1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall view of US soybeans is that due to a bumper harvest in South America, there is no basis for a bull market. However, cost support reduces the probability of a significant decline. The market is expected to be oscillating with an upward bias, ranging between 950 - 1150 cents per bushel [5]. 3. Summary by Relevant Catalogs 3.1 Market Price - This week, US soybean prices rose. The August supply - demand report increased the yield forecast, but the reduction in the planted area exceeded market expectations. The tightening of the old - crop balance sheet also supported the price. Next week, the focus will be on the US tariff - imposing situation on other countries and the weather in the US main production areas [7]. - This week, US soybean meal prices continued to rebound. The reduction in the new - crop planted area exceeded market expectations. Although the yield increased, the supply - demand balance sheet tightened, supporting the price [10][11]. - This week, US soybean oil prices were in a sideways oscillation. On one hand, the sharp rise in US soybeans supported the soybean oil price. On the other hand, the decline in crude oil prices and the uncertainty of the biodiesel policy led to a large - scale liquidation of the "buy oil, short meal" arbitrage positions, resulting in a stronger meal and weaker oil situation [15]. - As of the week ending August 1, the spot price of soybeans at US Gulf ports was $10.48 per bushel. As of August 1, the purchase price at a farm (Iowa) was $9.37 per bushel, showing a decline. As of August 7, the spot price of soybeans in south - western Iowa was $9.59 per bushel, also declining. The spot price in Mato Grosso, Brazil, continued to rise to 119.34 reais per bag. As of August 15, the spot price at Brazilian ports rose to 140.99 reais per bag [17][19][24] 3.2 Supply Factors - The drought situation in US soybean production areas continued to improve, with a drought rate of 23% compared to 13% last week. In the next two weeks, the temperature in US production areas will be basically normal. Precipitation will be relatively high in the Great Lakes region but relatively low in the central and southern regions. There will be basically no precipitation in Brazilian production areas, while precipitation in Argentine soybean production areas will be slightly above normal. As of the week ending August 8, the good - to - excellent rate of US soybeans was 68%, down from 69% last week but the same as the same period last year [29][31][40] 3.3 Demand Factors - As of August 8, the US soybean crushing profit was $3.1 per bushel, up from $2.71 last week. The weekly export volume of US soybeans was 533,100 tons, down from 689,500 tons last week. The weekly export inspection and quarantine volume was 518,000 tons, down from 612,500 tons last week. The net sales volume this year was - 377,600 tons, down from 467,800 tons last week. The sales volume for the next year was 1.133 million tons, up from 545,000 tons last week. The quantity shipped to China last week was 0 tons (0 ships), the same as last week [43][45][53] 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 0.653, indicating that it has entered the La Nina range. The soybean planting costs in Brazil and the US have decreased. As of August 12, the net short position of soybeans was 20,100 contracts, down from 48,300 contracts last week. The net long position of soybean oil was 55,800 contracts, down from 67,700 contracts last week. The net short position of soybean meal was 78,100 contracts, down from 104,200 contracts last week [56][58][64]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The overall view is that due to the high - yield in South America, there is no basis for a bull market. However, cost support reduces the probability of a sharp decline. The market is generally oscillating with a slight upward trend, in the range of 950 - 1150 cents per bushel [5] - Negative factors include the potential deterioration of US soybean export situation due to US tariff hikes on the world, good weather in the main US soybean - producing areas leading to high yield expectations, and the weekly soybean good - to - excellent rate being higher than expected [5] - Positive factors are the support from biodiesel policies and the expectation of improved China - US relations, a tight balance in the old - crop balance sheet, and the planting area being slightly lower than expected [5] 3. Summary According to Related Catalogs 3.1 Market Price - This week, US soybean prices declined due to good precipitation in the main US soybean - producing areas. Next week, key points to watch are the US tariff hikes on other countries and the weather in the main US producing areas [7] - This week, US soybean meal prices fluctuated at a low level, mainly due to the unwinding of the buy - oil - sell - meal arbitrage [11] - This week, US soybean oil prices rose first and then fell. On one hand, good weather in the main US soybean - producing areas pressured soybean prices; on the other hand, the large - scale unwinding of the buy - oil - sell - meal arbitrage positions led to a decline in oil prices and an increase in meal prices [14][15] - As of the week ending July 25, the spot price of soybeans at US Gulf ports was $10.99 per bushel. The purchase price at farms (Iowa) was $9.81 per bushel and was falling. As of July 31, the spot price of soybeans in south - western Iowa was $9.59 per bushel and was falling [18][21][23] - The spot price in Mato Grosso, Brazil, continued to rise to 116.79 reais per bag. As of August 1, the spot price at Brazilian ports rose to 139.04 reais per bag [26][28] 3.2 Supply Factors - The drought situation in US soybean - producing areas continued to improve, with the drought rate at 14%, compared to 17% last week [31] - In the next two weeks, the temperature in central US will be lower than normal, and precipitation in the central US soybean - producing areas will be slightly less. Precipitation in Brazilian producing areas is normal but on the low side, and precipitation in Argentine soybean - producing areas is basically normal [33][35][38] - As of July 25, the good - to - excellent rate of US soybeans was 70%, up from 68% last week and 67% in the same period last year [42] 3.3 Demand Factors - As of July 25, the US soybean crushing profit was $2.66 per bushel, up from $2.2 last week [45] - The weekly US soybean export volume was 499,600 tons, up from 303,200 tons last week. The weekly export inspection and quarantine volume was 409,700 tons, up from 377,000 tons last week [47][49] - The net sales of US soybeans this year were 349,100 tons, up from 103,400 tons last week. The sales of US soybeans for the next year were 429,400 tons, up from 238,800 tons last week [51][53] - The quantity of US soybeans shipped to China last week was 0 tons (0 ships), the same as last week [55] 3.4 Other Factors - The latest ENSO (NINO3.4 anomaly index) value is - 0.47, approaching the La Nina range [58] - The soybean planting costs in Brazil and the US have decreased [60][62] - As of July 29, the net short position of soybeans in CFTC was 18,700 contracts, compared to a net long position of 6,200 contracts last week. The net long position of soybean oil was 83,300 contracts, up from 72,500 contracts last week. The net short position of soybean meal was 112,900 contracts, up from 103,700 contracts last week [66][68][70]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The overall view is that there is no basis for a bull market due to the high - yield in South America, but the probability of a sharp decline is small due to cost support. The market is generally oscillating with an upward bias, in the range of 950 - 1150 cents per bushel [5]. Summary by Directory 1. Market Price - This week, the price of US soybeans rebounded from a low level. Before the quarterly inventory and acreage reports, the price declined. The old - crop inventory was higher than expected, but the new - crop acreage was lower than expected. There were high expectations of improved Sino - US relations, and the "big and beautiful" bill of the Trump administration boosted the price of US soybean oil, thereby raising the price of soybeans. Next week, attention should be paid to the changes after the expiration of the US tariff suspension policy on other countries and the weather conditions in the US main production areas [7]. - After the quarterly inventory report and acreage report, the price of US soybean meal bottomed out and rebounded with the increase in soybean prices, and the bearish expectation eased slightly [10]. - Crude oil strengthened slightly, and factors such as the "big and beautiful" bill pushed up the price of US soybean oil [14]. - As of the week ending June 27, the spot price of soybeans at US Gulf ports slightly declined [17]. - As of June 27, the purchase price at farms (Iowa) decreased [19]. - As of July 3, the spot price of soybeans in south - western Iowa rebounded [21]. - The spot price of soybeans in Mato Grosso, Brazil, remained basically stable [23]. - The spot price of soybeans in Brazil increased slightly [25]. 2. Supply Factors - The drought situation in US soybean production areas continued to improve, with a drought rate of 30%, compared to 32% last week [28]. - The temperature in the eastern US soybean production areas was relatively high, while that in the central - western regions was normal [30]. - Forecasts for the next two weeks indicate that most of the US soybean production areas will receive normal to slightly above - normal precipitation [32]. - Precipitation in Brazil's production areas was low [36]. - Precipitation in Argentina's soybean production areas was normal to above - normal [37]. - As of June 27, the good - to - excellent rate of US soybeans was 66%, the same as last week and 67% in the same period last year [40]. 3. Demand Factors - As of June 27, the crushing profit of US soybeans was 2.43 dollars per bushel, compared to 2.61 dollars last week [43]. - The weekly export volume of US soybeans was 251,500 tons, compared to 266,000 tons last week [45]. - The weekly export inspection and quarantine volume was 224,700 tons, compared to 192,800 tons last week [48]. - The weekly net sales volume was 462,400 tons, compared to 402,900 tons last week [50]. - The sales volume of US soybeans for the next year was 239,000 tons, compared to 156,100 tons last week [52]. - The quantity shipped to China last week was 0 tons (0 ships), the same as last week [54]. 4. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) was - 0.09, indicating a neutral state [57]. - The soybean planting costs in Brazil and the US decreased [59][61]. - As of June 24, the net long position of soybeans in CFTC was 46,700 lots, compared to 84,900 lots last week [65]. - As of June 24, the net long position of soybean oil in CFTC was 58,800 lots, compared to 61,800 lots last week [67]. - As of June 17, the net short position of soybean meal in CFTC was 101,700 lots, compared to 102,800 lots last week [69].