Report Title - The report is titled "Soybean Meal Weekly Report" [1] Report Date - The report is dated March 9, 2026 [3] Investment Rating - There is no information regarding the industry investment rating provided in the report Core Viewpoint - Last week, the CBOT May soybean contract rose 31.75 to close at 1201.75 cents per bushel, a 2.71% increase; the soybean meal 05 contract rose 82 to close at 2915 yuan per ton, a 2.89% increase; the South China soybean meal spot price rose 20 to 3100 yuan per ton, a 0.65% increase; the rapeseed meal 05 contract rose 87 to 2374 yuan per ton, a 3.80% increase; the Guangxi rapeseed meal spot price rose 60 to 2400 yuan per ton, a 2.56% increase [5][8] - The upward trend of US soybeans continued, mainly due to the escalation of the US - Iran conflict, which pushed up oil prices, boosting the demand for biodiesel fuel. Coupled with the favorable US biodiesel policy, it supported the strengthening of US soybean prices. The soybean meal broke through and rose, mainly because the geopolitical conflict detonated the energy - chemical sector. The valuation of soybean meal was relatively low among commodities. Coupled with the increase in import costs and the increase in macro - capital allocation, it boosted the rise of Dalian soybean meal. However, the Dalian soybean meal was relatively volatile at the beginning of the week, mainly because there was still a supply of soybean meal, and the post - holiday replenishment by downstream terminals was relatively dull. As the inventory continued to be digested, attention should be paid to the subsequent replenishment efforts of terminals [5][8] - The Brazilian soybean harvest progress is expected to be 50%, and the export supply will increase. The domestic arrival in April will increase; the precipitation in the Argentine soybean producing area is lower than the average, the crop condition is good, and the yield forecast remains at the normal high - yield level. The escalation of the US - Iran conflict and the sharp rise in oil prices pushed up the US soybean oil price, boosting the US soybean price; China's weekly purchase of US soybeans is limited. Attention should be paid to the progress of Sino - US trade negotiations and Trump's visit to China. The domestic supply of soybeans and soybean meal is sufficient, but the short - term arrival of soybeans is scarce, and the downstream replenishment demand is warming up. Coupled with the increase in import costs and the entry of macro - capital, the valuation of soybean meal has increased, and the futures price has broken through and risen. It is expected that the Dalian soybean meal will operate in a volatile and slightly stronger manner in the short term [5][12] Market Data Summary - **Futures and Spot Prices**: The CBOT soybean price rose from 1170.00 to 1201.75 cents per bushel, a 2.71% increase; the CNF import price of Brazilian soybeans rose from 467.00 to 472.00 dollars per ton, a 1.07% increase; the CNF import price of US Gulf soybeans rose from 514.00 to 519.00 dollars per ton, a 0.97% increase; the Brazilian soybean crushing profit on the disk rose from 25.98 to 64.41 yuan per ton; the DCE soybean meal price rose from 2833.00 to 2915.00 yuan per ton, a 2.89% increase; the CZCE rapeseed meal price rose from 2287.00 to 2374.00 yuan per ton, a 3.80% increase; the soybean - rapeseed meal price difference decreased from 546.00 to 541.00 yuan per ton; the East China spot price decreased from 3080.00 to 3060.00 yuan per ton, a 0.65% decrease; the South China spot price rose from 3080.00 to 3100.00 yuan per ton, a 0.65% increase; the South China spot - futures price difference decreased from 247.00 to 185.00 yuan per ton [6] - **US Soybean Export and Processing Data**: As of the week of February 26, 2026, the net increase in US soybean export sales in the 2025/2026 season was 38.3 tons, compared with 40.7 tons in the previous week; the cumulative sales volume of US soybeans in the current season was 3603 tons, with a sales progress of 84.1%, compared with 87% in the same period last year; China's net purchase of US soybeans in that week was 15.3 tons, with a cumulative purchase volume of 1082 tons and an unshipped volume of 399 tons. As of the week of February 27, 2026, the gross profit of US soybean processing was 3.04 dollars per bushel, compared with 2.74 dollars per bushel in the previous week. The spot price of 48% protein soybean meal in Illinois soybean processing plants was 321.92 dollars per short ton, compared with 308.37 dollars per short ton in the previous week. The truck quotation of crude soybean oil in Illinois was 60.61 cents per pound, compared with 58.98 cents per pound in the previous week. The average price of No. 1 yellow soybeans was 11.59 dollars per bushel, compared with 11.39 dollars per bushel in the previous week [9][10] - **Domestic Inventory and Transaction Data**: As of the week of February 27, 2026, the soybean inventory of major oil mills was 596.69 tons, an increase of 77.15 tons compared with the previous week and an increase of 181.29 tons compared with the same period last year; the soybean meal inventory was 70.12 tons, a decrease of 14.13 tons compared with the previous week and an increase of 7.19 tons compared with the same period last year; the unexecuted contract was 291.52 tons, a decrease of 24.39 tons compared with the previous week and an increase of 13.58 tons compared with the same period last year. The soybean inventory in national ports was 630 tons, an increase of 70.6 tons compared with the previous week and an increase of 169.65 tons compared with the same period last year. As of the week of March 6, the average daily trading volume of soybean meal in the country was 8.86 tons, including 7.62 tons of spot trading and 1.24 tons of forward trading. The average daily total trading volume in the week before the festival was 3.564 tons; the average daily pick - up volume of soybean meal was 15.81 tons, compared with 11.096 tons in the week before the festival. The processing volume of major oil mills was 183.3 tons, compared with 58.86 tons in the week before the festival; the inventory days of soybean meal in feed enterprises were 9.14 days, compared with 9.89 days in the previous week [11][12] Industry News Summary - **Brazilian Soybean Production**: AgRural lowered the expected value of Brazil's 2025/26 soybean production to 1.78 billion tons, a reduction of 3 million tons from the prediction on January 26, but still 3.8% higher than the 1.715 billion tons in the 2024/25 season. Brazil's 2025/26 soybean harvest work has completed 39%, far lower than 50% in the same period last year. StoneX also lowered its prediction of Brazil's 2025/26 soybean production to 1.778 billion tons, a 2.1% reduction from the previous prediction. However, AgroConsult raised the expected value of Brazil's 2025/26 soybean production to 1.831 billion tons, an increase of 850,000 tons from the preliminary prediction at the beginning of the national inspection in January, and it will be 6.4% higher than the production in the 2024/25 season, setting a new record [13][14][16] - **Weather Impact in Brazil**: Excessive rainfall in the northern part of Mato Grosso, Brazil's largest soybean - producing area, has prevented local farmers from harvesting soybeans. The quality of soybeans in this area has also been affected, with problems such as soybean germination, seed breakage, mildew, reduced yield, and the moisture content of seeds higher than the standard required by grain depots. Bad weather may affect Brazil's originally expected record - high soybean production this year [14] - **Argentine Situation**: The Argentine Oilseed Processing and Export Chamber stated that although trade flows have not been interrupted, if the war between the US and Israel against Iran escalates, Argentina's agricultural product exports to the Middle East may be affected. The US agricultural counselor said that the prediction of Argentina's 2025/26 soybean production remains unchanged at 48 million tons, a 5% decrease from the 51.1 million tons in the 2024/25 season, but it will still be the fourth - highest production in the past decade. The prediction of Argentina's soybean processing in the 2025/26 season remains unchanged at 43 million tons, a year - on - year increase of 1 million tons. The prediction of Argentina's soybean exports has been reduced by 500,000 tons, and the prediction of soybean imports has also been reduced by 200,000 tons to 7 million tons, which will still be the second - highest level in history. As of February 25, 2026, Argentine farmers pre - sold 5.66 million tons of 2025/26 season soybeans, 320,000 tons higher than a week ago, the same as the same period last year. They also sold 43.96 million tons of 2024/25 season soybeans, 250,000 tons higher than a week ago, compared with 38.87 million tons in the same period last year [14][15][17] - **Canadian Crop Planting**: The average expectation of six traders and analysts is that the planting area of Canadian rapeseed in 2026 is expected to be 22.3 million acres, higher than the 21.5 million acres announced by the Canadian Bureau of Statistics in 2025. The total planting area of all wheat is 26.4 million acres, compared with 26.9 million acres in 2025 [15]