1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Recent soybean futures prices have shown an overall strong trend, boosted by the external US soybean futures prices and increasing concerns about supply contraction. Domestic soybean futures prices have been significantly stronger than those in the external market [6]. - The supply outlook for new - season US soybeans depends on the complex game among cost - driven planting willingness, weather - restricted sowing practices, and verification of reliable data [7]. - The influence of the US biofuel policy expectation at the end of March will interact with the planting intention report, which may lead to significant fluctuations in the market [8]. - The customs inspection issue has hindered Brazilian soybean exports, but it may be resolved through bilateral consultations, and its impact is short - term and structural [9]. - The domestic soybean market is driven by supply - side disturbances and cost support, with a short - term supply tightening expectation and a near - strong, far - weak pattern [11]. 3. Summary by Relevant Catalogs 3.1 US Spring Sowing and Planting Area - In the 2026 US spring sowing season, there are uncertainties in planting structure, weather changes, and data credibility. Due to the sharp increase in corn planting costs, there is an expected shift of about 100 - 150 million acres from corn to soybean planting. However, extreme weather may delay sowing and threaten future yields, and the credibility of the USDA planting intention report is in crisis [7]. 3.2 US Biofuel Policy - At the end of March, the impact of the US biofuel policy expectation will interact with the planting intention report. Different combinations of soybean area increase and policy strength may lead to different market trends and significant price fluctuations [8]. 3.3 Brazilian Soybean Exports - Customs inspection has become a key resistance to Brazilian soybean exports, affecting the operation process, market expectations, and bilateral coordination. It has exacerbated the export tension, but it may be resolved through bilateral consultations [9]. 3.4 Domestic Soybean Market - The domestic soybean market is affected by the mismatch in the supply rhythm of imported soybeans. From January to February, the cumulative import of 12.547 billion tons decreased by 7.8% year - on - year. There is a short - term supply tightening expectation from late March to early April, with a near - strong, far - weak pattern [11].