Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View - The new US soybean supply - demand balance sheet is tight. Under the current China - US trade policy, the discount of Brazilian soybeans is expected to have a limited decline. With the support of import costs, the downside space below 00 is expected to be limited. The futures market is expected to fluctuate in the short - term and show a volatile upward trend in the medium - to - long - term due to the expected increase in costs. Attention should be paid to changes in China - US policies [5][6]. 3. Summary by Related Content Supply - The USDA August report raised the US soybean yield per acre from 52.5 to 53.6 bushels per acre, a record high, but unexpectedly cut the 25/26 US soybean planting area by 2.5 million acres to 80.9 million acres. As a result, the 25/26 US soybean ending stocks were cut from 310 million bushels in July to 290 million bushels [5]. - The Pro Farmer inspection showed that the estimated yield per acre of new US soybeans was 63 bushels, lower than the USDA estimate. The good - excellent rate of US soybeans remained at 68%, still at a high level. Rainfall in the production areas in the next two weeks was expected to be low, but the temperature was low, which might lead to a downward revision of the good - excellent rate [5]. - The arrival of soybeans in China in August and September is expected to exceed 10 million tons, and soybean meal is expected to remain in the inventory accumulation cycle. Shipments from October to January are slow, and there is an expectation of inventory reduction in the far - month under the current China - US trade policy [5][6]. Demand - Short - term high inventory levels of pigs and poultry support soybean meal demand. However, policy - oriented control of pig inventory and weight is expected to affect far - month pig supply [6]. - Soybean meal has a high cost - performance ratio, and提货 is at a high level. In some areas, wheat replaces corn, reducing the use of high - protein feed. Soybean meal downstream transactions this week are relatively cautious [6]. Inventory - Domestic soybean inventory has increased to a high level. The inventory accumulation rate of soybean meal has slowed down but is still in the inventory accumulation cycle. The number of days of soybean meal inventory in feed enterprises has increased [6]. Price and Spread - The report provides data on the basis of 43% soybean meal spot (against the main contract) in different regions such as Dalian, Tianjin, and Zhangjiagang, as well as the basis of rapeseed meal spot in Guangdong, and various spread data such as M9 - M1, M9 - RM9, etc. [4][5]

Investment Ratings - Bean No.1: Neutral (White Star) [1] - Bean Meal: Slightly Bullish (One Red Star) [1] - Soybean Oil: Neutral (White Star) [1] - Palm Oil: Neutral (White Star) [1] - Rapeseed Meal: Neutral (White Star) [1] - Rapeseed Oil: Neutral (White Star) [1] - Corn: Slightly Bearish (One Green Star) [1] - Live Hogs: Slightly Bearish (One Green Star) [1] - Eggs: Neutral (White Star) [1] Core Views - The overall agricultural product market shows a complex situation with different trends in various varieties. Some are affected by supply - demand factors, some by policies, and others by weather and trade relations [2][3][7] - There are opportunities for long - term investment in some varieties like eggs, while others like live hogs are expected to remain weak in the medium - term [8][9] Summary by Variety Bean No.1 - The price of Bean No.1 is in a weak decline due to increased supply pressure from policy - driven soybean auctions and weak demand. The spread between Bean No.1 and Bean No.2 is in consolidation. Short - term focus should be on soybean policies and Sino - US trade relations [2] Soybean & Bean Meal - As of August 24, the US soybean good - to - excellent rate was 69%, higher than expected. Global oil strength may boost soybean crushing. China's soybean supply in Q4 is sufficient, but there may be a gap in Q1 next year. The situation of "crushing for oil" has emerged. The long - term view on domestic bean meal is cautiously bullish [3] Soybean Oil & Palm Oil - The market has positive expectations for Sino - US trade negotiations. US soybean oil is in a short - term rebound and then in a shock. Mid - term overseas palm oil is in a production - reducing cycle. Long - term, there is a development trend for US and Indonesian biodiesel. Bean and palm oils can be considered for buying at low prices with risk control [4] Rapeseed Meal & Rapeseed Oil - Rapeseed varieties' futures prices closed down today, dragged down by the weak external rapeseed market. The supply and demand of Canadian rapeseed affect global rapeseed prices. The domestic rapeseed market is in a short - term shock and the price center may shift down [6] Corn - China Grain Reserves Corporation continued to auction imported corn with a 15% transaction rate. Shandong's corn supply is stable. The US corn good - to - excellent rate was 71% as of August 24. Domestic new - season corn may have a good harvest, and the Dalian corn futures may continue to be weak at the bottom [7] Live Hogs - The live hog spot price is weak, with the average slaughter price hitting a new low. The supply is abundant. The futures price follows the spot price. The supply is expected to be high in the second half of the year, and the price is expected to remain weak in the medium - term. Policy aims at industry capacity reduction, but the inflection point has not been seen [8] Eggs - Egg futures are weak, with some contracts hitting new lows and funds increasing positions. Spot prices are rising in many places. There may be a seasonal rebound in egg prices from late August to September. In the long - term, there are signs of accelerated culling of old hens, and there is a high probability of capacity reduction in the second half of the year. It is advisable to consider buying futures contracts for the first half of next year at low prices [9]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - In the short - term, the market is likely to maintain a slightly stronger oscillating trend. The future trend of US cotton is expected to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is relatively limited. The trading strategy for options is to sell put options, and for arbitrage, it is to wait and see [8][9][12] Group 3: Summary by Relevant Catalogs Market Information - **Futures Disk**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts decreased by 20, and the closing price of CY01 increased by 5, CY05 remained unchanged, and CY09 decreased by 35. The trading volumes and open interests of each contract also had corresponding changes. For example, the trading volume of CF01 decreased by 94,563, and the open interest increased by 3,455 [3] - **Spot Price**: The CCIndex3128B price was 15,334 yuan/ton, up 91; the CY IndexC32S price was 20,760, up 20. The Cot A price was 78.90 cents/pound, unchanged; the FCY IndexC33S price was 21,880, down 11. Other spot prices also had corresponding changes [3] - **Spreads**: In cotton spreads, the 1 - 5 month spread was 45 with no change, the 5 - 9 month spread was 275 with no change, and the 9 - 1 month spread was - 320 with no change. In yarn spreads, the 1 - 5 month spread was - 235, up 5, the 5 - 9 month spread was 315, up 35, and the 9 - 1 month spread was - 80, down 40. The CY01 - CF01 spread was 6,060, up 25, and the 1% tariff internal - external cotton spread was 1,437, up 99 [3] Market News and Views - **Cotton Market News** - As of August 23, Brazil's cotton harvesting progress was 60.3%, up 11.4 percentage points week - on - week, 15.8% slower than last year, mainly due to the lag in Mato Grosso [6] - As of August 24, the boll - setting rate of US cotton was 81%, 7 percentage points slower than last year and 6 percentage points slower than the five - year average. The flocculation rate was 20%, the same as last year and 2 percentage points slower than the five - year average. The excellent and good rate was 55%, 15 percentage points higher than last year and 11 percentage points higher than the five - year average [6] - As of August 25, India's weekly cotton market volume was 0.8 million tons, down 20% year - on - year. The cumulative market volume in the 2024/25 season was 5.1675 million tons, down 4% year - on - year. The CAI cumulative market volume reached 98% of the 24/25 season forecast balance sheet output, the same as last year [7] - In 2025, the total volume of the sliding - scale duty processing trade quota for cotton imports is 200,000 tons, and it will be issued on a contract - based application basis [7] - **Trading Logic**: After the recent China - US talks, tariffs are likely to be extended by 90 days, and the short - term tariff impact may weaken. China's anti - involution policies have a certain positive impact on commodities. On the supply side, cotton supply is still tight, and whether to issue additional sliding - scale duty quotas in the future will be the main influencing factor. On the demand side, demand is expected to improve from the off - season to the peak season in August. If demand is lower than expected, it will have a negative impact on Zhengzhou cotton [8] - **Trading Strategy** - **Single - side**: The future trend of US cotton is likely to be slightly stronger with oscillations, and Zhengzhou cotton is expected to maintain a slightly stronger oscillating trend in the short - term, but the upward space is limited [9] - **Arbitrage**: Wait and see [10] - **Options**: Sell put options [12] - **Cotton Yarn Industry News** - Recently, the transaction in the pure cotton yarn market is okay, and spinning mills are selling at reasonable prices to reduce inventory, but there is still resistance to price increases. The market is worried about large - scale spinning mills' low - price promotions in early September, and the yarn price is expected to be stable in the short - term [12] - The price of the pure cotton grey fabric market is stable with a weak trend, the overall transaction atmosphere is still weak, and fabric mills are mainly digesting inventory. Most fabric mills still have large inventory pressures, and the order improvement is not sustainable. The dyeing factory's order scheduling recovery is limited and weaker than in previous years [12] Options - **Volatility**: Today, the 120 - day HV of cotton increased slightly compared to the previous day. The implied volatility of CF601 - C - 14000 was 10.5%, CF601 - P - 13600 was 9.8%, and CF601 - P - 13400 was 10.1% [14] - **Option Strategy Suggestion**: Today, the PCR of the main contract of Zhengzhou cotton was 0.7560, and the PCR of the trading volume of the main contract was 0.6197. The trading volumes of both call and put options increased. The option strategy is to sell put options [15][16] Relevant Attachments - The report provides multiple charts, including the 1% tariff internal - external cotton price spread, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [17][24][27]

1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views Palm Oil - Internationally, it may test the support at 4,500 ringgit and could briefly drop to 4,350 ringgit. Pay attention to production and inventory data [1]. - Domestically, after the futures price stabilizes above 9,500 yuan, it may rise to the 9,800 - 10,000 yuan range, maintaining a near - strong and far - weak pattern [1]. Soybean Oil - CBOT soybean oil may experience narrow - range fluctuations. If the policy is not released, it may decline due to sufficient soybean supply in the US [1]. - Domestically, with the arrival of the consumption season, the inventory is expected to decrease, and the basis quote may rise [1]. Corn - Short - term: Supply is increasing, demand is weak, and the market is in a weak and volatile state [2]. - Medium - term: New - season corn costs are decreasing, production may increase, and the supply pressure in the fourth quarter is significant [2]. Live Pigs - Spot prices are stable with minor fluctuations. Short - term sentiment may support the market, but there may be a concentrated slaughter before the double festivals. It is recommended to wait and see, and consider a small - scale long position in the far - month 01 contract below 14,000 [6]. Meal - US soybean prices are supported by weather and Chinese procurement expectations, but the domestic market may not rise smoothly due to import concerns. The cost support for domestic meals is strong in the fourth quarter [10]. Sugar - Raw sugar is under pressure from supply expectations but may be affected by potential production cuts in Brazil. It is expected to trade in the 15 - 17 cents/pound range in the short term. Zhengzhou sugar is expected to fluctuate narrowly [13]. Cotton - Short - term: Old - crop inventory is tight, supporting prices, but new - season production is expected to increase, so prices may fluctuate within a range [14]. - Long - term: New - cotton listing may put pressure on prices [14]. Eggs - Supply is sufficient, downstream digestion is slow, and egg prices are expected to remain bearish [16]. 3. Summary by Industry Oil and Fat Industry - **Soybean Oil**: On August 25, the spot price in Jiangsu was 8,740 yuan, up 0.58% from August 22; the futures price of Y2601 was 8,536 yuan, up 0.52% [1]. - **Palm Oil**: On August 25, the spot price in Guangdong was 9,620 yuan, up 0.84%; the futures price of P2601 was 9,488 yuan, down 0.23% [1]. - **Rapeseed Oil**: On August 25, the spot price in Jiangsu was 9,980 yuan, up 0.30%; the futures price of OI601 was 9,998 yuan [1]. Corn Industry - **Corn**: The price of corn 2511 at Jinzhou Port decreased by 0.97%, the basis increased by 63.08%, and the 11 - 3 spread decreased by 53.33% [2]. - **Corn Starch**: The price of corn starch 2511 decreased by 0.68%, the basis increased by 8.02%, and the 11 - 3 spread decreased by 11.43% [2]. Live Pig Industry - The spot price was stable, the basis of the main contract decreased by 24.05%, and the sample - point slaughter volume decreased by 0.84% [5]. Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan, up 0.33%; the futures price of M2601 was 3,117 yuan, up 0.94% [10]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,580 yuan, up 1.57%; the futures price of RM2601 was 2,547 yuan, up 0.16% [10]. Sugar Industry - The futures price of sugar 2601 increased by 0.32%, and the 1 - 9 spread increased by 42.86%. Nationwide sugar production increased by 12.03% year - on - year [13]. Cotton Industry - The futures price of cotton 2509 increased by 0.29%, and the 9 - 1 spread decreased by 18.52%. Commercial inventory decreased by 16.9% month - on - month [14]. Egg Industry - The price of the egg 09 contract increased by 1.06%, the price of the 10 contract decreased by 0.40%, and the egg - to - feed ratio decreased by 0.82% [16].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - **Corn**: The spot price of corn is weak this week compared to last week. The purchase price at the northern ports continues to decline, and the arrival of goods is limited. The purchase price of deep - processing enterprises is also weak. The supply increases in the short term, and the market has a strong bearish expectation. The futures price of the near - month contract leads the decline, and the far - month contract follows. It is necessary to pay attention to the price performance of the 2511 contract at the 2150 integer mark and be vigilant against the rebound after a sharp decline [1]. - **Soybean Meal**: CBOT soybeans fell from a two - month high. The export inspection volume of US soybeans last week was 382,000 tons, and the previous week's inspection volume was revised up to 503,000 tons. The good rate of US soybeans was 69%, higher than the expected 67%. Brazil's soybean exports in the first four weeks of August increased by 24% year - on - year. Domestic soybean meal stopped falling and stabilized. The inventory of soybeans and soybean meal of major domestic oil mills increased last week, and the unexecuted contracts decreased. The market transaction improved. The strategy is to maintain a long - only mindset and participate in the positive spread between months [1]. - **Oils and Fats**: BMD palm oil fell. The export of Malaysian palm oil from August 1 - 25 increased by 10.9% - 16.4% month - on - month. Indonesia urged the EU to cancel the anti - subsidy tax on imported biodiesel. Canadian canola futures closed lower. The domestic three major vegetable oils fluctuated, with soybean oil and rapeseed oil performing stronger than palm oil. The inventory pressure increased, and the demand was still weak. If the spot demand starts later, the supply - demand situation of oils and fats is expected to improve, and the basis is expected to strengthen. The strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: The main 2510 contract of eggs fluctuated and adjusted, and the 2509 contract rebounded. The spot price of eggs increased slightly. After the previous price correction, the terminal demand was slightly boosted, but most traders purchased on demand. In the future, egg demand will enter the peak season, and the egg price may have a seasonal rebound, but the rebound strength is limited due to supply pressure. The short - term market sentiment is bearish, and the futures market continues to be weak [1][2]. - **Pigs**: The main 2511 contract of live pigs futures closed up 0.51%. The futures price continued the range - bound market. The spot price of live pigs decreased slightly. Some large farms increased their slaughter, and the supply increased, while the demand support was general. According to the seasonal law, the demand will recover as the high - temperature weather subsides, and the pig price has support, but the abundant supply still exerts pressure on the pig price. The pig price is expected to remain volatile [2]. 3. Market Information - The export volume of Malaysian palm oil from August 1 - 25 was 1,141,661 tons (ITS data), a 10.9% increase compared with the same period last month, and 1,065,005 tons (Amspec data), a 16.4% increase [3]. - The overall supply of spring plastic - film peanuts in Henan is still low, and the supply area is expected to expand at the end of August. The price may decline slightly in the short term before the large - scale listing of new peanuts. The purchase price of Henan Daza peanuts from late August to early September is expected to be between 7,800 - 8,500 yuan/ton [3]. - The import cost of Brazilian soybeans increased this week, and the prices of domestic soybean oil and soybean meal decreased slightly. The crushing profit of imported soybeans in China declined. As of August 22, the crushing profit of imported Brazilian soybeans for October - November shipments was - 147~ - 115 yuan/ton on the futures market and - 57~ - 25 yuan/ton in the spot market. More than 70% of the soybeans for October shipments have been purchased, and only 10% for November [3]. - The soybean crushing volume of domestic oil mills decreased slightly last week. As of August 22, the crushing volume was 2.27 million tons, a week - on - week decrease of 70,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 220,000 tons, and an increase of 350,000 tons compared with the average of the past three years. It is expected that the operating rate of oil mills will remain high this week, and the crushing volume will rebound to about 2.5 million tons [3]. 4. Variety Spreads - **Contract Spread**: The report provides the 1 - 5 contract spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these spreads is given [4][5][6]. - **Contract Basis**: The report provides the contract basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these bases is given [12][13][16].

1. Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated neutral [2][5][7] 2. Core Views of the Report - The Zhengzhou cotton futures price showed a strong and volatile trend. Internationally, the USDA's August report tightened the supply - demand pattern, but the actual reduction in production remains uncertain. Domestically, low commercial inventories support prices, but new - year production increase and hedging pressure are concerns. The sugar futures price continued to fluctuate. Brazilian sugar production has quality issues, and the increase in domestic imports suppresses prices. The pulp futures price oscillated. Supply pressure persists due to high port inventories, and demand remains weak both at home and abroad [2][4][6] 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract was 14,120 yuan/ton, up 90 yuan/ton (+0.64%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,100 yuan/ton, down 5 yuan/ton; the national average price was 15,235 yuan/ton, down 8 yuan/ton. The 2025 cotton import sliding - scale duty processing trade quota is 200,000 tons [1] Market Analysis - International: The USDA's August report tightened the supply - demand pattern, but the actual reduction in production is uncertain. Domestic: Low commercial inventories support prices, the sliding - scale duty quota policy has limited impact, and new - year production increase and hedging pressure are concerns [2] Strategy - Neutral. Monitor peak - season demand. If demand improves, the price may be strong before new cotton is listed; otherwise, there will be pressure during the listing period [2] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract was 5688 yuan/ton, up 18 yuan/ton (+0.32%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 5970 yuan/ton, unchanged; in Kunming, Yunnan, it was 5860 yuan/ton, up 5 yuan/ton. Brazilian mid - southern cane yield and sugar content decreased [2][3] Market Analysis - International: Brazilian sugar production has quality issues, and some institutions have lowered production estimates. Domestic: High import profits and increased imports suppress prices [4] Strategy - Neutral. The downside is limited, with short - term range - bound trading and a possible end - of - year price increase [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract was 5136 yuan/ton, up 28 yuan/ton (+0.55%) from the previous day. Spot: The price of Chilean silver star coniferous pulp in Shandong was 5790 yuan/ton, up 15 yuan/ton; the price of Russian needles was 5150 yuan/ton, unchanged. Some imported pulp prices increased slightly [5] Market Analysis - Supply: High imports in the first half of 2025, more domestic production capacity in the second half, but slow port de - stocking and high inventory levels. Demand: Weak consumption in Europe and the US, and weak domestic demand during the off - season [6] Strategy - Neutral. The fundamentals are not improving, and the price is expected to remain low and volatile [7]

Report Industry Investment Ratings - The report does not provide an overall industry investment rating but offers individual ratings for various futures varieties, including "Short - term adjustment", "Short - term bullish", and "Cautiously bullish" [2] Core Views - The report analyzes multiple futures varieties, such as soymeal, rapeseed meal, palm oil, soybean oil, rapeseed oil, cotton, jujube, and live pigs. It provides short - term and long - term outlooks, market influencing factors, and trading strategies for each variety [2] Summary by Variety Soymeal - **Price and Inventory**: As of August 15, 2025, the national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on -

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The supply pressure of the soybean meal and rapeseed meal market still exists, but the domestic soybean meal market has shown a certain rebound, and the rapeseed meal market has started to stabilize. The price center of the soybean system is expected to move downward, and the soybean meal and rapeseed meal spreads are expected to oscillate at a low level [4][5][8] - In the medium - term market, the positives for rapeseed meal will be relatively obvious. The soybean meal monthly spread still has downward pressure, while the rapeseed meal monthly spread may be strong, especially for the far - month spreads [8] 3. Summary by Related Catalogs 3.1 Market Quotes - US soybean futures oscillated. The domestic soybean meal futures rebounded, and the rapeseed meal futures began to stabilize. The soybean meal monthly spread continued to decline, and the rapeseed meal monthly spread oscillated [4] - For soybean meal futures, the closing prices of contracts 01, 05, and 09 in different regions had different changes; for rapeseed meal futures, the closing prices of contracts 01, 05, and 09 in different regions also had corresponding changes. The spot basis, monthly spreads, cross - variety spreads, and spot spreads of soybean meal and rapeseed meal all showed different trends [4] 3.2 Fundamental Analysis - US old - crop soybean balance sheet is bullish, with exports basically completed and crush adjusted upward, resulting in a decrease in ending stocks. New - crop soybean supply is tightened due to a large reduction in planting area despite an increase in yield per unit. New - crop cumulative exports are slow, and the bullishness of the new - crop stock - to - use ratio is limited [5] - South American old - crop soybeans are in a supply - demand loosening situation. The production and crush of major exporting countries are expected to increase, and the ending stocks or exports may rise. Brazilian farmers' selling progress is slow, but they are optimistic about future exports [5] - The global soybean meal supply pressure is obvious, with an expected increase in soybean crush in major producing areas and a slight increase in imports in major importing countries [5] - The domestic soybean and rapeseed meal spot market is loose. The oil mill operating rate is high, the supply is sufficient, and the inventory is at a high level. The market trading volume has increased, mainly in basis trading [7] - As of August 22, the actual soybean crush of oil mills was 2.27 million tons, the operating rate was 63.81%, the soybean inventory was 6.8253 million tons, an increase of 0.31% from last week and a decrease of 5.46% year - on - year. The soybean meal inventory was 1.0533 million tons, an increase of 3.8% from last week and a decrease of 29.71% year - on - year [7] - The domestic rapeseed meal demand has weakened, the oil mill operating rate has decreased, the rapeseed supply is relatively low, and the supply pressure still exists. As of August 22, the rapeseed crush of coastal oil mills was 48,000 tons, the operating rate was 12.79%, the rapeseed inventory was 153,000 tons, an increase from last week, and the rapeseed meal inventory was 21,000 tons, a decrease from last week [7] 3.3 Macroeconomic Analysis - The Sino - US negotiation in London has ended without clear information. The market is still worried about supply uncertainty, but macro - level disturbances are decreasing as the market stabilizes. In the short term, the price of Chinese soybeans is not likely to drop significantly due to high demand for US soybeans [8] 3.4 Trading Strategies - Unilateral: It is recommended to buy on dips for the soybean meal 05 contract [9] - Arbitrage: Expand the MRM05 spread [9] - Options: Buy call options (for reference only) [9] 3.5 Soybean Pressing Profit - The report provides the soybean pressing profit data for Brazilian soybeans of different shipment periods, including CNF, CBOT contracts, exchange rates, soybean meal prices, soybean oil prices, and changes in pressing profits [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cotton price is rising due to the continuous reduction of commercial inventory, the approaching peak consumption season, and the improvement of spinning mill orders. The corn price is falling significantly because of sufficient supply, including continuous auctions of imported corn, the listing of spring corn in some areas, and the strong expectation of a new - corn harvest. The egg price is weak with high chicken inventory and poor demand. The soybean meal price rebounds due to the strong external market. Other products such as palm oil, soybean oil, etc., also show different trends based on their respective supply - demand and market factors [1]. 3. Summary by Related Catalogs 3.1 Agricultural Product Sector Overview - Cotton prices are rising as commercial inventories are being depleted, and the "Golden September and Silver October" consumption peak is approaching, with improved orders for spinning mills. Corn prices are dropping sharply because of continuous auctions of imported corn, the listing of spring corn in some areas, wheat's continuous substitution for feed use, and a strong expectation of a new - corn harvest. Egg prices remain weak due to high chicken inventory and unmet peak - season demand [1]. 3.2 Variety Strategy Tracking 3.2.1 Cotton - The main 2601 contract of cotton opened and closed higher, reaching a two - week high. The continuous decline of commercial inventory, the approaching consumption peak, and increased orders from European and American countries for Christmas have led to an increase in the spinning mill's operating rate and improved willingness to replenish cotton. Technically, it is strong. The strategy is to close short positions and hold light long positions, with support at 14000 and resistance at 14200 [2]. 3.2.2 Corn - The main 2511 contract of corn closed significantly lower, with sufficient supply. Continuous auctions of imported corn, the listing of spring corn, wheat substitution, and weak downstream demand have pressured the price. Technically, it is weak. The strategy is to hold light short positions, with support at 2140 and resistance at 2167 [3]. 3.2.3 Soybean Meal - The main 2601 contract of soybean meal rebounded after two days of adjustment, boosted by the strong external market. Strong US soybean export data and the rise of US soybean oil have driven up the price. Although the domestic de - stocking period has not arrived, market transactions have improved. Technically, the trend is volatile. The strategy is for short - term trading, with support at 3096 and resistance at 3134 [5]. 3.2.4 Egg - The main 2510 contract of eggs failed to rebound and continued to decline, pressured by high supply. High chicken inventory, increased production - link inventory days, and the release of cold - storage eggs have led to large supply pressure and weak demand. Technically, it is weak. The strategy is to hold light short positions, with support at 3000 and resistance at 3040 [7]. 3.2.5 Pig - The main 2511 contract of pigs failed to rebound and closed lower again, due to sufficient supply. Although the state's frozen - pork purchase has boosted market sentiment, the supply - demand situation remains unchanged. Technically, it is weak. The strategy is to hold light short positions, with support at 13800 and resistance at 14000 [9]. 3.2.6 Palm Oil - The main 2601 contract of palm oil first rose and then fell, with high - level fluctuations. The increase in Malaysian palm oil exports has promoted the price increase, but high prices may limit future demand. Domestically, the import cost has risen, and it maintains rigid demand. Technically, it is still in a strong position. The strategy is for short - term trading, with support at 9516 and resistance at 9736 [11]. 3.2.7 Soybean Oil - The main 2601 contract of soybean oil continued to rise in a volatile manner, strengthened by the strong US soybean oil market. Although domestic supply is relatively loose, the approaching consumption peak supports the price. Technically, it is strong. The strategy is to close short positions and engage in short - term trading, with support at 8390 and resistance at 8500 [13]. 3.2.8 Red Dates - The main 2601 contract of red dates rebounded and continued to run strongly. The new - jujube production is expected to decline, but the inventory at sample points is higher than last year. The arrival volume in the sales area has decreased recently. Technically, it is in an uptrend. The strategy is to buy on dips, with support at 11245 and resistance at 11595 [15]. 3.2.9 Sugar - The main 2601 contract of sugar closed higher, continuing the upward trend. The domestic market trading atmosphere has warmed up, and the de - stocking process in the producing area has accelerated. Although the sugar import volume has increased, the market has digested the expectation. Technically, it is strong. The strategy is to continue holding light long positions, with support at 5664 and resistance at 5703 [17]. 3.2.10 Apple - The main 2510 contract of apples closed higher in a volatile manner. The quality of early - maturing apples is poor, and the inventory is low, which supports the price. The export volume is gradually recovering. Technically, it is strong. The strategy is for short - term long trading, with support at 8050 and resistance at 8214 [19].

Report Overview - Report Date: August 25, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] Group 1: Market Review Futures Contract Data - **DCE M2601**: Pre-settlement price was 3128, opening at 3116, reaching a high of 3116, a low of 3079, and closing at 3088, down 40 or 1.28%. Trading volume was 1,278,955, with an open interest of 2,000,115, a decrease of 58,947 [6]. - **DCE M2509**: Pre-settlement price was 3088, opening at 3079, high of 3079, low of 3033, and closing at 3041, down 47 or 1.52%. Trading volume was 110,869, open interest was 182,385, down 44,763 [6]. - **DCE M2511**: Pre-settlement price was 3107, opening at 3081, high of 3094, low of 3048, and closing at 3055, down 52 or 1.67%. Trading volume was 128,296, open interest was 559,890, down 1,897 [6]. External Market and Weather Factors - The US soybean futures contract on the external market rose, with the main contract at 1055 cents. ProFarmer started its annual crop field inspection this week. Feedback on soybeans showed that the pod numbers in most major producing areas were historically high, in line with the USDA's high-yield forecast for this year. However, weather is still variable. Currently, about 9% of the US soybean area is in drought, up from 3% last week, and rainfall in most major producing areas is expected to be low in the next two weeks [6]. Group 2: Industry News ProFarmer Forecasts - In 2025, the average number of soybean pods in Illinois is expected to be 1479.22, compared to 1419.11 in the 2024 crop inspection. In Iowa's D1 region, it's expected to be 1279.25 (1108.76 in 2024), in D4 region 1376.15 (1254.09 in 2024), and in D7 region 1562.54 (1366.22 in 2024) [9]. USDA Export Sales Report - As of the week ending August 14, total US soybean export sales increased by 1.1369 million tons, in line with expectations. Current market-year sales decreased by 0.57 million tons, down 98% from the previous week and 105% from the four-week average, while the market expected a range from a decrease of 300,000 tons to an increase of 300,000 tons. Next market-year sales increased by 1.1426 million tons, higher than the expected range of 400,000 - 1 million tons. Export shipments were 517,900 tons, down 3% from the previous week but up 9% from the four-week average. New sales for the current market year were 136,500 tons, and for the next market year were 1.1454 million tons [8][9][10]. Group 3: Data Overview - The report includes various data charts such as the ex-factory price of soybean meal, basis of the M09 contract, 1 - 5 spread, 5 - 9 spread, USD/CNY central parity rate, and USD/BRL exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [14][15][18]