1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - International soybeans: In November, US soybeans fluctuated mainly. China's continuous purchases and the low domestic inventory - to - sales ratio in the US provided support, but the high global soybean inventory - to - sales ratio pressured the upside space. The Brazilian premium increased by about 10 cents per bushel in November, and the cost of soybean arrivals fluctuated within a narrow range. The main soybean - growing areas in South America were drier than usual in November, but rainfall recovered in early December. However, the southeastern part of Brazil and most of the Argentinean产区 are expected to have less rainfall, and the growing conditions are not yet ideal. The USDA predicts that the global soybean supply - demand pattern has changed from a situation of both supply and demand increasing to a situation of supply decreasing and demand increasing. The predicted annual inventory - to - sales ratio of global soybeans has dropped from 33% in October 2024 to the current 28.94%, which provides a bottom support for global soybeans. But since it is still relatively high year - on - year, it is not enough to generate a market with rich planting profits on the CBOT soybean futures. It is expected that the cost of soybean arrivals will still fluctuate mainly without significant problems in South American weather [10]. - Domestic double - meal: In November, the domestic soybean meal spot price fluctuated, the basis fluctuated, and the futures price fluctuated narrowly following the cost. The oil mills' profit from buying ships was slightly in the red. The domestic soybean meal transactions were okay, and the提货 was at a relatively high level. The domestic soybean and soybean meal inventories were relatively high year - on - year, and the de - stocking progress was slow. As of December 2nd, institutional statistics showed 8.76 million tons in September, 7.73 million tons in October, 6.52 million tons in November, and 4.85 million tons in December. The current ship - buying progress indicates that the domestic soybean and soybean meal inventories will continue to decline. Coupled with the current large - scale提货 of domestic soybean meal, the domestic soybean - related basis has certain support [10]. - Overall view: In terms of import cost, the new - crop soybean production globally has been marginally reduced, and the total production has been equal to the total demand. The global soybean supply has decreased compared with the 24/25 season, which means that the bottom of the import cost may have appeared, but more significant production cuts are needed for the upside space. Currently, the domestic soybean inventory is at the highest level in previous years, the soybean meal inventory is large, and the crushing profit is under pressure. However, as it gradually enters the de - stocking season, there is certain support. Soybean meal is expected to fluctuate under the situation of cost support and pressured crushing profit [10][11][12]. 3. Summary According to the Directory 3.1 Monthly Assessment and Strategy Recommendation - **Fundamental assessment**: The global soybean inventory - to - sales ratio is still high, and it is expected that the total production will be equal to the total consumption. The 01 - contract basis is neutral, the price of US soybeans in January is at the middle of the range, the crushing profit on the soybean meal 05 - contract after deducting processing fees is slightly low, and the 3 - month premium is slightly higher than the seasonal level. The domestic supply inventory is high but starting to de - stock, the current apparent consumption is high, and the Sino - US trade relationship has eased [11]. - **Trading strategy advice**: For the unilateral strategy, it is expected to fluctuate. The core driving logic is that the new - crop soybean production globally has been marginally reduced, and the total production has been equal to the total demand. The global soybean supply has decreased compared with the 24/25 season, which means that the bottom of the import cost may have appeared, but more significant production cuts are needed for the upside space. Currently, the domestic soybean inventory is at the highest level in previous years, the soybean meal inventory is large, and the crushing profit is under pressure. However, as it gradually enters the de - stocking season, there is certain support. Soybean meal is expected to fluctuate under the situation of cost support and pressured crushing profit. No advice is provided for the arbitrage strategy [12]. 3.2 Supply - side - **US soybean planting progress**: Diagrams of US soybean planting progress, emergence rate, flowering rate, and excellent - good rate from 2021 - 2025 are provided [33]. - **Weather conditions**: There is a possibility of La Nina occurring from October 2025 to January. Diagrams of weighted precipitation in Argentinean and Brazilian soybean - growing areas with forecasts are provided, as well as the impact of La Nina on precipitation in North America from July to September and its occurrence frequency, and the impact of La Nina on South American climate [37][38][40]. - **US soybean export progress**: Diagrams of the total amount of signed export contracts of US soybeans to China in the current market year, the sales completion rate of US soybeans in the current year, the total amount of signed export contracts of US soybeans in the current market year, and the cumulative value of US soybean exports to China in the current market year are provided [51]. - **China's oilseed imports**: Diagrams of monthly soybean imports and forecasts, and monthly rapeseed imports and forecasts are provided [54]. - **China's oil mill crushing situation**: Diagrams of the soybean crushing volume of major oil mills (from October to the next September) and the rapeseed crushing volume of major oil mills are provided [56]. 3.3 Profit and Inventory - **Oilseed inventory situation**: Diagrams of soybean port inventory and the rapeseed inventory of major oil mills are provided [60]. - **Protein meal inventory situation**: Diagrams of the soybean meal inventory and forecasts of coastal major oil mills and the rapeseed meal inventory of coastal major oil mills are provided [63]. - **Protein meal crushing profit**: Diagrams of the crushing profit of imported soybeans in Guangdong and the crushing profit of imported rapeseed in coastal areas are provided [65]. 3.4 Demand - side - **Soybean meal demand**: Diagrams of the cumulative transaction volume of soybean meal in the crop year of major oil mills and the apparent consumption of soybean meal are provided [67]. - **Breeding profit**: Diagrams of the average profit per self - breeding and self - raising pig and the breeding profit of white - feather broilers are provided [69].