Group 1: Report Overview - Report Name: "Bean Meal and Soybean Oil Futures Weekly Report" [2] - Report Period: February 9 - 13, 2026 [1] Group 2: Bean Meal Futures Mid - term Market Analysis - Mid - term Trend: The main bean meal contract is in a range - bound stage [6] - Trend Logic: According to Mysteel data, in the 5th week, the actual soybean crushing volume of oil mills was 2.2961 million tons, the operating rate was 63.16%, and the bean meal inventory was 930,400 tons. Global soybean harvest prospects are clear, domestic oil mills maintain a high operating rate, and bean meal supply is abundant. Downstream Spring Festival stocking is nearing the end, and aquaculture profits are generally in the red, with weak overall consumption. However, the possible boost from the easing of Sino - US trade relations, the uncertainty of weather risks in the Argentine production area, and the cost side support the price. It is expected that the bean meal futures will maintain a range - bound pattern [6] - Mid - term Strategy Suggestion: Pay attention to South American weather changes, the arrival rhythm of new Brazilian crops, and domestic aquaculture demand [6] Variety Trading Strategy - Last Week's Strategy Review: The overall trend of bean meal futures prices was in a sideways stage, and the funds were strongly bearish. The M2605 is expected to be in a weak shock pattern in the short term, with an expected operating range of 2700 - 2800 [9] - This Week's Strategy Suggestion: As the Spring Festival holiday approaches, to avoid volatility risks during the long holiday, it is recommended to wait and see before the festival [10] Relevant Data - Data includes bean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, bean meal basis, and oil - meal ratio. Data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [18][21][24] Group 3: Soybean Oil Futures Mid - term Market Analysis - Mid - term Trend: The main soybean oil contract is in a wide - range shock stage [29] - Trend Logic: According to Mysteel data, in the 5th week, the actual output of soybean oil from 125 oil mills was 436,300 tons, and the commercial inventory of soybean oil in key national regions was 946,800 tons. Currently, the supply side is relatively abundant due to the high operating rate of oil mills, while the demand has significantly weakened after the Spring Festival stocking, and the spot market trading is light. However, the favorable US biofuel policy and the optimistic Sino - US trade expectations support the soybean oil price. It is expected that the soybean oil futures price will mainly be in a wide - range shock [29] - Mid - term Strategy Suggestion: Pay attention to the US biodiesel policy, crude oil trends, and domestic demand [29] Variety Trading Strategy - Last Week's Strategy Review: The overall trend of soybean oil futures prices was in an upward stage, and the funds were slightly bullish. In the short term, the Y2605 may be in a high - level shock stage [32] - This Week's Strategy Suggestion: As the Spring Festival holiday approaches, to avoid volatility risks during the long holiday, it is recommended to wait and see before the festival [33] Relevant Data - Data includes soybean oil weekly output, weekly inventory, soybean oil basis, soybean oil trading volume, soybean weekly arrival volume, soybean weekly inventory, soybean weekly crushing volume, soybean weekly operating rate, weekly port inventory, and Brazilian premium. Data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [43][47][50]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Near - term supply of soybean meal still has a certain gap, but the probability of an extreme shortage situation like last year is relatively small. Near - term soybean meal is expected to fluctuate strongly, while far - month contracts strengthen slightly due to the accelerated implementation of the US biofuel policy. The US biofuel policy may weaken the surplus of US soybeans to some extent but cannot provide long - term upward drive. The pressure brought by the bumper harvest of South American soybeans remains large. It is recommended that those with large spot positions consider using price fluctuations to wash the basis, and the market is slightly bearish on the futures price [2]. - After the previous rise, the price increase of the oil sector restricts demand to some extent. Attention should be paid to the implementation of the US biofuel policy in early March, which may bring additional upward drive to the oil sector [2]. Summary by Related Content Soybean Meal - The Brazilian Soybean Crushers Association (ABIOVE) expects Brazil's soybean production in the 2025/26 season to reach 177.124 million tons, compared with 171.481 million tons in the previous season. Brazil's soybean exports in 2026 are expected to reach 111.5 million tons, up from 108.2 million tons in 2025. Brazil's soybean crushing volume in 2026 is expected to reach a record 61 million tons, higher than 58.5 million tons in 2025. The ending inventory of Brazilian soybeans in the 2025/26 season is expected to be 9.195 million tons, compared with 7.071 million tons in the previous season [1]. - The US Department of Agriculture (USDA) announced that private exporters reported the sale of 192,350 tons of soybeans to unknown destinations for delivery in the 2025/2026 season. The US soybean marketing year starts on September 1 [1]. Oil - The Speaker of the US House of Representatives is discussing whether to include a clause allowing the year - round sale of E15 ethanol - gasoline in a supplementary spending bill being promoted by the Senate to help farmers cope with tariff impacts, or pass a separate House bill in the next few weeks [2]. - According to data from the Canadian Grain Commission, as of the week ending January 18, Canada's rapeseed exports increased by 155.95% from the previous week to 288,200 tons, compared with 112,600 tons in the previous week. As of January 18, Canada's rapeseed exports in the 2025 - 26 season were 3.2097 million tons, a 37.42% decrease from 5.1293 million tons in the same period of the previous season [2].

Report Industry Investment Rating - The overall investment rating for the oil and meal industry is a weak and volatile trend [1][2][3] Core Viewpoints - The near - month contracts and spot prices of soymeal should focus on the pricing and transaction of the second batch of imported soybeans tomorrow. The far - month contracts are expected to remain in a weak and volatile trend under the expectation of a loose supply [2] - The overall trend of oils is weak and volatile. After the negative factors of palm oil and rapeseed oil are gradually realized, the market may enter a volatile state again. The upcoming US biofuel policy may provide some guidance [3] Summary by Related Content Soymeal - A private exporter reported selling 132,000 tons of soybeans to China for delivery in the 2025/2026 season [1] - As of December 11, the soybean planting rate in Argentina for the 2025/26 season was 58%, up from 49% last week but lower than 66% in the same period last year [1] - On December 12, the total transaction volume of soymeal at major oil mills across the country was 82,500 tons, a decrease of 68,400 tons from the previous trading day. Spot transactions were 25,000 tons, a decrease of 6,800 tons, and far - month basis transactions were 57,500 tons, a decrease of 61,600 tons [1] - The operating rate of the national dynamic full - sample oil mills was 58.33%, a decrease of 0.36% from the previous day. Soymeal inventory remained above 1.1 million tons, with a loose supply [1] - The pricing of the state - owned reserve soybean auction by Sinograin is the main factor determining the soybean crushing cost in the next quarter, and whether the auction price is close to the Brazilian import cost is the key to determining the spread between far - month and near - month contracts [1] Oils Palm Oil - SGS estimated that Malaysia's palm oil exports from December 1 - 10 were 280,048 tons, a 46.98% increase from 190,533 tons in the same period last month [2] - The export report in the first ten days showed an increase, which may provide short - term support for palm oil. However, it is difficult for palm oil to have a unilateral market in the short term, and subsequent attention should be paid to India's restocking demand [3] Rapeseed Oil - CGC data showed that as of the week ending December 7, Canada's rapeseed exports increased by 81.9% to 289,200 tons from 159,000 tons in the previous week. From August 1 to December 7, 2025, Canada's rapeseed exports were 2.3764 million tons, a 41% decrease from the same period last year. As of December 7, Canada's commercial rapeseed inventory was 1.2727 million tons [2] - Due to the strong foreign production increase expectation and the arrival of Australian rapeseed, the premium of rapeseed oil has significantly retreated. After continuous decline, the market has regained rationality. Future attention should be paid to rapeseed purchases in the next quarter and the possibility of restarting Canadian rapeseed purchases [2] Soybean Oil - The domestic soybean oil market is in a period of loose supply and demand with no obvious driving factors. Before the US biofuel policy is fully implemented, it is difficult for soybean oil to have a trending market. The implementation of the US biofuel policy may be the biggest driving factor for soybean oil in the future [2]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Views - The overall view for the agricultural commodity futures sector is a mix of weak - side oscillations and no clear trends in the short - to - medium term for most of the main varieties [5][6][7]. - For the short - to - medium term, the market trends of these varieties will be affected by factors such as Sino - US relations, import and supply rhythms, policies, and inventory levels [6]. 3) Summary by Variety **Soybean Meal (M)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [5][6]. - **Core Logic**: Driven by the expectation of China resuming US soybean purchases, the far - month contracts of US soybeans fell after hitting the $11 mark. The future market trend depends on details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm. The cost - driven logic has replaced the supply logic in the short - term soybean meal market, and there is a risk of decline after the futures price rebounds close to the upper limit of the oscillation range [5]. **Palm Oil (P)** - **Views**: Short - term: weak; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6][7]. - **Core Logic**: The overall weakness in the oil market is due to high inventory pressure and weak demand. Malaysian palm oil futures have fallen for three consecutive days, hitting a near - four - week low. The core contradiction in the palm oil market is the significant inventory pressure in Malaysia and weak domestic demand. The macro - level positive of eased Sino - US economic and trade relations cannot reverse the weak fundamentals. The short - term market shows a pattern of strong meal and weak oil, and palm oil futures prices remain under pressure [7]. **Soybean Oil (Y)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6]. - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Report Overview - Report Name: Baocheng Futures Bean and Oil Morning Report (October 17, 2025) - Publisher: Baocheng Futures - Date: October 17, 2025 Industry Investment Rating - The report does not provide an overall industry investment rating. Core Viewpoints - The prices of soybean meal and palm oil futures are expected to be weak with oscillations in the short - term and show an oscillating trend in the medium - term. This is due to multiple factors such as Sino - US trade relations, international oil prices, policy uncertainties, and inventory situations [5][7]. Summary by Variety Soybean Meal (M) - **Intraday View**: Oscillating and weakening [5]. - **Medium - term View**: Oscillating [5]. - **Reference View**: Oscillating and weakening [5]. - **Core Logic**: Sino - US trade relations, high near - term domestic inventory, far - term supply gap expectations, and reduced capital support lead to the short - term weakening with oscillations of soybean meal futures prices [5]. Palm Oil (P) - **Intraday View**: Oscillating and weakening [7]. - **Medium - term View**: Oscillating [7]. - **Reference View**: Oscillating and weakening [7]. - **Core Logic**: The continuous impact of international oil price pressure on the oil market, increased policy uncertainties in various countries, demand substitution in the oil market, and cautious market funds result in the short - term weakening with oscillations of palm oil futures prices [7]. Other Related Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6]. - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]. - **Palm 2601**: Short - term, medium - term, and intraday views are all oscillating and weakening. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing country tariff policies, domestic arrival and inventory, and substitution demand [6].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - For the soybean meal market, due to Argentina's suspension of export taxes on grains and by - products, the global supply of soybeans and by - products faces shocks. The domestic supply pressure is increasing, and concerns about short - term supply persist. With the approaching National Day holiday, market funds prefer short - term trading, and after the release of market sentiment, the market may stop falling and stabilize [5]. - In the palm oil market, the domestic import profit is in a reverse state, which restricts new purchases. There is an inventory pressure due to more arrivals in the near - month and limited downstream demand. The short - term market lacks a single driver and shows a wide - range shock [7]. 3. Summaries According to Related Catalogs 3.1 Soybean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6] - **Core Logic**: Argentina's export tax suspension affects global supply. Domestic supply pressure is rising, and attention should be paid to arrivals in the fourth quarter. Near the National Day holiday, funds focus on short - term trading, and the market may stabilize after the release of emotions [5] - **Core Logic Summary**: Import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [6] 3.2 Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: Domestic import profit inversion restricts new purchases. There is inventory pressure due to more arrivals and limited demand. The short - term market is affected by policy expectations, export data, inventory changes, and neighboring oil varieties, showing a wide - range shock [7] - **Core Logic Summary**: Biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6] 3.3 Soybean Oil (Y) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6] - **Core Logic Summary**: US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6]

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Report's Core View - The short - term outlook for both soybean meal and palm oil is "weak with fluctuations", and the medium - term outlook is "fluctuating". The divergence in price trends between domestic and foreign soybean futures will continue until the Sino - US trade relationship improves. [5][6][8] 3. Summary by Relevant Catalogs For Soybean Meal (M) - **Time - period Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: weak with fluctuations; Reference view: weak with fluctuations [5][7] - **Core Logic**: The USDA report's reduction of the US soybean yield per unit did not change the expectation of a bumper US soybean harvest, having limited impact on domestic soybeans. Before the improvement of Sino - US trade relations, the divergence in price trends between domestic and foreign soybean futures will continue. In the short - term, the price of soybean meal futures will continue to fluctuate. Factors also include import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand. [5][7] For Palm Oil (P) - **Time - period Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: weak with fluctuations; Reference view: weak with fluctuations [6][7][8] - **Core Logic**: In the short - term, the energy attribute of palm oil has taken a back seat, and the trading logic has reverted to the weak industrial chain. As the barometer of the vegetable oil market, with other varieties still fluctuating around trade themes, the industrial chain environment of palm oil has weakened, and the market sentiment decline has led to an overall weakening of palm oil futures prices. Factors also involve biodiesel attributes, Malaysian palm production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand. [8][7] For Soybean Oil (2601) - **Time - period Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: weak with fluctuations; Reference view: weak with fluctuations [7] - **Core Logic**: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory. [7]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - All three varieties (soybean meal, soybean oil, and palm oil) are expected to be "weakly volatile" in the short - term, medium - term, and intraday, according to the reference views [5][6][8]. 3. Summary by Variety Soybean Meal (M) - **Price Movement Outlook**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [5]. - **Core Logic**: The change in Sino - US trade relations affects US soybean export prospects. The pattern of weak reality and strong expectation in the domestic market remains unchanged. Short - term soybean futures prices are highly repetitive at high levels. As market sentiment weakens again, both domestic and foreign soybean futures prices decline, increasing the short - term volatility of soybean meal futures prices. Import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand also play roles [5][7]. Soybean Oil (Y) - **Price Movement Outlook**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [6][8]. - **Core Logic**: The soybean oil market focuses on raw material soybean cost support, US biodiesel policy expectations, and the resolution of domestic inventory pressure. Affected by the weakening of raw material soybean prices, the cost support for soybean oil futures prices weakens. US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory are also influencing factors [6][7][8]. Palm Oil (P) - **Price Movement Outlook**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [7]. - **Core Logic**: International oil price fluctuations have a continuous spill - over effect on the palm oil market. As the most energy - related oil variety, palm oil futures prices are significantly affected. Although the positive trend of the palm oil industry chain remains unchanged, short - term capital outflows intensify price fluctuations. Factors such as biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventory, and substitution demand also impact the price [7][8].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - The domestic situation of weak reality and strong expectation in the soybean sector remains unchanged, with high volatility in short - term soybean futures prices. The overall performance of soybean meal and palm oil futures is expected to be weakly volatile both in the short - term and medium - term [5][6]. - Fluctuations in international oil prices have a continuous spill - over effect on the oil market, especially on palm oil futures, which experience intensified high - level volatility. However, the positive trend in the palm oil industry chain remains, providing support for palm oil prices [8]. 3) Summary by Variety Soybean Meal (M) - **Short - term, Medium - term, and Intraday Views**: All are weakly volatile [5][7]. - **Core Logic**: Sino - US trade relations are crucial for US soybean export prospects. The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and备货 demand also affect soybean meal prices. Market sentiment turning weak leads to synchronized declines in domestic and foreign soybean futures prices, increasing the short - term volatility of soybean meal futures [5][7]. Palm Oil (P) - **Short - term, Medium - term, and Intraday Views**: All are weakly volatile [6][7]. - **Core Logic**: Fluctuations in international oil prices have a significant impact on palm oil futures. The positive trend in the palm oil industry chain, such as declining Indonesian inventories, strong Malaysian palm oil exports, and increased Indian imports, supports palm oil prices. However, short - term price fluctuations are intensified [8]. Soybean Oil (2601) - **Short - term, Medium - term, and Intraday Views**: All are weakly volatile [7]. - **Core Logic**: Influenced by US biofuel policies, US soybean oil inventories, domestic soybean cost support, supply rhythm, and oil refinery inventories [7]. Palm (2601) - **Short - term, Medium - term, and Intraday Views**: All are weakly volatile [7]. - **Core Logic**: Affected by its bio - diesel properties, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventories, and substitution demand [7].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View - The report analyzes the price trends and core logics of different agricultural commodity futures, including short - term, medium - term, and intraday views [5][6][7]. - For different futures varieties, the core logics are affected by multiple factors such as international policies, supply and demand, and inventory [5][6][7]. 3. Summary by Variety 3.1. Soybean Meal (M) - **View** - Intraday view: Oscillating weakly; Medium - term view: Oscillating; Reference view: Oscillating weakly [5]. - **Core Logic** - Optimistic signals from China - US negotiations have led to a slight decline in the high premium of Brazilian soybeans. But before the substantial improvement of US soybean exports, the high - premium pattern of Brazilian soybeans is hard to change, providing cost support for domestic soybean meal. The far - month contracts still have dual support of supply and cost, and the short - term futures price fluctuates at a high level [5]. 3.2. Palm Oil (P) - **View** - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [7]. - **Core Logic** - The positive expectations of the Southeast Asian palm oil industry chain support the palm oil futures price. Affected by emotional fluctuations, the futures price fluctuates at a high level with strong support below. After continuous short - term rises, short - term capital closing positions cause the futures price to fluctuate at a high level, but the overall strong trend remains [7]. 3.3. Other Contracts - **Soybean Meal 2601**: Short - term and medium - term oscillating, intraday and reference view oscillating weakly, affected by import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [6]. - **Soybean Oil 2601**: Short - term strong, medium - term oscillating, intraday and reference view oscillating strongly, influenced by US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6]. - **Palm 2601**: Short - term and intraday strong, medium - term oscillating, reference view oscillating strongly, affected by biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6].