Report Industry Investment Rating No relevant content provided. Core Views of the Report - **Bean Meal**: The short - term outlook for domestic bean meal is to return to a range - bound pattern. The price of M2509 is expected to oscillate between 3000 and 3060. The U.S. soybean growing weather and Sino - U.S. trade tariff game are the main focuses. The market is affected by factors such as the increase in imported soybeans arriving in June, the low inventory of domestic oil mills' bean meal, and the variable weather in the U.S. soybean - producing areas [8]. - **Soybeans**: The domestic soybean price is expected to move in a range of 4100 - 4200 for A2509. The market focuses on the impact of South American soybean harvesting weather and Sino - U.S. trade tariff game. Factors like the cost of imported soybeans, the expected increase in domestic soybean demand, the continuous high - yield expectation of Brazilian soybeans, and the expected increase in domestic soybean production all influence the price [10]. Summary by Relevant Catalogs 1. Daily Tips - **Bean Meal**: The domestic bean meal market is affected by the U.S. soybean market, with the increase in imported soybeans in June and weak spot prices suppressing the upward space of the futures market. It is in a neutral state in the short - term [8]. - **Soybeans**: The domestic soybean market is influenced by the U.S. soybean trend, the cost of imported soybeans, and the expected increase in domestic soybean production. It is also in a neutral state in the short - term [10]. 2. Recent News - The short - term agreement of Sino - U.S. tariff negotiation is beneficial to U.S. soybeans, but the good weather for U.S. soybean planting has led to a short - term decline after the rise of the U.S. soybean market. The domestic imported soybean arrivals reached a high in May, and the soybean inventory has rebounded from a low level, while the bean meal inventory remains low. The domestic pig - raising profit has decreased, leading to a weak demand for bean meal after May Day [12]. 3. Bullish and Bearish Concerns - **Bean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory of domestic oil mills' bean meal, and variable weather in the U.S. soybean - producing areas [13]. - **Bean Meal Bearish Factors**: The increase in the total arrivals of domestic imported soybeans in June, the end of the Brazilian soybean harvest, and the continuous high - yield expectation of South American soybeans [13]. - **Soybean Bullish Factors**: Cost support from imported soybeans and expected increase in domestic soybean demand [14]. - **Soybean Bearish Factors**: Continuous high - yield expectation of Brazilian soybeans and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Bean Meal**: The spot price in East China is 2850, with a basis of - 197, showing a discount to the futures. The oil mill's bean meal inventory is 38.25 tons, a 28.36% increase from last week and a 65.19% decrease from the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of - 3, showing a discount to the futures. The oil mill's soybean inventory is 610.29 tons, a 4.7% increase from last week and a 24.7% increase from the same period last year [10]. 5. Position Data - **Bean Meal**: The main long positions have decreased, but the capital has flowed in [8]. - **Soybeans**: The main short positions have increased, and the capital has flowed in [10].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆冲高回落，美豆产区天气整体良好和技术性震荡整理，美豆短期千点关口上 方震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕震荡回升， 美豆带动和技术性买盘支撑，但6月进口大豆到港增多和现货价格弱势压制盘面反弹空间， 短期回归区间震荡格局。中性 2.基差：现货2840（华东），基差-179，贴水期货。偏空 3.库存：油厂豆粕库存38.25万吨，上周29.8万吨，环比增加28.36%，去年同期85.61万吨， 同比减少65.19%。偏多 4.盘面：价格在20日均线上方且方向向 ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Views - **豆粕**: The domestic soybean meal may return to a range - bound pattern in the short term. The US soybean production area weather supports the bottom of the US soybean price, but the bumper harvest in South America and good recent planting weather limit the rebound height. In addition, the increase in the arrival of imported Brazilian soybeans in China affects the domestic soybean meal market. The M2509 contract is expected to fluctuate between 2940 and 3000 [8]. - **大豆**: The domestic soybean price is affected by the cost of imported soybeans and the expected increase in domestic demand, but the bumper harvest in South America and the expected increase in domestic production limit the rebound height. The A2507 contract is expected to fluctuate between 4080 and 4180 [10]. 3. Summary by Directory 3.1 Daily Tips - **豆粕**: The spot price in East China is 2780, with a basis of - 179, indicating a discount to the futures. The oil - mill soybean meal inventory is 29.8 tons, up 44.03% from last week and down 65.19% from the same period last year. The price is above the 20 - day moving average and moving upwards. The long positions of the main contract are increasing, but the funds are flowing out [8]. - **大豆**: The spot price is 4160, with a basis of 22, indicating a premium to the futures. The oil - mill soybean inventory is 582.88 tons, up 3.97% from last week and up 20.45% from the same period last year. The price is below the 20 - day moving average and moving downwards. The short positions of the main contract are decreasing, and the funds are flowing out [10]. 3.2 Recent News - The short - term agreement on Sino - US tariff negotiations is positive for US soybeans, but the good recent planting weather in the US has led to a short - term pullback in the US market. The domestic arrival of imported soybeans reached a high in May, and the soybean inventory has rebounded from a low level. The demand for soybean meal has weakened after May Day, and the market is in a pattern of strong reality and weak expectation [12]. 3.3 Multi - Short Concerns - **豆粕**: Bullish factors include slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in the US soybean production area. Bearish factors include the expected increase in the arrival of imported soybeans in June and the bumper harvest in South America [13]. - **大豆**: Bullish factors include the cost support of imported soybeans and the expected increase in domestic demand. Bearish factors include the bumper harvest in South America and the expected increase in domestic production [14]. 3.4 Fundamental Data - **Price and Basis**: The spot and futures prices of soybeans and soybean meal are provided from May 27 to June 5, along with the basis data [15][17]. - **Inventory**: The global and domestic soybean supply - demand balance sheets show the harvest area, inventory, production, consumption, etc. from 2015 to 2024. The inventory of oil - mill soybeans and soybean meal is also presented, with the oil - mill soybean inventory increasing and the soybean meal inventory remaining low [31][32][44]. - **Supply and Demand**: The sowing, growth, and harvesting progress of soybeans in the US, Brazil, and Argentina in 2024 - 2025 are detailed, along with the data on US soybean exports, oil - mill soybean crushing volume, and the situation of the pig industry [33][34][38]. 3.5 Position Data There is no specific information about position data other than the change in the main contract's long and short positions mentioned in the views and strategies section.

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal market is expected to return to a range - bound pattern in the short term, with the M2509 contract oscillating between 2920 and 2980. The market is affected by factors such as the weather in US soybean - growing areas, the arrival of imported Brazilian soybeans, and Sino - US tariff negotiations [8]. - The soybean market is also expected to be range - bound. The A2507 contract is expected to oscillate between 4060 and 4160, influenced by factors like South American soybean harvest weather, Sino - US trade tariff games, and domestic supply and demand situations [10]. Summary According to the Table of Contents 1. Daily Hints No relevant content provided. 2. Recent News - The short - term agreement on Sino - US tariff negotiations is beneficial for US soybeans, but good weather in US soybean - growing areas has caused the US soybean futures to rise and then fall, with expectations of oscillation above the 1000 - point mark [12]. - The arrival of imported soybeans in China reached a high in May, and the domestic soybean inventory rebounded from a low level after May Day, while the soybean meal inventory remained low. The soybean and soybean meal markets have returned to an oscillating pattern due to the impact of the Sino - US tariff war [12]. - Reduced profits in the domestic pig - breeding industry have led to low expectations for pig replenishment, and the demand for soybean meal has weakened after May Day. However, tight supply supports the post - holiday price expectations of soybean meal, and the market has entered an oscillating and weakening pattern in the short term [12]. - The low inventory of soybean meal in domestic oil mills and strong spot prices support short - term price expectations. Uncertainties such as potential weather speculation in US soybean - growing areas and Sino - US tariff war variables have kept the soybean meal market oscillating in the short term [12]. 3. Bullish and Bearish Factors of Concern Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in US soybean - growing areas [13]. - Bearish factors: The total arrival of imported soybeans in China will reach a high in June, and the expected high yield of South American soybeans persists [13]. Soybeans - Bullish factors: Cost of imported soybeans supports the bottom of the domestic soybean futures, and the expected increase in domestic demand for domestic soybeans supports price expectations [14]. - Bearish factors: The expected high yield of Brazilian soybeans and increased purchases of Brazilian soybeans by China, as well as the expected increase in domestic soybean production, suppress price expectations [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2780, with a basis of - 159, indicating a discount to the futures. The inventory of soybean meal in oil mills is 29.8 tons, a 44.03% increase from last week and a 65.19% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of 37, indicating a premium to the futures. The inventory of soybeans in oil mills is 582.88 tons, a 3.97% increase from last week and a 20.45% increase compared to the same period last year [10]. 5. Position Data - **Soybean Meal**: The long positions of the main contract have increased, and funds have flowed in [8]. - **Soybeans**: The short positions of the main contract have increased, and funds have flowed out [10].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-03 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆震荡回落，特朗普关于中美关税言论和美豆种植天气良好影响，美豆短期千 点关口上方震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕 探底回升，美豆带动和国内油厂豆粕库存处于低位，进口巴西大豆到港增多和中美关税 谈判后续交互影响，短期回归区间震荡格局。中性 2.基差：现货2830（华东），基差-138，贴水期货。偏空 3.库存：油厂豆粕库存20.69万吨，上周12.17万吨，环比增加70.01%，去年同期76.06万吨， 同比减少72.8%。偏多 4.盘面：价格在20日均线 ...

Report Industry Investment Rating No relevant content provided. Core Views - The soybean meal market is expected to trade in a range between 2920 and 2980 for M2509. The market is influenced by factors such as the weather in US soybean - growing areas, the arrival of imported soybeans, and the outcome of Sino - US tariff negotiations. The short - term outlook is neutral, with both bullish and bearish factors at play [8]. - The soybean market for A2507 is expected to trade in a range between 4040 and 4140. The market is affected by the cost of imported soybeans, the expected increase in domestic soybean demand, the harvest in South America, and the outcome of Sino - US tariff negotiations [10]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - Sino - US tariff negotiations reached a short - term agreement, which is positive for US soybeans. However, favorable weather in US soybean - growing areas led to a short - term pullback in the US market. The market is expected to trade above the 1000 - point mark, awaiting further guidance on US soybean planting, the arrival of imported soybeans, and the outcome of Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China reached a high in May. After May Day, domestic soybean inventories rebounded from a low level, while soybean meal inventories remained low. The soybean market is in a pattern of strong reality and weak expectation [12]. - Reduced profits in the domestic pig - farming industry led to low expectations for pig replenishment. The demand for soybean meal weakened after May Day, but tight supply supported post - holiday price expectations. With reduced pressure from the Sino - US tariff war, soybean meal entered a short - term weakening and oscillating pattern [12]. - Low soybean meal inventories at domestic oil mills and strong spot prices supported short - term price expectations. Uncertainty about the weather in US soybean - growing areas and the outcome of the Sino - US tariff war meant that soybean meal would continue to oscillate in the short term, awaiting further guidance on South American soybean production and the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low soybean meal inventories at domestic oil mills, and uncertainty about the weather in US soybean - growing areas [13]. - Bearish factors: high arrival volume of imported soybeans in May, and the expected bumper harvest of South American soybeans [13]. Soybeans - Bullish factors: cost support from imported soybeans and expected increase in domestic soybean demand [14]. - Bearish factors: expected bumper harvest of Brazilian soybeans and increased procurement of Brazilian soybeans by China, and expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2850, with a basis of - 111, indicating a discount to futures. Oil mill soybean meal inventories are 20.69 million tons, up 70.01% from last week and down 72.8% from the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of 41, indicating a premium to futures. Oil mill soybean inventories are 560.63 million tons, down 4.46% from last week and up 24.44% from the same period last year [10]. 5. Position Data - **Soybean Meal**: The long positions of the main players increased, but funds flowed out [8]. - **Soybeans**: The short positions of the main players increased, and funds flowed out [10].

Report Industry Investment Rating - No information provided Core Views - The U.S. soybeans are fluctuating narrowly, oscillating strongly above the 1000-point mark in the short term, awaiting further guidance on the subsequent Sino-US tariff negotiations and the planting weather in the U.S. soybean-producing areas. Domestic soybean meal has rebounded with fluctuations, driven by U.S. soybeans and the low inventory of domestic oil mills, but the increase in imported soybeans arriving in May and the decline in spot prices limit the rebound space. The increase in imported Brazilian soybeans arriving and the subsequent Sino-US tariff negotiations interact, causing it to return to a range-bound pattern in the short term [8]. - Domestic soybeans are oscillating downward, affected by the increase in imported soybeans arriving and the expected increase in production of new-season domestic soybeans. However, the cost-effectiveness advantage of domestic soybeans supports the price bottom. In the short term, it is affected by the interaction between the subsequent Sino-US tariff negotiations and the expected increase in imported soybeans arriving [10]. Summary by Directory 1. Daily Prompt - No information provided 2. Recent News - The Sino-US tariff negotiation reached a short-term agreement, which is beneficial for U.S. soybeans. However, the good planting weather in the U.S. soybean-producing areas recently led to a short-term decline after the U.S. soybean futures market rose. It is expected to oscillate above the 1000-point mark, awaiting further guidance on U.S. soybean planting, imported soybeans arriving, and the subsequent Sino-US tariff negotiations [12]. - The volume of imported soybeans arriving in China reached a high in May. After May Day, the domestic soybean inventory rebounded from a low level, but the soybean meal inventory remained low. In the short term, the soybean products returned to an oscillating pattern due to the outcome of the Sino-US tariff war, showing a pattern of strong reality and weak expectation [12]. - The decrease in domestic pig farming profits led to a low expectation of pig replenishment. The demand for soybean meal weakened after May Day, but the tight supply supported the post-festival price expectation. Coupled with the weakening pressure of the Sino-US tariff war, soybean meal entered a weakly oscillating pattern in the short term [12]. - The low inventory of domestic oil mills' soybean meal supported the short-term price expectation. There is still a possibility of speculation about the weather in the U.S. soybean-producing areas and uncertainties in the Sino-US tariff war. Soybean meal will maintain an oscillating pattern in the short term, awaiting further guidance on the final South American soybean yield and the subsequent Sino-US tariff war [12]. 3. Long and Short Concerns Soybean Meal - **Likely to Rise**: Slow customs clearance of imported soybeans arriving; low inventory of domestic oil mills' soybean meal; uncertainties in the weather of the U.S. soybean-producing areas [13]. - **Likely to Fall**: The total volume of imported soybeans arriving in China reached a high in May; the harvest of Brazilian soybeans is over, and the expectation of a bumper South American soybean harvest continues [13]. Soybeans - **Likely to Rise**: The cost of imported soybeans supports the bottom of the domestic soybean futures market; the expected increase in domestic soybean demand supports the domestic soybean price expectation [14]. - **Likely to Fall**: The expectation of a bumper Brazilian soybean harvest continues, and China has increased its purchases of Brazilian soybeans; the expected increase in production of new-season domestic soybeans suppresses the price expectation of soybean products [14]. 4. Fundamental Data - **Soybean Meal Transaction Data**: From May 16th to May 27th, the transaction average price of soybean meal fluctuated between 3000 - 3098 yuan/ton, and the trading volume fluctuated between 8.69 - 88.95 tons. The transaction average price of rapeseed meal fluctuated between 2420 - 2540 yuan/ton, and the trading volume was relatively small, mostly below 0.22 tons. The price difference between soybean meal and rapeseed meal gradually narrowed [15]. - **Soybean and Meal Futures and Spot Prices**: From May 19th to May 27th, the futures prices of soybeans and soybean meal fluctuated. The spot price of soybeans in Jiamusi remained at 4180 yuan/ton, and the spot price of soybean meal in Jiangsu fluctuated between 2860 - 2890 yuan/ton [17]. - **Soybean and Meal Warehouse Receipt Statistics**: From May 15th to May 27th, the soybean warehouse receipts showed a downward trend, while the soybean meal warehouse receipts decreased significantly on May 23rd and continued to decline thereafter [19]. - **Global and Domestic Soybean Supply and Demand Balance Sheets**: The global and domestic soybean supply and demand balance sheets from 2015 - 2024 show that the total supply and demand of soybeans are generally increasing, and the inventory consumption ratio fluctuates within a certain range [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: The report provides the planting and harvest progress of soybeans in the United States, Brazil, and Argentina from 2023 - 2025, including the sowing progress, emergence rate, flowering rate, pod-setting rate, leaf-falling rate, and harvest rate [33][34][35][36][37][38][39][40]. - **USDA Monthly Supply and Demand Reports**: The USDA's monthly supply and demand reports from November 2024 to May 2025 show changes in the harvest area, yield per unit, production, ending stocks, exports, and crushing volume of soybeans in the United States, as well as the production of soybeans in Brazil and Argentina [41]. 5. Position Data - The main long positions in soybean meal have increased, but the funds have flowed out [8].

Report Industry Investment Rating Not provided in the given content. Core Viewpoints of the Report - The US soybean futures market was closed for Memorial Day. The short - term trend of US soybeans is a strong - side oscillation, waiting for further guidance from the follow - up Sino - US tariff negotiations and the planting weather in US soybean - producing areas. Domestic soybean meal oscillated and closed higher, driven by US soybeans and the low inventory of domestic oil mills, but the increase in the arrival of imported soybeans in May and the decline in spot prices limited the rebound space. The short - term trend will return to the range - bound pattern. The expected trading range for soybean meal M2509 is between 2920 and 2980 [8]. - Domestic soybeans oscillated and declined, affected by US soybeans and the increase in the arrival of imported soybeans. However, the cost - performance advantage of domestic soybeans supports the price bottom. The short - term trend is affected by the follow - up Sino - US tariff negotiations and the expected increase in the arrival of imported soybeans. The expected trading range for soybean A2507 is between 4100 and 4200 [10]. Summary by Directory 1. Daily Prompt Not provided in the given content. 2. Recent News - The short - term agreement of Sino - US tariff negotiations is positive for US soybeans, but the good planting weather in the US has led to a short - term pull - back after the US soybean futures market hit a high. It is expected to oscillate above the 1000 - point mark, waiting for further guidance on US soybean planting, the arrival of imported soybeans, and the follow - up Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China reached a high in May. After May Day, the domestic soybean inventory rebounded from a low level, but the soybean meal inventory remained low. In the short term, the soybean and soybean meal markets returned to an oscillatory pattern due to the outcome of the Sino - US tariff war, showing a pattern of strong reality and weak expectation [12]. - The decrease in domestic pig - farming profits has led to low expectations for pig restocking. The demand for soybean meal weakened after May Day, but the tight supply supported the post - holiday price expectation. With the weakening pressure of the Sino - US tariff war, the short - term trend of soybean meal entered an oscillatory and weakening pattern [12]. - The low inventory of domestic oil mills' soybean meal supported the short - term price expectation. There is still a possibility of speculation about the weather in US soybean - producing areas and uncertainties in the Sino - US tariff war. In the short term, soybean meal will maintain an oscillatory pattern, waiting for the clear output of South American soybeans and further guidance on the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans; low inventory of domestic oil mills' soybean meal; variable weather in US soybean - producing areas [13]. - Bearish factors: the total arrival of imported soybeans in China reached a high in May; the harvest of Brazilian soybeans is over, and the expectation of a bumper South American soybean harvest continues [13]. 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 [14]. - Bearish factors: the continuous expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans; the expected increase in the output of new - season domestic soybeans suppresses the price expectation of soybeans [14]. 4. Fundamental Data - **Soybean Meal and Bean - Rapeseed Meal Transaction Data**: From May 15th to May 26th, the transaction price and volume of soybean meal and bean - rapeseed meal fluctuated. The average price difference between soybean meal and bean - rapeseed meal decreased from 651 on May 15th to 494 on May 26th [15]. - **Soybean and Meal Futures and Spot Prices**: From May 16th to May 26th, the futures and spot prices of soybeans and soybean meal fluctuated. For example, the spot price of soybean meal in Jiangsu decreased from 2920 on May 16th to 2870 on May 26th [17]. - **Soybean and Meal Warehouse Receipt Statistics**: From May 14th to May 26th, the warehouse receipts of soybeans and soybean meal changed. For example, the soybean meal warehouse receipts decreased from 31786 on May 14th to 27483 on May 26th [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The supply - demand balance sheets from 2015 to 2024 show the changes in harvest area, output, consumption, and inventory of global and domestic soybeans. For example, the global soybean output increased from 316137 thousand tons in 2015 to 422262 thousand tons in 2024 [31][32]. - **Soybean Planting and Harvest Progress in Different Regions**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023/24 to 2024/25 is presented. For example, the planting rate of Brazilian soybeans in the 2024/25 season reached 98.5% on January 5th [33][34][38]. 5. Position Data - For soybean meal, the main long positions increased, but the funds flowed out [8]. - For soybeans, the main short positions decreased, and the funds flowed in [10].

交易咨询业务资格：证监许可【2012】1091号 多空交织，豆粕维持震荡 （豆粕周报5.19-5.23） 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 基本面影响因素概览 | 项目 | 概况 | 驱动 | 下周预期 | | --- | --- | --- | --- | | 天气 | 美国大豆产区天气短期良 | 偏空 | 美国大豆产区天气短期正 | | | 好 | | 常。中性或偏空 | | 进口成本 | 美豆冲高回落，中美关税 | 偏多 | 进口成本预计震荡偏强，中 | | | 短期妥协 | | 性或偏多 | | 油厂压榨 | 豆粕需求短期回升，油厂 | 偏空 | 需求短期偏淡，油厂开机预 | | | 压榨量回归高位 | | 计维持继续回升， ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-05-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2509：2900至2960区间震荡 1.基本面：美豆冲高回落，特朗普威胁对欧洲加征关税和美豆种植天气整体良好，美豆短期 偏强震荡等待中美关税谈判后续和美国大豆产区种植天气进一步指引。国内豆粕冲高回 落，5月进口大豆到港增多和现货价格下跌限制反弹空间，进口巴西大豆到港增多和中美 关税谈判后续交互影响，短期回归区间震荡格局。中性 2.基差：现货2890（华东），基差-62，贴水期货。偏空 3.库存：油厂豆粕库存12.17万吨，上周10.12万吨，环比增加20.26%，去年同期62.31万吨， 同比 ...