Core Insights - As of the week ending August 15, 2025, the soybean crushing profit in the United States is reported at $2.91 per bushel, reflecting a decrease of 5.8% from the previous week [1] - For reference, the average crushing profit for 2024 is projected to be $2.44 per bushel, which is lower than the $3.29 per bushel recorded in 2023 [1] Summary by Category - **Soybean Crushing Profit** - Current profit stands at $2.91 per bushel, down 5.8% week-over-week [1] - Average profit for 2024 is estimated at $2.44 per bushel, indicating a decline compared to 2023's $3.29 per bushel [1]

Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. Core Viewpoints - The A2509 contract price may still trend mainly with a low-level volatile and slightly upward movement [14]. - The spot price of soybeans has been rising steadily in recent days, and the overall profit of enterprise crushing has maintained a stable and rising trend [8][9]. Summary by Directory 1. Futures Market 1.1 Contract Quotes - On August 6, 2025, the main continuous contract of DCE Bean No. 1 futures fluctuated widely, and the daily K - line closed in a doji pattern. The opening price was 4,121 yuan/ton, the highest was 4,146 yuan/ton, the lowest was 4,091 yuan/ton, the closing price was 4,118 yuan/ton, a decrease of 3 yuan/ton or 0.07% from the previous day. The trading volume was 93,189 lots, the open interest was 100,381 lots, and the daily open interest decreased by 6,949 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Increase/Decrease % | Trading Volume (lots) | Open Interest (lots) | Daily Open Interest Change (lots) | Amplitude % | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,118 | -3 | -0.07% | 93,189 | 100,381 | -6,949 | 1.34% | | A2511 | 4,092 | -8 | -0.20% | 80,926 | 125,634 | -1,863 | 1.29% | | A2601 | 4,095 | -6 | -0.15% | 26,336 | 45,337 | 3,073 | 1.22% | | A2603 | 4,083 | -8 | -0.20% | 4,082 | 24,696 | 451 | 1.15% | [3] 2. Spot Market - Today, the basis of Bean No. 1 was -98 yuan/ton, and the basis has been strengthening recently. Today, the total registered warehouse receipts of Bean No. 1 were 13,621 lots, a decrease of 57 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,030 yuan/ton, a month - on - month increase of 0.70%. The spot price of soybeans has been rising steadily in recent days. Today, the soybean inventory in major ports was 6.7662 million tons, a month - on - month decrease of 0.11%. Currently, the inventory accumulation speed of port soybeans has slightly slowed down [6][8]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's arrival - at - port duty - paid prices of near - month imported soybeans showed some differentiation. The near - month arrival - at - port duty - paid price of US Gulf soybeans was reported at 4,775.31 yuan/ton, that of Brazilian soybeans was reported at 3,970.92 yuan/ton, and that of Argentine soybeans was reported at 3,778.37 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a stable and rising trend [9].

Market Conditions Futures Market - The main continuous contract of DCE Soybean No. 1 futures fluctuated within a narrow range today, closing at 4117 yuan/ton, down 0.22% from the previous day, with a trading volume of 111,267 lots and an open interest of 110,426 lots, a decrease of 10,173 lots [2]. - The closing prices of A2509, A2511, A2601, and A2603 contracts were 4117 yuan/ton, 4101 yuan/ton, 4095 yuan/ton, and 4084 yuan/ton respectively, with decreases of 0.22%, 0.22%, 0.07%, and 0.15% respectively [3]. Spot Market - Today's basis of Soybean No. 1 was -97 yuan/ton, and the basis continued to narrow. The total number of registered warehouse receipts for Soybean No. 1 was 13,688 lots, an increase of 286 lots from the previous trading day [5]. Influencing Factors Important Events - The average price of domestic soybeans was 4011 yuan/ton, up 0.22% from the previous day, and the spot price of soybeans has fluctuated up and down in recent days. The soybean inventory at major ports was 6.9117 million tons, up 0.81% from the previous day, and the port soybean inventory continued to accumulate [7][9]. Industry News - The decline of the near - month landed duty - paid price of imported soybeans has slowed down, and the price has stabilized with a slight increase. The near - month landed duty - paid price of US Gulf soybeans was 4755.44 yuan/ton, that of Brazilian soybeans was 3909.75 yuan/ton, and that of Argentine soybeans was 3762.30 yuan/ton. Recently, the overall profit of enterprise crushing has maintained a stable and rising trend [10].

Group 1: Report General Information - The report is a daily report on粕类 (bean meal and rapeseed meal) dated July 22, 2025, issued by the Commodity Research Institute of Galaxy Futures [2] Group 2: Market Performance Futures and Spot Market - Today, the US soybean futures showed a volatile trend with limited changes. The domestic bean meal futures continued to rise rapidly, while the rapeseed meal's rise slowed down. The domestic bean meal spot market remained relatively loose, and the rapeseed meal demand weakened [2][5] - For bean meal futures, the closing prices of contracts 01, 05, and 09 were 3104, 2760, and 3086 respectively, with changes of 17, 8, and 17. For rapeseed meal futures, the closing prices of contracts 01, 05, and 09 were 2437, 2377, and 2736 respectively, with changes of 22, 11, and 9 [2] - The spot basis, monthly spreads, and cross - variety futures spreads of bean meal and rapeseed meal all showed certain changes. For example, the 59 spread of bean meal was - 326 today, down 9 from yesterday, and the 91 spread of rapeseed meal was 299 today, down 13 from yesterday [2] Price Spreads - The spread between bean meal and rapeseed meal was 635 today, down 6 from yesterday; the spread between rapeseed meal and sunflower meal was - 29 today, up 3 from yesterday; the spread between bean meal and sunflower meal was 536 today, down 3 from yesterday [2] Group 3: Fundamental Analysis International Market - The new US soybean crop is generally bearish. As of the week ending July 20, the good - to - excellent rate of US soybeans was 68%, down from 70% the previous week. The US soybean old - crop export inspection volume for the week ending July 17 was 365,000 tons. The US soybean crushing data in June was good, with the NOPA - reported soybean crushing volume at 185.709 million bushels, a year - on - year increase of 5.76%, and the crushing profit rebounded [3] - Brazilian farmers' selling progress has accelerated but is still slow overall. Brazilian soybean crushing has improved recently, with the May soybean crushing volume continuing to rise month - on - month. The demand for bean meal and soybean oil is good, and the crushing profit has improved due to the rapid increase in soybean oil prices. However, crushing has limited impact on relieving supply pressure, and the demand improvement space is also limited. Brazil may still have room for export growth [3] - Argentina's domestic soybean crushing volume may improve slightly in the future as exports may decrease due to tariffs, but the current domestic crushing profit is average, so the improvement space is limited [3] Domestic Market - The domestic bean meal spot market remains loose. As of July 18, the actual soybean crushing volume of oil mills was 2.3055 million tons, the operation rate was 64.81%, the soybean inventory was 6.4224 million tons, down 152,500 tons (2.32%) from last week but up 310,400 tons (5.08%) year - on - year. The bean meal inventory was 998,400 tons, up 111,100 tons (12.66%) from last week but down 262,200 tons (20.8%) year - on - year [5] - The domestic rapeseed meal demand has been gradually weakening. The operation rate of oil mills has decreased, but the overall supply is sufficient, and the granular rapeseed meal inventory remains high. As of the week ending July 18, the rapeseed crushing volume of major coastal oil mills was 59,000 tons, the operation rate this week was 15.72%, the rapeseed inventory was 162,000 tons, up 16,000 tons from last week, and the rapeseed meal inventory was 12,000 tons, down 3,100 tons from last week [5] Group 4: Macro - analysis - The Sino - US negotiations in London have been completed, but the market lacks clear macro - guidance. The market is still worried about the uncertainty of future supply. Although the overall international trade situation has many uncertainties, the macro - disturbances are decreasing as the market stabilizes. China's long - term demand for US soybeans is still high, so the price is unlikely to drop significantly in the short term [6] Group 5: Logical Analysis - The domestic bean meal futures market continues to be strong, but the upward driving force is limited as the bullish factors from the US soybeans and cost side have decreased. The international market also lacks substantial bullish factors, and the US soybean's upward space is limited. The bean meal may face a certain downward pressure [7] - The fundamentals of rapeseed meal have changed little recently. The market focus is on the import of Australian rapeseed, which has great uncertainty in terms of import volume and price. The overall supply of rapeseed and rapeseed meal is relatively sufficient, and the demand is average, so the rapeseed meal market also faces pressure [7] - The monthly spreads of bean meal and rapeseed meal may face downward pressure, and the spread between bean meal and rapeseed meal will be volatile [7] Group 6: Trading Strategies - For unilateral trading, it is recommended to wait and see [8] - For arbitrage, it is recommended to reduce and exit the RM91 reverse arbitrage position [8] - For options trading, it is recommended to wait and see [8] Group 7: Soybean Pressing Profit - The report provides the soybean pressing profit data from different origins (Argentina and Brazil) and different shipping dates, including CNF, CBOT, contract, exchange rate, bean meal price, soybean oil price, and pressing profit. For example, the disk pressing profit of Argentine soybeans for October shipment is - 13.19 [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic soybean meal futures showed some support, but today's upward movement was mainly due to the uncertainty of long - term supply rather than its own factors. The US soybean futures declined due to the bearish monthly supply - demand report, but the deep - decline space was limited, and the rebound space was also restricted by Brazil's export pressure and good weather in US production areas. - The fundamental situation of rapeseed meal has changed little recently, mainly affected by the uncertainty of future supply. It is expected that it will be difficult to show a significantly strong trend, and the spread between soybean meal and rapeseed meal is expected to widen. - The inter - monthly spreads of both soybean meal and rapeseed meal futures may face some pressure, but the deep - decline space is limited [4][7]. 3. Summary by Related Catalogs 3.1 Market Review - The US soybean futures showed a strong upward trend. After the bearish monthly supply - demand report, the futures rebounded. The domestic soybean meal futures were driven by the US soybean futures and market information. The domestic rapeseed meal futures rebounded significantly due to the uncertainty of long - term supply. - The inter - monthly spreads of domestic soybean meal futures strengthened slightly, and those of rapeseed meal futures strengthened significantly. However, due to the uncertainty of market news, the possibility of further strengthening is uncertain [4]. 3.2 Fundamental Analysis 3.2.1 International Market - The adjustment of the new US soybean balance sheet was bearish. Exports were lowered, but crushing was raised, and the ending stocks increased slightly. As of the week ending July 6, the good - excellent rate of US soybeans reached 66%. As of the week ending July 3, the export inspection volume of old US soybeans was 389,400 tons. The US soybean crushing data in May was good, with a crushing volume of 192.829 million bushels, a month - on - month increase of 1.37%, and the crushing profit rebounded. - Brazilian farmers' selling progress was slow, and the overall selling progress was at a low level in the same period of history. The recent selling progress continued to slow down, and price pressure began to appear. The recent crushing volume in Brazil decreased, and the crushing profit was relatively low. It is expected that Brazil may further increase exports. - Argentina's domestic crushing volume may improve, but soybean exports may increase. The international soybean supply pressure is mainly concentrated in South America [5]. 3.2.2 Domestic Market - The domestic soybean meal spot market was relatively loose. The oil refinery operating rate increased, and inventories gradually accumulated. As of July 11, the actual soybean crushing volume of oil refineries was 2.2954 million tons, the operating rate was 64.52%, the soybean inventory was 6.5749 million tons, a week - on - week increase of 210,900 tons (3.31%) and a year - on - year increase of 661,400 tons (11.18%). The soybean meal inventory was 886,200 tons, a week - on - week increase of 63,800 tons (7.76%) and a year - on - year decrease of 333,100 tons (27.32%). - The domestic rapeseed meal demand has gradually weakened recently. Although the refinery operating rate has decreased, the overall supply is sufficient, and there is still supply pressure. As of the week ending July 14, the rapeseed crushing volume of major coastal oil refineries was 37,000 tons, and the operating rate this week was 9.86%. The rapeseed inventory of major coastal oil refineries was 146,000 tons, a week - on - week decrease of 16,000 tons; the rapeseed meal inventory was 15,100 tons, a week - on - week increase of 10,500 tons [6]. 3.3 Macroeconomic Analysis - The China - US negotiations in London have ended, but the market has not received clear information. Due to the lack of clear macro - guidance, the market is still worried about the uncertainty of future supply. Although the overall international trade situation has many uncertain factors, the macro - disturbances are decreasing as the market stabilizes. In the short term, it is not easy for China's long - term soybean demand for the US market to decline significantly [7]. 3.4 Trading Strategies - Unilateral: It is recommended that investors with existing long positions should exit and wait and see. - Arbitrage: It is recommended to exit the M91 long - spread position and wait and see. - Options: Wait and see [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the supply - side pressure on the粕类 market is limited, and the futures market shows a volatile rebound. The international soybean market has near - term support, while the domestic粕类 market has a complex situation with some improvement in spot conditions but also uncertainties in supply and demand [4][5]. 3. Summary by Section 3.1 Market Review - The US soybean futures are strong due to macro - level positives, monthly supply - demand reports, and changes in biodiesel policies. The domestic futures are relatively weak, with the soybean meal market stronger than the rapeseed meal market. The monthly spreads of both soybean meal and rapeseed meal are volatile [4]. 3.2 Fundamental Analysis - **International Market**: The near - term pressure on the international soybean market is limited. US soybean exports are good, and the April soybean crush volume has a significant year - on - year increase. Brazil's selling pressure is reduced, and the harvest progress is high. The new US soybean crop has good demand but export uncertainty [5]. - **Domestic Market**: The domestic spot market has improved. The oil mill crush volume has increased, and the inventory has slightly risen. The开机率 is relatively high, and the supply is reasonable. The demand for rapeseed meal is strong in the near - term, but the supply is abundant, and there are uncertainties in the long - term [5][6]. 3.3 Macro - level Analysis The reduction of tariffs between China and the US has led to a market recovery, but the粕类 market reaction is limited. The domestic soybean supply is less affected by policies, but there are still uncertainties, and the soybean meal is supported by policies in the long - term [7]. 3.4 Logic Analysis - **Soybean Meal**: The soybean meal futures have strengthened slightly. The supply pressure in Brazil may be reduced, but there are still uncertainties. The domestic soybean meal spot has little change, and the inventory pressure may increase with more soybean arrivals and higher开机率, affecting the monthly spreads [8]. - **Rapeseed Meal**: The rapeseed meal market has little change. The recent decline reflects supply uncertainties. The supply is sufficient, and both supply and demand may decrease in the future, with the spread between soybean meal and rapeseed meal oscillating [8]. 3.5 Trading Strategy - **Single - side Trading**: The market is expected to move in a volatile manner. - **Arbitrage**: It is recommended to wait and see. - **Options**: A strategy of selling wide straddles is suggested [9].