Core Viewpoint - The soybean futures market is experiencing a downward trend, with the main contract reported at 4093.00 yuan/ton, reflecting a decrease of 0.58% [1] Group 1: Market Data - Brazil's soybean export volume for November is projected to be 4.4 million tons, down from the previous forecast of 4.71 million tons [2] - As of November 21, the deliverable soybean inventory at CBOT was 18.441 million bushels, an increase of 2.54% from the previous week and a significant rise of 68.12% compared to the same period last year [2] Group 2: Institutional Insights - Nanhua Futures reports that the domestic soybean spot market remains stable, with prices holding steady and limited changes. The selling pressure from the Northeast region is noticeably dispersed, and high-quality soybeans are being withheld from sale, maintaining strong prices. Market participants are cautious about high-price purchases, leading to slow circulation of goods [3] - Guotou Anxin Futures notes that domestic soybean prices are fluctuating, with a rebound followed by a pullback. The current spot market prices are stable, and there is a strong willingness among market participants to maintain prices. The tightening supply of high-protein soybeans is creating optimistic expectations, which is positively influencing the overall soybean market [3]