1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Oil**: South American soybean growth is good with a high probability of a bumper harvest, and US soybean exports are slow, leading to weak CBOT soybean futures prices. In the domestic market, concerns about soybean customs clearance have supported domestic bean prices, but overall soybean and soybean oil supplies are sufficient, suppressing price increases. With ample supply and limited short - term bullish drivers, it is advisable to hold short positions lightly. The support level for the main 05 contract is 7600 - 7650 yuan/ton, and the resistance level is 7900 - 7950 yuan/ton [1]. - **Rapeseed Oil**: Rapeseed oil futures fluctuated on Monday. The current inventory is in a destocking state. With Australian rapeseed not yet in the crushing stage, the market's bullish sentiment has increased. The near - month contract prices have risen rapidly, but the upside of the 05 contract is limited due to expected supply increases. In the short - term, it is expected to remain volatile. In the long - term, supply increases and a global bumper harvest will put pressure on prices, while anti - dumping duties and high import costs provide some support. It is advisable to wait and see for single - side operations and consider the arbitrage opportunity of going long on palm oil and short on rapeseed oil [1]. - **Palm Oil**: Palm oil fluctuated weakly on Monday. The fundamentals of the main producing areas have improved slightly, but the market still expects Malaysia's palm oil inventory to continue to accumulate in December, limiting price rebounds. With long - term deep import profit inversion and stagnant ship purchases in the past two weeks, there is some bottom support. In the short - term, prices may fluctuate. It is advisable to wait and see for single - side operations and consider the arbitrage opportunity of going long on palm oil and short on rapeseed oil [2]. - **Other Products**: For other products such as soybeans, corn, and their derivatives, as well as livestock and poultry products like pigs and eggs, the report provides detailed market analyses, support and resistance levels, and corresponding trading strategies based on supply - demand relationships, inventory situations, and market sentiment [1][2][3][4][5][6]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: The 05 contract of soybeans (domestic) is expected to be oscillating strongly, and it is recommended to hold short - term long positions; the 05 contract of soybeans (imported) is expected to rise first and then fall, and it is recommended to sell on rallies [9]. - **Oils**: The 05 contract of soybean oil is expected to be oscillating bearishly, and it is recommended to sell on rallies; the 05 contract of rapeseed oil is expected to oscillate, and it is advisable to wait and see; the 05 contract of palm oil is expected to oscillate, and it is advisable to turn to a wait - and - see stance [9]. - **Proteins**: The 05 contract of soybean meal is expected to rise first and then fall, and it is recommended to sell on rallies; the 05 contract of rapeseed meal is expected to oscillate, and it is advisable to wait and see [9]. - **Energy and By - products**: The 03 contract of corn is expected to be oscillating strongly, and it is recommended to take a short - term long - position approach; the 03 contract of corn starch is expected to be oscillating strongly, and it is recommended to take a short - term long - position approach [9]. - **Livestock Farming**: The 03 contract of pigs is expected to find a bottom through oscillation, and it is recommended to try long positions with a light position; the 05 contract of eggs is expected to find a bottom through oscillation, and it is recommended to buy at low prices [9]. 3.1.2 Commodity Arbitrage - **Inter - delivery Arbitrage**: For different products, the report provides current values, previous values, price changes, and corresponding arbitrage strategies, including waiting and seeing, positive spreads (buying near - term contracts and selling far - term contracts), and negative spreads (selling near - term contracts and buying far - term contracts) [10][11]. - **Inter - commodity Arbitrage**: For different product combinations, the report provides current values, previous values, price changes, and corresponding arbitrage strategies, such as waiting and seeing, bearish operations [11]. 3.1.3 Basis and Spot - Futures Strategies The report provides spot prices, price changes, and basis changes of various products, including oilseeds, oils, proteins, energy and by - products, and livestock farming products [12]. 3.2 Second Part: Key Data Tracking Tables 3.2.1 Oils and Oilseeds - **Daily Data**: It includes import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, such as CNF prices, import duty - paid prices, and the cost of soybean meal when the crushing profit is zero [14][15]. - **Weekly Data**: It includes inventory changes and operating rates of various oils and oilseeds, such as soybean (port) inventory, soybean meal (oil mill) inventory, and soybean oil (port) inventory [16][17]. 3.2.2 Feed - **Daily Data**: It includes the import cost data of corn from different countries and months [17]. - **Weekly Data**: It includes indicators such as the consumption of corn by deep - processing enterprises, corn inventory, starch enterprise operating rate, and starch enterprise inventory [18]. 3.2.3 Livestock Farming - **Daily Data**: It includes daily data of pigs and eggs, such as spot prices, price changes, and basis changes [19][20]. - **Weekly Data**: It includes weekly key data of pigs and eggs, such as spot prices, breeding costs, profits, and inventory data [22][23]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock Farming (Pigs and Eggs)**: It includes charts of the closing prices of the main contracts of pigs and eggs, spot prices, and related price indicators [24][25][26]. - **Oils and Oilseeds**: It includes charts related to palm oil, soybean oil, and peanuts, such as production, exports, inventory, and basis [33][40][48]. - **Feed**: It includes charts related to corn, corn starch, rapeseed meal, and soybean meal, such as closing prices, spot prices, basis, and inventory [51][58][63][70]. 3.4 Fourth Part: Options Situation of Feed, Livestock Farming, and Oils The report provides charts of historical volatility, trading volume, and open interest of options for various products, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts [86][88]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils The report provides charts of warehouse receipt quantities of various products, such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs [94][96][97][100][102].

Group 1 - The cotton futures on the Intercontinental Exchange (ICE) closed lower on December 29, but remained close to the multi-week high reached the previous week, supported by short covering, a general rise in soft commodity markets, and increasing oil prices [1] - The ICE March cotton contract fell by 0.14 cents or 0.22%, settling at 64.35 cents per pound, after reaching its highest level since December 3 the previous Friday [1] - According to StoneX's risk management expert, there appears to be some short covering, but no specific factors are driving this rebound; it seems to be forming a new upward trend [1] Group 2 - As of December 16, speculators increased their net short positions in ICE cotton futures by 1,822 contracts to 60,573 contracts, indicating a cautiously optimistic sentiment [1] - International oil prices rose by over $1 on the same day, making cotton more attractive as a substitute for polyester fibers, which have become more expensive [1] - The overall soft commodity market saw small increases in cocoa, raw sugar, and coffee futures [2] Group 3 - The National Bureau of Statistics of China reported that the national cotton planting area for 2025 is projected to be 4,468.7 million mu, an increase of 2.113 million mu or 5.0% from the previous year; the yield is expected to be 148.6 kg/mu, up by 3.8 kg/mu or 2.6%; and the total production is forecasted at 6.641 million tons, an increase of 477,000 tons or 7.7% [2] - In the grain market, Chicago wheat prices fell on December 29 due to ample global wheat supply putting pressure on the market [3] - The Cotlook A Index on December 29 was reported at 74.50 cents per pound, an increase of 50 points [4]

1. Report Information - Industry: Soybean Meal [1] - Date: December 30, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Investment Rating - No investment rating provided in the report 3. Core View - The short - term rebound of domestic soybean meal is mainly due to news of customs clearance delays and oil mill shutdowns, but the high inventory is difficult to consume. Once the market returns to fundamentals, soybean meal may have a supplementary decline, especially for the 05 contract priced by Brazilian soybean costs. Short - term operation advice is to go short on rallies and pay attention to the support of the outer market [6]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Market Data**: For the soybean meal 2601 contract, the previous settlement price was 3099, the closing price was 3092, down 7 or 0.23%, with a trading volume of 38,860 and an open interest change of - 27,028; for the 2603 contract, the previous settlement price was 3069, the closing price was 3076, up 7 or 0.23%, with a trading volume of 173,725 and an open interest change of 2,427; for the 2605 contract, the previous settlement price was 2782, the closing price was 2774, down 8 or 0.29%, with a trading volume of 1,075,551 and an open interest change of 37,990 [6]. - **Outer Market**: The US soybean futures contract on the outer market had a slight correction, with the main contract close to 1070 cents. The recent rebound was due to reaching a support level and a year - on - year decrease in US soybean ending inventory, as well as good export sales. However, the pressure comes from the approaching South American harvest. Some institutions have raised the Brazilian soybean production forecast to over 180 million tons, higher than the USDA's estimate of 175 million tons and last year's 171.5 million tons. The outer market may test the support at 1050 cents [6]. - **Domestic Market**: Last week, domestic soybean meal rebounded due to news of customs clearance delays and oil mill shutdowns, but the high inventory is difficult to consume. The overall bull market in commodities has boosted bullish sentiment, but once the market returns to fundamentals, soybean meal may decline. The 05 contract is mainly priced by Brazilian soybean costs and is unlikely to have a continuous rebound. Short - cycle operation advice is to go short on rallies and pay attention to the outer market support [6]. 4.2 Industry News - **Brazil**: According to Emater, the nutritional growth of the 2025/26 soybean crop in Rio Grande do Sul is "satisfactory to very good". The average yield per hectare is expected to be 3,180 kg, a significant increase from last season's 2,009 kg. If the weather remains good, the state's soybean production may reach 21.44 million tons, a 57.14% increase from the previous year. As of last Thursday, 92% of the planned 6.74 million - hectare planting area had been sown, and 98% of the sown crops were in the germination/nutritional growth stage [7]. - **Argentina**: As of December 23, the planting rate of the 2025/26 soybean crop in Argentina was 77%, compared with 65% last week and 88% in the same period last year [9]. 4.3 Data Overview - The report provides multiple data charts, including soybean meal ex - factory price, 01 contract basis, 1 - 5 spread, 5 - 9 spread, US dollar - RMB central parity rate, and US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [15][17][14]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For soybeans and soybean meal, the global new - crop soybean production has been marginally reduced, and the total output is now equal to the total demand. The bottom of the import cost may have emerged, but upward movement requires greater production cuts. With large domestic soybean and soybean meal inventories but fewer near - month purchases, the de - stocking rate is expected to accelerate, and soybean meal is expected to trade in a range [4]. - For palm oil, the outlook for first - quarter inventory depends on production and export data. If production remains high and exports are sluggish, prices may decline unilaterally; if production returns to a lower - than - normal trend, it could stimulate buying and drive up prices. Short - term operations guided by high - frequency data are recommended [8]. - For sugar, the raw sugar price has fallen below the support level of Brazil's ethanol conversion price. After the northern hemisphere's sugar harvest in February next year, international sugar prices may rebound. With a decreasing supply of imported sugar in China, the price may continue to rebound in the short term [12]. - For cotton, the market had anticipated the reduction of cotton planting area in Xinjiang. The current price is at a recent high with increased volatility. Fundamentally, the off - season is not weak, and the supply - demand balance, combined with positive expectations, supports the price. It is advisable to wait for a pullback to go long [16][17]. - For eggs, after a price drop, there is reluctance to sell in the spot market, and with upcoming consumer stocking and chicken culling, the market outlook is improving. However, the absolute supply pressure still weighs on the spot and near - month contracts. The futures market is in a state of weak reality and strong expectation. Short - term selling on rallies for near - month contracts and long - term attention to the upper pressure for far - month contracts are recommended [20]. - For hogs, the combination of reduced group sales and the entry of second - round fattening has led to a less - than - expected price drop after the Winter Solstice, causing more short - covering in the futures market. Spot strength may continue in the short term. However, the current supply tightness is mainly structural, and the large - scale supply and heavy pig weights remain the main factors. A strategy of selling on rallies for near - month contracts and long - term attention to the lower support for far - month contracts is maintained [23]. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Conditions**: On Monday, CBOT soybeans closed lower. Brazil's soybeans are expected to have a bumper harvest, and Argentina has good soil moisture but less rainfall in some areas in the future. Domestic soybean meal spot prices rose by 30 yuan/ton on Monday, with weak trading volume and high pick - up volume. MYSTEEL expects this week's soybean crushing volume at oil mills to be 2.0644 million tons, up from 1.8404 million tons last week. Last week, feed enterprises' inventory days increased by 0.22 days to 9.45 days, soybean inventory decreased by 400,000 tons (but was about 500,000 tons higher year - on - year), and oil mills' soybean meal inventory increased by 30,000 tons (about 460,000 tons higher year - on - year) [2]. - **Weather**: Forecasts show that there will be more rainfall in the main soybean - growing areas of Brazil in the next two weeks, while the main producing provinces in Argentina will have less rainfall. The weather situation needs continuous monitoring [2]. Oils - **Market Conditions**: SPPOMA data shows that Malaysia's palm oil production decreased by 9.12% in the first 25 days of December compared to the same period. Ship - tracking data indicates mixed export trends. In the domestic market on Monday, palm oil prices declined slightly, while rapeseed oil prices rose, and domestic palm oil inventory is high. The basis for various oils is as follows: Guangzhou 24 - degree palm oil 05 - 40 (0) yuan/ton, Jiangsu first - grade soybean oil 05 + 500 (0) yuan/ton, and East China rapeseed oil 05 + 700 (0) yuan/ton [6]. - **Argentina Situation**: Argentina exported 6.48 million tons of soybean oil in the first 11 months of this year, less than in 2024. With reduced soybean processing expected, further shipments are likely to be lower than last year. Argentina's soybean inventory at the beginning of December was 4.5 million tons, lower than last year [6]. Sugar - **Market Conditions**: On Monday, Zhengzhou sugar futures prices dropped slightly. The closing price of the May contract was 5,253 yuan/ton, down 32 yuan/ton or 0.61%. Spot prices in various regions also declined. The basis between Guangxi spot and the Zhengzhou sugar main contract was 57 yuan/ton [10]. - **Import and Production Data**: In November 2025, China imported 440,000 tons of sugar, a year - on - year decrease of 90,000 tons. From January to November, the cumulative import was 4.34 million tons, a year - on - year increase of 380,000 tons. In the 2025/26 sugar - making season as of the end of November, imports were 1.19 million tons, a year - on - year increase of 120,000 tons. Brazil's mid - southern region's sugar production and cane - crushing volume in the second half of November decreased significantly year - on - year, and India's cumulative sugar production as of December 15 increased year - on - year [11]. Cotton - **Market Conditions**: On Monday, Zhengzhou cotton futures prices decreased. The closing price of the May contract was 14,435 yuan/ton, down 100 yuan/ton or 0.69%. The spot price of the China Cotton Price Index (CCIndex) 3128B increased, and the basis between the spot and the main contract was 1,106 yuan/ton [14]. - **Industry News**: In December 2025, Xinjiang held a meeting to discuss reducing cotton planting area. In November, China imported 120,000 tons of cotton, a year - on - year increase of 10,000 tons. As of December 26, the spinning mill's operating rate was 64.7%, and the national commercial cotton inventory was 5.17 million tons, a year - on - year increase of 100,000 tons [15]. Eggs - **Market Conditions**: Yesterday, the national egg prices were generally stable with minor adjustments. The average price in the main producing areas rose slightly to 3 yuan/jin. The supply was sufficient, but the downstream market had slow sales, and traders were less willing to buy. It is expected that today's prices may be stable in some areas and decline in others [19]. Hogs - **Market Conditions**: Yesterday, domestic hog prices mostly rose, with some areas seeing small declines. The average price in Henan increased by 0.16 yuan to 12.58 yuan/kg, while in Sichuan, it decreased by 0.04 yuan to 12.67 yuan/kg. Some farmers reduced their sales at the end of the month, which was beneficial to prices, but the slaughterhouses' acceptance of high prices was limited, and the trading volume was low [22].

Group 1 - The core viewpoint of the article highlights the performance of major agricultural futures contracts on the Intercontinental Exchange (ICE), with most contracts experiencing price changes [1] Group 2 - Raw sugar futures increased by 0.4%, reaching 15.23 cents per pound [1] - Cotton futures decreased by 0.23%, settling at 64.34 cents per pound [1] - Cocoa futures saw a significant rise of 5.07%, priced at $6,255 per ton [1] - Coffee futures rose by 0.3%, priced at $3.513 per pound [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The overall outlook for the粕类 market is near - strong and far - weak. Domestic rumors of customs controlling soybean imports are positive for near - term contracts and long - short spreads. The M05 contract is expected to be relatively weak. The trading strategy suggests a range - bound trend for single - sided trading and a long M3 - short M5 spread for arbitrage. Attention should be paid to policies and weather conditions [5]. 3. Summary According to Related Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: It is bullish. The predicted 25/26 Brazilian new - crop soybean production is 177.6 million tons. As of December 20, the Brazilian soybean sowing rate was 97.6%. As of December 17, the Argentine soybean sowing progress was 67.3%. There are no obvious short - term weather problems. In January, domestic soybean and soybean meal are expected to seasonally reduce inventory. Customs are rumored to strictly control soybean imports until the end of May, increasing concerns about domestic soybean meal supply before May next year. Under the current China - Canada trade policy, the supply of imported rapeseed meal and rapeseed in China is expected to decrease, while the supply of Australian rapeseed is expected to increase. The global rapeseed production in 2025/26 is expected to have a restorative increase [5]. - **Demand**: The demand for soybean meal is neutral, and that for rapeseed meal is bearish. In the short term, the high pig inventory is expected to be maintained, supporting feed demand, but the current breeding profit is in the red, and national policies tend to control pig inventory and weight, which may affect long - term supply. The cost - effectiveness of soybean meal has decreased. Recently, the downstream trading of soybean meal was normal, and the pick - up performance was good, while the downstream trading and pick - up of rapeseed meal were cautious [5]. - **Inventory**: It is slightly bullish. The domestic soybean and soybean meal inventories are at a high level in the same period of history, the reduction of soybean meal inventory is slow, and the spot supply pressure is still large, but it is expected to accelerate inventory reduction in January. This week, the inventory days of soybean meal in feed enterprises increased. The domestic rapeseed meal inventory has been continuously decreasing [5]. - **Basis/Spread**: It is neutral [5]. - **Profit**: It is bearish. The new - crop soybean purchase and crushing profit in China is good, and the crushing profit of Canadian rapeseed is also good [5]. - **Valuation**: It is neutral. From the perspective of crushing profit, the soybean meal futures price is at a relatively high valuation; from the perspective of absolute price, it is at a relatively low valuation [5]. - **Macro and Policy**: It is bullish. There are rumors in China that the customs held a meeting to strictly control soybean imports until the end of the month [5]. - **Investment Viewpoint**: It is bullish for near - term contracts. Rumors of customs controlling soybean imports are positive for near - term contracts and long - short spreads. Pay attention to customs policy dynamics. US soybean exports are weak, there is no obvious hype driver for South American weather, and the Brazilian premium is expected to be under pressure in the future. The M05 contract is expected to be relatively weak, showing an overall pattern of near - strong and far - weak [5]. - **Trading Strategy**: Single - sided trading is expected to be range - bound, and the arbitrage strategy is to go long M3 and short M5. Risks to focus on include policies and weather [5]. 3.2 Fundamental Supply - Demand Data of 粕类 - **Inventory - to - Consumption Ratio**: In December, the US soybean inventory - to - consumption ratio for the 25/26 season remained unchanged, and the global soybean inventory - to - consumption ratio increased. The global rapeseed inventory - to - consumption ratio also increased [31][38]. - **Soybean Processing and Export**: The US soybean domestic crushing profit has declined, the NOPA soybean crushing volume and USDA monthly soybean crushing volume are presented, and the US soybean export sales progress is slow [48][55][58]. - **Soybean and Rapeseed Import and Price**: The Brazilian soybean planting progress, soybean CNF premium, and import soybean futures margin are shown. The Canadian rapeseed CFR price and import crushing profit are also provided, along with the US dollar - Brazilian real exchange rate [64][66][69]. - **Domestic Inventory and Trading Volume**: Domestic soybean, soybean meal, rapeseed, and rapeseed meal inventories are at high levels, and the feed enterprise inventory has increased. The trading volume of soybean meal is normal, and the pick - up performance is good, while the trading volume and pick - up of rapeseed meal are cautious. The feed monthly output, pig, chicken, and egg chicken breeding profits, and related inventory data are also presented [76][93][106].

| 期货价格(主力日收盘) | 单位 | 最新 | 前一日 | 涨跌 | | 涨跌幅 周趋势图 | | --- | --- | --- | --- | --- | --- | --- | | 豆粕 | 元/吨 | 2790 | 2760 | 30 | 1. 09% | | | 现货价格 | 单位 | 最新 | 前一日 | 涨跌 | 涨跌幅 | 周趋势图 | | 全国均价 | 元/吨 | 3174.86 | 3143. 71 | 31. 15 | 0. 99% | | | 张家港 | 元/吨 | 3100 | 3100 | 0 | 0. 00% | | | 杂粕现货均价 | 单位 | 最新 | 前一日 | 涨跌 | 涨跌幅 | 周趋势图 | | 花生粕 | 元/吨 | 3187.5 | 3187.5 | 0 | 0. 00% | | | 葵花粕 | 元/吨 | 2241. 25 | 2210 | 31. 25 | 1. 41% | | | 芝麻粕 | 元/吨 | 3500 | 3500 | 0 | 0. 00% | | | 棕榈粕 | 元/吨 | 1466. 67 | 1466. 67 | 0 | 0. 00% ...

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Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The overall view of the commodity futures agricultural products sector is that the prices of major varieties such as soybean meal, palm oil, and soybean oil are in a state of shock and weakness in the short - term and medium - term, with limited upward momentum [5][7]. 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: The short - term, medium - term, and intraday views are all shock and weakness, and the reference view is also shock and weakness [5][6]. - **Core Logic**: Domestic inventory is high, the resumption of oil mill operating rates intensifies inventory pressure, the contract volume of oil mills drops significantly, and trading volume is light. The terminal's enthusiasm for chasing up prices is limited, and the market is concerned about rumors of soybean arrival and customs clearance policies. Although the soybean meal futures price has rebounded, the sustainability is not strong, showing a pattern of near - strong and far - weak, and overall it is in a low - level shock [5]. Palm Oil (P) - **Viewpoints**: The short - term, medium - term, and intraday views are all shock and weakness, and the reference view is also shock and weakness [6][7]. - **Core Logic**: The domestic palm oil market shows a pattern of strong outside and weak inside. The main driving force is that Malaysian palm oil has entered the seasonal production reduction cycle, with a 7.44% month - on - month decrease in production from December 1 - 20, and the improvement of Malaysian palm oil exports. However, Indonesia's 2026 biodiesel quota is basically flat, limiting the imagination space for palm oil's biodiesel demand. The domestic fundamentals are relatively weak, with high port inventories. Before the de - stocking signal is clear, the short - term palm oil futures price is in a low - level wide - range shock [7]. Soybean Oil (Y) - **Viewpoints**: The short - term, medium - term, and intraday views are all shock and weakness, and the reference view is also shock and weakness [6]. - **Core Logic**: Influenced by factors such as US soybean cost support, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Overnight US soybeans closed lower, and Dalian soybean meal futures may adjust; soybean futures are expected to fluctuate [1] - The soybean futures market on the Chicago Board of Trade (CBOT) closed lower on December 26, 2025, mainly due to long - position profit - taking. The market lacks new news, and factors such as Sino - US relations and South American weather add uncertainties [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: DCE soybean futures contract 2605 closed at 4140 yuan/ton, up 15 yuan (+0.36%); DCE soybean meal futures contract 2605 closed at 2790 yuan/ton, up 51 yuan (+1.86%), and in the night session, it was at 2783 yuan/ton, up 1 yuan (+0.04%); CBOT soybean futures contract 03 closed at 1071.75 cents/bushel, down 4.75 cents (-0.44%); CBOT soybean meal futures contract 03 closed at 307.4 dollars/short ton, down 0.7 dollars (-0.23%) [1] - **Spot Data**: The spot price of soybean meal (43%) is in the range of 3120 - 3150 yuan/ton, up 40 - 50 yuan compared to the previous day; different regions have different basis prices and premiums for different contract periods [1] - **Industrial Data**: The trading volume of soybean meal is 18.45 (units not specified), and the inventory is 105.63 tons [1] 3.2 Macro and Industry News - On December 26, 2025, CBOT soybean futures closed lower due to long - position profit - taking. The market lacks new news, and traders are waiting for new information on China's demand for US soybeans, while also paying attention to geopolitical dynamics and South American weather [3] - Brazil has started harvesting early - sown soybeans, and the yield may exceed 6.5 billion bushels, setting a new record. Argentina's soybean crops are in the early growth stage, and timely rainfall supports high yields [3] 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, mainly referring to the price fluctuations of the main - contract futures on the reporting day [3]