1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The price of US soybeans is likely to continue to fluctuate within a range. South America's bumper harvest means there is no basis for a bull market, but demand is expected to improve, limiting the downside. Overall, it is expected to oscillate moderately, with a price range of 1000 - 1200 cents per bushel [2][6] 3. Summary by Relevant Catalog 3.1. Overall View and Long - Short Logic of US Soybeans - **Overall View**: South America's bumper harvest, no basis for a bull market; demand is expected to improve, limited downside, overall oscillating moderately in the range of 1000 - 1200 cents per bushel [6] - **Short Logic**: 1. After China purchases US soybeans, the Trump administration's support for biodiesel addition policies may weaken; 2. Brazil has entered the harvest stage, continuing the harvest pattern; 3. Argentina is expected to receive precipitation after a brief drought; 4. The strengthening of the Brazilian exchange rate puts pressure on the premium quote [7] - **Long Logic**: 1. After China purchases 12 million tons of US soybeans, it will purchase an additional 8 million tons of soybeans in the current crop year; 2. Due to the previous drought in Argentina, the yield per unit may be reduced; 3. The weakening of the US dollar supports US soybeans [8] 3.2. Spot and Futures Market Prices - As of February 27, 2026, the price of the continuous US soybean futures contract rose by 19.75 cents per bushel to 1157.25 cents per bushel; the continuous US soybean meal futures contract rose by $5.7 per short ton to $315.5 per short ton; the continuous US soybean oil futures rose by 2.37 cents per pound to 61.29 cents per pound [8] - As of February 27, 2026, the spot soybean purchase price in Illinois increased by 21.25 cents per bushel to 1159.25 cents per bushel compared to the previous week; the soybean quote at the US Gulf port increased by 24.25 cents per bushel to 1264.75 cents per bushel compared to the previous week [8] - As of February 27, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, decreased by 0.21 reais per bag to 101.63 reais per bag compared to the previous week; the spot price at the Paranagua port increased by 0.34 reais per bag to 126.83 reais per bag compared to the previous week [9] - As of February 25, 2026, the FOB price of Argentine soybeans for May shipment increased by $4 per ton to $418 per ton; the price for June shipment increased by $3 per ton to $421 per ton [9] 3.3. Weather Conditions in Main Producing Areas - According to the weather forecast released on February 28, 2026, in the next week, precipitation in Brazil will be mainly concentrated in the central region, with less precipitation in the south and north; in the next two weeks, the cumulative precipitation in the central region will be slightly higher than the normal level, and less in the southern region. In specific major producing states, the harvest in Mato Grosso is nearly complete, with normal to slightly more precipitation; in the next two weeks, precipitation in South Mato Grosso will be less, which is conducive to the progress of the harvest; in the next two weeks, precipitation in Parana will be less, which is conducive to the harvest work; in the next week, precipitation in Rio Grande do Sul will be scarce, and it will return around March 6 [12] - In the next week, precipitation in Argentina will be less and concentrated in the central and northern producing areas, and the cumulative precipitation in the next two weeks will be generally less, with less precipitation in the southern producing areas and still insufficient cumulative rainfall [12] 3.4. US Soybean Demand - According to data released by the USDA, as of the week ending February 20, 2026, the US soybean export inspection and quarantine volume was 814,900 tons, compared with 1.29 million tons in the previous week; the net sales in the current crop year were 407,000 tons, compared with 798,000 tons in the previous week; the net sales in the next crop year were 0 tons, compared with 66,000 tons in the previous week; the shipment to China was 344,800 tons, compared with 684,000 tons in the previous week [30] 3.5. CFTC Positions and Planting Costs - According to data released by the CFTC, speculative funds increased their net long positions in soybeans. As of February 24, 2026, the net long positions of funds in soybean futures and options were 204,700 contracts, an increase of 16,000 contracts compared to the previous week; the net long positions of funds in soybean oil futures and options were 57,000 contracts, an increase of 20,000 contracts compared to the previous week; the net long positions of funds in soybean meal futures and options were 31,600 contracts, an increase of 33,400 contracts compared to the previous week. From the perspective of fund positions, the operation idea for soybeans, soybean oil, and soybean meal is to reduce short positions and increase long positions [36] - In terms of planting costs, the cost in the United States remains high, while the cost in Brazil is lower than that in the United States but has also increased compared to the previous year. The US planting cost is expected to be 1200 - 1250 cents per bushel, and the Brazilian cost is expected to be 950 - 1000 cents per bushel [37]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: December 9, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Contract details**: For the soybean meal 2601 contract, the previous settlement price was 3035, the opening price was 3043, the highest price was 3055, the lowest price was 3025, the closing price was 3030, with a decline of 5 and a decline rate of -0.16%. The trading volume was 609,632, the open interest was 840,915, and the open interest change was -78,817. For the soybean meal 2603 contract, the previous settlement price was 3010, the opening price was 3011, the highest price was 3022, the lowest price was 2971, the closing price was 2978, with a decline of 32 and a decline rate of -1.06%. The trading volume was 166,459, the open interest was 553,792, and the open interest change was -8,090. For the soybean meal 2605 contract, the previous settlement price was 2828, the opening price was 2821, the highest price was 2826, the lowest price was 2770, the closing price was 2778, with a decline of 50 and a decline rate of -1.77%. The trading volume was 1,089,811, the open interest was 1,890,767, and the open interest change was 107,247 [6] - **External market situation**: The US soybean futures contract on the external market declined, with the main contract falling below 1100 cents. The main reasons were the US concerns about China's procurement progress. Although there was a large - order purchase of 460,000 tons over the weekend, it was reported that the previous claim of China's full - scale purchase of 12 million tons of US soybeans before January might be postponed to February. Meanwhile, February is the season when Brazilian soybeans start to be exported, leading to a negative market sentiment. Additionally, there were no positive factors in the new South American crops. Brazil had basically completed most of its sowing, and above - average rainfall was expected in the central and southern regions in the next two weeks, which was conducive to a high - yield expectation. Argentina was a bit dry, but it was still in the middle - late sowing stage and not yet in the critical weather - growth stage, exerting some downward pressure on the market [7] - **Domestic situation**: Domestic soybean meal followed the weak trend of CBOT soybeans but with a smaller decline. Due to the previously low overall crushing profit and the difficulty of significant cost reduction in the external market while China was still purchasing, the support below the soybean meal price was relatively strong. However, there was still inventory pressure, and additional positive factors such as weather or procurement were needed for the price to rise. The state reserve began to auction imported soybeans, and it was expected that the newly purchased US soybeans would be used for inventory rotation, so the sufficient supply situation would continue [7] Operation Suggestions - In the short term, the price will be slightly weak but is unlikely to decline significantly. Attention should be paid to the guidance of the USDA's December supply - demand report on the market [7] Group 3: Industry News - **USDA monthly report forecast**: The US Department of Agriculture (USDA) will release the December crop supply - demand report at 1:00 on December 10, Beijing time. Analysts' average forecast shows that the US 2025/26 soybean ending stocks are expected to be 302 million bushels, higher than the 290 million bushels estimated in the November 14 report. The global 2025/26 soybean ending stocks are expected to be 122.41 million tons, higher than the 121.99 million tons estimated in the November 14 report. Argentina's 2025/26 soybean production is expected to be 4.857 million tons, higher than the 4.85 million tons estimated in the November 14 report. Brazil's 2025/26 soybean production is expected to be 175.35 million tons, higher than the 175 million tons estimated in the November 14 report. The USDA predicts that farmers will plant 95 million acres of corn in the 2026/27 season, less than the 98.7 million acres in the 2025/26 season. The soybean planting area is expected to increase from 81.1 million acres to 85 million acres. The USDA forecasts that the US 2026/27 corn ending stocks will be 2.019 billion bushels and the soybean ending stocks will be 314 million bushels [10][11] Group 4: Data Overview - Multiple data charts are provided, including the ex - factory price of soybean meal, the basis of the soybean meal 01 contract, the spread between soybean meal 1 - 5 contracts, the spread between soybean meal 5 - 9 contracts, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [17][19][16]

Report Overview - Report Date: August 25, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] Group 1: Market Review Futures Contract Data - **DCE M2601**: Pre-settlement price was 3128, opening at 3116, reaching a high of 3116, a low of 3079, and closing at 3088, down 40 or 1.28%. Trading volume was 1,278,955, with an open interest of 2,000,115, a decrease of 58,947 [6]. - **DCE M2509**: Pre-settlement price was 3088, opening at 3079, high of 3079, low of 3033, and closing at 3041, down 47 or 1.52%. Trading volume was 110,869, open interest was 182,385, down 44,763 [6]. - **DCE M2511**: Pre-settlement price was 3107, opening at 3081, high of 3094, low of 3048, and closing at 3055, down 52 or 1.67%. Trading volume was 128,296, open interest was 559,890, down 1,897 [6]. External Market and Weather Factors - The US soybean futures contract on the external market rose, with the main contract at 1055 cents. ProFarmer started its annual crop field inspection this week. Feedback on soybeans showed that the pod numbers in most major producing areas were historically high, in line with the USDA's high-yield forecast for this year. However, weather is still variable. Currently, about 9% of the US soybean area is in drought, up from 3% last week, and rainfall in most major producing areas is expected to be low in the next two weeks [6]. Group 2: Industry News ProFarmer Forecasts - In 2025, the average number of soybean pods in Illinois is expected to be 1479.22, compared to 1419.11 in the 2024 crop inspection. In Iowa's D1 region, it's expected to be 1279.25 (1108.76 in 2024), in D4 region 1376.15 (1254.09 in 2024), and in D7 region 1562.54 (1366.22 in 2024) [9]. USDA Export Sales Report - As of the week ending August 14, total US soybean export sales increased by 1.1369 million tons, in line with expectations. Current market-year sales decreased by 0.57 million tons, down 98% from the previous week and 105% from the four-week average, while the market expected a range from a decrease of 300,000 tons to an increase of 300,000 tons. Next market-year sales increased by 1.1426 million tons, higher than the expected range of 400,000 - 1 million tons. Export shipments were 517,900 tons, down 3% from the previous week but up 9% from the four-week average. New sales for the current market year were 136,500 tons, and for the next market year were 1.1454 million tons [8][9][10]. Group 3: Data Overview - The report includes various data charts such as the ex-factory price of soybean meal, basis of the M09 contract, 1 - 5 spread, 5 - 9 spread, USD/CNY central parity rate, and USD/BRL exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [14][15][18]

Group 1 - The core viewpoint of the article highlights that a major Brazilian agricultural company has revised down its soybean yield forecast for Brazil, indicating that the country's soybean production relies heavily on specific factors for achieving high yields [1] Group 2 - The article suggests that the adjustment in soybean yield expectations may impact the overall agricultural market in Brazil, potentially affecting supply and pricing dynamics [1] - It emphasizes the importance of monitoring agricultural conditions and production factors that influence soybean yields in Brazil [1]