Report Industry Investment Rating - Not mentioned in the report Core Views - In the short term, the soybean meal market sentiment declines as US soybean futures fall and pre - holiday stocking nears the end. Local oil mills resume production, so attention should be paid to the volatility risk of rapeseed meal [32]. - In the medium to long term, under the global supply - loose fundamental situation, the overall upside space is limited [33]. Summary by Relevant Catalogs Market Review - The prices of major feed and livestock futures and spot products in China show different trends. For example, the M2605 soybean meal futures contract closed at 2802 yuan on January 29, up 1.23% from the previous week; the RM605 rapeseed meal futures contract closed at 2325 yuan, up 3.33% [2]. Fundamental Analysis Cost - end - Recent rainfall has been beneficial, but Argentina's soybean and corn crops still need more precipitation. As of the week ending January 22, 2026, the net sales volume of US soybeans in the 2025/26 season was 819,000 tons, a 67% decrease from the previous week. China's purchases from the US dropped significantly. The export sales volume of US soybeans this year is expected to decrease by 16% compared with last year. The 2025/26 Brazilian soybean export forecast is 110 million tons, a 6.7% increase from the previous year [9]. Supply - import - From January to December 2025, Brazil dominated China's soybean import market with an import value of about 263.91 billion yuan, accounting for 73.27%. The US and Argentina followed. As of January 29, the CNF import price of Brazilian soybeans was 452.00 US dollars per ton, up 4 US dollars from the previous week; the CNF import price of US West Coast soybeans was 478.00 US dollars per ton, up 7 US dollars [9][14]. Supply - pressing - As of the week ending January 29, the soybean pressing profit was 71.95 yuan per ton, up 63.20 yuan from the previous week. As of the week ending January 23, the weekly soybean pressing volume of domestic oil mills was 2.2372 million tons, down 45,500 tons from the previous week, and the operating rate was 57%, down 1 percentage point [16]. Inventory - As of January 29, the port inventory of imported soybeans was 8.5048 million tons, up 7,100 tons from the previous week, at a very high level in the past five years. As of January 23, the bean - meal inventory of oil mills was 888,100 tons, down 56,000 tons from the previous week, also at a very high level in the past five years [20]. Demand - As of January 23, the average daily sales volume of domestic mainstream oil mills' bean - meal was 178,700 tons, down 452,800 tons from the previous week, at a relatively high level in the past five years [26]. Strategy Recommendation Short - term - The soybean meal market sentiment weakens due to the fall of US soybean futures and the end of pre - holiday stocking. Local oil mills resume production, and attention should be paid to the volatility risk of rapeseed meal [32]. Medium - to - long - term - Under the global supply - loose fundamental situation, the overall upside space is limited [33]. Next Week's Focus and Risk Warning - Concerns include产区 weather, trade relations, US soybean exports to China, and the arrival rhythm of imported soybeans [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, the US soybean market is gradually stabilizing, with downstream stocking demand emerging, so soybean meal is expected to fluctuate strongly before the Spring Festival. The hype about China - Canada trade has temporarily ended, and the domestic short - term supply and demand of rapeseed meal are both weak, so rapeseed meal will fluctuate in the short - term [35]. - In the medium - to - long - term, given the globally loose supply fundamentals, the overall upside potential is limited [36]. 3. Summary by Relevant Catalogs 3.1 Domestic Main Feed and Livestock Futures and Spot Price Trends - **Soybean Meal**: The closing price of the futures main contract M2605 on January 22, 2026, was 2768, up 1.02% from January 15. The spot price of 43% protein soybean meal in Shandong remained unchanged at 3100 [2]. - **Rapeseed Meal**: The closing price of the futures main contract RM605 on January 22, 2026, was 2250, down 1.45% from January 15. The average spot price in China was 2430, down 1.22% [2]. - **Corn**: The closing price of the futures main contract C2603 on January 22, 2026, was 2295, unchanged from January 15. The spot price of second - grade national corn with 14.5% moisture at Bayuquan Port remained unchanged at 2330 [2]. - **Pig**: The closing price of the futures main contract LH2603 on January 22, 2026, was 11600, down 2.93% from January 15. The average spot price of commercial pigs in Henan was 13.06, up 0.69% [2]. - **Egg**: The closing price of the futures main contract JD2603 on January 22, 2026, was 3095, up 0.95% from January 15. The average spot price in the main producing areas in China was 3.74, up 6.86% [2]. 3.2 Fundamental Analysis 3.2.1 Cost - side - **Weather**: The weather in southern Argentina remains dry, which may affect soybean and corn crops [8]. - **US Soybeans**: The US soybean export inspection volume decreased by 16% from the previous week but increased by 35% year - on - year. As of January 15, 2026, the export inspection volume was 1336684 tons. The export volume to China (mainland) decreased by 32% from the previous week but increased by 24% year - on - year. The total export inspection volume for the 2025/26 season reached 19335069 tons, a year - on - year decrease of 40.2% [8]. - **Brazil**: The soybean harvest outlook in Brazil is good, but rainfall in Rio Grande do Sul and Matopiba regions needs close attention. As of the week of January 17, 2026, the soybean harvest rate was 23%, compared with 0.6% the previous week, 12% in the same period last year, and a five - year average of 3.2% [8]. - **Argentina**: As of January 22, the soybean planting rate in Argentina in the 2025/26 season was 98%, compared with 95% last week and 99% in the same period in 2025 [8]. 3.2.2 Supply - side - **Import**: In 2025, China's soybean imports reached a record high of 111.83 million tons, a 6.5% increase from 2024. In December, imports were 8.04 million tons, a 0.9% decrease from the previous month but a 1.3% increase year - on - year. China did not import soybeans from the US for the third consecutive month in December [8]. - **Supply - side - Import**: As of January 22, the CNF price of Brazilian soybeans was 450.00 US dollars/ton, a decrease of 2 US dollars/ton from last week, and the CNF price of US West soybeans was 472.00 US dollars/ton, an increase of 5 US dollars/ton from last week [13][14]. 3.2.3 Demand - side - **Pressing**: In January, the arrival volume of imported soybeans decreased. As of January 16, the weekly soybean pressing volume of oil mills was less than 2 million tons, and the total monthly pressing volume of major domestic oil mills is expected to be about 8 million tons, an increase of about 700,000 tons year - on - year and about 900,000 tons more than the average of the past three years [8]. - **Transaction**: On January 22, the transaction volume of soybean meal of domestic mainstream oil mills recovered, with a total volume of 249,000 tons, an increase of 102,500 tons from the previous day. The spot transaction volume was 66,000 tons, a decrease of 20,500 tons from the previous day, and the basis transaction volume was 183,000 tons, an increase of 123,000 tons from the previous day. The average transaction price was 3160.77 yuan/ton, an increase of 16.1 yuan/ton from the previous day [8]. - **Demand - side**: As of January 16, the average daily transaction volume of soybean meal of domestic mainstream oil mills was 631,500 tons, an increase of 317,800 tons from last week, at a relatively high level in the past five years [26]. 3.2.4 Inventory - side - **Oil Mill Inventory**: As of the end of the third week of 2026, the domestic soybean meal inventory was 948,000 tons, a decrease of 49,600 tons from last week, a 4.97% decrease. The coastal inventory was 807,500 tons, a decrease of 77,900 tons from last week, an 8.80% decrease [8]. - **Inventory - side**: As of January 22, the port inventory of imported soybeans was 8.5034 million tons, an increase of 78,500 tons from last week, at a very high level in the past five years. As of January 16, the soybean meal inventory of oil mills was 944,100 tons, a decrease of 74,700 tons from last week, also at a very high level in the past five years [22]. 3.3 Rapeseed Meal Analysis 3.3.1 Rapeseed Meal Supply - side - The report shows data on rapeseed imports from different countries to China, rapeseed meal production in China, and the expected arrival volume of rapeseed at domestic pressing plants [29]. 3.3.2 Rapeseed Meal Demand and Inventory - side - The report presents data on rapeseed meal's initial inventory, supply, demand,提货 volume at coastal pressing plants, apparent consumption, and inventory in China [32]. 3.4 Strategy Recommendation - **Soybean Meal**: Overseas, the US EPA is about to announce the final regulations for blended fuels in 2026 and 2027, which may support soybean demand. Brazil's soybean harvest is in the early stage, and the yield may reach a record high. In Argentina, the soybean and corn harvest progress is slow. Domestically, as the Spring Festival approaches, downstream stocking demand appears, but the high operating rate of domestic oil mills and the upcoming large - scale supply of Brazilian soybeans pose pressure [34]. - **Rapeseed Meal**: The hype about China - Canada trade has ended. The downstream inventory of the rapeseed industry is low, and the short - term supply is expected to be tight. However, the pre - holiday purchasing intention is weak, and downstream enterprises mainly replenish inventory on a rolling basis. Canadian rapeseed is expected to return to China after March, which will ease the current supply shortage [34]. 3.5 Next Week's Focus and Risk Warning - The focus includes产区 weather, trade relations, US soybean exports to China, and the arrival rhythm of imported soybeans [37].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The pig market is in a downward bottoming cycle, with short - term prices trading in a narrow range and mid - to long - term prices facing pressure due to slow capacity reduction and high supply. Egg market has a marginal improvement in supply - demand looseness, with short - term price fluctuations and long - term capacity clearance taking time. The corn market is in a new grain listing period, with short - term selling pressure and mid - to long - term cost support but a relatively loose supply - demand pattern [4][5][6]. 3. Summary by Directory 3.1 Pig 3.1.1 Period and Spot Ends - As of November 14, the national spot price was 11.62 yuan/kg, down 0.20 yuan/kg from last week; Henan pig price was 11.93 yuan/kg, down 0.11 yuan/kg; the futures contract 2501 closed at 11775 yuan/ton, down 90 yuan/ton; the 01 contract basis was 155 yuan/ton, down 20 yuan/ton. Weekly pig prices first rose and then fell, with the center of gravity moving down [4][61]. 3.1.2 Supply End - In September 2025, the official inventory of breeding sows was at the upper limit of the equilibrium range. In October, the inventory of breeding sows in consulting agency samples showed one increase and one decrease, indicating slow capacity reduction. The overall sow capacity is abundant, and with improved production performance, the pressure of pig slaughter will remain high before the first half of next year. In November, the planned pig slaughter volume of scale enterprises decreased month - on - month. The fat - standard price difference widened, with retail farmers pressing栏 and group enterprises accelerating slaughter. The proportion of small pig slaughter increased, and the average slaughter weight continued to grow [4][61]. 3.1.3 Demand End - The weekly slaughter start - up rate and slaughter volume first increased and then decreased, with a slight overall increase. The low pig price at the beginning of the week drove the increase in slaughter volume, but as the price rose, consumer purchases were average, and the slaughter volume declined. The weekly white - strip price continued to fall, the fresh - sales rate decreased, and the frozen - product storage rate increased slightly [4][61]. 3.1.4 Cost End - The weekly piglet price rose slightly, and the price of binary breeding sows was stable. The losses of self - breeding and self - raising and purchasing piglets for fattening expanded. The cost of self - breeding and self - raising 5 - month - old fattening pigs decreased slightly from last week. The current pig - grain ratio is still below the warning line, and national policies should be monitored [4][61]. 3.1.5 Weekly Summary - In November, the planned slaughter volume of scale enterprises decreased month - on - month, and the supply pressure was relieved. The large fat - standard price difference and pickling demand supported the price, but the industry's caution about future prices limited the price increase. In the mid - to long - term, the reduction of breeding sow inventory is limited, and the supply will remain high before the first half of next year [4][61]. 3.1.6 Strategy Suggestion - For near - term contracts, although there is support from the pickling season, the supply shift suppresses the upside. For off - season contracts, the prices are still under pressure. Short on rebounds and pay attention to the long 05 and short 03 arbitrage. For far - term contracts, be cautious about chasing up due to slow capacity reduction [4][61]. 3.2 Egg 3.2.1 Period and Spot Ends - As of November 14, the average price in the main egg - producing areas was 2.97 yuan/jin, down 0.06 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.04 yuan/jin, down 0.01 yuan/jin. The main egg contract 2512 closed at 3033 yuan/500 kg, down 186 yuan/500 kg. The main contract basis was - 323 yuan/500 kg, up 96 yuan/500 kg from last Friday. The weekly egg price fluctuated in a narrow range, and it is expected to bottom out in the next week [5][84]. 3.2.2 Supply End - The newly - hatched laying hens in November correspond to the replenishment in July 2025, with both month - on - month and year - on - year declines, but the hatching volume remains relatively high. The culling process has slowed down recently, and the inventory of laying hens in October decreased slightly month - on - month but is still at a high level. In the mid - to long - term, the replenishment volume from August to October 2025 decreased continuously, and the inventory growth rate is expected to slow down [5][84]. 3.2.3 Demand End - After the "Double Eleven" e - commerce festival, the channel procurement demand weakened, but the cooling weather increased the enthusiasm of all links to enter the market. Low egg prices stimulated the demand for channel inventory. The long - term pressure on pork prices and high vegetable prices increased the cost - effectiveness of eggs, driving the substitution demand [5][84]. 3.2.4 Weekly Summary - The culling of old hens around the Mid - Autumn Festival relieved the supply pressure, but the current culling process has slowed down. The supply is still abundant in the short term, and the egg price is expected to face pressure in the short term. In the mid - to long - term, the supply pressure will gradually ease, but it will take time [5][84]. 3.2.5 Strategy Suggestion - Currently, the main 12 - contract has a large premium over the spot. In the short term, the spot price increase has slowed down, so the futures price is bearish. In the mid - term, the inventory growth rate slows down, and the supply - demand relationship improves marginally. In the long term, capacity clearance still takes time, and attention should be paid to external factors such as environmental protection policies and epidemics [5][84]. 3.3 Corn 3.3.1 Period and Spot Ends - As of November 14, the corn closing price at Jinzhou Port in Liaoning was 2215 yuan/ton, up 55 yuan/ton from last Friday; the main corn contract 2601 closed at 2185 yuan/ton, up 36 yuan/ton. The main contract basis was 30 yuan/ton, up 19 yuan/ton from last Friday. The weekly national corn price was strong, but the overall market is still in the bottom - building stage [6][102]. 3.3.2 Supply End - Currently in the new grain listing period, the shipping from the Northeast to ports is inverted, and the volume of grain collection at northern ports decreased weekly. The selling progress in North China slowed down. In September, corn imports were 60,000 tons, a 50% month - on - month increase and an 80.6% year - on - year decrease. International grain imports remained at a low level. As of November 7, the inventories at northern and southern ports were 1.24 million tons and 866,000 tons respectively, with month - on - month increases [6][102]. 3.3.3 Demand End - From May to November 2024, the inventory of sows increased, and there was a slight reduction from December to January. The performance improved, and the inventory of pigs and poultry remained at a high level this year, driving rigid feed demand. As the corn price dropped significantly, the corn - wheat price difference widened, and the feed demand for corn increased. The inventory days of downstream feed enterprises stopped falling and rebounded, but are still at a low level. The deep - processing profit turned positive, and the start - up rate increased, but the finished - product inventory is high, limiting the increase in deep - processing demand [6][102]. 3.3.4 Weekly Summary - In the early stage of new grain listing, the high enthusiasm of farmers to sell grain put pressure on prices. As the number of purchasing entities increased, the slowdown in the selling rhythm supported the price. In the mid - to long - term, the 2025/2026 corn planting cost decreased, and the weather during the growing period was suitable, with expected high yields. However, the carry - over inventory of old crops is low, and imports are expected to increase but remain at a low level. The demand is rigid but weak, and the supply - demand pattern is relatively loose [6][102]. 3.3.5 Strategy Suggestion - In the short term, the selling pressure needs to be digested, so be cautious about chasing up the futures price. In the mid - to long - term, the demand will gradually be released, and there is strong support at the bottom, but the relatively loose supply - demand pattern in 2025/2026 limits the upside [6][102].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - After the easing of Sino-US trade relations, the market's optimistic sentiment towards demand weakened this week, leading to a decline in US soybeans from their high levels. Supported by import costs, soybean meal showed relative strength. Driven by Sino-Canadian trade sentiment, rapeseed meal rose strongly [33]. - In the short term, the weakening demand expectation caused US soybeans to fall from their high levels. There is still supply pressure in the domestic market, and the upward momentum of soybean meal is waning. The rapeseed meal supply is in a tight balance, and attention should be paid to inventory changes and the development of Sino-Canadian relations [33]. - In the long - term, changes in trade relations remain the key driver for the supply of both soybean meal and rapeseed meal [34]. 3. Summary According to Relevant Catalogs 3.1 Price Trends of Feed and Livestock Futures and Spot Goods - The closing prices of the main futures contracts of soybean meal, rapeseed meal, corn, and eggs increased this week, with week - on - week increases of 2.47%, 6.16%, 2.04%, and 2.22% respectively. The closing price of the main futures contract of live pigs increased by 0.51%. The spot prices of soybean meal, rapeseed meal, and corn increased, with week - on - week increases of 1.34%, 4.76%, and 1.17% respectively. The spot price of live pigs decreased by 4.40%, and the spot price of eggs increased by 0.34% [4]. 3.2 Fundamental Analysis 3.2.1 Cost - end - The weather in the Midwestern United States is conducive to the remaining harvest work. The US Department of Agriculture will release crop production reports and global agricultural supply - demand forecasts on November 14. Brokerage firm StoneX predicts that Brazil's soybean production in the 2025/26 season will reach a record 178.9 million tons. The Buenos Aires Grain Exchange expects Argentina to harvest 48.5 million tons of soybeans this year, and farmers have sown 4.4% of the expected 17.6 million hectares [6]. 3.2.2 Supply - China's soybean imports in October reached a new high for the month at 9.482 million tons, but decreased by 26.3% compared to September. The cumulative imports from January to October were 95.682 million tons, a year - on - year increase of 6.4% [6]. 3.2.3 Demand - As of the end of the 44th week (November 1), the average operating rate of domestic oil mills was 61.59%, a decrease of 4.83% from the previous week. The total soybean crushing volume of national oil mills was 2.311 million tons, a decrease of 0.1813 million tons from the previous week. The expected soybean processing volume for this week is slightly reduced to 2.2019 million tons, and the operating rate is 58.69%. On November 6, the trading volume of soybean meal in domestic mainstream oil mills was light, with a sharp drop of 78% to 38,600 tons [6]. 3.2.4 Inventory - In the 44th week of 2025, the soybean inventory of domestic main oil mills was 7.1079 million tons, a decrease of 405,000 tons from the previous week, a decrease of 5.39%, and a year - on - year increase of 1.6005 million tons, an increase of 29.06%. The soybean meal inventory was 1.153 million tons, an increase of 98,400 tons from the previous week, an increase of 9.33%, and a year - on - year increase of 168,900 tons, an increase of 17.16% [6]. 3.3 Supply - end Analysis 3.3.1 Import - As of November 6, the CNF price of Brazilian soybeans for import was $500 per ton, an increase of $7 per ton from the previous week. The CNF price of US West soybeans for import was $506 per ton, an increase of $15 per ton from the previous week [10]. 3.3.2 Pressing - As of the week of November 6, the soybean crushing profit was -$79.25 per ton, an increase of $43.05 per ton from the previous week. As of the week of October 31, the weekly soybean crushing volume of domestic oil mills was 2.1161 million tons, a decrease of 269,500 tons from the previous week. As of October 31, the operating rate of domestic soybean oil mills was 54%, a decrease of 7 percentage points from the previous week [15]. 3.4 Inventory - end Analysis - As of November 7, the port inventory of imported soybeans was 7.8265 million tons, a decrease of 575,700 tons from the previous week. Seasonally, the soybean port inventory is at a relatively high level in the past five years. As of October 31, the soybean meal inventory of oil mills was 1.0593 million tons, an increase of 54,900 tons from the previous week. Seasonally, the soybean meal inventory of domestic mainstream oil mills is at a relatively high level in the past five years [21]. 3.5 Demand - end Analysis - As of October 31, the average daily trading volume of soybean meal in domestic mainstream oil mills was 85,700 tons, a decrease of 7,000 tons from the previous week. Seasonally, it is at a medium level in the past five years [25]. 3.6 Rapeseed Meal Analysis 3.6.1 Supply - end - The core contradiction in the rapeseed meal market is the tight supply. The Sino - Canadian trade relationship has not eased, resulting in a continuous interruption of Canadian rapeseed imports. Domestic oil mills have shut down, and inventories are almost zero, with the supply in a tight balance. Although the procurement of Australian rapeseed has restarted, the actual supply will not be available until the first quarter of next year, unable to make up for the shortfall in the fourth quarter of this year [33]. 3.6.2 Demand and Inventory - end - The demand side is weak due to the off - season of aquaculture and the substitution advantage of soybean meal, which restricts the upward space of prices [33]. 3.7 Strategy Recommendation - In the short term, the upward momentum of soybean meal is waning, and attention should be paid to the inventory changes and the development of Sino - Canadian relations for rapeseed meal. In the long - term, changes in trade relations are the key drivers for the supply of both soybean meal and rapeseed meal [33][34]. 3.8 Next Week's Focus and Risk Warning - The focus is on the weather in production areas, trade relations, and the arrival rhythm of imported soybeans [35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term: Rising import costs drive up domestic prices. For soybean meal, wait for more details on US soybean purchases; for rapeseed meal, supply tightens but demand also decreases significantly, lacking continuous positive fundamentals [39]. - Medium - to long - term: Global soybean supply is abundant, limiting the continuous upward momentum of the soybean sector [40]. 3. Summary by Related Catalogs 3.1 Domestic Main Feed and Livestock Futures and Spot Price Trends - **Soybean Meal**: The closing price of the M2601 futures contract on October 30, 2025, was 2994 yuan/ton, up 56 yuan/ton (1.91%) from October 23. The spot price of 43% protein soybean meal in Shandong was 2980 yuan/ton, up 40 yuan/ton (1.36%) [4]. - **Rapeseed Meal**: The RM601 futures contract closed at 2401 yuan/ton on October 30, 2025, up 62 yuan/ton (2.65%) from October 23. The average spot price in China was 2520 yuan/ton, up 60 yuan/ton (2.44%) [4]. - **Corn**: The C2601 futures contract closed at 2111 yuan/ton on October 30, 2025, down 29 yuan/ton (-1.36%) from October 23. The summary price at Bayuquan Port was 2140 yuan/ton, down 40 yuan/ton (-1.83%) [4]. - **Pigs**: The LH2601 futures contract closed at 11880 yuan/ton on October 30, 2025, down 320 yuan/ton (-2.62%) from October 23. The average slaughter price of commercial pigs in Henan was 12.49 yuan/kg, up 0.62 yuan/kg (2.25%) [4]. - **Eggs**: The JD2511 futures contract closed at 3157 yuan/ton on October 30, 2025, up 130 yuan/ton (4.29%) from October 23. The average price in the main producing areas of China was 2.93 yuan/kg, up 0.07 yuan/kg (2.45%) [4]. 3.2 Fundamental Analysis - **Cost - end**: US Midwest has sporadic showers, and cold air may disrupt harvesting and field operations. US soybean export inspections are at the lower end of market expectations, down 33% from the previous week and 60% from the same period in 2024. Brazil's soybean exports in October 2025 are estimated at 7 million tons, lower than the previous estimate but still up 58.0% from last year. The first shipment of Argentine soybean meal has arrived, but its impact on prices is limited [10]. - **Supply - end**: In September 2025, China's soybean imports were 12.869 million tons, up 4.8% month - on - month and 13.2% year - on - year [10]. - **Demand - end**: As of the week of October 25, 2025, the national soybean crushing volume rebounded to a high level, and the提货量 decreased, leading to an increase in soybean meal inventory. On October 29, the total soybean meal trading volume of major domestic oil mills was 53,500 tons, down 59,900 tons from the previous day [10]. - **Inventory - end**: In the 43rd week of 2025, the soybean inventory of major domestic oil mills decreased, while the soybean meal inventory increased. The soybean inventory was 7.5129 million tons, down 174,100 tons (2.26%) from the previous week; the soybean meal inventory was 1.0546 million tons, up 78,400 tons (8.03%) from the previous week [10]. 3.3 Supply - end - Import - As of October 30, the CNF price of Brazilian soybeans was 489.00 US dollars/ton, up 2 US dollars/ton from the previous week. The CNF price of US West soybeans was 482.00 US dollars/ton, up 28 US dollars/ton from the previous week [18]. 3.4 Supply - end - Pressing - As of the week of October 30, the soybean pressing profit was - 130.15 yuan/ton, down 1.65 yuan/ton from the previous week. As of the week of October 24, the weekly soybean pressing volume of domestic oil mills was 2.3856 million tons, up 86,800 tons from the previous week. As of October 24, the domestic soybean oil mill operating rate was 61%, up 3 percentage points from the previous week [24]. 3.5 Inventory - end - As of October 30, the port inventory of imported soybeans was 8.3496 million tons, up 236,900 tons from the previous week, at a very high level in the past five years. As of October 24, the soybean meal inventory of oil mills was 1.0044 million tons, up 41,300 tons from the previous week, at a relatively high level in the past five years [28]. 3.6 Demand - end - As of October 24, the average daily trading volume of soybean meal of domestic mainstream oil mills was 85,000 tons, down 37,300 tons from the previous week, at a medium level in the past five years [32]. 3.7 Rapeseed Meal Supply - end No specific data - based summary content is provided other than the graphs related to rapeseed import quantity, production, and sowing area [35]. 3.8 Rapeseed Meal Demand and Inventory - end No specific data - based summary content is provided other than the graphs related to inventory, supply, demand, trading volume, and consumption [38]. 3.9 Strategy Recommendation - **Soybean Meal**: Short - term, wait for more details on US soybean purchases. Medium - to long - term, the continuous upward momentum is limited due to abundant global supply. - **Rapeseed Meal**: Short - term, supply is tight but demand is weak, lacking continuous positive fundamentals. 3.10 Next Week's Focus and Risk Warning The focus is on产区 weather, trade relations, and the arrival rhythm of imported soybeans [41].

Report Overview - Report Title: Feed and Livestock Weekly Report [1] - Report Date: July 25, 2025 [2] - Analyst: Ge Yan [3] Industry Investment Rating No industry investment rating was provided in the report. Core Viewpoints - During the speculation period in the US soybean producing areas, there have been frequent positive developments on the trade front, and the support level of 10 cents for US soybeans is relatively strong. However, due to concerns about domestic demand, the prices of double rapeseed meal have declined from their highs. - The Ministry of Agriculture and Rural Affairs of China held a symposium on promoting the high - quality development of the pig industry, emphasizing capacity control measures, such as reasonable culling of sows, reduction of secondary fattening, and control of fat pig slaughter weight, and promoting the reduction and substitution of soybean meal. - For soybean meal, in the short - term, it is supported by the import cost of US and Brazilian soybeans, and short - term long positions can be considered; in the long - term, due to factors such as slowing demand growth and continuous inventory accumulation, short positions can be held. - For rapeseed meal, in the short - term, considering the low inventory of domestic coastal oil mills and uncertain trade relations, short - term long positions can be held; in the long - term, it can be configured with a bearish view [41]. Summary by Relevant Catalogs 1. Domestic Main Feed and Livestock Futures and Spot Price Trends - **Futures Prices**: As of July 24, 2025, the closing prices of the main contracts of soybean meal (M2509), rapeseed meal (RM509), corn (C2509), live pigs (LH2509), and eggs (JD2508) were 3025, 2682, 2318, 14365, and 3636 respectively, with weekly increases of 48, 29, 25, 355, and 45, and weekly growth rates of 0.02, 0.01, 0.01, 0.03, and 0.01 respectively [4]. - **Spot Prices**: The spot prices of 43% protein soybean meal, rapeseed meal, national standard second - grade corn with 14.5% moisture, commercial pigs in Henan, and eggs in the main producing areas were 2850, 2570, 2320, 1413, and 334 respectively, with weekly changes of 40, 20, 0, - 39, and 55, and weekly growth rates of 0.01, 0.01, 0, - 0.03, and 0.20 respectively [4]. 2. Fundamental Analysis - **Cost Side** - **Weather**: August is a critical month for the autumn soybean harvest. There will be a brief heatwave in the US Midwest this week, but showers are expected to relieve the pressure on soybean crop growth. - **US Soybeans**: The USDA downgraded the good - to - excellent rating of US soybean growth. As of July 20, the good - to - excellent rate was 68%, lower than the previous week's 70% and the market expectation of 71%, but the same as the 68% in the same period of 2024. - **Brazil**: Brazilian farmers' selling progress has accelerated, but it is still relatively slow overall. - **Argentina**: In June, Argentina's soybean crushing volume was 4,055,149 tons, and its soybean oil production was 788,210 tons [10]. - **Supply** - **Import**: In June 2025, China imported 12.264 million tons of soybeans; from January to June 2025, China's cumulative soybean imports were 49.37 million tons, a year - on - year increase of 1.8%. - **Import Price**: As of July 24, the CNF import price of Brazilian soybeans was 471.00 US dollars/ton, a decrease of 1 US dollar/ton from the previous week; the CNF import price of US West Coast soybeans was 454.00 US dollars/ton, an increase of 1 US dollar/ton from the previous week [10][17]. - **Demand** - **Crushing**: As of the week of July 18, the domestic main oil mills' soybean crushing volume was 2.3 million tons, unchanged from the previous week, a decrease of 80,000 tons from the previous month, an increase of 410,000 tons year - on - year, and an increase of 510,000 tons compared with the average of the past three years. This week, the oil mills' operating rate remained high, with a crushing volume of about 2.2 million tons. - **Trading Volume**: On July 23, the total trading volume of soybean meal was 110,300 tons, a decrease of 24,500 tons from the previous day, including 44,300 tons of spot trading [10]. - **Inventory** - **Oil Mill Inventory**: In the 29th week of 2025, the national oil mills' soybean inventory was 6.4224 million tons, a decrease of 152,500 tons from the previous week, a year - on - year increase of 310,400 tons; the soybean meal inventory was 998,400 tons, an increase of 112,200 tons from the previous week, a year - on - year decrease of 262,200 tons. - **Port Inventory**: As of July 24, the import soybean port inventory was 6.6793 million tons, an increase of 103,100 tons from the previous week, at a near - 5 - year low level. As of July 19, the oil mills' soybean meal inventory was 908,300 tons, an increase of 65,400 tons from the previous week, at a near - 5 - year medium level [10][25]. 3. Supply - Side Analysis - **Import**: As of July 24, the CNF import price of Brazilian soybeans was 471.00 US dollars/ton, down 1 US dollar/ton from the previous week; the CNF import price of US West Coast soybeans was 454.00 US dollars/ton, up 1 US dollar/ton from the previous week [17]. - **Crushing**: As of the week of July 24, the soybean crushing profit was 91.60 yuan/ton, an increase of 25.45 yuan/ton from the previous week. As of the week of July 18, the domestic oil mills' weekly soybean crushing volume was 2.1476 million tons, an increase of 175,000 tons from the previous week. As of July 18, the domestic soybean oil mill operating rate was 55%, a decrease of 4 percentage points from the previous week [23]. 4. Demand - Side Analysis As of July 18, the average daily trading volume of soybean meal in domestic mainstream oil mills was 113,700 tons, a decrease of 122,000 tons from the previous week, at a near - 5 - year medium - low level [29]. 5. Strategy Recommendation - **Short - Term**: For soybean meal, due to the support from the import cost of US and Brazilian soybeans, short - term long positions can be considered; for rapeseed meal, considering the low inventory of domestic coastal oil mills and uncertain trade relations, short - term long positions can be held. - **Long - Term**: For soybean meal, due to factors such as slowing demand growth and continuous inventory accumulation, short positions can be held; for rapeseed meal, it can be configured with a bearish view [41]. 6. Next Week's Focus and Risk Warning The focus is on the weather in the producing areas, trade relations, and the arrival rhythm of imported soybeans [42].