1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - For bean meal M2605, it is expected to oscillate between 2900 and 2960. The US soybeans are oscillating downward due to increased planting area and technical adjustment. The domestic bean meal is affected by the US soybeans and sufficient supply expectations. Although China's continuous procurement of US soybeans supports the short - term US soybean market, the completion of procurement volume and good weather in South America limit its upside. The domestic bean meal will enter an oscillating and slightly stronger pattern in the short term [9]. - For soybeans A2605, it is predicted to oscillate between 4560 and 4660. The US soybeans are in an oscillating state, waiting for the implementation of the China - US trade agreement and the weather in South American harvesting areas. The domestic soybeans are affected by the US soybeans, the Middle - East conflict, and short - term demand, and will maintain a high - level oscillation. The purchase volume of US soybeans by China is uncertain, and the good weather in South America restricts the upside of the US soybean market. Domestic soybean storage and cost - performance advantages support the bottom, but the expected increase in domestic new - season soybean production and spot prices limit the upside [11]. 3. Summary According to the Directory 3.1 Daily Tips - Bean meal M2605 is expected to oscillate between 2900 - 2960, and soybeans A2605 between 4560 - 4660. The market is influenced by factors such as US soybean planting area, China - US trade, South American weather, and domestic supply and demand [9] [11]. 3.2 Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the purchase volume and US soybean weather are still uncertain. The US soybean market is oscillating strongly in the short term, waiting for further information on South American soybean harvesting, import arrivals, and China - US trade negotiations. - The domestic import of soybeans in the first quarter continues to decline, while the soybean inventory of oil mills remains high in March. With normal weather in South American soybean planting, the bean meal has returned to an oscillating range. - The decrease in domestic pig - farming profits leads to low expectations of pig replenishment, suppressing the price of bean meal in March. The impact of US soybeans and weak demand for bean meal coexist. - The high inventory of domestic oil - mill bean meal, potential weather speculation in South American soybean areas, and the preliminary China - US trade agreement make the bean meal oscillate slightly stronger in the short term. It awaits further clarity on the Middle - East situation, South American soybean production, and China - US trade negotiations [13]. 3.3 Bullish and Bearish Concerns - Bean meal bullish factors: preliminary China - US trade agreement is short - term positive for US soybeans; no pressure on the inventory of domestic oil - mill bean meal; uncertain weather in South American soybean areas. - Bean meal bearish factors: high volume of imported soybeans in March; expected high yield of South American soybeans with normal weather. - Soybean bullish factors: cost of imported soybeans supports the bottom of the domestic soybean market; expected increase in domestic soybean demand supports price expectations. - Soybean bearish factors: high yield of Brazilian soybeans and increased Chinese procurement; expected increase in domestic new - season soybean production suppresses prices [14] [15]. 3.4 Fundamental Data - **Transaction data**: From March 20 to March 30, the average transaction price of bean meal decreased from 3396 to 3276, and the trading volume fluctuated. The average transaction price of rapeseed meal decreased from 2440 to 2330, and the trading volume was relatively low. The price difference between bean and rapeseed meal fluctuated slightly [16]. - **Price data**: From March 23 to March 30, the prices of soybean futures and bean meal futures generally showed a downward trend, while the spot prices of soybeans and bean meal also decreased [18]. - **Warehouse receipt data**: From March 19 to March 30, the number of bean - one, bean - two, and bean - meal warehouse receipts decreased [20]. - **Supply - demand balance sheet**: The global and domestic soybean supply - demand balance sheets show the changes in harvest area, output, consumption, and inventory over the years. For example, the global soybean output has generally increased from 2016 - 2025, and the domestic soybean import volume has also been at a relatively high level [32] [33]. 3.5 Position Data - No information provided in the content. 3.6 Other Market Conditions - The weekly export inspection of US soybeans has increased both month - on - month and year - on - year. The arrival volume of imported soybeans has increased from a low level, also both month - on - month and year - on - year. - The soybean inventory of oil mills has slightly decreased, and the bean - meal inventory has returned to a normal level. The soybean crushing volume of oil mills remains at a relatively high level, but the bean - meal output in February has slightly decreased year - on - year. The unexecuted contracts of oil mills have slightly decreased, and the short - term stocking demand is good. - The import cost of Brazilian soybeans has decreased following the oscillation of US soybeans, and the on - paper profit has fluctuated slightly. - The pig inventory has slightly increased year - on - year, while the sow inventory has decreased year - on - year and slightly month - on - month. The pig price has continued to decline recently, and the average slaughter weight has slightly decreased. The proportion of large pigs in the country has decreased, and the cost of secondary fattening of pigs has fluctuated slightly. The domestic pig - farming profit loss has expanded, and the pig - grain ratio and feed - meat ratio have dropped to a low level [45] [47] [50] [52] [54] [56] [58] [60] [62] [64] [66]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soybean market is affected by multiple factors such as the implementation of the China - US trade agreement, South American soybean harvest weather, and the situation in the Middle East. The market is in a state of shock and waiting for further guidance [10][11][13]. - In the short term, the domestic soybean and soybean meal futures markets are expected to maintain a range - bound pattern, and the specific trading strategies are provided [16][17]. - The pig farming industry is currently facing a situation of increasing losses, and the demand for soybean meal is relatively weak in the short term [54][58]. 3. Summary According to the Directory 3.1 Weekly Tips No relevant content provided. 3.2 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 US soybean weather are still uncertain. The US soybean market is in a short - term strong shock [13]. - The arrival volume of imported soybeans in China decreased in the first quarter, and the soybean inventory of oil mills remained at a relatively high level in March. The soybean meal market has returned to a range - bound pattern [13]. - The decrease in domestic pig farming profits has led to low expectations for pig replenishment, and the demand for soybean meal in March has remained low, suppressing the price expectations of soybean meal [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possibility of weather speculation in South American soybean producing areas and the impact of the preliminary China - US trade agreement, the soybean meal market is short - term shock - strong, waiting for the further clarification of the Middle East situation, the determination of South American soybean production, and the further guidance of the follow - up China - US trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary China - US trade agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no pressure; there are still variables in the weather of South American soybean producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China remained at a relatively high level in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to be in a bumper harvest under normal weather conditions [14]. - **Soybeans** - **Bullish factors**: The increase in the cost of imported soybeans supports the domestic soybean market; the expected increase in the demand for domestic soybeans supports the price expectations of domestic soybeans [15]. - **Bearish factors**: The preliminary China - US trade agreement leads to an increase in China's purchases of US soybeans; the expected increase in the production of new - season domestic soybeans suppresses the price expectations of soybeans [15]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, production, and total supply of global soybeans generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [19]. - **USDA's Monthly Supply - Demand Reports in the Past Six Months**: The planting area, yield, production, and other indicators of US soybeans have changed slightly in different months, and the production of Brazilian and Argentine soybeans is also provided [20]. - **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 those of the same period last year and the five - year average [21][22][23]. - **Brazilian and Argentine Soybean Planting and Harvest Progress**: The planting and harvest progress of Brazilian and Argentine soybeans in different years are presented, showing the comparison with the same period last year and the five - year average [24][25][26][27][28]. 3.5 Position Data No relevant content provided. 3.6 Soybean and Soybean Meal Fundamentals (Supply - Demand Inventory Structure) - **US Soybean Market Situation**: The US soybean market is short - term strong - shock, affected by China's purchases and bio - fuel policies, but the good harvest expectations of South American soybeans suppress the upside of the market. The short - and medium - term trends are mainly driven by the harvest weather and listing situation of South American soybeans and the implementation of the China - US trade agreement [32]. - **Domestic Soybean Meal Industry Chain**: - **Imported Soybean Arrival**: The arrival volume of imported soybeans has rebounded from a low level and increased year - on - year [35]. - **Oil Mill Pressing and Inventory**: The soybean inventory of oil mills has decreased slightly, and the soybean meal inventory has returned to a normal level. The soybean crushing volume of oil mills remains at a relatively high level, and the soybean meal production in February decreased slightly year - on - year [38][40]. - **Soybean Meal Transaction**: The downstream procurement has become lighter, and the提货 volume is at a high level in the same period of history [46]. - **Pig Farming Inventory**: The pig inventory has increased slightly year - on - year, the sow inventory has decreased year - on - year and decreased slightly month - on - month. The pig price has continued to fall recently, and the average slaughter weight has decreased slightly. The proportion of large pigs has decreased, and the cost of secondary fattening of pigs has fluctuated slightly. The pig farming profit has expanded losses, and the pig - grain ratio and feed - to - meat ratio have fallen to a low level [48][50][52][54][56]. 3.7粕类市场结构 - **Soybean Meal and Rapeseed Meal Basis Analysis**: The soybean meal futures have fallen in shock, the spot is relatively weak, and the premium of the spot at a high level has narrowed [61]. - **Soybean Meal and Rapeseed Meal Price Difference**: The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference between the 2605 contracts of soybean meal and rapeseed meal is at a relatively high level [63]. 3.8 Technical Analysis - **Soybean Technical Analysis**: The soybean futures have fallen in shock, affected by the interaction between the US soybean trend and the relatively strong domestic soybean spot. The KDJ and MACD indicators are in a technical adjustment stage, and the soybean futures are expected to return to a range - bound pattern and wait for new guidance [68]. - **Soybean Meal Technical Analysis**: The soybean meal futures have fallen in shock, affected by the US soybean trend and the short - term weakening of domestic demand. The KDJ and MACD indicators are in a technical adjustment stage, and the soybean meal futures are expected to return to a range - bound pattern and wait for new guidance [71]. 3.9 Next Week's Concerns - **Most Important**: The harvest weather and export situation of South American soybean producing areas, the implementation of the China - US trade agreement, the arrival of imported soybeans in China and the operation of oil mills [73]. - **Second - Important**: The domestic demand for soybean meal, the inventory of domestic oil mills and the downstream procurement situation [73]. - **Third - Important**: Macroeconomic factors and the conflicts between the US and Iran, Russia and Ukraine [73].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The soybean meal market is affected by multiple factors, including the Middle - East situation, Sino - US trade negotiations, and South American soybean harvest weather. In the short term, soybean meal is in a volatile and relatively strong pattern, while soybeans are in a high - level volatile pattern [10][11]. - The supply and demand of soybeans and soybean meal are complex. The supply is influenced by factors such as import volume, oil - mill inventory, and production, while the demand is affected by the situation of the pig - breeding industry [59]. - The future trends of soybean and soybean meal prices depend on factors such as South American soybean harvest weather, Sino - US trade agreement implementation, and Chinese soybean imports [73]. 3. Summary by Directory 3.1 Weekly Tips - No relevant information provided 3.2 Recent News - Sino - US tariff negotiations reached a preliminary agreement, which is short - term positive for US soybeans. However, the quantity of Chinese soybean purchases and US soybean weather are still uncertain. The US soybean market is short - term bullish and volatile, waiting for further guidance on South American soybean harvest, Chinese soybean imports, and Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China decreased in the first quarter. The soybean inventory of oil mills remained at a relatively high level in March. The weather for soybean planting and growth in South America was relatively normal, and soybean meal returned to range - bound trading [13]. - The decrease in domestic pig - breeding profits led to low expectations for pig restocking. The demand for soybean meal remained low in March, suppressing the price of soybean meal. The market was affected by both the trend of US soybeans and weak demand for soybean meal [13]. - The inventory of soybean meal in domestic oil mills remained at a relatively high level. There is still a possibility of weather speculation in South American soybean - producing areas and the impact of the preliminary Sino - US trade agreement. Soybean meal is short - term bullish and volatile, waiting for further clarity on the Middle - East situation, the output of South American soybeans, and the follow - up of Sino - US trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; the inventory of soybean meal in domestic oil mills has no pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China remained at a relatively high level in March; the harvest of Brazilian soybeans is progressing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - **Soybeans** - **Bullish factors**: The increase in the cost of imported soybeans supports the domestic soybean market; the expected increase in domestic demand for soybeans supports the domestic soybean price [15]. - **Bearish factors**: The preliminary Sino - US trade agreement leads to an increase in Chinese purchases of US soybeans; the expected increase in the production of new - season domestic soybeans suppresses the price of soybeans [15]. 3.4 Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: It shows the harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2016 to 2025 [19]. - **USDA's Recent Monthly Supply - Demand Reports**: It includes information on planting area, yield, output, ending inventory, new - bean exports, crushing, and the production of Brazilian and Argentine soybeans from July 2025 to February 2026 [20]. - **US Soybean Planting and Growth Progress in 2024**: It details the sowing progress, emergence rate, and excellent - good rate from April 28 to June 30, 2024 [21]. - **US Soybean Growth Progress in 2024**: It shows the flowering rate, pod - setting rate, and excellent - good rate from June 30 to August 25, 2024 [22]. - **US Soybean Growth and Harvest Progress in 2024**: It includes the defoliation rate, harvest rate, and excellent - good rate from September 8 to November 10, 2024 [23]. - **Brazilian Soybean Planting Progress in 2024/25**: It shows the planting rate from November 3, 2024, to January 5, 2025 [24]. - **Brazilian Soybean Harvest Progress in 2024/25**: It details the harvest rate from February 23, 2025, to May 4, 2025 [25]. - **Argentine Soybean Planting Progress in 2024/25**: It shows the planting rate from November 13, 2024, to January 15, 2025 [26]. - **Brazilian Soybean Planting and Harvest Progress in 2025/26**: It includes the planting rate from November 8, 2025, to January 3, 2026, and the harvest rate from January 10 to February 21, 2026 [27]. - **Argentine Soybean Planting Progress in 2025/26**: It shows the planting rate from November 26, 2025, to January 21, 2026 [28]. 3.5 Position Data - No relevant information provided 3.6 Soybean and Soybean Meal Fundamentals (Supply - Demand and Inventory Structure) - **US Soybean Market Analysis**: The February USDA report has a relatively neutral impact. US soybeans are short - term bullish and volatile due to Chinese purchases and bio - fuel policies, but the good harvest expectation of South American soybeans suppresses the price. The short - term and medium - term trends are mainly affected by the weather in South American soybean - producing areas and the implementation of the Sino - US trade agreement [32]. - **Domestic Soybean Meal Industry Chain** - **Imported Soybean Arrival**: The arrival volume of imported soybeans has rebounded from a low level and increased year - on - year [35]. - **Oil - Mill Pressing and Inventory**: The soybean inventory of oil mills has decreased slightly, and the soybean meal inventory has returned to a normal level. The soybean crushing volume of oil mills remains at a relatively high level, and the soybean meal output in February decreased slightly year - on - year. The unexecuted contracts of oil mills have decreased slightly, and the short - term stocking demand is good [38][40][42]. - **Soybean Meal Transaction**: The purchase of domestic downstream enterprises remains good, and the提货 volume is at a high level in the same period of history [46]. - **Pig - Breeding Inventory**: The pig inventory has increased slightly year - on - year, the sow inventory has decreased year - on - year and slightly month - on - month. The pig price has continued to decline recently, and the average slaughter weight has decreased slightly. The proportion of large pigs in China has decreased, and the cost of secondary fattening of pigs has fluctuated slightly. The domestic pig - breeding profit loss has expanded, and the pig - grain ratio and feed - to - meat ratio have fallen to a low level [48][50][52][54][56]. 3.7 Meal Market Structure - **Soybean Meal and Rapeseed Meal Basis Analysis**: The soybean meal futures have fallen after rising, the spot price is relatively strong, and the spot premium remains at a relatively high level [61]. - **Soybean Meal and Rapeseed Meal Price Difference**: The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2605 contract is at a relatively high level [63]. 3.8 Technical Analysis - **Soybean Technical Analysis**: The soybean futures have fallen after rising, affected by the trend of US soybeans and the relatively strong domestic soybean spot price. The KDJ and MACD indicators have crossed and fallen at high levels, and the soybean futures are in a high - level volatile pattern, waiting for new guidance [68]. - **Soybean Meal Technical Analysis**: The soybean meal futures have fallen after rising, affected by the trend of US soybeans and the short - term increase in domestic demand. The KDJ and MACD indicators have crossed and fallen at high levels, and the soybean meal futures are in a relatively strong volatile pattern, waiting for new guidance [71]. 3.9 Next Week's Concerns - **Most Important**: The harvest weather and export situation of South American soybean - producing areas, the implementation of the Sino - US trade agreement, and the arrival and operation of Chinese imported soybeans [73]. - **Second - Important**: The domestic demand for soybean meal, the inventory of domestic oil mills, and the downstream procurement situation [73]. - **Less Important**: Macroeconomic factors and conflicts between the US and Iran, and between Russia and Ukraine [73].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2605 is expected to fluctuate within the range of 3030 - 3090. It is currently in a short - term, slightly bullish oscillating pattern, influenced by the rise of US soybeans and short - term restrictions on imported soybeans due to the intensification of the Middle East conflict. However, factors such as the completion of China's soybean purchases from the US and good weather in South American soybean - producing areas may limit its upward space [9]. - The soybean A2605 is expected to fluctuate within the range of 4740 - 4840. It will maintain a high - level oscillation in the short term. Although the support from China's continuous purchase of US soybeans and the reduction in expected imports of soybeans due to the escalation of the Middle East conflict support the price, factors like the uncertainty of China's purchase volume and the good weather in South American soybean - producing areas may suppress the upward movement [11]. Summary by Relevant Catalogs 1. Daily Tips No relevant content provided. 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the amount of China's soybean purchases from the US and the weather of US soybeans are still uncertain. The US soybean market will be in a short - term, slightly bullish oscillation, waiting for further guidance on South American soybean harvest, imported soybean arrivals, and the follow - up of Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China will continue to decline in the first quarter. The soybean inventory of oil mills remained at a relatively high level in March. With normal weather for soybean planting and growth in South America, soybean meal will return to range - bound oscillation in the short term [13]. - The decrease in domestic pig - farming profits leads to a low expectation of pig restocking. The demand for soybean meal will remain low in March, suppressing the price expectation of soybean meal. The influence of US soybeans and the weak demand for soybean meal will have a cross - impact [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possible speculation on the weather in South American soybean - producing areas and the impact of the preliminary agreement on Sino - US trade negotiations, soybean meal will be in a short - term, slightly bullish oscillation, waiting for further clarity on the Middle East situation, confirmation of South American soybean production, and further guidance on the follow - up of Sino - US trade negotiations [13]. 3. Long and Short Concerns Soybean Meal - **Bullish factors**: The preliminary agreement on Sino - US trade negotiations 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 of South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China will remain at a relatively high level in March; with normal weather, South American soybeans are expected to have a bumper harvest as the Brazilian soybean harvest progresses [14]. - **Main logic**: The market focuses on the impact of South American soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. 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 price expectation of domestic soybeans [15]. - **Bearish factors**: Brazil's soybean harvest is bumper, and China has increased its purchases of Brazilian soybeans; the expected increase in the production of new domestic soybeans suppresses the price expectation of beans [15]. - **Main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From March 11th to March 19th, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated. The average price difference between soybean meal and rapeseed meal also showed certain fluctuations [16]. - **Soybean and Meal Futures and Spot Prices**: From March 12th to March 19th, the futures and spot prices of soybeans and soybean meal fluctuated. The spot price of soybean meal was relatively strong, and the spot premium remained at a relatively high level [18][23]. - **Soybean and Meal Warehouse Receipt Statistics**: From March 10th to March 19th, the warehouse receipts of soybeans and soybean meal changed. The warehouse receipts of soybean No. 1 and soybean No. 2 decreased to varying degrees, and the warehouse receipts of soybean meal also decreased [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 to 2025 show the changes in harvest area, output, consumption, and inventory of soybeans in different periods [32][33]. - **Soybean Planting and Harvest Progress in Different Regions**: The report provides the planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 to 2026, including data on planting rate, harvest rate, emergence rate, and excellent - good rate [34][35][36][37][38][39][40][41][42][43]. - **USDA's Monthly Supply - Demand Reports in the Past Six Months**: The USDA's monthly supply - demand reports from July 2025 to February 2026 show the changes in US soybean planting area, yield, output, ending inventory, exports, and crushing volume, as well as the production of Brazilian and Argentine soybeans [44]. 5. Position Data No relevant content provided. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - **Range**: 3030 - 3090 [9]. - **Analysis of influencing factors**: The US soybeans are oscillating and rising. The situation in the Middle East continues to cause inflation expectations and technical oscillating consolidation. The short - term trend is slightly bullish, waiting for further guidance on the implementation of the Sino - US trade agreement and the harvest weather in South American soybean - producing areas. The domestic soybean meal first rose and then fell. Influenced by the trend of US soybeans and the short - term restriction of imported soybeans due to the intensification of the Middle East conflict, it has entered a short - term, slightly bullish oscillating pattern. The basis is positive, the inventory has decreased, the price is above the 20 - day moving average, but the main short positions have increased and the funds have flowed out [9]. Soybeans - **Range**: 4740 - 4840 [11]. - **Analysis of influencing factors**: The US soybeans are oscillating and rising. The situation in the Middle East continues to cause inflation expectations and technical oscillating consolidation. The short - term trend is slightly bullish, waiting for further guidance on the implementation of the Sino - US trade agreement and the harvest weather in South American soybean - producing areas. The domestic soybeans are oscillating and falling. The expected decrease in the arrival of imported soybeans due to the escalation of the Middle East conflict and the short - term good demand support the market. However, there is still uncertainty in the follow - up Sino - US trade negotiations, and it will maintain a high - level oscillation in the short term. The basis is positive, the inventory has decreased, the price is above the 20 - day moving average, but the main short positions have decreased and the funds have flowed out [11]. Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year [45]. - The arrival volume of imported soybeans increased from a low level and increased year - on - year [47]. - The soybean inventory of oil mills increased, and the soybean meal inventory increased slightly at a high level [50]. - The soybean crushing volume of oil mills increased from a low level, and the soybean meal output in February decreased slightly year - on - year [52]. - The unexecuted contracts of oil mills increased from a low level, and the short - term stocking demand increased [54]. - The import cost of Brazilian soybeans oscillated and fell following the US soybeans, and the margin on the futures market fluctuated slightly [56]. - The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and decreased slightly month - on - month [58]. - The pig price continued to fall recently, and the average slaughter weight decreased slightly [60]. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly [62]. - The loss of domestic pig - farming profits expanded [64]. - The pig - grain ratio and feed - meat ratio fell to a low level [66].

Summary of Conference Call on Oilseeds and Soybean Meal Industry Overview - The conference call focused on the oilseeds and soybean meal market, highlighting the cyclical nature of pricing influenced by weather patterns, particularly the La Niña phenomenon, which has historically led to bull markets approximately every eight years, with notable years being 2004, 2012, and 2020 [1][3] - The correlation between CBOT soybeans and domestic soybean meal is strong, with a correlation coefficient of 0.88, indicating that external market movements often have a greater impact than domestic ones [1][3] Key Insights and Arguments Soybean Market Outlook - The soybean market is expected to see a bumper crop in 2026, driven by increased biodiesel crushing in the U.S. (approximately 12 million tons) and a procurement agreement with China for 25 million tons, which will help reduce U.S. soybean inventories [1][5][8] - The demand side will be crucial for the 2026 market, with U.S. policies aimed at reducing large carryover stocks and boosting exports, particularly through biodiesel production [7][8] - The 2027 market outlook is more uncertain, with potential weather changes and increased demand from China expected to create more speculative opportunities [9][10] Oil Market Dynamics - The oil market's driving logic has shifted from supply-side factors to demand-side influences, particularly due to biodiesel policies in Indonesia, which have raised the blending ratio from B20 to B40 and potentially to B50 [1][4][10] - The oil market is expected to outperform the protein market in terms of price increases, especially if oil prices rise above $120 per barrel, which could push palm oil prices to 15,000 yuan/ton [1][14] Cost Structure and Geopolitical Impact - Land rent is the primary cost component in soybean production, with fertilizer and transportation costs each accounting for less than 10% of total costs [1][15] - Geopolitical events have led to increased shipping costs; however, suppliers often lower offshore prices to maintain competitiveness, limiting the impact on CNF (Cost and Freight) prices [1][16][17] Additional Important Points - The soybean meal market has experienced fluctuations due to delays in Brazilian shipments, affecting domestic prices and leading to a strong performance in the May contract [1][12] - The analysis framework for oilseeds typically involves two main lines: the protein line (soybeans and soybean meal) and the oil line (palm oil, soybean oil), with palm oil being the primary pricing benchmark due to its significant global production share [2][3] - The demand for soybean meal in the domestic feed sector is expected to grow, but at a slower rate than in 2025, with growth projected at 1-2% for 2026 compared to 2-3% in 2025 [15] This summary encapsulates the key points discussed during the conference call, providing insights into the oilseeds and soybean meal market dynamics, future outlooks, and the impact of external factors on pricing and demand.

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Meal (M2605)**: Expected to oscillate between 3040 and 3100. Influenced by the upward trend of US soybeans, short - term shock is on the strong side. The basis is at a premium, inventory has decreased, the price is above the 20 - day moving average, and the main short positions have decreased with capital inflow [9]. - **Soybeans (A2605)**: Expected to fluctuate between 4880 and 4980. US soybeans are in a short - term strong shock, and domestic soybeans maintain a high - level shock. The basis is at a discount, inventory is relatively high, the price is above the 20 - day moving average, and the main short positions have decreased with capital inflow [11]. 3. Summary by Directory 3.1 Daily Tips - Soybean Meal (M2605) is in the range of 3040 - 3100, and Soybeans (A2605) is in the range of 4880 - 4980. The market is affected by factors such as US - China trade agreements, South American weather, and Middle - East conflicts [9][11]. 3.2 Recent News - The preliminary agreement on US - China tariff negotiations is short - term positive for US soybeans, but there are still variables in the quantity of Chinese purchases and US soybean weather. - The arrival volume of imported soybeans in China decreased in the first quarter, and the soybean inventory of oil mills remained high in March. - The decline in domestic pig - farming profits led to low expectations for pig restocking, suppressing the price of soybean meal. - The soybean meal inventory of domestic oil mills remained high, and it was in a short - term strong shock, waiting for further clarity on the Middle - East situation, South American soybean production, and the follow - up of US - China trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Positive factors**: Preliminary agreement on US - China trade negotiations, no pressure on soybean meal inventory of domestic oil mills, and variable weather in South American soybean - producing areas. - **Negative factors**: High arrival volume of imported soybeans in March, and expected high yield of South American soybeans under normal weather conditions. - **Soybeans** - **Positive factors**: Cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price. - **Negative factors**: High yield of Brazilian soybeans and increased Chinese purchases of Brazilian soybeans, and the expected increase in domestic new - season soybean production suppresses the price [14][15]. 3.4 Fundamental Data - **Soybean Meal**: The average transaction price and volume from March 9th to 17th are presented, and the price of soybean meal futures rebounded, with the spot price relatively strong and the premium at a relatively high level. The soybean crushing volume of oil mills increased from a low level, and the soybean meal production in February decreased slightly year - on - year. The unexecuted contracts of oil mills increased from a low level, and short - term stocking demand increased [16][23][25]. - **Soybeans**: The futures and spot prices from March 10th to 17th are presented, and the soybean inventory of oil mills increased, while the soybean meal inventory increased slightly at a high level. The import cost of Brazilian soybeans decreased with the shock of US soybeans, and the on - disk profit fluctuated slightly [18][50][56]. 3.5 Position Data - For both soybean meal and soybeans, the main short positions decreased, and capital flowed in [9][11]. 3.6 Global and Domestic Soybean Supply - Demand Balance Sheets - **Global**: From 2016 to 2025, data on harvest area, initial inventory, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are provided [32]. - **Domestic**: From 2016 to 2025, data on harvest area, initial inventory, output, import volume, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are provided [33]. 3.7 Soybean Planting and Harvesting Progress - **2023/24 Argentina**: Data on the sowing and harvesting progress are provided, including comparison with the same period last year and the five - year average [34]. - **2024 US**: Data on the sowing, growth, and harvesting progress are provided, including comparison with the same period last year and the five - year average [35][36][37][38]. - **2024/25 Brazil**: Data on the planting and harvesting progress are provided, including comparison with the same period last year and the five - year average [39][40]. - **2024/25 Argentina**: Data on the planting progress are provided, including comparison with the same period last year and the five - year average [41]. - **2025/26 Brazil**: Data on the planting and harvesting progress are provided, including comparison with the same period last year and the five - year average [42]. - **2025/26 Argentina**: Data on the planting progress are provided, including comparison with the same period last year and the five - year average [43]. 3.8 USDA Monthly Supply - Demand Reports - From July 2025 to February 2026, data on planting area, yield per unit, output, ending inventory, new - bean exports, crushing, Brazilian soybean output, and Argentine soybean output are provided [44]. 3.9 Other Market Data - The weekly export inspection of US soybeans decreased month - on - month and increased year - on - year, and the arrival volume of imported soybeans increased from a low level and increased year - on - year. The pig inventory increased slightly year - on - year, the sow inventory decreased year - on - year and decreased slightly month - on - month. The pig price continued to decline recently, and the average slaughter weight decreased slightly. The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly. The domestic pig - farming profit deficit expanded, and the pig - grain ratio and feed - to - meat ratio dropped to a low level [45][47][58][60][62][64][66].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2605 is expected to oscillate between 3120 and 3180. The US soybeans are experiencing a short - term upward trend, influenced by the escalation of the Middle East situation and weekend technical fluctuations. The domestic soybean meal has entered a short - term, slightly bullish oscillatory pattern, affected by the US soybean trend and the short - term restriction of imported soybeans due to the intensification of the Middle East conflict [9]. - The soybean A2605 is expected to oscillate between 4900 and 5000. The US soybeans are in a short - term upward trend, and the domestic soybeans are rising. The escalation of the Middle East conflict has led to a decrease in the expected arrival of imported soybeans, and the short - term good demand supports the market. However, there is still uncertainty in the subsequent Sino - US trade negotiations, and the market will maintain a high - level oscillation in the short term [11]. Summary According to the Directory 1. Daily Tips - The soybean meal M2605 is in the 3120 - 3180 range, and the soybean A2605 is in the 4900 - 5000 range. The US soybeans are in a short - term upward trend, and the domestic soybean meal and soybeans have different trends affected by various factors such as the Middle East situation and Sino - US trade [9][11]. 2. Recent News - The preliminary Sino - US tariff negotiation agreement is short - term positive for US soybeans, but there are still uncertainties in the quantity of US soybeans purchased by China and the US soybean weather. The US soybean market is in a short - term upward trend, waiting for further guidance on the South American soybean harvest, imported soybean arrival, and subsequent Sino - US trade negotiations [13]. - The arrival of imported soybeans in China continues to decline in the first quarter, and the soybean inventory of oil mills remains at a relatively high level in March. The planting and growth weather of South American soybeans is relatively normal, and the soybean meal has returned to range oscillation [13]. - The reduction in domestic pig - farming profits has led to a low expectation for pig replenishment, and the demand for soybean meal remains low in March, suppressing the price expectation of soybean meal. The influence of US soybeans and the weak demand for soybean meal intersect [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possibility of weather speculation in South American soybean - producing areas and the influence of the preliminary Sino - US trade negotiation agreement, the soybean meal is in a short - term, slightly bullish oscillation, waiting for further clarity on the Middle East situation, the determination of South American soybean production, and further guidance on subsequent Sino - US trade negotiations [13]. 3. Long and Short Concerns Soybean Meal - Bullish factors: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - Bearish factors: The total arrival of imported soybeans in China remains at a relatively high level in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - Current main logic: The market focuses on the impact of South American soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. 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 expectation [15]. - Bearish factors: Brazilian soybeans have a good harvest, and China has increased its purchases of Brazilian soybeans; the expected increase in the production of new domestic soybeans suppresses the price expectation of beans [15]. - Current main logic: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 4. Fundamental Data - **Transaction Data**: The trading data of soybean meal and rapeseed meal from March 5th to March 13th shows different trends in transaction prices and volumes, and the price difference between soybean meal and rapeseed meal also fluctuates [16]. - **Price Data**: The futures and spot prices of soybeans and soybean meal from March 6th to March 13th show different trends, and the spot prices of soybean meal are relatively strong, with the spot premium remaining at a relatively high level [18]. - **Warehouse Receipt Data**: The warehouse receipt data of soybeans and soybean meal from March 4th to March 13th shows changes in the quantity of warehouse receipts [20]. - **Supply and Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2016 to 2025 show the changes in harvest area, output, consumption, and inventory [32][33]. - **Sowing and Growth Progress**: The sowing and growth progress data of soybeans in Argentina, the US, and Brazil from 2023 to 2026 shows the progress of soybean sowing, growth, and harvest in different regions and time periods [34][35][36][37][38][39][40][41][42][43]. - **USDA Reports**: The USDA's monthly supply - demand reports from July 2025 to February 2026 show the changes in planting area, yield, output, and other data of US soybeans [44]. 5. Position Data - The main short positions of soybean meal M2605 have increased, and funds have flowed in, showing a bearish signal [9]. - The main short positions of soybean A2605 have decreased, and funds have flowed in, showing a bearish signal [11].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The impact of the USDA's March supply and demand report on the soybean meal market is limited, and the market focus has shifted to the rhythm of soybean imports. The short - term soybean meal futures price is expected to be strong in the short - term and fluctuate in the medium - term. The palm oil market has returned to rationality after the emotional premium was withdrawn, and its short - term trend is weak in the short - term and fluctuates in the medium - term [5][7] Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term: strong; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - **Core Logic**: The USDA's March supply and demand report has limited impact. Future attention should be paid to EPA biofuel blending requirements, the March 31 inventory and sowing report, and Sino - US trade agreements. In the domestic market, the uncertainty of soybean arrivals increases, affecting the oil mills' startup plans and soybean meal supply. The market focus has shifted from the expected increase in South American supply to the rhythm of imports, and negative news in logistics may cause short - term supply shortages and price pulses. The short - term soybean meal futures price is stronger than the external market [5] Palm Oil (P) - **Price Trend**: Short - term: strong; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7] - **Core Logic**: After the emotional premium in the oil market was withdrawn, it has gradually returned to rationality. The MPOB February report shows that Malaysian palm oil production declined more than expected but exports were less than expected, and the inventory decline was limited and still at a high level. In March, the Ramadan restricted production recovery, and Indonesia's simultaneous increase in special taxes and tariffs in March may open the export window for Malaysian palm oil. High - frequency export data has boosted market confidence. Palm oil is relatively resistant to decline under the background of weak crude oil and external oils, with a short - term weak trend [7] Soybean Oil (Y) - **Price Trend**: Short - term: strong; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6] - **Core Logic**: Influenced by energy attributes, US biofuel policies, US soybean oil inventory, imported soybean cost support, supply rhythm, and oil mill inventory [6]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to oscillate between 2980 and 3040. Influenced by the upward trend of US soybeans and the intensification of the Middle - East conflict leading to short - term import restrictions, it has entered a short - term oscillatory and bullish pattern. However, factors such as the completion of China's US soybean procurement and good weather in South American soybean - producing areas will limit its upward space [9]. - **Soybeans (A2605)**: It is expected to oscillate between 4720 and 4820. Affected by the upward trend of US soybeans and the reduction in the expected arrival of imported soybeans due to the escalation of the Middle - East conflict, it will maintain a high - level oscillation in the short term. The purchase of US soybeans by China supports the short - term US soybean market, but factors like the uncertainty of China's purchase volume and good weather in South American soybean - producing areas will suppress the upward space of US soybeans [11]. 3. Summary According to the Table of Contents 3.1 Daily Hints No information provided in the report. 3.2 Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but there are still uncertainties in China's purchase volume of US soybeans and US soybean weather. The US soybean market is in a short - term bullish oscillation, waiting for further guidance on South American soybean harvesting, imported soybean arrivals, and the follow - up of Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter. The soybean inventory of oil mills remains at a relatively high level in March. With normal weather for soybean planting and growth in South America, soybean meal has returned to range oscillation in the short term [13]. - The reduction in domestic pig - farming profits leads to a low expectation of pig restocking. The demand for soybean meal remains low in March, suppressing the price expectation of soybean meal. The upward trend of US soybeans and the weak demand for soybean meal have a cross - impact [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. Due to the possible weather speculation in South American soybean - producing areas and the impact of the preliminary Sino - US trade agreement, soybean meal is in a short - term oscillatory and bullish pattern, waiting for further clarity on the Middle - East situation, the determination of South American soybean production, and the follow - up of Sino - US trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary Sino - US trade agreement is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish factors**: The total arrival volume of imported soybeans in China remains at a relatively high level in March; the harvesting of Brazilian soybeans is advancing, and South American soybeans are expected to have a good harvest under normal weather conditions [14]. - **Main logic**: The market focuses on the impact of South American soybean harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. - **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 price expectation of domestic soybeans [15]. - **Bearish factors**: Brazilian soybeans have a good harvest, and China has increased its purchase of Brazilian soybeans; the expected increase in the production of new domestic soybeans suppresses the price expectation of soybeans [15]. - **Main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From March 2 to March 10, the transaction average price of soybean meal fluctuated between 3119 - 3327, and the transaction volume fluctuated between 2.97 - 24.83 million tons. The transaction average price of rapeseed meal fluctuated between 2350 - 2450, and the transaction volume was mostly low, with a maximum of 1.8 million tons [16]. - **Soybean and Meal Futures and Spot Prices**: From March 3 to March 10, the prices of soybean futures (including bean 1 and bean 2), soybean meal futures (including the main contract and far - month contract), and soybean and soybean meal spot prices all showed certain fluctuations [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 27 to March 10, the warehouse receipts of bean 1, bean 2, and soybean meal all changed to varying degrees [20]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The report provides the global and domestic soybean supply - demand balance sheets from 2016 to 2025, including data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - **Soybean Planting and Harvesting Progress in Different Regions**: It includes the planting and harvesting progress of soybeans in Argentina (2023/24), the United States (2024), Brazil (2024/25, 2025/26), and Argentina (2024/25, 2025/26) [34][35][36][37][38][39][40][41][42][43]. - **USDA's Monthly Supply - Demand Reports in the Past Six Months**: It shows the planting area, yield per unit, production, ending inventory, new - bean exports, crushing volume, etc. of US soybeans from July 2025 to February 2026, as well as the production of Brazilian and Argentine soybeans [44]. 3.5 Position Data No information provided in the report.

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Views - **For Soybean Meal**: The domestic soybean meal is in an oscillating and moderately strong pattern in the short - term, driven by the upward movement of US soybeans and the short - term restriction of imported soybeans due to intensified Middle - East conflicts. However, the ample supply of imported soybeans and the high yield expectation of South American soybeans suppress the upward potential. The market is waiting for the follow - up implementation of the China - US trade agreement, the harvest weather in South American soybean - producing areas, and the clarification of the Middle - East situation [10]. - **For Soybeans**: Domestic soybeans maintain a high - level oscillation in the short - term. The short - term good demand and the expected decrease in the arrival of imported soybeans due to the escalation of the Middle - East conflict support the price. But the uncertainty of the follow - up China - US trade negotiation, the new - season domestic soybean yield increase expectation, and the spot price limit the upward height [11]. 3. Summary by Directory 3.1 Weekly Hints - No specific content provided for weekly hints 3.2 Recent News - The preliminary agreement of the China - US tariff negotiation is short - term positive for US soybeans, but there are still uncertainties in China's soybean purchase volume and US soybean weather. The US soybean futures are in a moderately strong oscillation in the short - term, awaiting further guidance [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter, while the soybean inventory of oil mills remains relatively high in March. The soybean meal price returns to range oscillation in the short - term [13]. - The decrease in domestic pig - raising profit leads to a low expectation of pig restocking, suppressing the soybean meal price in March. The price is affected by both the upward movement of US soybeans and the weak demand [13]. - The soybean meal inventory of domestic oil mills remains relatively high. Due to the possibility of weather speculation in South American soybean - producing areas and the influence of the preliminary China - US trade negotiation agreement, the soybean meal is oscillating moderately strongly in the short - term, waiting for further clarification of the Middle - East situation, the determination of South American soybean yield, and the follow - up of the China - US trade negotiation [13]. 3.3 Bullish and Bearish Concerns 3.3.1 Soybean Meal - **Bullish Factors**: The preliminary agreement of the China - US trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills has no significant pressure; there are still uncertainties in the weather of South American soybean - producing areas [14]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remains relatively high in March; the harvest of Brazilian soybeans is progressing, and South American soybeans are expected to have a high yield under normal weather conditions [14]. - **Main Logic**: The market focuses on the impact of the harvest weather in South American soybean - producing areas and the follow - up of the preliminary China - US trade agreement [14]. 3.3.2 Soybeans - **Bullish Factors**: The increase in the cost of imported soybeans supports the domestic soybean price; the expected increase in domestic demand for soybeans supports the price expectation [15]. - **Bearish Factors**: The preliminary agreement of the China - US trade negotiation leads to an increase in China's purchase of US soybeans; the expected increase in the new - season domestic soybean yield suppresses the price expectation of beans [15]. - **Main Logic**: The market focuses on the impact of the weather in US and South American soybean - producing areas and the follow - up of the China - US trade agreement [15]. 3.4 Fundamental Data - **Weather**: The short - term weather in Brazilian soybean - producing areas is normal, with a bearish or neutral impact in the short - and medium - term [9]. - **Import Cost**: US soybeans are oscillating upward, and the interaction between China's soybean purchase and the high yield of South American soybeans affects the import cost. The import cost is expected to oscillate upward, with a bullish or neutral impact [9]. - **Oil Mill Pressing**: The short - term demand for soybean meal is weak, but the pressing volume of oil mills is rising from a low level. The demand is expected to recover in the short - term, and the operating rate of oil mills is expected to rise from a low level, with a bearish impact [9]. - **Transaction Volume**: The enthusiasm for downstream forward stocking has improved, and the market transaction volume is expected to rise from a low level, with a bullish or neutral impact [9]. - **Oil Mill Inventory**: The soybean meal inventory of oil mills has decreased, but with the low - level recovery of the upstream operating rate, the inventory is expected to increase, with a bearish impact [9]. 3.5 Position Data - **Soybean Meal**: The main short positions have increased, and funds have flowed in, showing a bearish signal [10]. - **Soybeans**: The main long positions have turned to short positions, and funds have flowed out, showing a bearish signal [11]. 3.6 Trading Strategies 3.6.1 Soybean Meal - **Futures**: US soybeans are oscillating above the 1200 mark in the short - term, and soybean meal is maintaining range oscillation. The M2605 contract is oscillating in the range of 2900 - 3100 in the short - term, and short - term range trading is recommended [17]. - **Options**: Sell out - of - the - money put options [19]. 3.6.2 Soybeans - **Futures**: The A2605 contract of soybeans is oscillating in the range of 4700 - 4900, and short - term range trading is recommended [20]. - **Options**: Sell out - of - the - money put options [20]. 3.7 Next Week's Concerns - **Most Important**: The harvest weather and export situation in South American soybean - producing areas; the follow - up implementation of the China - US trade agreement; the arrival of imported soybeans in China and the operating status of oil mills [75]. - **Second - most Important**: The domestic demand for soybean meal; the inventory of domestic oil mills and the downstream procurement situation [75]. - **Less Important**: Macroeconomic factors, the Russia - Ukraine conflict, and the Israel - Palestine conflict [75].