Group 1: General Information - Reported industry: Soybean meal [1] - Report date: January 14, 2026 [2] - Research team: Agricultural product research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the outer - market US soybean futures contract declined, with the main contract approaching 1050 cents. Yesterday, the USDA released a bearish January supply - demand report. The 2025 US soybean yield remained at a high of 53 bushels, and the overall production changed little. Although the crushing demand continued to improve, the export was poor, especially other countries outside China preferred to buy Brazilian soybeans. The new - season ending stocks increased from 290 million bushels in December to 350 million bushels, higher than last year's 325 million bushels. Brazil's production estimate increased slightly due to good weather. After the report, the potential bullish expectation was shattered, and the previous strong support at 1050 cents may weaken, possibly testing the 1000 - cent support in the future [6]. - Domestic soybean meal was differentiated. The 03 contract was stronger than the 05 contract because of the logic of soybean shortage at the end of the first quarter. Today, over 1 million tons of imported soybeans were auctioned and all were sold, indicating potential spot tightness at the end of March. The 03 contract may not remain strong if there are continuous auctions of over 1 million tons. The 05 contract, mainly corresponding to Brazilian soybeans, has no current bullish factors and should be treated as bearish after rebounds [6]. Operation Suggestions - Continuously monitor the situation of imported soybean auctions. If there are continuous auctions of over 1 million tons, the 03 contract may not maintain its strength. The 05 contract should be treated as bearish after rebounds [6]. Market Data | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3124 | 3124 | 3310 | 3124 | 3154 | 30 | 0.96% | 1101456 | -74 | | | Soybean Meal 2603 | 3095 | 3119 | 3138 | 3091 | 3117 | 22 | 0.71% | 205862 | 551279 | -15977 | | Soybean Meal 2605 | 2786 | 2799 | 2805 | 2756 | 2761 | -25 | -0.90% | 1180639 | 2258105 | -34267 | [6] Group 3: Industry News - The USDA report raised the 2025/2026 US soybean area to 81.2 million acres (previously 81.1 million), production to 4.262 billion bushels (previously 4.253 billion), exports to 1.575 billion bushels (previously 1.635 billion), and ending stocks to 350 million bushels (previously 290 million). Brazil's soybean production was raised to 178 million tons (previously 175 million), and exports to 114 million tons (previously 112.5 million). Global soybean production increased to 425.68 million tons (previously 422.54 million), and ending stocks to 124.41 million tons (previously 122.37 million). China's soybean imports remained unchanged at 112 million tons [8]. - AgRural reported that the 2025/2026 Brazilian soybean harvest had started. As of January 8, 0.6% of the harvest was completed, slightly higher than last year's 0.3%. The agency expected the annual Brazilian soybean production to reach a record 6.51 billion bushels. The harvest start was slightly later than expected due to the extended growth cycle in some areas, but there was no obvious delay in the progress [8]. - On January 13, the National Grain Trading Center planned to auction 1,139,605.33 tons of soybeans from 2022 - 2025, located in Shandong, Henan, Zhejiang, Anhui, Liaoning, Jiangsu, Fujian, Guangdong, and Guangxi. All were sold at an average price of 3809.55 yuan/ton, with delivery dates from January 15 to April 30, 2026 [9]

行业 豆粕 日期 2025 年 12 月 11 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: December 9, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Contract details**: For the soybean meal 2601 contract, the previous settlement price was 3035, the opening price was 3043, the highest price was 3055, the lowest price was 3025, the closing price was 3030, with a decline of 5 and a decline rate of -0.16%. The trading volume was 609,632, the open interest was 840,915, and the open interest change was -78,817. For the soybean meal 2603 contract, the previous settlement price was 3010, the opening price was 3011, the highest price was 3022, the lowest price was 2971, the closing price was 2978, with a decline of 32 and a decline rate of -1.06%. The trading volume was 166,459, the open interest was 553,792, and the open interest change was -8,090. For the soybean meal 2605 contract, the previous settlement price was 2828, the opening price was 2821, the highest price was 2826, the lowest price was 2770, the closing price was 2778, with a decline of 50 and a decline rate of -1.77%. The trading volume was 1,089,811, the open interest was 1,890,767, and the open interest change was 107,247 [6] - **External market situation**: The US soybean futures contract on the external market declined, with the main contract falling below 1100 cents. The main reasons were the US concerns about China's procurement progress. Although there was a large - order purchase of 460,000 tons over the weekend, it was reported that the previous claim of China's full - scale purchase of 12 million tons of US soybeans before January might be postponed to February. Meanwhile, February is the season when Brazilian soybeans start to be exported, leading to a negative market sentiment. Additionally, there were no positive factors in the new South American crops. Brazil had basically completed most of its sowing, and above - average rainfall was expected in the central and southern regions in the next two weeks, which was conducive to a high - yield expectation. Argentina was a bit dry, but it was still in the middle - late sowing stage and not yet in the critical weather - growth stage, exerting some downward pressure on the market [7] - **Domestic situation**: Domestic soybean meal followed the weak trend of CBOT soybeans but with a smaller decline. Due to the previously low overall crushing profit and the difficulty of significant cost reduction in the external market while China was still purchasing, the support below the soybean meal price was relatively strong. However, there was still inventory pressure, and additional positive factors such as weather or procurement were needed for the price to rise. The state reserve began to auction imported soybeans, and it was expected that the newly purchased US soybeans would be used for inventory rotation, so the sufficient supply situation would continue [7] Operation Suggestions - In the short term, the price will be slightly weak but is unlikely to decline significantly. Attention should be paid to the guidance of the USDA's December supply - demand report on the market [7] Group 3: Industry News - **USDA monthly report forecast**: The US Department of Agriculture (USDA) will release the December crop supply - demand report at 1:00 on December 10, Beijing time. Analysts' average forecast shows that the US 2025/26 soybean ending stocks are expected to be 302 million bushels, higher than the 290 million bushels estimated in the November 14 report. The global 2025/26 soybean ending stocks are expected to be 122.41 million tons, higher than the 121.99 million tons estimated in the November 14 report. Argentina's 2025/26 soybean production is expected to be 4.857 million tons, higher than the 4.85 million tons estimated in the November 14 report. Brazil's 2025/26 soybean production is expected to be 175.35 million tons, higher than the 175 million tons estimated in the November 14 report. The USDA predicts that farmers will plant 95 million acres of corn in the 2026/27 season, less than the 98.7 million acres in the 2025/26 season. The soybean planting area is expected to increase from 81.1 million acres to 85 million acres. The USDA forecasts that the US 2026/27 corn ending stocks will be 2.019 billion bushels and the soybean ending stocks will be 314 million bushels [10][11] Group 4: Data Overview - Multiple data charts are provided, including the ex - factory price of soybean meal, the basis of the soybean meal 01 contract, the spread between soybean meal 1 - 5 contracts, the spread between soybean meal 5 - 9 contracts, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [17][19][16]

021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 行业 豆粕 日期 2025 年 11 月 20 日 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 今日外盘美豆期货合约偏弱，主力在 1140 美分。周六凌晨 USDA 公布了 11 月月度供需报告，报告对上一年度的产量及压榨做了调整，24/25 年度的期末库 存由 3.3 亿蒲下降至 3.16 亿蒲。另外对 25/2 ...

行业 豆粕 日期 2025 年 11 月 18 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 ...

Report Summary 1. Report Industry - The report focuses on the soybean meal industry [1] 2. Core Viewpoints - The agreement between China and the US on soybean procurement is expected to reduce the ending stocks of US soybeans in the 25/26 marketing year from oversupply to a tight balance, leaving room for the US CBOT soybeans to rise. The increase in China's import cost of soybeans will drive up the price of soybean meal. In the short term, CBOT soybeans are well - supported, and soybean meal can be treated with a moderately bullish view [6] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: For soybean meal futures contracts, the prices of contracts such as 2601, 2603, and 2511 all declined slightly on the day. The US soybean futures contracts on the external market fell, with the main contract at 1125 cents. If China purchases 12 million tons of soybeans by January next year and 25 million tons annually in the next three years as the US stated, it will have a significant impact on the soybean market [6] - **Operation Suggestions**: In the short term, CBOT soybeans are well - supported, and soybean meal can be treated with a moderately bullish view. However, the uncertainty lies in the implementation of the policy [6] 3.2 Industry News - The US Department of Agriculture's National Agricultural Statistics Service (NASS) will release several major agricultural reports in November, including the monthly supply - demand report. The report was not released in October due to the government shutdown. The crop production report and the global agricultural supply - demand forecast report, originally scheduled for November 10, will be released on November 14 [9] - According to analysts' estimates, as of last Sunday, the US soybean harvest rate reached 91%, and the corn harvest rate reached 83%. It is expected that the US will have a record - high corn harvest this year, and soybeans will also have a good harvest [10]

Report Information - Report Date: October 31, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Operational Suggestions 1.1 Market Quotes - **Domestic Soybean Meal Contracts**: The prices of domestic soybean meal contracts such as M2601, M2603, and M2511 showed varying degrees of increase. For example, the M2601 contract closed at 2994, up 20 points or 0.67% [6]. - **External Market**: The US soybean futures contract on the external market pulled back, with the main contract at 1080 cents. After the meeting between Chinese and US leaders, the CBOT soybean futures contract pulled back significantly [6]. 1.2 Market Analysis - **International Situation**: After the meeting between Chinese and US leaders, a partial framework agreement was reached, and subsequent additional tariffs were cancelled. Regarding US soybean purchases, Trump said that China would start purchasing, but China has not made a clear response. The agreement does not specify the amount of US soybean imports, and it is more likely to be a spontaneous market purchase after comparing with Brazilian soybeans, which is weaker than expected [6]. - **South American Situation**: In South America, the new - season soybeans in Brazil are being sown normally and orderly, with the progress faster than last year and few topics [6]. - **Domestic Situation**: Domestic soybean meal rebounded significantly today. Previously, it was weak due to the expectation of US soybean imports. Since the agreement was less than expected, it rebounded. If it is only a spontaneous market purchase behavior in the future, the support below soybean meal is still obvious. Pay attention to the clear conclusion of future tariffs [6]. 2. Industry News - **US Crop Harvest Progress**: As of Sunday, the US soybean harvest is expected to be 84% complete, and the corn harvest is 72% complete. Analysts' forecasts for the US harvest progress range from 80% - 88% for soybeans and 67% - 80% for corn. Last year, the soybean harvest progress was 89%, and the corn harvest progress was 81% [9]. - **Brazilian Soybean and Soybean Meal Exports**: Anec expects Brazil's soybean exports in October to reach 7 million tons, down from the previous week's forecast of 7.34 million tons. Brazilian soybean meal exports in October are expected to reach 2.08 million tons, down from 2.09 million tons the previous week [9]. 3. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the M01 contract, the spread between M1 - 5, the spread between M5 - 9, the central parity rate of the US dollar against the RMB, and the exchange rate of the US dollar against the Brazilian real. The data sources are Wind and the Research and Development Department of CCB Futures [17][20][21]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: September 29, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review - **Contract performance**: - For the "Doupo 2601" contract, the previous settlement price was 2961, opening at 2972, with a high of 2973, a low of 2930, and closing at 2937, down 24 or -0.81%, with a trading volume of 1050116 and an open interest of 1986148, an increase of 48684 [6]. - The "Doupo 2509" contract had a previous settlement of 2870, opened at 2877, high of 2877, low of 2855, and closed at 2858, down 12 or -0.42%, with a volume of 6058 and an open - interest of 43565, an increase of 343 [6]. - The "Doupo 2511" contract had a previous settlement of 2934, opened at 2942, high of 2946, low of 2898, and closed at 2905, down 29 or -0.99%, with a volume of 86345 and an open - interest of 454900, a decrease of 24736 [6]. - **External market situation**: The US soybean futures contract on the external market oscillated, with the main contract at 1010 cents [6]. - **Policy change**: The Argentine government announced on Monday to suspend export taxes on all grains and by - products such as soybean oil and soybean meal. The previous export tariff for Argentine soybeans was 26%, and for soybean oil and soybean meal was 24.5%. After reducing the tariff to 0, the CIF price of Argentine soybeans to China is 30 - 50 dollars/ton lower than that of the US without considering tariffs [6]. - **Supply analysis**: Some domestic oil mills have started to actively purchase Argentine soybeans, and there have been successive orders for Argentine soybean meal since mid - to - late August. The procurement volume for September and October is sufficient, indicating overall supply security until the end of November. The potential supply reduction from December to January needs to closely track Argentine soybean procurement. Argentina and Brazil's remaining soybeans can make up for the approximately 1200 million tons of US soybeans purchased during the November - January shipping period last year. However, two points need attention: the Argentine export tariff reduction policy lasts until October 31, and the 12 - 1 January shipping period may rely on Brazilian soybeans; also, the Sino - US negotiation situation [6]. - **Price trend**: The previous logic of soybean shortage has loosened. With frequent consultations between China and the US and high inventory in reality, prices have dropped significantly. Before the National Day, there is a lack of potential positive factors and the technical indicators are weak. It is recommended to reduce positions to avoid risks. Some potential positives, such as the expected reduction of US soybean yield per unit and dry weather in Brazil, are unlikely to be reflected in the market in the short term. It is expected that the market will oscillate at a low level after a rapid decline before the holiday [6]. Group 3: Industry News - **USDA quarterly inventory report**: Analysts' average estimate of US soybean inventory on September 1 is 323 million bushels, with an estimated range of 295 - 360 million bushels, a 5.6% decline from the previous year. The USDA on September 12 reported an estimated year - end inventory of 330 million bushels for the 2024/2025 US soybean season. Analysts expect the report to show that the 2024 US soybean production will be revised to 4366 million bushels, with an estimated range of 4350 - 4391 million bushels [7][8]. - **USDA export sales report**: As of the week ending September 18, the net increase in US soybean export sales was 724,500 tons, in line with expectations. The net increase in current - market - year US soybean export sales was 724,500 tons, and the market expected a net increase of 600,000 - 1,600,000 tons. The net increase in next - year's US soybean export sales was 0 tons. The US soybean export shipments were 512,400 tons. The new sales of current - market - year US soybeans were 727,600 tons, and the new sales of next - market - year soybeans were 0 tons [8]. Group 4: Data Overview - The report mentions multiple data charts, including the ex - factory price of soybean meal, the basis of the "Doupo 01" contract, the 1 - 5 spread of soybean meal, the 5 - 9 spread of soybean meal, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Center of CCB Futures [14][16][13]

Report Summary - Report Date: September 26, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The previous logic of soybean shortage has loosened due to Argentina's suspension of export taxes on soybeans and their by - products, and some domestic oil mills have started to actively purchase Argentine soybeans, shaking the shortage logic for the fourth quarter. With sufficient purchases for September and October, the supply until the end of November is generally worry - free. However, the potential supply reduction from December to January needs to closely track Argentine soybean purchases, Argentine policy continuity, and the progress of Sino - US negotiations. - The market is currently affected by Argentina's policy change and high inventory, leading to a significant price decline. Before the National Day, there is a lack of potential bullish factors, and the technical trend is weak. The market is expected to experience low - level fluctuations after a rapid decline [6]. 3. Summary by Directory 3.1 Market Review - **Contract Performance**: - For the Soybean Meal 2601 contract, the previous settlement price was 2922, the opening price was 2958, the highest price was 2976, the lowest price was 2951, the closing price was 2967, with a rise of 45 and a gain of 1.54%. The trading volume was 1,262,657, the open interest was 1,937,464, and the open interest decreased by 97,619. - For the Soybean Meal 2509 contract, the previous settlement price was 2851, the opening price was 2858, the highest price was 2875, the lowest price was 2858, the closing price was 2870, with a rise of 19 and a gain of 0.67%. The trading volume was 13,790, the open interest was 43,222, and the open interest increased by 4,295. - For the Soybean Meal 2511 contract, the previous settlement price was 2895, the opening price was 2929, the highest price was 2950, the lowest price was 2922, the closing price was 2940, with a rise of 45 and a gain of 1.55%. The trading volume was 75,971, the open interest was 479,636, and the open interest decreased by 17,194 [6]. - **External Market and Policy Impact**: The US soybean futures contract fluctuated, with the main contract at 1015 cents. Argentina suspended export taxes on all grains and by - products such as soybean oil and soybean meal. After the tax reduction, the CIF price of Argentine soybeans in China is 30 - 50 dollars/ton lower than that of the US. Some domestic oil mills have started to purchase Argentine soybeans, and there have been orders for Argentine soybean meal since mid - to - late August [6]. 3.2 Industry News - Argentina's government announced on Monday that it would suspend export taxes on all grains and by - products such as soybean oil and soybean meal until October 31 or until the total export volume reaches 7 billion dollars. Previously, the export tax on Argentine soybeans was 26%, and that on soybean oil and soybean meal was 24.5% [6][7]. - Since Argentina temporarily cancelled export taxes on soybeans and grain by - products this week, Chinese buyers have purchased about 20 ships (about 1.3 million tons) of Argentine soybeans, an increase from the previously reported 10 - 15 ships. In August 2025, the national industrial feed production was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. Among them, the year - on - year growth rates of formula feed, concentrated feed, and additive premixed feed were 3.4%, 8.3%, and 7.9% respectively [18]. 3.3 Data Overview - The report provides multiple data charts, including the spread between Soybean Meal 1 - 5 contracts, the spread between Soybean Meal 5 - 9 contracts, the central parity rate of the US dollar against the RMB, the exchange rate of the US dollar against the Brazilian real, the ex - factory price of soybean meal, and the basis of the Soybean Meal 01 contract. The data sources are Wind and the Research Center of CCB Futures [11][13][14]

Group 1: Report Overview - Reported industry: Soybean meal [1] - Date: September 24, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The logic of soybean shortage after the fourth quarter has been shaken due to Argentina's suspension of export taxes on soybeans and its by - products, and some domestic oil mills have started to purchase Argentine soybeans, with orders for Argentine soybean meal starting in mid - to late August. The supply from September to November is sufficient, and the potential supply reduction from December to January needs to closely track Argentina's soybean procurement and policy continuity, as well as the progress of Sino - US negotiations [6]. - With the loosening of the previous soybean shortage logic, frequent consultations between China and the US, and high inventory in reality, soybean meal prices have dropped significantly. Before the National Day, there is a lack of potential positive factors and the technical indicators are weak. It is advisable to reduce positions to avoid risks. Potential positive factors such as the expected decline in US soybean yield and dry weather in Brazil are unlikely to be reflected in the short - term, and the market is expected to oscillate at a low level after a rapid decline [6]. Group 4: Summary by Directory 1. Market Review - **Soybean meal futures contracts**: The prices of domestic soybean meal futures contracts such as 2601, 2509, and 2511 all declined. The decline rates of 2601, 2509, and 2511 were - 3.37%, - 1.73%, and - 3.66% respectively. The trading volume of 2601 was 2372830, and the trading volume of 2511 was 167642 [6]. - **External market**: The US soybean futures contracts declined, with the main contract at 1020 cents. Argentina suspended export taxes on all grains and by - products such as soybean oil and soybean meal, reducing the previous 26% soybean export tax and 24.5% soybean oil and soybean meal export taxes to 0. After the tax reduction, Argentina's soybean CIF price to China is 30 - 50 dollars/ton lower than that of the US [6]. 2. Industry News - On Monday, the Argentine government announced the suspension of export taxes on all grains and by - products such as soybean oil and soybean meal. The measure will last until October 31 or until the total export volume reaches $7 billion [7]. 3. Data Overview - **USDA crop growth report**: As of the week of September 21, the good - to - excellent rate of US soybeans was 61%, lower than the market expectation of 62%, and the previous week was 63%. The harvest rate was 9%, lower than the market expectation of 12%. The defoliation rate was 61% [15]. - **Rosario Grain Exchange**: Argentina's grain and by - product exports in the 2025/26 season may reach a record 105.1 million tons, with grain and oilseed shipments expected to be 64.7 million tons (62% being corn), and oil and oilmeal exports estimated at 40.4 million tons, mostly from soybeans [15].