1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The vegetable oil market shows a slightly differentiated and overall strong trend. The market is affected by factors such as international crude oil prices, export data, and domestic policies. For double - meal, it maintains a relatively strong trend, and the market is influenced by factors like overseas soybean prices, customs inspection policies, and import and export expectations [1][2][3] 3. Summary by Relevant Contents 3.1 Vegetable Oil Market 3.1.1 Market Performance - On February 26, the vegetable oil sector was overall strong with some differentiation. The closing prices of main and secondary contracts of soybean oil, palm oil, and rapeseed oil had varying degrees of decline or increase in positions. For example, the Y2605 soybean oil contract closed at 8198 yuan/ton, down 0.36% day - on - day, with a daily decrease of 5259 lots [1] 3.1.2 Important Information - NYMEX crude oil futures closed lower on February 26. The US and India reached a temporary trade agreement framework, and the US will reduce the so - called reciprocal tariff rate on Indian goods from 25% to 18%. The US Environmental Protection Agency will submit a new biofuel blending volume authorization proposal. Malaysian palm oil exports from February 1 - 20 and 1 - 25 decreased compared to the same period in January, but exports to China increased. Indian buyers have locked in a large amount of soybean oil purchases from April to July 2026. As of the end of the 7th week of 2026, the total inventory of the three major edible oils in China decreased week - on - week and year - on - year [1][2] 3.1.3 Market Logic - Externally, the US - Iran conflict and the improvement of US soybean export expectations and domestic biodiesel policy expectations support the strength of US soybean oil. Malaysian palm oil is boosted by international crude oil and US soybean oil but is dragged down by poor export data and the upcoming seasonal production recovery period. Domestically, after the end of traders' restocking and the arrival of the traditional off - season, if reserve soybeans are not auctioned, soybean oil inventory will continue to decline; if a large number of reserve soybeans are auctioned, the supply will be sufficient and the basis will be under pressure. Palm oil follows the overseas vegetable oil trend, and the supply shortage of rapeseed oil is expected to be alleviated, with its increase limited [2] 3.1.4 Trading Strategy - For single - side trading, existing long positions in oils should be held, and new long positions can be slightly absorbed on pullbacks. Specific support and resistance levels are provided for different contracts [2] 3.2 Double - Meal Market 3.2.1 Market Performance - On February 26, driven by macro funds and with the fundamental pressure postponed, the double - meal maintained a relatively strong trend. The main and secondary contracts of soybean meal and rapeseed meal had different price changes and position increases [2] 3.2.2 Important Information - As of February 21, 2026, the soybean harvest progress in Brazil in the 2025/26 season was 32.3%. The ANEC lowered the February soybean export forecast by 800,000 tons to 10.69 million tons. Analysts expect the US soybean net sales volume from February 1 - 19 to be between 400,000 and 1 million tons. There are rumors that the customs inspection time in South and East China will be extended by 5 days. As of the end of the 8th week of 2026, the inventory of imported soybeans in China increased, the inventory of soybean meal decreased, and the inventory of imported rapeseed increased [2][3] 3.2.3 Market Logic - Externally, the improvement of the US soybean trade prospects boosts the US soybean futures price. The market is affected by the news of extended customs inspection, and the theoretical crushing profit weakens, causing the futures price to rise slightly. The market is also concerned about the import soybean auction. In the spot market, the oil mill's fixed - price is stable, the near - month basis is lowered, and the actual transaction price drops. For rapeseed meal, the market digests the policy of extended customs inspection and has expectations of opening up Canadian rapeseed meal imports. The post - Spring Festival spot market is mainly for rigid demand procurement, and the basis quotation has a risk of decline [3] 3.2.4 Trading Strategy - In the medium term, the double - meal maintains a wide - range oscillation pattern. Do not over - chase the high. Long positions at low levels can be gradually liquidated for profit, and new purchases can be made after pullbacks. Wait for the supply pressure to materialize in the long term. Specific support and resistance levels are provided for different contracts [3]

Industry Information - The industry under research is the soybean meal industry [1] - The report date is September 8, 2025 [2] - The research team consists of Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Market Review - **Contract Performance**: The settlement prices, opening prices, highs, lows, closing prices, changes, change percentages, trading volumes, open interests, and open interest changes of contracts such as soybean meal 2601, 2609, and 2611 are presented. For example, the soybean meal 2601 contract had a previous settlement price of 3063, an opening price of 3043, a high of 3072, a low of 3042, a closing price of 3067, a change of 4, and a change percentage of 0.13%. Its trading volume was 767,878, and the open interest was 1,996,647 with a decrease of 46,634 [6] - **External Market**: The US soybean futures contracts on the external market fluctuated, with the main contract at 1030 cents. The external environment has stabilized this week, with limited fundamental information interference. The weather conditions for the new US soybean crop have worsened, showing dry conditions in mid - to late August. The current weather pattern is similar to last year's, where the early growth period had good weather, and the USDA adjusted the yield per unit area to a high level in August. However, the weather turned dry starting in August. There is a possibility that the final excellent - good rate this year may be significantly lower than the August forecast, but the September report is less likely to change, and more adjustments to the yield per unit area can be expected in the October report [6] - **Market Focus**: The recent unfavorable weather has not brought significant bullish sentiment to CBOT soybeans. Instead, the market is mainly focused on the pessimistic outlook for new - season exports. As the US soybean harvest approaches, China has not started purchasing US soybeans, increasing the pressure on US soybeans. Although China may stop purchasing US soybeans, due to the significant reduction in planting area and the expected decrease in yield per unit area, the pressure on ending stocks is not as great as last year. Overall, the CBOT price remains in a bottom - oscillating pattern, with the possibility of being weak first and then strong in the medium term [6] - **Domestic Situation**: China's soybean meal market is in a fundamental situation of wide current supply and tight future expectations. In the medium term, with a 23% tariff on imported US soybeans remaining unchanged, China will mainly import Brazilian soybeans in the fourth quarter to replace US soybeans, supplemented by some Argentine soybeans. However, there may still be a small import gap, which may be filled by state - reserve auctions. Due to recent state - reserve soybean auctions and the weakening of CBOT soybeans, soybean meal lacks upward momentum. However, the problem of low imported soybean volume may gradually emerge in the fourth quarter after the National Day. Weather issues also need to be monitored in the October USDA report. After short - term oscillations, the medium - term outlook for soybean meal is bullish after corrections [6] Industry News - **USDA Crop Growth Report**: As of the week ending August 31, 2025, the excellent - good rate of US soybeans was 65%, lower than the market expectation of 68%, down from 69% the previous week, and the same as the same period last year. The pod - setting rate was 94%, up from 89% the previous week, higher than 93% in the same period last year, and in line with the five - year average. The defoliation rate was 11%, up from 4% the previous week, slightly lower than 12% in the same period last year, and slightly higher than the five - year average of 10% [7] - **USDA Export Inspection Report**: As of the week ending August 28, 2025, the US soybean export inspection volume was 472,914 tons, meeting expectations. The previous market forecast was between 200,000 - 500,000 tons, and the revised figure from the previous week was 393,189 tons. The export inspection volume to the Chinese mainland was 0 tons. As of the week ending August 29, 2024, the US soybean export inspection volume was 502,934 tons. Since the beginning of this crop year, the cumulative US soybean export inspection volume has reached 49,763,188 tons, compared with 44,717,223 tons in the same period last year [15] - **USDA Monthly Crushing**: The US soybean crushing volume in July 2025 was 6.14 million short tons (204.7 million bushels), up from 5.91 million short tons (197 million bushels) in June and 5.8 million short tons (193 million bushels) in July 2024 [15]