1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the short - term, it is recommended to focus on short - term trading for soybean meal and rapeseed meal. For soybean meal, pay attention to the results of crop inspections as there are rumors that US soybeans may enter China through state reserves. For rapeseed meal, focus on the changes in China - Australia and China - Canada trade flows due to restricted imports of Canadian rapeseed in the future [45]. - In the medium - to long - term, the global soybean supply is abundant, limiting the continuous upward momentum of the soybean complex [46]. 3. Summary by Relevant Catalogs 3.1 Market Review - The closing prices of most futures main contracts in the feed and livestock industry decreased last week. For example, the M2601 soybean meal contract closed at 3113 yuan on August 21, down 50 yuan from August 13, a decrease of 1.58%. The RM601 rapeseed meal contract closed at 2561 yuan, down 127 yuan, a decrease of 4.72%. The C2511 corn contract closed at 2166 yuan, down 113 yuan, a decrease of 4.96%. The LH2511 live pig contract closed at 13765 yuan, down 280 yuan, a decrease of 1.99%. The JD2510 egg contract closed at 3010 yuan, down 267 yuan, a decrease of 8.15% [4]. - The spot prices of some varieties remained unchanged, while others decreased. The spot price of 43% protein soybean meal in Shandong was 3020 yuan, unchanged from the previous week. The average price of rapeseed meal in China was 2580 yuan, down 70 yuan, a decrease of 2.64%. The price of second - grade national standard corn with 14.5% moisture at Bayuquan Port was 2310 yuan, unchanged. The average slaughter price of commercial pigs in Henan was 13.6 yuan, down 0.14 yuan, a decrease of 1.02%. The average price of eggs in the main producing areas in China was 3.19 yuan, up 0.12 yuan, an increase of 3.91% [4]. 3.2 Fundamental Analysis 3.2.1 Cost Side - Weather: From August 24 to 28, the temperature in the main soybean - producing states in the US was lower than normal, and precipitation was mostly close to or higher than the median [10]. - US Soybeans: On the last day of the Pro Farmer crop inspection, inspectors reported that the corn yield potential and soybean pod number in Iowa reached the highest level in at least 22 years. As of August 17, the good - to - excellent rate of US soybeans was 68%, in line with market expectations and the previous week, and the same as the same period in 2024 [10]. - Brazil: The Brazilian National Association of Grain Exporters (ANEC) estimated that Brazil's soybean exports in August 2025 would be 8.8 million tons, higher than the previous week's estimate of 8.15 million tons. If the forecast comes true, it will be a 10.3% increase from 7.98 million tons in August 2024, but lower than the 12 million tons in July this year. The total soybean exports in the first eight months of this year will reach 88.55 million tons [10]. - Argentina: The Argentine Ministry of Agriculture said that the pace of soybean sales in Argentina was basically stable last week. As of August 13, Argentine farmers had pre - sold 29.51 million tons of soybeans for the 2024/25 season, 820,000 tons more than the previous week, compared with 25.64 million tons in the same period in 2024 [10]. 3.2.2 Supply - Import: In July 2025, China's soybean imports reached a record 16.7 million tons. Imports from Brazil increased significantly, accounting for 89% of the total imports, reaching 10.39 million tons, a year - on - year increase of 13.9%. Imports from the US were only 420,000 tons, a year - on - year decrease of 11.5%. Imports from Argentina were 560,000 tons in July, and the cumulative imports from January to July were 670,000 tons, a year - on - year increase of 104.7% [10]. 3.2.3 Demand - Pressing: As of the end of the 33rd week (August 16), the average operating rate of domestic oil mills was 64.64%, an increase of 2.08% from the previous week. The total soybean pressing volume of national oil mills was 2.4168 million tons, an increase of 77,900 tons from the previous week. The pressing volume of domestic soybeans was 10,500 tons, and that of imported soybeans was 2.4063 million tons [10]. - Transaction: The transaction volume of soybean meal continued to recover, but the transaction price declined slightly. On August 21, the transaction volume of soybean meal in domestic mainstream oil mills was 149,950 tons, an increase of 38,450 tons from the previous day. The spot transaction volume was 45,950 tons, a decrease of 19,550 tons from the previous day. The basis transaction volume was 104,000 tons, an increase of 58,000 tons from the previous day. The average transaction price was 3085.35 yuan/ton, a decrease of 14.22 yuan/ton from the previous day [10]. 3.2.4 Inventory - Oil Mill Inventory: The National Grain and Oil Information Center predicted on August 20 that the operating rate in August would remain at a high level, with the soybean pressing volume close to 10 million tons and the soybean meal output around 8 million tons, higher than the average of the past three years. The average monthly consumption in August was 7.7 million tons. However, due to the accelerated downstream pick - up speed, the inventory accumulation rhythm of oil mills had slowed down. It was expected that the commercial inventory of soybean meal in major national oil mills would rise to around 1.1 million tons in August, and the inventory pressure on oil mills was relatively high [10]. 3.3 Supply - side Analysis 3.3.1 Import - As of August 21, the CNF price of Brazilian soybeans was 488.00 US dollars/ton. The CNF price of US West Coast soybeans was 457.00 US dollars/ton, up 7 US dollars/ton from the previous week [15][18]. 3.3.2 Pressing - As of the week of August 21, the soybean pressing profit was 190.90 yuan/ton, a decrease of 22.80 yuan/ton from the previous week. As of the week of August 15, the weekly soybean pressing volume of domestic oil mills was 2.4227 million tons, an increase of 63,700 tons from the previous week. As of August 15, the operating rate of domestic soybean oil mills was 62%, an increase of 2 percentage points from the previous week [24]. 3.4 Inventory - side Analysis - As of August 21, the port inventory of imported soybeans was 6.8832 million tons, an increase of 50,500 tons from the previous week. Seasonally, the soybean port inventory was at a low level in the past five years. As of August 15, the soybean meal inventory of oil mills was 974,000 tons, an increase of 13,100 tons from the previous week. Seasonally, the soybean meal inventory of domestic mainstream oil mills was at a medium level in the past five years [27]. 3.5 Demand - side Analysis - As of August 8, the average daily transaction volume of soybean meal in domestic mainstream oil mills was 84,500 tons, a decrease of 416,200 tons from the previous week. Seasonally, it was at a relatively low level in the past five years [30]. 3.6 Pig - side Supply and Demand - Not provided in the content 3.7 Pig - side Slaughter and Breeding Profit - Not provided in the content 3.8 Strategy Recommendation - Short - term: Focus on short - term trading for soybean meal and rapeseed meal. Pay attention to the results of crop inspections for soybean meal and the changes in China - Australia and China - Canada trade flows for rapeseed meal [45]. - Medium - to long - term: Due to the abundant global soybean supply, the continuous upward momentum of the soybean complex is limited [46]. 3.9 Next Week's Focus and Risk Warning - Focus on the weather in producing areas, trade relations, and the arrival rhythm of imported soybeans [47].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Supply: US soybean good rate dropped to 68% this week, with dry conditions expected in Kansas in the next two weeks, potentially unfavorable for soybean growth, but normal weather in other areas is overall beneficial. Under the pressure of concentrated arrivals of Brazilian soybeans, domestic soybean crushing in July and August is expected to exceed 10 million tons, and the pressure of soybean meal inventory accumulation is expected to last until September; ship arrivals are slow from October to January [7]. - Demand: Short - term high inventory of pig and poultry farming is expected to support feed demand, but policies aim to control pig inventory and weight. Soybean meal has a high cost - performance ratio, with high提货 volume. Wheat substitution for corn in some areas reduces protein consumption. Recent soybean meal transactions are normal [8]. - Inventory: Domestic soybean inventory has reached a high level; soybean meal is in an inventory accumulation cycle, and the number of days of soybean meal inventory in feed enterprises has increased [8]. - Investment advice: Buy on dips and pay attention to Sino - US policies. Overall, domestic near - month ship purchases are basically covered, soybean meal is in an inventory accumulation cycle, the near - month basis is still expected to be under pressure, M09 is expected to fluctuate, and M01 is recommended based on the expectation of rising import costs [8]. 3. Summary by Related Content Price and Spread Data - **Base Difference of Soybean Meal Futures and Spot**: On July 28, the base difference of the soybean meal main contract in Dalian was 10 with a decrease of 9; in Tianjin, it was - 70 with an increase of 11; in other regions, the base differences and their changes are also provided in detail [6]. - **Spread Data**: The differences between soybean meal and rapeseed meal, including spot spread in Guangdong and main contract spread, as well as the differences between different contract months (such as M9 - 1, M9 - RM9, RM9 - 1) are presented, along with their values and changes [7]. Supply - related Data - **Soybean Import and Processing**: The CNF premium of imported soybeans from Brazil, the exchange rate of the US dollar against the RMB, the disk crushing profit, and the import soybean disk gross profit are shown. The disk crushing profit of Brazilian soybeans is 265 yuan/ton with no change [7]. - **Inventory Data**: Data on Chinese port soybean inventory, national major oil - mill soybean inventory, national major oil - mill soybean meal inventory, and the number of days of soybean meal inventory in feed enterprises are provided, showing their historical trends [7]. - **Soybean Pressing and Operation Rate**: Data on the national major oil - mill soybean pressing volume and operation rate are presented, showing their historical trends [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The USDA July report was bearish, raising the U.S. soybean inventory digestion rate to 7.1% and the global soybean inventory digestion rate to 20.57%. Despite this, the short - term weather in the U.S. soybean - growing areas is normal for growth. With the pressure of concentrated arrivals of Brazilian soybeans, domestic soybean crushing in July and August is expected to exceed 10 million tons, and the pressure of soybean meal inventory accumulation is expected to last until September. The buying of soybeans from October to January is slow. On the demand side, the short - term high inventory of pig and poultry farming supports feed demand, and the high cost - performance of soybean meal increases its proportion in feed, with high - level提货. However, wheat substitution for corn in some areas reduces protein consumption. Recently, the trading volume of soybean meal has increased at low prices. Overall, the soybean meal inventory continues to rise, but the accumulation speed has slowed down slightly. The short - term inventory pressure is expected to keep the spot basis oscillating at a low level. The M01 contract is recommended to be bought on dips as the import cost is expected to support it [7][8]. 3. Summary by Related Catalogs a. Basis Data - For the soybean meal main - contract basis (Zhangjiagang), the Dalian value was - 52 with a change of - 36 on July 14. The 43% soybean meal spot basis (against the main contract) in Zhangjiagang was - 162 with a change of - 16. The rapeseed meal spot basis in Guangdong was - 119 with a change of - 6 [6]. b. Spread Data - The M9 - M1 spread, M9 - RM9 spread, RM9 - 1 spread, and the spot and盘面 spreads between soybean meal and rapeseed meal in Guangdong are presented, with specific values such as M9 - 1 being - 29, M9 - RM9 being 10, RM9 - 1 being 355, the spot spread (Guangdong) of soybean meal - rapeseed meal being 333, and the盘面 spread (main) being 260 [7]. c. International Data - The Brazilian soybean CNF premium, the U.S. dollar - RMB exchange rate, and the盘面 profit of imported soybeans are shown. For example, the Brazilian soybean CNF premium is 74.00 (in cents per bushel), the exchange rate is 7.1693, and the盘面 profit of imported soybeans is 268 yuan/ton [7]. d. Inventory Data - Data on Chinese port soybean inventory, major oil - mill soybean inventory, feed - enterprise soybean meal inventory days, and major oil - mill soybean meal inventory are provided, showing trends from 2020 - 2025. Currently, domestic soybean inventory has reached a high level, and soybean meal is in an inventory - accumulation cycle, with the feed - enterprise soybean meal inventory days increasing [7][8]. e.开机 and压榨情况 - Data on the major oil - mill soybean crushing volume and开机 rate from 2020 - 2025 are presented, indicating the开机 and crushing situation in the industry [7]. f. Supply and Demand Analysis - Supply: The USDA July report was bearish, but short - term weather in U.S. soybean - growing areas is favorable. Brazilian soybean arrivals will lead to high - volume domestic crushing in July and August, with inventory - accumulation pressure until September and slow buying from October to January. - Demand: High inventory of pig and poultry farming supports feed demand, high cost - performance of soybean meal increases its proportion in feed, but wheat substitution for corn in some areas reduces protein consumption. Recent low - price trading volume of soybean meal has increased [7][8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Short - term, the soybean meal is expected to move in a volatile manner, and attention should be paid to policy and weather changes. The easing expectation of China - Canada trade policy led to a sharp decline in rapeseed meal, and soybean meal followed suit. The short - term abundant rainfall in US soybean producing areas is beneficial to soybean growth. As of last week, domestic soybean inventory continued to accumulate and is currently at a relatively high level compared to the same period. Soybean meal inventory continued to increase but is still at a low level. With a significant increase in开机压榨, soybean meal is expected to accumulate inventory at an accelerated pace in June [6]. 3. Summary by Related Catalogs 3.1 Basis Data - **Soybean Meal Main Contract Basis (Zhangjiagang)**: Dalian was - 15 with a change of - 27; Tianjin was - 55 with a change of - 37; etc. The 43% soybean meal spot basis (against the main contract) in Zhangjiagang was - 35 with a change of 3 [4]. - **Rapeseed Meal Spot Basis**: In Guangdong, it was - 2557 with a change of - 2420 [4]. 3.2 Spread Data - **M9 - 1**: It was - 45 with a change of - 4; RM9 - 1 was 1200 with a change of 244 [5]. - **Soybean Meal - Rapeseed Meal Spread**: The spot spread in Guangdong was 2840, and the futures spread (main contract) was 378 with a change of 47 [5]. 3.3 Supply and Demand and Inventory - **Supply**: From May to July in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The purchase progress for June is 94.4%, July is 80.6%, and August is 33.8%. The US soybean planting progress is fast, and the weather in the next two weeks is expected to be favorable for early soybean growth [5][6]. - **Demand**: From the perspective of inventory, the supply of live pigs is expected to increase steadily before September; the poultry inventory remains at a high level. The cost - effectiveness of soybean meal has significantly improved, and downstream transactions have increased with better提货 [6]. - **Inventory**: As of last week, domestic soybean inventory continued to accumulate and is currently at a relatively high level compared to the same period. Soybean meal inventory continued to increase but is still at a low level. With a significant increase in开机压榨, soybean meal is expected to accumulate inventory at an accelerated pace in June [6].