1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic soybean purchase and shipping profit has turned worse. Due to the comprehensive import cost support expectation of US premiums and discounts, the downside space of the futures market is limited. It is recommended to go long on dips. Later, focus on Sino - US policy changes [9] 3. Summary according to the Directory 3.1 Data Daily - On September 16th, the basis of the main contract of soybean meal in Zhangjiagang was - 11, and the basis of rapeseed meal in Guangdong was 143 with a decline of 3. The spot price difference between soybean meal and rapeseed meal in Guangdong was 523 with a decline of 15, and the price difference between the main contracts was 366 with an increase of 14. The US dollar to RMB exchange rate was 7.0735, and the import soybean futures margin was 299 yuan/ton with a decline of 6 [6][7] 3.2 Supply - demand and Inventory Analysis - Supply side: The reduction of US soybean yield per unit in the September USDA supply - demand report was less than expected. The demand side increased the crushing volume and continued to reduce exports. The ending inventory of US soybeans in the 25/26 season was 300 million bushels, slightly higher than expected. The new balance sheet of US soybeans remained tight. The good - excellent rate of US soybeans dropped to 63%, and may continue to decline. The expected arrival volume of domestic soybeans in September is over 10 million tons, and soybean meal is expected to be in the inventory accumulation cycle. The supply - demand gap of soybean meal in the first quarter of next year depends on Sino - US policy changes [8][9] - Demand side: The short - term high inventory of pig and poultry breeding supports feed demand. Policy guidance to control pig inventory and weight is expected to affect long - term pig supply. The cost - performance of soybean meal is high, and the pick - up volume is at a high level [9] - Inventory side: Domestic soybean inventory has reached a high level. The inventory of soybean meal in oil mills has increased but is lower than the same period last year, and is expected to be in the inventory accumulation cycle in the short term. The inventory days of soybean meal in feed enterprises have slightly decreased [9]