Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The soybean meal M2605 is expected to fluctuate within the range of 2740 - 2800. The market is influenced by the interaction of U.S. soybean trends and demand improvement, with news being mixed and short - term oscillation likely [9]. - The soybean A2605 is expected to fluctuate within the range of 4200 - 4300. The market is affected by the execution of the China - U.S. trade agreement and the arrival of imported Brazilian soybeans, with the price supported by the cost - performance advantage of domestic soybeans [11]. Summary According to the Directory 1. Daily Hints No information provided in the report. 2. Recent News - The preliminary China - U.S. tariff negotiation agreement is short - term positive for U.S. soybeans, but the quantity of China's soybean purchases and U.S. soybean weather are still uncertain. The U.S. market is oscillating above the thousand - point mark [13]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained high. The planting and growth weather of South American soybeans is relatively normal, and soybean meal has returned to range - bound trading [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal rebounded from a low level in December, supporting price expectations [13]. - The high inventory of domestic oil mills' soybean meal, the potential for weather speculation in U.S. soybean - producing areas, and the impact of the preliminary China - U.S. trade negotiation agreement have kept soybean meal in a short - term range - bound state [13]. 3. Long and Short Concerns Soybean Meal - **Long factors**: The preliminary China - U.S. trade negotiation agreement is short - term positive for U.S. soybeans; the inventory of domestic oil mills' soybean meal is not under pressure; there are still uncertainties in the weather of U.S. and South American soybean - producing areas [14]. - **Short factors**: The total arrival volume of imported soybeans in China remained high in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Long factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports price expectations [16]. - **Short factors**: The bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses price expectations [16]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3050, with a basis of 296, indicating a premium over futures. The inventory of oil mills' soybean meal is 117.02 million tons, a 0.22% increase from last week and a 71.18% increase from the same period last year [9]. - **Soybeans**: The spot price is 4220, with a basis of - 23, indicating a discount to futures. The inventory of oil mills' soybeans is 710.25 million tons, an 8.53% increase from last week and a 19.48% increase from the same period last year [11]. - **Global Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, output, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [33]. - **Domestic Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, output, and import volume generally increased, and the inventory - to - consumption ratio also fluctuated [34]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed in [9]. - **Soybeans**: The main long positions decreased, and funds flowed in [11]. 6. Soybean and Soybean Meal Market Conditions - **Price and Transaction**: The price of soybean meal futures rose and then fell, while the spot price was relatively stable, with a high premium. The price difference between soybean meal and rapeseed meal fluctuated slightly [17][19][24]. - **Warehouse Receipts**: The warehouse receipts of soybeans and soybean meal changed over time, with the warehouse receipts of soybean No. 1 and soybean No. 2 showing different trends [21]. - **Supply - Side Conditions**: The soybean crushing volume of oil mills decreased from a high level, and the soybean meal output in November increased year - on - year. The inventory of oil mills' soybeans decreased from a high level, while the soybean meal inventory remained high [26][49]. - **Demand - Side Conditions**: The procurement of domestic downstream enterprises rebounded from a low level, and the提货 volume remained at a relatively high level. The unexecuted contracts of oil mills decreased from a high level, and the stocking demand had a good outlook [28][53]. - **International Market**: The planting and harvesting progress of soybeans in the U.S., Brazil, and Argentina in different years were provided, as well as the monthly supply - demand reports of the USDA in the past six months [35][40][45]. - **Livestock Market**: The pig inventory showed an upward trend, the sow inventory was flat year - on - year and slightly decreased month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak [57][59].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean meal market is expected to be volatile and moderately strong in the short term, but there is no obvious driving force in the medium - term logic. Conservative investors are advised to consider partial hedging at high prices for near - month contracts. The oil market is expected to be weakly volatile under the short - term expectation of loose supply and demand. Pre - holiday stockpiling is recommended to replenish inventory appropriately at low prices, and attention should be paid to the implementation of the US biofuel policy. [1][2] Summary by Related Catalogs Soybean Meal - China purchased at least 8 million tons of US soybeans in 2025, approaching the 12 - million - ton procurement target. The uncertainty of the subsequent procurement rhythm due to the lack of a formal trade agreement between China and the US is regarded as an important factor suppressing soybean prices. [1] - In November 2025, the US soybean crushing volume was 6.615 million short tons (221 million bushels), lower than the revised 7.09 million short tons (236 million bushels) in October but higher than 6.3 million short tons (210 million bushels) in November last year. [1] - Near - month contracts are affected by policy rumors. Before the state reserve release, the price is expected to be strong, but the domestic short - term soybean meal spot inventory is high. Once the reserve release occurs after the holiday, the premium may quickly disappear. [1] Oils - In October, the available capacity of US renewable diesel remained stable at 4.989 billion gallons per year. The use of soybean oil as a raw material for biofuel production decreased by 47 million pounds to 1.006 billion pounds, reaching a 6 - month low. As of the end of November, the US soybean oil inventory soared to 2.164 billion pounds, an 18 - month high. [2] - Due to strong monthly production offsetting the moderate growth of exports, Malaysia's palm oil inventory in December is expected to rise to the highest level in nearly seven years. [2] - After the holiday, the oil sector declined significantly. The reasons include the sharp increase in US soybean oil inventory, uncertainty in biofuel demand, the pressure of rising palm oil inventory, and the possibility of resuming Canadian rapeseed imports. [2]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The price of domestic soybean meal is affected by the interaction of the US soybean market and domestic demand improvement. At the end of the year, the demand gradually enters the peak season, and the spot price premium supports the market. However, the news is mixed, and the short - term may maintain a volatile pattern. The price of US soybeans is also affected by factors such as China's soybean procurement and South American soybean production prospects [8][9]. - The price of domestic soybeans is supported by the cost of imported soybeans and the expected increase in domestic demand. However, the bumper harvest of Brazilian soybeans and the increase in domestic production of new - season soybeans suppress the price expectations [11]. Summary by Directory 1. Daily Tips No relevant content provided. 2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's soybean purchases and the US soybean weather are still uncertain. The US soybean market is oscillating above the 1000 - point mark, waiting for further guidance [13]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained at a relatively high level. The planting and growth weather of South American soybeans is relatively normal, and soybean meal has returned to range - bound trading [13]. - The decrease in domestic pig - breeding profits has led to a low expectation of pig replenishment. The demand for soybean meal has rebounded from a low level in December, supporting the price expectation. The interaction between the influence of US soybeans and the rebound in soybean meal demand has led to a return to the range - bound pattern [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of speculation about the weather in the US soybean - producing areas, and the preliminary agreement on China - US trade negotiations has an impact. In the short term, soybean meal will maintain a range - bound pattern, waiting for the clarification of US soybean production and further guidance on the follow - up of China - US trade negotiations [13]. 3. Long and Short Concerns Soybean Meal - **Long factors**: The preliminary agreement on China - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; the weather in the US and South American soybean - producing areas is still uncertain [14]. - **Short factors**: The total arrival volume of imported soybeans in China remained at a relatively high level in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. - **Current main logic**: The market focuses on the impact of the US soybean harvest weather and the follow - up of the preliminary China - US trade agreement [15]. Soybeans - **Long factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports the price expectation [16]. - **Short factors**: The bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans; the increase in the production of new - season domestic soybeans suppresses the price expectation of beans [16]. - **Current main logic**: The market focuses on the impact of the US soybean weather and the China - US trade tariff game [16]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3050, with a basis of 276, showing a premium over the futures. The inventory of oil mills is 113.71 million tons, a week - on - week increase of 3.66% and a year - on - year increase of 95.11% [9]. - **Soybeans**: The spot price is 4140, with a basis of - 16, showing a discount to the futures. The soybean inventory of oil mills is 722.36 million tons, a week - on - week decrease of 2.32% and a year - on - year increase of 24.85% [11]. 5. Position Data - **Soybean Meal**: The main short positions have increased, and funds have flowed in [9]. - **Soybeans**: The main short positions have increased, and funds have flowed in [11]. 6. Views and Strategies Soybean Meal - The M2605 contract is expected to oscillate in the range of 2720 - 2780. The market is affected by multiple factors such as the US soybean market, domestic demand, and inventory, and is expected to maintain a volatile pattern in the short term [9]. Soybeans - The A2605 contract is expected to oscillate in the range of 4120 - 4220. The price is supported by the cost of imported soybeans and domestic demand, but is suppressed by the bumper harvest of Brazilian soybeans and the increase in domestic production [11].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report 1. **Viewpoints and Strategies for Soybean Meal** - Soybean meal M2605 is expected to fluctuate in the range of 2740 - 2800. The market is currently neutral due to a combination of factors such as the performance of US soybeans, the demand for domestic soybean meal, and inventory levels [9]. 2. **Viewpoints and Strategies for Soybeans** - Soybean A2605 is expected to fluctuate in the range of 4080 - 4180. The market is also neutral, influenced by the US - China trade agreement, South American soybean planting weather, and the supply - demand situation of domestic soybeans [11]. Group 3: Summary According to the Table of Contents 1. **Daily Hints** - Not provided in the report 2. **Recent News** - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans, but the quantity of China's soybean purchases from the US and the US soybean weather are still uncertain. The US soybean market is expected to be relatively strong above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China has decreased in December, but the soybean inventory of oil mills remains high. The planting and growing weather of South American soybeans is relatively normal, and the soybean meal market has returned to range - bound fluctuations [13]. - The decline in domestic pig - farming profits has led to low expectations for pig restocking. However, the demand for soybean meal has rebounded from a low level in December, which supports the price of soybean meal. The market is affected by both the performance of US soybeans and the recovery of soybean meal demand [13]. - The soybean meal inventory of domestic oil mills remains high. There is still a possibility of speculation about the weather in the US soybean - producing areas, and the preliminary agreement in the China - US trade negotiation has an impact. The soybean meal market is expected to remain range - bound in the short term, waiting for more information on US soybean production and the follow - up of the China - US trade negotiation [13]. 3. **Long and Short Concerns** **Soybean Meal** - **Long Factors**: The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; the weather in the US and South American soybean - producing areas is still uncertain [14]. - **Short Factors**: The total arrival volume of imported soybeans in China remained high in December; if the weather is normal, South American soybeans are expected to have a bumper harvest [15]. **Soybeans** - **Long Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price [16]. - **Short Factors**: Brazilian soybeans are expected to have a bumper harvest, and China has increased its purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price expectations of beans [16]. 4. **Fundamental Data** **Soybean Meal and Rapeseed Meal Transaction Data** - From December 18 to 26, the transaction prices and volumes of soybean meal fluctuated, while the rapeseed meal had no transactions during this period. The price difference between soybean meal and rapeseed meal also fluctuated slightly [17]. **Soybean and Meal Futures and Spot Price Data** - From December 19 to 26, the prices of soybean futures, soybean meal futures, and spot prices all showed certain fluctuations. The spot price of soybean meal was generally higher than the futures price [19]. **Soybean and Meal Warehouse Receipt Data** - From December 17 to 26, the warehouse receipts of soybean No. 1, soybean No. 2, and soybean meal changed to varying degrees [21]. **Soybean Meal Spot Price Data** - The spot price of soybean meal fluctuates with the futures price, and the premium of the spot price over the futures price has a slight fluctuation [24]. **Global and Domestic Soybean Supply - Demand Balance Sheet Data** - The report provides the supply - demand balance sheets of global and domestic soybeans from 2015 to 2024, including data on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [33][34]. **Soybean Planting and Harvesting Progress Data** - The report provides the planting and harvesting progress data of soybeans in Argentina, the US, and Brazil from 2023 - 2026, including the planting rate, harvesting rate, emergence rate, flowering rate, pod - setting rate, leaf - falling rate, and other indicators [35][36][37][38][39][40][41][42][43][44]. **USDA Monthly Supply - Demand Report Data** - The report provides the USDA's monthly supply - demand reports from May to December 2025, including data on planting area, yield per unit, output, ending inventory, new - bean exports, and crushing volume of the US, as well as the output data of Brazilian and Argentine soybeans [45]. **Other Fundamental Data** - The weekly export inspection volume of US soybeans has declined both month - on - month and year - on - year [46]. - The arrival volume of imported soybeans in December has increased slightly, with an overall year - on - year increase [48]. 5. **Position Data** - Not provided in the report

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2605 is expected to fluctuate in the range of 2740 - 2800. The domestic soybean meal is influenced by multiple factors, with a neutral view in the short - term and a tendency to fluctuate weakly [8][9]. - The soybean A2605 is predicted to fluctuate between 4080 - 4180. Domestic soybeans are affected by various factors such as US - China trade and import volumes, with a neutral view in the short - term [10][11]. Summary According to Relevant Catalogs 1. Daily Tips - The soybean meal M2605 fluctuates in the 2740 - 2800 range. Influenced by factors like US - China trade and South American weather, it has a neutral outlook. The basis is positive, but inventory, the position of the price relative to the 20 - day moving average, and the main positions are bearish. It is expected to fluctuate weakly in the short - term [9]. - The soybean A2605 fluctuates between 4080 - 4180. Affected by US - China trade and import volumes, it has a neutral view. The basis is neutral, while inventory, the price position relative to the 20 - day moving average, and the main positions are bearish [11]. 2. Recent News - The preliminary agreement on US - China tariff negotiations is short - term positive for US soybeans, but there are uncertainties in the quantity of Chinese purchases and US soybean weather. The domestic import soybean arrival volume decreased in December, with high soybean inventory in oil mills. The demand for soybean meal rebounded at a low level in December, and soybean meal is expected to return to range - bound fluctuations [13]. 3. Bullish and Bearish Factors For Soybean Meal - Bullish factors: The preliminary agreement on US - China trade negotiations is short - term positive for US soybeans; there is no pressure on the soybean meal inventory of domestic oil mills; there are still uncertainties in the weather of US and South American soybean production areas [14]. - Bearish factors: The total arrival volume of domestic imported soybeans remained high in December; South American soybeans are expected to have a bumper harvest under normal weather conditions [15]. For Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the domestic soybean price [16]. - Bearish factors: The bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price of soybeans [16]. 4. Fundamental Data - The global soybean supply - demand balance sheet shows the changes in harvest area, inventory, production, consumption, etc. from 2015 - 2024 [32]. - The domestic soybean supply - demand balance sheet shows the changes in harvest area, inventory, production, import volume, etc. from 2015 - 2024 [33]. 5. Position Data - The main short positions of soybean meal decreased, and funds flowed out. The main short positions of soybeans increased, and funds flowed in [9][11]. Other Data and Information - The trading volume and average price of soybean meal and rapeseed meal from December 17 - 25, 2025 are presented, along with the price difference between soybean meal and rapeseed meal [17]. - The futures and spot prices of soybeans and soybean meal from December 18 - 25, 2025 are provided [19]. - The warehouse receipt statistics of soybeans and soybean meal from December 16 - 25, 2025 are given [21]. - The planting and harvesting progress of soybeans in Argentina (2023/24), the US (2024), Brazil (2024/25, 2025/26), and Argentina (2024/25, 2025/26) are detailed [34][35][39][41][42][43]. - The USDA's monthly supply - demand reports from May - December 2025 are presented, including planting area, yield, production, etc. [44]. - The weekly export inspection of US soybeans decreased both month - on - month and year - on - year [45]. - The monthly arrival volume of imported soybeans from 2020 - 2025 is shown, with a slight increase in December 2025 compared to the same period [47]. - The soybean inventory of oil mills remained high, and the soybean meal inventory decreased from a high level. The unexecuted contracts of oil mills increased to a high level, and the demand for stockpiling increased. The soybean crushing volume of oil mills remained relatively high, and the soybean meal production in October increased year - on - year [48][50][52]. - The import cost of Brazilian soybeans fluctuated downward following US soybeans, and the margin on the futures market fluctuated slightly [53]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs fluctuated slightly. The domestic pig farming profit fluctuated slightly [55][57][59][61].

Report Industry Investment Rating No relevant information provided. Core Views of the Report - The soybean market in the US is affected by the implementation of the Sino-US trade agreement and the weather in South American soybean - growing regions. The short - term trend is volatile, and the price is under pressure from the good weather in South American growing regions and the uncertainty of China's soybean purchases [10][11]. - The domestic soybean market is influenced by factors such as the cost of imported soybeans, the supply of domestic soybeans, and the Sino - US trade agreement. It shows a narrow - range volatile pattern, with the price supported by the cost of imported soybeans and the expected increase in domestic demand, but suppressed by the increase in US soybean purchases and the increase in domestic soybean production [11]. - The domestic soybean meal market is affected by the price of US soybeans, the supply of imported soybeans, and domestic demand. It is in a volatile pattern, with short - term demand improving but the inventory still at a relatively high level [10]. Summary by Relevant Catalogs 1. Weekly Tips No relevant information provided. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but the quantity of China's soybean purchases and the US soybean weather are still uncertain. The US soybean futures are volatile above the 1000 - point mark, waiting for further guidance on US soybean growth, harvest, and the follow - up of the Sino - US trade negotiation [13]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained at a relatively high level. The weather in South American soybean - growing regions is normal, and soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - breeding profits has led to a low expectation of pig replenishment. The demand for soybean meal rebounded at a low level in December, which supported the price of soybean meal. The price is affected by the US soybean price and the rebound in demand and has returned to a range - bound pattern [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of speculation on the weather in the US soybean - growing regions, and the preliminary Sino - US trade negotiation agreement has an impact. Soybean meal will maintain a range - bound pattern in the short term, waiting for the clear US soybean yield and the follow - up of the Sino - US trade negotiation [13]. 3. Long and Short Concerns Soybean Meal - **Positive factors**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather in the US and South American soybean - growing regions [14]. - **Negative factors**: The total arrival volume of imported soybeans in China remained at a relatively high level in December; Brazilian soybeans have started to be planted, and under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Positive factors**: The increase in the cost of imported soybeans supports the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports the domestic soybean price [16]. - **Negative factors**: The preliminary Sino - US trade negotiation agreement leads to an increase in China's soybean purchases from the US; the increase in the output of new - season domestic soybeans suppresses the price expectation of soybeans [16]. 4. Fundamental Data - **Global soybean supply - demand balance sheet**: From 2015 to 2024, the global soybean harvest area, output, and total supply showed an overall upward trend, and the ending inventory and inventory - to - consumption ratio also fluctuated [22]. - **USDA's monthly supply - demand report in the past six months**: From May 2025 to December 2025, the planting area, yield per unit, and output of US soybeans changed slightly, and the ending inventory also fluctuated [23]. - **US soybean planting, growth, and harvesting progress in 2024**: The sowing, emergence, flowering, pod - setting, leaf - falling, and harvesting progress of US soybeans in 2024 were compared with those of the previous year and the five - year average [24][25][26]. - **Brazilian and Argentine soybean planting progress**: The planting progress of Brazilian soybeans in the 2024/25 and 2025/26 seasons and the planting progress of Argentine soybeans in the 2024/25 and 2025/26 seasons were presented [27][29][30][31]. - **Domestic soybean supply - demand balance sheet**: From 2015 to 2024, the domestic soybean harvest area, output, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio showed different trends [37]. - **Arrival volume of imported soybeans**: The arrival volume of imported soybeans in China from 2020 to 2025 showed monthly fluctuations, and the arrival volume in December 2025 increased slightly compared with previous months [38]. 5. Position Data No relevant information provided. 6. Soybean and Soybean Meal Fundamentals (Supply - Demand Inventory Structure) 1. US Soybean Market Analysis - The impact of the December USDA report is relatively neutral. The short - term trend of US soybeans is weakly volatile due to the uncertainty of the implementation of the Sino - US trade negotiation agreement. The bumper harvest of US soybeans and the good planting weather of Brazilian soybeans suppress the market. In general, the short - term weather variables in the Brazilian soybean - growing regions and the follow - up progress of the Sino - US trade agreement will affect the market [35]. - The expectation of the US Federal Reserve's interest rate cut in December is maintained, which is short - term positive for commodities. The US soybean futures market is volatile in the short term, and the planting weather of South American soybeans and the follow - up implementation of the Sino - US trade negotiation agreement are still the biggest driving forces for the short - and medium - term trends of the market [35]. 2. Domestic Soybean Meal Industry Chain - **Arrival of imported soybeans**: The arrival volume of imported soybeans in December increased slightly, and the year - on - year overall showed an increase [38]. - **Oil mill crushing and inventory**: The soybean inventory of oil mills remained at a high level, and the soybean meal inventory decreased from a high level. The soybean crushing volume of oil mills remained at a relatively high level, and the soybean meal production in October increased year - on - year [39][41]. - **Soybean meal transaction**: The downstream long - term stocking enthusiasm rebounded, and the market transaction is expected to rebound from a low level [9]. - **Pig - breeding inventory**: The pig inventory showed an upward trend, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak [48][50]. 3. Downstream Demand Analysis - The demand for soybean meal rebounded at a low level in December, which was affected by the improvement in domestic pig - breeding demand, but the overall price was still determined by the supply side [57]. 7. Meal Market Structure - **Soybean meal basis analysis**: The soybean meal futures were weakly volatile, the spot price was relatively stable, and the spot premium decreased slightly [60]. - **Soybean meal and rapeseed meal price difference**: The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference between the 2605 contracts of soybean meal and rapeseed meal narrowed slightly [62]. 8. Technical Analysis Soybean - The soybean futures were weakly volatile, affected by the interaction between the US soybean price and the relatively stable domestic soybean spot price [67]. - The KDJ indicator dropped to a low level, and the short - term technical indicators entered a consolidation phase. The low - level indicator limited the further decline space, and it was necessary to wait for new guidance on whether it would continue to decline or rebound [67]. - The MACD oscillated and declined in the middle position, and the short - term entered a technical consolidation phase. The green energy narrowed, and it remained to be seen whether the adjustment could continue. The soybean futures returned to a range - bound pattern, waiting for new guidance [67]. Soybean Meal - The soybean meal futures oscillated and declined, affected by the expected bumper harvest of South American soybeans, the uncertainty of the implementation of the Sino - US trade agreement, and the short - term weak domestic demand [70]. - The KDJ indicator oscillated at a low level, and the short - term entered a technical adjustment phase. The low - level indicator limited the further decline space, and it was necessary to wait for new guidance on whether it would continue to decline or rebound [70]. - The MACD oscillated and declined, and the short - term entered a technical adjustment and consolidation phase. The green energy narrowed, and it remained to be seen whether it could continue to decline. The soybean meal futures returned to a volatile pattern recently, waiting for the US soybean price and new guidance [70].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - **Bean Meal**: The short - term outlook for domestic bean meal is to oscillate weakly under the influence of US soybeans. Although China's continued purchases of US soybeans support the short - term US soybean market, uncertainties in purchase volume and favorable South American soybean planting weather suppress the US soybean market. Additionally, the high arrival volume of imported Brazilian soybeans in China also affects domestic bean meal. The M2605 contract is expected to oscillate between 2720 and 2780 [9]. - **Soybeans**: The short - term US soybean market is affected by China's soybean purchases and South American planting weather. Domestic soybeans are influenced by the US soybean trend and domestic factors such as state - owned soybean rotation storage. The A2605 contract is expected to oscillate between 4040 and 4140 [10]. Summary by Directory 1. Daily Prompt No relevant content found. 2. Recent News - The preliminary agreement on China - US tariff negotiations is a short - term positive for US soybeans, but there are still uncertainties in China's purchase volume and US soybean weather. The US soybean market is oscillating strongly above the 1000 - point mark in the short term [12]. - The arrival volume of imported soybeans in China decreased in December, while the soybean inventory of oil mills remained high. With normal planting and growth weather in South America, bean meal is expected to oscillate within a range [12]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. However, the increase in bean meal demand in December supports price expectations. The interaction between the US soybean trend and the increase in bean meal demand has led to an oscillating pattern [12]. - The high inventory of domestic oil mills' bean meal, combined with the potential for weather speculation in US soybean - producing areas and the impact of the preliminary China - US trade agreement, means that bean meal will likely oscillate in the short term, awaiting further guidance on US soybean production and the follow - up of China - US trade negotiations [12]. 3. Bullish and Bearish Concerns Bean Meal - **Bullish Factors**: The preliminary China - US trade agreement is a short - term positive for US soybeans; the current bean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of US and South American soybean - producing areas [13]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remained high in December; with normal weather, South American soybeans are expected to have a bumper harvest [14]. Soybeans - **Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic demand for domestic soybeans supports price expectations [15]. - **Bearish Factors**: The bumper harvest of Brazilian soybeans and China's increased purchases of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses price expectations [15]. 4. Fundamental Data - **Bean Meal**: The spot price in East China is 3020, with a basis of 273, indicating a premium over the futures. The oil mill's bean meal inventory is 120.32 million tons, a 4.49% increase from last week and a 44.18% increase from the same period last year. The price is below the 20 - day moving average and moving downward [9]. - **Soybeans**: The spot price is 4100, with a basis of 21, indicating a premium over the futures. The oil mill's soybean inventory is 733.96 million tons, a 2.65% increase from last week and a 47.57% increase from the same period last year. The price is below the 20 - day moving average and moving downward [10]. - **Global Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, output, and total supply of soybeans generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [32]. - **Domestic Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, output, and import volume of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [33]. 5. Position Data - For bean meal, the short positions of the main contract decreased, and funds flowed in [9]. - For soybeans, the short positions of the main contract decreased, and funds flowed in [10].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **M2605 Soybean Meal**: Expected to trade in the range of 2720 - 2780. Influenced by the US soybean trend, technical adjustments, short - term demand improvement, and spot price discounts. Short - term outlook is neutral, with a tendency to be slightly weaker in the short run [8][9]. - **A2605 Soybeans**: Expected to trade in the range of 4040 - 4140. Affected by the US soybean trend, domestic soybean reserves, and import volumes. Short - term outlook is neutral, with an overall slightly weaker expectation [10][11]. 3. Summary by Directory 3.1 Daily Tips - **Soybean Meal**: Trading range 2720 - 2780, short - term neutral but slightly weaker. Influenced by US soybean trends, demand, and inventory [8][9]. - **Soybeans**: Trading range 4040 - 4140, short - term neutral but slightly weaker. Affected by US soybean trends, import volumes, and domestic soybean advantages [10][11]. 3.2 Recent News - The preliminary Sino - US tariff agreement is short - term positive for US soybeans, but the quantity of Chinese purchases and US soybean weather are uncertain. US soybeans are oscillating strongly above the 1000 - point mark. - Domestic imported soybean arrivals will decline in December, while oil mill soybean inventories remain high. South American soybean planting and growth weather are normal, and soybean meal has returned to range - bound trading. - Reduced domestic pig - farming profits lead to low pig - restocking expectations. Soybean meal demand has rebounded from a low level in December, supporting price expectations. [12][13] 3.3 Bullish and Bearish Factors - **Soybean Meal Bullish Factors**: Preliminary Sino - US trade agreement is short - term positive for US soybeans; no pressure on domestic oil mill soybean meal inventories; weather in US and South American soybean - producing areas is uncertain [14]. - **Soybean Meal Bearish Factors**: High volume of domestic imported soybean arrivals in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. - **Soybean Bullish Factors**: Imported soybean costs support the bottom of the domestic soybean market; expected increase in domestic soybean demand supports prices [16]. - **Soybean Bearish Factors**: Bumper harvest of Brazilian soybeans and increased Chinese purchases; expected increase in new - season domestic soybean production suppresses prices [16]. 3.4 Fundamental Data - **Soybean Meal**: Spot price in East China is 3040, basis is 284, indicating a premium over futures. Oil mill soybean meal inventory is 120.32 million tons, a 4.49% increase from last week and a 44.18% increase year - on - year [9]. - **Soybeans**: Spot price is 4100, basis is - 27, indicating a discount to futures. Oil mill soybean inventory is 733.96 million tons, a 2.65% increase from last week and a 47.57% increase year - on - year [11]. 3.5 Position Data - **Soybean Meal**: Main - contract short positions increased, and funds flowed in [9]. - **Soybeans**: Main - contract short positions decreased, and funds flowed out [11]. 3.6 Other Data - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide historical data on global and domestic soybean harvest areas, production, consumption, and inventory from 2015 - 2024 [33][34]. - **Soybean Planting and Harvest Progress**: Include data on Argentina, the US, and Brazil from 2023 - 2026 [35][44]. - **USDA Monthly Supply - Demand Reports**: Provide data on US soybean planting area, yield, production, and inventory from May - December 2025 [46]. - **Imported Soybean Arrivals**: Show monthly data from 2020 - 2025, with arrivals in November 2025 falling from a high level but an overall year - on - year increase [49]. - **Oil Mill Data**: Oil mill soybean inventories are high, soybean meal inventories have returned to high levels, unexecuted contracts have risen to high levels, and soybean crushing volumes remain at a relatively high level [50][52]. - **Pig - Farming Data**: Pig inventories are rising, sow inventories are flat year - on - year and slightly down month - on - month. Pig prices are fluctuating slightly, and piglet prices are weak [58][60].

Report Industry Investment Rating No relevant content provided. Core Views Bean Meal - Bean meal M2605 is expected to oscillate between 2740 and 2800. The market is neutral, with the spot price at a premium to the futures, an increase in oil - mill bean meal inventory, the price below the 20 - day moving average, a reduction in short positions by the main players, and an inflow of funds. In the short term, it may be driven by US soybeans and show a weakening trend [9]. Soybeans - Soybean A2601 is expected to oscillate between 4100 and 4200. The market is neutral, with the spot price slightly at a premium to the futures, an increase in oil - mill soybean inventory, the price below the 20 - day moving average, a reduction in short positions by the main players, and an outflow of funds. The price is supported by the cost - performance advantage of domestic soybeans over imports but is suppressed by high imports and expected domestic production increases [11]. Summary by Directory 1. Daily Tips - Bean meal M2605 is in a 2740 - 2800 range, and soybean A2601 is in a 4100 - 4200 range. Analyses from multiple aspects such as fundamentals, basis, inventory, etc., are provided for both [9][11]. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans. The arrival of imported soybeans in December decreased, while oil - mill soybean inventory remained high. The decline in domestic pig - farming profits led to low expectations for pig restocking, but the demand for bean meal rebounded in December. The bean meal market is in a range - bound state, waiting for further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Bullish and Bearish Factors Bean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement, no pressure on oil - mill bean meal inventory, and uncertainties in the weather of US and South American soybean - producing areas [14]. - Bearish factors: High arrival volume of imported soybeans in December and the expected high yield of South American soybeans under normal weather conditions [15]. Soybeans - Bullish factors: Cost support from imported soybeans and expected increase in domestic soybean demand [16]. - Bearish factors: High yield of Brazilian soybeans and increased purchases by China, and expected increase in domestic soybean production [16]. 4. Fundamental Data - A large amount of data is provided, including the global and domestic soybean supply - demand balance sheets, showing the changes in harvest area, inventory, production, consumption, etc., over the years [33][34]. - The trading data of bean meal and rapeseed meal from December 8th to 16th, including transaction prices, volumes, and price differences, are presented [17]. - The price data of soybean and bean - meal futures and spot from December 9th to 16th are given [19]. 5. Position Data - The warehouse - receipt statistics of soybeans and bean meal from December 5th to 16th are provided, showing the changes in warehouse - receipt quantities [21]. Other Information - The bean - meal futures price declined, while the spot price was relatively stable, and the spot discount narrowed slightly [24]. - The soybean crushing volume of oil mills decreased from a high level, and the bean - meal production in September increased year - on - year [26]. - The procurement of domestic downstream industries rebounded from a low level, and the pick - up volume remained high [28]. - The spot price difference between bean meal and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract widened slightly [30]. - The US soybean export inspection increased week - on - week but decreased year - on - year [47]. - The arrival volume of imported soybeans decreased from a high level in November but increased year - on - year overall [49]. - The soybean inventory of oil mills remained high, and the bean - meal inventory returned to a high level [50]. - The unexecuted contracts of oil mills rebounded to a high level, and the stocking demand increased [52]. - The soybean crushing volume of oil mills remained at a relatively high level, and the bean - meal production in September increased year - on - year [54]. - The import cost of Brazilian soybeans fluctuated with the US soybeans, and the on - disk profit fluctuated slightly [56]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month [58]. - The pig price fluctuated slightly recently, and the piglet price remained weak [60]. - The proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly [62]. - The domestic pig - farming profit fluctuated slightly [64].

1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating 2. Core Viewpoints of the Report - **For Bean Meal (M2605)**: The price is expected to oscillate between 2720 and 2780. The short - term outlook is neutral. Although China's soybean purchases support the short - term US soybean market, uncertainties in purchase volume and favorable South American planting weather suppress the US soybean prices. With a high arrival volume of imported Brazilian soybeans in China, domestic bean meal is likely to be weakly oscillating in the short term under the influence of US soybeans [9]. - **For Soybeans (A2601)**: The price is predicted to fluctuate between 4100 and 4200. The short - term view is neutral. China's soybean purchases support the short - term US soybean market, but uncertainties in purchase volume and good South American weather limit the upside. The cost - effectiveness of domestic soybeans against imports supports the price floor, while high import volumes and expected domestic soybean production growth restrict the upward potential [11]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - **Bean Meal (M2605)**: Oscillating between 2720 - 2780, influenced by US soybean trends, demand, and basis. The short - term outlook is neutral, with factors like inventory and position affecting the market [9]. - **Soybeans (A2601)**: Fluctuating between 4100 - 4200, affected by US soybean trends, cost - effectiveness, and domestic supply - demand. The short - term view is neutral [11]. 3.2 Recent News - The preliminary Sino - US tariff agreement is short - term positive for US soybeans, but uncertainties in China's purchase volume and US soybean weather remain. The US market is strongly oscillating above the 1000 - point mark. - The arrival volume of imported soybeans in China decreased in December, while oil mill soybean inventories remained high. With normal South American soybean planting weather, bean meal is back in the oscillating range. - Reduced domestic pig - farming profits lead to low expectations for pig restocking. The increasing bean meal demand in December supports price expectations, and the interaction between US soybean trends and demand brings bean meal back to the oscillating pattern. - High domestic oil mill bean meal inventories, possible US soybean weather speculation, and the Sino - US trade agreement keep bean meal oscillating in the short term, pending clear US soybean yields and further Sino - US trade negotiation results [13]. 3.3 Long and Short Concerns Bean Meal - **Positive Factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; oil mill bean meal inventories are not under pressure; there are uncertainties in the weather of US and South American soybean - growing areas [14]. - **Negative Factors**: The total arrival volume of imported soybeans in China remained high in December; with normal weather, South American soybeans are expected to have a good harvest [15]. Soybeans - **Positive Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market; there are expectations of increasing domestic soybean demand [16]. - **Negative Factors**: Brazil is expected to have a bumper soybean harvest, and China is increasing its purchases of Brazilian soybeans; the expected increase in domestic soybean production restricts price expectations [16]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2015 - 2024, data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are presented, showing the long - term supply - demand situation of global soybeans [33]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2015 - 2024, data on harvest area, initial inventory, production, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are provided, reflecting the long - term supply - demand situation of domestic soybeans [34]. 3.5 Position Data - **Bean Meal**: The main short positions decreased, and capital flowed in [9]. - **Soybeans**: The main short positions decreased, and capital flowed out [11]. 3.6 Other Data Highlights - **Trading Volume and Price**: Data on bean meal and soybean futures and spot prices from December 5 - 15, 2025, are presented, including trading volume, average price, and basis [17][19]. - **Warehouse Receipts**: Data on bean meal, soybean (bean one and bean two) warehouse receipts from December 4 - 15, 2025, are shown, including changes compared to the previous day [21]. - **Soybean Planting and Harvest Progress**: Information on the planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2015 - 2026 is provided, including sowing rate, emergence rate, excellent - good rate, flowering rate, pod - setting rate, leaf - falling rate, and harvest rate [35][36][37][38][39][40][41][42][43][44][45]. - **USDA Supply - Demand Reports**: The USDA's monthly supply - demand reports from May - December 2025 show data on planting area, yield per unit, production, ending inventory, new - bean export, crushing, and soybean production in Brazil and Argentina [46]. - **Import and Inventory**: The monthly arrival volume of imported soybeans from 2020 - 2025 is presented, along with information on oil mill soybean and bean meal inventories, unexecuted contracts, and crushing volume [49][50][52][54]. - **Pig - Related Data**: Data on pig inventory, price, breeding profit, and secondary fattening cost are provided, showing the current situation of the pig - farming industry [58][60][62][64].