Group 1: Report Title and Date - The report is titled "Meal Daily Report" dated January 8, 2026, with the theme "Supply Improves, Prices Fall Overall" [1] Group 2: Researcher Information - The researcher is Chen Jiezheng, with a futures practice certificate number F3045719 and an investment consulting certificate number Z0015458. Contact email: chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - Bean meal: Contract 01 closed at 3146, down 25; Contract 05 closed at 2782, down 29; Contract 09 closed at 2875, down 13. Spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao increased by 10 respectively [3] - Rapeseed meal: Contract 01 closed at 2590, down 87; Contract 05 closed at 2358, down 61; Contract 09 closed at 2419, down 46. Spot basis in Nantong, Guangdong, and Guangxi increased by 51, 31, and 31 respectively [3] Monthly Spreads - Bean meal: 15 - spread increased by 4 to 364; 59 - spread decreased by 16 to -93; 91 - spread increased by 12 to -271 [3] - Rapeseed meal: 15 - spread decreased by 26 to 232; 59 - spread decreased by 15 to -61; 91 - spread increased by 41 to -171 [3] Cross - variety Futures Spreads - Bean - rapeseed 01 spread was 556, up from 494; Bean - rapeseed 09 spread was 456, up from 423. Oil - meal ratio 01 was 2.631, up from 2.583 [3] Spot Spreads - Bean meal - rapeseed meal spread decreased by 9 to 592; Bean meal - sunflower meal spread decreased by 19 to 822; Rapeseed meal - sunflower meal spread decreased by 30 to 240 [3] Group 4: Market Review - The US soybean market showed a decline. Although good exports provided some support, overall supply - demand was loose, putting pressure on prices. The domestic bean meal market declined due to market information, with cost support and concerns about future supply. Rapeseed meal also declined significantly, affected by bean meal and market information. The bean - rapeseed meal spread rose, and the monthly spreads of both bean meal and rapeseed meal declined [3] Group 5: Fundamental Analysis International Market - The US soybean market has a loose supply - demand situation, with limited price support from the balance sheet. Future prices will be affected by exports and crushing. In South America, Brazil's new - crop sowing progress is accelerating but still below the historical average. Most institutions expect a bumper harvest, and exports are likely to increase, but it depends on actual yields. Brazil's old - crop exports and crushing are good, but future crushing may be limited. Argentina's old - crop soybean production is large, and exports and crushing are increasing, but the export growth space may be limited [4] Domestic Market - The domestic spot market has a loose supply - demand situation. Oil mills' operating rates are high, supply is sufficient, and提货量 is increasing, with high inventory. Market transactions have decreased recently, and there is uncertainty about future supply. As of January 2, the actual soybean crushing volume was 1.7533 million tons, the operating rate was 48.23%, soybean inventory was 7.1025 million tons, up 8.53% from last week and 19.48% year - on - year. Bean meal inventory was 1.1702 million tons, up 0.22% from last week and 71.18% year - on - year. Rapeseed meal demand is weakening, oil mill operations have almost stopped, rapeseed supply is low, and there is still supply pressure. As of January 2, the rapeseed inventory of coastal oil mills was 0 tons, and the rapeseed meal inventory was 0 tons, both unchanged from last week [5] Group 6: Logic Analysis - The US soybean market may face pressure if supply remains high. Brazil's short - term weather is good, and the harvest is expected to progress smoothly, with potential bumper - harvest pressure. The international soybean market is still loose, and prices may face pressure. South American near - term supply may tighten, and market transactions have decreased, supporting prices. Domestic soybean arrivals will gradually decrease, but supply is uncertain. In the long - term, supply is loose, and prices face pressure. Rapeseed meal is mainly affected by macro factors, with average demand and significant supply - side changes. The bean - rapeseed meal spread is expected to narrow. The monthly spreads of bean meal and rapeseed meal are expected to be under pressure [6] Group 7: Trading Strategies - Unilateral: Short - selling is recommended - Arbitrage: Narrow the MRM spread - Options: Sell a wide - straddle strategy [7] Group 8: Soybean Crushing Profit - The report provides the crushing profit data of Brazilian soybeans from February to July 2026, including CNF, CBOT, contract, exchange rate, bean meal price, soybean oil price, and changes in crushing profit [8]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market for soybeans and soybean meal is in a state of oscillation. Domestic soybeans have a slight reduction in production, with Northeast soybeans being popular due to quality differentiation. The import of US soybeans may return to normal, ensuring sufficient soybean supply. Oil mills' operating rates are average, and soybean meal inventory remains high, while demand is strong. The soybean No. 1 contract will return to an oscillatory state, and soybean meal will maintain an oscillatory trend [5][7] 3. Summary by Relevant Catalog 3.1 Futures and Spot Market Conditions - The soybeans No. 1 2601 contract continues to oscillate. The spot price is stable, with the market price of Fuyin soybeans around 4,060 yuan/ton. The basis of soybeans No. 1 oscillates strongly, and the premium on the futures market is maintained. - The main soybean meal contract is shifting to 2605, showing an oscillatory trend. The spot price of soybean meal has a slight increase, with the price of 43% protein soybean meal in Zhangjiagang rising from 2,980 yuan/ton to around 3,020 yuan/ton. The basis oscillates strongly, and the premium on the futures market narrows [5] 3.2 Domestic Soybean Sales and Supply - The sales of domestic soybeans are relatively fast. The production of new - season domestic soybeans has slightly decreased to 20.9 million tons, and the quality in North China and other regions is differentiated, with high - protein soybeans in the Northeast being popular. As of November 28, the remaining grain ratio of soybeans in Heilongjiang has dropped to 74%, in Anhui to 73%, in Henan to 76%, and in Shandong to 81%. Recently, the auction of state - reserve soybeans has been suspended [5] 3.3 Import and Inventory of Soybeans - The arrival of soybeans at oil mills is high, and the port soybean inventory is sufficient. In October, China imported 9.48 million tons of soybeans, a 26% decrease from the previous month and a 17.2% increase year - on - year. Under the China - US trade agreement, the import of US soybeans will return to normal. Although China and the US have mutually reduced tariffs, a 10% basic tariff remains, so the import cost of US soybeans is still higher than that of South American soybeans. As of November 28, the arrival of soybeans at oil mills was 2.405 million tons, increasing again compared to the previous period; the port soybean inventory was 9.576 million tons, rebounding compared to the previous period [5] 3.4 US Soybean Market - US soybeans are undergoing high - level adjustments. The November supply - demand report of the US Department of Agriculture has reduced the yield per unit and total production of US soybeans, as well as the ending inventory. The production in South America has not been adjusted, and the global ending inventory has been further reduced. The market is worried about China's subsequent soybean purchases [5] 3.5 Oil Mill Operations and Soybean Meal Inventory - The operating rate of oil mills has declined, but the soybean meal inventory has increased again. As of November 28, the operating rate of oil mills was 60.54%, a decline compared to the previous period but still at a high level in recent years; the soybean crushing volume was 2.2008 million tons; the soybean inventory of oil mills was 7.3396 million tons, rebounding compared to the previous period. The soybean meal production was 1.7386 million tons, a decline compared to the previous period; the soybean meal inventory of oil mills was 1.2032 million tons, increasing again compared to the previous period and at a high level in recent years; the unexecuted contracts of soybean meal were 3.881 million tons, a decline compared to the previous period. The inventory days of soybean meal in feed mills were 8.17 days, rebounding compared to the previous period [6] 3.6 Feed Demand - Feed demand is relatively strong. In the livestock farming sector, the pig price is low, and farming is suffering significant losses. As of November 28, the profit of purchasing piglets for farming was - 248.82 yuan per head, and the self - breeding and self - raising profit was - 147.99 yuan per head. The adjustment of the breeding sow capacity is slow. In September, the national inventory of breeding sows was 40.35 million, a decrease of 30,000 from the previous month. The adjustment of the breeding sow inventory in large - scale farms is delayed, with a slight increase in the inventory in October; the number of piglets born has increased again, while the sales volume has continued to decline, reflecting a weak mentality of replenishing the herd; the number of pigs held for fattening and secondary fattening has increased. At the end of the third quarter, the national pig inventory was 436.8 million, a 29% increase from the previous quarter and a 23% increase year - on - year. In the poultry sector, the egg price has dropped again, and farming continues to suffer losses, with an increase in the number of culled poultry. The inventory in October decreased slightly from the previous month and may continue to decline in the fourth quarter. In October, the feed production was 29.07 million tons, a decline from the previous month but a 6% increase year - on - year; feed demand remains strong [7]

Core Insights - The global oilseed market is experiencing a mild rebound supported by demand and rising soybean oil prices, but it remains in a consolidation phase due to a lack of sustained momentum [1] - The focus is on the implementation of the US-China trade agreement and the clarification of US biofuel policies, with recent communications between US and Chinese leaders leading to increased purchasing activity [1][2] - Despite confirmed soybean sales to China, the US soybean prices remain unattractive compared to Brazilian supplies, necessitating a price adjustment to attract commercial buyers [1][3] Group 1: Market Dynamics - As of late November, the US Department of Agriculture confirmed soybean sales to China reached 3.12 million tons, but private estimates suggest China may need to purchase between 3.5 million to 4 million tons in December to meet targets [1] - The Chicago soybean futures are currently priced above $11 per bushel, with expectations that the price gap between US and Brazilian soybeans will widen as Brazilian harvest approaches [2] - The USDA has lowered the US soybean export target to 445 million bushels (approximately 12.1 million tons), marking the lowest level in 12 years, reflecting concerns over competitiveness [3] Group 2: Supply Chain and Quality Concerns - China recently rejected a shipment of 69,000 tons of Brazilian soybeans due to pesticide contamination, raising concerns about supply quality and export processes [4] - In Argentina, soybean planting progress is at 36%, lagging behind both last year and the five-year average, indicating potential supply challenges [5] - The US is facing seasonal export pressure, with cumulative sales lagging 38.3% year-on-year, necessitating an average weekly export volume of approximately 800,000 tons to meet USDA targets [6] Group 3: Future Outlook - The global soybean market is expected to maintain a volatile consolidation pattern in the short term, with close attention on the US-China trade agreement, South American weather conditions, and the finalization of biofuel policies [7]

Group 1 - The domestic futures market shows a significant upward trend, with soybean futures experiencing a slight increase of 1.24%, reaching 3758.00 CNY/ton [1] - The USDA is expected to release the export sales report for the week ending October 16, with projected net sales of U.S. soybeans for the 2025/26 marketing year estimated between 600,000 to 2,000,000 tons [2] - The top 20 futures companies for soybean contracts show a slight increase in net short positions, with a total of 147,800 long positions and 147,900 short positions, resulting in a net position of -130 contracts, an increase of 881 contracts from the previous day [2] Group 2 - Global expectations for soybean supply remain high, with a significant decrease in U.S. soybean export inspection volumes, which fell to 799,000 tons compared to 2,119,800 tons in the same period last year, marking a 44.5% year-on-year decline [3] - The focus is on whether China can meet its ambitious target of purchasing 12 million tons of U.S. soybeans by the end of the year, facing multiple challenges including high domestic soybean port and oil mill inventories and poor crushing margins [3] - South American soybean production conditions are stable, with Argentina's planting progress for the 2025/26 season at 24.6%, which is 11% behind the same period last year [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the international soybean market is currently in a relatively loose supply - demand situation. The US soybean market shows a relatively strong trend due to increased exports, but the Brazilian soybean market may face price pressure in the medium - term. Domestic soybean meal and rapeseed meal prices are under downward pressure, with soybean meal performing stronger than rapeseed meal. The recommended trading strategy is to stay on the sidelines for both single - side trading and arbitrage, and to use the strategy of selling wide straddles for options [3][4][7]. 3. Summary by Section 3.1 Market Review - The US soybean oil market rumors of postponed biodiesel incentive measures, leading to a decline in the US soybean oil futures price, and the US soybean futures price showed high - level fluctuations. The domestic soybean meal and rapeseed meal futures prices declined, with the spread between soybean meal and rapeseed meal slightly widening, and the inter - month spreads of both also declined [3]. 3.2 Fundamentals - The monthly supply - demand report was bullish, but the US soybean futures price faced downward pressure after the report. The US soybean balance sheet can support the price, and future prices will be more affected by exports and crushing. South American supply factors are increasing, with Brazil's new crop sowing progressing rapidly, and most institutions expect a bumper harvest. Argentina's old - crop soybean exports and crushing are increasing, but the export growth space may be limited. Overall, the international soybean market supply - demand is relatively loose [4]. - The domestic spot market is in a loose supply - demand situation, with increasing oil mill operating rates, sufficient supply, and increasing提货量. As of November 14, the actual soybean crushing volume was 2.0776 million tons, the operating rate was 57.15%, soybean inventory was 7.4771 million tons, a decrease of 1.87% from the previous week and an increase of 40.92% year - on - year. Rapeseed meal demand is gradually weakening, and the supply pressure persists [5]. 3.3 Macroeconomic Factors The macro - economic impact on the market is expected to be limited after the short - term reaction, and the market will focus more on fundamental changes. The US government ended the shutdown, and China - US negotiations sent positive signals. China resumed the soybean import qualifications of three US companies, but the impact on the long - term market supply is uncertain [6]. 3.4 Logic Analysis - The US soybean price is expected to fluctuate at a high level, and the Brazilian soybean price is expected to be under pressure and fluctuate. The domestic soybean meal price is under pressure in the medium - to - long - term, and soybean meal performs stronger than rapeseed meal. The inter - month spreads of soybean meal will fluctuate, and those of rapeseed meal may continue to decline [7]. 3.5 Trading Strategies - Single - side trading: It is recommended to stay on the sidelines. - Arbitrage: Stay on the sidelines. - Options: Use the strategy of selling wide straddles [8].

Group 1: Report Overview - The report is titled "Negotiations Look Promising, Sharp Rise in US Soybeans Boosts Soybean Meal" and is dated October 28, 2025 [1] - The report is from the Financial Research Institute of Hongye Futures, written by Chen Chunlei [3] Group 2: Market Performance - The Soybean No. 1 2601 contract continued its oscillating rebound. The spot price slightly increased; the market price of Fuyin soybeans rose from 4000 yuan/ton to around 4040 yuan/ton. The soybean basis strengthened oscillatingly, and the premium on the futures decreased [4] - The Soybean Meal 01 contract stopped falling and rebounded. The spot price of soybean meal recovered; the price of Zhangjiagang 43% protein soybean meal rose from 2870 yuan/ton to around 2910 yuan/ton. The basis strengthened oscillatingly, and the futures maintained a slight premium [4] Group 3: Domestic Soybean Situation - Domestic soybean harvesting is nearing completion with quality differentiation. As of October 24, the remaining soybean ratio in Heilongjiang reached 95%, 75% in Anhui, 70% in Henan, and 75% in Shandong. Heilongjiang's soybeans are of good quality, while those in North China are of poor quality [4] - Soybean supply is abundant, and initial Sino-US talks are promising. In September, domestic soybean imports were 12.87 million tons, a 4.8% increase from the previous month and a 13.2% increase year-on-year. From January to September, cumulative imports were 86.185 million tons, a 5.3% increase year-on-year. There is a possibility of purchasing US soybeans. As of October 24, the arrival volume of soybeans at oil mills was 2.145 million tons, a slight decrease from the previous month, and the port soybean inventory was 9.731 million tons, also a slight decrease but at a recent high [4] Group 4: US Soybean Situation - US soybeans rebounded significantly. The US government is still shut down, but some agricultural services are open, and subsidy funds have been issued. The US soybean harvest may be near completion. The positive expectation of Sino-US negotiations boosted US soybeans to a nearly one-year high [5] Group 5: Oil Mill Operations - The operating rate of oil mills continued to rise, and soybean meal inventory increased again. The profit from crushing Brazilian soybeans declined due to high costs. As of October 24, the operating rate of oil mills was 65.13%, a rebound from the previous month. The soybean crushing volume was 2.3674 million tons, reaching a recent high. The soybean inventory at oil mills was 7.513 million tons, a slight decrease from the previous month. The soybean meal output was 1.87 million tons, a rebound from the previous month. The soybean meal inventory at oil mills was 1.0546 million tons, a slight increase from the previous month, and the unfulfilled contracts for soybean meal were 4.2125 million tons, a further decline from the previous month [5] Group 6: Feed Demand - Feed demand is strong. In the pig farming sector, pig prices rebounded from a low level, and the loss margin narrowed. As of October 24, the profit from purchasing piglets for fattening was -289.07 yuan per head, a significant loss, while the profit from self-breeding and self-fattening was -185.68 yuan per head, with the loss narrowing. In the poultry sector, egg prices declined again, and egg-laying hens were in a loss-making situation, with insufficient culling, and the inventory in September remained at a historical high. As of October 24, the inventory days of soybean meal at feed mills were 7.95 days, a slight increase from the previous month [6] Group 7: Market Outlook - Domestic soybean harvesting is nearing completion, with quality differentiation, and prices have stabilized and rebounded. Domestic soybean supply is high, and there is a possibility of importing US soybeans under the expectation of Sino-US negotiations. The operating rate of oil mills is rising, and soybean meal inventory is increasing again. Demand is strong. Soybean No. 1 will oscillate and rebound, and soybean meal will oscillate and stabilize. Enterprises are advised to make purchases on dips as needed [6]

News Summary Core Viewpoint - The soybean market is experiencing fluctuations due to varying weather conditions in the U.S. and increased supply from South America, impacting both domestic and imported soybean prices. Group 1: Import Prices and Trends - On September 24, the CNF price for Argentine soybeans for November shipment was reported at $447 per ton, translating to a total cost of 3,624 RMB per ton upon arrival in South China, which is a decrease of 138 RMB per ton compared to the previous Monday [1] - As of September 21, the European Union's soybean import volume for the 2025/26 season was 2.86 million tons, down from 2.98 million tons the previous year [2] Group 2: Market Analysis and Forecasts - Dayue Futures indicates that while weather uncertainties in U.S. soybean-producing regions support a bottom for U.S. soybean prices, the abundant harvest in South America and favorable growing conditions in the U.S. limit the rebound potential for prices. The price range for soybean futures A2511 is expected to oscillate between 3,840 and 3,940 [3] - Ruida Futures notes that recent clear weather in the Hubei and Hunan regions has accelerated the drying process of new soybeans, with a significant amount entering the market from Northeast China. This is expected to increase supply pressure on domestic soybean prices. However, with the upcoming Mid-Autumn and National Day holidays, downstream stocking demand may provide temporary support for prices [4]

Group 1: Report Information - Report title: "粕类日报 2025年5月13日" [2] - Researcher: Chen Jiezheng [3] - Date: May 13, 2025 [4] Group 2: Market Review - US soybean futures showed a strong trend, driven by improved macro - situation and a favorable monthly supply - demand report. Domestic futures weakened, influenced by supply pressure. Soybean meal futures were stronger than rapeseed meal futures. The decline in soybean meal spot prices had a negative impact on rapeseed meal, along with policy changes in rapeseed meal. The monthly spreads of both soybean meal and rapeseed meal oscillated slightly, driven by the single - side market [4]. Group 3: Fundamental Analysis International Soybean Market - Near - term pressure is limited. As of the week ending May 1, soybean export sales were 376,700 tons. March's crushing data was average, but subsequent demand is good, with no obvious pressure in the US. Brazil's selling pressure has decreased, and as of the week ending May 10, the harvesting progress was 98.5%, higher than last year and the five - year average. Crushing data is good, providing support. The near - term support for the international soybean market remains, and attention should be paid to subsequent balance sheet adjustments. In the long - term, the good demand for new - crop US soybeans supports the market, but exports are highly uncertain [5]. Domestic Market - Recently, the domestic spot supply is still tight. Based on the current operating rate, downstream提货 has improved significantly. With low inventory, there is some support, but as supply continues to increase, pressure is expected. As of May 9, the actual soybean crushing volume of oil mills was 1.846 million tons, the operating rate was 51.89%, soybean inventory was 5.3491 million tons (a 12.7% increase from last week and a 27.79% increase year - on - year), and soybean meal inventory was 101,200 tons (a 23.26% increase from last week and an 81.9% decrease year - on - year). The demand for domestic rapeseed meal has been strong recently, driven by the strong near - term soybean meal spot. However, as soybean meal pressure increases, rapeseed meal is expected to weaken. As of the week ending May 9, the rapeseed crushing volume of major coastal oil mills was 159,500 tons, the operating rate was 42.51%, rapeseed inventory was 200,000 tons (a decrease of 68,000 tons from last week), and rapeseed meal inventory was 36,000 tons (an increase of 21,500 tons from last week) [6][7]. Group 4: Macro - analysis - The main impact on the market is the joint statement. Both China and the US postponed the imposition of tariffs and reduced current tariffs. However, the soybean tariff is in Announcement No. 2, so China still imposes tariffs on US soybeans. The macro - impact on soybean meal is complex, and the driving force is expected to be limited [7]. Group 5: Logical Analysis - Today, the soybean meal futures declined significantly. As the operating rate of domestic oil mills increases, the tight spot supply has eased. With the increase in soybean arrivals and the operating rate, the supply will continue to improve. The market's response to the monthly supply - demand report is weak. The pricing center of soybean meal is still in South America, where the pressure is significant, so the futures may face further pressure. The market focus on rapeseed meal is on future supply. As soybean meal prices fall, the demand for rapeseed meal may weaken, limiting the positive impact of supply. The monthly spreads of both soybean meal and rapeseed meal oscillate. The soybean meal monthly spread is mainly affected by the single - side market, while the rapeseed meal monthly spread faces downward pressure due to the improvement in future supply [8]. Group 6: Trading Strategies - Unilateral trading: Bearish trend - Arbitrage: Expand the MRM09 spread - Options: Sell a wide - straddle strategy [9] Group 7: Price and Spread Data Futures and Spot Prices - Soybean meal: Contract 01 closed at 2937 (down 11), 05 at 2746, 09 at 2886 (down 22). Spot basis in Tianjin was 180 (down 70), in Dongguan 150 (down 20), in Zhangjiagang 90 (down 10), and in Rizhao 100 (down 10). - Rapeseed meal: Contract 01 closed at 2295 (down 17), 05 at 2410 (down 24), 09 at 2487 (down 57). Spot basis in Nantong was - 67 (up 77), in Guangdong - 117 (up 7), and in Guangxi - 137 (up 7) [4]. Monthly Spreads - Soybean meal: 59 spread was - 140 (up 6), 91 spread was - 51 (down 11), 15 spread was 191 (up 5). - Rapeseed meal: 59 spread was - 77 (up 33), 91 spread was 192 (down 40), 15 spread was - 115 (up 7) [4]. Cross - variety Spreads - The difference between soybean meal and rapeseed meal futures for contract 05 was 336 (up from 328), for contract 09 was 399 (up from 364). The oil - meal ratio for contract 05 was 2.896 (up from 2.886). The spot difference between soybean meal and rapeseed meal was 748 (down 92), between soybean meal and sunflower meal was 966 (down 32), and between rapeseed meal and sunflower meal was 108 (unchanged) [4]. Group 8: Soybean Pressing Profit - For Brazilian soybeans arriving in June, the CNF was 133, CBOT was 1067, the exchange rate was 7.0718. The soybean meal price was 2886, the soybean oil price was 7792. The盘面 pressing profit was 56.99 (down 32.30 from yesterday), and the spot pressing profit was - 123.81 (down 32.30 from yesterday). - For Brazilian soybeans arriving in July, the CNF was 148, CBOT was 1067, the exchange rate was 7.2303. The盘面 pressing profit was 37.21 (down 20.99 from yesterday), and the spot pressing profit was 11.91 (down 20.99 from yesterday). - For Brazilian soybeans arriving in August, the CNF was 173, CBOT was 1051, the exchange rate was 7.2303. The盘面 pressing profit was - 35.32 (down 12.15 from yesterday), and the spot pressing profit was - 35.32 (down 12.15 from yesterday) [10]