马棕报告影响有限 豆类油脂维持震荡 核心观点 2 月 10 日，豆类震荡偏弱，油脂冲高回落。豆一期价表现偏强，期价依 托 5 日和 10 日均线支撑上涨，伴随增仓 6.8 万手；豆二期价震荡偏弱,期价承 压于 20 日均线压力，暂获 5 日均线支撑，资金变化不大；豆粕期价震荡偏强， 期价承压于 20 日、30 日和 60 日均线压力，资金变化不大；菜粕期价依托 5 日 均线支撑震荡偏强，资金变化不大。油脂期价冲高回落，豆油期价跌破 5 日和 20 日均线支撑，资金变化不大；棕榈油期价震荡偏弱，期价承压于 5 日均线 压力，跌破 20 日均线支撑，伴随减仓 1.1 万手；菜籽油期价震荡偏弱，期价 承压于 5 日和 60 日均线压力，下方暂获 30 日均线支撑，资金变化不大。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 生猪 2026 年 2 月 10 日 豆类日报 姓名：毕慧 宝城期货投资咨询部 从业资格证号：F0268536 投资咨询证号：Z0011311 电话：0571-87006873 邮箱：bihui@bcqhgs.com 作者声明 本人具有中国期货业协 会授予的期货从业资格证 书 ...

品种观点参考 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2026 年 2 月 4 日） 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 参考观点：震荡偏弱 核心逻辑：美豆虽然收复部分跌幅，但全球充足供应施压市场。南美巴西大豆收割率提升，创纪录丰产预 期强化；中国后续或转向巴西采购，美国大豆出口检验量年度累计降 35.7%，对中国出口周环比下降 18%。 国内市场，节前备货尾声下游需求下滑。短期豆类市场受南美丰产与国内需求转弱主导，豆粕价格维持震 荡偏弱格局。近月明显承压，远月需关注供需边际变化影响。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) ...

【冠通期货研究报告】 油粕日报：南美大豆丰产预期加强 发布日期：2026 年 2 月 3 日 豆粕：AgRural：截至上周四（1 月 29 日），2025/26 年度巴西大豆收获进 度为 10%，上周 4.9%，去年同期 3.9%。目前几乎所有产豆州的大豆收获都已经 开始，目前尚未有重大收割延误的报告，但市场关注的焦点开始转向巴西南部地 区和南马托格罗索州出现的高温干旱天气。最令人担忧的是南里奥格兰德州，该 州约有 15%的作物仍处于灌浆期。USDA 出口检验：截至 2026 年 1 月 29 日的一周， 美国大豆出口检验量为 1,310,559 吨，去年同期为 1,140,431 吨。2025/26 年度 迄今美国大豆出口检验总量达到 21,991,461 吨，同比减少 35.7%，2025/26 年度 迄今美国大豆出口达到全年出口目标的 51.3%。 机构大幅上调 2025/26 年度产量估值，收获进度优于去年，尽管局部天气仍 存变数，但市场对于南美丰产及供应宽松的一致性预期正得到进一步强化。不过 由于节后大豆抛储和到港仍然存在一定的不确定性，不建议过度看空，保守的建 议逢低点部分基差，期货盘面仍然以宽 ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 交易咨询业务资格：证监许可【2012】1091号 基本面VS关税，粕类短空长多 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 基本面VS关税，粕类短空长多 目 录 一.中美和中加关税 二.南美大豆丰产，粕类短期承压 三.粕类短空长多 四.其他农产品整体判断 一 .中美和中加关税 • 中美短期休兵，双方博弈"明转暗" • 中加关税恢复至冲突前 • 关税和贸易政策潜在冲突仍可能存在 中美短期休兵 • 中美达成"休战"协议（2025年10月吉隆坡）：第五轮磋商取 得实质性进展，双方达成贸易"休战"协议，核心成果包括： • 关税调整：美方取消针对中国商品加征的10%所谓"芬太尼关 税" ，24%的对等关税继续暂停一年；中方相应调整反制措施。 • 出口管制暂停：美方暂停实施其出口管制"50%穿透性规则"一 年；中方暂停实施相关反制措 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Near - term supply of soybean meal still has a certain gap, but the probability of an extreme shortage situation like last year is relatively small. Near - term soybean meal is expected to fluctuate strongly, while far - month contracts strengthen slightly due to the accelerated implementation of the US biofuel policy. The US biofuel policy may weaken the surplus of US soybeans to some extent but cannot provide long - term upward drive. The pressure brought by the bumper harvest of South American soybeans remains large. It is recommended that those with large spot positions consider using price fluctuations to wash the basis, and the market is slightly bearish on the futures price [2]. - After the previous rise, the price increase of the oil sector restricts demand to some extent. Attention should be paid to the implementation of the US biofuel policy in early March, which may bring additional upward drive to the oil sector [2]. Summary by Related Content Soybean Meal - The Brazilian Soybean Crushers Association (ABIOVE) expects Brazil's soybean production in the 2025/26 season to reach 177.124 million tons, compared with 171.481 million tons in the previous season. Brazil's soybean exports in 2026 are expected to reach 111.5 million tons, up from 108.2 million tons in 2025. Brazil's soybean crushing volume in 2026 is expected to reach a record 61 million tons, higher than 58.5 million tons in 2025. The ending inventory of Brazilian soybeans in the 2025/26 season is expected to be 9.195 million tons, compared with 7.071 million tons in the previous season [1]. - The US Department of Agriculture (USDA) announced that private exporters reported the sale of 192,350 tons of soybeans to unknown destinations for delivery in the 2025/2026 season. The US soybean marketing year starts on September 1 [1]. Oil - The Speaker of the US House of Representatives is discussing whether to include a clause allowing the year - round sale of E15 ethanol - gasoline in a supplementary spending bill being promoted by the Senate to help farmers cope with tariff impacts, or pass a separate House bill in the next few weeks [2]. - According to data from the Canadian Grain Commission, as of the week ending January 18, Canada's rapeseed exports increased by 155.95% from the previous week to 288,200 tons, compared with 112,600 tons in the previous week. As of January 18, Canada's rapeseed exports in the 2025 - 26 season were 3.2097 million tons, a 37.42% decrease from 5.1293 million tons in the same period of the previous season [2].

Report Title - Weekly Report on Soybean Meal [1] Report Date - January 12, 2026 [3] Report Industry Investment Rating - Not provided Core Viewpoints - Last week, the CBOT March soybean contract rose 15.5 to close at 1062.75 cents per bushel, a 1.48% increase; the soybean meal 05 contract rose 37 to close at 2786 yuan per ton, a 1.35% increase; the South China soybean meal spot price rose 60 to 3140 yuan per ton, a 1.95% increase; the rapeseed meal 05 contract fell 27 to close at 2338 yuan per ton, a 1.14% decrease; the Guangxi rapeseed meal spot price fell 10 to 2510 yuan per ton, a 0.4% decrease [5][8]. - The external market stopped falling and stabilized. The market is waiting for the upcoming USDA report, and funds are adjusting their positions. Currently, it is expected that both yield and exports may be lowered. Pay attention to the guidance of the report. The meal market is generally oscillating, with soybean meal relatively stronger than rapeseed meal. The main reason is that the Prime Minister of Canada will visit China, and market rumors suggest that the additional tariff on rapeseed meal may be cancelled. Driven by sentiment, funds increased short positions, causing rapeseed meal to weaken. On the one hand, the arrival of soybeans has decreased month - on - month, and on the other hand, the pre - Spring Festival stocking expectation provides support for the near - term price of soybean meal [5][8]. - The Prime Minister of Canada is about to visit China, and rapeseed meal has weakened under the influence of sentiment. Pay attention to the progress of China - Canada trade agreements. The January USDA report in the United States is expected to show possible decreases in yield and exports, with little change in ending stocks. Funds are adjusting positions and waiting for the report. The external US soybean market has stopped falling and is oscillating. The good weather in South America continues, and the overall expectation of a bumper harvest has increased. The expected decrease in domestic soybean arrivals and the pre - Spring Festival stocking demand support the spot price, which is relatively firm. The auction of state - reserved imported soybeans restarted this week, cooling the market to some extent. It is expected that the Dalian soybean meal will oscillate in the short term [5][11]. Summary by Directory 1. Market Data - The CBOT March soybean contract price rose from 1047.25 to 1062.75 cents per bushel, a 1.48% increase; the CNF import price of Brazilian soybeans rose from 443 to 450 dollars per ton, a 1.58% increase; the CNF import price of US Gulf soybeans remained unchanged at 475 dollars per ton; the Brazilian soybean crushing profit on the futures market decreased from 57.12 to 49.51 yuan per ton; the DCE soybean meal contract price rose from 2749 to 2786 yuan per ton, a 1.35% increase; the CZCE rapeseed meal contract price fell from 2365 to 2338 yuan per ton, a 1.14% decrease; the soybean - rapeseed meal price difference increased from 384 to 448 yuan per ton; the spot price in East China rose from 3120 to 3140 yuan per ton, a 0.64% increase; the spot price in South China rose from 3080 to 3140 yuan per ton, a 1.95% increase; the spot - futures price difference in South China increased from 331 to 354 yuan per ton [6]. 2. Market Analysis and Outlook - In the US, for the week ending January 1, 2026, the net increase in soybean export sales in the 2025/2026 season was 87.8 tons, down from 117.8 tons the previous week. The cumulative sales volume of US soybeans in the current season was 2857.6 tons, with a sales progress of 64.2%, compared to 79.2% in the same period last year. China's net purchase of US soybeans that week was 47 tons, with a cumulative purchase volume of 689.3 tons and an unshipped volume of 570.1 tons. A private exporter reported selling 13.2 tons of soybeans to China for delivery in the 2025/2026 season [9]. - According to Conab, as of the week ending January 3, 2026, the soybean planting rate in Brazil in the 2025/26 season was 98.2%, up from 97.9% the previous week, compared to 98.5% in the same period last year and a five - year average of 97.6%. The harvesting work has begun, with a progress of 0.1%, compared to 0.2% in the same period last year. The Brazilian National Association of Grain Exporters announced that the expected soybean export loading volume in January is 240 tons [9][10]. - According to the Buenos Aires Grain Exchange, as of the week ending January 7, 2026, the soybean sowing progress in Argentina was 88.3%, up from 82% the previous week, compared to 97% in the same period last year [10]. - The weather forecast for South American producing areas shows that in the next 15 days, the cumulative precipitation in Brazilian soybean - producing areas will be slightly lower than the average, and the precipitation process will continue, maintaining the expectation of a bumper harvest. The soil moisture in Argentine producing areas has declined, but the overall situation is still good. The cumulative precipitation in Argentine producing areas in the next two weeks will be lower than the average level. Continuously monitor the weather changes [10]. - As of the week ending January 2, 2026, the soybean inventory of major oil mills was 710.25 tons, an increase of 55.81 tons from the previous week and 115.8 tons from the same period last year; the soybean meal inventory was 117.02 tons, an increase of 0.26 tons from the previous week and 48.66 tons from the same period last year; the unexecuted contracts were 579.8 tons, an increase of 198.2 tons from the previous week and 81.1 tons from the same period last year. The soybean inventory in national ports was 823.6 tons, a decrease of 1.5 tons from the previous week but an increase of 52.74 tons from the same period last year [10]. - As of the week ending January 9, the daily average trading volume of soybean meal nationwide was 30.5417 tons, including 7.675 tons of spot trading and 22.8667 tons of forward trading. The daily average total trading volume the previous week was 20.44 tons. The daily average pickup volume of soybean meal was 17.385 tons, compared to 18.22 tons the previous week. The crushing volume of major oil mills was 176.58 tons, compared to 175.33 tons the previous week. The inventory days of soybean meal in feed enterprises were 9.53 days, compared to 9.4 days the previous week [11]. 3. Industry News - The Safras & Mercado institution stated that factors such as oversupply in South America, the US production outlook, and geopolitical uncertainties will affect the soybean price trend in 2026. Looking forward to 2026, the soybean market will have sufficient supply, and the short - term price will face downward pressure, while the support provided by the premium of Brazilian soybeans will be relatively reduced [12]. - The Argentine Ministry of Agriculture reported that farmers' pace of selling soybeans has slowed down. As of December 31, 2025, the pre - sold volume of soybeans in the 2025/2026 season was 465 tons, compared to 337 tons in the same period last year. The sales volume of soybeans in the 2024/2025 season was 4157 tons, compared to 3562 tons in the same period last year [12]. - The ANEC institution predicted that due to increased competition from the US, Brazil's soybean exports to China in 2026 will drop to 77 million tons, about 10 million tons less than 87 million tons in 2025. It is expected that Brazil's soybean exports in 2026 will still reach a record 112 million tons, compared to about 109 million tons in 2025 [12]. - The Deral institution reported that the soybean harvest in Brazil's Parana state is still in its early stages, and preliminary results show good yields. Currently, about 4% of the soybean crops in the state have entered the maturity stage (the last stage before harvest), compared to 12% in the same period last year. Due to abnormal weather in previous months, the growth cycle of early - sown soybeans has been extended, but the yield is expected to be good. The predicted soybean output in Parana state in the 2025/26 season is 21.96 million tons, a 4% year - on - year increase [13]. - The Brazilian Foreign Trade Secretariat reported that Brazil's soybean export pace in December was significantly higher than the same period last year. From December 1 to 31, Brazil's soybean export volume was 3.383 million tons, compared to 2.006 million tons in December last year [13]. - Canadian Prime Minister Mark Carney will visit China from January 13 to 17, which will be the first visit by a Canadian prime minister to China since 2017. This visit aims to strengthen cooperation between the two sides in trade, energy, agriculture, and international security. According to sources, as part of the consultations, Canada may suspend the tariff on Chinese electric vehicles for one year. In response, China may temporarily cancel the 100% additional tariff on Canadian rapeseed meal and rapeseed oil, but trade restrictions on Canadian rapeseed will remain [13]. - The StoneX institution reported that the US Department of Agriculture has confirmed the sale of soybeans to China again, increasing the possibility of China achieving its goal of purchasing 12 million tons of soybeans. The predicted soybean output in Brazil in the 2025/26 season is 177.6 million tons, an increase of 0.2% from the December forecast of 177.2 million tons and a 5.2% increase from the previous year's output [14]. - The Cargonave institution reported that Brazil's soybean exports in 2025 reached a record 108.68 million tons, a 11.7% increase from 2024. The surge in Brazil's soybean exports in 2025 was mainly due to record - high production and large - scale purchases from China. Affected by the China - US trade war, Chinese buyers avoided US soybeans for most of 2025 and turned to South American soybeans [14]. 4. Related Charts - The report provides multiple charts, including the trend of the US soybean continuous contract, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the regional crushing profit, the management fund's net position in the CBOT, the soybean meal main contract trend, the regional soybean meal spot price, the soybean meal M 5 - 9 month spread, the precipitation and temperature in Brazilian and Argentine soybean - producing areas, the soybean sowing progress in Brazil and Argentina, the cumulative sales volume, weekly net sales volume, and weekly export volume of US soybeans, the US oil mill crushing profit, the weekly average daily trading volume and pickup volume of soybean meal, the soybean inventory in ports and oil mills, the weekly crushing volume of oil mills, the unexecuted contracts of oil mills, the soybean meal inventory of oil mills, and the inventory days of soybean meal in feed enterprises [15][16][17][20][24][28][33][35][37][39][41][45][46].

Group 1: Soybean Meal Market Insights - The futures market saw a decline in soybean meal and rapeseed meal prices, with soybean meal 2605 contract closing at 2749 CNY/ton, down 96 CNY/ton (3.37%) from the previous month [2][14] - In the spot market, soybean meal prices in Tianjin rose to 3110 CNY/ton, an increase of 30 CNY/ton, while prices in Jiangsu and Guangdong also saw increases [2][14] - Brazil's soybean planting progress reached 97.9% as of December 27, 2025, slightly above the five-year average but below last year's level [3][15] Group 2: Domestic Soybean Import and Processing Data - China imported 810.7 million tons of soybeans in November 2025, a decrease of 137.3 million tons from October, but an increase of 95.3 million tons (13.32%) year-on-year [4][15] - Cumulative soybean imports from January to November 2025 reached 10,378.14 million tons, a year-on-year increase of 668.72 million tons (6.89%) [4][15] - The total soybean crushing volume in December 2025 was 906.75 million tons, up 5 million tons (0.55%) from the previous month and up 76.38 million tons (9.20%) year-on-year [4][16] Group 3: Soybean and Meal Inventory Levels - As of December 26, 2025, national soybean inventory stood at 654.44 million tons, down 60.55 million tons (8.41%) month-on-month, but up 64.44 million tons (11.7%) year-on-year [5][16] - The soybean meal inventory increased to 116.75 million tons, up 1.61 million tons (1.35%) from the previous month and up 46.44 million tons (47.19%) year-on-year [5][16] - Major oil mills' soybean meal deliveries reached 408.62 million tons, an increase of 55.9 million tons (15.85%) month-on-month and up 41.51 million tons (11.31%) year-on-year [5][16] Group 4: Corn Market Insights - The corn futures market saw a slight decline, with the 2603 contract closing at 2226 CNY/ton, down 13 CNY/ton (0.58%) [6][18] - In November 2025, corn imports totaled 55.48 million tons, a significant increase of 55.56% month-on-month and 87.50% year-on-year [7][18] - The estimated corn consumption for December 2025 among major processing enterprises is 620 million tons, an increase of 16 million tons from the previous month [7][18] Group 5: Starch Market Insights - In November 2025, corn starch imports were recorded at 274 tons, a decrease of 71.79% month-on-month but an increase of 51.19% year-on-year [8][19] - The total production of corn starch in December 2025 was 139.65 million tons, with an operating rate of 64.4%, reflecting a slight increase from the previous month [8][19] - The average profit for corn starch products in December showed a decline, with Jilin's average profit at -72 CNY/ton, down 168 CNY/ton month-on-month [8][19]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For soymeal, the market is expected to be volatile, and investors are advised to avoid holiday - related risks [1]. - For soybeans, investors are advised to hedge risks before the holiday and observe the market cautiously [2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybeans 2605 closed at 4224 yuan/ton in the day - session, up 65 yuan (+1.56%), and 4237 yuan/ton in the night - session, up 33 yuan (+0.78%); DCE soymeal 2605 closed at 2778 yuan/ton in the day - session, down 10 yuan (-0.36%), and 2771 yuan/ton in the night - session, up 3 yuan (+0.11%); CBOT soybeans 03 closed at 1060.75 cents/bushel, down 3.0 cents (-0.28%); CBOT soymeal 03 closed at 302.3 dollars/short - ton, down 1.2 dollars (-0.40%) [2]. - **Spot Prices**: In Shandong, the spot price of soymeal (43%) was 3060 - 3140 yuan/ton, with different basis prices for different months; in East China, it was 3040 - 3140 yuan/ton; in South China, it was 3120 - 3200 yuan/ton [2]. - **Industrial Data**: The trading volume of soymeal was 20.37 million tons per day, compared with 5.07 million tons two days ago; the inventory was 110.22 million tons per week, compared with 105.63 million tons two weeks ago [2]. 3.2 Macro and Industry News - On December 30, CBOT soybean futures closed lower due to the clear production outlook of South American soybeans. Year - end closing will be the main theme in the market in the next few days. The market will focus on the weekly export sales report and position report on Wednesday. Private exporters reported selling 13.6 million tons of soybeans to China and 23.1 million tons to unknown destinations in the 2025/26 season. Soybean harvesting is underway in Brazil's Paraná and Mato Grosso states, and nearly 76% of soybean planting in Argentina has been completed [4]. 3.3 Trend Intensity - The trend intensity of soymeal and soybeans is 0, indicating a neutral situation for the day - session's main contract futures price fluctuations on the reporting day [4].

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

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal market is expected to enter a volatile and slightly bullish pattern in the short term, with the M2601 contract fluctuating between 3000 and 3060. The main influencing factors include the uncertainty of weather in US soybean - growing areas, the high arrival of imported soybeans in China, and the demand for soybean meal [8]. - The soybean market is in a neutral situation in the short term, with the A2511 contract fluctuating between 3920 and 4020. Factors such as the cost of imported soybeans, the expected increase in domestic soybean production, and the demand for domestic soybeans affect the market [10]. Summary by Directory 1. Daily Tips - No specific content provided for a detailed summary. 2. Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean market is affected by relatively positive USDA report data and is expected to oscillate above the 1000 - point mark, awaiting further guidance on soybean growth, harvest, and tariff negotiations [12]. - In China, the arrival of imported soybeans remained high in August, and the soybean meal inventory of oil mills reached a relatively high level. Affected by the USDA report and the rise of rapeseed meal, soybean meal is in a short - term volatile and slightly bullish pattern [12]. - The decline in domestic pig - farming profits has led to a low expectation of pig replenishment. However, the recent increase in soybean meal demand supports the price, and the market is back in a range - bound pattern due to uncertainties in Sino - US trade negotiations [12]. - The short - term bullish oscillation of soybean meal is affected by factors such as the possible weather speculation in US soybean - growing areas, the changeable Sino - US tariff war, and it awaits the clarification of South American soybean production and the follow - up of the Sino - US tariff war [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, relatively low inventory of domestic oil mills' soybean meal, and uncertain weather in US soybean - growing areas [13]. - Bearish factors: high arrival volume of imported soybeans in July, the end of Brazilian soybean harvesting, and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - Bullish factors: the cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the price [14]. - Bearish factors: the continuous expectation of a bumper Brazilian soybean harvest and China's increased purchase of Brazilian soybeans, and the expected increase in new - season domestic soybean production suppresses the price [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2990, with a basis of - 60, indicating a discount to the futures. The inventory of oil mills' soybean meal is 105.33 tons, a 3.8% increase from last week and a 29.71% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of 230, indicating a premium to the futures. The inventory of oil mills' soybeans is 682.53 tons, a 0.31% increase from last week and a 5.46% decrease compared to the same period last year [10]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: Provide data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio from 2015 to 2024, showing the long - term supply - demand situation of soybeans globally and in China [31][32]. - **Soybean and Meal Futures and Spot Prices**: Present the trading prices and volumes of soybean meal and rapeseed meal from August 22 to September 2, as well as the price trends of soybean and soybean meal futures and spot from August 25 to September 2 [15][17]. - **Soybean and Meal Warehouse Receipt Statistics**: Record the quantity changes of soybean and soybean meal warehouse receipts from August 21 to September 2 [19]. 5. Position Data - For soybean meal, the long positions of the main contract decreased, and funds flowed out [8]. - For soybeans, the long positions of the main contract decreased, and funds flowed out [10].