Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The优良率 of US soybeans has risen to 68%, and the weather in the production areas will be suitable for soybean growth in the next two weeks [8]. - From the perspective of inventory, domestic soybean inventory has reached a high level, and soybean meal inventory has increased slightly but remains at a low level. The inventory accumulation rate is slower than expected, but it is expected to accelerate in late June [7][8]. - Overall, the sharp rise in crude oil and the US biodiesel policy are favorable for oils and fats, suppressing the performance of beans. Under the current Sino - US policy, the premium is relatively firm, and the import cost of far - month soybean meal provides support. With the improvement of demand, the inventory accumulation rate of soybean meal is slow. It is expected that soybean meal inventory will accelerate in late June. The spot basis and near - month contracts remain strong. Before the release of the August USDA planting area report, the market is expected to be volatile [8]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - Different regions have different basis values for 43% soybean meal spot (relative to the main contract). For example, in Dalian it is 5, in Tianjin it is - 65, in Zhangjiagang it is - 125 etc. [6] - There are also differential changes in basis for different regions of rapeseed meal spot, and various spread data such as M9 - M1, M9 - RM9, RM9 - 1, and the spot and futures spreads between soybean meal and rapeseed meal [6][7] 3.2 International and Inventory Data - The dollar - to - RMB exchange rate is 7.1802, with a change of - 4. There are also data on soybean CNF premium and import soybean futures gross profit for different Brazilian shipment months [7] - Domestic soybean inventory in ports and major oil mills has reached a high level, and soybean meal inventory has increased slightly but remains at a low level. The feed enterprise's soybean meal inventory days have increased slightly but are still at a low level [7][8] 3.3 Supply and Demand Situation - **Supply**: The expected arrival volume of Brazilian soybeans in China in June, July, and August is over 10 million tons. The current purchase progress for June is 100%, July is 95.9%, August is 55.2%, but the purchase for September and later is slow [7] - **Demand**: From the perspective of livestock inventory, the supply of pigs is expected to increase steadily before September; poultry inventory remains high. The cost - effectiveness of soybean meal has significantly improved, downstream transactions have increased, and提货 has improved [8]

Group 1: Core Views - Domestic soybean arrivals from Brazil in May, June, and July are expected to exceed 10 million tons each month, with the purchase progress at 92.7% for June, 74.4% for July, and 29.7% for August; the US soybean planting progress is fast, with dry weather expected in the next two weeks and poor conditions in Nebraska; the flood in Argentina's soybean - producing areas has limited expected impact [4][5] - From the perspective of inventory, as of last week, soybean inventory decreased slightly and is at a high level in the same period over the years, while the soybean meal inventory increased to 20.69 tons and is still low, and the feed enterprises' soybean meal inventory days increased but are still at a low level [5] - Overall, the domestic soybean meal basis continues to decline, and the basis in Guangdong may rebound due to sampling inspection. The soybean meal inventory is still low, but it is expected to accumulate rapidly in June with the increase in开机 and downstream replenishment. In the short - term, the spot pressure will have a negative impact on the near - month contract and basis, and there is no obvious bullish driver for US soybeans and premiums, so the futures price is expected to be volatile [5] Group 2: Data Summary Basis Data - The basis data of soybean meal main contracts (Zhangjiagang) and various regions' 43% soybean meal spot basis (relative to the main contract) on May 26 are provided, including data for different time periods such as 19/20, 20/21, etc. [3] - The basis data of vegetable sugar in Guangdong and other regions are also provided [3] Spread Data - The spread data of M9 - 1, M9 - RM9, RM9 - 1, and the spot and futures spreads of soybean meal - rapeseed meal (in Guangdong and the main contract) are presented, covering multiple time intervals from 18/19 to 23/24 [4] Other Data - Information on dollar - RMB exchange rate, soybean CNF premium, import soybean futures gross profit, and inventory data of Chinese port soybeans, main domestic oil mills' soybeans, main domestic oil mills' soybean meal, and feed enterprises' soybean meal inventory days are provided, along with the开机 rate and soybean crushing volume of main domestic oil mills [4]