Report Industry Investment Rating - Not provided in the report Core Viewpoints - **For Soybean Meal (M2605)**: It is expected to oscillate in the range of 2900 - 2960. The U.S. soybean market is affected by the implementation of the biodiesel policy and technical adjustments, waiting for further guidance on Sino - U.S. trade agreements and South American soybean harvest weather. The domestic soybean meal market is influenced by the U.S. soybean trend and the short - term easing of the Middle East conflict, returning to an oscillating pattern. The current situation is neutral, with a positive basis, an increase in inventory, a neutral position on the disk, a decrease in short positions of the main force, and an overall short - term oscillating and strengthening trend [9]. - **For Soybeans (A2605)**: It is expected to oscillate in the range of 4500 - 4600. The U.S. soybean market has similar influencing factors as above. The domestic soybean market is affected by the U.S. soybean trend and the short - term cooling of the Middle East conflict, but short - term demand supports the disk. It is expected to maintain a high - level oscillation in the short term. The current situation is neutral, with a positive basis, a decrease in inventory, a negative position on the disk, an increase in short positions of the main force, and various factors affecting the price [11]. Summary by Directory 1. Daily Hints - Not provided in the report 2. Recent News - The preliminary Sino - U.S. tariff negotiation agreement is short - term positive for U.S. soybeans, but the quantity of Chinese purchases and U.S. soybean weather are still uncertain. The U.S. market is expected to be strongly oscillating in the short term, waiting for further guidance on South American soybean harvest, imported soybean arrivals, and subsequent Sino - U.S. trade negotiations [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter, while 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 soybean meal has returned to an interval oscillation [13]. - The decrease in domestic pig - farming profits leads to a low expectation of pig restocking, and the demand for soybean meal remains low in March, suppressing the price expectation. The influence of U.S. soybeans and the weak demand for soybean meal interact [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. There is still a possibility of weather speculation in South American soybean production areas, and the preliminary Sino - U.S. trade negotiation agreement has an impact. Soybean meal is expected to be strongly oscillating in the short term, waiting for further clarity on the Middle East situation, confirmation of South American soybean production, and further guidance on subsequent Sino - U.S. trade negotiations [13]. 3. Long and Short Concerns - **Soybean Meal**: The positives include the preliminary Sino - U.S. trade negotiation agreement, no pressure on the soybean meal inventory of domestic oil mills, and uncertain weather in South American soybean production areas. The negatives are the relatively high arrival volume of imported soybeans in March and the expected high yield of South American soybeans under normal weather conditions. The current main logic is to focus on the impact of South American soybean harvest weather and the follow - up of the preliminary Sino - U.S. trade agreement [14]. - **Soybeans**: The positives are the cost support of imported soybeans for the domestic soybean disk and the expected increase in domestic soybean demand. The negatives are the high yield of Brazilian soybeans and the expected increase in the production of new domestic soybeans. The current main logic is to focus on the impact of U.S. soybean weather and the Sino - U.S. trade tariff game [15]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From March 19th to 27th, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also showed small fluctuations [16]. - **Soybean and Meal Futures and Spot Prices**: From March 20th to 27th, the futures and spot prices of soybeans and soybean meal showed a downward trend [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From March 18th to 27th, the warehouse receipts of soybeans and soybean meal decreased to varying degrees [20]. - **Soybean Meal Spot Price**: The spot price of soybean meal showed a downward trend, and the spot premium at a high level narrowed [23]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: They show the historical data of global and domestic soybean harvest areas, production, consumption, and inventory from 2016 to 2025 [32][33]. - **Soybean Planting and Harvest Progress**: It includes the planting and harvest progress of soybeans in Argentina, the U.S., and Brazil from 2023 - 2026 [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply - Demand Reports**: They show the planting area, yield, production, and other data of U.S. soybeans in the past six months [44]. 5. Position Data - Not provided in the report Other Data - The weekly export inspection of U.S. soybeans has rebounded both month - on - month and year - on - year [45]. - The arrival volume of imported soybeans has rebounded from a low level, both month - on - month and year - on - year [47]. - The soybean inventory of oil mills has slightly decreased, and the soybean meal inventory has returned to a normal level [50]. - 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 [52]. - The unexecuted contracts of oil mills have slightly decreased, and the short - term stocking demand is good [54]. - The import cost of Brazilian soybeans has oscillated and decreased following U.S. soybeans, and the disk profit has fluctuated slightly [56]. - The pig inventory has slightly increased year - on - year, while the sow inventory has decreased year - on - year and slightly decreased month - on - month [58]. - The pig price has continued to decline recently, and the average slaughter weight has slightly decreased [60]. - The proportion of large pigs in China has decreased, and the cost of secondary fattening of pigs has fluctuated slightly [62]. - The domestic pig - farming profit loss has expanded [64]. - The pig - grain ratio and feed - meat ratio have fallen to a low level [66].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The soybean meal market is in an adjustment and oscillation phase, waiting for new news; the soybean No.1 market has a fair auction transaction, and the market is also in an adjustment and oscillation state [2] - The CBOT soybean futures fluctuated on March 26, 2026, with strong export sales and rising international crude oil futures. The market is evaluating China's demand prospects, watching for potential announcements on US biofuel targets, and awaiting the USDA's planting intention report [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures Data - DCE soybean No.1 2605 closed at 4627 yuan/ton, up 9 (+0.19%) during the day and down 25 (-0.54%) at night [2] - DCE soybean meal 2605 closed at 2952 yuan/ton, up 8 (+0.27%) during the day and down 14 (-0.47%) at night [2] - CBOT soybean 05 closed at 1171 cents/bushel, down 2.5 (-0.21%) [2] - CBOT soybean meal 05 closed at 321.7 dollars/short ton, up 1.2 (+0.37%) [2] Spot Data - In Shandong, the spot basis of soybean meal is M2605+100/+120, etc., with different price arrangements for different months [2] - In East China, the spot price of soybean meal in some regions is 3250 - 3350 yuan/ton, with different price premiums for different delivery times [2] Industrial Data - The trading volume of soybean meal was 4.9 million tons per day in the previous trading day and 2.6 million tons per day two trading days ago [2] - The inventory of soybean meal was 64.18 million tons per week in the previous trading day and 61.9 million tons per week two trading days ago [2] 2. Macro and Industry News - As of the week ending March 19, 2026, the net sales volume of US soybeans in the 2025/26 season was 668,900 tons, a significant increase from the previous week and 89% higher than the four - week average, exceeding market expectations. The net sales volume in the 2026/27 season was 27,000 tons [4] - The market is evaluating China's demand prospects. Trump's scheduled visit to Beijing in May has re - triggered speculation about China's potential new round of soybean purchases, but analysts are cautious [4] - Traders are watching for potential announcements on revised US biofuel targets at a White House event on Friday [4] - The market is awaiting the USDA's planting intention report next Tuesday, with an average expected soybean planting area of 85.55 million acres, an increase of 4.33 million acres from the previous year [4] - Rising fertilizer and fuel prices due to the Middle East war may impact Brazil's 2026/27 soybean production [4] 3. Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, indicating a neutral state based on the daily - session main - contract futures price fluctuations on the reporting day [4]

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to fluctuate in the range of 2940 - 3000. The market is influenced by factors such as the rise of US soybeans, the short - term easing of the Middle - East conflict, and the situation of China's soybean procurement. It is currently in a short - term shock - strengthening pattern [9]. - **Soybeans (A2605)**: It is expected to fluctuate in the range of 4560 - 4660. The market is affected by US soybean trends, the cooling of the Middle - East conflict, and the situation of China's soybean procurement. It will maintain a high - level shock in the short term [11]. 3. Summary According to the Directory 3.1 Daily Tips - **Soybean Meal**: Fluctuates in the 2940 - 3000 range. The fundamentals are neutral, the basis is bullish, the inventory is bearish, the disk is neutral, the main position is bearish, and the short - term is in a shock - strengthening pattern [9]. - **Soybeans**: Fluctuates in the 4560 - 4660 range. The fundamentals are neutral, the basis is bullish, the inventory is bearish, the disk is neutral, the main position is bearish, and it maintains a high - level shock in the short term [11]. 3.2 Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term bullish for US soybeans, but there are still variables in China's procurement volume and US soybean weather. The US market is in a short - term strong shock [13]. - The arrival volume of imported soybeans in China continues to decline in the first quarter, the soybean inventory of oil mills remains high in March, and soybean meal returns to range shock in the short term [13]. - The decline in domestic pig - raising profits leads to low expectations for pig restocking, and the demand for soybean meal remains low in March, suppressing the price expectations of soybean meal [13]. - The soybean meal inventory of domestic oil mills remains high. Due to the possible weather speculation in South American soybean - producing areas and the impact of the preliminary Sino - US trade negotiation agreement, soybean meal is in a short - term shock - strengthening pattern [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary Sino - US trade negotiation agreement is short - term bullish 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 remains high in March; the harvest of Brazilian soybeans is advancing, and South American soybeans are expected to have a bumper harvest under normal weather conditions [14]. - **Main logic**: The market focuses on the impact of the harvest weather of South American soybeans 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 disk; the expected increase in domestic soybean demand supports the price expectations of domestic soybeans [15]. - **Bearish factors**: Brazilian soybeans have a bumper harvest, and China increases the procurement of Brazilian soybeans; the expected increase in the output of new domestic soybeans suppresses the price expectations of beans [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 - **Transaction Data** - From March 17th to 25th, the trading volume of soybean meal gradually decreased, and the trading volume of rapeseed meal was relatively low. The price difference between soybean meal and rapeseed meal fluctuated slightly [16]. - **Price Data** - From March 18th to 25th, the prices of soybean futures, soybean meal futures, and soybean meal spot all showed a downward trend to some extent [18]. - **Warehouse Receipt Data** - From March 16th to 25th, the warehouse receipts of soybean No.1, soybean No.2, and soybean meal all decreased to varying degrees [20]. - **Supply and Demand Balance Sheet** - **Global Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, and total supply of soybeans generally showed an upward trend, and the inventory - to - consumption ratio fluctuated [32]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, and import volume of domestic soybeans showed an overall upward trend, and the inventory - to - consumption ratio also fluctuated [33]. - **Sowing, Growth, and Harvest Progress** - **2023/24 Argentina**: The sowing and harvest progress of soybeans is compared with the same period last year and the five - year average, showing that the progress in 2023/24 is generally in line with or slightly better than the previous levels [34]. - **2024 US**: The sowing, growth, and harvest progress of soybeans are compared with the same period last year and the five - year average, and the progress in 2024 is affected by various factors and shows different trends [35][36][37][38]. - **2024/25 Brazil**: The planting and harvest progress of soybeans are compared with the same period last year and the five - year average, and the progress in 2024/25 is relatively stable [39][40]. - **2024/25 Argentina**: The planting progress of soybeans is compared with the same period last year and the five - year average, and the progress in 2024/25 is in line with the previous levels [41]. - **2025/26 Brazil**: The planting and harvest progress of soybeans are compared with the same period last year and the five - year average, and the progress in 2025/26 shows certain differences [42]. - **2025/26 Argentina**: The planting progress of soybeans is compared with the same period last year and the five - year average, and the progress in 2025/26 is relatively close to the previous levels [43]. - **USDA Monthly Supply - Demand Report**: From July 2025 to February 2026, the planting area, yield, output, and other data of US soybeans, as well as the output data of Brazilian and Argentine soybeans, are reported, showing certain fluctuations [44]. 3.5 Position Data - The main short positions of soybean meal and soybeans decreased, and the funds flowed out, showing a bearish trend [9][11]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - **Bean Meal**: The M2605 contract is expected to oscillate between 2920 and 2980. The market is currently neutral, with the price influenced by the movement of US soybeans and the short - term easing of the Middle East conflict. The basis is positive, but the increase in inventory and the reduction of long - positions by the main players bring some bearish factors. In the short - term, it is in a moderately strong oscillating pattern [9]. - **Soybeans**: The A2605 contract is expected to oscillate between 4560 and 4660. The market is neutral, affected by US soybeans and the short - term cooling of the Middle East conflict. Although demand provides some support, factors such as the expected increase in domestic new - season soybean production and spot prices limit the upside potential [11]. Summary According to the Table of Contents 1. Daily Tips - Not mentioned in the provided content 2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of Chinese purchases of US soybeans and US soybean weather remain uncertain. The US market is short - term bullish and oscillating, awaiting 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 continues to decline in the first quarter, while 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 bean meal has returned to range - bound oscillations [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig restocking, and the demand for bean meal remains low in March, suppressing the price expectations of bean meal. The influence of US soybeans and the weak demand for bean meal have cross - effects [13]. - The bean meal inventory of domestic oil mills remains at a relatively high level. Due to the possibility of weather speculation in South American soybean production areas and the impact of the preliminary Sino - US trade negotiation agreement, bean meal is short - term oscillating and moderately strong, awaiting further clarification of 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 - **Bean Meal** - **Bullish factors**: The preliminary Sino - US trade negotiation agreement is short - term positive for US soybeans; the bean meal inventory of domestic oil mills has no pressure; there are still uncertainties in the weather of South American soybean production areas [14]. - **Bearish factors**: The total arrival volume 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 bumper harvest under normal weather conditions [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 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 expected increase in domestic new - season soybean production suppresses soybean price expectations [15]. - **Main logic**: The market focuses on the impact of US soybean weather and the Sino - US trade tariff game [15]. 4. Fundamental Data - **Price and Transaction Data** - The trading volume and average price of bean meal and rapeseed meal from March 16th to 24th are provided, as well as the price differences between bean meal and rapeseed meal [16]. - The prices of soybean and bean meal futures and spot from March 17th to 24th are presented, including the prices of different contracts and spot prices in different regions [18]. - **Inventory Data** - The global and domestic soybean supply - demand balance sheets from 2016 to 2025 are provided, including data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - The sowing, growth, and harvest progress of soybeans in Argentina, the United States, and Brazil from 2023 to 2026 are presented, including sowing rate, emergence rate, flowering rate, pod - setting rate, leaf - falling rate, and harvest rate [34][35][36][37][38][39][40][41][42][43]. - The weekly export inspection volume of US soybeans has increased both month - on - month and year - on - year, and the arrival volume of imported soybeans has rebounded from a low level and also increased year - on - year [45][47]. - The soybean inventory of oil mills has decreased slightly, and the bean meal inventory has returned to a normal level. The soybean crushing volume of oil mills remains at a relatively high level, and the bean meal production in February decreased slightly year - on - year. The unfulfilled contracts of oil mills have decreased slightly, and the short - term stocking demand is good [50][52][54]. - The import cost of Brazilian soybeans has declined following the oscillation of US soybeans, and the on - paper profit has fluctuated slightly [56]. - **Livestock Data** - The year - on - year increase in pig inventory is slight, 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 loss of domestic pig - farming profits has expanded, and the pig - to - grain ratio and feed - to - meat ratio have fallen to a low level [58][60][62][64][66]. 5. Position Data - Not mentioned in the provided content

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - **Soybean Oil**: The price of soybean oil followed the decline of international oil prices. Although the positive drivers persisted, the amplitude increased. It was recommended to reduce long positions in the main contract or consider buying put options for protection. The support level of the main 05 contract was 8450 - 8500 yuan/ton, and the resistance level was 8950 - 9000 yuan/ton [1]. - **Rapeseed Oil**: The short - term rapeseed oil market might continue to resonate with crude oil and Canadian rapeseed prices. It was suggested to wait for the market to stabilize and then go long at low prices. The support level of the 05 contract was 9450 - 9460, and the resistance level was 10000 - 10100 [1]. - **Palm Oil**: Although there were positive factors in exports and biodiesel, the risk of a sharp decline in oil prices due to geopolitical easing needed to be noted. It was advisable to wait for the market to stabilize and then replenish long positions. The support level of the main contract was 9400 - 9410, and the resistance level was 10200 - 10220 [2]. - **Soybean No. 2 and Soybean Meal**: The cost - side support was expected to continue, and the callback space was limited. It was recommended to go long after the market stabilized, and a conservative strategy could be combined with option positions. Short - selling was not recommended [3][4]. - **Rapeseed Meal**: The cost side still had support, but due to the repeated geopolitical news, the short - term price might fluctuate. It was advisable to wait for the market to stabilize and then look for long - entry opportunities [4]. - **Corn and Corn Starch**: The price was expected to fluctuate within a range in the short term, and there was an upward trend in the medium term. It was recommended to look for opportunities to go long at low prices, and for options, it was advisable to sell out - of - the - money put options [5]. - **Soybean No. 1**: Although the valuation was high, there were still positive drivers. It was recommended to reduce long positions. The support level of the 05 contract was 4750 - 4800 yuan/ton, and the resistance level was 5000 - 5050 yuan/ton [6]. - **Pigs**: The far - month futures contracts had a premium over the near - term spot and near - month contracts. Conservative investors could hold long positions in far - month contracts, while radical investors could wait for the spot pressure to be released and then go long lightly near the 2607 contract. Option strategies could be used [7]. - **Eggs**: The supply - demand pressure might continue to improve. Conservative investors were advised to wait and see, while radical investors could go long the 05 contract below 3400 points. Short - selling near the historical low range of near - month contracts was not recommended [7]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Soybean No. 1 05**: It was expected to fluctuate widely. It was recommended to wait and see temporarily [10]. - **Soybean No. 2 05**: It was expected to fluctuate widely. It was recommended to wait and see temporarily [10]. - **Soybean Oil 05**: It was expected to fluctuate widely. It was recommended to go long after the market stabilized [10]. - **Rapeseed Oil 05**: It was expected to fluctuate. It was recommended to wait and see temporarily [10]. - **Palm 05**: It was expected to rise with fluctuations. It was recommended to replenish long positions after the market stabilized [10]. - **Soybean Meal 05**: It was expected to fluctuate. It was recommended to go long after the market stabilized [10]. - **Rapeseed Meal 05**: It was expected to fluctuate. It was recommended to go long after the market stabilized [10]. - **Corn 05**: It was expected to fluctuate within a range. It was recommended to go long at low prices [10]. - **Starch 05**: It was expected to fluctuate within a range. It was recommended to go long at low prices [10]. - **Pigs 05**: It was expected to find the bottom with fluctuations. It was recommended to wait and see [10]. - **Eggs 05**: It was expected to find the bottom with fluctuations. It was recommended to wait and see [10]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: Most varieties were recommended to wait and see, while for corn 5 - 9, it was recommended to go short at high prices, and for pigs 5 - 7, it was recommended to hold reverse arbitrage positions [11][12]. - **Inter - commodity Arbitrage**: Most varieties were recommended to wait and see, while for the 05 beans oil - meal ratio and 05 rapeseed oil - meal ratio, it was recommended to take a long - biased approach [12]. 3.1.3 Basis and Spot - Futures Strategies The report provided the spot prices, price changes, and basis changes of various varieties, including soybean No. 1, soybean No. 2, peanuts, soybean oil, rapeseed oil, palm oil, soybean meal, rapeseed meal, corn, starch, pigs, and eggs [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It included the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, such as the arrival premium, futures prices, CNF prices, and arrival duty - paid prices [15][16]. - **Weekly Data**: It showed the inventory changes and operating rates of various oilseeds and oils, such as the inventory of soybeans, soybean meal, soybean oil, rapeseeds, rapeseed meal, rapeseed oil, palm oil, peanuts, and peanut oil [18]. 3.2.2 Feed - **Daily Data**: It provided the import cost data of corn from different countries and months, including CNF prices and arrival duty - paid costs [18]. - **Weekly Data**: It included the weekly data of corn and corn starch, such as the consumption, inventory, operating rate, and farmers' grain - selling progress [19]. 3.2.3 Livestock Farming - It provided the daily and weekly data of pigs and eggs, including spot prices, key data such as breeding costs, profits, slaughter data, and supply - demand data [19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock Farming (Pigs and Eggs)**: It included the closing prices of the main contracts, spot prices, and related price charts of pigs and eggs [25][27][31]. - **Oilseeds and Oils**: It included the production, export, inventory, and other related charts of palm oil, soybean oil, and peanuts [34][41][46]. - **Feed**: It included the price, basis, inventory, and other related charts of corn, corn starch, rapeseed, and soybean meal [50][58][65][77]. 3.4 Fourth Part: Option Situations of Feed, Livestock Farming, and Oils It provided the historical volatility charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio charts of corn options [92][93]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock Farming, and Oils It provided the warehouse receipt quantity charts of various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, as well as the open interest charts of pigs and eggs [95][98].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For protein meal, night - session soybean and rapeseed meal prices trended weakly. Due to the Brazil soybean harvest progress and the impact of Sino - US trade negotiations falling short of expectations, the market is worried about US soybean export prospects. The overnight US soybean futures price hit the limit down, and it is expected that the domestic soybean meal will follow the US soybean to run weakly in the short term [3]. - For oils, night - session oil prices trended weakly. The MPOB monthly report showed that Malaysia's February palm oil production decreased by 18.55% month - on - month, exports decreased by 22.48% month - on - month, imports increased by 136% month - on - month, and inventory decreased by 3.94% month - on - month. The slow de - stocking of palm oil and geopolitical conflicts leading to rising international oil prices may cause Indonesia to restrict palm oil exports, increasing palm oil prices. The short - term oil price is expected to be volatile [3]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8716, 10010, and 9948 respectively, with price changes of 26, 242, and 127, and price change rates of 0.30%, 2.48%, and - 3.15% respectively. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 3071, 2482, and 8844, with price changes of - 57, - 31, and 26, and price change rates of - 1.82%, - 1.23%, and 0.29% respectively [2]. - **Spreads and Ratios**: The current values of spreads such as Y9 - 1, P9 - 1, and OI9 - 1 are 18, 32, and - 178 respectively, with corresponding previous values of 20, 32, and 47. The current values of ratios - spreads such as M9 - 1, RM9 - 1, and M - RM09 are - 58, 46, and 587 respectively, with corresponding previous values of - 56, 34, and 595 [2]. International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4525 (ringgit/ton), 1155 (cents/bushel), 63.94 (cents/pound), and 313 (dollars/ton) respectively, with price changes of 26.0, - 68.5, - 3.5, and - 9.7, and price change rates of 0.58%, - 5.60%, - 5.18%, and - 3.01% respectively [2]. Domestic Spot Market - **Prices and Changes**: The current spot prices of Tianjin and Guangzhou first - grade soybean oil are 8970 and 8910 respectively, with price change rates of 0.11% and - 0.11%. The current spot prices of Zhangjiagang and Guangzhou 24° palm oil are 10040, with a price change rate of 2.03%. The current spot prices of Zhangjiagang and Fangchenggang third - grade rapeseed oil are 10470 and 10220, with price change rates of 1.16% and 1.19% respectively. The current spot prices of Nantong and Dongguan soybean meal are 3290 and 3300, with price change rates of - 2.95% and - 3.79%. The current spot prices of Nantong and Dongguan rapeseed meal are 2680 and 2660, with price change rates of - 3.94% and - 4.32%. The current spot prices of Linyi and Anyang peanuts are 7200 and 7350, with price change rates of 0.00% [2]. - **Basis and Spreads**: The current spot basis of soybean oil, palm oil, and rapeseed oil are 254, 30, and 522 respectively. The current spot basis of soybean meal, rapeseed meal, and peanuts are 219, 198, and - 1016 respectively. The current spot spreads of Guangzhou first - grade soybean oil and 24° palm oil, Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, and Dongguan soybean meal and rapeseed meal are - 170, 1470, and 580 respectively [2]. Import and Crushing Profit - The current values of import and crushing profit for near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed are - 166, - 346, 34, - 221, 453, and 296 respectively, with corresponding previous values of - 401, - 309, 71, - 194, 742, and 305 [2]. Warehouse Receipts - The current values of warehouse receipts for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 25,714, 823, 1,125, 36,982, 2,261, and 900 respectively, with corresponding previous values of 25,714, 800, 1,125, 36,982, 2,311, and 900 [2]. Industry Information - As of March 13, the soybean harvest progress in Mato Grosso state in the 2025/26 season reached 96.42% of the planting area, higher than 89.15% a week ago and the historical average of 90.64%. As of March 14, the soybean harvest rate in Brazil was 59.2%, compared with 50.6% last week, 69.8% in the same period last year, and a five - year average of 58.4% [3].

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - **For Soybean Meal (M2605)**: It is expected to oscillate between 3000 and 3060. Influenced by factors such as the decline of US soybeans, uncertainties in Sino - US trade negotiations, and short - term restrictions on imported soybeans due to the intensification of Middle East conflicts, it has entered a short - term oscillatory and slightly stronger pattern. The current situation is neutral, with a positive basis, a decrease in inventory, a price above the 20 - day moving average, an increase in short positions of the main force, and inflow of funds [9]. - **For Soybeans (A2605)**: It is expected to oscillate between 4860 and 4960. Affected by the decline of US soybeans and the increase in the expected reduction of imported soybeans due to the escalation of the Middle East conflict, it maintains a high - level oscillation in the short term. The current situation is neutral, with a negative basis, a decrease in inventory on a week - on - week basis but an increase on a year - on - year basis, a price above the 20 - day moving average, an increase in short positions of the main force, and outflow of funds [11]. 3. Summary According to the Directory 3.1 Daily Tips - No information provided in the content. 3.2 Recent News - Sino - US tariff negotiations have reached a preliminary agreement, which is short - term positive for US soybeans. However, the quantity of China's soybean purchases from the US and the weather of US soybeans are still uncertain. The US soybean market is in a short - term strong oscillation, awaiting further guidance on the 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 continues to decline in the first quarter. 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 soybean meal has returned to range oscillation in the short term [13]. - The reduction of domestic pig - raising 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 influence 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. There is still a possibility of weather speculation in the South American soybean producing areas and the influence of the preliminary agreement on Sino - US trade negotiations. Soybean meal is in a short - term oscillatory and slightly stronger pattern, awaiting further clarification of the Middle East situation, the determination of South American soybean yields, and the follow - up of Sino - US trade negotiations [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Positive 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]. - **Negative 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 the South American soybean harvest weather and the follow - up of the preliminary Sino - US trade agreement [14]. - **Soybeans** - **Positive 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]. - **Negative Factors**: Brazilian soybeans have a good harvest, and China has increased its purchases of Brazilian soybeans; the expected increase in the output of new - season 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]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From March 6th to March 16th, the transaction average price of soybean meal fluctuated between 3161 and 3420, and the trading volume fluctuated between 0 and 39.9 million tons. The transaction average price of rapeseed meal fluctuated between 2400 and 2620, and the trading volume was mostly 0, with only a small amount of trading on March 9th and March 16th. The average price difference between soybean meal and rapeseed meal fluctuated between 761 and 900 [16]. - **Soybean and Meal Futures and Spot Price Data**: From March 9th to March 16th, the prices of soybean futures (including bean 1 and bean 2), soybean meal futures (including the main contract and the far - month contract), and soybean and soybean meal spot prices all fluctuated [18]. - **Soybean and Meal Warehouse Receipt Data**: From March 5th to March 16th, the number of bean 1, bean 2, and soybean meal warehouse receipts changed to varying degrees, with some increasing, some decreasing, and some remaining unchanged [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 harvested area, initial inventory, output, 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) at different times [34][35][36][37][38][39][40][41][42][43]. - **USDA Monthly Supply - Demand Reports in the Past Six Months**: It shows the planting area, yield per unit, output, ending inventory, new - bean exports, crushing volume, and the output of Brazilian and Argentine soybeans in the USDA monthly supply - demand reports from July 2025 to February 2026 [44]. 3.5 Position Data - No information provided in the content.

1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The sentiment in the soybean meal futures market is strong, but there is a need to be cautious of a potential pull - back after a sharp rise [1]. - The spot prices in the soybean - producing areas are stable, and the soybean futures market is in a rebound and consolidation phase [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: - DCE soybean 2605 closed at 4849 yuan/ton during the day session, up 49 yuan (+1.02%), and 4903 yuan/ton at night session, up 46 yuan (+0.95%) [1]. - DCE soybean meal 2605 closed at 3054 yuan/ton during the day session, up 22 yuan (+0.73%), and 3143 yuan/ton at night session, up 69 yuan (+2.24%) [1]. - CBOT soybean 05 closed at 1225.75 cents/bushel, up 11.5 cents (+0.95%) [1]. - CBOT soybean meal 05 closed at 319.6 dollars/short ton, up 3.3 dollars (+1.04%) [1]. - **Spot Prices**: - In Shandong, the soybean meal spot price is 3330 - 3350 yuan/ton, up 60 - 90 yuan from the previous day. The spot basis is M2605 + 300 [1]. - In East China, the price is 3280 - 3340 yuan/ton, up 60 - 110 yuan from the previous day [1]. - In South China, the price of Dongguan Fuyuan is 3400 yuan/ton, up 100 yuan from the previous day [1]. - In the Northeast soybean - producing area, the net soybean purchase price in Harbin and other places is 4760 yuan/ton [1]. - **Industrial Data**: - The trading volume of soybean meal was 9.54 million tons per day on the previous trading day, compared with 20.4 million tons two days ago [1]. - The inventory of soybean meal was 73.52 million tons per week on the previous trading day, compared with 71.72 million tons two days ago [1]. 3.2 Macro and Industry News - On March 12th, CBOT soybean futures closed higher, reaching a 21 - month high. The rise was due to the continued strength of international crude oil futures, and a major grain trader suspending the export of Brazilian soybeans to China [3]. - The intensification of the war in Iran has led to concerns about the long - term Middle East conflict, causing a further surge in crude oil prices. Optimism about the upcoming China - US trade negotiations also boosted soybean prices [3]. - Cargill temporarily stopped exporting Brazilian soybeans to China and buying soybeans in Brazil due to changes in inspection rules by the Brazilian government, which may shift more business to the US [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, referring to the price fluctuations of the main - contract futures during the day session on the reporting day [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report 2.1. Views on Soybean Meal - The soybean meal M2605 is expected to oscillate in the range of 3020 - 3080. The US soybeans are in a short - term strong oscillation due to potential escalation of the Middle East situation and technical buying. The domestic soybean meal has entered a short - term strong oscillation pattern affected by the US soybean trend and short - term import restrictions caused by the Middle East conflict. However, factors such as the completion of China's purchase of US soybeans and good weather in South American soybean - producing areas will limit the upside of the soybean meal price [9]. 2.2. Views on Soybeans - The soybean A2605 is expected to oscillate in the range of 4780 - 4880. The US soybeans are in a short - term strong oscillation. The domestic soybeans are in a high - level oscillation, supported by reduced import expectations due to the Middle East conflict and short - term good demand, but restricted by factors such as the increase in China's purchase of Brazilian soybeans and the expected increase in domestic new - season soybean production [11]. 3. Summary According to the Directory 3.1. Daily Tips - Not provided in the content 3.2. Recent News - The preliminary agreement on Sino - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's purchase of US soybeans and US soybean weather are still uncertain. The short - term US soybean market is in a strong oscillation, waiting for further guidance on South American soybean harvesting, import soybean arrivals, and the follow - up of Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China continued to decline 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 the soybean meal has returned to range oscillation in the short term [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal remained low in March, suppressing the price expectations of soybean meal. The US soybean trend and weak demand for soybean meal have cross - effects [13]. - The soybean meal inventory of domestic oil mills remained at a relatively high level. Due to the possibility of weather speculation in South American soybean - producing areas and the impact of the preliminary agreement on Sino - US trade negotiations, the soybean meal is in a short - term strong oscillation, waiting for further clarity on the Middle East situation, determination of South American soybean production, and further guidance on the follow - up of Sino - US trade negotiations [13]. 3.3. Long and Short Concerns 3.3.1. Soybean Meal - **Likely positives**: 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]. - **Likely negatives**: The total arrival volume of imported soybeans in March remained at a relatively high level; the harvesting 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 harvesting weather and the follow - up of the preliminary Sino - US trade agreement [14]. 3.3.2. Soybeans - **Likely positives**: The cost of imported soybeans supports the bottom of the domestic soybean market; the expected increase in domestic soybean demand supports the price expectations of domestic soybeans [15]. - **Likely negatives**: Brazilian soybeans have a good harvest, and China has increased its purchase of Brazilian soybeans; the expected increase in domestic new - season soybean production suppresses the price expectations of beans [15]. - **Current 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 trading data**: From March 3 to March 11, the trading volume and average price of soybean meal and rapeseed meal fluctuated. The average price difference between soybean meal and rapeseed meal also showed certain fluctuations [16]. - **Soybean and soybean meal price data**: From March 4 to March 11, the futures and spot prices of soybeans and soybean meal showed an upward trend, and the spot price of soybean meal was in a state of premium to the futures price [18]. - **Soybean and meal warehouse receipt statistics**: From March 2 to March 11, the warehouse receipts of soybean No. 1, soybean No. 2, and soybean meal changed to different 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, output, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [32][33]. - **Soybean planting and harvesting progress**: The report provides the planting and harvesting progress of soybeans in Argentina, the United States, and Brazil from 2023 to 2026, including data on planting rate, harvesting rate, emergence rate, flowering rate, pod - setting rate, defoliation rate, etc. [34][35][36][37][38][39][40][41][42][43]. - **USDA's semi - annual monthly supply - demand report**: From July 2025 to February 2026, the report provides data on the planting area, yield per unit, output, ending inventory, new - bean export, and crushing of US soybeans, as well as the output of Brazilian and Argentine soybeans [44]. 3.5. Position Data - Not provided in the content

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core Views of the Report - **Soybean Meal (M2605)**: It is expected to oscillate in the range of 2950 - 3010. The market is currently in a moderately bullish oscillatory pattern, influenced by factors such as the US - China trade agreement and South American soybean harvest weather. The basis is bullish, but inventory and main - position data are bearish [9]. - **Soybeans (A2605)**: It is expected to oscillate in the range of 4720 - 4820. The market will maintain a high - level oscillation in the short term, affected by factors like the US - China trade negotiation and South American soybean production. The basis and inventory are bearish, while the price trend on the disk is bullish [11]. 3. Summary According to the Directory 3.1 Daily Hints - **Soybean Meal**: It is in a moderately bullish oscillatory pattern, with the US - China trade agreement and South American soybean harvest weather being the main influencing factors. The basis is positive, inventory is increasing, the price on the disk is above the 20 - day moving average, and the main - position short orders are increasing [9]. - **Soybeans**: It will maintain a high - level oscillation in the short term, affected by the US - China trade negotiation and South American soybean production. The basis is negative, inventory is decreasing, the price on the disk is above the 20 - day moving average, and the main - position short orders are increasing [11]. 3.2 Recent News - The preliminary agreement on US - China tariff negotiation is short - term bullish for US soybeans, but the quantity of Chinese purchases and US soybean weather are still uncertain. The short - term US soybean market is moderately bullish and oscillatory. - The arrival volume of imported soybeans in China will continue to decline in the first quarter, and the soybean inventory of oil mills will remain at a relatively high level in March. - The reduction in domestic pig - farming profit leads to a low expectation of pig restocking, suppressing the price expectation of soybean meal in March. - 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 US - China trade agreement, the soybean meal market is short - term moderately bullish and oscillatory [13]. 3.3 Long and Short Concerns - **Soybean Meal** - **Bullish factors**: The preliminary US - China trade agreement is short - term bullish 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. - **Bearish factors**: The total arrival volume of imported soybeans in China will remain 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. - **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. - **Bearish factors**: The good harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans; the expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14][15]. 3.4 Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From February 27 to March 9, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal also changed [16]. - **Soybean and Meal Futures and Spot Price Summary**: From March 2 to March 9, the futures and spot prices of soybeans and soybean meal showed an upward trend [18]. - **Soybean and Meal Warehouse Receipt Statistics**: From February 26 to March 9, the warehouse receipts of soybeans and soybean meal changed, with some fluctuations in the quantity of warehouse receipts [20]. 3.5 Position Data - The report does not provide specific content about position data. 3.6 Global and Domestic Soybean Supply - Demand Balance Sheets - **Global Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, total supply, total consumption, and ending inventory of global soybeans changed, and the inventory - to - consumption ratio also fluctuated [32]. - **Domestic Soybean Supply - Demand Balance Sheet**: From 2016 to 2025, the harvest area, output, import volume, total supply, total consumption, and ending inventory of domestic soybeans changed, and the inventory - to - consumption ratio also fluctuated [33]. 3.7 Soybean Planting and Harvest Progress - **2023/24 Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2023/24 is compared with the same period last year and the five - year average [34]. - **2024 US Soybean Planting, Growth, and Harvest Progress**: The planting, growth, and harvest progress in 2024 are compared with the same period last year and the five - year average [35][36][37][38]. - **2024/25 Brazil and Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2024/25 are compared with the same period last year and the five - year average [39][40][41]. - **2025/26 Brazil and Argentina Soybean Planting and Harvest Progress**: The planting and harvest progress in 2025/26 are compared with the same period last year and the five - year average [42][43]. 3.8 USDA Recent Monthly Supply - Demand Reports - From July 2025 to February 2026, the planting area, yield per unit, output, ending inventory, new - bean export, and pressing volume of US soybeans changed, and the production of Brazilian and Argentine soybeans is also reported [44]. 3.9 Other Market Conditions - The weekly export inspection of US soybeans decreased month - on - month but increased year - on - year. - The arrival volume of imported soybeans increased from a low level and increased year - on - year. - The soybean inventory of oil mills increased, and the soybean meal inventory decreased from a high level. - The soybean crushing volume of oil mills increased from a low level, and the soybean meal output in February decreased slightly year - on - year. - The unfulfilled contracts of oil mills decreased slightly, and the short - term stocking demand weakened. - The import cost of Brazilian soybeans decreased with the oscillation of US soybeans, and the disk profit fluctuated slightly. - 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 piglet price fluctuated slightly. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs fluctuated slightly. - The loss of domestic pig - farming profit expanded. - The pig - to - grain ratio and feed - to - meat ratio decreased to a low level [45][47][50][51][53][55][57][59][61][63][65]