Report Date - The report is dated December 14, 2025 [1] Core View - In the coming week (December 15 - 19), both the Dalian soybean meal and soybean futures prices are expected to fluctuate. For soybean meal, the current decline in US soybean prices calls for attention to China's purchasing situation. If China makes purchases at lower prices, the downside of US soybean prices is expected to be limited. In the domestic market, prices are slightly stronger due to concerns about customs clearance. For soybeans, the spot price is stable with a slight upward trend, and the futures market is influenced by market news and sentiment, likely to fluctuate within a range [6] International Soybean Market (December 8 - 12) Price Trends - US soybean futures prices mainly declined. From a weekly K - line perspective, in the week of December 12, the main January 2026 contract of US soybeans had a weekly decline of 2.62%, and the main January 2026 contract of US soybean meal had a weekly decline of 1.76% [2] Fundamental Factors - China continued to purchase US soybeans, but the volume was lower than market expectations. From December 8 - 12, the total volume of US soybeans sold to China and unknown destinations was about 1.221 million tons (for the 2025/26 crop year) [2] - The import cost of Brazilian soybeans decreased week - on - week. As of the week of December 12, the average CNF premium of Brazilian soybeans for February 2026 delivery increased week - on - week, while the average import cost decreased due to the decline in the US soybean futures market [2] - Brazilian soybean planting was nearly complete. As of the week of December 4, the planting progress of the 2025/26 Brazilian soybeans was 94%, slightly lower than about 95% in the same period last year [2] - Argentina's soybean planting progress was slow. As of the week of December 11, the planting progress of the 2025/26 Argentine soybeans was about 58%, compared with about 66% in the same period last year [2] - The weather forecast for South American soybean - producing regions indicated that in the next two weeks (December 13 - 27), there would be more precipitation and lower temperatures in the main soybean - producing areas of Brazil, while precipitation and temperatures in Argentina would be basically normal [2] Domestic Soybean Meal Market (December 8 - 12) Futures Prices - Domestic soybean meal futures prices first declined and then rose. From a weekly K - line perspective, in the week of December 12, the main m2605 contract of soybean meal had a weekly decline of 1.81% [2] Spot Market - Trading volume increased week - on - week. As of the week of December 12, the average daily trading volume of soybean meal at major domestic oil mills was about 180,000 tons, compared with about 140,000 tons in the previous week [3] - Delivery volume increased week - on - week. As of the week of December 12, the average daily delivery volume of soybean meal at major oil mills was about 195,000 tons, compared with about 184,000 tons in the previous week [4] - Basis increased week - on - week. As of the week of December 12, the average weekly basis of soybean meal in Zhangjiagang was about 293 yuan/ton, compared with about 226 yuan/ton in the previous week [4] - Inventory decreased slightly week - on - week but increased year - on - year. As of the week of December 5, the inventory of soybean meal at major domestic oil mills was about 1.05 million tons, with a week - on - week decline of about 2% and a year - on - year increase of about 75% [4] - Soybean crushing volume decreased week - on - week and was expected to be stable in the coming week. As of the week of December 12, the weekly soybean crushing volume in China was about 2.04 million tons, and the operating rate was about 56%. In the coming week (December 13 - 19), the expected crushing volume was about 2.04 million tons, and the operating rate was 56% [4] Domestic Soybean Market (December 8 - 12) Futures Prices - Domestic soybean futures prices were relatively strong. From a weekly K - line perspective, in the week of December 12, the main a2601 contract of soybeans had a weekly increase of 1.55% [2] Spot Market - Soybean prices were stable with a slight upward trend. In some parts of Northeast China, the purchase price of clean soybeans was in the range of 4,840 - 4,160 yuan/ton, up 20 - 40 yuan/ton from the previous week. In some parts of Inner China, the purchase price remained flat, and in the sales areas, the selling price of Northeast edible soybeans also remained unchanged [5] - State reserve purchases continued without new storage points. The ongoing state reserve purchases in Heilongjiang, Jilin, and Inner Mongolia supported the soybean prices in the Northeast [5] - The purchase price in the Northeast production area continued to rise. Due to farmers' reluctance to sell, the volume of purchases was slow. Most traders reported slow sales in the market and mainly executed previous contracts [5] - The trading of Northeast soybeans in the sales areas was slow. Dealers in many places reported normal but slow trading of Northeast soybeans. Downstream markets had inventories that needed time to consume, and slow trading of terminal soy products restricted the operating rate of soybean product factories and raw soybean purchases [5]

二 〇 二 五 年 度 2025 年 12 月 14 日 豆粕：低位震荡 豆一：区间运行 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 报告导读： 上周（12.08-12.12），美豆期价跌势为主，虽然中方持续采购美豆，但无超预期采购、市场仍担心 美豆需求，南美天气良好也给美豆带来竞争压力。从周 K 线角度，12 月 12 日当周，美豆主力 01 月合约 周跌幅 2.62%，美豆粕主力 01 月合约周跌幅 1.76%。 上周（12.08-12.12），国内豆粕期价先跌后涨，豆一期价偏强。豆粕方面，周初跟随美豆期价下 跌，周三受到市场传言"因控制进口规模、通关时间延长"影响、盘面反弹（近月合约 01 合约偏强）。豆 一方面，现货稳中偏强，期货盘面偏强也是受到上述市场消息影响。从周 K 线角度，12 月 12 日当周，豆 粕主力 m2605 合约周跌幅 1.81%，豆一主力 a2601 合约周涨幅 1.55%。（上述期货价格及涨跌幅数据引自 文华财经） 上周（12.08-12.12），国际大豆市场主要基本面情况：1）中方继续采购美豆，事件本身利多、但低 于市场预期。据新闻 ...

Group 1 - The core viewpoint of the article indicates that U.S. soybean exports are expected to improve, leading to a significant increase in soybean futures prices, which reached a 16-month high [1] - Chicago Board of Trade (CBOT) soybean futures closed up 1.7%, with the January soybean futures contract rising by 19 cents to settle at $11.34-1/4 per bushel [1] - The U.S. Department of Agriculture's export inspection report shows that soybean export inspections for the week ending October 30, 2025, totaled 965,063 tons, which is at the lower end of market expectations, down 17% week-over-week and down 58% year-over-year [1] Group 2 - As of November 1, Brazil's soybean planting rate was reported at 47.1%, an increase from 34.4% the previous week, but lower than 53.3% during the same period last year and below the five-year average of 54.7% [1] - As of November 3, the national port inventory of imported soybeans in China was 8.17414 million tons, a slight increase of 33,980 tons compared to the same period last week [1]

Market Overview - Soybeans are experiencing gains of 3 to 5 cents in the front months, with futures having posted gains of 7 to 9 cents across most contracts on Friday, resulting in a weekly gain of 55 cents for November [1] - Total open interest increased by 6,882 contracts on Friday, indicating new buying activity [1] - The national average Cash Bean price rose by 6 1/4 cents to $10.33 1/2 [1] Soybean Futures - Soymeal futures increased by $4.50 to $6.10, with December futures rallying $27.50 for the week [1] - Soy Oil futures decreased by 68 to 97 points, with December falling 159 points since last Friday [1] Crop Insurance and Pricing - November soybeans averaged a close of $10.35 throughout October, which is expected to be the harvest price for Crop Insurance, up 32 cents from last year but down 19 cents from the spring price [2] International Trade - China purchased an additional 4 cargoes of soybeans following the recent US/China meeting, with market attention on whether China will be a destination in the upcoming Export Inspections report [3] Biodiesel Production - EIA data indicated that 1.041 billion lbs of soybean oil were used in biodiesel production in August, down 14.48% year-over-year and 6.09% below July, representing 39.15% of total biodiesel feedstock, the highest inclusion rate since September 2023 [4] Brazilian Soybean Crop - AgRural estimates that the Brazilian soybean crop is 47% planted as of Thursday, trailing behind last year's pace of 54% [4]

Core Insights - Soybean futures experienced a mixed trading session, with contracts closing 10 to 12 cents higher despite initial weaker action [1][2] - A significant increase in preliminary open interest was noted, rising by 8,252 contracts [1] - The national average cash price for soybeans increased by 10 cents to $9.35 [1] Market Performance - Soymeal futures declined by $1 in nearby October contracts, while other contracts remained steady to 80 cents higher [1] - Soy Oil futures showed an increase of 73 to 93 points [1] - November 25 Soybeans closed at $10.13, up 11.25 cents, while January 26 and March 26 contracts also saw increases [4] External Factors - President Trump's announcement regarding a discussion on soybeans with President Xi of China contributed to late-session buying [2] - EIA data indicated that soybean oil usage in biodiesel reached 1.108 billion pounds in July, marking the highest level in 8 months but slightly below last year [3] - StoneX's estimate for the US soybean crop was 53.9 bushels per acre, a 0.7 bushel increase from the previous month, with total production estimated at 4.326 billion bushels [3]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - With the gradual establishment of downstream inventories of domestic soybean meal, the subsequent inventory accumulation speed of domestic soybean meal may accelerate under the expectation of high - opening and high - crushing of oil mills, and it is expected that the 009 contract will show a sideways movement. In the fourth quarter, there is an expectation of rising import costs for soybean meal, and it is recommended to pay attention to the opportunity of buying at low prices for the November and January contracts. Also, pay attention to the results of the USDA planting area report at the end of June [7][8] 3. Summary by Related Catalogs 3.1 Basis Data - The basis of the soybean meal main contract (Zhangjiagang) in Dalian was - 11 with a change of 15; in Tianjin, it was - 41 with a change of 25; in Rizhao, it was - 81 with a change of 25. The basis of 43% soybean meal spot (against the main contract) in Zhangjiagang was - 121 with a change of 5; in Dongguan, it was - 111 with a change of 35; in Zhanjiang, it was - 111 with a change of - 15; in Fangcheng, it was - 111 with a change of 5. The basis of rapeseed meal spot in Guangdong was - 2 with a change of 27 [6] 3.2 Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong was 389 with a change of 2; the spread of the main contract was 280 with a change of 10 [7] 3.3 International Data - The exchange rate of the US dollar against the RMB was 7.1656, and the on - disk crushing profit was 232 yuan/ton with a change of 2 [7] 3.4 Inventory Data - As of last Friday, domestic soybean and soybean meal continued to accumulate inventory. Currently, soybean inventory is at a high level in the same period of history; soybean meal inventory is still at a low level in the same period of history, and the inventory days of soybean meal in feed enterprises continued to rise [7][8] 3.5 Supply and Demand Situation - Supply: The arrival volume of Brazilian soybeans in China in June, July, and August is expected to be over 10 million tons each month. The supply - demand balance sheet of new - crop US soybeans is tightening, the good - excellent rate of US soybeans has dropped to 66%, lower than the same period last year. The weather in the next two weeks is favorable for soybean growth. Demand: From the perspective of inventory, the supply of live pigs is expected to increase steadily before November; the inventory of poultry remains at a high level; the cost - performance of soybean meal is relatively high, and the proportion of feed addition has increased. The提货 volume is at a high level; in some areas, wheat replaces corn, reducing the use of protein [7] 3.6开机 and Pressing Situation - The开机 rate and soybean crushing volume of major domestic oil mills are shown in historical data analysis charts [7]