1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Overnight, U.S. soybeans closed slightly higher, and the Dalian soybean meal futures may fluctuate. The spot price of soybeans follows the futures price adjustment, and the futures price is adjusted [1]. - The soybean futures on the Chicago Board of Trade (CBOT) closed slightly higher on March 23, 2026. The market weighed the remarks of Donald Trump on the Iran war and the strong export demand. The U.S. soybean export sales are strong, providing strong support for the soybean market. The market is closely watching the planting intention report to be released by the U.S. Department of Agriculture next week [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of DCE soybean No. 1 2605 is 4770 yuan/ton, down 10 yuan (-0.21%) during the day session and down 46 yuan (-0.96%) during the night session; the closing price of DCE soybean meal 2605 is 3007 yuan/ton, down 23 yuan (-0.76%) during the day session and down 31 yuan (-1.03%) during the night session; the closing price of CBOT soybean 05 is 1164.5 cents/bu, up 4.00 cents (+0.34%); the closing price of CBOT soybean meal 05 is 326.7 dollars/short ton, down 1.3 dollars (-0.40%) [1]. - **Spot Prices**: The spot price of soybean meal in major producing areas is 3300 - 3360 yuan/ton, down 30 - 20 yuan compared with the previous day; the spot basis is M2605 + 300, unchanged. The spot price of soybeans in the Northeast producing area: the net grain purchase price of soybeans in Harbin (Wuchang, Shangzhi, Binxian, Bayan) is 4780 yuan/ton, down 40 yuan compared with the previous two trading - days, and the trading volume is 8.3 tons/day [1]. 3.2 Macro and Industry News - On March 23, 2026, CBOT soybean futures closed slightly higher. Trump announced the postponement of the strike against Iran, which led to a sharp drop in oil prices, but Iran denied the dialogue with Washington, curbing the decline of oil prices and prompting the agricultural product market to recover some losses. The U.S. soybean export sales are strong. As of the week of March 19, 2026, the U.S. soybean export inspection volume was 1,101,730 tons, up 12% from the previous week and about 32% from the same period last year. Private exporters reported selling 161,120 tons of soybeans to Mexico for delivery in the 2025/26 season. As of last Thursday, the Brazilian soybean harvesting was 68% completed, 12 percentage points behind the same period last year. AgMarket.net expects the U.S. soybean planting area this spring to reach 86.1 million acres, higher than the 85 million acres predicted by the U.S. Department of Agriculture in February [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, mainly referring to the price fluctuation of the main contract of the day - session on the reporting day. The range of trend intensity is an integer in the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [3].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Overnight US soybeans slightly declined, and Dalian soybean meal may fluctuate; the spot price of soybeans is stable, and the futures price is strong [1] - On February 26, CBOT soybean futures closed slightly lower, with the benchmark contract down 0.2%. This was mainly due to long - position profit - taking and weak export sales. The soybean price once reached the highest level since mid - June 2024 but then fell back [3] Summary by Related Catalogs 1. Fundamental Tracking Futures - DCE soybean 2605 closed at 4702 yuan/ton during the day session, up 28 yuan (+0.60%), and 4720 yuan at night, up 28 yuan (+0.60%) - DCE soybean meal 2605 closed at 2834 yuan/ton during the day session, up 10 yuan (+0.35%), and 2830 yuan at night, down 3 yuan (-0.11%) - CBOT soybean 05 closed at 1163 cents/bushel, down 2.25 cents (-0.19%) - CBOT soybean meal 05 closed at 321.3 dollars/short ton, down 0.5 dollars (-0.16%) [1] Spot - In Shandong, the price of 43% soybean meal was 3120 - 3200 yuan/ton, down 10 yuan to flat compared with the previous day. The spot basis was M2605 + 380, flat - In East China, the price of soybean meal in Taizhou Huifu was 3090 yuan/ton, down 10 yuan compared with the previous day. Nanjing Bangji's price for August - September was M2609 + 0 - In South China, the price of soybean meal in Dongguan Jiajie for March was M2605 + 300, and for April was M2605 + 180. In Zhanjiang Zhongfang, the price for February - March was M2605 + 300 - In the Northeast, the net purchase price of soybeans in Harbin (Wuchang, Shangzhi, Binxian, Bayan) was 4480 yuan/ton [1] Industry Data - The trading volume of soybean meal was 3.65 million tons per day, compared with 7.9 million tons two days ago - The inventory of soybean meal was 80.89 million tons in the week of February 20, compared with 88.16 million tons in the week of February 6 [1] 2. Macro and Industry News - On February 26, CBOT soybean futures closed slightly lower. The benchmark contract was down 0.2% due to long - position profit - taking and weak export sales. The price once reached the highest level since mid - June 2024 but then fell back - The US government plans to re - allocate half of the biofuel blending obligations of small refineries to large refineries, which supports the market - As of the week of February 19, 2026, the net sales volume of US soybeans in the 2025/26 season was 407,100 tons, a 49% decrease from the previous week and a 30% decrease from the four - week average [3] 3. Trend Intensity - The trend intensity of soybean meal is 0; the trend intensity of soybeans is 0, mainly referring to the price fluctuation of the main contract in the day session on the reporting day [3]

Core Insights - The latest export report from the U.S. Department of Agriculture indicates that for the week ending November 27, U.S. soybean export net sales for the 2025/26 marketing year were 1.106 million tons, down from 2.321 million tons the previous week [1] - For the 2026/27 marketing year, net sales were 10,000 tons, an increase from zero tons the prior week [1] - During the same week, U.S. soybean export shipments totaled 804,000 tons, compared to 763,000 tons the week before [1]

Core Insights - Soybean prices are experiencing midday losses, with the national average cash bean price reported at $10.00 1/2, down 6 cents from previous levels [1] - The USDA reported a private export sale of 136,000 MT of soybeans to China, indicating ongoing demand from this key market [1] Export Data - Export inspections data revealed soybean shipments of 795,661 MT for the week ending December 11, marking a 22.4% decrease from the previous week and a 59.6% decline year-over-year [2] - China was the leading destination for soybean exports, receiving 202,043 MT, followed by Germany with 136,515 MT and Vietnam with 80,425 MT [2] - Cumulative marketing year shipments have reached 13.702 MMT, reflecting a 46.3% year-over-year decline [2] Sales Reports - The Export Sales report indicated total sales of 2.232 MMT for the week of November 20, with 2.14 MMT sold to China, contributing to a total of 4.2 MMT in known sales to China [3] - Meal sales were recorded at 150,951 MT, falling within the lower half of the estimated range of 100,000-450,000 MT, while soybean oil sales increased to 7,540 MT, also on the lower end of estimates [4] Crushing and Stocks - NOPA data showed that members crushed 216.04 million bushels of soybeans in November, a 5.1% decrease from October's record but still 11.83% higher than the previous year [5] - Soybean oil stocks rose by 15.95% from the end of October to 1.513 billion lbs, which is 39.58% larger year-over-year [5] Crop Status - AgRural reported that the Brazilian soybean crop is 97% planted as of Thursday, indicating progress in the planting season [5]

Group 1 - The core point of the article highlights the increase in U.S. soybean export sales for the 2025/26 marketing year, with net sales reaching 696,000 tons, up from 511,000 tons the previous week [1] - For the 2026/27 marketing year, there were no net sales reported, compared to 4,000 tons the prior week [1] - The total soybean export shipments for the week amounted to 1,553,000 tons, significantly higher than the 928,000 tons shipped the week before [1]

Report Summary - **Report Industry Investment Rating**: Not mentioned - **Core View**: The report provides overnight market information on the export sales of US soybeans, soybean meal, and soybean oil, as well as the situation of palm oil production and inventory in Malaysia and Indonesia. It also shows the spot prices of related products. Overnight Market Information - The USDA will release the export sales report for the week ending October 30 at 21:30 Beijing time on Thursday. Analysts estimate that US 2025/26 soybean export sales are expected to net increase by 600,000 - 2,000,000 tons, US soybean meal export sales are expected to net increase by 200,000 - 450,000 tons, and US soybean oil export sales are expected to net increase by 5,000 - 25,000 tons [1] - A survey shows that Malaysia's November palm oil inventory may reach a six - and - a - half - year high due to slow exports and record - high production in November. The estimated inventory is 2.66 million tons, a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month but still the highest November production on record. Exports are expected to drop 14.9% to 1.44 million tons [1] - Malaysia's palm oil production forecast remains unchanged at 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. Adverse weather restricts production growth. The EC weather model predicts drier weather in the next 15 days, but there are uncertainties in the medium - to - long - term weather patterns [1] - The 2025/26 Indonesian palm oil production forecast is raised to 51.2 million tons, a less than 1% increase from the previous forecast, with an estimated range of 46.2 - 56.2 million tons. However, there are flood risks [1] Spot Prices - The report shows 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 November 27 to December 3, 2025 [2]

Market Overview - Soybeans are showing strength with gains of 4 to 6 cents, following a holiday-shortened week where contracts closed 7 to 10 cents higher [1] - Open interest decreased by 3,169 contracts, with January contracts dropping by 7,286 contracts [1] - The national average cash bean price is reported at $10.57 1/2, down 7 cents [1] Export Data - USDA reported soybean export shipments at 920,194 MT (33.81 million bushels) for the week ending November 27, which is 56.4% lower than the same week in 2024 but up 13.8% from the previous week [2] - Italy was the top destination for soybean exports with 201,766 MT, followed by Egypt with 126,925 MT and Mexico with 83,620 MT [2] - Cumulative marketing year exports for 2025/26 are at 11.87 MMT (436.27 million bushels), which is 45.6% below the same period last year [2] Sales Data - USDA's Export Sales data for the week ending October 23 indicated soybean sales of 1.45 MMT, which is 30.8% higher than the previous week but 37.1% lower than last year [3] - Soybean meal sales for the same week were reported at 640,021 MT, exceeding trade expectations of 50,000-500,000 MT [3] - Bean oil sales were recorded at 29,820 MT, also surpassing estimates of 5,000 to 25,000 MT [3] Futures Market - January 26 Soybeans closed at $11.28, down 9 3/4 cents, while currently up 5 ¼ cents [4] - Nearby cash price for soybeans is $10.57 1/2, down 7 cents [4] - March 26 Soybeans closed at $11.38, down 8 cents, and May 26 Soybeans closed at $11.47 1/2, down 7 3/4 cents [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The analysis agency's average estimate of U.S. soybean inventory on September 1st is 323 million bushels, a 5.6% decline from the previous year [1]. - HedgePoint predicts that Brazil's soybean production in the 2025/26 season will be 178 million tons, and the export volume will be 112 million tons [1]. - ANEC has lowered its export volume estimates for Brazilian soybeans and soybean meal in September [1]. - Due to increased production and weak demand, Indonesia's palm - oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons [1]. 3. Summary by Related Content Overnight Market Information - A private exporter reported the sale of 101,400 tons of soybean cake and soybean meal to Guatemala for delivery in the 2025/2026 market year [1]. - The average estimate of U.S. soybean inventory on September 1st is 323 million bushels, with a forecast range of 295 - 360 million bushels, and the USDA's previous estimate for the 2024/25 season was 330 million bushels [1]. - A survey shows that U.S. soybean export sales for the week ending September 18th are expected to increase by 60 - 160 million tons, soybean meal by 15 - 45 million tons, and soybean oil from a net decrease of 1 million tons to a net increase of 3 million tons [1]. - HedgePoint predicts Brazil's 2025/26 soybean production at 178 million tons and export volume at 112 million tons [1]. - ANEC lowered its September soybean export volume estimate from 7.53 million tons to 7.15 million tons and soybean meal from 2.19 million tons to 2.1 million tons [1]. - GAPKI data shows that Indonesia's palm - oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons, production increased by 6% month - on - month to 5.11 million tons, and exports decreased by 1.92% month - on - month to 3.54 million tons [1]. Spot Prices - The table shows 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 September 18th to 24th, 2025 [2]. Protein Meal Basis and Oil Basis No specific information provided [3]. Oil and Oilseed Futures Price Spreads No specific information provided [5].