Core Insights - The report by Zhiyan Consulting highlights the growth in China's soybean imports, with a notable increase in both quantity and value in November 2025 [1] Group 1: Import Data - In November 2025, China's soybean import volume reached 8.11 million tons, representing a year-on-year increase of 13.3% [1] - The import value for the same period was $3.791 billion, showing a year-on-year growth of 7.8% [1] Group 2: Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, focusing on delivering tailored solutions to empower investment decisions [1]

Core Insights - China's soybean imports in November reached 8.107 million tons, contributing to a cumulative total of 10.3789 million tons from January to November, reflecting a year-on-year increase of 6.9% [1] Group 1 - In November, China imported 8.107 million tons of soybeans [1] - From January to November, the cumulative soybean imports amounted to 10.3789 million tons [1] - The year-on-year growth rate for cumulative soybean imports is 6.9% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The soybean meal is likely to continue its oscillating trend. The soybean No. 1 contract will experience an oscillatory rebound, while the soybean meal contract will maintain an oscillatory state. This is due to a slight reduction in domestic soybean production, a likely return to normal imports of US soybeans, sufficient domestic soybean supply, an increase in oil mill operating rates, high soybean meal inventories, and strong demand [4][6]. 3. Summary According to Relevant Catalogs Market Conditions of Soybean No. 1 and Soybean Meal Contracts - The soybean No. 2601 contract is in an oscillatory adjustment. The spot price has slightly increased, with the market price of Fuyin soybeans rising from 4,040 yuan/ton to around 4,060 yuan/ton. The basis of soybean No. 1 oscillates, and the futures price maintains a premium [4]. - The soybean meal 01 contract is also in an oscillatory adjustment. The spot price of soybean meal has slightly decreased, with the price of 43% protein soybean meal in Zhangjiagang dropping from 3,000 yuan/ton to around 2,980 yuan/ton. The basis oscillates, and the futures price maintains a slight premium [4]. Supply - Side Analysis - **Domestic Soybean Production and Inventory**: Domestic soybean production has decreased, and inventory is being depleted. According to the Ministry of Agriculture and Rural Affairs' November report, poor weather in North China has led to a decline in yield, and the total domestic soybean production has been slightly adjusted down by 190,000 tons to 20.9 million tons, still higher than last year. As of November 21, the remaining soybean stocks in Heilongjiang, Anhui, Henan, and Shandong have decreased, and the inventory in Heilongjiang is lower than the same period in previous years, with faster sales [4]. - **Domestic Soybean Imports and Port Inventory**: In October, domestic soybean imports were 9.48 million tons, a 26% decrease from the previous month and a 17.2% increase year - on - year. Under the China - US trade agreement, imports of US soybeans will return to normal. However, due to the 10% basic tariff, the import cost of US soybeans is still higher than that of South American soybeans. As of November 21, the arrival of soybeans at oil mills has increased, while port soybean inventory has decreased [4]. - **US Soybean Market**: The US Department of Agriculture's November supply - demand report has adjusted down the yield and total production of US soybeans, as well as the ending inventory. The South American production remains unchanged, and the global ending inventory has been further reduced. The market is waiting for China's soybean purchases to be gradually implemented [5]. - **Oil Mill Operations and Soybean Meal Inventory**: The operating rate of oil mills has increased, and soybean meal inventory has further increased. With the large - scale import of US soybeans and a significant decrease in the cost of Brazilian soybeans, the profit margin of oil mills has improved. As of November 21, the operating rate of oil mills was 64.22%, the soybean crushing volume was 2.3344 million tons, the soybean meal production was 1.844 million tons, and the oil mill soybean meal inventory was 1.1515 million tons, all showing an upward trend. The unexecuted contracts for soybean meal were 4.5951 million tons, a decrease from the previous period. The inventory days of soybean meal in feed mills were 7.98 days, also showing a decline [5][6]. Demand - Side Analysis - **Feed Demand**: Feed demand is relatively strong. In the livestock farming sector, pig prices are low, and farming is suffering significant losses. The adjustment of the breeding sow inventory is slow. In the poultry sector, egg prices have dropped, and farming is in a continuous loss state, with an increase in culling. In October, the feed production was 29.07 million tons, a decrease from the previous month but a 6% increase year - on - year [6].

Core Insights - The report by Zhiyan Consulting highlights the growth in China's soybean imports, with a significant increase in both quantity and value in October 2025 compared to the previous year [1] Import Data Summary - In October 2025, China imported 9.48 million tons of soybeans, representing a year-on-year increase of 17.2% [1] - The import value for the same period reached 4.362 billion USD, which is an increase of 11.5% year-on-year [1] Industry Overview - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, offering tailored solutions to empower investment decisions [1]

Core Insights - The resumption of U.S. soybean imports by China has led to an increase in CBOT soybean prices, with domestic soybean meal prices also rebounding. However, the market is expected to operate in a volatile manner due to weak supply and demand dynamics [1] Group 1: South American Soybean Planting - Favorable weather conditions in South America have facilitated soybean planting, with Brazil's planting area expected to grow by over 3.5% year-on-year for the 2025/2026 season. As of November 8, Brazil's planting progress reached 58.4%, a significant increase from 47.1% the previous week, with an estimated total production of 177 million tons, up 4.7% from last year [2] - Argentina's soybean planting area is projected to decrease to 17.6 million hectares, a decline of 4.3% year-on-year. As of November 5, Argentina's planting progress was at 4.4%, down 3.5 percentage points from the previous year, with an estimated total production of 4.9 million tons. Together, Brazil and Argentina account for 52.48% of global soybean production [2] Group 2: U.S. Soybean Import Expectations - The USDA forecasts China's soybean imports for 2025 to be 112 million tons. As of October, China had imported 95.68 million tons, leaving a remaining import volume of 16.32 million tons. The expected port arrivals for November and December are 9.55 million tons and 8.3 million tons, respectively, which would meet domestic demand. However, if future arrivals only cover previously signed contracts, a shortfall may occur, necessitating imports from the U.S. [3] - Despite potential tariff reductions on U.S. soybeans, they remain 10% more expensive than Brazilian soybeans, which have a price advantage of $1 per bushel. Therefore, achieving the target of importing 12 million tons of U.S. soybeans in November and December is unlikely [3] Group 3: Import Commitments and Market Dynamics - A recent agreement between China and the U.S. commits China to import at least 25 million tons of U.S. soybeans annually from 2026 to 2028, totaling no less than 75 million tons over three years. This commitment is more definitive than previous intentions and lacks flexible adjustment clauses based on price fluctuations, indicating a higher likelihood of compliance [4] - Historical data shows that China's soybean imports from the U.S. were 29.53 million tons in 2022, 24.17 million tons in 2023, and 22.13 million tons in 2024, suggesting strong feasibility for meeting future commitments based on domestic demand and import potential [4] Group 4: Domestic Demand and Inventory Levels - Following the tariff increase on U.S. soybeans in April 2025, domestic soybean supply was expected to tighten, prompting increased imports from Brazil. However, domestic soybean inventories have risen significantly, reaching 10.33 million tons as of November 7, compared to 6.9 million tons last year, marking a four-year high. Oil mill soybean meal inventories also hit a four-year high at 878,000 tons, indicating ample supply [5] - The pig and poultry farming sectors are currently facing losses, dampening the enthusiasm for restocking among farmers. Although inventory levels remain high, the pace of capacity reduction has officially begun. Long-term trends show that the proportion of soybean meal in pig feed has decreased to 13%, limiting growth potential for domestic soybean meal demand [5] Group 5: Market Outlook - The USDA is expected to release a supply and demand report that may lower U.S. soybean production estimates while raising export projections. The adjustments for South American soybean production are anticipated to be limited, suggesting a bullish outlook for the market. However, domestic soybean meal performance is likely to lag behind due to differences in supply and demand fundamentals, ample domestic inventories, and slowing downstream demand [6] - The growth conditions for South American soybeans will be a critical variable moving forward. If Brazil continues to produce abundantly, the global soybean supply-demand balance is unlikely to shift [6]

Group 1 - In October, China's soybean imports totaled 9.842 million tons, a decrease from 12.869 million tons in September [1] - From January to October, total soybean imports reached 118.775 million tons [1]

Core Insights - The report by Zhiyan Consulting highlights the growth in China's soybean imports, with a notable increase in both quantity and value in September 2025 compared to the previous year [1] Group 1: Import Data - In September 2025, China's soybean import volume reached 12.87 million tons, representing a year-on-year increase of 13.2% [1] - The import value for the same period was $5.753 billion, which reflects a year-on-year growth of 1.6% [1] Group 2: Industry Context - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, offering tailored solutions to support investment decisions [1]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in China's soybean imports in April 2025, with a total import volume of 6.08 million tons, representing a year-on-year decrease of 29.1% [1] - The import value for the same period was $2.699 billion, which reflects a year-on-year drop of 38.2% [1] Industry Overview - The data is sourced from Chinese customs, indicating a trend of decreasing soybean imports in the country [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research and providing tailored consulting services [1]

Core Insights - The report by Zhiyan Consulting highlights the development and future prospects of the soybean industry in China from 2025 to 2031 [1] Import Data Summary - In August 2025, China's soybean imports reached 12.28 million tons, reflecting a year-on-year increase of 1.1% [1] - The import value for the same period was $5.45 billion, which represents a year-on-year decrease of 8.6% [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, offering tailored solutions to empower investment decisions [1]

Report Title - "Guofu Bean Series Research Weekly Report: Potential Tightness in Forward Soybean Imports, Stronger Domestic than Overseas Bean Futures" [1] Report Date - August 11, 2025 [1] Table of Contents I. Market Review - Covers soybean, soybean meal, and soybean oil [4] II. Production Area Weather - Includes weather in US soybean production areas and international supply - demand [4] III. International Supply - Demand - Focuses on US, Brazilian, and Argentine soybeans [4] IV. Domestic Supply - Demand - Analyzes soybean oil and soybean meal supply - demand [4] V. Domestic and International Oil Futures and Spot Prices, Spreads - Considers basis, monthly spreads, variety spreads, and CFTC position situation [4] Price Data - Brazilian soybean quotes for October 2025 rose from 300 to 315 (a week - on - week increase of 15), for February 2026 from 157 to 175 (an increase of 18), for March 2026 from 130 to 142 (an increase of 12), for April 2026 from 120 to 132 (an increase of 12), and for May 2026 from 135 to 155 (an increase of 20) [47] - Argentine soybean quotes for October 2025 were 240, and for November 2025 were 245 [47]