1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the short - term, it is recommended to focus on short - term trading for soybean meal and rapeseed meal. For soybean meal, pay attention to the results of crop inspections as there are rumors that US soybeans may enter China through state reserves. For rapeseed meal, focus on the changes in China - Australia and China - Canada trade flows due to restricted imports of Canadian rapeseed in the future [45]. - In the medium - to long - term, the global soybean supply is abundant, limiting the continuous upward momentum of the soybean complex [46]. 3. Summary by Relevant Catalogs 3.1 Market Review - The closing prices of most futures main contracts in the feed and livestock industry decreased last week. For example, the M2601 soybean meal contract closed at 3113 yuan on August 21, down 50 yuan from August 13, a decrease of 1.58%. The RM601 rapeseed meal contract closed at 2561 yuan, down 127 yuan, a decrease of 4.72%. The C2511 corn contract closed at 2166 yuan, down 113 yuan, a decrease of 4.96%. The LH2511 live pig contract closed at 13765 yuan, down 280 yuan, a decrease of 1.99%. The JD2510 egg contract closed at 3010 yuan, down 267 yuan, a decrease of 8.15% [4]. - The spot prices of some varieties remained unchanged, while others decreased. The spot price of 43% protein soybean meal in Shandong was 3020 yuan, unchanged from the previous week. The average price of rapeseed meal in China was 2580 yuan, down 70 yuan, a decrease of 2.64%. The price of second - grade national standard corn with 14.5% moisture at Bayuquan Port was 2310 yuan, unchanged. The average slaughter price of commercial pigs in Henan was 13.6 yuan, down 0.14 yuan, a decrease of 1.02%. The average price of eggs in the main producing areas in China was 3.19 yuan, up 0.12 yuan, an increase of 3.91% [4]. 3.2 Fundamental Analysis 3.2.1 Cost Side - Weather: From August 24 to 28, the temperature in the main soybean - producing states in the US was lower than normal, and precipitation was mostly close to or higher than the median [10]. - US Soybeans: On the last day of the Pro Farmer crop inspection, inspectors reported that the corn yield potential and soybean pod number in Iowa reached the highest level in at least 22 years. As of August 17, the good - to - excellent rate of US soybeans was 68%, in line with market expectations and the previous week, and the same as the same period in 2024 [10]. - Brazil: The Brazilian National Association of Grain Exporters (ANEC) estimated that Brazil's soybean exports in August 2025 would be 8.8 million tons, higher than the previous week's estimate of 8.15 million tons. If the forecast comes true, it will be a 10.3% increase from 7.98 million tons in August 2024, but lower than the 12 million tons in July this year. The total soybean exports in the first eight months of this year will reach 88.55 million tons [10]. - Argentina: The Argentine Ministry of Agriculture said that the pace of soybean sales in Argentina was basically stable last week. As of August 13, Argentine farmers had pre - sold 29.51 million tons of soybeans for the 2024/25 season, 820,000 tons more than the previous week, compared with 25.64 million tons in the same period in 2024 [10]. 3.2.2 Supply - Import: In July 2025, China's soybean imports reached a record 16.7 million tons. Imports from Brazil increased significantly, accounting for 89% of the total imports, reaching 10.39 million tons, a year - on - year increase of 13.9%. Imports from the US were only 420,000 tons, a year - on - year decrease of 11.5%. Imports from Argentina were 560,000 tons in July, and the cumulative imports from January to July were 670,000 tons, a year - on - year increase of 104.7% [10]. 3.2.3 Demand - Pressing: As of the end of the 33rd week (August 16), the average operating rate of domestic oil mills was 64.64%, an increase of 2.08% from the previous week. The total soybean pressing volume of national oil mills was 2.4168 million tons, an increase of 77,900 tons from the previous week. The pressing volume of domestic soybeans was 10,500 tons, and that of imported soybeans was 2.4063 million tons [10]. - Transaction: The transaction volume of soybean meal continued to recover, but the transaction price declined slightly. On August 21, the transaction volume of soybean meal in domestic mainstream oil mills was 149,950 tons, an increase of 38,450 tons from the previous day. The spot transaction volume was 45,950 tons, a decrease of 19,550 tons from the previous day. The basis transaction volume was 104,000 tons, an increase of 58,000 tons from the previous day. The average transaction price was 3085.35 yuan/ton, a decrease of 14.22 yuan/ton from the previous day [10]. 3.2.4 Inventory - Oil Mill Inventory: The National Grain and Oil Information Center predicted on August 20 that the operating rate in August would remain at a high level, with the soybean pressing volume close to 10 million tons and the soybean meal output around 8 million tons, higher than the average of the past three years. The average monthly consumption in August was 7.7 million tons. However, due to the accelerated downstream pick - up speed, the inventory accumulation rhythm of oil mills had slowed down. It was expected that the commercial inventory of soybean meal in major national oil mills would rise to around 1.1 million tons in August, and the inventory pressure on oil mills was relatively high [10]. 3.3 Supply - side Analysis 3.3.1 Import - As of August 21, the CNF price of Brazilian soybeans was 488.00 US dollars/ton. The CNF price of US West Coast soybeans was 457.00 US dollars/ton, up 7 US dollars/ton from the previous week [15][18]. 3.3.2 Pressing - As of the week of August 21, the soybean pressing profit was 190.90 yuan/ton, a decrease of 22.80 yuan/ton from the previous week. As of the week of August 15, the weekly soybean pressing volume of domestic oil mills was 2.4227 million tons, an increase of 63,700 tons from the previous week. As of August 15, the operating rate of domestic soybean oil mills was 62%, an increase of 2 percentage points from the previous week [24]. 3.4 Inventory - side Analysis - As of August 21, the port inventory of imported soybeans was 6.8832 million tons, an increase of 50,500 tons from the previous week. Seasonally, the soybean port inventory was at a low level in the past five years. As of August 15, the soybean meal inventory of oil mills was 974,000 tons, an increase of 13,100 tons from the previous week. Seasonally, the soybean meal inventory of domestic mainstream oil mills was at a medium level in the past five years [27]. 3.5 Demand - side Analysis - As of August 8, the average daily transaction volume of soybean meal in domestic mainstream oil mills was 84,500 tons, a decrease of 416,200 tons from the previous week. Seasonally, it was at a relatively low level in the past five years [30]. 3.6 Pig - side Supply and Demand - Not provided in the content 3.7 Pig - side Slaughter and Breeding Profit - Not provided in the content 3.8 Strategy Recommendation - Short - term: Focus on short - term trading for soybean meal and rapeseed meal. Pay attention to the results of crop inspections for soybean meal and the changes in China - Australia and China - Canada trade flows for rapeseed meal [45]. - Medium - to long - term: Due to the abundant global soybean supply, the continuous upward momentum of the soybean complex is limited [46]. 3.9 Next Week's Focus and Risk Warning - Focus on the weather in producing areas, trade relations, and the arrival rhythm of imported soybeans [47].