Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The US soybean good-to-excellent rate has risen to 70% this week. Although there will be slightly less rainfall in the production areas in the next two weeks, there is no significant high temperature, so the expected impact is limited. [7] - Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons, and the outlook for soybean meal remains positive. The purchase of ships from October to January is progressing slowly, and there is an expectation of inventory reduction in the far - month under the current Sino - US trade policy. [7] - In the short term, the high存栏 of pig and poultry farming is expected to support feed demand. However, the policy aims to control the存栏 and weight of pigs, which is expected to affect the far - month supply of pigs. Soybean meal has a high cost - performance ratio, and its提货 is at a high level. Some areas are using wheat to replace corn, reducing the demand for protein. [8] - This week, the trading volume of soybean meal has increased. The domestic soybean inventory has reached a high level, and the soybean meal inventory has decreased slightly but remains in the accumulation cycle. The inventory days of feed enterprises' soybean meal have decreased. [8] - Overall, the US soybean market has rebounded. Under the current Sino - US trade policy, the Brazilian premium remains strong. The domestic situation is one of weak current reality but strong future expectations. The 101 contract of soybean meal is expected to fluctuate with an upward bias. [8] 3. Directory - based Summaries 3.1 Basis Data - The basis of soybean meal's main contract in different regions on August 5th: Dalian was 67 with a change of 21; Tianjin was - 23 with a change of 21; etc. The basis of 43% soybean meal spot in different regions also varied, such as - 83 in Zhangjiagang with a change of 21. The basis of rapeseed meal spot in Guangdong was - 124 with a change of - 46. [6] 3.2 Spread Data - The spreads include M9 - 1, M9 - RM9, RM9 - 1, etc. For example, M9 - RM9 was - 11 in the 24/25 period. The spot spread of soybean meal - rapeseed meal in Guangdong was 320 with a change of 30, and the main - contract spread was 299 with a change of - 47. [7] 3.3 Inventory Data - The inventory data shows the trends of Chinese port soybean inventory, national major oil mills' soybean inventory, national major oil mills' soybean meal inventory, and feed enterprises' soybean meal inventory days from 2020 to 2025. Currently, the domestic soybean inventory has reached a high level, and the soybean meal inventory has decreased slightly but remains in the accumulation cycle. [7][8] 3.4开机 and Pressing Situation - The data presents the trends of national major oil mills' soybean pressing volume and开机 rate from 2020 to 2025. Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons. [7]

2025/7/28 | 指标 | | 7月25日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 19 | | 2500 2000 | ===== 19/20 ====- 20/21 ====- 21/22 ===== 22/23 - 23/24 | | 24/25 | | | 天津 | -81 | | 1.500 | | | | | | | | | 1000 | | | | | | 日照 | -161 | | | | | | | 43%豆粕现货基差 (对主力合约) | 张家港 | -161 | | -500 09/21 10/22 | 11/22 12/23 01/23 02/23 03/25 04/25 05/26 06/26 07/27 08/27 | | | | | 东莞 | -141 | | | M9-M1 | | | | | | | | | ein and can alle of - 2019 /20 ----- 2020/21 ==== 2022/23 ------- ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 国贸期货研究院 农产品研究中心 黄向岚 | 指标 | | 7月23日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | --- | --- | --- | --- | --- | --- | --- | | | 大连 | -25 | 21 | 2500 2000 | - 23/24 =====19/20 =====20/21 =====21/22 ======22/23 | - 24/25 | | | 天津 | -55 | 51 | 1500 1000 | | | | | 日照 | -175 | 11 | | | | | 43%豆粕现货基差 | 张家港 | -175 | -9 | -900 | | | | (对主力合约) | | | | 09/21 10/22 | 11/22 12/23 01/23 02/23 03/25 04/25 05/26 06/26 07/27 08/27 | | | | 东莞 | -195 | 11 | | M9-M1 | | | | | | | | == ==== 2022/23 == == | | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Domestic soybean meal is accelerating inventory accumulation, which is expected to continue to put pressure on the spot basis and the near - month futures market. If Sino - US policies remain unchanged, the far - month futures are expected to be supported by import costs. There is an expectation of inventory reduction for domestic soybean meal in the fourth quarter, and it is recommended to consider long - position opportunities at low levels for M01 [6] Group 3: Summary by Related Catalogs Supply - The US soybean supply - demand balance sheet maintains a tight expectation. The current good - excellent rate of US soybeans is 66%, lower than the same period last year, and there are no obvious abnormalities in short - term temperature and rainfall. The customs soybean import volume in May was close to 14 million tons, a record high. The arrival expectations from June to August are at a high level, and the oil mill operating rate remains high [5][6] Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before November, and the poultry inventory remains at a high level. Soybean meal has a high cost - performance ratio, and its proportion in feed has increased, with high提货 levels. In some areas, wheat replaces corn, reducing the demand for protein. The trading volume of soybean meal is weak [6] Inventory - Domestic soybean inventory has reached a high level, soybean meal is accelerating inventory accumulation, and the inventory days of feed enterprises' soybean meal have increased [6] Price and Spread - On July 9th, the basis of the soybean meal main contract in different regions (such as Dalian, Tianjin, etc.) and the spot basis of 43% soybean meal in different regions (such as Zhangjiagang, Dongguan, etc.) showed different values and changes. The spot spread and the futures spread of soybean meal - rapeseed meal in Guangdong also have corresponding data [4][5] Other Data - There are data on the exchange rate of the US dollar against the RMB, the futures crushing profit, the import soybean futures gross profit, the CNF premium of soybeans, the inventory of soybeans at Chinese ports, the inventory of soybeans in major domestic oil mills, the inventory of soybean meal in major domestic oil mills, the inventory days of feed enterprises' soybean meal, the soybean crushing volume of major domestic oil mills, and the operating rate of major domestic oil mills [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Domestic soybean meal is accelerating inventory accumulation, which is expected to continue to put pressure on the spot basis and the near - month futures market. If Sino - US policies remain unchanged, the far - month futures are expected to be supported by import costs. There is an expectation of inventory reduction for domestic soybean meal in the fourth quarter. It is recommended to consider low - level long positions for M01 [6]. 3. Summaries by Related Catalogs Supply - The US soybean supply - demand balance sheet maintains a tight expectation. The current good - excellent rate of US soybeans is 66%, lower than the same period last year, and there are no obvious abnormalities in short - term temperature and rainfall. The customs soybean import volume in May was close to 14 million tons, a record high. The expected arrivals in June, July, and August are at a high level, and the oil mill operating rate remains high [5][6]. Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before November, and the poultry inventory remains at a high level. Soybean meal has a relatively high cost - performance ratio, the proportion of feed addition has increased, and the提货 is at a high level. However, in some areas, wheat replaces corn, reducing the demand for protein. The trading volume of soybean meal is weak [6]. Inventory - Domestic soybean inventory has increased to a high level, soybean meal is accelerating inventory accumulation, and the number of days of soybean meal inventory in feed enterprises has increased [6]. Price and Spread - The document provides data on the basis of soybean meal and rapeseed meal futures contracts in different regions on July 8, including the basis of the main soybean meal contract in Dalian, Tianjin, etc., and the basis of 43% soybean meal spot and rapeseed meal spot. It also shows the spread data such as M9 - 1, M9 - RM9, and RM9 - 1, as well as the spot and futures spreads between soybean meal and rapeseed meal in Guangdong [4][5]. Other Data - The document also includes data on the US dollar - RMB exchange rate, soybean CNF premium, soybean inventory in Chinese ports and major oil mills across the country, soybean meal inventory in major oil mills and feed enterprises, soybean crushing volume and operating rate of major oil mills [5].

投资咨询业务资格:证监许可【2012】31号 ITG 国贸期货 数据日报 | 指标 | | 7月1日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 日照 | -11 -81 | | 2500 2000 1000 | =====19/20 ======20/21 ======21/22 ======22/23 | | | -23/24 | · 24/25 | | | 天津 | -41 | | 1500 | | | | | | | 43%豆粕现货基差 | 张家港 | -121 | | -900 | | | | | | | (对主力合约) | | | | | | 09/21 10/22 11/22 12/23 01/23 02/23 03/25 04/25 05/26 06/26 07/27 08/27 | | | | | | 东莞 | -111 | | | M9-M1 | | | | | | | 湛江 | -111 | | -----2019/20 1000 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Geopolitical conflicts have eased, and crude oil prices have dropped significantly. The good rate of US soybeans remains at 66%, and the weather in the production areas will be favorable for soybean growth in the next two weeks. As the downstream inventory gradually rises, the domestic soybean meal inventory accumulation rate is expected to accelerate. The spot basis is still under pressure. The short - term 109 trend is expected to be volatile. Attention should be paid to the results of the planting area report at the end of the month [7][8] Group 3: Summary by Related Catalogs Price and Spread Data - On June 24, the basis of the soybean meal main contract in Dalian was 13, down 10; in Tianjin, it was - 87. The spot basis of 43% soybean meal in Rizhao was - 137, down 20; in Zhangjiagang, it was - 117, down 20; in Dongguan, it was - 157, down 40; in Zhanjiang, it was - 97, down 20; in Fangcheng, it was - 137, down 40. The spot basis of rapeseed meal in Guangdong was - 62, down 5. The M9 - M1 spread and other data are also presented in the table [6] - The spot price difference between soybean meal and rapeseed meal in Guangdong was 375, down 5; the price difference on the main contract was 280, down 40. The RM9 - 1 spread was 288, and the price difference between soybean meal and rapeseed meal was also presented in the form of a graph [7] Supply Situation - In China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons in June, July, and August. As of now, the purchase progress for July is 100%, 66.8% for August, and 25.3% for September. The supply - demand balance sheet of new - crop US soybeans is tightening, and the good rate of US soybeans has dropped to 66%, lower than the same period last year. The weather in the US soybean production areas will be favorable for soybean growth in the next two weeks [7] Demand Situation - Judging from the inventory, the supply of live pigs is expected to increase steadily before November, and the poultry inventory remains at a high level. Soybean meal has a high cost - performance ratio, and its proportion in feed has increased, with high提货 volumes. In some areas, wheat has replaced corn, reducing the demand for protein. The trading volume of soybean meal and far - month basis has increased [7][8] Inventory Situation - As of last Friday, domestic soybean and soybean meal inventories continued to accumulate. Currently, soybean inventory is at a high level compared to the same period in history, while soybean meal inventory is still at a low level compared to the same period in history. The number of days of soybean meal inventory in feed enterprises continues to rise [8]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the short - term, it is recommended to wait and see, and pay attention to the adjustment of the planting area of US soybeans and US corn in the planting area report at the end of the month. The tense situation in the Middle East, the rise of international crude oil, and the strong rise of soybean oil suppress the performance of the soybean meal futures market [8]. 3. Summary by Related Content Supply - From June to August in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The purchase progress of ships is 100% in June, 95.9% in July, and 55.2% in August, but it is slow after September. The good rate of US soybeans has risen to 68%, and the weather in the production areas is suitable for soybean growth in the next two weeks [7][8]. Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before September; the inventory of poultry remains at a high level. The cost - performance of soybean meal has significantly improved, and the downstream transactions have increased and the pick - up has improved [8]. Inventory - The domestic soybean inventory has increased to a high level; the soybean meal inventory has increased slightly and is still at a low level. The inventory accumulation rate is lower than expected, but it is expected to accelerate inventory accumulation in late June. The number of days of soybean meal inventory in feed enterprises has increased slightly and is still at a low level [8]. Price and Spread - The report provides data on the basis of soybean meal and rapeseed meal futures contracts, the spread between soybean meal and rapeseed meal, and the basis of spot prices, as well as the spread between different contracts [6][7]. Other Data - The report also includes data on the exchange rate of the US dollar against the RMB, the CNF premium of soybeans, the profit of soybean crushing on the futures market, the inventory of soybeans in Chinese ports, the inventory of soybeans in major domestic oil mills, the soybean crushing volume and the operating rate of major domestic oil mills [7].

投资咨询号:Z0021658 从业资格号:F03110419 2025/6/9 | | 指标 | 6月6日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 43%豆粕现货基差 | 大连 日照 | -50 -170 | -12 -12 | 2500 1000 500 | | | ====== 19/20 ===== 20/21 ===== 21/22 ====== 22/23 | | | - 23/24 | 24/25 | | | | | | 2000 | | | | | | | | | | 天津 | -90 | 8 | 1500 | | | | | | | | | | 张家港 | -110 | -52 | -500 | | | | | | | | | (对主力合约) | | | | 09/71 | 10/22 11/77 | | | 03/75 | | | | | | 东莞 | -190 | -32 | | | | 18-6W | | ...