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]

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].