Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Overnight US soybeans closed slightly higher, and Dalian soybean meal futures may fluctuate; the spot market for soybeans is gradually entering the holiday mode, and the futures prices may fluctuate [1] - The soybean futures on the Chicago Board of Trade (CBOT) mostly closed higher, with the benchmark contract rising 0.2% for the third consecutive trading day, boosted by President Donald Trump's statement that China will increase soybean purchases [3] Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2605 closed at 4,378 yuan/ton during the day session, down 12 yuan (-0.27%), and 4,392 yuan/ton at night, up 14 yuan (+0.32%); DCE soybean meal 2605 closed at 2,735 yuan/ton during the day session, up 5 yuan (+0.18%), and 2,745 yuan/ton at night, up 7 yuan (+0.26%); CBOT soybeans 03 closed at 1,114.75 cents/bushel, up 2.5 cents (+0.22%); CBOT soybean meal 03 closed at 303.4 dollars/short ton, up 0.2 dollars (+0.07%) [1] - **Spot Prices**: In Shandong, the spot price of soybean meal is 3,040 - 3,100 yuan/ton, with a change of -10 to +10 yuan compared to the previous day; in East China, it is 3,020 - 3,100 yuan/ton, with a change of flat to +20 yuan; in South China, it is 3,060 - 3,170 yuan/ton, with a change of flat to +30 yuan [1] - **Industrial Data**: The trading volume of soybean meal was 5.9 million tons per day on the previous trading day, and the inventory was 89.95 million tons per week two trading days ago [1] 2. Macro and Industry News - On February 6, CBOT soybean futures mostly closed higher, with the benchmark contract rising for the third consecutive day, driven by Trump's statement that China will increase soybean purchases to 20 million tons this year [3] - The US Department of Agriculture will release the January supply and demand report on February 10. Analysts predict that the US soybean ending stocks for the 2025/26 season will be 347 million bushels, 3 million bushels lower than the government's January forecast; the global soybean ending stocks are expected to be 125.3 million tons, higher than the government's January forecast of 124.41 million tons [3] - Brazilian government data shows that Brazil's soybean exports in January were 1.88 million tons, down 44.5% from December but up 75.5% from January last year [3] - The Buenos Aires Grain Exchange reported that the good-to-excellent rate of Argentine soybean crops is 40%, down 9% from a week ago but still much higher than 20% in the same period last year [3] 3. Trend Intensity - The trend intensity of soybean meal and soybeans is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3]

巴西1月份大豆出口量为188万吨，而去年同期为107万吨。 ...

Core Viewpoint - The Brazilian National Association of Grain Exporters (ANEC) forecasts that soybean exports from Brazil will reach 12.55 million tons in June this year, a decrease from 13.83 million tons in the same period last year [1] Group 1 - The expected soybean export volume for June 2023 is 12.55 million tons [1] - This figure represents a decline of 1.28 million tons compared to June 2022 [1]

Report Summary Core Viewpoints - As of April 19, 2025, the soybean harvest rate in Brazil's 2024/25 season was 92.5%, up from 88.3% the previous week and 83.2% the same period last year [1] - In the first three weeks of April, Brazil exported 9,422,639.91 tons of soybeans, with a daily average export volume of 724,818.45 tons, a 9% increase from the daily average export volume of 667,629.19 tons in the whole month of April last year The total export volume in April last year was 14,687,842.09 tons [1] Spot Prices - The report provides the 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 April 16 to April 22, 2025 [2]