Report Industry Investment Rating No relevant content provided. Core Views of the Report - The soybean meal M2601 is expected to oscillate between 2840 and 2900. Factors such as the movement of US soybeans, high imports of soybeans in October, and the discount of spot prices are influencing the market. The short - term trend is expected to be volatile [9]. - The soybean A2601 is expected to oscillate between 4000 and 4100. The cost of imported soybeans and the expected increase in domestic demand support the price, while the high arrival volume of imported soybeans and the expected increase in domestic soybean production are suppressing the price [11]. - The market is focusing on the impact of US soybean harvesting weather and the Sino - US trade tariff game for both soybeans and soybean meal [14][15]. Summary According to the Table of Contents 1. Daily Hints No relevant content provided. 2. Recent News - The Sino - US tariff negotiation remains deadlocked, which is a short - term negative for US soybeans. The US soybean market is expected to remain volatile above the 1000 - point mark in the short term [13]. - The arrival volume of imported soybeans in China remained high in October. The inventory of soybean meal in oil mills decreased from the high level in October. The soybean meal market has returned to a range - bound pattern [13]. - The decrease in domestic pig - farming profits has led to low expectations for pig replenishment, weakening the demand for soybean meal in October and suppressing price expectations [13]. 3. Bullish and Bearish Concerns Soybean Meal - **Bullish factors**: Slow customs clearance of imported soybeans, low inventory pressure of soybean meal in domestic oil mills, and uncertain US soybean - producing area weather [14]. - **Bearish factors**: High arrival volume of imported soybeans in October and the expected high yield of US soybeans [14]. Soybeans - **Bullish factors**: Cost support from imported soybeans and expected increase in domestic demand for domestic soybeans [15]. - **Bearish factors**: High yield of Brazilian soybeans and increased procurement by China, and the expected increase in domestic soybean production [15]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2870, with a basis of - 29, showing a discount to futures. The inventory of soybean meal in oil mills is 118.92 million tons, a 4.86% decrease from last week and a 3.04% decrease from the same period last year [9]. - **Soybeans**: The spot price is 4100, with a basis of 14, showing a premium to futures. The inventory of soybeans in oil mills is 719.91 million tons, a 3.63% increase from last week and a 14.38% increase from the same period last year [11]. - **Global Soybean Supply - Demand Balance**: From 2015 to 2024, data on harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio are presented, showing overall trends in global soybean supply and demand [32]. - **Domestic Soybean Supply - Demand Balance**: Similar to the global balance table, data from 2015 to 2024 are provided for the domestic market, reflecting the domestic soybean supply - demand situation [33]. 5. Position Data - For soybean meal, the main short positions decreased, and funds flowed out [9]. - For soybeans, the main short positions decreased, and funds flowed out [11]. Others - **Soybean and Meal Futures and Spot Prices**: Data on soybean and meal futures and spot prices from October 13 to 21 are provided, showing price trends [18]. - **Soybean and Meal Warehouse Receipt Statistics**: Data on warehouse receipts of soybeans and soybean meal from October 10 to 21 are presented, including changes compared to the previous day [20]. - **Soybean Meal Spot Price**: The spot price of soybean meal is relatively stable, and the discount of spot price to futures has narrowed slightly [23]. - **US Soybean Planting, Growth, and Harvest Progress**: Data on the planting, growth, and harvest progress of US soybeans in 2024 and 2025 are detailed, including comparison with the previous year and the five - year average [35][36][37][38][42]. - **Brazilian and Argentine Soybean Planting and Harvest Progress**: Data on the planting and harvest progress of Brazilian and Argentine soybeans in 2024 - 2025 are provided, including comparison with the previous year and the five - year average [39][40][41]. - **USDA Monthly Supply - Demand Report**: Data from the USDA's monthly supply - demand reports in the past six months show changes in planting area, yield, production, ending inventory, and other indicators [43]. - **Soybean Import and Export and Inventory**: The weekly export inspection of US soybeans has rebounded month - on - month but declined year - on - year. The arrival volume of imported soybeans decreased from the high level in October but increased year - on - year overall. The inventory of soybeans in oil mills remained high, and the inventory of soybean meal decreased from the high level [44][46][47]. - **Livestock Market**: The pig inventory is on the rise, sow inventory is flat year - on - year and slightly decreased month - on - month. Pig prices have recently declined again, and piglet prices are weak. The proportion of large pigs in China has increased, and the cost of secondary fattening of pigs has increased slightly. The profit of domestic pig - farming has recently worsened [55][57][59][61].