Report Overview - Report Date: July 25, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The US soybean futures contract is oscillating at the bottom. The new - season US soybean has a good growth situation with a 68% excellent - good rate and only 7% of the planting area affected by drought. There is an expectation of improved demand as the US has reached trade agreements with many countries. However, China, the largest importer, has not started purchasing new - season soybeans for the fourth quarter due to a 23% tariff. If the high - tariff situation persists, CBOT soybeans may not show continuous improvement [6]. - Domestic soybean meal prices dropped significantly today. The previous rise was due to China not starting new - season US soybean purchases. With the upcoming Sino - US talks, the market expects the soybean import tariff issue to be discussed. If the tariff returns to the previous level, combined with high soybean meal inventory, the market price may fall. It is recommended to pay attention to the actual results of next week's negotiations, and short - term price fluctuations are expected to increase [6]. 3. Summary by Directory 3.1 Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3116 | 3117 | 3131 | 3042 | 3059 | - 57 | - 1.83% | 828625 | 1220139 | - 15868 | | Soybean Meal 2509 | 3096 | 3091 | 3106 | 3003 | 3025 | - 71 | - 2.29% | 1842107 | 1668155 | - 170344 | | Soybean Meal 2511 | 3133 | 3132 | 3143 | 3041 | 3063 | - 70 | - 2.23% | 194982 | 630432 | 7143 | The US soybean futures contract is oscillating, with the main contract at 1025 cents. The new - season US soybean growth is good, and the demand is expected to improve. China has not started fourth - quarter new - season soybean purchases due to the 23% tariff. Domestic soybean meal prices dropped significantly today due to market expectations of tariff negotiations [6]. 3.2 Industry News - USDA Export Sales Report Forecast: Analysts expect US soybean export sales to increase by 350,000 - 850,000 tons in the week ending July 17. Among them, 2024/25 is expected to increase by 100,000 - 350,000 tons, and 2025/26 by 250,000 - 500,000 tons. US soybean meal export sales are expected to increase by 250,000 - 550,000 tons, with 2024/25 increasing by 150,000 - 300,000 tons and 2025/26 by 100,000 - 250,000 tons. US soybean oil export sales are expected to increase by 0 - 20,000 tons, with 2024/25 increasing by 0 - 15,000 tons and 2025/26 by 0 - 5,000 tons [7]. - Anec Forecast: From July 20 to July 26, Brazil's soybean export volume is expected to be 2.8107 million tons (last week was 3.0876 million tons), soybean meal export volume is expected to be 531,700 tons (last week was 566,200 tons), and corn export volume is expected to be 1.5212 million tons (last week was 627,700 tons) [8]. 3.3 Data Overview No specific data analysis content is provided, only information about data sources and some chart numbers are given [10][12][13]