Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the short term, domestic soybean meal is expected to accelerate inventory accumulation, and the spot price remains under pressure. The supply - demand balance sheet of US soybeans is expected to remain tight. Under the current China - US tariff policy, domestic soybean meal has a de - stocking expectation. It is recommended to adopt a long - at - low strategy for the far - month M01 contract, while also paying attention to weather and policy changes [7][8] 3. Summary by Related Catalogs a. Basis and Spread Data - For 43% soybean meal spot basis on July 2nd, in Dalian and Rizhao it was - 4 to - 84 with a change of - 3; in Tianjin it was - 24 with a change of 17; in Zhangjiagang it was - 104 with a change of 17; in Dongguan it was - 104; in Zhanjiang it was - 94 with a change of 17; in Fangcheng it was - 94 with a change of 17. The rapeseed meal spot basis in Guangdong was - 108 with a change of - 12. The M9 - 1 spread was - 43 [6] - The spot price difference between soybean meal and rapeseed meal in Guangdong was 370 with a change of 10, and the futures price difference of the main contract was 366 with a change of - 9 [7] b. International Data - The US dollar to RMB exchange rate was 7.1179, and the Brazilian soybean CNF premium was 95.00 cents per bushel. The Brazilian soybean crushing margin was 232 yuan per ton with no change [7] c. Inventory Data - As of last Friday, domestic soybean and soybean meal continued to be stocked. Currently, soybean inventory is at a high level compared to the same period in history, while soybean meal inventory remains at a low level compared to the same period in history, and the number of days of soybean meal inventory for feed enterprises continues to increase [7][8] d. Supply and Demand Situation - Supply: The arrival volume of Brazilian soybeans in China in June, July, and August is expected to exceed 10 million tons each month. The supply - demand balance sheet of new - crop US soybeans is tightening, and the good - to - excellent rate of US soybeans has declined to 66%, lower than the same period last year. The weather in the next two weeks is favorable for soybean growth [7] - Demand: Judging from the inventory, the supply of live pigs is expected to increase steadily before November; the inventory of poultry remains high, the cost - performance of soybean meal is relatively high, and the proportion of feed addition has increased. The提货 volume is at a high level. In some areas, wheat is replacing corn, reducing the use of protein [7] e. Trading Suggestion - It is recommended to adopt a long - at - low strategy for the far - month M01 contract, while also paying attention to weather and policy changes [8]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the short - term, it is recommended to wait and see, and pay attention to the adjustment of the planting area of US soybeans and US corn in the planting area report at the end of the month. The tense situation in the Middle East, the rise of international crude oil, and the strong rise of soybean oil suppress the performance of the soybean meal futures market [8]. 3. Summary by Related Content Supply - From June to August in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The purchase progress of ships is 100% in June, 95.9% in July, and 55.2% in August, but it is slow after September. The good rate of US soybeans has risen to 68%, and the weather in the production areas is suitable for soybean growth in the next two weeks [7][8]. Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before September; the inventory of poultry remains at a high level. The cost - performance of soybean meal has significantly improved, and the downstream transactions have increased and the pick - up has improved [8]. Inventory - The domestic soybean inventory has increased to a high level; the soybean meal inventory has increased slightly and is still at a low level. The inventory accumulation rate is lower than expected, but it is expected to accelerate inventory accumulation in late June. The number of days of soybean meal inventory in feed enterprises has increased slightly and is still at a low level [8]. Price and Spread - The report provides data on the basis of soybean meal and rapeseed meal futures contracts, the spread between soybean meal and rapeseed meal, and the basis of spot prices, as well as the spread between different contracts [6][7]. Other Data - The report also includes data on the exchange rate of the US dollar against the RMB, the CNF premium of soybeans, the profit of soybean crushing on the futures market, the inventory of soybeans in Chinese ports, the inventory of soybeans in major domestic oil mills, the soybean crushing volume and the operating rate of major domestic oil mills [7].