Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2605 is expected to fluctuate in the range of 2740 - 2800. The domestic soybean meal is influenced by multiple factors, with a neutral view in the short - term and a tendency to fluctuate weakly [8][9]. - The soybean A2605 is predicted to fluctuate between 4080 - 4180. Domestic soybeans are affected by various factors such as US - China trade and import volumes, with a neutral view in the short - term [10][11]. Summary According to Relevant Catalogs 1. Daily Tips - The soybean meal M2605 fluctuates in the 2740 - 2800 range. Influenced by factors like US - China trade and South American weather, it has a neutral outlook. The basis is positive, but inventory, the position of the price relative to the 20 - day moving average, and the main positions are bearish. It is expected to fluctuate weakly in the short - term [9]. - The soybean A2605 fluctuates between 4080 - 4180. Affected by US - China trade and import volumes, it has a neutral view. The basis is neutral, while inventory, the price position relative to the 20 - day moving average, and the main positions are bearish [11]. 2. Recent News - The preliminary agreement on US - China tariff negotiations is short - term positive for US soybeans, but there are uncertainties in the quantity of Chinese purchases and US soybean weather. The domestic import soybean arrival volume decreased in December, with high soybean inventory in oil mills. The demand for soybean meal rebounded at a low level in December, and soybean meal is expected to return to range - bound fluctuations [13]. 3. Bullish and Bearish Factors For Soybean Meal - Bullish factors: The preliminary agreement on US - China trade negotiations 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 US and South American soybean production areas [14]. - Bearish factors: The total arrival volume of domestic imported soybeans remained high in December; South American soybeans are expected to have a bumper harvest under normal weather conditions [15]. For 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 [16]. - 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 of soybeans [16]. 4. Fundamental Data - The global soybean supply - demand balance sheet shows the changes in harvest area, inventory, production, consumption, etc. from 2015 - 2024 [32]. - The domestic soybean supply - demand balance sheet shows the changes in harvest area, inventory, production, import volume, etc. from 2015 - 2024 [33]. 5. Position Data - The main short positions of soybean meal decreased, and funds flowed out. The main short positions of soybeans increased, and funds flowed in [9][11]. Other Data and Information - The trading volume and average price of soybean meal and rapeseed meal from December 17 - 25, 2025 are presented, along with the price difference between soybean meal and rapeseed meal [17]. - The futures and spot prices of soybeans and soybean meal from December 18 - 25, 2025 are provided [19]. - The warehouse receipt statistics of soybeans and soybean meal from December 16 - 25, 2025 are given [21]. - The planting and harvesting progress of soybeans in Argentina (2023/24), the US (2024), Brazil (2024/25, 2025/26), and Argentina (2024/25, 2025/26) are detailed [34][35][39][41][42][43]. - The USDA's monthly supply - demand reports from May - December 2025 are presented, including planting area, yield, production, etc. [44]. - The weekly export inspection of US soybeans decreased both month - on - month and year - on - year [45]. - The monthly arrival volume of imported soybeans from 2020 - 2025 is shown, with a slight increase in December 2025 compared to the same period [47]. - The soybean inventory of oil mills remained high, and the soybean meal inventory decreased from a high level. The unexecuted contracts of oil mills increased to a high level, and the demand for stockpiling increased. The soybean crushing volume of oil mills remained relatively high, and the soybean meal production in October increased year - on - year [48][50][52]. - The import cost of Brazilian soybeans fluctuated downward following US soybeans, and the margin on the futures market fluctuated slightly [53]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs fluctuated slightly. The domestic pig farming profit fluctuated slightly [55][57][59][61].

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 There is no information provided regarding the report's industry investment rating. 2. Core Views of the Report - **General Outlook**: The market is currently focused on the impact of South American soybean harvesting weather and the Sino - US trade tariff game. The prices of soybeans and soybean meal are influenced by multiple factors, including the Sino - US tariff war, South American soybean production, domestic inventory, and demand [14][15]. - **Soybean Meal**: In the short - term, it maintains a range - bound oscillation, and in the medium - term, it shows a slightly stronger oscillation pattern. The current situation is a result of the interaction between positive factors such as low domestic inventory and uncertain South American weather, and negative factors like the expected increase in imported soybeans in May and the expected high yield of Brazilian soybeans [10]. - **Soybeans**: In the short - term, they also maintain a range - bound oscillation. The Sino - US tariff war supports the bottom of the domestic soybean market, but the expected high yield of Brazilian soybeans and the expected increase in domestic soybean production put pressure on prices [11]. 3. Summary by Directory 3.1 Weekly Tips No specific content is provided in the given text. 3.2 Recent News - The Sino - US tariff war has been implemented. US soybeans are fluctuating upwards. South American soybean production is affected by weather, and the domestic soybean and soybean meal markets are also influenced by factors such as import volume, inventory, and demand [13]. - The domestic imported soybean arrival volume is lower than expected in the short - term but will increase to a high level in May. The soybean meal inventory of domestic oil mills is at a low level, and the South American soybean production area still has weather uncertainties [14]. 3.3 Bullish and Bearish Concerns Soybean Meal - **Bullish Factors**: Short - term lower - than - expected domestic imported soybean arrival volume, low domestic oil mill soybean meal inventory, and uncertain South American soybean production area weather [14]. - **Bearish Factors**: The increase in domestic imported soybean arrival volume to a high level in May and the continuous high - yield expectation of Brazilian soybeans [14]. Soybeans - **Bullish Factors**: The Sino - US tariff war supports the domestic soybean market, and the expected increase in domestic soybean demand supports prices [15]. - **Bearish Factors**: The continuous high - yield expectation of Brazilian soybeans, China's increased procurement of Brazilian soybeans, and the expected increase in domestic new - season soybean production [15]. 3.4 Fundamental Data - **Weather**: The weather in the South American soybean production area has improved in the short - term, with a neutral or bearish impact [9]. - **Import Cost**: The price of US soybeans is fluctuating upwards, and the import cost is expected to be slightly stronger, with a neutral or bullish impact [9]. - **Oil Mill Pressing**: The demand for soybean meal has improved in the short - term, and the oil mill's pressing volume has increased from a low level. The demand is expected to continue to recover, but it may have a bearish impact in the future [9]. - **Transaction**: The downstream's enthusiasm for forward stocking has increased, but the transaction is expected to decline after the May Day holiday, with a neutral or bearish impact [9]. - **Oil Mill Inventory**: The soybean meal inventory of oil mills has dropped to a low level compared to the same period in history, but it is expected to increase from a low level in the future, with a bearish impact [9]. 3.5 Position Data No specific content is provided in the given text. 3.6 Market Structure of Meal Products - **Soybean Meal Futures**: It has risen and then fallen. The spot price is relatively strong before May Day, and the premium remains at a high level [62]. - **Soybean and Rapeseed Meal Spot Spread**: It has fluctuated slightly, and the spread of the 2509 contract has risen and then fallen [64]. 3.7 Technical Analysis Soybeans - The price has risen and then fallen. Technical indicators such as KDJ and MACD have entered an adjustment phase, and the short - term trend will wait for new guidance [69]. - The overall trend is still affected by the interaction between US soybeans and imported soybean arrivals, as well as factors such as domestic new - season soybean planting expectations and oil mill pressing [69]. Soybean Meal - It has risen and then fallen this week. Technical indicators such as KDJ and MACD have entered a consolidation phase, and the short - term trend will wait for the follow - up of the Sino - US tariff war and the domestic soybean meal supply - demand pattern [72]. 3.8 Trading Strategies Soybean Meal - **Futures**: US soybeans are oscillating above the 1000 mark in the short - term, and soybean meal is returning to a range - bound oscillation. The M2509 contract will oscillate between 2900 and 3100 in the short - term, and short - term range trading is recommended [17]. - **Options**: Sell out - of - the - money put options [19]. Soybeans - **Futures**: The A2507 contract will oscillate between 4100 and 4300, and short - term range trading is recommended [20]. - **Options**: Wait and see [20].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **M2509 Soybean Meal**: Trade within the range of 3080 - 3140 intraday. The overall situation is expected to be fluctuating and slightly bullish in the short - term and maintain range - bound fluctuations in the medium - term. Influenced by factors such as the Sino - US tariff war, Brazilian soybean imports, and South American weather [9][10]. - **A2505 Soybeans**: Trade within the range of 4060 - 4160 intraday. The market is affected by the Sino - US tariff war, South American weather, and domestic and foreign supply and demand, with short - term fluctuations and a bottom - supported situation [12][13]. 3. Summary by Directory 3.1 Daily Tips - The M2509 soybean meal should be traded within the range of 3080 - 3140 intraday, and the A2505 soybeans should be traded within the range of 4060 - 4160 intraday [9][12]. 3.2 Recent News - The Sino - US tariff war has eased expectations, and the weather in South American soybean - producing areas is still variable. Soybean meal is fluctuating and slightly bullish in the short - term, waiting for further guidance on factors such as Sino - US tariff policies and South American soybean harvest weather [15]. - The US bio - policy agreement supports the short - term US soybean oil market. The arrival of imported soybeans in China will reach a high in April. After the Spring Festival, the domestic soybean inventory is low in the short - term, and the soybean meal inventory is rising. The soybean products are affected by the Sino - US tariff war and show a pattern of strong current situation and weak expectations [15]. - The domestic pig - breeding profit has decreased, leading to low expectations for pig restocking. After the Spring Festival, the demand for soybean meal has decreased, but the tight supply supports the price expectation. Coupled with the escalation of the Sino - US tariff war, the soybean meal will maintain a fluctuating and slightly bullish pattern in the short - term [15]. 3.3 Long and Short Concerns - **Soybean Meal Bullish Factors**: Short - term low arrival of imported soybeans, low inventory of domestic oil - mill soybean meal, and variable weather in South American soybean - producing areas [16]. - **Soybean Meal Bearish Factors**: High arrival of imported soybeans in April, advancing Brazilian soybean harvest, and continuous expectation of a bumper harvest [16]. - **Soybean Bullish Factors**: High cost of imported US soybeans supports the bottom of the domestic soybean market, and the expectation of state - reserve soybean procurement supports the domestic soybean price [17]. - **Soybean Bearish Factors**: Continuous expectation of a bumper Brazilian soybean harvest, increased procurement of Brazilian soybeans by China, and expected increase in new - season domestic soybean production [17]. 3.4 Fundamental Data - **Soybean Meal**: Spot price in East China is 3150, basis is 31, showing a premium over futures. The oil - mill soybean meal inventory is 57.91 tons, a 22.58% decrease from last week and a 93.03% increase from the same period last year [10]. - **Soybeans**: Spot price is 4000, basis is - 74, showing a discount to futures. The oil - mill soybean inventory is 290.43 tons, a 17.15% increase from last week and a 23.05% decrease from the same period last year [13]. 3.5 Position Data - **Soybean Meal**: The main long positions have increased, and funds have flowed in [10]. - **Soybeans**: The main short positions have decreased, and funds have flowed out [13].