Group 1: Report Information - Reported industry: Soybean meal [1] - Report date: November 19, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - Not provided Group 3: Core View - The USDA's November monthly supply - demand report adjusted the production, crush, and supply - demand for 24/25 and 25/26 soybean years. The adjustment of the export item in the report indicates a lack of confidence in China's full - scale purchase of US soybeans, causing short - term adjustment in CBOT soybeans. Domestic soybean meal is affected by the decline of foreign markets. Its future trend depends on China's import data of US soybeans [6] Group 4: Section Summaries 1. Market Review and Operation Suggestions - **Contract Quotes**: The "Soybean Meal 2601" contract closed at 3041 yuan, down 10 yuan or 0.33% from the previous settlement; "Soybean Meal 2603" closed at 3008 yuan, up 8 yuan or 0.27%; "Soybean Meal 2605" closed at 2832 yuan, up 15 yuan or 0.53% [6] - **USDA Report**: The 24/25 ending stocks decreased from 330 million bushels to 316 million bushels. For the 25/26 year, the yield per acre was lowered from 53.5 bushels to 53 bushels, and the export item was reduced by 0.5 bushels to 1.635 billion bushels. The ending stocks of 290 million bushels were higher than market expectations [6] - **China - US Trade Agreement**: China is required to purchase 12 million tons of US soybeans by January next year and 25 million tons annually for the next 3 years. However, the USDA's adjustment of the export item shows a lack of confidence in China's full - scale purchase [6] - **Market Outlook**: CBOT soybeans may have a short - term adjustment. Domestic soybean meal is affected by the decline of foreign markets. It may regain its upward trend if China's import of US soybeans improves; otherwise, it will return to the previous range - bound pattern [6] 2. Industry News - **US 2025/26 Soybean Data**: The yield per acre decreased from 53.5 bushels to 53 bushels; the production decreased from 4.301 billion bushels to 4.253 billion bushels; the crush remained unchanged at 2.555 billion bushels; the export decreased from 1.685 billion bushels to 1.635 billion bushels; the ending stocks decreased from 300 million bushels to 290 million bushels [7][8] - **Global 2025/26 Soybean Meal Data**: The production is expected to be 286.418 million tons, a decrease of 1.32 million tons from the previous estimate. The ending stocks are expected to be 18.271 million tons, an increase of 0.117 million tons. The export is expected to be 81.548 million tons, a decrease of 0.62 million tons. Argentina's export is expected to decrease by 1.1 million tons, while Brazil's is expected to increase by 0.8 million tons [8] 3. Data Overview - The report provides multiple data charts, including soybean meal ex - factory price, 01 contract basis, 1 - 5 spread, 5 - 9 spread, US dollar - RMB central parity rate, and US dollar - Brazilian real exchange rate, with data sources from Wind and the research and development department of Jianxin Futures [14][16]

Group 1: Report Overview - Reported industry: Soybean meal [1] - Date: September 24, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The logic of soybean shortage after the fourth quarter has been shaken due to Argentina's suspension of export taxes on soybeans and its by - products, and some domestic oil mills have started to purchase Argentine soybeans, with orders for Argentine soybean meal starting in mid - to late August. The supply from September to November is sufficient, and the potential supply reduction from December to January needs to closely track Argentina's soybean procurement and policy continuity, as well as the progress of Sino - US negotiations [6]. - With the loosening of the previous soybean shortage logic, frequent consultations between China and the US, and high inventory in reality, soybean meal prices have dropped significantly. Before the National Day, there is a lack of potential positive factors and the technical indicators are weak. It is advisable to reduce positions to avoid risks. Potential positive factors such as the expected decline in US soybean yield and dry weather in Brazil are unlikely to be reflected in the short - term, and the market is expected to oscillate at a low level after a rapid decline [6]. Group 4: Summary by Directory 1. Market Review - **Soybean meal futures contracts**: The prices of domestic soybean meal futures contracts such as 2601, 2509, and 2511 all declined. The decline rates of 2601, 2509, and 2511 were - 3.37%, - 1.73%, and - 3.66% respectively. The trading volume of 2601 was 2372830, and the trading volume of 2511 was 167642 [6]. - **External market**: The US soybean futures contracts declined, with the main contract at 1020 cents. Argentina suspended export taxes on all grains and by - products such as soybean oil and soybean meal, reducing the previous 26% soybean export tax and 24.5% soybean oil and soybean meal export taxes to 0. After the tax reduction, Argentina's soybean CIF price to China is 30 - 50 dollars/ton lower than that of the US [6]. 2. Industry News - On Monday, the Argentine government announced the suspension of export taxes on all grains and by - products such as soybean oil and soybean meal. The measure will last until October 31 or until the total export volume reaches $7 billion [7]. 3. Data Overview - **USDA crop growth report**: As of the week of September 21, the good - to - excellent rate of US soybeans was 61%, lower than the market expectation of 62%, and the previous week was 63%. The harvest rate was 9%, lower than the market expectation of 12%. The defoliation rate was 61% [15]. - **Rosario Grain Exchange**: Argentina's grain and by - product exports in the 2025/26 season may reach a record 105.1 million tons, with grain and oilseed shipments expected to be 64.7 million tons (62% being corn), and oil and oilmeal exports estimated at 40.4 million tons, mostly from soybeans [15].

Group 1 - The domestic futures market for oilseeds and oils is experiencing significant gains, with soybean meal futures showing a price increase of approximately 3.06%, reaching a high of 3190.00 CNY/ton [1] - The USDA's August supply and demand report maintains the soybean meal production forecast for the 2025/2026 season at 59.85 million short tons, unchanged from July [1] - The EU's soybean meal import volume for the 2025/2026 season is reported at 1.98 million tons, down from 2.34 million tons last year [1] Group 2 - The Brazilian National Grain Exporters Association (ANEC) forecasts soybean meal exports for August to reach 2.27 million tons, an increase from the previous week's estimate of 1.74 million tons [1] - Domestic procurement pace for the fourth quarter is slow, with stable crushing rates at oil mills and increasing soybean meal inventories reaching annual highs [2] - The weather conditions in the U.S. soybean-producing regions are expected to experience high temperatures and low rainfall in the next two weeks, which may impact soybean quality and supply [2]