Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - China's procurement demand supports the US market, and the domestic market is expected to be range - bound in the short term. Attention should be paid to South American weather. Without significant weather problems, the new - crop discount is expected to be under pressure in December and January due to the expected bumper harvest in Brazil, and the M05 contract is expected to be weak. The spread between M03 and M05 is expected to be in a long spread position, with the risk being the domestic reserve release situation [9]. - In terms of supply, the USDA's current forecast for US soybeans in the 2025/26 season is a yield of 53 bushels per acre and an ending inventory of 290 million bushels (corresponding to a stock - to - use ratio of 6.7%). The US soybean yield may be further revised down due to less rainfall in the production areas from August to September, and there is uncertainty in export adjustments. Attention should be paid to the results of the December USDA supply - demand report. The forecast for Brazil's new - crop production in the 2025/26 season is 177.6 million tons. As of November 29th, Brazil's soybean planting rate was 88%. As of November 26th, Argentina's 2025/26 soybean planting progress reached 36%. In December and January, domestic soybeans and soybean meal are expected to seasonally reduce inventory, and there is uncertainty in domestic soybean meal supply in the first quarter of next year [8][9]. - In terms of demand, livestock and poultry have maintained a high inventory in the short term, and capacity reduction is not obvious, supporting the demand for soybean meal. However, the breeding and slaughtering sectors are currently in a loss, and national policies tend to control the inventory and weight of live pigs, which may affect the long - term supply. Soybean meal has relatively high cost - effectiveness. Recently, the downstream transactions of soybean meal have been normal, and the提货 performance has been good [9]. - In terms of inventory, domestic soybean and soybean meal inventories are at a high level compared to the same period in history. The reduction of soybean meal inventory is slow, and the pressure on spot supply is still high. It is expected that the inventory will be reduced more rapidly in December and January. This week, the number of days of soybean meal inventory for feed enterprises has increased slightly [9]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - The basis of the main soybean meal contract in Zhangjiagang on December 5th was 24. The basis of 43% soybean meal spot in different regions (Zhangjiagang, Tianjin, etc.) and the basis of rapeseed meal spot in Guangdong are also provided, along with the spread data such as M1 - M5, M1 - RM1, RM1 - 5, and the spot and futures spreads between soybean meal and rapeseed meal [4][5]. 3.2 International and Inventory Data - The CNF premium of Brazilian soybeans in 2025, the exchange rate of the US dollar against the RMB, and the crushing profit on the futures market are presented. The inventory data of soybeans at Chinese ports, the inventory of soybeans in major domestic oil mills, the number of days of soybean meal inventory for feed enterprises, and the inventory of soybean meal in major domestic oil mills are also included [5][7]. 3.3开机 and Pressing Situation - The data on the operating rate and soybean crushing volume of major domestic oil mills are provided [7].