Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - **For Soybean Meal**: The U.S. soybean market is experiencing a decline due to favorable weather in the main production areas and technical adjustments. In the short - term, it will fluctuate above the 1000 - point mark, awaiting further guidance from China - U.S. tariff negotiations and the growth weather in U.S. soybean - producing areas. The domestic soybean meal market has also declined, affected by the U.S. soybean market and technical adjustments. With an increase in imported soybeans in June and weak spot prices, the upward movement of the futures price is restricted, and it will return to a range - bound pattern. The expected trading range for M2509 is between 2900 and 2960 [8]. - **For Soybeans**: The U.S. soybean market is in a downward trend with short - term fluctuations above the 1000 - point mark. The domestic soybean market has declined, influenced by the U.S. market, while the cost - performance advantage of domestic soybeans supports price expectations. In the short - term, it will be affected by the follow - up of China - U.S. tariff negotiations and the expected increase in imported soybeans. The expected trading range for A2509 is between 4100 and 4200 [10]. Summary by Directory 1. Daily Tips - **Soybean Meal**: Market is neutral, with a bearish basis, a bullish inventory situation, a neutral position on the 20 - day moving average, and a bullish outlook for the main position. It is expected to trade in the range of 2900 - 2960 [8]. - **Soybeans**: Market is neutral, with a bullish basis, a bearish inventory situation, a neutral position on the 20 - day moving average, and a bearish outlook for the main position. It is expected to trade in the range of 4100 - 4200 [10]. 2. Recent News - The short - term agreement in China - U.S. tariff negotiations is beneficial for U.S. soybeans, but favorable weather in U.S. soybean - growing areas has led to a short - term decline after a rally. In the future, it awaits further guidance from soybean planting, imported soybean arrivals, and the follow - up of China - U.S. tariff negotiations. - The arrival of imported soybeans in China reached a high in May, and the domestic soybean inventory has rebounded from a low level after May Day, while the soybean meal inventory remains low. The soybean and soybean meal markets have returned to a volatile pattern due to the conclusion of the China - U.S. tariff war, showing a pattern of strong reality and weak expectations. - The reduction in domestic pig - farming profits has led to a low expectation of pig replenishment, and the demand for soybean meal has weakened after May Day. However, the tight supply supports the post - holiday price of soybean meal. With the weakening pressure of the China - U.S. tariff war, the soybean meal market has entered a weakly - volatile pattern in the short - term. - The low inventory of soybean meal in domestic oil mills and the relatively strong spot price support short - term price expectations. The possibility of weather speculation in U.S. soybean - producing areas and uncertainties in the China - U.S. tariff war still exist. The soybean meal market will remain volatile in the short - term, awaiting the clarification of South American soybean production and the follow - up of the China - U.S. tariff war [12]. 3. Bullish and Bearish Factors - **Soybean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory of soybean meal in domestic oil mills, and uncertain weather in U.S. soybean - producing areas [13]. - **Soybean Meal 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 continues after the end of the Brazilian soybean harvest [13]. - **Soybean Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports price expectations [14]. - **Soybean Bearish Factors**: The expected high - yield of Brazilian soybeans continues, and China has increased its procurement of Brazilian soybeans. The expected increase in the output of new - season domestic soybeans suppresses price expectations [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From June 17th to 26th, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also showed small - scale fluctuations [15]. - **Soybean and Meal Futures and Spot Prices**: From June 17th to 26th, the futures and spot prices of soybeans and soybean meal showed a downward trend [17]. - **Soybean and Meal Warehouse Receipts**: From June 13th to 26th, the warehouse receipts of soybeans (including soybean 1 and soybean 2) and soybean meal changed, with some increasing and some decreasing [19]. - **Soybean Meal Spot Prices**: The soybean meal futures market is in a relatively strong and volatile state, while the spot market has been relatively weak after May Day, and the discount has slightly widened [22]. - **Soybean Supply and Demand Balance Sheets**: Global and domestic soybean supply and demand balance sheets from 2015 to 2024 are provided, including information on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [30][31]. 5. Position Data No relevant content provided specifically for position data other than the general description of main positions in the viewpoints and strategies section. Other Market Conditions - The weekly export inspection of U.S. soybeans has increased compared to the previous week but decreased compared to the same period last year [41]. - The soybean inventory of oil mills has slightly decreased, while the soybean meal inventory has continued to increase [43]. - The unexecuted contracts of oil mills have declined from a high level, indicating a weakening of long - term procurement demand [45]. - The soybean crushing volume of oil mills remains high, but the soybean meal output in April decreased year - on - year [46]. - The import cost of Brazilian soybeans has slightly increased, and the profit margin of imported soybean futures has slightly narrowed [48]. - The inventory of live pigs and sows has increased slightly year - on - year but decreased slightly month - on - month [50]. - The prices of live pigs and piglets have slightly declined [52]. - The proportion of large pigs in China has decreased, and the cost of secondary fattening of live pigs has slightly increased [54]. - The domestic pig - farming profit has declined to a relatively low level [56].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-26 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 1.基本面：美豆震荡回落，美豆主产区天气良好和技术性调整，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生长天气进一步指引。国内豆粕震荡回落，美豆 带动和技术性震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面反弹高度，短期 回归区间震荡格局。中性 2.基差：现货2820（华东），基差-173，贴水期货。偏空 3.库存：油厂豆粕库存50.89万吨，上周41万吨，环比增加24.12%，去年同期96.77万吨，同 比减少47.41%。偏多 4.盘面：价格在20日均线下方但方向向上。中性 5 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-25 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，美豆主产区天气良好和技术性调整，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生长天气进一步指引。国内豆粕震荡回落，美豆 带动和技术性震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面反弹高度，短期 回归区间震荡格局。中性 2.基差：现货2850（华东），基差-187，贴水期货。偏空 3.库存：油厂豆粕库存50.89万吨，上周41万吨，环比增加24.12%，去年同期96.77万吨，同 比减少47.41%。偏多 4.盘面：价格在20日均线上方且方向向上。偏多 5 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-24 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，油脂回落带动和技术性调整，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。国内豆粕震荡回落，美豆带动和 技术性震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面反弹高度，短期回归区 间震荡格局。中性 2.基差：现货2860（华东），基差-177，贴水期货。偏空 3.库存：油厂豆粕库存50.89万吨，上周41万吨，环比增加24.12%，去年同期96.77万吨，同 比减少47.41%。偏多 4.盘面：价格在20日均线上方且方向向上。偏多 5.主力 ...

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Views of the Report - The soybean meal market is in a high - level oscillation due to a mix of bullish and bearish factors. The market focuses on the impact of US soybean planting weather and Sino - US trade tariff games [10][14]. - The soybean market is also in an oscillatory state, with the market concentrating on the impact of South American soybean harvesting weather and Sino - US trade tariff games [15]. - In the short term, US soybeans may oscillate above the 1000 - point mark, waiting for further guidance. Domestic soybean meal may return to an interval oscillation pattern [10][17]. 3. Summary According to the Table of Contents 3.1 Weekly Tips The content does not explicitly present weekly tips. 3.2 Recent News - Sino - US tariff negotiations are short - term bullish for US soybeans. The US soybean planting weather is still variable, and the US soybean market is oscillating strongly in the short term, expected to oscillate above the 1000 - point mark [13]. - The arrival of imported soybeans in China reached a high in June. After May Day, the domestic soybean inventory increased from a low level, and the soybean meal inventory of oil mills also increased [13]. - The profit of domestic pig farming has decreased, leading to a low expectation of pig replenishment. The demand for soybean meal has weakened after May Day, but the tight supply supports the post - festival price expectation [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - Bullish factors: Slow customs clearance of imported soybeans, low inventory of domestic oil mills' soybean meal, and variable weather in US soybean - producing areas [14]. - Bearish factors: The total arrival of imported soybeans in China reached a high in June, and the expected high yield of South American soybeans continues [14]. 3.3.2 Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the domestic soybean price [15]. - Bearish factors: The expected high yield of Brazilian soybeans continues, China has increased its purchase of Brazilian soybeans, and the expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [15]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 to 2024, the harvest area, output, and total supply of global soybeans generally showed an upward trend, while the inventory - to - consumption ratio also fluctuated and increased [22]. - **USDA's Recent Six - Month Monthly Supply - Demand Reports**: There have been some changes in the harvest area, yield, output, and other indicators of US soybeans in the past six months [23]. - **US Soybean Planting and Growth Progress in 2024**: The sowing, emergence, flowering, pod - setting, and other progress of US soybeans in 2024 are compared with the same period last year and the five - year average [24][25][26]. - **Brazilian Soybean Planting and Harvesting Progress in 2024/25**: The planting and harvesting progress of Brazilian soybeans in 2024/25 are compared with the same period last year and the five - year average [27][28]. - **Argentine Soybean Planting Progress in 2024/25**: The planting progress of Argentine soybeans in 2024/25 is compared with the same period last year and the five - year average [29]. 3.5 Position Data The provided content does not mention position data. 3.6 Soybean Meal and Soybean Trading Strategies 3.6.1 Soybean Meal - Futures: US soybeans oscillate above the 1000 - point mark in the short term, and soybean meal oscillates within the range of 2900 - 3100 in the short term. Short - term interval trading is the main strategy [17]. - Option strategy: Sell out - of - the - money put options [19]. 3.6.2 Soybeans - Futures: The A2509 contract of soybeans oscillates within the range of 4100 - 4300. Short - term interval trading is recommended [20]. - Option strategy: Wait and see [20]. 3.7 Soybean and Soybean Meal Fundamentals (Supply - Demand Inventory Structure) 3.7.1 US Soybean Market Analysis - US soybeans are oscillating strongly in the short term due to Sino - US tariff negotiations and biodiesel policies. The overall good planting weather in US soybean - producing areas suppresses the upward space of the market [33]. - The market focuses on the variability of US soybean - producing area weather and changes in Sino - US trade relations. The US soybean market may oscillate above the 1000 - point mark in the short term, waiting for further guidance [33]. 3.7.2 Domestic Soybean Meal Industry Chain - **Imported Soybean Arrival**: The arrival of imported soybeans reached a high in June, and the overall volume increased [36]. - **Oil Mill Pressing and Inventory**: The soybean inventory of oil mills decreased slightly, while the soybean meal inventory continued to increase. The unexecuted contracts of oil mills decreased from a high level, and the demand for forward stocking weakened [37][39]. - **Soybean Meal Transaction**: The downstream procurement in China has rebounded to a relatively high level, and the pick - up volume has remained good [44]. - **Pig Farming Inventory**: The inventory of pigs and sows increased slightly year - on - year but decreased slightly month - on - month. Pig prices and piglet prices decreased slightly [46][48]. 3.8 Market Structure of Meal Products - The soybean meal futures oscillated strongly, while the spot price was relatively stable, and the discount fluctuated slightly [59]. - The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference between the 2509 contracts of soybean meal and rapeseed meal remained oscillating [61]. 3.9 Technical Analysis 3.9.1 Soybean Technical Analysis - Soybean futures oscillated and rebounded, driven by the trend of US soybeans and the rise of domestic soybean spot prices [67]. - The KDJ indicator oscillated at a high level, and the short - term technical indicator entered the rebound stage, but the high - level indicator limited the further upward space [67]. - The MACD oscillated and rebounded at a low level, and the short - term technical rebound may continue for a short time [67]. 3.9.2 Soybean Meal Technical Analysis - Soybean meal oscillated strongly this week, mainly driven by US soybeans. The expected concentrated arrival of imported Brazilian soybeans suppressed the upward space of the market [69]. - The KDJ indicator oscillated at a high level, entering the technical oscillation and consolidation stage, and the upward space at the high - level indicator may be limited [69]. - The MACD oscillated and rebounded, and the short - term technical rebound was accompanied by a narrowing of the red energy [69]. 3.10 Next Week's Focus Points - The most important points are the planting weather in US soybean - producing areas, Sino - US trade relations and the follow - up of the tariff war, and the arrival and operation of imported soybeans in China [72][73]. - The second - important points are the domestic demand for soybean meal, the inventory of domestic oil mills, and downstream procurement [74]. - The third - important points are macro - factors and the conflicts in Russia - Ukraine and Israel - Palestine [74].

Report Industry Investment Rating No information provided regarding the industry investment rating. Core Viewpoints - Steel prices are fluctuating due to macro - sentiment disturbances. The supply - demand contradiction of steel is not significant currently, and future attention should be paid to Sino - US tariff negotiations and domestic demand stimulus policies [1]. - Iron ore prices are fluctuating. The supply of iron ore is generally recovering, and its consumption maintains resilience. The long - term supply - demand pattern is relatively loose, and future attention should be paid to the iron water output and inventory changes during the off - season [3]. - Coking coal and coke prices are in a range - bound fluctuation. The current supply - demand situation has marginally improved, but the medium - and long - term supply - loose pattern has not changed significantly [6]. - The supply - demand structure of thermal coal has improved, and the coal price has rebounded slightly. With the approaching of the thermal coal consumption peak season, the coal price is expected to continue to rise, and the medium - and long - term supply pattern remains balanced [7]. Summary by Related Catalogs Steel - **Market Analysis**: The futures prices of rebar and hot - rolled coils are 2986 yuan/ton and 3103 yuan/ton respectively. Rebar production has increased, while inventory and demand have slightly decreased. Hot - rolled coil production and consumption have increased, and inventory has slightly decreased. The daily national building materials trading volume is 9.01 million tons. The off - season weak demand suppresses rebar prices, while hot - rolled coils show strong resilience, and short - term exports remain high [1]. - **Strategy**: The unilateral strategy is to maintain a fluctuating outlook, and there are no cross - period, cross - variety, spot - futures, or options strategies [2]. Iron Ore - **Market Analysis**: The futures price of iron ore fluctuates. The prices of mainstream imported iron ore varieties fluctuate slightly, and the trading volume has decreased. The daily average molten iron output of 247 steel mills is 242.18 million tons, with a week - on - week increase of 0.57 million tons, and the steel mill profitability rate is 59.31%, with a week - on - week increase of 0.87%. The supply of iron ore is increasing, and the port inventory is slightly decreasing. The long - term supply - demand pattern is relatively loose [3]. - **Strategy**: The unilateral strategy is to maintain a fluctuating outlook, and there are no cross - period, cross - variety, spot - futures, or options strategies [4]. Coking Coal and Coke - **Market Analysis**: The futures prices of coke and coking coal fluctuate within a range. Coke production is restricted, and inventory has decreased significantly. Coking coal supply has tightened, and the inventory of coking plants and ports has decreased. Downstream coking enterprises mainly make rigid - demand purchases. The current supply - demand situation has marginally improved, but the medium - and long - term supply - loose pattern remains unchanged [6]. - **Strategy**: Both coking coal and coke are expected to fluctuate, and there are no cross - period, cross - variety, spot - futures, or options strategies [7]. Thermal Coal - **Market Analysis**: The expected output at the mine mouth is shrinking, and the port inventory is decreasing. The price of low - calorie coal has increased significantly, and the price of high - calorie imported coal is firm. With the approaching of the thermal coal consumption peak season, the coal price is expected to rebound, and the medium - and long - term supply pattern remains balanced [7]. - **Strategy**: No strategy is provided [8].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-06-20 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：美豆因假日休市一天，消息面短期平静和技术性震荡整理，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， 美豆带动和技术性震荡整理，但6月进口大豆到港增多和现货价格弱势压制盘面反弹高度， 短期回归区间震荡格局。中性 2.基差：现货2910（华东），基差-167，贴水期货。偏空 3.库存：油厂豆粕库存41万吨，上周38.25万吨，环比增加7.19%，去年同期99.49万吨，同 比减少58.79%。偏多 4.盘面：价格在20日均线上方且方向向上。偏 ...

Economic Growth and Consumption - The core viewpoint is that consumption will play a more significant role in driving economic growth this year, with retail sales expected to exceed a 5% growth rate, compared to 3.5% last year [2][5] - In May, the total retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year increase of 6.4%, the highest growth rate since 2024 [4][5] - The "old-for-new" consumption policy has effectively boosted sales, contributing 1.1 trillion yuan in sales across five major categories in the first five months [5] Foreign Trade Performance - The total value of goods trade in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%, indicating better-than-expected foreign trade performance [10] - Exports to the EU and ASEAN increased significantly by 9.1% and 2.9%, respectively, while exports to the US decreased by 8.1% due to tariff increases [10] - The phenomenon of "export grabbing" has contributed to the positive foreign trade data, as companies rushed to export before anticipated tariff hikes [9][10] Service Consumption and Innovation - The shift in consumer demographics, particularly the rise of the post-95 and post-00 generations, is driving demand for emotional value and personalized consumption [6] - Service consumption can be categorized into survival, development, and experiential services, with a focus on promoting experiential services through innovative consumption scenarios [6] - Increasing public service investment and improving income distribution are essential for enhancing overall consumption [8] Policy Recommendations - To address weak price levels and stimulate consumption, targeted policy measures should include improving income distribution and increasing public consumption [8] - The government could consider expanding subsidies from durable goods to service consumption and providing direct consumption subsidies to low-income groups [5][8]

Economic Data Overview - In May, China's total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%, marking the highest growth rate since 2024 [1][2] - For the first five months, China's total import and export value of goods was 17.94 trillion yuan, showing a year-on-year increase of 2.5%, indicating a sustained growth trend [1][5] Consumer Spending Insights - The growth in consumer spending in May exceeded expectations, driven by policies such as "old-for-new" exchanges and emerging consumption trends like "self-indulgent consumption" [2][3] - The "old-for-new" policy significantly boosted sales, contributing 1.1 trillion yuan in sales across five major categories in the first five months [2][3] - The retail sales growth is expected to surpass 5% this year, compared to a 3.5% growth in the previous year, as consumption plays a more prominent role in economic growth [2][3] Trade Dynamics - The foreign trade performance in the first five months was better than expected, influenced by "export rushes" and a notable increase in exports to the EU and ASEAN, despite a decline in exports to the US due to tariffs [1][5][6] - Exports to ASEAN and the EU grew by 9.1% and 2.9% respectively, while exports to the US decreased by 8.1% [5] Policy Recommendations - Future consumption policies could expand from durable goods to service consumption and provide direct subsidies to low-income groups [2][3] - To enhance service consumption, there is a need for innovative and diversified consumption scenarios, integrating new business models and products [3] Inflation and Economic Balance - The consumer price index (CPI) rose by 0.1% year-on-year in the first five months, indicating a need for policies to promote economic balance and reasonable price recovery [4][5] - The weak price level is attributed to intense competition in investment-driven sectors, income distribution disparities, and underutilized public consumption [4][5] Gold Market Outlook - The outlook for gold prices is characterized by short-term volatility and long-term upward trends, influenced by interest rates, the dollar's performance, and geopolitical risks [8] - Recent trends show a significant increase in gold prices, with a rise of approximately 30% this year, supported by central banks' continued accumulation of gold reserves [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market in the US is oscillating above the thousand - point mark, awaiting the follow - up of China - US tariff negotiations and the planting weather in US soybean - producing areas. The domestic soybean meal market may return to a range - bound pattern due to factors such as increased soybean imports in June and weak spot prices [8]. - The domestic soybean market is affected by the US soybean trend, the cost - effectiveness advantage of domestic soybeans, and the expected increase in imports. It is also in a state of interaction between various factors and may experience short - term range - bound fluctuations [10]. Summary According to the Table of Contents 1. Daily Hints No relevant content provided. 2. Recent News - The short - term agreement reached in China - US tariff negotiations is beneficial for US soybeans, but the good recent planting weather in the US has led to a short - term pullback in the US soybean market. The market is expected to oscillate above the thousand - point mark, awaiting further guidance [12]. - The volume of imported soybeans arriving in China reached a high in May, and the domestic soybean inventory has recovered from a low level after May Day. However, the soybean meal inventory remains low, and the soybean and soybean meal markets have returned to a state of oscillation [12]. - The decrease in domestic pig - farming profits has led to a low expectation of pig replenishment, resulting in a weakening demand for soybean meal after May Day. But the tight supply supports the post - holiday price expectation of soybean meal, and the soybean meal market has entered a short - term weakening and oscillating pattern [12]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - Slow customs clearance of imported soybeans [13]. - Low inventory of soybean meal in domestic oil mills [13]. - Uncertain weather in US soybean - producing areas [13]. Bearish for Soybean Meal - The total volume of imported soybeans arriving in China will reach a high in June [13]. - The harvest of Brazilian soybeans is over, and the expectation of a bumper harvest in South America persists [13]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [14]. - The expected increase in demand for domestic soybeans supports the price expectation [14]. Bearish for Soybeans - The expectation of a bumper harvest of Brazilian soybeans persists, and China has increased its procurement of Brazilian soybeans [14]. - The expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2900, with a basis of - 162, indicating a discount to the futures. The inventory of oil mills is 410,000 tons, a 7.19% increase from last week and a 58.79% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of - 58, indicating a discount to the futures. The inventory of oil mills is 5.996 million tons, a 1.75% decrease from last week and an 8.59% increase compared to the same period last year [10]. 5. Position Data - For soybean meal, the main long positions have decreased, and funds have flowed out [8]. - For soybeans, the main short positions have increased, and funds have flowed in [10].