1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For soybean meal futures, the mid - term trend is in a wide - range oscillation pattern due to the game between cost support and supply pressure. The price is affected by factors such as the recovery of domestic oil mill operating rates, downstream aquaculture profit losses, rising imported soybean prices, and downstream feed companies' replenishment needs [6]. - For soybean oil futures, the mid - term trend is in a relatively strong oscillation pattern. Although the supply is becoming more abundant and the downstream consumption is slow to recover, the price is supported by geopolitical conflicts in the Middle East and the expected strengthening of US biodiesel policies [29]. 3. Summary According to the Directory 3.1 Soybean Meal Futures 3.1.1 Mid - line Market Analysis - Mid - line trend: The soybean meal main contract is in a wide - range oscillation stage. The domestic oil mill operating rate has recovered, and the supply of soybean meal is becoming more abundant. However, downstream aquaculture profit losses lead to cautious purchases by feed companies, resulting in continuous light spot transactions. At the same time, imported soybean prices are rising, and downstream feed companies' rigid demand for replenishment supports the price [6]. - Trend judgment logic: In the 9th week, the actual soybean crushing volume of oil mills was 588,600 tons, the operating rate was 16.19%, and the soybean meal inventory was 701,200 tons [6]. - Mid - line strategy suggestion: Pay attention to South American weather changes, US tariff policies, and domestic aquaculture demand [6]. 3.1.2 Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was in an upward channel, and the funds were relatively bearish. The M2605 was expected to be in an oscillation pattern in the short term, with an expected operating range of 2730 - 2900 [9]. - This week's strategy suggestion: The overall trend of soybean meal futures prices is in an upward channel, and the funds are slightly bearish. In the short term, under the transmission of cost support and geopolitical risk premiums, the M2605 may be in a slightly stronger oscillation pattern [10]. 3.1.3 Related Data Situation - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [19][22][25] 3.2 Soybean Oil Futures 3.2.1 Mid - line Market Analysis - Mid - line trend: The soybean oil main contract is in a relatively strong oscillation stage. Although the supply is becoming more abundant and the downstream consumption is slow to recover, the price is supported by geopolitical conflicts in the Middle East and the expected strengthening of US biodiesel policies [29]. - Trend judgment logic: In the 9th week, the actual output of soybean oil from 125 oil mills was 111,800 tons, and the commercial inventory of soybean oil in key regions across the country was 913,300 tons [29]. - Mid - line strategy suggestion: Pay attention to US biodiesel policies, crude oil trends, and domestic demand [29]. 3.2.2 Variety Trading Strategy - Last week's strategy review: Supported by geopolitical risk premiums and biodiesel policies, but the high inventory suppresses the upward space. In the short term, the Y2605 may show a slightly stronger oscillation pattern. Pay attention to crude oil price fluctuations and inventory destocking rhythms [32]. - This week's strategy suggestion: Under the emotional support of geopolitical conflicts and the expected US biodiesel policy, the Y2605 may be mainly in a slightly stronger oscillation pattern in the short term. Pay attention to the progress of the US - Iran situation and crude oil price fluctuations [33]. 3.2.3 Related Data Situation - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, and weekly operating rate. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [43][48][50][56]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Supply: USDA estimates the ending inventory of US soybeans in the 25/26 season to be 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised down. Exports depend on Sino-US policies. As of the week of October 18, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 21.7%, up from 11.1% last week and 17.6% in the same period last year, with a five-year average of 27.7%. Recently, there has been dry weather in Brazilian soybean-producing areas, but its persistence is not strong, and the expected impact is limited. Domestic soybean meal is expected to start destocking in November, but the supply in the fourth quarter is still expected to be loose. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [7][8]. - Demand: Livestock and poultry are expected to maintain high inventories in the short term, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading volume of soybean meal is normal, and the pick - up is good [8]. - Inventory: Domestic soybean and soybean meal inventories are at a high level compared to the same period in history, and the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8]. - Overall: Before the Sino - US meeting, due to the hedging demand for policy uncertainty, short - covering led to a rebound, but the overall oscillating trend has not changed. Attention should be paid to the progress of Sino - US trade negotiations and changes in South American weather [8]. 3. Summary by Related Content 3.1 Basis and Spread Data - **Basis**: On October 24, 2025, the basis of the soybean meal main contract in Dalian was 87, up 25; in Tianjin, it was 67, up 25; in Rizhao, it was 87, up 45. The basis of 43% soybean meal spot in Zhangjiagang was 27, up 25; in Dongguan, it increased by 25; in Zhanjiang, it was 47, up 25; in Fangcheng, it was 27, up 15. The basis of rapeseed meal spot in Guangdong was 64. The M1 - 5 spread was 165, down 3, and the M1 - RM1 spread was 475, up 26 [6]. - **Spread**: The spot spread of soybean meal - rapeseed meal in Guangdong was 300, and the spread of the main contract was 608, up 9. The RM1 - 5 spread was 1.500, up 25, down 2 [7]. 3.2 Exchange Rate, Crushing Margin and Premium Data - The US dollar to RMB exchange rate was 7.0847, unchanged. The crushing margin of imported soybeans was - 231.00 yuan/ton [7]. - The CNF premium of Brazilian soybeans in different months in 2025 showed different trends, and the premium of Brazilian soybeans in some months was in the range of 210 - 420 cents per bushel [7]. 3.3 Inventory and Supply - Demand Data - **Inventory**: Domestic soybean and soybean meal inventories are at a high level compared to the same period in history, and the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8]. - **Supply - demand**: In the supply side, the US soybean ending inventory and yield expectations may change, and the Brazilian soybean planting rate has increased, but the weather impact is limited. In the demand side, short - term livestock and poultry inventories are high, but breeding profits are in a loss state. The downstream trading volume of soybean meal is normal, and the pick - up is good [7][8].

Group 1: Report Industry Investment Rating - No specific report industry investment rating is provided in the content. Group 2: Core View of the Report - From October 24th to 27th, it is expected that China and the US will meet in Malaysia. Due to risk - aversion needs and poor domestic ship - buying and crushing margins, short - sellers significantly reduced their positions today, leading to a rebound in the futures market. The M01 contract is expected to remain volatile, and it is recommended to wait and see or take short - long positions [9]. Group 3: Summary by Related Catalogs 1. Basis and Spread Data - On October 23rd, the basis of the soybean meal main contract in Dalian was 62, with a decrease of 33; in Tianjin and Rizhao, the 43% soybean meal spot basis (against the main contract) was 42, with a decrease of 33; in Zhangjiagang, it was 2, with a decrease of 13; in Dongguan, it was - 18, with a decrease of 33; in Zhanjiang, it was 22, with a decrease of 33; in Fangcheng, it was 12, with a decrease of 43. The rapeseed meal spot basis in Guangdong was 58, with a decrease of 26 [6]. - The M1 - 5 spread was 168, with an increase of 26; the RM1 - 5 spread was 1500, with an increase of 27; the spot spread between soybean meal and rapeseed meal in Guangdong was 300, and the futures spread of the main contract was 599, with an increase of 21 [6][7]. 2. International and Domestic Data - The US dollar to RMB exchange rate was 7.0837, with a decrease of 20; the Brazilian soybean crushing margin was 265 yuan/ton, with a decrease of 213 [7]. - As of October 14th, the Brazilian soybean sowing rate was 11.1%, higher than 9.1% of the same period last year but lower than the five - year average of 16.9% [9]. 3. Supply and Demand and Inventory Data - Supply: Affected by less rainfall in US soybean - producing areas after August, the USDA's estimated yield per acre of US soybeans in the 2025/26 season (53.5 bushels/acre) may still be revised down. Due to the US government shutdown, the USDA crop growth report was delayed. Brazilian soybean planting has started, and the early - sowing work is going smoothly. In October, domestic soybean arrivals are expected to increase, and the domestic soybean supply in the fourth quarter is expected to be loose. If China cannot purchase US soybeans, the soybean meal supply in the first quarter of next year needs to be supplemented, and the source of supplementation is uncertain [8][9]. - Demand: Livestock and poultry are expected to maintain high inventory in the short term, supporting feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The cost - performance of soybean meal is high, and the feed addition ratio is high. The downstream trading volume seems light, but the pick - up is good [9]. - Inventory: Domestic soybean inventory has reached a high level; oil mill soybean meal inventory has decreased, and the number of days of feed enterprises' soybean meal inventory has decreased [9].