Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The report predicts that soybean meal may experience a rebound and oscillation, and the same goes for soybeans [1]. - The trend strength of soybean meal and soybeans is +1, indicating a relatively positive short - term trend for the main contract futures prices on the reporting day [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean 2509 closed at 4141 yuan/ton during the day session, down 3 yuan (-0.07%), and 4146 yuan/ton during the night session, down 1 yuan (-0.02%); DCE soybean meal 2509 closed at 2961 yuan/ton during the day session, up 23 yuan (+0.78%), and 2965 yuan/ton during the night session, up 7 yuan (+0.24%); CBOT soybean 11 closed at 1027.5 cents/bushel, up 2.25 cents (+0.22%); CBOT soybean meal 12 closed at 289.5 dollars/short ton, up 1.3 dollars (+0.45%) [1]. - **Spot Prices and Basis**: In Shandong, the spot price of soybean meal is 2900 yuan/ton, with various basis levels for different contracts and time periods; in East China, it is 2800 - 2900 yuan/ton; in South China, it is 2860 - 2900 yuan/ton, and the basis levels also vary [1]. - **Industrial Data**: The trading volume of soybean meal was 8.17 million tons per day on the previous trading day, compared with 25.8 million tons per day two trading days ago. The inventory was 47.12 million tons per week two trading days ago [1]. 3.2 Macro and Industry News - On June 30, 2025, CBOT soybean futures closed mixed, with a near - weak and far - strong trend, and the benchmark contract closed slightly higher. The USDA's latest report shows that the estimated soybean planting area in the US in 2025 is 83.38 million acres, lower than the March forecast and analysts' average prediction, and 4.2% less than the previous year. The quarterly inventory report indicates that as of June 1, the total US soybean inventory was 1.008 billion bushels, higher than market expectations and 3.9% more than the same period last year. The soybean crop's good - to - excellent rate as of June 29 was 66%, the same as a week ago, slightly lower than the same period last year and market expectations [3].

0 20 40 60 80 100 120 4/11 4/18 4/25 5/2 5/9 5/16 5/23 5/30 6/6 6/13 6/20 USDA美国大豆播种率（%） 大豆播种率 大豆播种率5年平均 去年同期 0 20 40 60 80 100 5/2 5/9 5/16 5/23 5/30 6/6 6/13 6/20 USDA美国大豆出苗率（%） 大豆出苗率 大豆出苗率5年平均 去年同期 0 20 40 60 80 100 4/11 4/18 4/25 5/2 5/9 5/16 5/23 5/30 6/6 6/13 USDA美国玉米播种率（%） 玉米播种率 玉米播种率5年平均 去年同期 0 20 40 60 80 100 120 4/18 4/25 5/2 5/9 5/16 5/23 5/30 6/6 6/13 6/20 USDA美国玉米出苗率（%） 玉米出苗率 玉米出苗率5年平均 去年同期 45 50 55 60 65 70 75 USDA美国大豆优良率（%） 2025 2024 2023 2022 2021 45 50 55 60 65 70 75 80 5/26 6/9 6/23 7/7 7/ ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents the latest data on the soybean industry from multiple countries, including the US, Brazil, Argentina, and China, covering aspects such as crop growth, export, production, and import [1]. 3. Summary by Relevant Catalogs Overnight Market Information - US Soybeans - As of the week ending June 8, 2025, the US soybean good-to-excellent rate was 68%, in line with market expectations, up from 67% the previous week and lower than 72% in the same period last year [1]. - The US soybean planting rate was 90%, lower than the market - expected 91%, up from 84% the previous week, higher than 86% last year and the five - year average of 88% [1]. - The US soybean emergence rate was 75%, up from 63% the previous week, higher than 68% last year and the five - year average of 72% [1]. - As of the week ending June 5, 2025, the US soybean export inspection volume was 547,040 tons, exceeding the market forecast of 155,000 - 400,000 tons, up from the revised 301,459 tons the previous week [1]. - The export inspection volume to the Chinese mainland was 0 tons this week. The cumulative US soybean export inspection volume this crop year was 45,188,245 tons, compared with 40,543,390 tons in the same period last year [1]. Brazil Soybeans - As of June 6, about 64% of Brazil's 2024/25 - year soybeans had been sold, lower than 71.8% in the same period last year and the five - year average. The 2024/25 - year soybean production is expected to be 172.45 million tons [1]. - Brazil's 2025/26 - year soybean sales rate was 10.8%, lower than 14.6% in the same period last year and the five - year average of 20.6%. The 2025/26 - year soybean production is expected to be 182.57 million tons [1]. Argentina Soybeans - The Buenos Aires Grain Exchange estimated that Argentina's 2024/2025 - year soybean production would be 48.5 million tons [1]. - As of the end of May, the soybean crop harvest rate in Argentina was 80.7%, with the early - sown soybeans 86% harvested. The soybean crop yield is expected to be 3,090 kg/ha (46.0 bushels/acre), with a yield range of 1,200 - 3,740 kg/ha (17.8 - 55.7 bushels/acre) [1]. China's Imports - China's soybean imports from January to May were 37.108 million tons, a 0.7% decrease from the same period last year. In May, the soybean import volume was 13.918 million tons [1]. - China's edible vegetable oil imports from January to May were 2.491 million tons, a 12.9% decrease from the same period last year. In May, the import volume was 462,000 tons [1]. - China's grain imports from January to May were 48.368 million tons, a 29.7% decrease from the same period last year. In May, the import volume was 16.552 million tons [1]. Spot Prices - The report provides spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from June 3 to June 9, 2025 [1].