Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the probability of a sharp decline is small due to cost support. The market is expected to fluctuate slightly upwards, with a price range of 950 - 1150 cents per bushel [5]. - Negative factors include potential deterioration of US soybean export situation due to US tariffs on the world, good weather in US soybean - growing regions with high yield prospects, and higher - than - expected weekly soybean good - to - excellent rate [5]. - Positive factors are support from biodiesel policies and the expectation of improved China - US relations, a tight old - crop balance sheet, strong concerns about drought in US soybean - growing regions under ENSO neutral conditions, and a slightly lower - than - expected planting area [5]. Summaries According to Related Catalogs Market Prices - This week, the US soybean price rebounded by 23.5 cents, driven by progress in US - Indonesia trade negotiations, strong expectation of continued improvement in China - US relations, and a record - high US soybean crush volume in June [7]. - Next week, attention should be paid to changes in US tariff policies towards other countries and the weather in US main - growing regions [8]. - The US soybean meal price rebounded from a low by $3.7 per short ton to $274 per short ton, as trade negotiations between the US and countries like Indonesia and Vietnam improved the export demand expectation for US agricultural products [11]. - The US soybean oil price rose to 55.82 cents per pound, with a weekly increase of 2.07 cents per pound, propelled by biodiesel expectations, impressive NOPA June crush and inventory data, and rising crude oil prices [15]. - As of the week ending July 11, the spot price of soybeans at US Gulf ports slightly decreased, and the purchase price at farms (Iowa) declined, while the spot price of soybeans in south - western Iowa increased [17][19][22]. - The spot price in Mato Grosso, Brazil, rose to 113.24 reais per bag, and the spot price at Brazilian ports rose by 1.63 to 137.77 reais per bag [24][26]. Supply Factors - The drought situation in US soybean - growing regions continued to improve, with a drought rate of 26% this week compared to 32% last week [29]. - In the next two weeks, temperatures in central and southern US will be higher than normal, and most of the US soybean - growing regions will have normal to slightly above - normal precipitation (except Nebraska, which will have less precipitation) [31][33]. - Precipitation in Brazilian and Argentine soybean - growing regions is normal to above - normal [36][37]. - As of the week ending July 11, the good - to - excellent rate of US soybeans was 70%, up from 66% last week and 68% in the same period last year [39]. Demand Factors - As of the week ending July 11, the US soybean crush profit was $2.46 per bushel, up from $2.43 last week [42]. - The weekly US soybean export volume was 276,400 tons, down from 395,800 tons last week. The weekly export inspection volume was 147,000 tons, down from 389,300 tons last week. The net sales for this year were 271,800 tons, down from 500,300 tons last week, and the sales for next year were 529,500 tons, up from 248,400 tons last week [44][46][48]. - The quantity of US soybeans shipped to China last week was 0 tons (0 ships), the same as last week [52]. Other Factors - The latest ENSO (NINO3.4 anomaly index) value is - 0.472, approaching the La Nina range [55]. - The soybean planting costs in Brazil and the US have decreased [57][59]. - As of July 15, the net short position of soybeans in CFTC was 17,400 lots, up from 11,700 lots last week; the net long position of soybean oil was 58,200 lots, up from 53,100 lots last week; the net short position of soybean meal was 113,800 lots, down from 117,800 lots last week [63][65][67].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The overall view is that there is no basis for a bull market due to the high - yield in South America, but the probability of a sharp decline is small due to cost support. The market is generally oscillating with an upward bias, in the range of 950 - 1150 cents per bushel [5]. Summary by Directory 1. Market Price - This week, the price of US soybeans rebounded from a low level. Before the quarterly inventory and acreage reports, the price declined. The old - crop inventory was higher than expected, but the new - crop acreage was lower than expected. There were high expectations of improved Sino - US relations, and the "big and beautiful" bill of the Trump administration boosted the price of US soybean oil, thereby raising the price of soybeans. Next week, attention should be paid to the changes after the expiration of the US tariff suspension policy on other countries and the weather conditions in the US main production areas [7]. - After the quarterly inventory report and acreage report, the price of US soybean meal bottomed out and rebounded with the increase in soybean prices, and the bearish expectation eased slightly [10]. - Crude oil strengthened slightly, and factors such as the "big and beautiful" bill pushed up the price of US soybean oil [14]. - As of the week ending June 27, the spot price of soybeans at US Gulf ports slightly declined [17]. - As of June 27, the purchase price at farms (Iowa) decreased [19]. - As of July 3, the spot price of soybeans in south - western Iowa rebounded [21]. - The spot price of soybeans in Mato Grosso, Brazil, remained basically stable [23]. - The spot price of soybeans in Brazil increased slightly [25]. 2. Supply Factors - The drought situation in US soybean production areas continued to improve, with a drought rate of 30%, compared to 32% last week [28]. - The temperature in the eastern US soybean production areas was relatively high, while that in the central - western regions was normal [30]. - Forecasts for the next two weeks indicate that most of the US soybean production areas will receive normal to slightly above - normal precipitation [32]. - Precipitation in Brazil's production areas was low [36]. - Precipitation in Argentina's soybean production areas was normal to above - normal [37]. - As of June 27, the good - to - excellent rate of US soybeans was 66%, the same as last week and 67% in the same period last year [40]. 3. Demand Factors - As of June 27, the crushing profit of US soybeans was 2.43 dollars per bushel, compared to 2.61 dollars last week [43]. - The weekly export volume of US soybeans was 251,500 tons, compared to 266,000 tons last week [45]. - The weekly export inspection and quarantine volume was 224,700 tons, compared to 192,800 tons last week [48]. - The weekly net sales volume was 462,400 tons, compared to 402,900 tons last week [50]. - The sales volume of US soybeans for the next year was 239,000 tons, compared to 156,100 tons last week [52]. - The quantity shipped to China last week was 0 tons (0 ships), the same as last week [54]. 4. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) was - 0.09, indicating a neutral state [57]. - The soybean planting costs in Brazil and the US decreased [59][61]. - As of June 24, the net long position of soybeans in CFTC was 46,700 lots, compared to 84,900 lots last week [65]. - As of June 24, the net long position of soybean oil in CFTC was 58,800 lots, compared to 61,800 lots last week [67]. - As of June 17, the net short position of soybean meal in CFTC was 101,700 lots, compared to 102,800 lots last week [69].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, there is no basis for a bull market in US soybeans due to a bumper harvest in South America, but the probability of a significant decline is small. The market is expected to be oscillating with a slight upward trend, ranging between 950 - 1150 cents per bushel [5]. - Bearish factors include Argentina raising the soybean export tariff to 33% before July 1st, leading to farmers' concentrated selling, and the smooth sowing of US soybeans with no large - scale drought threat for now [5]. - Bullish factors are that the biodiesel policy's increased addition volume exceeds expectations and restricts imports, which is beneficial for domestic demand of US soybeans; the old - crop balance sheet is tight, and there are strong concerns about drought in US soybean - producing areas under the ENSO neutral state; the planting area may be lower than expected [5]. 3. Summary Based on Related Catalogs 3.1 Market Price - This week, the price of US soybeans declined under pressure, mainly driven by favorable weather in the main producing areas [10]. - This week, the price of US soybean meal continued to fall, affected by factors such as the biodiesel addition policy being unfavorable to soybean meal, good weather in the main producing areas, and general export sales [12]. - This week, the price of US soybean oil slightly corrected as the conflict between Iran and Israel eased, and the sharp decline in crude oil prices led to the correction of US soybean oil prices from their high levels [14]. - Last week, the spot price of soybeans at the US Gulf ports slightly corrected [16]. - Last week, the procurement price at the farm (Iowa) was basically stable [18]. - Last week, the spot price of soybeans in south - western Iowa declined [20]. - The spot price of soybeans in Brazil (Mato Grosso state) was basically stable [22]. - The overall spot price of soybeans in Brazil was basically stable [24]. 3.2 Supply Factors - The drought situation in US soybean - producing areas has improved, with the drought rate at 32%, compared to 35% last week [28]. - The temperature in the Great Lakes and eastern regions of the main US soybean - producing areas is relatively high [30]. - Forecasts for the next two weeks indicate slightly less precipitation in the central US soybean - producing areas and more rain in the central - southern regions [33]. - Precipitation in Brazilian producing areas is relatively low [37]. - Precipitation in Argentine soybean - producing areas is slightly above normal [38]. - The good - to - excellent rate of US soybeans is 66%, the same as last week and 1 percentage point lower than the same period last year [40]. 3.3 Demand Factors - As of June 20th, the crushing profit of US soybeans was $2.61 per bushel, compared to $1.87 last week [44]. - The weekly export volume of US soybeans was 265,600 tons, down from 406,100 tons last week [46]. - The weekly export inspection and quarantine volume was 192,800 tons, down from 215,800 tons last week [48]. - The weekly net sales volume was 402,900 tons, down from 539,500 tons last week [50]. - The sales volume of US soybeans for the next year was 156,100 tons, up from 75,000 tons last week [52]. - The quantity shipped to China last week was 0 tons (0 ships), the same as last week [54]. 3.4 Other Factors - The latest value of ENSO (NINO3.4 anomaly index) is - 0.227, indicating a basically neutral state [57]. - The soybean planting costs in Brazil and the US have decreased [59][61]. - As of June 17th, the net long position of soybeans in CFTC was 84,900 lots, up from 54,800 lots last week [65]. - As of June 17th, the net long position of soybean oil in CFTC was 61,800 lots, up from 33,900 lots last week [67]. - As of June 17th, the net short position of soybean meal in CFTC was 102,800 lots, up from 75,800 lots last week [69].

Report Industry Investment Rating - Not provided Core View - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the probability of a sharp decline is small due to cost support. The market is generally oscillating with a strengthening bias, in the range of 950 - 1150 cents per bushel [5] Summary by Directory Market Price - This week, the US soybean price first declined and then rose. The price dropped at the beginning of the week due to good weather in the US soybean - growing areas, but rallied on Friday night as all contracts of US soybean oil hit the daily limit on the bio - fuel blending side [8] - This week, the US soybean meal price continued to fall. After the significant positive news on the bio - fuel blending side of US soybean oil on Friday, the price of US soybean meal was further pressured [11] - Policy support led to a significant increase in the price of US soybean oil. The Trump administration proposed allowing refiners to blend more bio - fuels into gasoline and diesel next year, causing the price of soybean oil, the main raw material for biodiesel, to rise by 6.2%, the largest increase since January 10. If the policy is fully implemented, it is expected to drive the price of US soybean oil up to around 60 cents per pound [14] - Last week, the spot price of soybeans at US Gulf ports increased, and the purchase price at farms (in Iowa) also rose. The spot price of soybeans in south - western Iowa remained basically stable. In Brazil, the spot price of soybeans in Mato Grosso state and the overall Brazilian spot price were basically stable [16][18][20] Supply Factors - The drought situation in US soybean - growing areas has improved, with the drought rate at 39% this week compared to 45% last week. The temperature in US soybean - growing areas is normal, and the forecast for the next two weeks indicates good precipitation in the main US soybean - growing areas, with no drought threat [27][30][32] - Brazil has entered the dry season, with less precipitation in most areas. In Argentina, the central and northern production areas have more precipitation, and the temperature is basically normal [34][36] - The US soybean planting progress is 90%, up from 84% last week, approaching the end. The US corn planting progress is 97%, up from 93% last week, and the planting work is basically completed [39][41] Demand Factors - As of June 6, the US soybean crushing profit was $1.49 per bushel, down from $1.9 last week [44] - The weekly export volume of US soybeans was 453,300 tons, up from 308,500 tons last week. The weekly export inspection and quarantine volume was 547,000 tons, up from 268,300 tons last week. The weekly net sales volume was 61,300 tons, down from 194,300 tons last week. The sales volume for the next year was 58,000 tons, up from 3,500 tons last week. The quantity shipped to China last week was 0 tons (0 ships), the same as last week [46][48][50][52][54] Other Factors - The latest value of ENSO (NINO3.4 anomaly index) is - 0.184, indicating a basically neutral state [57] - The soybean planting costs in Brazil and the US have decreased. The US soybean planting cost has decreased year - on - year, and the Brazilian soybean cost has also decreased year - on - year [59][63][64] - In terms of CFTC positions, the net long position of soybeans is 54,800 lots, up from 35,500 lots last week; the net long position of soybean oil is 33,900 lots, down from 34,700 lots last week; the net short position of soybean meal is 75,800 lots, down from 86,400 lots last week [65][67][69]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On May 28, 2025, the rubber futures market tumbled, with the main natural rubber contract dropping 4.19% to 13,830 yuan/ton. The decline was due to increased supply expectations and weak demand. The report suggests not chasing short positions as the decline is limited [3]. - The A - share market's three major indices continued to adjust, with the CSI 1000 being strong in the morning and weakening at noon; the Hong Kong stock market opened higher and then oscillated lower. Technically, the index maintained a high - level weak oscillation pattern [6][7]. - The gold market has broken through a small platform, and the low point on May 15th can be considered the end of the adjustment. It is expected to reach the high point on May 9th. There is resistance at a certain point, and it is recommended to wait for a pull - back to buy rather than chasing the rise [9][10]. - For iron ore, due to reduced downstream exports and increased shipments in May, there is a large supply surplus pressure. As domestic demand is about to enter the seasonal off - season, there is a high - valuation risk. Technically, it is recommended to adopt a bearish and oscillating view [13]. - For glass, demand growth depends on the effect of real - estate stimulus or major policy introductions. Technically, it should be viewed with a bearish outlook as the overall trend remains unchanged [16]. - For urea, with a domestic daily output of about 205,600 tons and an operating rate of about 87.23%, agricultural demand is progressing slowly, and downstream players are less involved. The price is expected to continue weak adjustment in the short term [18]. 3. Summary by Relevant Catalogs Hot Focus - Rubber Futures - On May 28, 2025, the natural rubber main contract fell 4.19% to 13,830 yuan/ton. Although short - term rainfall in Southeast Asian producing areas affected supply and supported prices, after the rainy season, supply is expected to increase. The end of La Nina and expected ENSO neutrality in the Northern Hemisphere summer reduce the probability of extreme weather affecting production. On the demand side, the EU's anti - dumping investigation on Chinese tires and high inventory in tire factories may lead to weaker开工 rates [3]. Technical Analysis - Stock Index Futures - The A - share market's three major indices continued to adjust, and the Hong Kong stock market opened high and then fell. Technically, the index maintained a high - level weak oscillation pattern [6][7]. Technical Analysis - Gold - The gold market has broken through a small platform, and the low point on May 15th can be considered the end of the adjustment. It is expected to reach the high point on May 9th. There is resistance at a certain point, and it is recommended to wait for a pull - back to buy rather than chasing the rise [9][10]. Technical Analysis - Iron Ore - In May, reduced downstream exports and increased shipments led to a large supply surplus. As domestic demand is about to enter the seasonal off - season, there is a high - valuation risk. Technically, it had a narrow - range consolidation today, and the trend is bearish [13]. Technical Analysis - Glass - Demand growth depends on the effect of real - estate stimulus or major policy introductions. Technically, it oscillated lower today, and the overall bearish trend remains unchanged [16]. Technical Analysis - Urea - The domestic urea daily output is about 205,600 tons, and the operating rate is about 87.23%. Agricultural demand is progressing slowly, and downstream players are less involved. The price is expected to continue weak adjustment in the short term [18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The overall view is that due to a bumper harvest in South America, there is no basis for a bull market. However, cost support reduces the probability of a significant decline. The market is expected to remain in a volatile range between 950 - 1150 cents per bushel [4]. 3. Summary by Related Catalogs 3.1 Market Price - This week, US soybean prices fluctuated within a narrow range [9]. - US soybean meal prices oscillated slightly higher [13]. - US soybean oil prices oscillated slightly lower, with the exemption of small - scale refineries from biodiesel blending obligations continuing to exert negative pressure [14]. - The spot price of soybeans at US Gulf ports declined slightly [16]. - The procurement price at farms in Iowa remained basically stable [18]. - The spot price of soybeans in south - western Iowa increased slightly [20]. - The spot price of soybeans in Mato Grosso, Brazil, strengthened slightly [22]. - The spot price of soybeans in Brazil was stable with a slight increase [24]. - The ratio of US soybeans to corn rose and then fell, and its current seasonal trend is similar to that in 2023 [26]. 3.2 Supply Factors - The drought rate in US soybean - producing areas is 47%, down from 51% last week [29]. - The temperature in central US is relatively low, while that in the west is relatively warm [31]. - Precipitation in the south - central region is abundant, while that in the mid - west and northern regions is slightly scarce [33]. - Brazil has entered the dry season, with most regions experiencing scarce precipitation [36]. - Precipitation in Buenos Aires, Argentina, remains abundant, which is unfavorable for the harvesting work [38]. - The US soybean planting progress is 66%, up from 48% last week, higher than expected, and higher than the same period last year and the five - year average [41]. - The US corn planting progress is 78%, up from 62% last week, faster than last year and the five - year average [43]. 3.3 Demand Factors - The US soybean crushing profit is $1.94 per bushel, up from $1.78 per bushel last week [46]. - The weekly export volume of US soybeans is 250,000 tons, down from 429,900 tons last week [48]. - The weekly export inspection and quarantine volume is 217,800 tons, down from 439,500 tons last week [50]. - The weekly net sales volume is 307,900 tons, up from 282,400 tons last week [52]. - The sales volume of US soybeans for the next year is 15,000 tons, down from 490,000 tons last week [54]. - The quantity of soybeans shipped to China last week is 0 tons (0 ships), the same as last week [56]. 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 0.378, indicating a basically neutral state [59]. - The soybean planting costs in Brazil and the US have decreased [61][63]. - In terms of CFTC positions, the net long position of soybeans is 43,000 lots, down from 66,000 lots last week [68]. - The net long position of soybean oil is 64,000 lots, down from 70,000 lots last week [70]. - The net short position of soybean meal is 91,000 lots, up from 84,000 lots last week [72].