1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Short - term decline in soybean meal**: Good crushing margins and sufficient domestic supply put pressure on the soybean meal market. Attention should be paid to the rainfall in Argentina's soybean - growing areas in February [1][4]. - **Short - term adjustment in rapeseed meal**: The end of the consumption season and the influence of soybean meal lead to a short - term downward trend. Focus on the progress of rapeseed procurement and Sino - Canadian and US - Canadian trade [1][8]. - **Short - term adjustment in palm oil**: Although the export and production data in January are positive, there is a risk of inventory accumulation. Buying enthusiasm is weak, so be cautious when chasing long positions. Monitor the estimated inventory in January and the situation in the US - Iran relationship [1][11]. - **Short - term adjustment in soybean oil**: The 45Z proposed rule boosts market sentiment, but be cautious when chasing long positions before the Spring Festival. Look for short - term long opportunities after a pull - back. Pay attention to the palm oil market and the weather in Argentina [1]. - **Short - term adjustment in rapeseed oil**: The supply shortage in South China has been alleviated, and the spot basis is stable. The downstream procurement enthusiasm is weakening. Follow the import of Canadian rapeseed and Sino - Canadian and US - Canadian trade [1]. - **Oscillatory adjustment in cotton**: The US cotton market is under pressure, and the domestic market has a slow inventory - reduction speed. The consumption is in the off - season, and the upward drive before the festival is weak. In the long - term, there is a strong expectation under the background of planting reduction and inventory replenishment [1][15]. - **Pressured operation in red dates**: The spot market is flat, but the futures market fluctuates with the peak of new product listing and the consumption season. High - inventory reduction may drive a short - term rebound, but the overall situation is under pressure [1][18]. - **Oscillatory and weak in live pigs**: In the context of supply - demand prosperity in February, there may be short - term price rebounds in some areas, but they lack a sustainable basis. Near - month contracts are prone to decline, and far - month contracts lack an upward trend basis but have short - term long - allocation opportunities [1][20]. 3. Summary by Variety Soybean Meal - **Price and Market**: The futures price of soybean meal closed at 2723 yuan/ton, down 0.15% from the previous day. The national average spot price was 3159.43 yuan/ton, down 0.29%. The soybean crushing profit showed a mixed trend [2]. - **Industry News**: The US Treasury issued the 45Z proposed rule. The US soybean crushing volume in December reached a historical second - high level. The expected soybean output in Argentina for 2025/26 is 4800 tons, and Brazil's output is expected to be a record 1.79 billion tons [3]. Rapeseed Meal - **Price and Market**: The futures price of rapeseed meal closed at 2247 yuan/ton, down 0.09% from the previous day. The national average spot price remained unchanged. The rapeseed crushing profit improved [5]. - **Industry News**: Coastal oil - mill rapeseed meal inventory broke the zero state, and China has completed the customs clearance of Australian rapeseed and ordered Canadian rapeseed [8]. Palm Oil - **Price and Market**: The futures price of palm oil closed at 9138 yuan/ton, up 0.48% from the previous day. The national average price increased by 0.44%. The import cost rose, and the inventory decreased [9]. - **Industry News**: Malaysian palm oil export and production data in January were positive, but there is a risk of inventory accumulation [11]. Cotton - **Price and Market**: The futures prices of different cotton contracts showed different trends. The spot price of CCIndex (3218B) increased slightly. The spinning profit decreased, and the demand of spinning and weaving enterprises weakened [12]. - **Industry News**: Brazil and Turkey are expected to reduce cotton production. In China, new - cotton processing is basically completed, and the inventory is starting to decline, but the demand is in the off - season [13][14][15]. Red Dates - **Price and Market**: The futures prices of red dates contracts declined slightly. The spot prices remained stable. The inventory of 36 sample enterprises decreased [16]. - **Industry News**: The spot market is stable, and the high - inventory reduction may drive a short - term rebound [17][18]. Live Pigs - **Price and Market**: The futures prices of different live - pig contracts showed different trends. The national average slaughter price decreased. The inventory of sample enterprises decreased slightly, and the slaughter volume increased [19]. - **Industry News**: In January, the supply plan was slightly over - completed. In February, the supply plan will decrease, but the daily - average supply pressure may increase. The demand is in the pre - festival peak season, but the profit is not conducive to further capacity reduction [20].

1. Report Information - Reported industry: Soybean meal [1] - Date: February 5, 2026 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Market Review - **Soybean meal futures contracts**: - For the soybean meal 2603 contract, the previous settlement price was 3047, the opening price was 3050, the highest price was 3053, the lowest price was 2973, the closing price was 3002, with a decline of 45 and a decrease rate of 1.48%. The trading volume was 181,273, the open interest was 287,070, and the open interest change was -71,019 [6]. - For the soybean meal 2605 contract, the previous settlement price was 2756, the opening price was 2756, the highest price was 2759, the lowest price was 2721, the closing price was 2727, with a decline of 29 and a decrease rate of 1.05%. The trading volume was 1,085,590, the open interest was 2,153,812, and the open interest change was 64,761 [6]. - For the soybean meal 2607 contract, the previous settlement price was 2704, the opening price was 2703, the highest price was 2709, the lowest price was 2686, the closing price was 2691, with a decline of 13 and a decrease rate of 0.48%. The trading volume was 44,976, the open interest was 484,107, and the open interest change was 10,962 [6]. 3. Core Views - **External market (US soybeans)**: The US soybean futures contracts were weak, with the main contract close to 1055 cents. There was a rebound in the previous period due to the digestion of negative factors. Although the January USDA report raised the ending stocks of the new US soybean season, the price was already significantly below the US soybean planting cost, so the downside was relatively limited. The weekly US soybean export data was good for two consecutive weeks, and there were relatively positive expectations for biodiesel policies, leading to a small - scale rebound. However, fundamentally, due to the basically determined high - yield pattern of Brazilian soybeans, the subsequent supply pressure would always put downward pressure on the market. If US soybean exports weakened or the weather in Argentina improved, the external market might continue to fall below 1050 cents [7]. - **Domestic soybean meal**: The 05 and subsequent contracts were priced based on the external market cost. Since there was a lack of potential positive factors in the CBOT, the overall trend was range - bound, and the rebound was slightly bearish. The risk was that if the subsequent auction of imported soybeans fell short of expectations, it might drive the spot price to rise unexpectedly, which could have a small positive impact on the 05 contract [7]. 4. Industry News - The US Treasury Department issued the 45Z proposed rules on Tuesday to regulate how biofuel producers can obtain a $1 - per - gallon tax credit for low - carbon fuels (including aviation fuels), providing more certainty for producers of ethanol, biodiesel, and other products seeking tax credits. However, analysts pointed out that there were still some unresolved issues in the regulations [10]. - The USDA's monthly soybean crushing data showed that the US soybean crushing volume in December reached the second - highest level in history. The December crushing volume was 229.9 million bushels (equivalent to 6.896 million short tons), a 4.2% increase from November's 220.5 million bushels and a 5.6% increase from December 2024's 217.7 million bushels. The December crushing volume was the second - highest monthly crushing volume, second only to the 236.3 million bushels in October 2025 [10]. - Crop experts estimated the 2025/26 Argentine soybean production at 48 million tons, lower than the previous week's forecast of 49 million tons and the USDA's current estimate of 48.5 million tons. The southern planting area in Argentina has recently become drier, with insufficient rainfall for most of the next few weeks, which requires close attention. The expected 2025/26 Brazilian soybean production remained unchanged at a record 179 million tons, with a tendency to maintain or increase the forecast in the future [10][11]