Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Protein meals: Night trading of soybean and rapeseed meals showed a strong and volatile trend. The USDA's August supply - demand report led to a decrease in the estimated production of new - crop US soybeans due to a significant reduction in the planting area. The final ending inventory of US soybeans in the 25/26 season decreased, and the price of US soybeans was supported during the critical growth period, providing strong support for the import cost of domestic soybean meal [3]. - Oils: Night trading of rapeseed and palm oils closed up, while soybean oil closed slightly down. The MPOB August report indicated that the actual inventory of Malaysian palm oil was lower than market expectations, and the inventory accumulation was less than expected. Affected by the news of large - scale confiscation of illegal palm plantations in Indonesia, it is expected that oils will show a strong and volatile trend in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures showed that the closing price of soybean oil was 8516, down 18 (-0.21%); palm oil was 9584, up 124 (1.31%); rapeseed oil was 9826, up 69 (0.71%); soybean meal was 3155, up 18 (0.57%); rapeseed meal was 2688, up 39 (1.47%); and peanuts were 8844, up 26 (0.29%) [2]. - **Spreads and Ratios**: Spreads and ratios among different varieties and contract months changed. For example, the Y9 - 1 spread of soybean oil increased from 28 to 32, and the P9 - 1 spread of palm oil increased from - 66 to - 50 [2]. 3.2 International Futures Market - The previous day's closing price of BMD palm oil was 4338 ringgit/ton, unchanged; CBOT soybeans were 1043 cents/bushel, down 2 (-0.22%); CBOT US soybean oil was 53 cents/pound, unchanged; and CBOT US soybean meal was 294 dollars/ton, down 3 (-0.92%) [2]. 3.3 Domestic Spot Market - **Prices and Changes**: Spot prices of various varieties changed. For example, the price of Tianjin first - grade soybean oil increased by 0.46%, and the price of Zhangjiagang 24° palm oil increased by 2.88% [2]. - **Basis and Spreads**: Spot basis and spreads also changed. For example, the basis of Tianjin first - grade soybean oil was 214, and the spread between Guangzhou first - grade soybean oil and 24° palm oil changed from - 540 to - 760 [2]. 3.4 Import and Crushing Profits - Import and crushing profits of different varieties changed. For example, the import and crushing profit of near - month Malaysian palm oil increased from - 250 to - 204, and that of near - month US Gulf soybeans decreased from - 93 to - 185 [2]. 3.5 Warehouse Receipts - The number of warehouse receipts for soybean oil increased from 14,840 to 15,310, while the warehouse receipts for palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts remained unchanged [2]. 3.6 Industry Information - **US Soybean**: As of the week ending August 15, 2025, the US soybean crushing profit was $2.91 per bushel, a 5.8% decrease from the previous week. The average crushing profit in 2024 was $2.44 per bushel, lower than $3.29 per bushel in 2023 [3]. - **Malaysian Palm Oil**: From August 1 - 15, 2025, the yield per unit area of Malaysian palm oil decreased by 1.78% month - on - month, the oil extraction rate increased by 0.51% month - on - month, and the production increased by 0.88% month - on - month [3].

Report Industry Investment Rating - No information about the industry investment rating is provided in the given content. Core Viewpoints of the Report - Internationally, the US soybean crush volume in July reached a six - month high and exceeded market expectations. CBOT soybean prices are in a narrow - range oscillation. Malaysian palm oil exports from August 1 - 15 were strong, with only a slight month - on - month increase in production, and the Malaysian palm oil futures price remained strong. Domestically, the soybean oil inventory continued to rise, and factors like increased exports and the Sino - US trade risk premium supported the soybean oil price. The mid - autumn festival stocking will start at the end of the month, and the progress of the Sino - US game should be followed. The palm oil inventory rose slightly, maintaining a pattern of weak supply and demand, and its futures price mainly follows the cost of the external market. For rapeseed oil, the domestic inventory is on a downward trend. Despite rumors of active far - month transactions of Australian rapeseed, the expectation of tight rapeseed imports remains due to the Sino - Canadian tariff issue [5]. Summary by Relevant Catalogs Macro and Industry News - South American crop expert Dr. Michael Cordonnier maintained the 2025 US soybean yield forecast at 52.5 bushels per acre [2]. - The NOPA's monthly crush report showed that on July 31, 2025, the soybean oil inventory of NOPA members was 1.379 billion pounds, a 0.4% decrease from the end of June and an 8% decrease from the same period last year [2]. - From August 1 - 15, the export volume of Malaysian palm oil increased by 16.5% - 21.3% month - on - month [2]. - As of August 15, 2025, the commercial inventory of soybean oil in key regions across the country was 1.1427 million tons, a 0.44% increase from the previous week [2]. - As of the week ending August 10, the export volume of Canadian rapeseed increased by 864.4% to 254,600 tons compared with the previous week, and the commercial inventory was 940,200 tons [3]. - As of the week ending August 15, the soybean crush volume of major domestic oil mills was 2.34 million tons, with increases compared to the previous week, the previous month, the same period last year, and the average of the past three years [3]. Fundamental Data Charts - No specific content about fundamental data charts is provided other than the title. Views and Strategies - International: The US soybean crush volume in July was high, exceeding expectations. The CBOT soybean price is oscillating narrowly. Malaysian palm oil exports are strong, and its futures price is strong [5]. - Domestic: Soybean oil inventory is rising, and price is supported. Pay attention to the Sino - US game. Palm oil inventory rises slightly, and its price follows the external market. Rapeseed oil inventory is decreasing, and the expectation of tight imports remains [5].

Report Overview - Report Date: August 12, 2025 - Report Cycle: Daily - Research Variety: Beans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On August 12, 2025, the main continuous contract of DCE Bean No.1 futures fluctuated weakly. The opening price was 4,067 yuan/ton, the highest price was 4,073 yuan/ton, the lowest price was 4,015 yuan/ton, and the closing price was 4,034 yuan/ton, down 29 yuan/ton or 0.71% from the previous day. The trading volume was 141,159 lots, and the open interest was 185,359 lots, with a daily increase of 30,232 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,087 | -11 | -0.27% | 62,101 | 47,467 | -24,040 | 0.81% | | A2511 | 4,034 | -29 | -0.71% | 141,159 | 185,359 | 30,232 | 1.43% | | A2601 | 4,031 | -24 | -0.59% | 38,907 | 63,644 | 10,304 | 1.09% | | A2603 | 4,031 | -1 | -0.47% | 5,184 | 25,892 | 377 | 0.94% | [3] 2. Spot Market - Today's basis of Bean No.1 was -14 yuan/ton, and the basis continued to strengthen. The total registered warehouse receipts of Bean No.1 today were 12,865 lots, a decrease of 258 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,054 yuan/ton, a month-on-month increase of 0.17%. In recent days, the spot price of soybeans has continued to rise steadily. Today, the soybean inventory in major ports was 6.8283 million tons, a month-on-month decrease of 0.19%. Currently, the inventory accumulation of port soybeans has slowed down [8][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near - month landed duty - paid prices of imported soybeans showed an overall upward trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4,839.38 yuan/ton, that of Brazilian soybeans was reported at 4,024.47 yuan/ton, and that of Argentine soybeans was reported at 3,867.78 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a steady - to - rising trend [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic soybean meal and rapeseed meal markets are expected to be mainly in a state of oscillatory operation. The short - term upward momentum of soybean meal is limited, and the deep - decline space after the correction is also restricted. Rapeseed meal is likely to follow the soybean meal to oscillate, and its ability to have an independent market is relatively weak. The monthly spread of soybean meal is expected to have some downward pressure, while that of rapeseed meal shows a rebound, but the rebound space is limited. The spread between soybean meal and rapeseed meal is expected to oscillate [8]. - The trading strategy is to expect the market to be mainly in an oscillatory state for single - side trading, suggest expanding the MRM09 spread for arbitrage, and adopt a wait - and - see attitude for options [9]. 3. Summary by Related Catalogs 3.1 Market Review - Today, the US soybean futures showed a slight oscillatory trend with limited market changes. After the previous positive factors were fully reflected, there was some downward pressure recently, and the market gradually stabilized after the decline. The domestic soybean meal futures continued to decline, but the decline narrowed as the absolute price was relatively low and further negative factors were limited. Rapeseed meal also had a limited decline, and the market lacked new themes, continuing to be affected by soybean meal, with subsequent uncertainties remaining. The monthly spread of domestic soybean meal futures also showed a slight oscillation, and the downward space of the monthly spread was limited after the decline of the single - side price narrowed, but the spot pressure still existed. The monthly spread of rapeseed meal showed a rebound trend, mainly because the previous decline was relatively large and the further downward space was limited. However, since the near - term pressure on rapeseed meal was still obvious, the rebound space was expected to be limited [4]. 3.2 Fundamental Analysis International Market - The new US soybean crop is generally bearish, and the upward space is significantly limited after the recent rebound. The new soybean market is mainly characterized by ample supply and limited support. As of the week ending July 27, the good - to - excellent rate of US soybeans reached 70%, up from 68% in the previous week. As of the week ending July 24, the export inspection volume of old US soybean crops was 409,700 tons. The US soybean crushing data in June was good, with the NOPA - caliber soybean crushing volume reaching 185.709 million bushels, a year - on - year increase of 5.76%, and the crushing profit rebounded. - In the previous week, Brazilian farmers accelerated their selling progress, but the overall progress was still relatively slow, and there was still some pressure expected in the future. The Brazilian soybean crushing situation has generally improved recently. The soybean crushing volume in May announced by abiove continued to increase month - on - month. The demand for soybean meal and soybean oil was generally good, and the crushing profit improved overall under the background of the rapid increase in soybean oil prices recently. However, crushing had limited effect on alleviating the supply pressure, and the subsequent demand improvement space was also relatively limited. Due to China's large volume of soybean purchases, Brazil is expected to still have room for export growth, and the market pressure is still relatively obvious. - The domestic soybean crushing volume in Argentina may improve in the future, mainly because the subsequent exports may decrease under the influence of tariffs. However, the current domestic crushing profit in Argentina is average, so the improvement space is still relatively limited. Overall, the supply pressure of the international soybean market is mainly concentrated in South America. Especially when the subsequent crushing in Argentina decreases, soybean exports may become more obvious, and Brazil has a large output, so the pressure remains obvious when the subsequent domestic crushing decreases [5]. Domestic Market - The domestic spot market continued to be in a relatively loose state. The oil refinery operating rate remained at a high level, the market supply was sufficient, the提货量 (pick - up volume) increased accordingly, and the inventory gradually accumulated. The overall spot market trading performance was average. As of July 25, the actual soybean crushing volume of oil refineries was 2.2389 million tons, the operating rate was 62.94%, the soybean inventory was 6.4559 million tons, an increase of 33,500 tons or 0.52% from the previous week, and a year - on - year decrease of 10,700 tons or 0.17%. The soybean meal inventory was 1.0431 million tons, an increase of 44,700 tons or 4.48% from the previous week, and a year - on - year decrease of 302,800 tons or 22.5%. - Recently, the domestic demand for rapeseed meal has continued to show a gradual weakening trend, and the oil refinery operating rate has decreased. However, the overall supply was sufficient, and the inventory of granular rapeseed meal remained at a high level, so the overall supply pressure still existed. Although there was uncertainty in the subsequent supply of rapeseed and rapeseed meal, the demand also weakened, and there was still some near - term pressure. Therefore, rapeseed meal is expected to be mainly in an oscillatory operation. As of the week ending July 25, the rapeseed crushing volume of major coastal oil refineries was 56,000 tons, and the operating rate this week was 14.93%. The rapeseed inventory of major coastal oil refineries was 137,000 tons, a decrease of 25,000 tons from the previous week; the rapeseed meal inventory was 19,000 tons, an increase of 7,000 tons from the previous week [6]. 3.3 Macroeconomic Analysis - The Sino - US negotiations in London have been completed, but the market has not provided much clear information. Due to the lack of clear macro - guidance, the market continues to be worried about the uncertainty of subsequent supply. From the perspective of recent international trade changes, there are still many overall uncertainties. However, as the market gradually stabilizes, the macro - level disturbances are decreasing. Since China still has a high demand for the US soybean market in the long - term, it is not easy to see a sharp decline in the short term, especially in the absence of macro - guidance [7]. 3.4 Price and Spread Data Futures and Spot Basis - For soybean meal futures, the closing prices of contracts 01, 05, and 09 were 3028, 2744, and 2983 respectively, with changes of - 13, - 7, and - 7. The spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao were - 90, - 140, - 140, and - 130 respectively, with changes of 0, 10, 20, and 20 compared to the previous day. - For rapeseed meal futures, the closing prices of contracts 01, 05, and 09 were 2379, 2372, and 2660 respectively, with changes of - 14, 2, and 0. The spot basis in Nantong, Guangdong, and Guangxi were - 140, - 140, and - 150 respectively, with changes of 0, - 20, and - 20 compared to the previous day [4]. Monthly Spread - For soybean meal, the 59 - spread was - 239 (unchanged from the previous day), the 91 - spread was - 45 (an increase of 6 from the previous day), and the 15 - spread was 284 (a decrease of 6 from the previous day). - For rapeseed meal, the 59 - spread was - 288 (an increase of 2 from the previous day), the 91 - spread was 281 (an increase of 14 from the previous day), and the 15 - spread was 7 (a decrease of 16 from the previous day) [4]. Cross - Variety Futures Spread - The spread between soybean meal and rapeseed meal for contract 01 was 649 (an increase of 1 from the previous day), and for contract 09 was 323 (a decrease of 7 from the previous day). The oil - to - meal ratio for contract 01 was 2.704 (an increase of 0.048 from the previous day) [4]. Spot Spread - The spread between soybean meal and rapeseed meal was 604 (an increase of 27 from the previous day), the spread between rapeseed meal and sunflower meal was - 31 (a decrease of 34 from the previous day), and the spread between soybean meal and sunflower meal was 573 (an increase of 3 from the previous day) [4]. 3.5 Soybean Crushing Profit - The report provides the soybean crushing profit data from different origins (Argentina and Brazil) with different shipping dates, including CNF, CBOT price, contract, exchange rate, soybean meal price, soybean oil price, and the corresponding crushing profits (both on - the - spot and in the futures market) and their changes compared to the previous day [10].

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The domestic soybean meal futures market is showing a strong upward trend, but the continuous upward space for US soybeans is limited, so the upward space for soybean meal is also expected to be limited. Given the large subsequent export pressure from Brazil and the good weather conditions in US soybean-producing areas, the rebound space for the futures market is also expected to be limited [7]. - The fundamental situation of rapeseed meal has changed little recently. Due to concerns about future supply and the current price already reflecting potential supply shortages, it is expected that rapeseed meal will not show a significantly strong trend. The narrowing space for the price difference between soybean meal and rapeseed meal is limited, and after this round of price increases, rapeseed meal may still face some pressure, with the price difference expected to widen overall [7]. 3. Summary by Relevant Catalogs Market Review - Today, the US soybean futures market showed a significant upward trend. Although there was no clear driving factor, the previous sharp decline had fully reflected the negative factors. After a marginal improvement in demand, the domestic soybean meal futures market also showed a significant increase, mainly driven by cost factors. The domestic rapeseed meal futures market also rose significantly, influenced by the increase in soybean meal prices and concerns about future supply shortages due to Canada's tariff increase on Chinese steel [4]. - The monthly price difference of domestic soybean meal futures showed a strengthening trend, while rapeseed meal remained strongly supported. Overall, the market is still worried about the future supply of rapeseed and rapeseed meal, but the current prices have already fully reflected these concerns, making further price increases difficult [4]. Fundamental Analysis - **International Market**: The adjustment of the new US soybean balance sheet is generally negative. Although US soybean exports were lowered, soybean crushing was increased, resulting in a slight increase in ending stocks. As of the week ending July 13, the good-to-excellent rate of US soybeans reached 70%. As of the week ending July 10, the export inspection volume of old US soybeans was 147,000 tons. The soybean crushing data for June in the US was good, with the NOPA's soybean crushing volume reaching 185.709 million bushels, a year-on-year increase of 5.76%, and the crushing profit rebounded [5]. - **South America**: Brazilian farmers' selling progress has been relatively slow, and the overall selling progress is at a historically low level for this period. Recently, the selling progress has continued to slow down, and price pressure is starting to show. The recent soybean crushing volume in Brazil has decreased. Although the soybean crushing volume in April, as reported by abiove, was relatively good, the crushing profit remained relatively low. Due to large Chinese purchases, the domestic crushing profit in Brazil has weakened. In this context, Brazil may further increase its soybean exports [5]. - **Argentina**: The domestic soybean crushing volume in Argentina may improve in the future. Although the previous crushing volume decreased due to capacity constraints, the prices of terminal products have begun to stabilize, and soybean exports may increase [5]. - **Domestic Market**: The domestic spot market for soybean meal remains relatively loose. The operating rate of oil mills has continued to increase, leading to sufficient market supply and increased提货量. Inventory has gradually accumulated, but the overall spot market transactions have been average, and the market's acceptance of current prices is also average. As of July 11, the actual soybean crushing volume of oil mills was 2.2954 million tons, with an operating rate of 64.52%. The soybean inventory was 6.5749 million tons, an increase of 210,900 tons from the previous week, or 3.31%, and a year-on-year increase of 661,400 tons, or 11.18%. The soybean meal inventory was 886,200 tons, an increase of 63,800 tons from the previous week, or 7.76%, and a year-on-year decrease of 333,100 tons, or 27.32% [6]. - **Rapeseed Meal**: The domestic demand for rapeseed meal has recently shown a gradual weakening trend. Although the operating rate of oil mills has decreased, the overall supply remains sufficient. With the decline in demand and the high level of granular rapeseed meal, there is still supply pressure. Although there is uncertainty about the future supply of rapeseed and rapeseed meal, demand has also weakened, and there is still some pressure in the short term. Therefore, it is expected that rapeseed meal will mainly fluctuate [6]. Macro Analysis - The Sino-US negotiations in London have been completed, but the market has not received clear information. Due to the lack of clear macro guidance, the market continues to be concerned about the uncertainty of future supply. Although there are still many uncertainties in international trade, as the market gradually stabilizes, macro disturbances are decreasing. However, since China's long-term demand for US soybeans remains high, the price is unlikely to drop significantly in the short term, especially in the absence of macro guidance [7]. Trading Strategies - **Single Position**: Hold a wait-and-see attitude [8]. - **Arbitrage**: Conduct a reverse spread on RM91 [8]. - **Options**: Hold a wait-and-see attitude [8].

Group 1: Report Overview - Report Title: "Commodity Research Institute Agricultural Product Research Report - Meal Daily Report" [1][2] - Report Date: July 16, 2025 [2] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - Not provided in the report Group 3: Core Views - The US soybean new - crop balance sheet adjustment is overall bearish, with a slight increase in ending stocks. The domestic soybean meal and rapeseed meal markets lack clear drivers, and the markets are mainly in a narrow - range oscillation. The rapeseed meal market has concerns about future supply, but there are also uncertainties [4][5][7] - The international soybean market has supply pressure, mainly from South America. The domestic soybean meal spot is relatively loose, and the rapeseed meal demand is gradually weakening [5][6] - Macro - level information is unclear, and the short - term decline of the soybean market is limited. The soybean meal and rapeseed meal spreads are expected to widen, and the spreads between different contract months may face pressure [7] Group 4: Market Review - The US soybean futures showed a slight upward trend. The domestic soybean meal and rapeseed meal futures generally declined slightly. The soybean meal inter - month spreads continued to decline, while the rapeseed meal spreads were relatively stable [4] Group 5: Fundamental Analysis International Market - The US soybean new - crop balance sheet adjustment is bearish. As of July 13, the good - to - excellent rate of US soybeans reached 70%. The US soybean exports were lowered, but the crushing was raised, and the ending stocks slightly increased. The Brazilian farmers' selling progress is slow, and the recent selling has further slowed down. The Brazilian soybean crushing has decreased, and the Argentine domestic crushing may improve, but soybean exports may increase [5] Domestic Market - The domestic soybean meal spot market is relatively loose, with increasing oil - mill operating rates, sufficient supply, and increasing inventory. The rapeseed meal demand is gradually weakening, and although the supply is also uncertain, it is expected to be in a range - bound operation [6] Group 6: Macro - level Analysis - The Sino - US negotiation in London has ended without clear information. The market has concerns about future supply uncertainty. The international trade has many uncertainties, and the soybean market is not likely to decline significantly in the short term [7] Group 7: Logic Analysis - The domestic soybean meal futures oscillate in a narrow range, supported by future supply uncertainty. The US soybean futures have limited decline and rebound space. The inter - month spreads may face pressure but have limited decline space. The rapeseed meal is affected by supply uncertainty, and the spread between soybean meal and rapeseed meal is expected to widen [7] Group 8: Trading Strategies - Unilateral: Wait and see [8] - Arbitrage: RM91 reverse arbitrage [8] - Options: Wait and see [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The impact of the latest USDA report on the soybean market is neutral, with short - term CBOT soybean futures expected to maintain a bottom - oscillating trend. Domestic soybean meal futures show a pattern of near - term weakness and long - term strength, and the spot price of soybean meal will remain in a bottom - oscillating pattern in the short term. [18][19] - For the pig market, short - term supply decreases, supporting a short - term rebound in pig futures prices. However, due to increased medium - term supply expectations and weak demand, the increase in spot prices is limited, and the overall trend is expected to be oscillating. [20] 3. Summary by Related Catalogs 3.1 Market Overview - DCE soybean meal main contract 2509 closed flat, with coastal mainstream oil mills' quotes up 10 - 30 yuan/ton in some areas. DCE live pig main contract 2509 decreased by 5 yuan/ton. The national average ex - factory price of outer three - yuan live pigs rose by 0.19 yuan/kg. Overnight CBOT US soybean main contract rose 0.22%. [2] 3.2 Weather in Main Producing Areas - There will be rainfall in some parts of the US Midwest in the next few days, which may help improve crop growth. Warm and humid weather can benefit crop growth in many areas, but some regions may not want more rain, while drier areas may welcome precipitation. [3][4] 3.3 Macroeconomic and Industry News - The USDA adjusted the 2025 US soybean planting area to 83.38 million acres, lower than previous estimates, and the soybean inventory on June 1 was 1.008 billion bushels, higher than expected. [5] - On July 1, the import cost of US, Brazilian, and Argentine soybeans decreased by 14 yuan. [5] - On June 30, the national main oil mills' soybean meal transactions decreased, and the overall oil mill startup rate decreased by 1.28%. [5] - As of the week ending June 27, 2025, the US soybean crushing profit decreased by 8% week - on - week. [6] - The US soybean's excellent - good rate is 66%, lower than expected; the emergence rate is 94%; the flowering rate is 17%; and the pod - setting rate is 3%. [6] - As of June 27, 2025, coastal oil mills' rapeseed inventory increased, rapeseed oil inventory decreased, and unexecuted contracts decreased. [6] - It is estimated that the national main oil mills' soybean crushing volume in June and July will reach about 10 million tons. [7] - In the 26th week of 2025, the national main oil mills' soybean and soybean meal inventories increased, unexecuted contracts decreased, and the apparent consumption of soybean meal decreased slightly. [7] - Since the beginning of this year, pig prices have been stable with a downward trend. It is expected that pig prices will remain stable and fluctuate within a narrow range in the second half of the year. [8] - The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from May. [8] 3.4 Data Charts - The report provides charts on the prices of soybean meal in Zhangjiagang and DCE soybean meal futures, soybean meal basis, rapeseed meal prices in Nantong and CZCE rapeseed meal futures, rapeseed meal basis, live pig prices in Henan and DCE live pig futures, live pig basis, Chinese soybean inventory, and Chinese soybean meal inventory. [11][12][14][17] 3.5 Analysis and Strategies - For soybean meal, the USDA report has a neutral impact. CBOT soybean futures will maintain a bottom - oscillating trend in the short term. Domestic soybean meal futures are in a pattern of near - term weakness and long - term strength, and the spot price will remain at the bottom in the short term. [18][19] - For live pigs, short - term supply decreases, supporting a short - term rebound in futures prices. However, due to increased medium - term supply expectations and weak demand, the increase in spot prices is limited, and the overall trend is oscillating. [20]

Report Date - The report is dated May 7, 2025 [1] Industry Investment Ratings - Not provided Core Views - The report provides an analysis of the soybean oil and palm oil markets, stating that soybean oil is in a process of bottom - seeking with oscillations and is relatively strong among varieties, while palm oil is short - term weak with support below [2][3] Summary by Relevant Catalogs 1. Fundamental Tracking Futures Data - Palm oil主力: Closing price (day session) is 7,974 yuan/ton with a decline of 2.14%, closing price (night session) is 7,912 yuan/ton with a decline of 0.78%. Trading volume is 549,475 lots, an increase of 45,312 lots, and open interest is 367,565 lots, an increase of 20,597 lots [2] - Soybean oil主力: Closing price (day session) is 7,760 yuan/ton with a decline of 0.92%, closing price (night session) is 7,746 yuan/ton with a decline of 0.18%. Trading volume is 299,059 lots, an increase of 12,309 lots, and open interest is 583,917 lots, an increase of 1,935 lots [2] - Rapeseed oil主力: Closing price (day session) is 9,216 yuan/ton with a decline of 0.87%, closing price (night session) is 9,236 yuan/ton with an increase of 0.22%. Trading volume is 299,742 lots, an increase of 9,457 lots, and open interest is 280,976 lots, an increase of 4,397 lots [2] Spot Data - Palm oil (24 - degree, Guangdong): Spot price is 8,620 yuan/ton, a decrease of 130 yuan/ton [2] - First - grade soybean oil (Guangdong): Spot price is 8,140 yuan/ton, a decrease of 60 yuan/ton [2] - Fourth - grade imported rapeseed oil (Guangxi): Spot price is 9,270 yuan/ton, a decrease of 50 yuan/ton [2] Basis Data - Palm oil (Guangdong): Spot basis is 646 yuan/ton [2] - Soybean oil (Guangdong): Spot basis is 380 yuan/ton [2] - Rapeseed oil (Guangxi): Spot basis is 54 yuan/ton [2] Spread Data - Rapeseed - palm oil futures main contract spread: 1,242 yuan/ton, compared to 1,149 yuan/ton two trading days ago [2] - Soybean - palm oil futures main contract spread: - 214 yuan/ton, compared to - 316 yuan/ton two trading days ago [2] - Palm oil 5 - 9 spread: 456 yuan/ton, compared to 468 yuan/ton two trading days ago [2] - Soybean oil 5 - 9 spread: 140 yuan/ton, compared to 150 yuan/ton two trading days ago [2] - Rapeseed oil 5 - 9 spread: 24 yuan/ton, compared to 9 yuan/ton two trading days ago [2] 2. Macro and Industry News - In Myanmar, the wholesale reference price of palm oil in the Yangon market dropped from 6,735 kyats per viss (about 1.5 kg) last week (April 28 - May 4) to 6,700 kyats per viss as of the week ending May 11. The Ministry of Commerce is taking measures to control prices. Myanmar's annual palm oil consumption is about 1 million tons, local production is about 400,000 tons, and it imports about 700,000 tons from Malaysia and Indonesia [3][4] - As of the week ending May 2, 2025, the U.S. soybean crushing profit was $2.16 per bushel, a 5.3% decline from the previous week. The average crushing profit in 2024 was $2.44 per bushel, lower than $3.29 per bushel in 2023 [4] - Brazilian farmers plan to expand the soybean planting area in the main planting areas by about 500,000 hectares in the 2025/26 season starting in September. The current - season soybean planting area reached a record 47.8 million hectares, and the harvest was 172.1 million tons [4] - From April 28 to May 2, the soybean crushing profit in Mato Grosso state, Brazil, was 623.09 reais/ton, down from 643.31 reais/ton the previous week [5] - As of May 4, the EU's 2024/25 palm oil imports were 2.43 million tons (compared to 2.96 million tons in the same period last year), soybean imports were 11.73 million tons (compared to 10.92 million tons last year), and rapeseed imports were 5.68 million tons (higher than 5 million tons last year) [5] - In 2024, Germany produced about 3.6 million tons of biodiesel, an increase of 100,000 tons year - on - year. Over half of the raw materials came from rapeseed, and about 1.45 million tons of rapeseed oil was processed into biodiesel, approximately equivalent to the 2024 rapeseed harvest [6] 3. Trend Intensity - Palm oil trend intensity: 0; Soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]

Report Industry Investment Ratings - Soybean (Bean 1): Neutral (indicated by 'ななな') [1] - Soybean Meal: Bullish (indicated by '☆☆☆') [1] - Soybean Oil: Bullish (indicated by '☆☆☆') [1] - Palm Oil: Neutral (indicated by 'ななな') [1] - Rapeseed Meal: Neutral (indicated by 'ななな') [1] - Rapeseed Oil: Bullish (indicated by '☆☆☆') [1] - Corn: Bullish (indicated by '☆☆☆') [1] - Live Pigs: Bearish (indicated by '★☆☆') [1] - Eggs: Bearish (indicated by '★☆★') [1] Core Viewpoints - The supply pattern of imported soybeans will shift from tight to loose in the short term, and attention should be paid to policy and supply - demand changes [2][3][4] - The price of soybean meal futures will be relatively strong in the short - term, but its upward momentum will weaken when the procurement of Brazilian soybeans accelerates and North American weather risks decrease [3] - The price of edible oils will fluctuate repeatedly due to factors such as low procurement progress of third - quarter soybean shipments in China and the palm oil production cycle [4] - The downward space of rapeseed meal is limited, and it will mainly fluctuate, and attention should be paid to Sino - US - Canada trade policies [6] - Corn futures may oscillate downward after the release of grain sources, and it is advisable to wait and see for now [7] - The supply of live pigs will increase in the future, and attention should be paid to the decline space of spot prices [8] - Egg prices are expected to be bearish in the long - term due to factors such as seasonal weakness and increasing production capacity [9] Summary by Related Catalogs Soybean - The price of domestic soybean futures main contract is falling, and there is a short - term supply pattern shift of imported soybeans from tight to loose. Pay attention to policy and supply - demand changes [2] Soybean & Soybean Meal - Soybean meal is reducing positions and prices are falling. The supply pattern will shift from tight to loose after May Day. The futures price of soybean meal will be relatively strong in the short - term [3] Soybean Oil & Palm Oil - Before the May Day holiday, domestic soybean and cotton oil are reducing positions and prices are falling. The supply pattern of imported soybeans will change, and the price of edible oils will fluctuate repeatedly [4] Rapeseed Meal & Rapeseed Oil - After the May Day holiday, the soybean shortage situation will ease. The downward space of rapeseed meal is limited, and it will mainly fluctuate. Pay attention to Sino - US - Canada trade policies [6] Corn - The supply of corn at Shandong deep - processing enterprises is low, and the port inventory pressure has decreased. Corn futures may oscillate downward after the release of grain sources, and it is advisable to wait and see [7] Live Pigs - The price of live pig futures has fallen significantly. The supply of live pigs will increase in the future, and attention should be paid to the decline space of spot prices [8] Eggs - The spot price of eggs is falling steadily, and the futures price is adjusting. Egg prices are expected to be bearish in the long - term due to seasonal and production - capacity factors [9]