Report Core View - The US soybean planting is progressing smoothly, and there is no obvious short - term weather speculation driver. The Brazilian soybean premium is still under selling pressure in the short term. The domestic soybean inventory continues to rise to a high level, and the soybean meal inventory has increased slightly by 20,500 tons. It is expected that domestic soybean crushing will recover to a high level, and soybean meal inventory is expected to accumulate at an accelerated pace. In the short term, it will continue to digest the pressure of spot basis and the bearish factor of Brazilian selling pressure. The futures price is expected to be weak in a volatile manner. Subsequently, attention should be paid to the disturbances of US soybean planting area and weather, as well as changes in Brazilian premiums [6][7] Basis Data Soybean Meal Spot Basis - Dalian: The basis value is 91, with a change of - 23 [3][4] - Tianjin: The basis value is 91, with a change of - 23; the basis for the main contract is 2000 [4] - Rizhao: The basis value is 11, with a change of - 23; the basis for the main contract is 1500 [4] - Zhangjiagang: The basis value is - 9, with a change of - 43; the basis for the main contract is 1000 [4] - Dongguan: The basis value is 31, with a change of - 33 [4] - Zhanjiang: The basis value is 91, with a change of - 43; the basis for the main contract is 1000, and there is also a value of 800 [4] - Fangcheng: The change is - 33; the basis for the main contract has values of 600 and 400 [4] Rapeseed Meal Spot Basis - Guangdong: The basis value is - 120, with a change of - 1; the basis for the main contract is 200, and there are also values of - 200 at different times [4] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong is 530, with a change of - 30; the main - contract spread on the futures market is 379, with a change of 2 [5] Inventory and Production Data Inventory - Chinese port soybean inventory and national major oil mills' soybean inventory are on the rise, and the national major oil mills' soybean meal inventory has increased slightly by 20,500 tons [6] - The days of soybean meal inventory in feed enterprises and the inventory of national major oil mills' soybean meal are presented in the time - series data [5] Production - The operating rate and soybean crushing volume of national major oil mills are shown in the time - series data, and it is expected that domestic crushing will recover to a high level [5][6][7]