1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views of the Report 2.1 Bean Meal - The short - term trend is likely to be in a moderately strong oscillation pattern. The price of M2601 is expected to oscillate between 3100 and 3160. The support comes from factors such as the uncertain weather in the US soybean - producing areas, slow customs clearance of imported soybeans, and relatively low inventory in domestic oil mills. However, the high volume of imported soybeans arriving in August and the spot price discount limit the upside potential [8]. 2.2 Soybeans - The short - term trend is affected by multiple factors and is in a neutral state. The price of A2511 is expected to oscillate between 3960 and 4060. The cost of imported soybeans and the expected increase in domestic demand support the price, while the expected high yield of Brazilian soybeans and the expected increase in domestic new - season soybean production suppress the price [10]. 3. Summary by Directory 3.1 Daily Hints - Bean meal: In the short - term, it may enter a moderately strong oscillation pattern. The price of M2601 is expected to oscillate between 3100 and 3160. - Soybeans: In the short - term, it is affected by multiple factors and is in a neutral state. The price of A2511 is expected to oscillate between 3960 and 4060 [8][10]. 3.2 Recent News - The progress of Sino - US tariff negotiations is short - term positive for US soybeans. The US soybean market is oscillating above the 1000 - point mark, awaiting further guidance on US soybean growth and harvest, the arrival of imported soybeans, and the follow - up of Sino - US tariff negotiations. - The volume of imported soybeans arriving in China in August remains high, and the inventory of oil mill bean meal is at a relatively high level. Affected by the relatively positive data in the August US agricultural report and the rise in rapeseed meal prices, bean meal is in a short - term moderately strong oscillation [12]. 3.3 Long and Short Concerns 3.3.1 Bean Meal - Bullish factors: Slow customs clearance of imported soybeans, relatively low inventory of domestic oil mill bean meal, and uncertain weather in the US soybean - producing areas. - Bearish factors: High volume of imported soybeans arriving in July, the end of Brazilian soybean harvesting, and the continuous expected high yield of South American soybeans [13]. 3.3.2 Soybeans - Bullish factors: Cost support from imported soybeans and expected increase in domestic demand for domestic soybeans. - Bearish factors: Continuous expected high yield of Brazilian soybeans and China's increased procurement of Brazilian soybeans, as well as the expected increase in domestic new - season soybean production [14]. 3.4 Fundamental Data 3.4.1 Bean Meal - Spot price in East China is 3000, with a basis of - 161, indicating a discount to futures. - Oil mill bean meal inventory is 100.35 tons, a 3.66% decrease from last week and a 31.74% decrease compared to the same period last year [8]. 3.4.2 Soybeans - Spot price is 4300, with a basis of 254, indicating a premium to futures. - Oil mill soybean inventory is 710.56 tons, an 8.38% increase from last week and a 0.59% decrease compared to the same period last year [10]. 3.5 Position Data - For both bean meal and soybeans, the long positions of the main players are increasing, and capital is flowing in [8][10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The soybean market in the US is oscillating above the thousand - point mark, awaiting the follow - up of China - US tariff negotiations and the planting weather in US soybean - producing areas. The domestic soybean meal market may return to a range - bound pattern due to factors such as increased soybean imports in June and weak spot prices [8]. - The domestic soybean market is affected by the US soybean trend, the cost - effectiveness advantage of domestic soybeans, and the expected increase in imports. It is also in a state of interaction between various factors and may experience short - term range - bound fluctuations [10]. Summary According to the Table of Contents 1. Daily Hints No relevant content provided. 2. Recent News - The short - term agreement reached in China - US tariff negotiations is beneficial for US soybeans, but the good recent planting weather in the US has led to a short - term pullback in the US soybean market. The market is expected to oscillate above the thousand - point mark, awaiting further guidance [12]. - The volume of imported soybeans arriving in China reached a high in May, and the domestic soybean inventory has recovered from a low level after May Day. However, the soybean meal inventory remains low, and the soybean and soybean meal markets have returned to a state of oscillation [12]. - The decrease in domestic pig - farming profits has led to a low expectation of pig replenishment, resulting in a weakening demand for soybean meal after May Day. But the tight supply supports the post - holiday price expectation of soybean meal, and the soybean meal market has entered a short - term weakening and oscillating pattern [12]. 3. Bullish and Bearish Concerns Bullish for Soybean Meal - Slow customs clearance of imported soybeans [13]. - Low inventory of soybean meal in domestic oil mills [13]. - Uncertain weather in US soybean - producing areas [13]. Bearish for Soybean Meal - The total volume of imported soybeans arriving in China will reach a high in June [13]. - The harvest of Brazilian soybeans is over, and the expectation of a bumper harvest in South America persists [13]. Bullish for Soybeans - The cost of imported soybeans supports the bottom of the domestic soybean market [14]. - The expected increase in demand for domestic soybeans supports the price expectation [14]. Bearish for Soybeans - The expectation of a bumper harvest of Brazilian soybeans persists, and China has increased its procurement of Brazilian soybeans [14]. - The expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2900, with a basis of - 162, indicating a discount to the futures. The inventory of oil mills is 410,000 tons, a 7.19% increase from last week and a 58.79% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of - 58, indicating a discount to the futures. The inventory of oil mills is 5.996 million tons, a 1.75% decrease from last week and an 8.59% increase compared to the same period last year [10]. 5. Position Data - For soybean meal, the main long positions have decreased, and funds have flowed out [8]. - For soybeans, the main short positions have increased, and funds have flowed in [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1. Bean Meal - The US soybeans are oscillating and rising. The phone call between China and the US this week and the escalation of the Russia - Ukraine conflict are positive for agricultural products. In the short term, US soybeans will oscillate above the 1000 - point mark, waiting for the follow - up of the China - US tariff negotiation and the planting weather in the US soybean - producing areas. In China, bean meal is also oscillating and rising, supported by rapeseed meal and technical buying, but the increase in imported soybeans arriving at ports in June and the weak spot price are suppressing the market. The short - term trend will return to the range - bound pattern. The expected trading range for bean meal M2509 is between 2940 and 3000 [8]. 2.2. Soybeans - US soybeans are oscillating and rising, waiting for the follow - up of the China - US tariff negotiation and the planting weather in the US soybean - producing areas. In China, soybeans are oscillating and rising. The increase in imported soybeans and the expected increase in the production of new - season domestic soybeans are suppressing the market, but the cost - performance advantage of domestic soybeans supports the price bottom. The expected trading range for soybeans A2507 is between 4080 and 4180 [10]. 3. Summary by Directory 3.1. Recent Important News - The short - term agreement reached in the China - US tariff negotiation is positive for US soybeans, but due to the favorable recent planting weather in the US, the US soybean market has risen and then fallen. It is expected to oscillate above the 1000 - point mark, waiting for further guidance on US soybean planting, imported soybeans arriving at ports, and the follow - up of the China - US tariff negotiation. - The volume of imported soybeans arriving at ports in China reached a high in May. After May Day, the domestic soybean inventory has rebounded from a low level, but the bean meal inventory remains low. In the short term, soybeans and related products have returned to an oscillating pattern affected by the outcome of the China - US tariff war, showing a pattern of strong reality and weak expectation. - The decrease in domestic pig - breeding profits has led to low expectations for pig replenishment. The demand for bean meal has weakened after May Day, but the tight supply supports the post - festival price expectation. With the reduced pressure of the China - US tariff war, bean meal has entered a short - term oscillating and weakening pattern. - The domestic oil - mill bean meal inventory remains low, and the strong spot price supports the short - term price expectation. There is still a possibility of speculation about the weather in the US soybean - producing areas and uncertainties in the China - US tariff war. Bean meal will maintain an oscillating pattern in the short term, waiting for the clear output of South American soybeans and the follow - up of the China - US tariff war [12]. 3.2. Long and Short Concerns 3.2.1. Bean Meal - **Long factors**: Slow customs clearance of imported soybeans, low domestic oil - mill bean meal inventory, and uncertainties in the weather of US soybean - producing areas. - **Short factors**: The total volume of imported soybeans arriving at ports in China will rebound to a high in June, the harvest of Brazilian soybeans is over, and the expectation of a bumper harvest of South American soybeans persists [13]. 3.2.2. Soybeans - **Long factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports the domestic soybean price expectation. - **Short factors**: The expectation of a bumper harvest of Brazilian soybeans persists, China has increased the purchase of Brazilian soybeans, and the expected increase in the production of new - season domestic soybeans suppresses the price expectation of soybeans [14]. 3.3. Fundamental Data - **Bean meal**: The spot price in East China is 2780, with a basis of - 179, indicating a discount to the futures. The oil - mill bean meal inventory is 298,000 tons, a 44.03% increase from last week's 206,900 tons and a 65.19% decrease compared to the same period last year [8]. - **Soybeans**: The spot price is 4160, with a basis of 22, indicating a premium to the futures. The oil - mill soybean inventory is 582,880 tons, a 3.97% increase from last week's 560,630 tons and a 20.45% increase compared to the same period last year [10]. 3.4. Position Data - **Bean meal**: The main long positions have increased, but the funds have flowed out [8]. - **Soybeans**: The main short positions have decreased, and the funds have flowed out [10].

Report Industry Investment Rating - Not provided in the report Core Views - **For Soybean Meal**: The soybean meal market is expected to return to a range - bound pattern in the short term. The price of soybean meal M2509 is expected to fluctuate between 2920 and 2980. The market focuses on the impact of US soybean planting weather and Sino - US trade tariff games [8]. - **For Soybeans**: The domestic soybean market is also affected by multiple factors and is expected to fluctuate in the range of 4060 - 4160 for soybean A2507. The market focuses on the impact of South American soybean harvesting weather and Sino - US trade tariff games [10]. Summary by Directory 1. Daily Prompt - Not provided in the report 2. Recent News - The short - term agreement of Sino - US tariff negotiation is positive for US soybeans, but the good planting weather in the US has led to a short - term pull - back of the US soybean market. It is expected to oscillate above the 1000 - point mark, waiting for further guidance on US soybean planting, imported soybean arrivals, and the follow - up of Sino - US tariff negotiation [12]. - The arrival volume of imported soybeans in China reached a high in May. After May Day, the domestic soybean inventory rebounded from a low level, but the soybean meal inventory remained low. The soybean market returned to an oscillating pattern due to the impact of the Sino - US tariff war, showing a pattern of strong reality and weak expectation [12]. - The reduction of domestic pig - breeding profit has led to a low expectation of pig restocking. The demand for soybean meal has weakened after May Day, but the tight supply supports the post - festival price expectation. With the weakening pressure of the Sino - US tariff war, the soybean meal market has entered a short - term oscillating and weakening pattern [12]. - The low inventory of domestic oil - mill soybean meal and the strong spot price support the short - term price expectation. The possibility of weather speculation in the US soybean - producing areas and the variable impact of the Sino - US tariff war make the soybean meal market oscillate in the short term, waiting for the clarification of South American soybean production and further guidance on the follow - up of the Sino - US tariff war [12]. 3. Long and Short Concerns - **Soybean Meal**: Bullish factors include slow customs clearance of imported soybeans, low inventory of domestic oil - mill soybean meal, and variable weather in the US soybean - producing areas. Bearish factors include the increase in the total arrival volume of imported soybeans in June and the continuous expectation of a bumper harvest of South American soybeans [13]. - **Soybeans**: Bullish factors include the cost support of imported soybeans for the domestic soybean market and the expected increase in domestic soybean demand. Bearish factors include the continuous expectation of a bumper harvest of Brazilian soybeans and the increase in domestic procurement of Brazilian soybeans, as well as the expected increase in new - season domestic soybeans [14]. 4. Fundamental Data - **Soybean Meal and Rapeseed Meal Transaction Data**: From May 22 to June 3, the transaction prices and volumes of soybean meal and rapeseed meal fluctuated, and the price difference between soybean meal and rapeseed meal continued to narrow [15]. - **Soybean and Meal Futures and Spot Prices**: From May 23 to June 3, the futures and spot prices of soybeans and soybean meal showed different trends. The futures price of soybean meal was relatively strong and oscillating, while the spot price was relatively weak after May Day, and the discount widened slightly [17][22]. - **Soybean and Meal Warehouse Receipt Statistics**: From May 21 to June 3, the warehouse receipts of soybean No. 1 decreased, the warehouse receipts of soybean No. 2 decreased to zero, and the warehouse receipts of soybean meal also decreased [19]. - **Global and Domestic Soybean Supply - Demand Balance Sheets**: The global and domestic soybean supply - demand balance sheets from 2015 to 2024 show the changes in harvest area, inventory, production, consumption, etc. [31][32]. 5. Position Data - Not provided in the report Other Market Information - The weekly export inspection of US soybeans decreased both on a month - on - month and year - on - year basis [42]. - The inventory of soybeans in oil mills continued to rise, while the inventory of soybean meal remained low [44]. - The unexecuted contracts of oil mills continued to rise, indicating an increase in long - term stocking demand [46]. - The soybean crushing volume of oil mills rebounded to a high level, but the output of soybean meal in April decreased year - on - year [24][48]. - The import cost of Brazilian soybeans fluctuated slightly, and the import soybean futures spread narrowed slightly [50]. - The inventory of pigs and sows increased slightly year - on - year but decreased slightly month - on - month [52]. - The prices of pigs and piglets fluctuated slightly [54]. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs increased slightly [56]. - The domestic pig - breeding profit increased slightly [58].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **豆粕**: The M2509 contract is expected to oscillate between 2860 and 2920. Despite technical support and uncertainties in the China - US tariff war and US soybean - growing weather, the overall pattern is weakly oscillating due to factors like increased imports of Brazilian soybeans and South American soybean harvest expectations [8][9]. - **大豆**: The A2507 contract is likely to fluctuate between 4100 and 4200. Influenced by the US soybean market and import volumes, the domestic soybean market is also in a state of weak oscillation, with the price supported by the cost - performance advantage of domestic soybeans but suppressed by import volumes and production expectations [10][11]. 3. Summary by Directory 3.1 Daily Hints No specific daily hints are provided in the given content. 3.2 Recent News - The China - US tariff negotiation has made significant progress. The US soybean market is oscillating strongly in the short - term, waiting for further guidance on planting and the tariff war [13]. - The volume of imported soybeans in China reached a high in May. After May Day, the domestic soybean inventory rebounded from a low level, while the soybean meal inventory remained low. The soybean market has returned to an oscillating pattern, showing a situation of strong reality and weak expectation [13]. - The decline in domestic pig - farming profits has led to low expectations for pig restocking. The demand for soybean meal has weakened after May Day, but the tight supply supports the post - holiday price. With the reduced pressure of the China - US tariff war, the soybean meal market has entered a weakly oscillating pattern [13]. - The low inventory of domestic soybean meal at oil mills supports the short - term price. The possibility of weather speculation in the US soybean - growing areas and uncertainties in the China - US tariff war have caused the soybean meal market to return to an oscillating state, awaiting further guidance on South American soybean production and the China - US tariff war [13]. 3.3 Bullish and Bearish Factors - **Bullish for Soybean Meal**: Lower - than - expected short - term imports of soybeans in China, low inventory of soybean meal at domestic oil mills, and uncertainties in the US soybean - growing weather [14]. - **Bearish for Soybean Meal**: The volume of imported soybeans in China rebounded to a high in May, and the expected high yield of Brazilian soybeans continues [14]. - **Bullish for Soybeans**: The strong oscillation of US soybeans supports the bottom of the domestic soybean market, and the expected increase in demand for domestic soybeans supports the price [15]. - **Bearish for Soybeans**: The expected high yield of Brazilian soybeans continues, and China has increased its purchases of Brazilian soybeans. The expected increase in the production of new - season domestic soybeans suppresses the price [15]. 3.4 Fundamental Data - **Soybean Meal**: The spot price in East China is 2960, with a basis of 37, indicating a premium over the futures. The inventory of soybean meal at oil mills is 10.12 tons, a 23.26% increase from last week and an 81.9% decrease compared to the same period last year [9]. - **Soybeans**: The spot price is 4160, with a basis of - 12, indicating a discount to the futures. The inventory of soybeans at oil mills is 534.91 tons, a 12.7% increase from last week and a 27.79% increase compared to the same period last year [11]. 3.5 Position Data - **Soybean Meal**: The long positions of the main players have decreased, but the capital has flowed in [9]. - **Soybeans**: The short positions of the main players have increased, and the capital has flowed in [11]. 3.6 Global and Domestic Supply - Demand Balance Sheets - **Global**: From 2015 to 2024, the global soybean harvest area, production, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated [32]. - **Domestic**: From 2015 to 2024, the domestic soybean harvest area, production, and import volume increased, and the inventory - to - consumption ratio also fluctuated [33]. 3.7 Planting and Harvesting Progress - **Argentina (2023/24)**: The sowing and harvesting progress of soybeans in Argentina in 2023/24 is presented, with the sowing progress gradually increasing from December 2023 to January 2024 and the harvesting progress increasing from April to June 2024 [34]. - **US (2024)**: The sowing, growth, and harvesting progress of soybeans in the US in 2024 are provided, including the sowing rate, emergence rate, flowering rate, pod - setting rate, leaf - falling rate, and harvesting rate at different times [35][36][37][38]. - **Brazil (2024/25)**: The planting and harvesting progress of soybeans in Brazil in 2024/25 is shown, with the planting rate increasing from November 2024 to January 2025 and the harvesting rate increasing from February to May 2025 [39][40]. - **Argentina (2024/25)**: The planting progress of soybeans in Argentina in 2024/25 is presented, with the planting rate increasing from November 2024 to January 2025 [41]. 3.8 USDA Monthly Supply - Demand Reports The USDA's monthly supply - demand reports from October 2024 to April 2025 show that the US soybean harvest area, yield, production, and other indicators have changed slightly, and the production of Brazilian and Argentine soybeans has also been adjusted [42]. 3.9 Other Market Data - The weekly export inspection volume of US soybeans decreased month - on - month but increased year - on - year [43]. - The soybean inventory at oil mills rebounded from a low level, while the soybean meal inventory dropped to a low level [45]. - The unfulfilled contracts at oil mills continued to increase, indicating an increase in stocking demand [47]. - The soybean crushing volume at oil mills rebounded from a low level, and the soybean meal production in April decreased year - on - year [49]. - The import cost of Brazilian soybeans fluctuated slightly, and the import soybean futures spread narrowed slightly [51]. - The inventory of pigs and sows increased slightly year - on - year but decreased slightly month - on - month [53]. - The prices of pigs and piglets fluctuated slightly [55]. - The proportion of large pigs in China decreased, and the cost of secondary fattening of pigs increased slightly [57]. - The domestic pig - farming profit decreased slightly [59].