Report Industry Investment Rating - No relevant information provided. Core Viewpoints - The overall view is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market will generally fluctuate with an upward bias, in the range of 1000 - 1200 cents per bushel [5]. - The bearish factors include the possible weakening of the Trump administration's support for the biodiesel blending policy after China purchases US soybeans, Brazil's entry into the harvesting stage, and the continued increase in Brazil's planting area in the 2025/26 season [5]. - The bullish factors are the expected purchase of 12 million tons of US soybeans by China before February 2026 and over 25 million tons per year in the next three years, the initial signs of drought in southern Argentina, and the possibility of a La Nina weather leading to a reduction in South American soybean production [5]. Summary by Directory Market Price - This week, the price of US soybeans closed down in a fluctuating manner. The active contract of US soybeans closed at 1057.75 cents per bushel, down 4.75 cents per bushel. After the USDA released a bearish January supply - demand report, the price briefly fell and then rebounded. The biodiesel blending policy may be announced in March, slightly improving the demand outlook for beans. Next week's key points to watch are China's procurement rhythm, the weather in South American main producing areas, and the progress of the biodiesel policy [7]. - This week, the price of US soybean meal closed at $290 per short ton, down $13.7 per short ton. The January supply - demand report was bearish, putting pressure on beans overall. The biodiesel blending policy is expected to be announced in March, causing the price of soybean oil to strengthen. The oil - meal ratio trading led to a significant decline in the price of meal [10]. - This week, the price of US soybean oil rebounded, closing at 52.61 cents per pound, up 2.92 cents per pound. The biodiesel blending policy is expected in March, supporting the oil and fat market. The strengthening of international crude oil prices has improved the consumption outlook for oil and fat [13]. - As of January 2, the price of soybeans in the US Gulf was $11.19 per bushel, down $0.11 [15]. - As of January 2, the price of soybeans in Iowa was $9.62 per bushel, down $0.28 week - on - week [17]. - On January 16, the spot price in Mato Grosso, Brazil, fell by 0.96 to 103.56 reais per bag [19]. - As of January 16, the spot price at Brazilian ports fell by 3.19 to 131.45 reais per bag [21]. Supply Factors - In Brazil, the southern region will have little precipitation in the next two weeks, the eastern region will have more, and the central - western region will be basically normal. The overall precipitation in the main producing areas of Brazil in the next two weeks will be close to normal. Mato Grosso in Brazil will be basically normal in the next two weeks, while Parana and Rio Grande do Sul will have less precipitation [24][28][31]. - The main producing areas of Argentina will have less precipitation in the next two weeks, and there will be basically no rain in the core producing areas in the next week [38][40]. Demand Factors - As of January 9, the US soybean crushing profit was $2.12 per bushel, compared with $2.33 last week [43]. - In the week ending January 9, the weekly export volume of US soybeans was 1.6373 million tons, compared with 1.1126 million tons last week. The weekly export inspection and quarantine volume was 1.5297 million tons, compared with 0.9841 million tons last week. The net sales volume this year was 2.0619 million tons, compared with 0.8779 million tons last week. The sales volume for the next year was 10,000 tons, compared with 0 tons last week. The quantity shipped to China was 0.9011 million tons, compared with 0.397 million tons last week [45][47][49]. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.106, remaining in the La Nina range [56]. - The cost of soybeans in Brazil is expected to rise next year, and the planting costs of soybeans in Brazil and the US are expected to rise slightly. The planting cost of US soybeans continues to increase, while the cost of Brazilian soybeans has decreased year - on - year [58][60][62]. - As of January 13, the net long position of soybeans in CFTC was 53,000 lots, compared with 95,900 lots last week. The net short position of soybean oil was 49,300 lots, compared with 73,000 lots last week. The net short position of soybean meal was 17,100 lots, compared with 20,700 lots last week [64][66][68].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall view is that due to the expected high - yield in South America, there is no basis for a bull market. However, demand is expected to improve, limiting the downside. The market will generally fluctuate in a bullish manner within the range of 1000 - 1200 cents per bushel [5]. 3. Summary of Each Section 3.1 Market Price - This week, the closing price of the active contract of US soybeans was 1046 cents per bushel, a decline of 25.75 cents per bushel. The reasons were that China's purchase reached 80% of the commitment with a slower pace, and there was no large - scale drought in South America. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [8]. - This week, the price of US soybean meal closed at 295.9 dollars per short - ton, an increase of 11.5 dollars per short - ton. The slowdown in China's purchase due to holidays and reaching 80% of the committed purchase volume raised concerns about subsequent demand [13]. - This week, the price of US soybean oil rebounded slightly, closing at 49.32 cents per pound, an increase of 0.12 cents per pound. The reasons were the stability of the oil market and soybean meal bearing the downward pressure of soybeans [17]. - As of December 26, the price of soybeans in the US Gulf was 11.31 dollars per bushel, basically unchanged [20]. - As of December 26, the price of soybeans in Iowa was 9.9 dollars per bushel, a weekly increase of 0.1 [22]. - On January 2, the spot price of soybeans in Mato Grosso, Brazil, dropped by 0.47 to 135.76 reais per bag [24]. - As of January 2, the spot price of soybeans at Brazilian ports dropped by 0.48 to 142.14 reais per bag [26]. 3.2 Supply Factors - The drought situation in US soybean - producing areas remained flat, with a drought rate of 70% compared to 66% last week [29]. - In Brazil, precipitation in the southern region will be relatively high in the next two weeks, while in the central - western region it will be slightly low. The precipitation in the main producing areas will be slightly low in the next two weeks. In the second week, precipitation in Mato Grosso will be lower year - on - year, in Paraná it will be normal in the second week after being low in the first week, and in Rio Grande do Sul it will be high in the second week [31][36][39]. - In Argentina, precipitation will be low in the next two weeks, and in the next week, it will be low in the central and southern regions [46][48]. - As of the week of December 27, the soybean sowing progress in Brazil was 97.9%, approaching the completion of sowing [50]. 3.3 Demand Factors - As of December 12, the US soybean crushing profit was 2.33 dollars per bushel, down from 2.45 dollars last week [53]. - On December 19, the weekly export volume of US soybeans was 919,400 tons, up from 721,200 tons last week [55]. - On December 26, the weekly export inspection volume was 750,300 tons, down from 929,300 tons last week [57]. - The net sales of US soybeans this year were 1,055,600 tons, down from 2,396,000 tons last week (the week of December 19) [59]. - The sales of US soybeans for the next year were 0 tons, the same as last week [61]. - The quantity of US soybeans shipped to China in the week of December 26 was 135,400 tons, down from 386,000 tons last week [63]. 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.026, remaining in the La Nina range [66]. - The cost of soybeans in Brazil is expected to rise next year, and the soybean planting costs in Brazil and the US are expected to increase slightly. The US soybean planting cost continues to rise, while the Brazilian soybean cost has decreased year - on - year [68][70][72]. - As of December 23, the net long position of soybeans was 143,300 lots, down from 179,000 lots last week; the net short position of soybean oil was 86,100 lots, up from 56,700 lots last week; the net short position of soybean meal was 5,900 lots, compared with a net long position of 5,300 lots last week [74][76][78].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market is expected to be range - bound with an upward bias, trading between 1000 - 1200 cents per bushel [5]. - There are both bearish and bullish factors. Bearish factors include the possible weakening of the Trump administration's support for biodiesel blending policies after China's purchase of US soybeans, the return of the rainy season in Brazil with improved precipitation during the critical crop - growing season, and the continued increase in Brazil's planting area in the 2025/26 season. Bullish factors are the expected purchase of 12 million tons of US soybeans by China before February 2026 and over 25 million tons per year for the next three years, the initial signs of drought in southern Argentina, and the possibility of South American soybean production reduction due to La Niña weather [5]. 3. Summary by Related Catalogs 3.1 Market Price - **US Soybeans**: This week, the continuous contract of US soybeans closed at 1058.75 cents per bushel, up 9.5 cents per bushel. The rise was driven by the increase in domestic Chinese commodities, while the lack of large - scale drought in South America limited the upside. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [9]. - **US Soybean Meal**: This week, the price of US soybean meal closed at $303.7 per short ton, up $6.1 per short ton. The increase was due to China's continuous purchase of US soybeans and the sharp rise in the Chinese soybean meal market, which led to a rebound in the global soybean meal price [14]. - **US Soybean Oil**: This week, US soybean oil fluctuated slightly higher, closing at 48.72 cents per pound, down 0.82 cents per pound. The rebound was driven by the rise in soybeans, but concerns about the biodiesel outlook and the decline in crude oil prices put upward pressure on the price [19]. - **Regional Prices**: As of December 19, the price of soybeans in the US Gulf was $11.29 per bushel, down $0.21 from the previous week; the price of soybeans in Iowa was $9.8 per bushel, down $0.26 from the previous week. On December 19, the spot price in Mato Grosso, Brazil, rose to 116.36 reais per bag, and as of December 26, the spot price at Brazilian ports slightly declined to 142.62 reais per bag [21][23][25][27]. 3.2 Supply Factors - **Drought in the US**: The drought situation in US soybean - producing areas remained stable, with a drought rate of 66%, compared to 68% last week [30]. - **South American Weather and Planting Progress**: Brazil's precipitation is expected to be scarce in the next two weeks except in the southern region. The sowing progress of soybeans in Brazil as of December 20 was 97.6%, close to completion. In Argentina, precipitation is expected to be scarce in the central and southern regions in the next two weeks, while it will be abundant in the north [32][44][49]. 3.3 Demand Factors - **Soybean Crushing Profit**: As of December 12, the US soybean crushing profit was $2.33 per bushel, compared to $2.45 last week [52]. - **Export Data**: On December 12, the weekly export volume of US soybeans was 721,200 tons, compared to 1.0711 million tons last week. On December 19, the weekly export inspection volume was 870,000 tons, compared to 810,000 tons last week. The net sales for this year were 2.396 million tons, compared to 1.552 million tons last week. The net sales for the next year were 0 tons, the same as last week. The quantity shipped to China on December 19 was 386,000 tons, compared to 202,000 tons last week [54][56][58][60][62]. 3.4 Other Factors - **ENSO Index**: The latest ENSO (NINO3.4 anomaly index) value was - 1.27, remaining in the La Niña range [65]. - **Cost Factors**: The cost of soybean production in Brazil and the US is expected to rise slightly. In the US, the cost of soybean production continues to increase, while in Brazil, the cost has decreased year - on - year [67][69][71][72]. - **CFTC Positions**: As of December 16, the net long position of soybeans was 179,000 contracts, compared to 211,600 contracts last week; the net short position of soybean oil was 67,000 contracts, compared to 103,000 contracts last week; the net long position of soybean meal was 53,000 contracts, compared to 227,000 contracts last week [73][74][76].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The US soybeans have no basis for a bull market due to the expected high - yield in South America, but the downside space is limited as demand is expected to improve. Overall, the price will fluctuate with a slight upward trend, ranging from 1000 to 1200 cents per bushel [5] Summary by Relevant Categories 1. Market Price - **US Soybeans**: This week, the continuous closing price of US soybeans was 1076.75 cents per bushel, a decrease of 28.5 cents per bushel. The reasons are that China will complete the 1200 - million - ton procurement commitment by the end of February 2026 instead of the end of 2025, and the sowing speed of South American soybeans has accelerated. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [7] - **US Soybean Meal**: This week, the price of US soybean meal closed at 302.5 dollars per short ton, a decrease of 2.2 dollars per short ton, pressured by the postponed procurement time of China [10] - **US Soybean Oil**: This week, the price of US soybean oil fluctuated slightly and closed at 50.07 cents per pound, a decrease of 1.29 cents per pound. The market is worried about the slowdown of US soybean and soybean oil export demand, and the bearish Malaysian monthly report and Argentina's reduction of soybean oil export tariffs also put pressure on the oil [13] - **Regional Prices**: As of December 5, the price of US Gulf soybeans was 11.81 dollars per bushel, a weekly decrease of 0.21; the price of Iowa soybeans was 10.33 dollars per bushel, a weekly decrease of 0.15. On December 12, the spot price in Mato Grosso, Brazil, rose to 117.66 reais per bag, while the spot price at Brazilian ports fell to 141.31 reais per bag [16][18][20] 2. Supply Factors - **US Drought**: The drought rate in US soybean - producing areas remained at 65%, compared with 64% last week [25] - **South American Weather**: Brazil's main soybean - producing areas will have good precipitation in the next two weeks. Mato Grosso's rainy season has returned, and precipitation will be more than the same period. The precipitation in Rio Grande do Sul is slightly less than normal, with no sign of continuous drought. Argentina's precipitation will be less than the same period in the next two weeks [27][33][35] - **Brazilian Sowing Progress**: As of the week of December 5, the sowing progress of Brazilian soybeans was 90.3%, compared with 86% last week and 94.1% last year [41] 3. Demand Factors - **US Soybean Pressing Profit**: As of December 5, the pressing profit of US soybeans was 2.45 dollars per bushel, compared with 2.5 dollars per bushel last week [44] - **Export Data**: On October 31, the weekly export volume of US soybeans was 1.0284 million tons, compared with 1.3881 million tons last week; on November 28, the weekly export inspection and quarantine volume was 0.9201 million tons, compared with 0.8087 million tons last week. The net sales this year were 1.2484 million tons, compared with 1.4497 million tons last week. The sales for the next year were 0 tons. In the week of December 5, the quantity shipped to China was 0.1198 million tons, compared with 0 tons last week [46][48][50] 4. Other Factors - **ENSO Index**: The latest ENSO (NINO3.4 anomaly index) value is - 1.103, remaining in the La Nina range [57] - **Planting Cost**: The soybean planting costs in Brazil and the US have decreased [59][61] - **CFTC Positions**: As of November 18, the net long position of soybeans was 259,400 lots, compared with 229,900 lots last week; the net short position of soybean oil was 2,300 lots, compared with 20,100 lots last week; the net long position of soybean meal was 63,400 lots, compared with 35,000 lots last week [65][67][69]