1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Domestic vegetable oil prices are expected to be bullish, with rapeseed oil being the strongest, soybean oil being cautiously bullish, and palm oil oscillating at the bottom. For two - meal products, look for new buying points during the decline, with soybean meal waiting for a pullback and rapeseed meal having limited room for further decline [1][2][3] 3. Summary According to the Directory 3.1 Vegetable Oil Section 3.1.1 Market Review - On November 14, before the release of the US Department of Agriculture report, the vegetable oil market was under pressure. The closing prices of the main contracts of soybean oil, palm oil, and rapeseed oil all decreased compared to the previous day, with varying degrees of position changes [1] 3.1.2 Important Information - NYMEX crude oil futures rose over 2% on November 14 due to supply concerns. The US EPA approved some small refinery exemption applications. Brazil may not raise the biodiesel blending ratio from 15% to 16% by March 2026. MPOB's October palm oil data showed increased production, exports, and inventory. Malaysia's palm oil exports from November 1 - 15 decreased by 15.5% compared to the same period in October. As of the 45th week of 2025, the total domestic inventory of the three major edible oils decreased by 6.01% week - on - week [1][2] 3.1.3 Market Logic - Externally, the US soybean supply - demand report was bullish, and the Malaysian palm oil market was in a vacuum. Domestically, soybean oil followed the upward trend but had limited upside. Palm oil was weak, and rapeseed oil's short - term sharp rise might face a callback risk. The overall vegetable oil market was divided [2] 3.1.4 Trading Strategy - Unilateral: Do not chase high for rapeseed oil, hold soybean oil long positions cautiously, and do not short palm oil. Provide support and resistance levels for each contract [2] - Arbitrage: None 3.2 Two - Meal Section 3.2.1 Market Review - On November 14, before the release of the US Department of Agriculture report, the protein sector was led by soybean meal. The main contract of soybean meal rose, while the main and secondary contracts of rapeseed meal declined [2][3] 3.2.2 Important Information - The US Department of Agriculture's November supply - demand report showed a decrease in US soybean yield and production forecasts. China resumed the soybean import licenses of three US companies. Brazilian soybean planting progress was 61% as of November 10. StoneX predicted an increase in Brazil's 2025/26 soybean production. Brazil's soybean exports in October were higher than last year. There were rumors of China's purchase of Australian rapeseed. As of the 45th week of 2025, domestic imported soybean inventory increased, while domestic soybean meal inventory decreased [2][3] 3.2.3 Market Logic - Externally, the US soybean supply - demand report was bullish, but then the market was under pressure. Domestically, the supply of soybeans was sufficient, and the downstream demand was weak. Rapeseed meal had limited room for further decline due to zero raw material inventory [3] 3.2.4 Trading Strategy - Unilateral: Buy long positions in the far - month 2605 contract of soybean meal, close short positions in rapeseed meal, and look for new buying points during the decline. Provide support and resistance levels for each contract [3] - Arbitrage: None

Group 1: Report Information - Report title: "Bean Meal Weekly Report" [1] - Report date: November 10, 2025 [1] Group 2: Core Views - Last week, CBOT soybean January contract rose 2.25 to close at 1117.25 cents per bushel, up 0.2%; bean meal 01 contract rose 37 to close at 3058 yuan per ton, up 1.22%; South China bean meal spot rose 20 to close at 3000 yuan per ton, up 0.67%; rapeseed meal 01 contract rose 151 to close at 2539 yuan per ton, up 6.32%; Guangxi rapeseed meal spot rose 120 to close at 2630 yuan per ton, up 4.78% [2][5] - Optimistic sentiment on US soybean export trade cooled, and the external market oscillated at a high level; the crop prospects in South America were relatively positive. Import of US soybeans retains a 10% additional tariff, with 10% extra cost compared to Brazilian soybeans. Currently, the CNF arrival prices of Brazilian and US soybeans are basically the same, and Brazilian soybeans are more cost - effective. Although old - crop soybeans are decreasing, a certain amount of US soybeans still need to be purchased. The China - Canada relationship has warmed up, but relevant agreements have not been reached. Import of Canadian rapeseed still maintains high tariffs, and the subsequent arrival volume of rapeseed will decrease. Coastal oil mills' rapeseed inventory is depleted, and rapeseed meal inventory continues to decline, with supply tightening and rapeseed meal rising sharply [2][5] - The weather conditions in the Brazilian production area are suitable for crop growth and development; the Argentine production area is relatively dry, which is conducive to accelerating the sowing progress. The crop prospects in South America are good. China resumed the qualification of 3 enterprises for soybean export to China on November 10. Wait for the USDA's crop yield report based on survey data this week. There is a gap in domestic soybean procurement for the December - January shipping period. It is expected that the Dalian bean meal will oscillate and adjust in the short term [2][9] Group 3: Market Data - CBOT soybean: On November 7, it was 1117.25 cents per bushel, up 2.25 from October 31, with a 0.20% increase [3] - CNF import price of Brazilian soybeans: On November 7, it was 486.00 dollars per ton, down 7.00 from October 31, with a - 1.42% decrease [3] - CNF import price of US Gulf soybeans: On November 7, it was 496.00 dollars per ton, up 3.00 from October 31, with a 0.61% increase [3] - Brazilian soybean crushing profit on the disk: On November 7, it was - 144.09 yuan per ton, up 62.42 from before [3] - DCE bean meal: On November 7, it was 3058.00 yuan per ton, up 37 from before, with a 1.22% increase [3] - CZCE rapeseed meal: On November 7, it was 2539.00 yuan per ton, up 151 from before, with a 6.32% increase [3] - Bean meal - rapeseed meal price difference: On November 7, it was 519.00 yuan per ton, down 114 from before [3] - Spot price in East China: On November 7, it was 3020.00 yuan per ton, up 40 from before, with a 1.34% increase [3] - Spot price in South China: On November 7, it was 3000.00 yuan per ton, up 20 from before, with a 0.67% increase [3] - Spot - futures price difference in South China: On November 7, it was - 58.00 yuan per ton, down 17 from before [3] Group 4: Market Analysis and Outlook - As of the week of November 2, 2025, the estimated US soybean harvest rate was 91%, with an estimated range of 88% - 94%, compared with 94% in the same period last year. StoneX lowered the US 2025 soybean yield per acre from 53.9 bushels to 53.6 bushels and expected the 2025 US soybean output to be 4.303 billion bushels, lower than the previous expectation of 4.326 billion bushels [6] - As of the week of October 31, 2025, the US soybean crushing gross profit was 2.15 dollars per bushel, compared with 2.33 dollars per bushel in the previous week. The 48% protein bean meal spot price in Illinois was 322.48 dollars per short - ton, compared with 299.18 dollars per short - ton in the previous week. The truck quotation of crude soybean oil in Illinois was 48.32 cents per pound, compared with 49.54 cents per pound in the previous week. The average price of No. 1 yellow soybeans was 11.05 dollars per bushel, compared with 10.48 dollars per bushel in the previous week [6][7] - As of the week of November 1, 2025, the Brazilian 2025/26 soybean planting rate was 47.1%, compared with 34.4% in the previous week, 53.3% in the same period last year, and a five - year average of 54.7%. In Parana state, the 2025/26 soybean planting area reached 79% of the expected area, an increase of 8 percentage points from last week. The soybean growth was generally good, with 93% of the evaluated areas in good condition. Brazil's soybean export volume in November is expected to reach 3.77 million tons, higher than 2.34 million tons in the same period last year [7] - The Buenos Aires Grain Exchange reported that Argentine farmers started sowing 2025/26 soybeans, and most farmland soil moisture was in the "best" state. It is expected that Argentina will harvest 4.85 million tons of soybeans this year, and farmers have sown 4.4% of the expected 17.6 million - hectare soybean area. The Argentine oilseed workers' union and the oil industry association reached a salary increase agreement, avoiding a strike that could paralyze soybean crushing activities [8] - As of the week of October 31, 2025, the main oil mills' soybean inventory was 7.1079 million tons, a decrease of 405,000 tons from last week and an increase of 1.6005 million tons from the same period last year; the bean meal inventory was 1.153 million tons, an increase of 98,400 tons from last week and an increase of 168,900 tons from the same period last year; the unexecuted contracts were 4.205 million tons, a decrease of 7,500 tons from last week and a decrease of 1.208 million tons from the same period last year. The national port soybean inventory was 9.629 million tons, a decrease of 102,000 tons from last week and an increase of 2.884 million tons from the same period last year [8] - As of the week of November 7, 2025, the national weekly average daily trading volume of bean meal was 83,460 tons, including 66,740 tons of spot trading and 16,720 tons of forward trading. The previous week's average daily total trading volume was 111,780 tons; the weekly average daily pick - up volume of bean meal was 180,420 tons, compared with 196,360 tons in the previous week; the main oil mills' crushing volume was 1.8057 million tons, compared with 2.2534 million tons in the previous week; the feed enterprises' bean meal inventory days were 7.75 days, compared with 8.02 days in the previous week [9] Group 5: Industry News - AgRural reported that as of October 30, the Brazilian 2025/26 soybean planting rate was 47% of the expected sowing area, lower than 54% in the same period last year, affected by irregular precipitation. The Cerrado savanna region in central Brazil, Goias state, Mato Grosso state, and the "Matopiba" region faced problems, and bad weather might lead to partial replanting [10] - The soybean output of the Southern Common Market (Mercosur) is expected to increase by 0.8% in the 2025/26 season, reaching 242.3 million tons, higher than 240.4 million tons in the previous year. The soybean planting area is expected to decrease by 0.4% or 300,000 hectares to 72 million hectares, mainly due to a 1.3 - million - hectare decrease in Argentina's planting area, partially offset by a 1 - million - hectare increase in Brazil's planting area. The expected more favorable climate pattern will drive the average yield to increase to 3.4 tons per hectare, higher than 3.32 tons per hectare in the 2024/25 season. The soybean export volume is expected to increase by 5 million tons [10] - StoneX kept the harvest estimates of Brazilian 2025/26 soybeans and summer corn largely unchanged. The November soybean output estimate was slightly increased by 0.1% to 178.9 million tons, mainly due to an increase in the estimated planting area in Goias state. Irregular rainfall led to delayed sowing in some areas, and long - term forecasts showed favorable weather for the harvest [11] - It is expected that the 2025/26 Argentine soybean output will be 4.74 million tons, the same as the previous forecast. The dry weather at the end of October/early November alleviated concerns about excessive humidity in the southern Pampas region. The expected soybean planting area is 16.7 million hectares, slightly higher than the Rosario Grain Exchange's report of 16.4 million hectares but lower than the Buenos Aires Grain Exchange's estimate of 17.6 million hectares. The USDA predicted Argentina's soybean output to be 4.85 million tons [11] - S&P Global Commodity Insights predicted that the average US soybean yield in 2025 would be 53.0 bushels per acre, the same as the October prediction, and the output would be 4.26 billion bushels, slightly lower than the previous estimate [12] - Imea reported that the soybean crushing profit in Mato Grosso state from October 27 - 31 was 502.44 reals per ton, compared with 467.42 reals per ton in the previous week. The state's bean meal price was 1,565.33 reals per ton, and the soybean oil price was 6,585.84 reals per ton [12] Group 6: Related Charts - The report includes charts such as the US soybean continuous contract trend, Brazilian soybean CNF arrival price, freight, RMB spot exchange rate trend, regional crushing profit, management fund CBOT net position, bean meal main contract trend, regional bean meal spot price, bean meal M 1 - 5 monthly spread, Brazilian soybean production area precipitation and temperature, Argentine soybean production area precipitation and temperature, US soybean excellent rate, US soybean cumulative sales volume, US soybean weekly net sales volume, US soybean weekly export volume, US oil mill crushing profit, bean meal weekly average daily trading volume, bean meal weekly average daily pick - up volume, port soybean inventory, oil mill soybean inventory, oil mill weekly crushing volume, oil mill unexecuted contracts, oil mill bean meal inventory, and feed enterprise bean meal inventory days [13][14][15][17][19][20][22][24][30][32][34][36][38][42][44]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The import cost of soybeans has maintained a weak and stable trend recently. Attention should be paid to the cost performance after stabilization. The domestic soybean meal market has been experiencing high - level提货, and it is expected that the spot side may start destocking in September, which will support the oil mills' profit margins. In the future, it is necessary to focus on whether the improving situation of US soybeans and the trading during the Brazilian planting season can marginally improve the current oversupply situation. Regarding the profit margins, attention should be paid to whether the提货 level can be sustained. It is expected that soybean meal will mainly fluctuate within a range. It is recommended to try to go long at the lower end of the soybean meal cost range and be cautious about profit margins and supply pressure at the upper end [10][11][12]. 3. Summary According to the Table of Contents 3.1 Monthly Assessment and Strategy Recommendation - **International Soybeans**: In August, US soybeans maintained a monthly - level sideways oscillation trend. The US soybean balance sheet tightened marginally as the production decreased, but the global soybean supply remained loose without significant marginal improvement. The expected good situation of the US soybean balance sheet supported the CBOT futures. The Brazilian soybean premium quotes decreased due to rumors of Sino - US soybean negotiations, and the import cost of soybeans slightly declined in August. In the future, the valuation of US soybeans is at a slightly low level. If Sino - US soybean trade resumes as normal, the Brazilian soybean quotes may still have a small downward space compared with previous years. The rebound of US soybeans and the decline of Brazilian premiums may offset each other. Coupled with the expected decrease in the US soybean yield per unit and the trading during the Brazilian planting season, the room for further decline in the domestic soybean import cost is limited, but the upward space is also restricted by the fact that the supply side has not shown a significant downward trend [10]. - **Domestic Double - Meal**: In August, the domestic soybean meal spot price was mainly weakly stable, and the basis was stable. The decrease in Brazilian prices led to a decline in import costs, which pressured the domestic soybean meal futures prices. The domestic trading volume was average, and the提货 was at a relatively high level. The inventory days of feed enterprises were 8.87 days, slightly higher than the same period last year. As of August 26, the institutional statistics showed that the soybean purchases for March were 1.379 billion tons, April 1.029 billion tons, May 1.181 billion tons, June 1.272 billion tons, July 1.069 billion tons, August 917 million tons, September 850 million tons, and October 706 million tons. The current purchase progress indicates that the domestic soybean inventory may decline around the end of September. Coupled with the large - scale提货 of domestic soybean meal currently, the market may have stocked up in advance for the double festivals. The domestic soybean - based basis has certain support under the strong提货 situation. It is expected that the domestic soybean meal will first experience a decline in profit margins due to the expectation of US soybean imports, then the soybean import cost will stabilize after the trading of Brazilian price cuts and US soybean rebounds ends, and then it will rebound from the bottom during the South American planting season. After that, the market trend will depend on the development of the South American planting season [10]. - **Trading Strategy**: It is recommended to try to go long at the lower end of the soybean meal cost range and be cautious about profit margins and supply pressure at the upper end [10][11][12]. 3.2 Futures and Spot Market - **Spot Prices**: Relevant charts show the spot prices of soybean meal in Dongguan, Guangdong and rapeseed meal in Huangpu, Guangdong from 2021 - 2025 [18][19]. - **Basis of Main Contracts**: Relevant charts show the basis of soybean meal 01 contract and rapeseed meal 01 contract [21][22]. - **Price Spreads**: Relevant charts show the price spreads such as soybean meal 11 - 1, soybean meal 01 - rapeseed meal 01, soybean meal 01 - 05, and soybean meal 03 - 05 [24][25]. - **Fund Positions**: Relevant charts show the net long positions of US soybean and US soybean meal managed funds [27][29][30]. 3.3 Supply Side - **US Soybean Planting Progress**: Relevant charts show the US soybean planting progress, emergence rate, flowering rate, and good - quality rate from 2021 - 2025 [33][34]. - **Weather Conditions**: There is a possibility of La Nina occurring from October 2025 to January. Relevant charts show the precipitation in US soybean - producing areas and Canadian rapeseed - producing areas, as well as the probability of La Nina occurrence and its impact on climate [36][38][39]. - **US Soybean Export Progress**: Relevant charts show the total amount of US soybean export contracts signed with China in the current market year, the sales completion rate of US soybeans in the current year, the total amount of US soybean export contracts signed in the current market year, and the cumulative value of US soybean exports to China in the current market year [52][53]. - **China's Oilseed Imports**: Relevant charts show the monthly import and forecast of soybeans and rapeseeds in China from 2021 - 2025 [55][56]. - **China's Oil Mill Crushing Situation**: Relevant charts show the soybean and rapeseed crushing volume of major oil mills in China [57][58]. 3.4 Profit and Inventory - **Oilseed Inventory**: Relevant charts show the soybean port inventory and the rapeseed inventory of major oil mills from 2021 - 2025 [61][62]. - **Protein Meal Inventory**: Relevant charts show the soybean meal and rapeseed meal inventory of coastal major oil mills from 2021 - 2025 [64][65]. - **Protein Meal Crushing Profit**: Relevant charts show the crushing profit of imported soybeans in Guangdong and the crushing profit of imported rapeseeds along the coast from 2021 - 2025 [66][67]. 3.5 Demand Side - **Soybean Meal Transaction and Consumption**: Relevant charts show the cumulative transaction volume of soybean meal in major oil mills in the crop year and the apparent consumption of soybean meal from 2021 - 2025 [69]. - **Breeding Profit**: Relevant charts show the average profit per pig in self - breeding and self - raising and the breeding profit of white - feather broilers from 2021 - 2025 [71][72].

Core Viewpoint - The USDA's July supply and demand report is expected to show slight adjustments in soybean supply and inventory, with a focus on the 2024/25 and 2025/26 crop years, reflecting changes in planting area, export sales, and crushing capacity [1][2][3]. Group 1: Supply and Demand Analysis - For the 2024/25 crop year, U.S. soybean crushing reached 1.846 billion bushels by May, a year-on-year increase of 5.89%, nearing the annual growth target [2]. - As of June 19, weekly net sales of old crop soybeans were around 500,000 tons, with cumulative export sales at 49.47 million tons, leaving 880,000 tons to meet the export target [2]. - The 2025/26 crop year is projected to have a planting area of 83.38 million acres, slightly down from previous estimates, with a yield forecast maintained at 52.5 bushels per acre [3]. Group 2: Market Conditions - The CBOT soybean prices are fluctuating within a range of 1010-1080 cents per bushel, influenced by weather conditions and export demand, particularly from China [4]. - As of late June, approximately 12% of U.S. soybean planting areas were affected by drought, slightly down from the previous week but higher than the same period last year [4]. Group 3: Domestic Market Dynamics - Domestic soybean meal inventory levels were low prior to late June due to delayed imports and operational issues at crushing plants, but have since normalized as feed companies increased purchases [7]. - The price of soybean meal in East China dropped from 2910 yuan/ton in mid-June to 2810 yuan/ton by early July, reflecting changes in supply and demand dynamics [7][11]. Group 4: Future Outlook - The upcoming negotiations regarding U.S. agricultural product purchases by other countries may impact global soybean trade flows, potentially affecting domestic soybean meal prices [14]. - The uncertainty surrounding the resumption of U.S. soybean purchases by China could lead to increased competition between U.S. and South American soybeans, influencing market prices [14][15].