Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Domestic soybean meal may return to a range - bound pattern in the short term due to variables in Sino - US tariff negotiations, technical support, and weather uncertainties in US soybean - producing areas, while the expected high yield of South American soybeans suppresses the rebound height of the US soybean market and the increasing arrival of imported Brazilian soybeans in China [8]. - Domestic soybeans are in a relatively strong range - bound state, influenced by the interaction of the US soybean situation and the increasing arrival of imported soybeans, with the cost of imported soybeans and the expected increase in domestic soybean demand supporting the price, but the expected high yield of Brazilian soybeans and the expected increase in domestic soybean production suppressing the price increase [10]. Summary According to Relevant Catalogs 1. Daily Prompt No relevant content provided. 2. Recent News - Sino - US tariff negotiations reached a short - term agreement, which is beneficial to US soybeans. The US soybean market is in a short - term upward trend, waiting for further guidance on Sino - US tariff negotiations and the planting weather in US soybean - producing areas. The domestic soybean meal market is affected by the US soybean market and the low inventory of domestic oil mills, but the increase in imported soybeans in May and the decline in spot prices limit the rebound space [13]. - The domestic import volume of soybeans reached a high in May, and the short - term trend of domestic soybeans and soybean meal is affected by the outcome of Sino - US tariff negotiations, showing a pattern of strong reality and weak expectation [13]. 3. Bullish and Bearish Concerns Bullish Factors for Soybean Meal - Slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and uncertainties in the weather of US soybean - producing areas [14]. Bearish Factors for Soybean Meal - The total arrival volume of imported soybeans in China reached a high in May, and the expected high yield of South American soybeans continues [14]. Bullish Factors for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [15]. Bearish Factors for Soybeans - The expected high yield of Brazilian soybeans continues, and China has increased the purchase of Brazilian soybeans. The expected increase in new - season domestic soybeans suppresses the price [15]. 4. Fundamental Data Soybean Meal - The spot price of soybean meal in East China is 2880, with a basis of - 59, indicating a discount to the futures price [8]. - The inventory of oil mills' soybean meal is 12.17 tons, a 20.26% increase from last week and an 80.47% decrease compared to the same period last year [8]. Soybeans - The spot price of soybeans is 4200, with a basis of 6, indicating a premium to the futures price [10]. - The inventory of oil mills' soybeans is 586.83 tons, a 9.71% increase from last week and a 33.95% increase compared to the same period last year [10]. 5. Position Data Soybean Meal - The long positions of the main players decreased, and funds flowed out [8]. Soybeans - The short positions of the main players decreased, and funds flowed out [10].

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - The soybean meal M2509 is expected to oscillate within the range of 2880 - 2940. The domestic soybean meal may show a short - term pattern of weakening oscillation due to factors such as the uncertainty of the China - US tariff war, the weather in US soybean - producing areas, and the increase in the arrival of imported Brazilian soybeans [9]. - The soybean A2507 is expected to oscillate within the range of 4160 - 4260. The domestic soybean is affected by the subsequent China - US tariff negotiation and the expected increase in the arrival of imported soybeans, and may show a short - term oscillation pattern [11]. Summary by Relevant Catalogs 1. Daily Prompt - Not provided in the given content 2. Recent News - The China - US tariff negotiation reached a short - term agreement, which is beneficial to US soybeans. However, the good weather for US soybean planting recently led to a short - term decline after the US soybean market rose. It is expected to oscillate above the thousand - point mark, waiting for further guidance on US soybean planting, the arrival of imported soybeans, and the subsequent China - US tariff war [13]. - The arrival of imported soybeans in China reached a high in May. After May Day, the domestic soybean inventory increased from a low level, but the soybean meal inventory remained low. The soybeans are affected by the implementation of the China - US tariff war and have returned to an oscillation pattern, showing a pattern of strong reality and weak expectation [13]. - The decrease in domestic pig - farming profits led to a low expectation of pig restocking. The demand for soybean meal decreased after May Day, but the tight supply supported the post - holiday price expectation. With the weakening pressure of the China - US tariff war, the soybean meal entered a short - term pattern of weakening oscillation [13]. - The low inventory of domestic oil - mill soybean meal supported the short - term price expectation. There is still a possibility of speculation about the weather in US soybean - producing areas and the uncertainty of the China - US tariff war. The soybean meal will maintain an oscillation pattern in the short term, waiting for the clarification of South American soybean production and further guidance on the subsequent China - US tariff war [13]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - Slow clearance of imported soybeans at customs [14]. - Low inventory of domestic oil - mill soybean meal [14]. - Uncertainty in the weather of US soybean - producing areas [14]. Bearish for Soybean Meal - The total arrival of imported soybeans in China reached a high in May [14]. - The harvest of Brazilian soybeans is over, and the expectation of a bumper harvest in South American soybeans continues [14]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [15]. - The expected increase in domestic demand for domestic soybeans supports the domestic soybean price expectation [15]. Bearish for Soybeans - The expectation of a bumper harvest in Brazilian soybeans continues, and China has increased its procurement of Brazilian soybeans [15]. - The expected increase in the output of new - season domestic soybeans suppresses the price expectation of soybeans [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2860, with a basis of - 74, indicating a discount to the futures. The inventory of oil - mill soybean meal is 12.17 tons, a 20.26% increase from last week and an 80.47% decrease compared to the same period last year [9]. - **Soybeans**: The spot price is 4200, with a basis of - 25, indicating a discount to the futures. The inventory of oil - mill soybeans is 586.83 tons, a 9.71% increase from last week and a 33.95% increase compared to the same period last year [11]. 5. Position Data - **Soybean Meal**: The number of long positions of the main contract increased, but the funds flowed out [9]. - **Soybeans**: The number of short positions of the main contract increased, and the funds flowed in [11].

交易咨询业务资格：证监许可【2012】1091号 多空交织，豆粕横盘震荡 （豆粕周报5.12-5.16） 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。 基本面影响因素概览 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 | 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 | 豆粕需求短期偏淡，油厂 | 偏空 | 需求短期偏淡，油厂开机预 | | | 压榨量低位回升 | | 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 2025-05-15 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M2509：2860至2920区间震荡。 1.基本面：美豆震荡收涨，油脂反弹带动和技术性震荡整理，美豆短期千点关口上方震荡等 待中美关税战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，5月进口大 豆到港增多和未来美豆进口或恢复，但油厂豆粕库存处于低位现货偏强支撑期货盘面底 部，进口巴西大豆到港增多和中美关税战后续交互影响，整体维持震荡偏弱格局。中性 2.基差：现货2990（华东），基差76，升水期货。偏多 3.库存：油厂豆粕库存10.12万吨，上周8.21万吨，环比增加23.26%，去年 ...

交易咨询业务资格：证监许可【2012】1091号 节后淡季，豆粕弱势震荡 （豆粕周报5.6-5.9） 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 | 美豆震荡偏强，中美关税 | 偏多 | 进口成本预计震荡偏强，中 | | | 谈判展开第一步 | | 性或偏多 | | 油厂压榨 | 豆粕需求短期正常，油厂 | 偏空 | 需求短期偏淡，油厂开机预 | | | 压榨量低位回升 | | 计维持继续回升 ...