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].

USDA种植面积报告：预计美国2025年大豆种植面积为8340万英亩，市场预期为8365.5万英亩，3月种植 意向报告为8349.5万英亩。 ...

预计大豆种植面积8338.0万（英亩），分析师预期8352.3万，前值8610万。 美国农业部（USDA）：预计美国季度大豆库存10.08亿蒲式耳，分析师预期9.7426亿蒲式耳，前值10.10 亿蒲式耳。 ...