Group 1: Report's Investment Rating - No information provided regarding the industry investment rating Group 2: Core Views of the Report - Newly - harvested soybeans show a collision between a bumper harvest in the Northeast and disasters in the South, with a decline in the proportion of high - protein soybeans. After a price increase in October, the price is stagnant, but the state reserve purchase limits the downside. In the long run, the price center of domestic soybeans may shift upward [1][5] - Near - term trading logic involves price stagnation, reduced enthusiasm for mid - and downstream purchases, and sentiment suppression from potential US soybean imports. Long - term, high - protein soybean prices are expected to remain firm, and the price of domestic soybeans may break out of the bottom - range oscillation [1][3] - The seasonal reversal in October laid the foundation for the new - season listing cycle of domestic soybeans, and in the long term, the price may break through the bottom - range oscillation and the price center may rise significantly [5] Group 3: Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The co - existence of a bumper harvest in the Northeast and disasters in the South has led to a decrease in the proportion of high - protein soybeans. After the price increase in October, it is currently stagnant. The state reserve purchase limits the price decline, and there is a lack of factors to drive further price increases [1] - The new changes in the domestic soybean market may change the bottom - range oscillation trend. High - protein soybean prices are expected to remain firm, and the consumption progress of medium - and low - protein soybeans will affect the price rhythm [1] 1.2 Trading Strategy Recommendations - For the 01 contract, short - term hedging above 4100 should be held, and long - term procurement can wait for a price decline to enter the market [6] 1.3 Industrial Customer Operation Recommendations - For inventory management, planting entities can short the A2601 contract above 4100 to lock in profits with a 30% hedging ratio - For procurement management, those worried about price increases can mainly wait to purchase spot goods in the medium - term and focus on long - term procurement management. Wait for the price to bottom out in the fourth quarter [6] Chapter 2: This Week's Important Information and Next Week's Concerns 2.1 This Week's Important Information - **Positive Information**: Some branches of Sinograin started purchasing new - season domestic soybeans this week, and there was no auction arrangement [7] - **Negative Information**: On November 10, 30,969 tons of domestic soybeans were auctioned, suppressing price increase sentiment. The resumption of US soybean imports is becoming clearer, which will compete with medium - and low - protein domestic soybeans [3][8] 2.2 Next Week's Concerns - Whether the rhythm of US soybean imports can be further clarified - Whether selling pressure will emerge after the price stagnation - The release of the latest US Department of Agriculture production and supply - demand report on November 14 - The trading results of the domestic soybean auction on November 10 [10][11] Chapter 3: Market Analysis 3.1 Price, Volume, and Capital Analysis - The weekly price of soybeans first fell and then rose, with a slight increase in the weekly line. The trading volume continued to expand, the open interest decreased slightly, and the registered warehouse receipts increased to 10,556 lots [11] - The basis weakened slightly as the spot price stagnated and the futures price rose slightly - The 03 and 05 contracts were weak, the 01 contract was strong, and the overall monthly spread change was not significant [16][19] Chapter 4: Valuation and Profit Analysis - In the Heilongjiang soybean - producing area, the profit of 39 - protein clean grain has increased significantly compared to last year. Mid - stream trading enterprises have a stronger willingness to stockpile, but the profit of building storage is uncertain. Down - stream demand is more active, and high - protein soybeans are in short supply. The crushing profit has only small changes, resulting in a neutral purchasing attitude of oil mills [27] Chapter 5: Supply - Demand and Inventory Projections 5.1 Supply - Side and Projections - The supply of high - protein soybeans has decreased, and it will gradually tighten in the next 10 months. The supply of medium - and low - protein soybeans has increased. Attention should be paid to the arrival rhythm of imported soybeans at the end of the fourth quarter and the changes in the purchasing intensity of oil mills [31] 5.2 Demand - Side and Projections - In November, the edible consumption of domestic soybeans is picking up, mainly for high - protein soybeans. Down - stream enterprises' stocking efforts are expected to continue, supporting the price of high - quality soybeans [32] - The demand for oil - soybeans depends on the prices of soybean meal and soybean oil. Attention should be paid to the arrival quantity in December and the soybean meal price to see if the crushing demand can increase as it did last year [32]