Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Core Views of the Report - The short - term and medium - term views of soybean meal, palm oil, and soybean oil are all generally positive, with an "oscillatingly strong" reference view for the short - term [6][7][8]. 3. Summary by Related Catalogs Soybean Meal (M) - **Price Views**: Short - term view is oscillating, medium - term view is strong, and the intraday view is oscillatingly strong. The reference view is oscillatingly strong [6][7]. - **Core Logic**: The growth of US soybean oil's bio - fuel demand continues to boost US soybean crushing consumption. However, good US crop weather and the expectation of a Brazilian harvest limit the upside of US soybean futures prices. The market focus will shift to the yield adjustment due to weather disturbances from July to August. The trading logic of the soybean meal market revolves around import costs, and short - term soybean meal futures prices may rebound following US soybean futures prices [6]. Palm Oil (P) - **Price Views**: Short - term view is oscillating, medium - term view is strong, and the intraday view is oscillatingly strong. The reference view is oscillatingly strong [7][8]. - **Core Logic**: Palm oil has seen a strong rebound. The tightening supply and strong demand of Malaysian palm oil lead to a stronger expectation of a decline in Malaysian palm oil inventory in June. The rising Malaysian palm oil prices support domestic palm oil futures prices. With continuous inflow of market funds, the short - term oscillatingly strong trend of palm oil futures prices is expected to continue [8]. Soybean Oil (Y) - **Price Views**: Short - term view is oscillating, medium - term view is strong, and the intraday view is oscillatingly strong. The reference view is oscillatingly strong [7]. - **Core Logic**: The influencing factors include US bio - fuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The lower-than-expected soybean planting area in the US in 2025 is beneficial for supporting soybean prices. Although the market has not fully priced in the positive impact of the reduced soybean planting area due to trade friction concerns, it will be reflected if conditions permit. The higher-than-expected quarterly inventory report has a negative impact, but its persistence is limited as inventory data will change with demand [1][16]. - The trade agreement is always the most important driving factor for US soybeans. Additionally, attention should be paid to the weather in the main soybean-producing areas in the US, the soybean's good-to-excellent rate, and US tariff policies [2][17]. 3. Summary by Relevant Catalogs 3.1 USDA Planting Area Intentions Report - The USDA's June planting area intentions report estimated that the US soybean planting area in 2025 would be 83.38 million acres, lower than the market expectation and a year-on-year decrease of about 4.2%. The estimated corn planting area was 95.203 million acres, slightly lower than the market expectation and a year-on-year increase of about 5%. The soybean planting area in 2025 is the lowest since 2021, and the corn planting area is the highest since 2016 [4]. - The reduction in the US soybean planting area is beneficial for supporting soybean prices. The report data is positive for US soybeans and negative for US corn prices. The market has fully priced in the pressure of corn's increased planting area, but has not fully priced in the positive impact of the reduced soybean planting area [5]. 3.2 USDA Quarterly Inventory Report - According to the USDA's June 30, 2025, quarterly grain inventory report, as of the quarter ending June 1, 2025, the total US soybean inventory was about 1 billion bushels, a year-on-year increase of about 3.9%, higher than the market expectation of 980 million bushels and at the highest level for the same period since 2021. The on-farm inventory was about 410 million bushels, a year-on-year decrease of about 12%, and the off-farm inventory was about 596 million bushels, a year-on-year increase of about 18% [13]. 3.3 Report Impact and Future Outlook - The lower-than-expected soybean planting area in the US in 2025 is beneficial for supporting soybean prices. The planting area intentions report is positive, while the quarterly inventory report is negative, but the impact of the planting area report is greater and crucial for the formation of US soybean production in 2025 [16]. - Future points of attention include: the weather in the main US soybean-producing areas, as the monthly forecast shows high temperatures and less precipitation in some areas in July, and the short-term forecast shows normal precipitation and slightly high temperatures in the next two weeks; the good-to-excellent rate of US soybeans, as the data in June 2025 was lower than the same period last year, and the market may price it in if it continues to be low; and US tariff policies, trade negotiations, or trade agreements, as the trade agreement is the most important driving factor for US soybeans [2][17].

Report Overview - Report Date: April 23, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The CBOT soybeans are not likely to decline significantly due to potential trade negotiations where some countries may increase purchases of US soybeans, and the expected reduction in the new - season US soybean planting area to 83.5 million acres year - on - year [6]. - The domestic soybean meal market is in a state of tight current supply but wide future supply expectations. In the short term, supply is tight with low import volume in March and slow customs clearance in April, and low inventory levels. However, in the long run, supply will be sufficient as Brazilian soybeans arrive in large quantities and state - reserve auctions continue [6]. - For futures, it is recommended to be long - biased in the 09 and subsequent far - month contracts, but one may need to endure the greatest supply pressure in the second quarter [6]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Data**: - For the Soybean Meal 2505 contract, the previous settlement price was 2910, the closing price was 2988, up 78 or 2.68% with a trading volume of 393,367 and an open interest of 337,200, a decrease of 53,643 [6]. - For the Soybean Meal 2507 contract, the previous settlement price was 2886, the closing price was 2910, up 24 or 0.83% with a trading volume of 202,486 and an open interest of 503,784, an increase of 11,665 [6]. - For the Soybean Meal 2509 contract, the previous settlement price was 3043, the closing price was 3054, up 11 or 0.36% with a trading volume of 1,583,221 and an open interest of 2,416,736, an increase of 17,181 [6]. - **External Market**: The US soybeans 05 contract on the external market was oscillating, with the main force at 1050 cents. After a rebound after the Tomb - Sweeping Festival, it entered a narrow - range oscillation last week due to ongoing trade negotiations [6]. - **Domestic Market**: Domestic soybean meal is in a state of tight current supply but wide future supply expectations. In March, the imported soybean volume was only 3.5 million tons, and customs clearance in April was slow. The soybean meal inventory reached a multi - year low, reflected in the price. However, supply will be sufficient in the future as Brazilian soybeans arrive and state - reserve auctions continue [6]. - **Futures Suggestion**: It is recommended to be long - biased in the 09 and subsequent far - month contracts, but one may need to endure the greatest supply pressure in the second quarter [6]. 3.2 Industry News - **USDA Reports**: As of the week ending April 20, 2025, the US soybean planting rate was 8%, higher than the market expectation of 7%, 2% in the previous week, 7% in the same period last year, and the five - year average of 5%. As of the week ending April 17, 2025, the US soybean export inspection volume was 550,924 tons, within the market forecast range of 400,000 - 750,000 tons [8][9]. - **Argentina's Situation**: Argentina's 2024/25 soybean planting area is estimated to be 17.9 million hectares, a 0.6% decrease from the previous month's estimate but a 7.8% increase from the previous year. The 2024/25 soybean production is estimated to be 49 million tons, a 1.7% increase from the 2023/24 season [10]. 3.3 Data Overview - The report provides multiple data charts including the ex - factory price of soybean meal, the basis of the 05 contract, the 1 - 5 spread, the 5 - 9 spread, 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 CCB Futures [12][14][15]