Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - In the short - term, the price of US soybeans and the CNF premium of Brazilian soybeans support from the import cost side, so soybean meal is expected to fluctuate strongly in the short - term; the oil mill's operating rate remains low, and the demand - side support is limited, so it should be treated with a fluctuating mindset [37]. - In the long - term, the global soybean supply is loose, and the continuous upward momentum of the soybean sector is limited [38]. 3. Summaries by Relevant Catalogs 3.1 Domestic Main Feed and Aquaculture Futures and Spot Prices | Variety | Futures Main Contract Closing Price (Sep 11, 2025) | Futures Main Contract Closing Price (Sep 3, 2025) | Futures Weekly Change | Futures Weekly Increase/Decrease (%) | Spot Price (Sep 11, 2025) | Spot Price (Sep 3, 2025) | Spot Weekly Change | Spot Weekly Increase/Decrease (%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal | 3088 | 3066 | 22 | 0.72 | 2990 | 2990 | 0 | 0 | | Rapeseed Meal | 2567 | 2521 | 46 | 1.82 | 2620 | 2580 | 40 | 1.55 | | Corn | 2202 | 2193 | 9 | 0.41 | 2320 | 2310 | 10 | 0.43 | | Live Pigs | 13320 | 13550 | - 230 | - 1.70 | 13.5 | 13.96 | - 0.46 | - 3.30 | | Eggs | 3044 | 3011 | 33 | 1.10 | 3.53 | 3.19 | 0.34 | 10.66 | [4] 3.2 Fundamental Analysis - **Cost - end**: The temperature in the Midwest of the US will be higher than normal from the weekend to early next week, and rainfall will also increase. The dry weather in the southern and eastern regions continues to have an adverse impact on corn and soybean crops. As of the week of September 7, the good - to - excellent rate of US soybean crops was 64%, down 1 percentage point from the previous week, slightly lower than 65% in the same period in 2024 but higher than the five - year average of 59%. Brazilian soybean exports in September 2025 are estimated to be 7430000 tons, 44% higher than in September 2024. The estimated soybean output in Argentina's 2025/2026 season is 47000000 tons [9]. - **Supply**: From January to August 2025, China's total soybean imports reached 7331200 tons, a 4.0% increase compared to the same period in 2024 [9]. - **Demand**: Since September, as the temperature drops, the operating rate of the terminal aquaculture industry has gradually recovered, the rigid demand for soybean meal has recovered, and the market's enthusiasm for purchasing soybean meal has increased [9]. - **Inventory**: The current national oil mill's soybean meal inventory pressure is significant, and the phenomenon of oil mills urging提货 is common. As of the end of the 36th week of 2025, the domestic soybean meal inventory was 116000 tons, an increase of 9700 tons from the previous week, a 9.09% increase [9]. 3.3 Supply - side Analysis - **Import**: As of September 11, the CNF Brazilian soybean import price was 485.00 US dollars/ton, a decrease of 4 US dollars/ton from the previous week; the CNF US West soybean import price was 442.00 US dollars/ton, an increase of 2 US dollars/ton from the previous week [14]. - **Pressing**: As of the week of September 11, the soybean pressing profit was 86.60 yuan/ton, a decrease of 110.00 yuan/ton from the previous week. As of the week of September 05, the domestic oil mill's weekly soybean pressing volume was 2354800 tons, a decrease of 42700 tons from the previous week. As of September 05, the domestic soybean oil mill's operating rate was 60%, a decrease of 1 percentage point from the previous week [19][21]. 3.4 Inventory - side Analysis - As of September 12, the imported soybean port inventory was 6635600 tons, a decrease of 142900 tons from the previous week, and it was at a low level in the past 5 years. As of September 5, the oil mill's soybean meal inventory was 1063900 tons, an increase of 49000 tons from the previous week, and it was at a moderately high level in the past 5 years [26]. 3.5 Demand - side Analysis - As of September 05, the average daily trading volume of soybean meal in domestic mainstream oil mills was 92200 tons, a decrease of 39300 tons from the previous week, and it was at a medium level in the past 5 years [28]. 3.6 Pig - side Supply and Demand No specific content provided in the summary scope. 3.7 Pig - side Slaughter and Breeding Profits No specific content provided in the summary scope. 3.8 Strategy Recommendation - Before the release of the USDA supply - demand report this Friday, US soybeans will fluctuate, and domestic double - meal will also maintain a fluctuating trend. The demand from China, the largest importer of US soybeans, is weak, and the market generally expects the US soybean yield forecast to be lowered. In the domestic spot market, the trading sentiment in the soybean meal spot market has recovered, and the oil mill's spot transactions have increased slightly, but traders are still in a slight loss [37]. - For rapeseed meal, currently affected by the decrease in Canadian rapeseed imports, the oil mill's operating level is low. Spot transactions are average, the demand side has not yet recovered, the substitution effect of soybean meal still exists, the aquaculture industry's prosperity is low, and downstream procurement is cautious [37]. 3.9 Next Week's Focus and Risk Warning The focus is on the producing area's weather, trade relations, and the arrival rhythm of imported soybeans [39].