Report Overview - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: July 24, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Tin price increase on Monday was due to the impact of anti - involution on the entire non - ferrous sector, but the fundamental situation of tin itself remained unchanged. In the short term, considering the upcoming outflow of Burmese tin ore and the lack of signs of improvement in downstream demand, the view that the upward pressure on tin prices is greater than the downward support still holds [3] Summary by Category Price and Volatility - The latest closing price of tin is 268,540 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline, with a long spot exposure, it is recommended to short the main Shanghai tin futures contract (75% hedging ratio, around 275,000 yuan/ton) and sell call options (25% hedging ratio, when volatility is appropriate) [2] Raw Material Management - For low raw - material inventory and fear of price increase, with a short spot exposure, it is recommended to long the main Shanghai tin futures contract (50% hedging ratio, around 230,000 yuan/ton) and sell put options (25% hedging ratio, when volatility is appropriate) [2] Market Factors Bullish Factors - Sino - US tariff policy relaxation, the semiconductor sector still in the expansion cycle, Burmese复产 falling short of expectations, and anti - involution benefiting the entire non - ferrous metal sector [7] Bearish Factors - Tariff policy reversals, the start of Burmese tin ore flowing into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5][7] Futures and Spot Data Futures Data (Daily) - The latest price of the main Shanghai tin futures contract is 268,540 yuan/ton, with no daily change. The LME tin 3M price is 34,750 US dollars/ton, up 830 US dollars or 2.45% [6] Spot Data (Weekly) - The latest price of Shanghai Non - ferrous tin ingots is 268,900 yuan/ton, up 5,300 yuan or 2.01%. The price of 40% tin concentrate is 256,900 yuan/ton, up 5,300 yuan or 2.11% [11] Import and Processing - The latest tin import loss is 16,361.68 yuan/ton, with a daily change of 569.93 yuan or - 3.37%. The 40% tin ore processing fee is 12,200 yuan/ton, with no daily change [16] Inventory Data Daily Inventory - The total Shanghai Futures Exchange tin warehouse receipt quantity is 6,807 tons, up 16 tons or 0.24%. The LME tin total inventory is 1,715 tons, down 170 tons or - 9.02% [20]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Recently, the macro - atmosphere has been warm, the double - coke futures have strongly rebounded, speculative demand has entered the market to lock in goods, spot liquidity has tightened, coal enterprises have raised prices, and coking profits are under pressure. The second round of price increases by coking plants at the beginning of the week is likely to be implemented. This week, iron ore has strongly rebounded, squeezing immediate steel profits, but steel profits calculated based on raw material inventories are still expanding. Steel mills have little willingness to cut pig iron production, and the procurement demand for coal and coke is strong. Speculative and rigid demand support the double - coke futures and spot prices. The market's expectation of Supply - side 2.0 is intensifying, and the short - term futures may continue to fluctuate strongly. In the medium - to - long term, the sharp rise in furnace materials threatens steel mills' profitability, high pig iron production may not be sustainable. Steel billet export orders have declined, and inventory accumulation is accelerating. Operationally, it is recommended to wait and see for single - side trading and not to chase high prices. For arbitrage, pay attention to the 9 - 1 reverse spread opportunity of coal and coke [4]. Group 3: Summary by Relevant Catalogs Double - Coke Price Range Forecast - The monthly price range forecast for coking coal is 1030 - 1300, with a current 20 - day rolling volatility of 32.68% and a historical percentile of 63.87%. For coke, the monthly price range forecast is 1350 - 1800, with a current 20 - day rolling volatility of 25.37% and a historical percentile of 49.13% [3]. Double - Coke Risk Management Strategy Suggestions - For the arbitrage scenario of inter - month spread, with no spot exposure, it is recommended to short the coking coal 9 - 1 spread (jm2509&jm2601), sell at the suggested entry range of (- 40, - 30) [3]. Black Warehouse Receipt Daily Report - On July 23, 2025, compared with July 22, 2025, the warehouse receipt quantity of rebar remained unchanged at 86,534 tons; hot - rolled coil decreased by 598 tons to 58,951 tons; iron ore decreased by 200 lots to 3,100 lots; coking coal decreased by 500 lots to 0 lots; coke remained unchanged at 760 lots; ferrosilicon remained unchanged at 22,150 sheets; and ferromanganese decreased by 523 sheets to 77,972 sheets [3]. 利多解读 (Positive Factors) - Supply - side 2.0 has disturbed market sentiment, and the market has a good bullish atmosphere. Downstream steel mills have good profits, with a profit per ton of over 100, and it is difficult to reduce pig iron production in the off - season. There is speculation about the Politburo meeting at the end of the month. Coking plants are suffering serious losses and there is still an expectation of price increases [5]. 利空解读 (Negative Factors) - Coal mines in Shanxi have resumed production beyond expectations. The military parade on September 3 may affect steel production around Hebei. The shipment of imported coal has increased, and the subsequent port - arrival pressure is increasing [6]. Coal and Coke Futures and Spot Price Data - A large amount of data on coal and coke futures and spot prices, including basis, cost, price differences between different contracts, and various profit data, are provided. For example, on July 23, 2025, the coking coal warehouse receipt cost (Tangshan Mongolian No. 5) was 1008 yuan/ton, and the main - contract basis was - 128.0 yuan/ton; the immediate coking profit was - 19 yuan/ton [6][7][8]

Report Industry Investment Rating No relevant content provided. Core Views Industrial Silicon - In the second half of the year, the industrial silicon industry is in a cycle of accelerating the clearance of backward production capacity and entering the destocking process. The supply pressure will be continuously released with the implementation of production plans in Southwest China during the wet season. The overall support from the downstream demand side is expected to strengthen, but the demand may be suppressed if the integration of the photovoltaic industry makes substantial progress. The inventory is expected to further decline with the improvement of demand. Overall, the price of industrial silicon will show a wide - range oscillation in the second half of the year. The strategy is to pay attention to the opportunity of laying out long positions in industrial silicon on dips [4]. - The positive factors include the positive signal from the "anti - involution" policy, limited further downward space for costs in the short term, and better - than - expected demand. The negative factors are the release of production capacity in Southwest China during the wet season and the potential weakening of demand due to the integration of downstream polysilicon enterprises [7][8]. Polysilicon - In the second half of the year, the polysilicon market is in a stage where the fundamental logic and the "anti - involution" logic alternate. From the fundamental perspective, the expectation of lower electricity prices and increased profits may prompt enterprises to increase production capacity, while the demand growth is limited, and the high - inventory pressure persists. From the "anti - involution" logic, effective integration agreements or coordinated production - reduction measures may reverse the current situation. The strategy is to pay attention to the positive spread opportunity between PS2509 and PS2512. - The positive factors are the potential industry - wide capacity integration and the external demand stimulus from the US "big and beautiful" bill. The negative factor is the potential inventory accumulation if the integration plan fails to materialize [10]. Summary by Directory Industrial Silicon Futures Data - The closing price of the industrial silicon futures main contract is 9525 yuan/ton, with a daily decrease of 1.35% and a weekly increase of 9.67%. The trading volume is 1681997 lots, with a daily increase of 36.26% and a weekly increase of 51.32%. The open interest is 334776 lots, with a daily decrease of 12.12% and a weekly decrease of 11.87% [13]. - The SI09 - 11 spread is 160 yuan/ton, with a daily increase of 10.34% and a weekly increase of 128.57%. The SI11 - 12 spread is - 265 yuan/ton, with a daily increase of - 17.19% and a weekly increase of - 18.46% [15]. Spot Data - The prices of 553 and 421 industrial silicon in various regions have increased, with daily increases ranging from 3.02% to 4.42%. The basis of East China 553 and 421 has increased significantly, with the daily increase of the basis of East China 553 reaching 955.56% and that of East China 421 reaching 145.76%. The price difference between East China 421 and 553 remains unchanged [17]. Basis and Warehouse Receipts - The total warehouse receipts are 50106 lots, with a decrease of 5.19%. The inventory in some delivery warehouses has changed, such as a decrease of 13.73% in the Tianjin delivery warehouse and an increase of 1.45% in the Sichuan delivery warehouse [24][25]. Polysilicon Futures Data - The closing price of the polysilicon futures main contract is 50080 yuan/ton, with a daily increase of 1.99% and a weekly increase of 16.61%. The trading volume is 1246241 lots, with a daily increase of 64.52% and a weekly increase of 177.03%. The open interest is 165641 lots, with a daily decrease of 13.81% and a weekly increase of 130.75% [28]. - The PS08 - 09 spread is 115 yuan/ton, with a daily decrease of 55.77% and a weekly decrease of 51.06%. The PS08 - 11 spread is 440 yuan/ton, with a daily decrease of 39.31% and a weekly decrease of 61.74%. The PS09 - 11 spread is 325 yuan/ton, with a daily decrease of 30.11% and a weekly decrease of 64.48%. The PS11 - 12 spread is - 1950 yuan/ton, with a daily increase of - 12.95% and a weekly increase of - 8.02% [30]. Spot Data - The prices of most polysilicon products remain stable, with only the N - type polysilicon price index increasing by 1.15% and the particle silicon increasing by 2.33%. The prices of silicon wafers and solar cells remain unchanged [35][37]. Basis and Warehouse Receipts - The basis of the polysilicon main contract is - 6030 yuan/ton, with a daily increase of 8.55% and a weekly decrease of 1294.06%. The warehouse receipts in various regions remain unchanged [42][44].

source： 南华研究,同花顺 苹果风险管理策略建议 | 行为导 | | 情景分析 | 现货敞 | 策略推荐 | 套保工 | 买卖方 | 套保比例（%） 建议入场区 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | | 口 | | 具 | 向 | | 间 | | 库存管 理 | 担心全国新苹果丰产，苹果收购价 | 过低 | 多 | 为了防止新季库存叠加损失，可以根据企业自身情况，做空苹果期货来锁 定利润，弥补企业的生产成本 | AP2510 卖出 | | 25% | 7980-8000 | | 采购管 理 | 担心旧作苹果库存下降，而新季苹 果减产，苹果收购价过高 | | 空 | 为了防止苹果价格上涨而抬升采购成本，可以在目前阶段买入苹果期货， 在盘面采购来提前锁定采购成本 | AP2510 买入 | | 25% | 7850-7900 | 苹果产业风险管理日报 2025/07/23 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 苹果价格区间预测 | 价格区间预测（月度） | ...

Report Summary 1. Core View - The external market has found support at key integer levels, but Sino-US talks and weather conditions can no longer drive the market to rebound. Attention should be paid to China's purchases and weather in US soybean-producing areas. The domestic soybean complex is expected to continue the positive spread logic, and the rapeseed complex is strong due to short - term warehouse receipt supply - demand mismatch. Short - term contradictions cannot drive the market to strengthen significantly, and the far - month supply - demand gap is the focus for layout [4]. - There are both bullish and bearish factors in the market. Bullish factors include Sino - US peace talks expectations, strong far - month bullish sentiment in the weather market, and cost support from Brazil's export premium for far - month contracts. Bearish factors involve spot supply pressure on the basis, expected soybean arrivals, and the impact of the Indian rapeseed issue and potential supply recovery of rapeseed [5][6]. 2. Price Forecast and Strategy Price Forecast - The monthly price range forecast for soybean meal is 2800 - 3300, with a current 20 - day rolling volatility of 10.2% and a 3 - year historical percentile of 7.8%. For rapeseed meal, it is 2450 - 2750, with a current volatility of 0.1266 and a 3 - year historical percentile of 0.0718 [3]. Hedging Strategy - Traders with high protein inventory can short M2509 soybean meal futures with a 25% hedging ratio at 3300 - 3400 to lock in profits. Feed mills with low inventory can buy M2509 soybean meal futures with a 50% hedging ratio at 2850 - 3000 to lock in procurement costs. Oil mills worried about excessive imported soybeans can short M2509 soybean meal futures with a 50% hedging ratio at 3100 - 3200 to lock in profits [3]. 3. Market Data Futures Prices - The closing prices and daily changes of soybean meal and rapeseed meal futures contracts are as follows: Soybean meal 01 closed at 3116, up 12 (0.39%); Soybean meal 05 at 2769, up 9 (0.33%); Soybean meal 09 at 3095, up 9 (0.29%); Rapeseed meal 01 at 2444, up 7 (0.29%); Rapeseed meal 05 at 2383, up 6 (0.25%); Rapeseed meal 09 at 2758, up 22 (0.8%) [7][9]. Spreads - The spreads between different contracts of soybean meal and rapeseed meal, as well as the basis and spot spreads, are presented in the report. For example, the M01 - 05 spread of soybean meal is 347, up 3 [10]. Import Costs and Profits - The import cost of US Gulf soybeans (23%) is 4766.8495 yuan/ton, with a daily increase of 8.7627 and a weekly decrease of 0.004. The import profit of Brazilian soybeans is 173.8811 yuan/ton, with a daily increase of 40.4599 and a weekly increase of 0.9124. The import profit of Canadian rapeseed is also provided [11].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The trading sentiment in the bond market has declined. Trading desks are advised to temporarily wait and see. Although the market sentiment has recovered in the afternoon, it's hard to say that the market has bottomed out. Trading desks are recommended to be cautious, and if they participate, they need to set stop - losses and conduct quick trades. Allocation desks should seize the opportunities brought by the decline [2][4] 3. Summary by Related Catalogs 3.1. Market Performance - **Futures Prices**: On July 23, 2025, TS2509 was at 102.38 (down 0.034 from the previous day), TF2509 at 105.805 (down 0.08), T2509 at 108.53 (down 0.105), and TL2509 at 119.35 (down 0.17) [5] - **Contract Positions**: TS contract positions decreased by 2168 to 117,449 hands, TF decreased by 786 to 206,013 hands, T decreased by 1759 to 237,147 hands, and TL increased by 1741 to 156,443 hands [5] - **Base Spreads**: TS base spread (CTD) increased by 0.0014 to - 0.0039, TF decreased by 0.0348 to - 0.0126, T decreased by 0.0416 to - 0.0118, and TL decreased by 0.2093 to 0.1316 [5] - **Trading Volumes**: TS main contract trading volume increased by 11,189 to 46,570 hands, TF increased by 28,276 to 87,176 hands, T increased by 41,699 to 115,034 hands, and TL increased by 38,773 to 154,682 hands [5] - **Interest Rates**: DR001 was at 1.3144% (down 0.0465), DR007 at 1.4741% (down 0.016), and DR014 at 1.5422% (down 0.002) [5] - **Interest Rate Trading Volumes**: DR001 trading volume was 28,815.399 billion yuan (up 1427.9833 billion), DR007 was 735.7825 billion yuan (up 24.3853 billion), and DR014 was 142.8005 billion yuan (up 12.521 billion) [5] 3.2. Intraday News - The Supreme People's Court issued the "Interpretation on the Application of Laws in the Trial of Cases Concerning Disputes over Execution Objections," which refines and specifies the protection of the rights and interests of commercial housing consumers and will take effect on July 24, 2025 [3] 3.3. Market Analysis - The bond market was still suppressed by risk assets during the day. In the commodity market, prices fell in the afternoon due to rumors. The anti - involution logic has been the main line of the recent market, but as prices have continued to rise and the market has become extreme, the sentiment needs to be released. In the A - share market, the sentiment also cooled in the afternoon, with sectors such as building materials, construction, and electricity leading the decline [4]

新浪期货 根据交易所数据，截至7月23日收盘主力合约焦炭2509,涨跌+3.83%,成交量7.86万手，持仓数据显示前20席位呈现净空， 差额头寸为4463手。 | | | | | 2025年7月23日焦炭全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | J | 中信期货 | 12,625 | 1,783 | 银河期货 | 4,018 | -211 | 中信期货 | 3,717 | 83 | | 2 | 国泰君安 | 12,428 | 3,106 | 国泰君安 | 2,909 | -514 | 方正中期 | 2.991 | -81 | | 3 | 东证期货 | 5,588 | 1,017 | 中信期货 | 2,850 | -226 | 物产中大 | 2,824 | 106 | | 4 | 银河期货 | 4,799 | -868 | 永安期货 | 1,731 | 87 | ...

Group 1: Report Overview - Report Title: Polyethylene Risk Management Daily Report [1] - Report Date: July 22, 2025 [1] Group 2: Price Forecast and Hedging Strategies Price Forecast - Price Range Forecast (Monthly) for Polyethylene: 7200 - 7500 yuan/ton; Current Volatility (20 - day rolling): 8.05%; Current Volatility Historical Percentile (3 - year): 3.7% [3] Hedging Strategies Inventory Management - For high finished - product inventory and fear of price decline: Short L2509 futures with a 25% hedging ratio at 7400 - 7450 yuan/ton; Sell L2509C7500 call options with a 50% ratio at 50 - 80 [3] Procurement Management - For low regular procurement inventory: Buy L2509 futures with a 50% hedging ratio at 7150 - 7200 yuan/ton; Sell L2509P7200 put options with a 75% ratio at 30 - 80 [3] Group 3: Core Contradiction - Polyolefin market strengthened in the afternoon due to coking coal prices and positive policy signals. PE has a "weak reality + strong expectation" situation. Weak reality: PE spot is weak, basis is below - 100, and inventory is rising. Strong expectation: limited capacity increase recently and upcoming downstream peak season in late July to early August. PE month - spread changed from back to contango and is expected to continue until positive feedback from the spot market [4] Group 4:利多解读 - Positive factors: Macro - sentiment driven rise; LLDPE supply pressure eased by some full - density device rotation and low HDPE inventory; Potential reduction in PE imports from Iran due to Israel - Iran conflict [5] Group 5:利空解读 - Negative factors: Multiple HDPE device planned to be put into production in the middle of the year; Upstream price cuts lead to weak spot prices; PE inventory has been rising for two consecutive weeks, especially LLDPE [6] Group 6: Market Data Futures Prices and Spreads - Plastic main basis on July 22, 2025: - 118 yuan/ton, down 68 yuan/ton from the previous day and 132 yuan/ton from a week ago. L01, L05, and L09 contracts increased by 83, 105, and 78 yuan/ton respectively compared to the previous day [7] - L1 - 5, L5 - 9, and L9 - 1 month - spreads changed by - 22, 27, and - 5 yuan/ton respectively compared to the previous day [9] - L - P spread was 200 yuan/ton on July 22, 2025, up 1 yuan/ton from the previous day [9] Spot Prices and Regional Spreads - Spot prices in North China, East China, and South China were 7140, 7270, and 7280 yuan/ton respectively on July 22, 2025. East - North and East - South spreads were 130 and - 10 yuan/ton respectively [9] Non - standard and Standard Product Spreads - HDPE film - LLDPE film, HDPE hollow - LLDPE film, HDPE injection - LLDPE film, HDPE drawing - LLDPE film, and LDPE film - LLDPE film spreads changed by - 10, - 10, - 35, - 10, and - 10 yuan/ton respectively compared to the previous day [9] Upstream Prices and Processing Profits - Brent crude oil price was 69 dollars/barrel on July 22, 2025; US ethane price was 0.245 dollars/gallon; Northwest coal price was 485 yuan/ton; East China methanol price was 2450 yuan/ton [9] - Oil - based, coal - based, externally - purchased methanol - based, externally - purchased ethane - based, and externally - purchased ethylene - based PE profits changed by 763.5293, 10, 10, 13.4548, and 431.9967 yuan/ton respectively compared to the previous day [9]

南华期货硅产业链企业风险管理日报 2025年07月22日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 宽幅震荡 | 40.8% | 1.61% | 96.8% | 0.0% | | 多晶硅主力合约 | 宽幅震荡 | 47.86% | 3.38% | 85.40% | 3.8% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行 | | | | | | | --- | --- | --- | --- | --- | --- | | 为 导 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | 向 | | | | | | | 库 | | 为了防止存货减值，根据企业库存情况，做空期货来锁定利 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The external market has found support at key integer levels, but Sino - US talks and weather conditions can no longer drive the market to rebound. Future focus should be on China's purchases and weather in US soybean - producing areas. The domestic soybean complex is expected to continue the positive spread logic, and the rapeseed complex is strong due to short - term warehouse receipt supply - demand mismatch. Short - term contradictions cannot drive the market to strengthen significantly, and the long - term supply - demand gap is the key for layout [4]. - Positive factors include the expectation of Sino - US talks supporting the US soybean market, strong long - term bullish sentiment under weather speculation, and Brazilian export premiums supporting long - term contract prices from the cost side [5]. - Negative factors involve supply pressure on the spot side mainly reflected in the basis, the need to monitor the departure of long - position funds in the near - term contracts for futures - spot convergence, expected soybean arrivals with a gap after December, and the impact of the Indian rapeseed meal issue and potential Sino - Canadian and Sino - Australian talks on the market [6]. 3. Summary by Related Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price range for soybean meal is predicted to be 2800 - 3300, with a current 20 - day rolling volatility of 11.5% and a 3 - year historical percentile of 14.1%. For rapeseed meal, the price range is 2450 - 2750, with a current volatility of 0.1642 and a 3 - year historical percentile of 0.2531 [3]. - **Hedging Strategies**: - **Traders**: With high protein inventory and concerns about falling meal prices, they are advised to short 25% of soybean meal futures (M2509) at 3300 - 3400 to lock in profits and cover production costs [3]. - **Feed Mills**: With low regular inventory and the need to purchase based on orders, they are recommended to buy 50% of soybean meal futures (M2509) at 2850 - 3000 to lock in procurement costs [3]. - **Oil Mills**: Worried about excessive imported soybeans and low soybean meal selling prices, they should short 50% of soybean meal futures (M2509) at 3100 - 3200 to lock in profits and cover costs [3]. 3.2 Futures Prices - **Soybean Meal**: The closing prices of soybean meal 01, 05, and 09 are 3104, 2760, and 3086 respectively, with daily increases of 17, 8, and 17, and daily growth rates of 0.55%, 0.29%, and 0.55% [7]. - **Rapeseed Meal**: The closing prices of rapeseed meal 01, 05, and 09 are 2437, 2377, and 2736 respectively, with daily increases of 22, 11, and 9, and daily growth rates of 0.91%, 0.46%, and 0.33% [7][9]. - **Others**: CBOT yellow soybeans closed at 1026.75 with no change, and the offshore RMB was at 7.1714, down 0.0071 or 0.1% [9]. 3.3 Spreads - **Soybean Meal Spreads**: M01 - 05 is 344 (up 9), M05 - 09 is - 326 (down 9), M09 - 01 is - 18 (unchanged). The soybean meal spot price in Rizhao is 2900 (unchanged), and the basis is - 186 (down 17) [10]. - **Rapeseed Meal Spreads**: RM01 - 05 is 60 (up 11), RM05 - 09 is - 359 (up 2), RM09 - 01 is 299 (down 13). The rapeseed meal spot price in Fujian is 2590 (down 84), and the basis is - 137 (down 89) [10]. - **Soybean - Rapeseed Meal Spreads**: The spot spread is 310 (unchanged), and the futures spread is 350 (up 8) [10]. 3.4 Import Costs and Pressing Profits - **Import Costs**: The import cost of US Gulf soybeans (23%) is 4770.043 yuan/ton (up 51.5218), and that of Brazilian soybeans is 3927.66 yuan/ton (down 29.05) [11]. - **Profits**: The import profit of US Gulf soybeans (23%) is - 853.473 yuan/ton (up 51.5218), the import profit of Brazilian soybeans is 133.4212 yuan/ton (down 20.3779), the import profit of Canadian rapeseed on the futures market is 301 yuan/ton (down 4), and the import profit of Canadian rapeseed in the spot market is 292 yuan/ton (down 8) [11].