Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the soybean and related product markets from September 15 - 19, 2025, and predicts that the prices of Dalian soybean meal and soybean No. 1 futures may rebound next week (September 22 - 26, 2025). The domestic soybean meal market may correct its previous expectations due to the change in the expectation of China's purchase of US soybeans, while the domestic soybean No. 1 futures is expected to fluctuate with the market sentiment and focus on technical trading [1][5]. 3. Summary by Related Content 3.1 Price and Market Trends of Futures - **US Soybean Futures**: Last week, the US soybean futures prices first rose and then fell. The main November contract of US soybeans had a weekly decline of 1.84%, and the main December contract of US soybean meal had a weekly decline of 1.42% [1]. - **Domestic Soybean Meal and Soybean No. 1 Futures**: The prices of domestic soybean meal and soybean No. 1 futures were weak. The main m2601 contract of soybean meal had a weekly decline of 2.11%, and the main a2511 contract of soybean No. 1 had a weekly decline of 1.39% [1]. 3.2 International Soybean Market Fundamentals - **US Soybean Sales and Shipment**: In the week of September 11, 2025, the net sales of US soybeans increased week - on - week, meeting expectations. The export shipment of 2025/26 US soybeans was about 840,000 tons, a year - on - year increase of about 88%; the cumulative export shipment was about 1.07 million tons, a year - on - year increase of about 41%. The current - year (2025/26) weekly net sales of US soybeans were about 922,000 tons, meeting expectations (400,000 - 1.5 million tons). The weekly net sales of US soybeans to China in the current crop year (2025/26) were 0 [1]. - **US Soybean Good - Quality Rate**: As of the week of September 15, 2025, the good - quality rate of US soybeans was 63%, down from the previous week's 64% and the same as last year's 64%, meeting market expectations, with a neutral - to - slightly - bullish impact [1]. - **Brazilian Soybean**: As of the week of September 19, 2025, the average weekly CNF premium of November Brazilian soybeans decreased, the average import cost increased slightly, and the average crushing profit on the futures market decreased. As of the week of September 11, 2025, the sowing progress of 2025/26 Brazilian soybeans was about 0.12%, ahead of last year's 0.06%. Currently, soybean sowing is mainly carried out in Paraná, and sowing has also started in Mato Grosso and São Paulo. However, due to low soil moisture, the sowing progress in Mato Grosso is slow [1]. 3.3 Domestic Soybean Meal Spot Market - **Trading Volume**: The trading volume of soybean meal decreased week - on - week. As of the week of September 19, 2025, the average daily trading volume of soybean meal in major domestic oil mills was about 130,000 tons, compared with about 170,000 tons in the previous week [2]. - **Pick - up Volume**: The pick - up volume of soybean meal increased slightly week - on - week. As of the week of September 18, 2025, the average daily pick - up volume of soybean meal in major oil mills was about 198,000 tons, compared with about 197,600 tons in the previous week [2]. - **Basis**: The basis of soybean meal increased week - on - week. As of the week of September 19, 2025, the average weekly basis of soybean meal (Zhangjiagang) was about - 30 yuan/ton, compared with about - 42 yuan/ton in the previous week and about - 28 yuan/ton in the same period last year [2][3]. - **Inventory**: The inventory of soybean meal increased week - on - week and decreased year - on - year. As of the week of September 11, 2025, the inventory of soybean meal in major domestic oil mills was about 1.05 million tons, a week - on - week increase of 3% and a year - on - year decrease of about 14% [3]. - **Crushing Volume**: The weekly crushing volume of domestic soybeans increased week - on - week and is expected to decrease next week. As of the week of September 19, 2025, the weekly crushing volume of domestic soybeans was about 2.43 million tons (2.36 million tons in the previous week and 2.05 million tons in the same period last year), with an operating rate of about 68% (66% in the previous week and 58% in the same period last year). Next week (September 20 - 26, 2025), the soybean crushing volume of oil mills is expected to be about 2.39 million tons (2.08 million tons in the same period last year), with an operating rate of 67% (59% in the same period last year) [3]. 3.4 Domestic Soybean No. 1 Spot Market - **Soybean Price**: The soybean price remained stable. The purchase price of clean soybean grains in some parts of Northeast China was in the range of 4,160 - 4,240 yuan/ton, that in some parts of the Inner Pass was in the range of 5,120 - 5,260 yuan/ton, and the selling price of edible soybeans in the sales area was in the range of 4,660 - 4,840 yuan/ton, all the same as the previous week [4]. - **New - Crop Soybeans in Northeast China**: New - crop soybeans in the Northeast were sporadically on the market, and no mainstream price had been formed yet. Due to the rainy - then - sunny weather in the Northeast, the harvest time of new - crop soybeans was postponed. Although the number of harvesting locations increased, most were early - maturing varieties [4]. - **State - Reserve Soybean Auction**: The state - reserve soybean auction was suspended, and the market was waiting for the increase in new - crop soybean harvest [4]. - **Sales Area Demand**: The demand in the sales area was differentiated. The sales of soybeans in the northern market were normal, and dealers were consuming inventory and waiting for new - crop soybeans. The sales of domestic soybeans in the southern market were slow due to the lack of obvious improvement in the demand for soy products [4].