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].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Overall, with no significant abnormalities in the weather in US soybean - producing areas and a slight decline in Brazilian premiums, the decline is expected to be limited under the unchanged Sino - US trade policy. Under the current Sino - US policy, there is a de - stocking expectation in the fourth quarter, which supports the center of the soybean meal futures price to rise. The domestic demand improvement supports the soybean meal, which is currently accumulating inventory at a slow pace but is expected to accelerate later. With the progress of purchasing ships, the expected increase of M09 is limited, and it is expected to maintain a volatile trend [3]. 3. Summary by Related Content Supply - In China, the arrival volume of Brazilian soybeans in May, June, and July is expected to exceed 10 million tons each month. The current purchase progress is 94.4% for June, 80.6% for July, and 33.8% for August. The planting progress of US soybeans is relatively fast, and the weather in the next two weeks is expected to be favorable for the early growth of soybeans [3]. Demand - Judging from the inventory, the supply of live pigs is expected to gradually increase before September, and the poultry inventory remains at a high level. The cost - effectiveness of soybean meal has significantly improved, and the downstream transactions have increased and the pick - up has improved [3]. Inventory - As of last week, the domestic soybean inventory continued to accumulate and is currently at a relatively high level compared to the same period. Soybean meal is also accumulating inventory, but the current inventory is still at a low level. With the significant recovery of the crushing rate, it is expected that the soybean meal inventory will accelerate in late June [3]. Data - The report provides data on soybean meal and rapeseed meal spot basis, spread data (such as M9 - RM9), CNF premium of imported soybeans, exchange rate of US dollars to RMB, inventory data of Chinese port soybeans, national major oil mills' soybean and soybean meal, feed enterprises' soybean meal inventory days, and the crushing volume and startup rate of national major oil mills [1][2].