Report Summary Industry Investment Rating - Short - term, take a short - side allocation for soybeans and a bearish view on corn; for the long - term, wait for the bottom for corn, and there is no clear long - term rating for soybeans [8][12] Core View - National soybean production is expected to remain above 21 million tons, with a supply - demand imbalance leading to a likely price trend of high - opening and low - closing. Corn production is likely to increase, with a high - opening and low - closing price, and no major unilateral market is expected this year [8][12] Content Summary by Category 1. Soybean - **Planting and Yield**: Influenced by policies and subsidies, the planting area of domestic soybeans in Heilongjiang increased in 2025. Western regions maintained stable yields, while eastern regions had significant yield declines. Overall, the provincial yield was flat or slightly increased, and national production is expected to remain above 21 million tons [6] - **Cost and Subsidies**: The land rent cost of new - season domestic soybeans decreased, especially in the east. The comprehensive agricultural input cost was about 3,000 - 4,500 yuan/ha. Soybean subsidies were significantly higher than those for corn [7] - **Protein Content**: Due to the government's encouragement of high - oil soybean planting, the proportion of high - protein soybeans in Heilongjiang was about 40%, and the high - and low - protein differentiation was severe [7] - **Downstream Industry**: The downstream industry of domestic soybeans was not optimistic, with a supply - demand imbalance. Non - GMO soybean pressing enterprises faced challenges, and food and protein enterprises had stable processing and consumption but no growth in demand [8] - **Price Outlook**: The price of soybeans may open high and close low. When the rough grain price is below 1.75 - 1.8 yuan/jin, farmers may hold back sales. The short - term strategy is a short - side allocation [8] 2. Corn - **Planting and Yield**: Due to factors such as weather, subsidies, and economic benefits, the corn planting area in Heilongjiang decreased year - on - year, especially in the east. Most areas had increased yields, and the overall production was slightly higher than last year but lower than 2023 [11] - **Cost and Quality**: The land rent cost was the same as that of soybeans, and the agricultural input cost in the east was basically unchanged. The quality of new - season corn was better than last year, especially in terms of high bulk density [11] - **Price and Market**: The opening price of corn was high but trended down. The short - term market was bearish, and the long - term market needed to wait for the bottom. The market was likely to be volatile with a smaller amplitude than last year [12]