Group 1 - The core viewpoint indicates that soybean futures are experiencing a strong upward trend, with the main contract rising by 2.16% to 4120.00 yuan/ton as of August 13 [1] - Brazil's soybean exports in the first week of August 2025 reached 2.7745 million tons, a significant decrease from 8.0415 million tons in the same period last year, although the daily average shipment increased by 26.51% compared to last year [2] - The European Union's soybean import volume for the 2025/26 season is reported at 1.3 million tons, down from 1.47 million tons last year, while the USDA's August supply and demand report indicates a reduction in expected soybean planting and harvesting areas in the U.S. for the 2025/26 season [3] Group 2 - Industry analysis from Dayue Futures suggests that while weather conditions in U.S. soybean-producing regions may support a bottom in soybean prices, the anticipated high yield from South American soybeans and favorable planting conditions in the U.S. may limit price rebounds [4] - Guotou Anxin Futures notes that the price gap between soybean contracts has reached a new low, indicating that soybean prices are entering an undervalued region, while also highlighting the importance of weather conditions and policy impacts on the market [4] - The report emphasizes the critical growth stage for soybeans in August, with potential weather risks due to high temperatures and low rainfall in certain U.S. regions, which could affect yield [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - The report predicts that soybean meal may experience a rebound and oscillation, and the same goes for soybeans [1]. - The trend strength of soybean meal and soybeans is +1, indicating a relatively positive short - term trend for the main contract futures prices on the reporting day [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean 2509 closed at 4141 yuan/ton during the day session, down 3 yuan (-0.07%), and 4146 yuan/ton during the night session, down 1 yuan (-0.02%); DCE soybean meal 2509 closed at 2961 yuan/ton during the day session, up 23 yuan (+0.78%), and 2965 yuan/ton during the night session, up 7 yuan (+0.24%); CBOT soybean 11 closed at 1027.5 cents/bushel, up 2.25 cents (+0.22%); CBOT soybean meal 12 closed at 289.5 dollars/short ton, up 1.3 dollars (+0.45%) [1]. - **Spot Prices and Basis**: In Shandong, the spot price of soybean meal is 2900 yuan/ton, with various basis levels for different contracts and time periods; in East China, it is 2800 - 2900 yuan/ton; in South China, it is 2860 - 2900 yuan/ton, and the basis levels also vary [1]. - **Industrial Data**: The trading volume of soybean meal was 8.17 million tons per day on the previous trading day, compared with 25.8 million tons per day two trading days ago. The inventory was 47.12 million tons per week two trading days ago [1]. 3.2 Macro and Industry News - On June 30, 2025, CBOT soybean futures closed mixed, with a near - weak and far - strong trend, and the benchmark contract closed slightly higher. The USDA's latest report shows that the estimated soybean planting area in the US in 2025 is 83.38 million acres, lower than the March forecast and analysts' average prediction, and 4.2% less than the previous year. The quarterly inventory report indicates that as of June 1, the total US soybean inventory was 1.008 billion bushels, higher than market expectations and 3.9% more than the same period last year. The soybean crop's good - to - excellent rate as of June 29 was 66%, the same as a week ago, slightly lower than the same period last year and market expectations [3].

Core Insights - The USDA's planting acreage report forecasts that the soybean planting area in the United States for 2025 will be 83.4 million acres, which is slightly below market expectations of 83.65 million acres [1] - The March planting intentions report indicated a soybean planting area of 83.495 million acres, showing a minor decrease in the latest forecast [1] Summary by Category Soybean Planting Area - The projected soybean planting area for 2025 is 83.4 million acres [1] - Market expectations were set at 83.65 million acres, indicating a potential shortfall in planting area [1] - The previous March report indicated intentions for 83.495 million acres, suggesting a consistent outlook with slight adjustments [1]

Group 1 - The USDA projects U.S. soybean quarterly stocks at 1.008 billion bushels, compared to analyst expectations of 0.97426 billion bushels and a previous value of 1.01 billion bushels [1] - The expected soybean planting area is 83.38 million acres, while analysts anticipated 83.523 million acres and the previous figure was 86.10 million acres [1]