1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [4] - The investment rating for the corn industry is neutral [6] 2. Core Views - For the soybean meal market, although the current port inventory is high and the overall supply is sufficient, the market is still worried about the soybean arrival in the first quarter. Coupled with the recent general rise in commodities, the soybean meal price has been running strongly recently. However, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is the most important influencing factor, and attention should be paid to the growth of Brazilian soybeans and USDA reports [3] - For the corn market, the inventories of deep - processing and feed enterprises are gradually increasing and are currently mainly purchasing on demand, but they are still lower than the historical average. With the approaching of the Spring Festival, there will still be certain stocking needs in the future. Attention should be paid to spot purchase and sales, imports, and grain auctions [5] 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2761 yuan/ton, down 29 yuan/ton or 1.04% from the previous day; the closing price of the rapeseed meal 2605 contract was 2314 yuan/ton, down 16 yuan/ton or 0.69% from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3170 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 3080 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3100 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2530 yuan/ton, down 30 yuan/ton [1] - Market Information: Brazil exported 646,000 tons of soybeans in the first two weeks of January, with a daily average export volume of 108,000 tons, a 121% increase from the daily average in January last year. As of last Thursday, the harvest progress of Brazilian soybeans in the 2025/26 season was 0.6%, exceeding 0.3% in the same period last year. The US soybean export inspection volume in the week ending January 8, 2026, was 1.53 million tons, higher than the market expectation of 800,000 - 1.275 million tons. The US soybean inventory in the quarter ending December 1, 2025, was 3.29 billion bushels, a 6% increase from the same period in 2024 [2] Market Analysis - The current high port inventory and sufficient supply, along with concerns about the first - quarter soybean arrival and the general rise in commodities, have led to a recent strong performance in soybean meal prices. However, the future supply pressure from the bumper harvest of Brazilian soybeans is the key factor [3] Strategy - Cautiously bearish [4] 3.2 Corn and Corn Starch Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2284 yuan/ton, down 6 yuan/ton or 0.26% from the previous day; the closing price of the corn starch 2603 contract was 2561 yuan/ton, down 5 yuan/ton or 0.19% from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [4] - Market Information: Brazil exported 1.674 million tons of corn in the first two weeks of January, with a daily average export volume of 279,000 tons, a 71% increase from the daily average in January last year. The US corn export inspection volume in the week ending January 8, 2026, was 1.49 million tons, within the market expectation of 900,000 - 1.575 million tons. The US corn inventory in the quarter ending December 1, 2025, was 13.282 billion bushels, a 10% increase from the same period in 2024 [4] Market Analysis - The inventories of deep - processing and feed enterprises are gradually increasing and are currently purchasing on demand, but they are still lower than the historical average. With the approaching Spring Festival, there will be stocking needs, and attention should be paid to spot purchase and sales, imports, and grain auctions [5] Strategy - Neutral [6]

Core Viewpoint - Chicago agricultural futures prices are hovering near recent lows due to favorable weather conditions across the U.S. and the market's anticipation of the weekly crop condition report to be released later on Monday [1] Group 1: Corn Market - Corn prices remain above the psychological threshold of $4 per bushel, with expectations for record yields as it is the largest crop by planted area in the U.S. [1] Group 2: Soybean and Wheat Markets - Soybean prices have fallen below $10 per bushel, while wheat prices have slightly rebounded after hitting a 12-week low [1] - The decline in soybean prices and the recent low in wheat prices are attributed to strong grain demand amidst improved yield expectations due to ample rainfall [1]

Group 1 - The core viewpoint of the news is that the Chicago futures market for corn, wheat, and soybeans experienced mixed price movements on May 12, with corn and wheat prices declining while soybean prices increased [1][2] Group 2 - The most active July corn contract closed at $4.48 per bushel, down 1.75 cents or 0.39% from the previous trading day [1] - The July wheat contract closed at $5.15 per bushel, down 6.5 cents or 1.25% from the previous trading day [1] - The July soybean contract closed at $10.71 per bushel, up 19.5 cents or 1.85% from the previous trading day [1] Group 3 - The USDA's May supply and demand report lowered the 2025/26 U.S. wheat export forecast by 20 million bushels to 800 million bushels, with ending stocks expected to be 923 million bushels, higher than market expectations [1][2] - The report raised the 2024/25 U.S. corn export forecast by 50 million bushels to 2.6 billion bushels and lowered the ending stocks to 1.415 billion bushels [1] - For 2025/26, U.S. corn exports are projected at 2.675 billion bushels, with a production estimate of 15.82 billion bushels [1] Group 4 - The report adjusted the 2024/25 U.S. soybean ending stocks down by 25 million bushels and raised the export forecast to 1.85 billion bushels [2] - For 2025/26, U.S. soybean ending stocks are expected to be 295 million bushels, lower than market expectations, with exports projected at 1.815 billion bushels [2] - The USDA also increased Brazil's corn production estimate for 2025 by 4 million tons to 130 million tons, while lowering the global corn ending stocks estimate by 10 million tons to 27.78 million tons [2]