Report Industry Investment Rating - Not provided in the given content Core Views of the Report - **For Bean Meal (M2601)**: The domestic bean meal is expected to maintain a range - bound pattern between 3080 and 3140. It is influenced by the US soybean trend, with short - term demand in the off - season and spot price discount suppressing the upward movement. Although China's purchase of US soybeans supports the short - term US soybean market, there are uncertainties in the purchase volume, and the overall good US soybean harvest weather restricts the upside. Additionally, the relatively high arrival of imported Brazilian soybeans in China also affects the domestic bean meal market [9]. - **For Soybeans (A2601)**: The domestic soybean price is expected to fluctuate between 4160 and 4260. The US soybean trend, the cost support of imported soybeans, and the expected increase in domestic soybean demand support the price. However, the high production of Brazilian soybeans and the expected increase in domestic new - season soybean production suppress the price [11]. Summary According to the Table of Contents 1. Daily Tips - Not provided in the given content 2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but there are uncertainties in China's purchase volume and US soybean weather. The US soybean market is expected to be range - bound above the thousand - point mark in the short term, waiting for further guidance on the implementation of the China - US trade agreement and the planting weather in South American soybean - producing areas. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills also declined from a high level. The relatively normal harvest weather of US soybeans and the China - US trade negotiation agreement led to the short - term range - bound pattern of domestic bean meal, waiting for further guidance on US soybean production and the follow - up of China - US trade negotiations [13]. 3. Bullish and Bearish Concerns - **Bean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' bean meal, and uncertain weather in US soybean - producing areas [14]. - **Bean Meal Bearish Factors**: High arrival volume of imported soybeans in November, the listing of harvested US soybeans, and the continuous expectation of a good US soybean harvest [14]. - **Soybean Bullish Factors**: Cost support of imported soybeans for the domestic soybean market, and the expected increase in domestic soybean demand [15]. - **Soybean Bearish Factors**: High production of Brazilian soybeans and increased Chinese purchases, and the expected increase in domestic new - season soybean production [15]. 4. Fundamental Data - **Bean Meal**: Spot price is 3000 (East China), with a basis of - 43, indicating a discount to futures. The oil mill bean meal inventory is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase from the same period last year [9]. - **Soybeans**: Not specifically elaborated on fundamental data other than the price range and influencing factors 5. Position Data - **Bean Meal**: The main short positions increased, and the funds flowed out [9]. - **Soybeans**: Not specifically elaborated on position data other than the price range and influencing factors 6. Bean Meal and Soybean Views and Strategies - **Bean Meal (M2601)**: The short - term trend is neutral. The basis is bearish, the inventory is bearish, the price on the chart is bullish, the main position is bearish, and the overall short - term expectation is a range - bound pattern [9]. - **Soybeans (A2601)**: The short - term trend is neutral. The basis is bearish, the inventory is bearish, the price on the chart is bullish, the main position is bearish, and the overall short - term expectation is a range - bound pattern [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean meal M2601 is expected to fluctuate in the range of 3040 - 3100. It is affected by the US soybean trend, demand in the off - season, and the spot price discount, and is likely to maintain a volatile pattern in the short term [9]. - The soybean A2601 is projected to oscillate between 4120 and 4220. The cost of imported soybeans and the expected increase in domestic soybean demand support the price, while the large - scale arrival of imported soybeans and the expected increase in domestic soybean production suppress the upside [11]. Summary According to the Table of Contents 1. Daily Tips No relevant content provided. 2. Recent News - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans. However, the quantity of China's soybean purchases and the US soybean weather remain uncertain. The US soybean market is strongly volatile above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills also dropped from a high level. Soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - farming profits has led to a low expectation of pig restocking, weakening the demand for soybean meal in November and suppressing its price [13]. - The high inventory of domestic oil mills' soybean meal, the possibility of weather speculation in the US soybean - producing areas, and the China - US trade negotiation agreement have caused soybean meal to maintain a short - term range - bound pattern [13]. 3. Long and Short Concerns Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertain weather in the US soybean - producing areas [14]. - Bearish factors: high arrival volume of domestic imported soybeans in November, the harvest and listing of US soybeans, and the continuous expectation of a US soybean bumper harvest [14]. Soybeans - Bullish factors: cost support from imported soybeans and the expected increase in domestic soybean demand [15]. - Bearish factors: a bumper harvest of Brazilian soybeans and an expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 3010, with a basis of - 61, indicating a discount to the futures. The oil mill's soybean meal inventory is 115300 tons, a 9.33% increase from last week and a 17.16% increase year - on - year [9]. - **Soybeans**: The spot price is 4100, with a basis of - 29, a discount to the futures. The oil mill's soybean inventory is 710790 tons, a 5.39% decrease from last week but a 29.06% increase year - on - year [11]. - **Global Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, production, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [32]. - **Domestic Soybean Supply - Demand Balance**: From 2015 to 2024, the harvest area, production, and total supply changed, and the inventory - to - consumption ratio also fluctuated [33]. 5. Position Data - **Soybean Meal**: The main short positions decreased, and funds flowed in [9]. - **Soybeans**: The main short positions decreased, and funds flowed out [11]. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal - The market focuses on the impact of US soybean harvest weather and the follow - up of the China - US trade negotiation agreement. The short - term outlook is neutral, and it is expected to maintain a range - bound pattern [9]. Soybeans - The market focuses on the impact of US soybean weather and the China - US trade tariff game. The short - term view is neutral, and it is likely to oscillate within a certain range [11].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The short - term US soybean market is supported by China's soybean purchases, but uncertainties in purchase volume and good harvesting weather limit its upside. The domestic soybean meal market is driven by US soybeans and maintains a range - bound pattern due to factors such as high - level arrivals of imported Brazilian soybeans and short - term demand being in the off - season [9]. - The domestic soybean market is affected by the price of US soybeans. The cost of imported soybeans and the expected increase in domestic soybean demand support the price floor, while the high - level arrivals of imported soybeans and the expected increase in domestic soybean production limit its upside [11]. Summary by Relevant Catalogs 1. Daily Tips No specific content provided in the text. 2. Recent News - The preliminary agreement in Sino - US tariff negotiations is short - term positive for US soybeans, but uncertainties in China's purchase volume and US soybean weather remain. The US soybean market is oscillating strongly above the 1000 - point mark and awaits further guidance on soybean growth, harvesting, and Sino - US trade negotiations [13]. - The arrival volume of imported soybeans in China decreased in November, and the soybean inventory of oil mills declined from a high level. Affected by the normal harvesting weather of US soybeans and the preliminary Sino - US trade agreement, soybean meal has returned to a range - bound pattern [13]. - The reduction in domestic pig - farming profits has led to low expectations for pig restocking, weakening the demand for soybean meal in November and suppressing its price. The market is in a range - bound pattern under the cross - influence of US soybean trends and the off - season demand [13]. - The high - level inventory of domestic oil mills' soybean meal, the potential for weather speculation in US soybean - producing areas, and the Sino - US trade agreement have caused soybean meal to maintain a short - term range - bound pattern, awaiting further guidance on US soybean production and the follow - up of Sino - US trade negotiations [13]. 3. Bullish and Bearish Concerns Bullish Factors - For soybean meal: Slow customs clearance of imported soybeans, low inventory pressure of domestic oil mills' soybean meal, and uncertainties in US soybean - producing area weather [14]. - For soybeans: Cost support from imported soybeans for the domestic soybean market, and expected increase in domestic soybean demand [15]. Bearish Factors - For soybean meal: High - level arrival volume of imported soybeans in November and the expected high yield of US soybeans due to the harvest and good weather [14]. - For soybeans: High yield of Brazilian soybeans and China's increased purchases of Brazilian soybeans, as well as the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal**: The spot price is 3000 (in East China), with a basis of - 58, indicating a discount to the futures price. The inventory of oil mills' soybean meal is 115.3 million tons, a 9.33% increase from last week and a 17.16% increase from the same period last year [9]. - **Soybeans**: The spot price is 4100, with a basis of - 18, showing a neutral situation. The inventory of oil mills' soybeans is 710.79 million tons, a 5.39% decrease from last week but a 29.06% increase from the same period last year [11]. 5. Position Data - **Soybean Meal**: The short positions of the main players increased, and funds flowed in [9]. - **Soybeans**: The short positions of the main players increased, and funds flowed out [11]. 6. Soybean Meal and Soybean Views and Strategies Soybean Meal (M2601) - It is expected to oscillate in the range of 3020 - 3080. The market is affected by the trend of US soybeans, with demand in the short - term off - season and the spot price discount limiting the upward movement of the futures price. The overall view is neutral [9]. Soybeans (A2601) - It is expected to oscillate in the range of 4060 - 4160. The market is influenced by the price of US soybeans, with the cost of imported soybeans and expected increase in domestic demand supporting the price floor, while high - level arrivals of imported soybeans and expected increase in domestic production limit its upside. The overall view is neutral [11].