Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Short - term focus on China's purchase of US soybeans, which may support US soybean prices. Without obvious weather issues, the market is expected to shift to trading the supply pressure of South American new crops from December to January. The new - crop discount trend may drag down the soybean meal futures pricing. It is recommended to short M05 on rallies [7]. 3. Summary by Related Content Supply - CONB predicts that Brazil's new - crop soybean output in the 25/26 season will reach 177.6 million tons. As of November 15, the soybean sowing rate in Brazil was 69.0% (compared to 58.4% last week, 73.8% in the same period last year, and a five - year average of 67.2%). As of November 13, the soybean planting rate in Argentina for the 2025/26 season was 15% (7% last week and 25% last year). There is a risk of relatively dry weather in southern Brazil and northern Argentina in the next few weeks, and the impact of the weak La Nina weather pattern should be monitored. Domestic soybean meal is expected to see inventory reduction from November to December, but the supply in the fourth quarter is still expected to be loose. The purchasing progress for December - January shipments is slow, and the supply gap in the first quarter of next year is uncertain [6]. Demand - Livestock and poultry are expected to maintain high inventory levels in the short term, which supports feed demand. However, current breeding profits are in the red, and national policies tend to control pig inventory and weight, which may affect future supply. Soybean meal has relatively high cost - effectiveness, and recent downstream long - term contracts for soybean meal have seen high trading volumes with good提货 performance [7]. Inventory - Domestic soybean and soybean meal inventories are at historically high levels for the same period and are expected to decline from November to December. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [7]. Price and Spread - On November 24, the basis of the soybean meal main contract in Zhangjiagang was 79. The spot basis of 43% soybean meal in Tianjin, Rizhao, Zhangjiagang, Dongguan, Zhanjiang, and Fangcheng was 49, - 11, - 11, - 21, - 21, - 31 respectively. The spot basis of rapeseed meal in Guangdong was 10, with a change of 6. The M1 - M5 spread was 196, down 13. The RM1 - 5 spread was 1500, down 3. The spot spread between soybean meal and rapeseed meal in Guangdong was 300, and the spread of the main contract was 531, down 20 and 16 respectively [4][5]. Other Data - The US dollar - RMB exchange rate was 7.1056, and the Brazilian soybean CNF premium was 145 cents per bushel, with no change. The domestic port and major oil - mill soybean inventories, major oil - mill soybean meal inventories, feed enterprise soybean meal inventory days, major oil - mill operating rates, and major oil - mill soybean crushing volumes are presented in the form of historical data trends [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall trend of the domestic soybean meal market is expected to be oscillatingly stronger, but the rebound height of the futures price is limited by the current loose supply of nearby soybean meal and the expected loose global soybean supply in the long - term. Attention should be paid to the policy changes between China and the US, adjustments in the US Department of Agriculture reports, and changes in South American weather [9]. 3. Summary by Related Contents a. Basis and Spread Data - For 43% soybean meal spot basis (against the main contract), on November 3rd, the basis in Dalian was 74 with a rise of 15; in Tianjin, it was 54 with a rise of 25; in other regions like Rizhao, Zhangjiagang, etc., specific basis and changes are also provided. The spot basis of rapeseed meal in Guangdong was 67 with a decline of 11. The spot price difference between soybean meal and rapeseed meal in Guangdong was 483 with a rise of 13, and the futures price difference of the main contract was 535 with a decline of 98 [6][7]. b. Supply Situation - The USDA currently estimates the US soybean inventory - to - consumption ratio for the 2025/2026 season at 6.9%. The expected yield per acre of 53.5 bushels may be lowered, while the export forecast has room for an upward adjustment, and the supply - demand balance of US soybeans is expected to be tight. As of October 25th, according to CONAB data, the Brazilian soybean sowing rate was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. The far - month soybean purchase and shipping progress is slow [7][8]. c. Demand Situation - In the short term, livestock and poultry are expected to maintain a high inventory, and the reduction in production capacity is not obvious, which supports feed demand. However, the current farming profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the long - term supply. Recently, the downstream transactions of soybean meal have been cautious, but the提货 performance has been good [9]. d. Inventory Situation - Domestic soybean and soybean meal inventories are at historical highs for the same period, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory in feed enterprises has dropped to a low level [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Anticipate the gradual recovery of domestic soybean meal inventory, alleviation of spot tightness, pressure on basis, and expect the futures market to fluctuate weakly, but limited decline due to import cost support. Suggest waiting for low - level long - position opportunities [5] 3. Summary According to Related Content 3.1 Price and Basis Data - On April 25th, 43% soybean meal spot basis in Dalian was 6901, down 72; in Tianjin was 1019, down 222; in Rizhao was 628, down 112; in Zhangjiagang was 618, down 82; in Dongguan was 819, down 62; in Meijiang was 869, down 12; in Fangcheng was 819, up 128. Rapeseed meal spot basis in Guangdong was - 224, up 41 [3] 3.2 Spread Data - Spot spread of soybean meal - rapeseed meal (Guangdong) was 1390, down 90; futures spread (main contract) was 347, up 13 [4] 3.3 International and Inventory Data - The US dollar to RMB exchange rate was 7.2342, and the futures crushing profit was 155 yuan/ton, up 5. Domestic soybean inventories reached a high level, soybean meal inventories were at a very low level and expected to gradually recover, and the number of days of soybean meal inventory in feed enterprises decreased to a low level [4][5] 3.4 Supply and Demand Situation - Supply side: Spot supply is tight, customs clearance time in some areas is extended; a large amount of Brazilian soybeans are expected to arrive in May and June; new - crop US soybean planting area is expected to shrink; recent rainfall in US soybean - growing areas may improve soil moisture but delay sowing. Demand side: Pig supply is expected to increase steadily before September; meat poultry production is expected to remain high in the first half of the year, and egg - laying poultry inventory is expected to remain high; the cost - effectiveness of soybean meal has decreased significantly; wheat substitutes for corn in some areas, reducing protein consumption, and downstream transactions and pick - up are poor [4][5]