Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The soybean market is affected by multiple factors, with short - term market sentiment being weak. It is recommended to observe cautiously and pay attention to changes in the premium and discount quotes [8]. 3. Summary by Relevant Catalogs Supply - The good - to - excellent rate of US soybeans has dropped to 61%. Due to less rainfall in the production areas recently, the good - to - excellent rate may continue to decline, and there may be room for a subsequent reduction in US soybean yield per unit [8]. - In October, domestic soybean stocks are expected to start decreasing, but the supply of domestic soybean meal is expected to remain abundant in the fourth quarter. Currently, the purchasing progress for November - January is slow, and the supply of soybean meal in the first quarter of next year still needs to be supplemented, with the source of supplementation yet to be determined [8]. Demand - Short - term high inventory of pigs and poultry in breeding is expected to support feed demand, but policy guidance to control pig inventory and weight is expected to affect long - term pig supply [8]. - Soybean meal has a high cost - performance ratio, and its pick - up volume is at a high level. This week, the spot trading volume of soybean meal downstream has increased [8]. Inventory - Domestic soybean stocks have reached a high level, and the soybean meal inventory of oil mills has increased but is lower than the same period last year. It is expected to remain in the inventory accumulation cycle in the short term [8]. - The inventory days of soybean meal in feed enterprises have increased [8]. Market Performance - Affected by Argentina's zero - tariff on soybean exports, domestic purchasing has increased. With the pressure of hedging and speculative positions, the soybean meal futures market has dropped significantly today [8].