Report Core View - The US soybean planting is progressing smoothly, and there is no obvious short - term weather speculation driver. The Brazilian soybean premium is still under selling pressure in the short term. The domestic soybean inventory continues to rise to a high level, and the soybean meal inventory has increased slightly by 20,500 tons. It is expected that domestic soybean crushing will recover to a high level, and soybean meal inventory is expected to accumulate at an accelerated pace. In the short term, it will continue to digest the pressure of spot basis and the bearish factor of Brazilian selling pressure. The futures price is expected to be weak in a volatile manner. Subsequently, attention should be paid to the disturbances of US soybean planting area and weather, as well as changes in Brazilian premiums [6][7] Basis Data Soybean Meal Spot Basis - Dalian: The basis value is 91, with a change of - 23 [3][4] - Tianjin: The basis value is 91, with a change of - 23; the basis for the main contract is 2000 [4] - Rizhao: The basis value is 11, with a change of - 23; the basis for the main contract is 1500 [4] - Zhangjiagang: The basis value is - 9, with a change of - 43; the basis for the main contract is 1000 [4] - Dongguan: The basis value is 31, with a change of - 33 [4] - Zhanjiang: The basis value is 91, with a change of - 43; the basis for the main contract is 1000, and there is also a value of 800 [4] - Fangcheng: The change is - 33; the basis for the main contract has values of 600 and 400 [4] Rapeseed Meal Spot Basis - Guangdong: The basis value is - 120, with a change of - 1; the basis for the main contract is 200, and there are also values of - 200 at different times [4] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong is 530, with a change of - 30; the main - contract spread on the futures market is 379, with a change of 2 [5] Inventory and Production Data Inventory - Chinese port soybean inventory and national major oil mills' soybean inventory are on the rise, and the national major oil mills' soybean meal inventory has increased slightly by 20,500 tons [6] - The days of soybean meal inventory in feed enterprises and the inventory of national major oil mills' soybean meal are presented in the time - series data [5] Production - The operating rate and soybean crushing volume of national major oil mills are shown in the time - series data, and it is expected that domestic crushing will recover to a high level [5][6][7]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The USDA May Supply and Demand Report has a bullish impact, with the estimated US soybean stock-to-consumption ratio for the 25/26 season at 6.68%, continuing to decline from the 24/25 season [5]. - The China-US joint statement led to a significant reduction in the tariff on Chinese imports of US soybeans, but there is still no profit in importing US soybeans, so the actual impact is limited [5]. - The focus of soybean meal should be on the cost narrative and domestic supply - demand. The US soybean planting progress has reached 48%, which is relatively fast in recent years. The Brazilian premium has been oscillating weakly recently, and its further decline space should be monitored [5]. - China is facing the pressure of concentrated arrivals of Brazilian soybeans, the customs clearance time has been shortened. This week, soybean meal inventory continued to decline slightly but is still low. Overall, there is no speculation driver in US soybean planting, and China is digesting the pressure of spot supply and Brazilian selling pressure, so the market is expected to be volatile [5]. 3. Summaries by Related Catalogs 3.1 Basis Data - The basis data of soybean meal and rapeseed meal in different regions are presented, including Dalian, Tianjin, Zhangjiagang, Dongguan, Zhanjiang, Fangcheng, and Guangdong. For example, the basis of 43% soybean meal spot in Zhangjiagang (against the main contract) is - 6 [3]. 3.2 Spread Data - The spread data between soybean meal and rapeseed meal are provided, including spot spread in Guangdong and the spread of the main contract. For instance, the spot spread between soybean meal and rapeseed meal in Guangdong is 690 [4]. 3.3 Inventory Data - Inventory data such as Chinese port soybean inventory, national major oil - mill soybean inventory, feed enterprise soybean meal inventory days, and national major oil - mill soybean meal inventory are shown in the form of time - series charts from 2020 - 2025 [4]. 3.4开机和压榨情况 (Operation and Pressing Conditions) - The operation rate and soybean pressing volume of national major oil mills from 2020 - 2025 are presented in the form of time - series charts [4].

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The USDA May Supply and Demand Report has a bullish impact, with the estimated US soybean stock-to-consumption ratio for the 25/26 season at 6.68%, continuing to decline from the 24/25 season. China and the US issued a joint statement, and China's import tax rate on US soybeans has changed. The US soybean planting progress has reached 48%, which is relatively fast compared to recent years. The Brazilian soybean premium has been oscillating weakly recently, and attention should be paid to the potential for further decline. Domestically, facing the pressure of concentrated arrivals of Brazilian soybeans, the customs clearance time has been shortened. This week, soybean meal inventory continued to decline slightly but remains low. Overall, there is no driving force for speculation in US soybean planting, and the domestic market continues to digest the pressure of spot supply and the bearish impact of Brazilian soybean sales. The futures market is expected to be range-bound [5] 3. Summary by Relevant Catalogs 3.1 Basis Data - The basis of the main soybean meal contract in Zhangjiagang on May 14th: Dalian was 226 with a change of -38; Tianjin was 166 with a change of -48; Rizhao was 86 with a change of -28; Zhangjiagang was 186 with a change of -28; Dongguan was 166 with a change of -28; Zhanjiang was 186 with a change of -28; Fangcheng was 246 with a change of 12. The basis of rapeseed meal in Guangdong was -149 with a change of -12 [3] 3.2 Spread Data - The spread between soybean meal and rapeseed meal: The spot spread in Guangdong was 405 with a change of 6, and the spread on the main futures contract was 720 with a change of -10. Other spreads such as M9 - 1, M9 - RM9, RM9 - 1 also have corresponding data [4] 3.3 Premium and Exchange Rate Data - The US dollar to RMB exchange rate was 7.1598, and the soybean CNF premium had a corresponding trend chart. The import soybean futures gross profit and the futures crushing profit per ton also had corresponding data [4] 3.4 Inventory Data - The inventory data of major oil mills and ports in China, including soybean inventory, soybean meal inventory, and the number of days of soybean meal inventory in feed enterprises, all have corresponding time - series data [4] 3.5 Startup and Pressing Data - The startup rate and soybean pressing volume of major oil mills in China have corresponding time - series data [4]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: May 7, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Contract data**: - For the soybean meal 2505 contract, the previous settlement price was 2808, opening at 2794, with a high of 2794, a low of 2734, and closing at 2748, down 60 or -2.14%. The trading volume was 3274, and the open interest was 23163, a decrease of 2411 [6]. - The soybean meal 2507 contract had a previous settlement of 2795, opened at 2760, reached a high of 2781, a low of 2748, and closed at 2765, down 30 or -1.07%. The trading volume was 94711, and the open interest was 550877, an increase of 6429 [6]. - The soybean meal 2509 contract had a previous settlement of 2945, opened at 2904, with a high of 2932, a low of 2896, and closed at 2915, down 30 or -1.02%. The trading volume was 821492, and the open interest was 2473347, an increase of 19400 [6]. - **External market**: During the holidays, the CBOT soybean 07 contract fluctuated, with the main price at 1045 cents. There was limited short - term external market drive. Many countries were in trade negotiations with the US, and there were reports that Pakistan, Japan, etc., were interested in purchasing more US agricultural products. The CBOT soybean had strong support at the bottom. Meanwhile, there was a tendency for Sino - US negotiations, and the situation was more relaxed [6]. - **New - season US soybeans**: The planting area decreased significantly year - on - year, but the recent sowing speed was fast, which was beneficial for potential yield per unit. This put some pressure on the external market, and the external market was expected to have a narrow - range fluctuation [6]. - **Domestic soybean meal**: The sharp decline in the spot price before the holiday continued, and the phased supply - demand imbalance had basically ended. Some regional quotes were just over 3000 yuan. After May, a large amount of soybeans would arrive at ports and complete customs clearance, and the supply increase was reflected in the futures market in advance. The subsequent contracts were at a large discount to the spot price [6]. Operation Suggestions - In the short term, affected by the continuous decline of the spot price, the futures market was weak, and the expectation of negotiations made it difficult for bulls to take action. However, Sino - US negotiations were expected to be repeated, and the decrease in the US soybean planting area was a reality. From a rhythm perspective, the futures market might be weak in the short term and strong in the medium - to - long term, especially the valuation of the fourth - quarter contracts might increase, but it might be necessary to endure the greatest supply pressure in the second quarter [6]. Group 3: Industry News - **USDA crop growth report**: As of the week ending May 4, 2025, the US soybean planting rate was 30%, lower than the expected 31%, up from 18% the previous week, 24% in the same period last year, and the five - year average of 23%. The soybean emergence rate was 7%, compared with 8% last year and a five - year average of 5% [9]. - **CONAB data**: As of May 3, the 2024/25 Brazilian soybean harvest rate was 97.7%, up from 94.8% the previous week, 94.3% in the same period last year, and the five - year average of 96.3% [9]. - **Argentine data**: As of April 30, the 2024/25 Argentine soybean harvest rate was 25%, behind the 34% in the same period last year and up from 13% the previous week [9][10] Group 4: Data Overview - The report includes multiple data charts, such as the ex - factory price of soybean meal, the basis of the soybean meal 05 contract, the 1 - 5 spread of soybean meal, the 5 - 9 spread of soybean meal, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures [12][13][15]

Group 1 - Domestic futures market for oilseeds showed a downward trend, with soybean futures closing at 3627.00 CNY/ton, down 1.92% [1] - The Chicago Board of Trade (CBOT) announced an increase in the soybean price limit from 70 cents to 75 cents starting May 1 [2] - The USDA reported net sales of U.S. soybeans for the 2024/2025 marketing year at 277,000 tons, a decrease from 555,000 tons the previous week [2] Group 2 - Approximately 21% of U.S. soybean planting areas were affected by drought as of April 22, down from 23% the previous week [2] - Paraná state's soybean production is estimated at 21.11 million tons, an increase from the previous estimate of 21.06 million tons [2] - Market focus has shifted to U.S. soybean planting and Brazilian export conditions, with expectations that U.S. farmers will plant less than market expectations, providing some support to CBOT soybeans [3]