stable, with a high premium. The price difference between soybean meal and rapeseed meal fluctuated slightly [17][19][24]. - **Warehouse Receipts**: The warehouse receipts of soybeans and soybean meal changed over time, with the warehouse receipts of soybean No. 1 and soybean No. 2 showing different trends [21]. - **Supply - Side Conditions**: The soybean crushing volume of oil mills decreased from a high level, and the soybean meal output in November increased year - on - year. The inventory of oil mills' soybeans decreased from a high level, while the soybean meal inventory remained high [26][49]. - **Demand - Side Conditions**: The procurement of domestic downstream enterprises rebounded from a low level, and the提货 volume remained at a relatively high level. The unexecuted contracts of oil mills decreased from a high level, and the stocking demand had a good outlook [28][53]. - **International Market**: The planting and harvesting progress of soybeans in the U.S., Brazil, and Argentina in different years were provided, as well as the monthly supply - demand reports of the USDA in the past six months [35][40][45]. - **Livestock Market**: The pig inventory showed an upward trend, the sow inventory was flat year - on - year and slightly decreased month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak [57][59].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report 1. **Viewpoints and Strategies for Soybean Meal** - Soybean meal M2605 is expected to fluctuate in the range of 2740 - 2800. The market is currently neutral due to a combination of factors such as the performance of US soybeans, the demand for domestic soybean meal, and inventory levels [9]. 2. **Viewpoints and Strategies for Soybeans** - Soybean A2605 is expected to fluctuate in the range of 4080 - 4180. The market is also neutral, influenced by the US - China trade agreement, South American soybean planting weather, and the supply - demand situation of domestic soybeans [11]. Group 3: Summary According to the Table of Contents 1. **Daily Hints** - Not provided in the report 2. **Recent News** - The preliminary agreement in the China - US tariff negotiation 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 US soybean market is expected to be relatively strong above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China has decreased in December, but the soybean inventory of oil mills remains high. The planting and growing weather of South American soybeans is relatively normal, and the soybean meal market has returned to range - bound fluctuations [13]. - The decline in domestic pig - farming profits has led to low expectations for pig restocking. However, the demand for soybean meal has rebounded from a low level in December, which supports the price of soybean meal. The market is affected by both the performance of US soybeans and the recovery of soybean meal demand [13]. - The soybean meal inventory of domestic oil mills remains high. There is still a possibility of speculation about the weather in the US soybean - producing areas, and the preliminary agreement in the China - US trade negotiation has an impact. The soybean meal market is expected to remain range - bound in the short term, waiting for more information on US soybean production and the follow - up of the China - US trade negotiation [13]. 3. **Long and Short Concerns** **Soybean Meal** - **Long Factors**: The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; 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 China remained high in December; if the weather is normal, South American soybeans are expected to have a bumper harvest [15]. **Soybeans** - **Long Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price [16]. - **Short Factors**: Brazilian soybeans are expected to have a bumper harvest, and China has increased its purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price expectations of beans [16]. 4. **Fundamental Data** **Soybean Meal and Rapeseed Meal Transaction Data** - From December 18 to 26, the transaction prices and volumes of soybean meal fluctuated, while the rapeseed meal had no transactions during this period. The price difference between soybean meal and rapeseed meal also fluctuated slightly [17]. **Soybean and Meal Futures and Spot Price Data** - From December 19 to 26, the prices of soybean futures, soybean meal futures, and spot prices all showed certain fluctuations. The spot price of soybean meal was generally higher than the futures price [19]. **Soybean and Meal Warehouse Receipt Data** - From December 17 to 26, the warehouse receipts of soybean No. 1, soybean No. 2, and soybean meal changed to varying degrees [21]. **Soybean Meal Spot Price Data** - The spot price of soybean meal fluctuates with the futures price, and the premium of the spot price over the futures price has a slight fluctuation [24]. **Global and Domestic Soybean Supply - Demand Balance Sheet Data** - The report provides the supply - demand balance sheets of global and domestic soybeans from 2015 to 2024, including data on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [33][34]. **Soybean Planting and Harvesting Progress Data** - The report provides the planting and harvesting progress data of soybeans in Argentina, the US, and Brazil from 2023 - 2026, including the planting rate, harvesting rate, emergence rate, flowering rate, pod - setting rate, leaf - falling rate, and other indicators [35][36][37][38][39][40][41][42][43][44]. **USDA Monthly Supply - Demand Report Data** - The report provides the USDA's monthly supply - demand reports from May to December 2025, including data on planting area, yield per unit, output, ending inventory, new - bean exports, and crushing volume of the US, as well as the output data of Brazilian and Argentine soybeans [45]. **Other Fundamental Data** - The weekly export inspection volume of US soybeans has declined both month - on - month and year - on - year [46]. - The arrival volume of imported soybeans in December has increased slightly, with an overall year - on - year increase [48]. 5. **Position Data** - Not provided in the report