交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-01-08 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 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 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2780至2840区间震荡 1.基本面：美豆震荡回升，中国继续采购美国大豆和技术性震荡整理，美豆短期回归震荡等 待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕震荡回 升，美豆带动和需求改善交互影响，年底需求逐渐进入旺季和现货价格升水支撑盘面， 消息面多空交织短期或维持震荡格局。中性 2.基差：现货3110（华东），基差299，升水期货。偏多 3.库存：油厂豆粕库存117.02万吨，上周116.76万吨，环比增加0.22%，去年同期68.36万吨， 同比增加71. ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2026-01-07 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 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 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2740至2800区间震荡 1.基本面：美豆震荡回落，南美大豆丰产预期压制盘面和技术性震荡整理，美豆短期回归震 荡等待中美贸易协议执行后续和南美大豆产区生长和收割天气进一步指引。国内豆粕震 荡回升，美豆带动和需求改善交互影响，年底需求逐渐进入旺季和现货价格升水支撑盘 面，消息面多空交织短期或维持震荡格局。中性 2.基差：现货3070（华东），基差294，升水期货。偏多 3.库存：油厂豆粕库存117.02万吨，上周116.76万吨，环比增加0.22%，去年同期68.36万吨， 同比增加7 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report 2.1. Views and Strategies for Soybean Meal - Soybean meal M2605 is expected to oscillate between 2730 and 2790. The market is influenced by factors such as the increase in US soybean exports, technical adjustments, short - term improvement in demand, and the discount of spot prices. It is expected to maintain a short - term oscillatory pattern, with a neutral outlook. The basis is positive, but the inventory is high, the price is below the 20 - day moving average, and the main short positions are decreasing with capital inflow. Overall, it is expected to be short - term oscillatory and weak [9]. 2.2. Views and Strategies for Soybeans - Soybean A2605 is predicted to fluctuate between 4060 and 4160. The market is affected by China's increased procurement of US soybeans, technical adjustments, the cost - performance advantage of domestic soybeans over imported ones. It is also influenced by the follow - up implementation of the China - US trade agreement and the arrival of imported Brazilian soybeans. The outlook is neutral. The basis is neutral, the inventory is high, the price is below the 20 - day moving average, and the main short positions are increasing with capital inflow. The cost - performance advantage of domestic soybeans supports the bottom, but the high - volume arrival of imported soybeans and domestic soybean production growth suppress the price [11]. 3. Summary According to the Table of Contents 3.1. Daily Hints - Not explicitly presented in the provided content 3.2. Recent News - The preliminary agreement on China - US tariff negotiations is short - term positive for US soybeans, but the quantity of China's procurement and US soybean weather are uncertain. The US soybean market is oscillating strongly above 1000 points in the short term. The arrival of imported soybeans in China decreased in December, while the inventory of oil - mill soybeans remained high. The planting and growing weather of South American soybeans is relatively normal, and soybean meal has returned to a range - bound oscillation. The decrease in domestic pig - farming profits has led to low expectations for pig restocking, but the increase in soybean meal demand in December has supported the price. The high inventory of domestic oil - mill soybean meal, the possibility of weather speculation in the US soybean - producing area, and the impact of the preliminary China - US trade agreement have led to a short - term range - bound oscillation of soybean meal, awaiting further guidance on US soybean production and the follow - up of China - US trade negotiations [13]. 3.3. Bullish and Bearish Concerns 3.3.1. Soybean Meal - Bullish factors: The preliminary agreement on China - US trade negotiations is short - term positive for US soybeans; there is no pressure on the inventory of domestic oil - mill soybean meal; there are still uncertainties in the weather of US and South American soybean - producing areas [14]. - Bearish factors: The total arrival of imported soybeans in China remained high in December; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. 3.3.2. Soybeans - Bullish factors: The cost of imported soybeans supports the bottom of the domestic soybean market; the expectation of increased demand for domestic soybeans supports the price [16]. - Bearish factors: The bumper harvest of Brazilian soybeans and China's increased procurement of Brazilian soybeans; the increase in the output of new - season domestic soybeans suppresses the price expectation [16]. 3.4. Fundamental Data 3.4.1. Price and Transaction Data - From December 16th to 24th, the trading average price of soybean meal fluctuated between 3102 and 3138, and the trading volume was between 3.55 and 18.45 million tons. The trading average price of rapeseed meal was between 2490 and 2520, and the trading volume was 0 [17]. - From December 17th to 24th, the prices of soybean futures and soybean meal futures fluctuated, and the prices of soybean and soybean meal spot remained relatively stable [19]. 3.4.2. Supply and Demand Balance Sheet - Global soybean supply and demand balance sheet shows that from 2015 to 2024, the harvest area, output, and total supply generally increased, while the inventory - to - consumption ratio also showed an upward trend [32]. - Domestic soybean supply and demand balance sheet shows that from 2015 to 2024, the harvest area, output, and import volume generally increased, and the inventory - to - consumption ratio also increased [33]. 3.4.3. Planting and Harvesting Progress - In the 2023/24 season, the sowing and harvesting progress of Argentine soybeans was generally in line with the five - year average [34]. - In 2024, the sowing, growing, and harvesting progress of US soybeans showed different trends compared with the previous year and the five - year average [35][36][37][38]. - In the 2024/25 season, the planting and harvesting progress of Brazilian and Argentine soybeans was compared with the previous year and the five - year average [39][40][41]. - In the 2025/26 season, the planting progress of Brazilian and Argentine soybeans was compared with the previous year and the five - year average [42][43]. 3.5. Position Data - Not provided in the report 3.6. Other Data and Information - The weekly export inspection of US soybeans decreased both month - on - month and year - on - year [45]. - The arrival of imported soybeans increased slightly in December, showing an overall year - on - year growth [47]. - The inventory of oil - mill soybeans remained high, while the inventory of soybean meal decreased from a high level. The unexecuted contracts of oil mills rebounded to a high level, and the stocking demand increased. The soybean crushing volume of oil mills remained at a relatively high level, and the output of soybean meal in October increased year - on - year. The import cost of Brazilian soybeans decreased with the oscillation of US soybeans, and the market profit fluctuated slightly [48][50][52][53]. - The pig inventory continued to rise, the sow inventory was flat year - on - year and decreased slightly month - on - month. The pig price fluctuated slightly recently, and the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs fluctuated slightly. The domestic pig - farming profit fluctuated slightly [55][57][59][61].

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-12-23 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 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 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2605：2720至2780区间震荡 1.基本面：美豆震荡收涨，油脂反弹带动和技术性震荡整理，美豆短期回归震荡等待中美贸 易协议执行后续和南美大豆产区种植天气进一步指引。国内豆粕窄幅震荡，美豆走势带 动和技术性震荡整理，需求短期改善和现货价格贴水压制盘面交互影响，短期或维持震 荡格局。中性 2.基差：现货3020（华东），基差279，升水期货。偏多 3.库存：油厂豆粕库存109.69万吨，上周116.19万吨，环比减少5.59%，去年同期64.02万吨， 同比增加71.34%。偏空 4.盘面：价 ...

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 2025-12-22 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 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 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。 ✸豆粕观点和策略 豆粕M2605：2720至2780区间震荡 1.基本面：美豆震荡回落，巴西大豆丰产预期和中国采购美豆数量不及美国预期，美豆短期 回归震荡等待中美贸易协议执行后续和南美大豆产区种植天气进一步指引。国内豆粕震 荡回落，美豆走势带动和技术性震荡整理，需求短期改善和现货价格贴水压制盘面交互 影响，短期或维持震荡格局。中性 2.基差：现货3010（华东），基差275，升水期货。偏多 3.库存：油厂豆粕库存109.69万吨，上周116.19万吨，环比减少5.59%，去年同期64.02万吨， 同比增加71.34%。 ...

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 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。 豆粕早报 2025-12-02 交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 豆粕M2601：3020至3080区间震荡 1.基本面：美豆冲高回落，中国大豆供应充裕市场质疑中国采购美豆数量能否达到预期，美 豆短期偏强震荡等待中美贸易协议执行后续和南美大豆产区种植天气进一步指引。国内 豆粕冲高回落，美豆走势带动和技术性震荡整理，需求短期改善和现货价格贴水压制盘 面反弹高度，短期或维持震荡格局。中性 2.基差：现货3020（华东），基差-19，贴水期货。中性 3.库存：油厂豆粕库存99.29万吨，上周115.3万吨，环比减少13.89%，去年同期77.86万吨， 同比增加27.52 ...

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - **For Soybean Meal (M2601)**: The price is expected to oscillate between 3040 and 3100. The short - term trend is influenced by the US soybean market. Although China's purchase of US soybeans supports the short - term US soybean price, uncertainties remain in the purchase volume and the US soybean harvest weather. Domestically, the high arrival volume of imported Brazilian soybeans and the current situation of demand and inventory lead to a short - term oscillatory pattern [9]. - **For Soybeans (A2601)**: The price is expected to fluctuate between 4060 and 4160. The short - term trend is affected by the US soybean market, the cost of imported soybeans, and the supply - demand situation of domestic soybeans. The cost of imported soybeans supports the bottom of the domestic soybean price, while the high arrival volume of imported soybeans and the expected increase in domestic soybean production suppress the upward movement [11]. Summary by Directory 1. Daily Hints - Not provided in the given content 2. Recent News - The preliminary agreement in the China - US tariff negotiation is short - term positive for US soybeans, but uncertainties remain in China's purchase volume and US soybean weather. The US soybean market is oscillating strongly 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 declined from the high level in November. The soybean meal market has returned to an oscillatory pattern in the short term [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig replenishment, weakening the demand for soybean meal in November and suppressing the price [13]. - The soybean meal inventory of domestic oil mills remains at a relatively high level. The soybean meal market will maintain an oscillatory pattern in the short term, awaiting further guidance on US soybean production and the follow - up of the China - US trade negotiation [13]. 3. Bullish and Bearish Factors Soybean Meal - **Bullish Factors**: The preliminary agreement in the China - US trade negotiation is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of US and South American soybean - producing areas [14]. - **Bearish Factors**: The total arrival volume of imported soybeans in China remained relatively high in November; under normal weather conditions, South American soybeans are expected to have a bumper harvest [15]. Soybeans - **Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean price; the expected increase in domestic soybean demand supports the price [16]. - **Bearish Factors**: The bumper harvest of Brazilian soybeans and China's increased purchase of Brazilian soybeans; the expected increase in the production of new - season domestic soybeans suppresses the price [16]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance Sheet**: The harvest area, output, and other data of soybeans from 2015 to 2024 are presented, showing the overall supply - demand situation of global soybeans during this period [33]. - **Domestic Soybean Supply - Demand Balance Sheet**: The harvest area, output, import volume, and other data of domestic soybeans from 2015 to 2024 are provided, reflecting the domestic supply - demand situation [34]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in Argentina, the US, and Brazil from 2023 to 2026 are detailed, including the planting rate, harvest rate, and comparison with previous years and the five - year average [35][36][40]. - **USDA Monthly Supply - Demand Report**: The planting area, yield, output, and other data of soybeans in the US in the past six months are shown, as well as the output data of Brazilian and Argentine soybeans [46]. - **Imported Soybean Arrival Volume**: The monthly arrival volume of imported soybeans from 2020 to 2025 is presented, indicating that the arrival volume decreased from the high level in November 2025, but the overall year - on - year increase [49]. 5. Position Data - Not provided in the given content

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The soybean meal market is expected to return to a volatile pattern in the short term, with the M2601 contract oscillating between 2900 and 2960. The market is affected by factors such as the weather in US soybean - growing areas, Sino - US tariff negotiations, and the arrival of imported soybeans [8]. - The domestic soybean market is also in a volatile situation, with the A2511 contract ranging from 3900 to 4000. It is influenced by the cost of imported soybeans, the expected increase in domestic soybean demand, and the expected increase in new - season domestic soybean production [10]. Summary by Directory 1. Daily Prompt - The soybean meal M2601 is expected to oscillate between 2900 and 2960, and the domestic soybean A2511 is expected to range from 3900 to 4000 [8][10]. 2. Recent News - Sino - US tariff negotiations are at a stalemate, causing short - term negative impacts on US soybeans. The US soybean market is oscillating above the 1000 - point mark, waiting for further guidance on soybean growth, harvest, and Sino - US tariff negotiations [12]. - The arrival of imported soybeans in China remains at a relatively high level in October. The inventory of soybean meal in oil mills decreased from a high level in October. The soybean meal market is expected to return to a range - bound pattern [12]. - The reduction in domestic pig - farming profits has led to a low expectation of pig restocking, suppressing the expected price of soybean meal in October. However, due to the uncertainty of Sino - US trade negotiations, the soybean meal market will return to a range - bound pattern [12]. 3. Bullish and Bearish Factors Soybean Meal - Bullish factors: slow customs clearance of imported soybeans, low inventory pressure of soybean meal in domestic oil mills, and variable weather in US soybean - growing areas [13]. - Bearish factors: high total arrival of imported soybeans in China in October and the expected high - yield of US soybeans [13]. Soybeans - Bullish factors: cost support of imported soybeans for the domestic soybean market and the expected increase in domestic soybean demand [14]. - Bearish factors: high - yield of Brazilian soybeans and China's increased procurement of Brazilian soybeans, and the expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2900, with a basis of - 39, indicating a discount to the futures. The inventory of soybean meal in oil mills is 116.44 tons, a 2.48% increase from last week and a 13.54% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4140, with a basis of 165, indicating a premium to the futures. The inventory of soybeans in oil mills is 73.2 tons, a 0.21% increase from last week and a 6.35% increase compared to the same period last year [10]. 5. Position Data - For both soybean meal and soybeans, the long positions of the main players decreased, but capital flowed in [8][10]. Other Data - **Soybean and Meal Transaction Data**: From September 23 to October 9, the average transaction price and volume of soybean meal and the price difference between soybean meal and rapeseed meal are presented in the report [15]. - **Soybean and Meal Price Data**: From September 23 to October 9, the futures and spot prices of soybeans and soybean meal are provided [17]. - **Soybean and Meal Warehouse Receipt Data**: From September 19 to October 9, the changes in warehouse receipts of soybeans and soybean meal are shown [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 are presented, including data on harvest area, inventory, production, consumption, etc. [31][32]. - **Soybean Planting and Harvest Progress**: The planting and harvest progress of soybeans in the US, Brazil, and Argentina from 2023 to 2025 are provided [33][34][37][38][39][40][41]. - **USDA Monthly Supply - Demand Reports**: The USDA's monthly supply - demand reports from March to September 2025 are included, with data on planting area, yield, production, etc. [42]. - **Soybean - related Market Conditions**: The weekly export inspection of US soybeans decreased both month - on - month and year - on - year. The arrival of imported soybeans decreased from a high level in September but increased overall year - on - year. The inventory of soybeans in oil mills decreased from a high level, while the inventory of soybean meal continued to increase. The unexecuted contracts of oil mills decreased from a high level. The import cost of Brazilian soybeans decreased following US soybeans, and the profit on the futures market fluctuated slightly [43][45][46][48][52]. - **Pig - related Market Conditions**: The pig inventory continued to rise, the sow inventory was flat year - on - year but decreased slightly month - on - month. The pig price recently declined again, and the piglet price remained weak. The proportion of large pigs in China increased, and the cost of secondary fattening of pigs increased slightly. The domestic pig - farming profit recently deteriorated [54][56][58][60].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **豆粕观点**：美豆震荡收涨，等待中美谈判结果和美国大豆产区收割天气指引；国内豆粕震荡回落，受菜粕带动、需求支撑和技术性整理影响，短期或回归震荡格局；美国大豆产区天气有变数支撑美豆底部，但南美大豆丰产和美国种植天气良好压制反弹，国内采购巴西大豆到港增多，豆粕M2601预计在3000至3060区间震荡 [8] - **大豆观点**：美豆震荡收涨，等待相关指引；国内大豆窄幅震荡，受美豆带动和技术性整理影响，进口大豆到港高和新季国产大豆增产预期压制盘面，短期受中美关税谈判和进口大豆到港旺季交互影响，豆一A2511预计在3900至4000区间震荡 [10] 3. Summary by Directory 3.1 Daily Tips - Not provided in the given content 3.2 Recent News - 中美关税谈判进展短期利多美豆，美盘震荡回升，未来等待美豆生长、收割及进口大豆到港和中美关税谈判后续指引 - 国内进口大豆到港量8月维持高位，油厂豆粕库存进入偏高位，豆粕短期震荡偏强，受8月美农报利多数据和菜粕上涨影响 - 国内生猪养殖利润减少使生猪补栏预期不高，但豆粕需求近期回升支撑价格，加上中美贸易谈判不确定性，豆粕回归区间震荡格局 - 国内油厂豆粕库存继续回升，豆粕短期偏强震荡，等待南美大豆产量明确和中美关税战后续指引 [12] 3.3 Long and Short Concerns - **豆粕利多因素**：进口大豆到港通关缓慢；国内油厂豆粕库存尚处低位；美国大豆产区天气仍有变数 [13] - **豆粕利空因素**：国内进口大豆到港总量9月维持高位；巴西大豆收割结束，南美大豆丰产预期持续 [13] - **大豆利多因素**：进口大豆成本支撑国内大豆盘面底部；国产大豆需求回升预期支撑国内大豆价格预期 [14] - **大豆利空因素**：巴西大豆丰产预期持续，中国增加采购巴西大豆；新季国产大豆增产压制豆类价格预期 [14] 3.4 Fundamental Data - **豆粕基差**：现货2950（华东），基差 -92，贴水期货，偏空 [8] - **豆粕库存**：油厂豆粕库存113.62万吨，上周107.88万吨，环比增加5.32%，去年同期134.88万吨，同比减少15.76%，偏多 [8] - **大豆库存**：油厂大豆库存731.7万吨，上周682.53万吨，环比增加5%，去年同期689.18万吨，同比增加6.17%，偏空 [10] - **盘面情况**：豆粕和大豆价格均在20日均线下方且方向向下，偏空 [8][10] - **主力持仓**：豆粕主力多单减少，资金流入，偏多；大豆主力多单增加，资金流入，偏多 [8][10] 3.5 Position Data - Not provided in the given content 3.6 Additional Information - 豆粕期货区间震荡，现货相对平稳，现货贴水小幅波动 [22] - 油厂大豆入榨量维持高位，7月豆粕产量同比增加 [24][50] - 国内中下游采购低位回升，提货量维持高位 [27] - 豆菜粕现货价差小幅波动，2601合约豆菜粕价差低位震荡 [29] - 美豆周度出口检验环比回落，同比回升 [43] - 进口大豆到港量9月高位回落，同比整体有所增长 [45] - 油厂大豆库存创出新高，豆粕库存继续增加 [46] - 油厂未执行合同低位回升，长假备货需求增多 [48] - 巴西豆进口成本跟随美豆回升，盘面利润小幅波动 [53] - 生猪存栏保持升势，母猪存栏同比持平，环比小幅回落 [55] - 生猪价格近期回归震荡，仔猪价格维持弱势 [57] - 国内大猪比例回升，生猪二次育肥成本小幅回升 [59] - 国内生猪养殖利润近期有所改善 [61]

Report Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - **Soybean Meal**: The soybean meal market is expected to return to a range - bound pattern. The bottom of the US soybean futures is supported by uncertain weather in the US soybean - producing areas, but the rebound is limited by a bountiful South American harvest and good recent planting weather in the US. In China, increased imports of Brazilian soybeans also contribute to the range - bound trend [8]. - **Soybeans**: The domestic soybean market is also likely to move within a range. The cost of imported soybeans and the expected increase in domestic soybean demand support the bottom, while the bountiful South American harvest and the expected increase in domestic soybean production limit the upside [10]. Summary by Directory 1. Daily Tips - **Soybean Meal**: The M2509 contract is expected to oscillate between 3000 and 3060. The fundamentals are neutral, with a negative basis, a positive inventory trend, a positive technical chart, and a positive trend in the main positions [8]. - **Soybeans**: The A2509 contract is expected to fluctuate between 4060 and 4160. The fundamentals are neutral, with a positive basis, a negative inventory trend, a negative technical chart, and a positive trend in the main positions [10]. 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. The US soybean planting weather is currently good, and the US soybean futures are expected to oscillate around the 1000 - point mark [12]. - China's imported soybean arrivals remained high in July, and the soybean meal inventory of oil mills continued to rise. The soybean meal market has returned to a range - bound pattern due to factors such as the uncertain weather in the US and the China - US trade negotiations [12]. 3. Bullish and Bearish Factors Soybean Meal - **Bullish**: Slow customs clearance of imported soybeans, relatively low soybean meal inventory in domestic oil mills, and uncertain weather in the US soybean - producing areas [13]. - **Bearish**: High arrivals of imported soybeans in July, a bountiful South American soybean harvest, and good planting weather in the US [13]. Soybeans - **Bullish**: Cost support from imported soybeans and expected increase in domestic soybean demand [14]. - **Bearish**: Bountiful South American harvest, increased procurement of Brazilian soybeans, and expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal and Soybean Prices**: The report provides price data for soybean meal and soybeans from July 30 to August 7, including futures and spot prices [15][17]. - **Supply - Demand Balance Sheets**: Global and domestic soybean supply - demand balance sheets from 2015 to 2024 are presented, showing changes in harvest area, production, consumption, and inventory [31][32]. - **Sowing and Growth Progress**: Sowing, growth, and harvesting progress data for soybeans in the US, Brazil, and Argentina from 2023 - 2025 are provided, which can help analyze supply expectations [33][34][35]. 5. Position Data - **Soybean Meal and Soybean Positions**: The report does not provide specific position data but mentions that the main long positions in soybean meal have increased while funds have flowed out, and the main long positions in soybeans have decreased with funds flowing out [8][10].