1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - It is expected that soybean and rapeseed meal will be mainly volatile and strong in the short term [5][8] - Factors supporting the price of US soybeans include a sharp rise in crude oil, potentially favorable biodiesel demand, and concerns about shipping disruptions [6] - Cargill has suspended some soybean exports due to changes in the Brazilian government's inspection system [6] - Some oil mills in Dongguan have announced shutdown plans, downstream feed enterprises' inventory has declined, and their willingness to replenish inventory is strong [6] - The market expects that China will strictly examine the phytosanitary certificates of Brazilian soybeans, resulting in a significant reduction in the arrival volume of imported soybeans from March to April compared with expectations [6] 3. Summary Based on Relevant Catalogs 3.1 Weekly Views and Strategies - Unilateral: It is recommended that the support level of soybean meal 2605 be 2900 - 3000 [8] - Arbitrage: Temporarily wait and see [8] - Outlook: Pay attention to the weather conditions in the South American soybean - producing areas, the arrival of imported soybeans, the domestic demand for soybean meal, and the volume of China's imported rapeseed and rapeseed meal [8] 3.2 Industrial Chain Structure - Futures and Spot Markets - Last week, soybean meal futures were volatile and strong [20] - The March USDA report was neutral. Argentina's soybean production forecast was lowered by 500,000 tons to 48 million tons, Brazil's soybean production forecast remained unchanged at 180 million tons, and the US soybean balance sheet remained basically unchanged [21] - The price difference between soybean and rapeseed meal was volatile and strong. Currently, the price difference is at a historical mid - level, and it is recommended to wait and see [26] 3.3 Supply Side - As of January 16, 2026, the US soybean crushing profit was $2.40 per bushel, a 13.21% increase from the previous week and a 2.44% decrease from the same period last year [47] - In December 2025, China imported 8.044 million tons of soybeans, a decrease of 63,000 tons from November and a 1.3% increase from December 2024. The cumulative import volume of soybeans in 2025 was 111.833 million tons, a 6.46% increase year - on - year [51] 3.4 Demand Side - Data on pig prices, pig - grain ratio, pig self - raising profit, pig外购 profit, white - feather broiler breeding profit, and laying hen breeding profit are presented through charts, but no specific analysis is provided in the text [69][73][79] 3.5 Inventory - As of March 6, the national port soybean inventory was 5.7267 million tons, a 4.03% decrease from the previous week and a 54.73% increase from the same period last year; the domestic oil mill soybean meal inventory was 760,500 tons, an 8.46% increase from the previous week and a 28.27% increase from the same period last year [84] - As of March 13, 2026, the physical inventory of soybean meal in national feed enterprises was 8.64 days, a decrease of 0.50 days from the previous period and a decrease of 1.34 days from the same period last year [88] - As of the 10th week of 2026, the total rapeseed meal inventory in major regions of the country was 398,400 tons, a decrease of 19,000 tons from the previous week [92]