1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - In the week of December 01 - 05, 2025, US soybean futures prices mainly declined, with the main 01 - month contract of US soybeans down 2.81% and the main 01 - month contract of US soybean meal down 3.52% on a weekly basis. Domestic soybean meal futures prices rose first and then fell, with the main m2605 contract of soybean meal down 0.84% on a weekly basis; soybean futures prices were weak, with the main a2601 contract of soybeans down 0.8% on a weekly basis. [1] - In the coming week (December 08 - 12, 2025), it is expected that the futures prices of Dalian soybean meal and soybeans will fluctuate weakly. For soybean meal, without unexpected positive news, it may follow the decline of US soybeans. For soybeans, the spot price is stable and slightly strong, but the short - term futures price is affected by rumors of state - reserve sales and fluctuates weakly. [5] 3. Summary by Related Content 3.1 International Soybean Market Fundamentals (December 01 - 05, 2025) - China's procurement of US soybeans is positive but lower than expected, having limited incentive for US soybeans. On December 5, 2025, China purchased 462,000 tons of US soybeans (for delivery in the 2025/26 season). [1] - The import cost of Brazilian soybeans increased slightly on a weekly basis, with a neutral - to - slightly positive impact. As of the week of December 5, the average CNF premium of Brazilian soybeans for February 2026 delivery increased on a weekly basis, the average import cost increased slightly, and the average crushing profit on the futures market increased. [1] - The soybean planting in Brazil is nearing the end. As of the week of November 27, 2025, the sowing progress of Brazilian soybeans in the 2025/26 season was 89%, compared with about 91% in the same period last year. There are still some drought problems in some areas due to uneven rainfall. [1] - The soybean planting progress in Argentina is slow, with a neutral - to - slightly positive impact. As of the week of December 4, 2025, the planting progress of Argentine soybeans in the 2025/26 season was about 44.7%, compared with about 54% in the same period last year, mainly due to excessive soil moisture in central Buenos Aires. [1] - The weather forecast for the main soybean - producing areas in South America shows that in the next two weeks (December 6 - 19, 2025), there will be slightly more precipitation and lower temperatures in the main soybean - producing areas of Brazil, and less precipitation and normal temperatures in the main soybean - producing areas of Argentina. Overall, the weather in the producing areas is not a major problem, with a neutral impact. [1] 3.2 Domestic Soybean Meal Spot Situation (December 01 - 05, 2025) - The trading volume of soybean meal increased on a weekly basis. As of the week of December 5, the average daily trading volume of soybean meal in major oil - mills in China was about 140,000 tons, compared with about 120,000 tons in the previous week. [2] - The pick - up volume of soybean meal decreased slightly on a weekly basis. As of the week of December 5, the average daily pick - up volume of soybean meal in major oil - mills was about 184,000 tons, compared with about 188,000 tons in the previous week. [2] - The basis of soybean meal increased on a weekly basis. As of the week of December 5, the weekly average basis of soybean meal (Zhangjiagang) was about 143 yuan/ton, compared with about - 10 yuan/ton in the previous week and about 198 yuan/ton in the same period last year. [3] - The inventory of soybean meal increased on both a weekly and a year - on - year basis. As of the week of November 28, the inventory of soybean meal in major oil - mills in China was about 1.08 million tons, with a weekly increase of about 6% and a year - on - year increase of about 45%. [3] - The soybean crushing volume decreased on a weekly basis and is expected to increase next week. As of the week of December 5, the weekly soybean crushing volume in China was about 2.06 million tons (2.2 million tons in the previous week, 1.66 million tons in the same period last year), and the operating rate was about 57% (61% in the previous week, 47% in the same period last year). Next week (December 6 - 12), the soybean crushing volume in oil - mills is expected to be about 2.21 million tons (1.87 million tons in the same period last year), with an operating rate of 61% (53% in the same period last year). [3] 3.3 Domestic Soybean Spot Situation (December 01 - 05, 2025) - The soybean price is stable and slightly strong. The purchase price of clean soybeans in some northeastern regions increased by 40 yuan/ton compared with the previous week; the purchase price in some inland regions remained the same as the previous week; the selling price of edible soybeans in the sales areas remained the same as the previous week. [4] - There are no new state - reserve purchase depots. After the opening of the direct - affiliated depots in Suileng and Harbin, although the price is higher than other depots in the province, the number of vehicles delivering soybeans to the depot is still small. [4] - The purchase price in the northeastern producing area increased, and farmers' reluctance to sell weakened. After some trading entities with order demand raised the purchase price, some farmers were less reluctant to sell. However, the market's acceptance of the soybean sources at the increased price is average, and some large - scale trading entities slightly reduced the purchase price by 10 - 20 yuan/ton in the latter part of the week due to rumors of state - reserve sales. [4] - The demand pattern in the sales area is "better in the north and stable in the south". In the northern market, the demand for soy products increased due to the decrease in temperature, and the trading volume of northeastern soybeans was acceptable; in the southern market, the demand for edible soybeans did not improve significantly, and the trading volume of northeastern soybeans was relatively slow. [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the week of November 21, 2025, US soybean futures prices fluctuated. The price increase was due to China's first large - scale purchase of US soybeans, while the decline was due to market doubts about China's procurement progress and weak overall sentiment in the commodity market. Domestic soybean meal and soybean No.1 futures prices were weak. Next week (November 24 - 28, 2025), it is expected that the prices of Dalian soybean meal and soybean No.1 will fluctuate, and attention should be paid to China's procurement of US soybeans [2][6] Summary by Relevant Catalogs International Soybean Market Fundamentals - **China's procurement of US soybeans**: From November 18 to 20, 2025, China purchased a total of about 1.584 million tons of US soybeans (all for delivery in the 2025/26 season), which is positive for US soybeans [2] - **Brazilian soybean import cost**: As of the week of November 21, 2025, the average weekly CNF premium of Brazilian soybeans for February 2026 delivery decreased, the average import cost decreased, and the average crushing profit on the futures market increased. The impact is slightly negative [2] - **Brazilian soybean planting progress**: As of the week of November 13, 2025, the planting progress of 2025/26 Brazilian soybeans was about 71%, compared with 61% in the previous week and about 80% in the same period last year. The impact is slightly positive [2] - **Argentine soybean planting progress**: As of the week of November 19, 2025, the planting progress of 2025/26 Argentine soybeans was about 24.6%, compared with about 35.8% in the same period last year. The impact is slightly positive [2] - **Weather forecast in South American soybean - producing areas**: According to the November 21, 2025, weather forecast, in the next two weeks (November 21 - December 5, 2025), precipitation in the main soybean - producing areas of Brazil and Argentina will be less than normal and temperatures will fluctuate around the average. The impact is slightly positive [2] Domestic Soybean Meal Spot Situation - **Trading volume**: The weekly trading volume of soybean meal increased. As of the week of November 21, 2025, the average daily trading volume of soybean meal in major Chinese oil mills was about 240,000 tons (with an increase in forward basis trading), compared with about 220,000 tons in the previous week [3] - **Pick - up volume**: The weekly pick - up volume of soybean meal increased. As of the week of November 21, 2025, the average daily pick - up volume of soybean meal in major oil mills was about 190,000 tons, compared with about 184,000 tons in the previous week [3] - **Basis**: The weekly basis of soybean meal (Zhangjiagang) increased. As of the week of November 21, 2025, the average weekly basis was about 3 yuan/ton, compared with about - 12 yuan/ton in the previous week and about 181 yuan/ton in the same period last year [3][4] - **Inventory**: The weekly inventory of soybean meal increased slightly and was higher year - on - year. As of the week of November 14, 2025, the inventory of soybean meal in major Chinese oil mills was about 890,000 tons, with a weekly increase of about 2% and a year - on - year increase of about 27% [4] - **Crushing volume**: The weekly soybean crushing volume increased and is expected to decrease slightly next week. As of the week of November 21, 2025, the domestic weekly soybean crushing volume was about 2.33 million tons (2.08 million tons in the previous week and 1.97 million tons in the same period last year), with an operating rate of about 64% (57% in the previous week and 56% in the same period last year). Next week (November 22 - 28, 2025), the soybean crushing volume of oil mills is expected to be about 2.32 million tons (1.89 million tons in the same period last year), with an operating rate of 64% (54% in the same period last year) [4] Domestic Soybean No.1 Spot Situation - **Soybean price**: The price of domestic soybean No.1 was stable with a slight increase. In some northeastern regions, the purchase price of clean soybean grains was in the range of 3,960 - 4,080 yuan/ton, an increase of 0 - 40 yuan/ton compared with the previous week. In some inland regions, the purchase price remained the same as the previous week, at 4,820 - 5,060 yuan/ton. In the sales areas, the selling price of edible soybeans from the Northeast was in the range of 4,460 - 4,680 yuan/ton, an increase of 0 - 20 yuan/ton compared with the previous week [5] - **State - reserve procurement**: The number of state - reserve procurement points continued to increase, with a neutral impact. The Jiusan Branch of the Jiangjin Directly - affiliated Depot of Sinograin announced that it would start purchasing domestic soybeans on December 15, 2025, at the same price as other depots in the province [5] - **Farmer and trader behavior**: Farmers in the northeastern production areas were reluctant to sell, and traders maintained stable prices and waited and watched. The procurement volume was slow, and most trading entities reported that they were waiting and watching [5] - **Sales area demand**: The demand in the sales areas was stable, and attention was paid to New Year's Day stocking. The trading volume in the northern sales areas was at a normal level, but it slowed down this week. Southern dealers mainly consumed inventory, and the trading volume was based on fixed demand. The next stocking peak may be before New Year's Day [5]