1. Report Information - Reported industry: Soybean meal [1] - Report date: December 11, 2025 [2] - Research team: Agricultural product research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Investment Rating - No investment rating information provided 3. Core View - Short - term, after a short - term rally, the soybean meal market may be slightly weak, but a significant decline is unlikely [6] 4. Summary by Sections 4.1 Market Review and Operation Suggestions - **Market data**: For contract "doupo2601", the previous settlement price was 3009, the opening price was 3000, the highest price was 3051, the lowest price was 2994, the closing price was 3044, the increase was 35, the increase rate was 1.16%, the trading volume was 528804, the open interest was 722842, and the change in open interest was - 28136; for "doupo2603", the corresponding data were 2955, 2940, 3003, 2932, 2987, 32, 1.08%, 219356, 584669, and 41240; for "doupo2605", they were 2771, 2755, 2761, 2736, 2754, - 17, - 0.61%, 1083237, 1933888, and 14351 [6] - **External market**: The US soybean futures contract declined, with the main contract falling close to 1080 cents. The USDA's December monthly supply - demand report had few highlights, and estimates such as US soybean yield, exports, ending stocks, and South American production remained the same as in November. The US market is worried about China's procurement progress, and there are rumors that China's procurement of 12 million tons of US soybeans before January may be postponed to February. Argentina plans to cut soybean export taxes. South American new crops have no positive news, with favorable rainfall in Brazil and dry conditions in Argentina, but it's not the critical growth stage yet. The external market may face some pressure, but the neutral ending stocks limit the decline [6] - **Domestic market**: The domestic market showed a pattern of near - term strength and long - term weakness. There are rumors that the soybean clearance process may be delayed, potentially affecting supply, but considering the high inventory of soybean meal and the relatively high quantity of port soybeans, the short - term rally is not expected to be sustainable. The state reserve is auctioning imported soybeans, ensuring sufficient supply [6] 4.2 Industry News - The USDA's December oilseed report shows that the US 2025/2026 soybean ending stocks are estimated at 290 million bushels, unchanged from November. Argentina's 2025/2026 soybean production is expected to be 48.5 million tons (market expectation: 48.57 million tons), and Brazil's is expected to be 175 million tons (market expectation: 175.35 million tons). The global 2025/26 soybean ending stocks are estimated at 1.2237 billion tons, up from 1.2199 billion tons in November [7][9] - Farmers participating in the US crop subsidy program reported the areas of crops that could not be planted before December 1. The non - plantable areas of corn, soybeans, and wheat were 1.839 million acres, 1.268 million acres, and 284,000 acres respectively. The planted areas (including failed sowing areas) reported by producers participating in the December 1, 2025 subsidy program were 97.244 million mu of corn, 80.303 million mu of soybeans, and 48.886 million mu of wheat [9] 4.3 Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 01 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate [10][12][18]