1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but demand is expected to improve, limiting the downside. The market is expected to be generally volatile and slightly bullish, with a trading range of 1050 - 1250 cents per bushel [5]. 3. Summary by Relevant Catalogs 3.1 Market Conditions - This week, the price of US soybeans fluctuated sideways, with a weekly decline of 2 cents per bushel to 1159.25 cents per bushel. US soybean oil prices rose, while US soybean meal prices fell [1]. - As of March 21, the soybean harvest progress in Brazil was 67.7%, slower than 76.1% in the same period last year but slightly faster than the five - year average. Future weather in Brazil and Argentina is generally favorable for soybean growth and harvest [2]. 3.2 Market Concerns - The situation of mutual visits between Chinese and US leaders: Trump's visit to China has been postponed, but if the Middle East situation eases, another visit is expected [3]. - The transmission of rising crude oil prices to planting: It will directly increase the costs of fertilizers, pesticides, and fuel. If all prices increase by 30%, the cost of US soybeans will increase by about 70 cents, and that of Brazilian soybeans will increase by 102 cents. Higher fertilizer prices may also prompt some farmers to switch from corn to soybeans [3]. - The release rhythm of South American supply pressure: As the harvest in Brazil accelerates and precipitation in Argentina improves, the supply pressure of spot soybeans will increase [3]. 3.3 Overall View and Long - Short Logic of US Soybeans - **Overall view**: There is no basis for a bull market due to a bumper harvest in South America, but demand is expected to improve, limiting the downside. The market is generally volatile and slightly bullish, with a trading range of 1050 - 1250 cents per bushel [5]. - **Short - side logic**: After China purchases US soybeans, the Trump administration's support for the biodiesel addition policy may weaken; the harvest progress in Brazil is accelerating, and the shipping speed has basically returned to normal, resulting in high global spot pressure; the weather in Argentina has improved, and the previously damaged yield per unit area is expected to recover [5]. - **Long - side logic**: If Trump visits China, China is expected to purchase an additional 8 million tons of soybeans in the current crop year; the US biodiesel policy is beneficial to soybean consumption; rising crude oil prices support costs [5]. 3.4 Futures and Spot Market Prices - As of March 27, 2026, the price of the continuous US soybean futures contract fell 2 cents per bushel to 1159.25 cents per bushel; the continuous US soybean meal futures contract fell 12.7 dollars per short ton to 315.3 dollars per short ton; the continuous US soybean oil futures contract rose 1.9 cents per pound to 67.41 cents per pound [5]. - As of March 26, 2026, the spot soybean purchase price in Illinois rose 3.25 cents per bushel to 1166.25 cents per bushel compared with the previous week; the soybean quotation at the US Gulf port rose 8.75 cents per bushel to 1240.75 cents per bushel compared with the previous week [6]. - As of March 26, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, rose 2.62 reais per bag to 103.37 reais per bag compared with the previous week; the spot price at the Paranagua port rose 0.63 reais per bag to 130.01 reais per bag compared with the previous week [6]. - As of March 25, 2026, the FOB price of Argentine soybeans for May shipment rose 6 dollars per ton to 418 dollars per ton; the price for June shipment rose 4 dollars per ton to 418 dollars per ton [6]. 3.5 Main Producing Area Weather Conditions - In Brazil, precipitation in the next week will be mainly concentrated in the northern and western regions, with slightly less precipitation in the central and southern regions. In the next two weeks, precipitation will be mainly concentrated in the northern and western regions. Overall, the precipitation in the next two weeks is favorable for soybean harvest and transportation [20]. - In Argentina, precipitation in the Buenos Aires and Cordoba regions in the next two weeks will be good for soybean growth, while precipitation in the central and northern regions will be slightly less. Overall, the weather for the final growth of soybeans is acceptable, and the average yield per unit area is expected to recover to some extent [20]. 3.6 US Soybean Demand - As of the week of March 20, 2026, the US soybean export inspection and quarantine volume was 1.3442 million tons, compared with 0.9065 million tons in the previous week; the net sales in the current crop year were 0.6689 million tons, compared with 0.2982 million tons in the previous week; the net sales in the next crop year were 27,000 tons, compared with 6,600 tons in the previous week; the shipment to China was 0.6649 million tons, compared with 0.5458 million tons in the previous week. Of the 12 million tons of US soybeans purchased by China, 8.5241 million tons have been shipped, and 3.47 million tons remain unshipped [39]. - The domestic soybean crushing volume in the US in February was 208.78 million bushels, the highest level for the same period in history, indicating strong domestic demand [39]. 3.7 CFTC Positions and Planting Costs - As of March 25, 2026, the net long positions of funds in soybean futures and options were 203,200 contracts, a decrease of 10,500 contracts from the previous week; the net long positions in soybean oil futures and options were 117,100 contracts, a decrease of 1,200 contracts from the previous week; the net long positions in soybean meal futures and options were 107,900 contracts, an increase of 24,000 contracts from the previous week [44]. - In terms of planting costs, the cost in the US remains high, while the cost in Brazil is lower than that in the US but has also increased compared with the previous year. Before the rise in crude oil prices, the estimated planting cost in the US was 1200 - 1250 cents per bushel, and in Brazil, it was 950 - 1000 cents per bushel. If calculated based on the current energy cost, it is expected to increase by 5 - 10% on this basis [44].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The South American soybean harvest is expected to be bountiful, so there is no basis for a bull market. However, demand is expected to improve, limiting the downside. Overall, the market is expected to be slightly bullish in a range of 1000 - 1200 cents per bushel [6] 3. Summary According to Relevant Catalogs 3.1 Market Focus - The situation of mutual visits between Chinese and US leaders: Trump's visit to China has been postponed, but if the Middle - East situation eases, another visit may be arranged [2] - The transmission of rising crude oil prices to soybean planting: It directly increases the costs of fertilizers, pesticides, and fuel. A 30% price increase in these three items would raise US soybean costs by about 70 cents and Brazilian soybean costs by 102 cents. Higher fertilizer prices may also prompt some farmers to switch from corn to soybeans [2] - The release rhythm of South American supply pressure: Brazil's soybean harvest is accelerating, and Argentina's precipitation has improved, increasing the supply pressure of spot soybeans in the future [2] - The biodiesel policy: The regulations of the EPA's biodiesel policy will affect the market [2] 3.2 Overall View and Long - Short Logic of US Soybeans - Overall view: Slightly bullish in a range of 1000 - 1200 cents per bushel [6] - Short - side logic: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest progress is accelerating, and the shipping speed has basically returned to normal, increasing global spot pressure; Argentina's weather has improved, which may repair the previously damaged yield [7] - Long - side logic: If Trump visits China, it is expected that an additional 8 million tons of soybeans will be purchased in the current crop year; Argentina's early drought may lead to a reduction in yield; Rising crude oil prices support costs [10] 3.3 Spot and Futures Market Prices - As of March 20, 2026, the price of the US soybean futures continuous contract fell 64 cents per bushel to 1161.25 cents per bushel; the US soybean meal futures continuous contract rose $5.3 per short ton to $328 per short ton; the US soybean oil futures continuous contract fell 1.93 cents per pound to 65.51 cents per pound [9] - As of March 19, 2026, the spot soybean purchase price in Illinois decreased by 56.5 cents per bushel to 1163 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port decreased by 63.25 cents per bushel to 1232 cents per bushel compared to the previous week [9] - As of March 19, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, decreased by 1.71 reais per bag to 100.75 reais per bag compared to the previous week; the spot price at the Paranagua port decreased by 1.49 reais per bag to 129.38 reais per bag compared to the previous week [11] - As of March 18, 2026, the FOB price of Argentine soybeans for May shipment decreased by $22 per ton to $412 per ton; the price for June shipment decreased by $26 per ton to $414 per ton [11] 3.4 Main Producing Area Weather Conditions - Brazil: In the next week, precipitation will be mainly concentrated in the northern and western regions, with slightly less precipitation in the central and southern regions. In the next two weeks, precipitation will still be concentrated in the north and west. Overall, the precipitation in the next two weeks is beneficial for Brazilian soybeans, as less precipitation in the central region is conducive to harvesting and transportation, and the return of precipitation in the south is beneficial for repairing the previously damaged yield [14] - Argentina: Precipitation will be good in the next two weeks, especially in the Buenos Aires and Cordoba production areas, which is beneficial for soybean growth [15] 3.5 US Soybean Demand - As of the week of March 13, 2026, the US soybean export inspection and quarantine volume was 906,500 tons, down from 995,300 tons in the previous week; the net sales in the current crop year were 298,200 tons, down from 456,700 tons in the previous week; the net sales in the next crop year were 6,600 tons, down from 9,500 tons in the previous week; the shipment to China was 545,800 tons, up from 411,400 tons in the previous week. Of the 12 million tons of US soybeans purchased by China, 7.85 million tons have been shipped, and 4.15 million tons remain unshipped [27] - The domestic soybean crushing volume in the US in February was 208.78 million bushels, the highest level for the same period in history, indicating strong domestic demand [28] 3.6 CFTC Positions and Planting Costs - As of March 17, 2026, the net long positions of funds in soybean futures and options were 213,700 contracts, a decrease of 17,100 contracts from the previous week; the net long positions in soybean oil futures and options were 118,400 contracts, an increase of 18,600 contracts from the previous week; the net long positions in soybean meal futures and options were 83,800 contracts, a decrease of 3,200 contracts from the previous week. The net long positions in soybeans decreased significantly [33] - In terms of planting costs, the cost in the US is still high, and the cost in Brazil is lower than that in the US but has also increased compared to the previous year. Before the rise in crude oil prices, the estimated planting cost in the US was 1200 - 1250 cents per bushel, and in Brazil, it was 950 - 1000 cents per bushel. With the current energy cost, it is expected to increase by 5 - 10% on this basis [34]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The overall view of US soybeans is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market will generally fluctuate with a slight upward trend, in the range of 1,050 - 1,250 cents per bushel [6] 3. Summary by Directory 3.1 Market Focus - The market's focus lies in four aspects: the outcome of the Sino - US leaders' mutual visits, the impact of rising crude oil prices on planting, the release rhythm of South American supply pressure, and the EPA's biodiesel policy [2] 3.2 Overall View and Long - Short Logic of US Soybeans - **Overall View**: South American bumper harvest means no bull - market basis; demand improvement limits the downside, with an overall slightly upward - trending fluctuation in the range of 1,050 - 1,250 cents per bushel [6] - **Short Logic**: After China purchases US soybeans, the Trump administration may reduce support for the biodiesel addition policy; Brazil's harvest is accelerating, maintaining a harvest pattern; Argentina is expected to receive rainfall after a brief drought [7] - **Long Logic**: After China purchases 12 million tons of US soybeans, it will add another 8 million tons of soybeans in this crop year; Argentina's early drought may lead to a downgrade in yield; soaring global crude oil prices may trigger inflation [9] 3.3 Spot and Futures Market Prices - As of March 13, 2026, the price of the US soybean futures continuous contract rose 24.5 cents per bushel to 1,225.25 cents per bushel; the US soybean meal futures continuous contract rose $5.5 per short ton to $322.7 per short ton; the US soybean oil futures continuous contract rose 0.86 cents per pound to 67.44 cents per pound [9] - As of March 12, 2026, the spot soybean purchase price in Illinois rose 21.75 cents per bushel to 1,219.5 cents per bushel compared to the previous week; the soybean quotation at the US Gulf port rose 5.5 cents per bushel to 1,295.25 cents per bushel compared to the previous week [9] - As of March 13, 2026, the spot price of soybeans in the inland region of Mato Grosso, Brazil, rose 0.23 reais per bag to 102.67 reais per bag; the spot price at the Paranagua port fell 0.98 reais per bag to 130.2 reais per bag compared to the previous week [10] - As of March 11, 2026, the FOB price of Argentine soybeans for the May shipment rose $1 per ton to $47 per ton; the price for the June shipment rose $2 per ton to $434 per ton [10] 3.4 Weather Conditions in Main Producing Areas - In the next week, precipitation in Brazil will be mainly concentrated in the central - eastern region, with slightly less precipitation in the southern region, but the situation will improve in the second week. In specific major producing states, Mato Grosso will have slightly more precipitation; South Mato Grosso will have normal precipitation in the next week and less in the second week; Paraná will have less precipitation, which is conducive to harvesting; Rio Grande do Sul will have less precipitation in the next week and the precipitation will gradually return in the second week [13] - In the next two weeks, the main producing areas in Argentina will have good precipitation, especially in the Buenos Aires and Cordoba regions, which is conducive to supplementing the previous water shortage and the growth of soybeans [13] 3.5 US Soybean Demand - According to USDA data, as of the week of March 6, 2026, the US soybean export inspection and quarantine volume was 995,000 tons, compared with 1.119 million tons in the previous week; the net sales in this crop year were 456,700 tons, compared with 383,400 tons in the previous week; the net sales in the next crop year were 9,000 tons, compared with 0 tons in the previous week; the shipment to China was 411,400 tons, compared with 734,600 tons in the previous week [33] 3.6 CFTC Positions and Planting Costs - According to CFTC data, as of March 7, 2026, the net long positions of funds in soybean futures and options were 230,000 contracts, an increase of 16,800 contracts compared to the previous week; the net long positions in soybean oil futures and options were 99,700 contracts, an increase of 33,900 contracts compared to the previous week; the net long positions in soybean meal futures and options were 80,600 contracts, an increase of 18,500 contracts compared to the previous week. From the perspective of fund positions, the operation ideas for soybeans, soybean oil, and soybean meal are all to increase long positions [41] - In terms of planting costs, the cost in the US remains high, while the cost in Brazil is lower than that in the US but has also increased compared to the previous year. According to the latest crude oil price increase, the US planting cost is expected to increase by about 50 cents from the original 1,200 - 1,250 cents per bushel, and Brazil is expected to increase by 70 cents from 950 - 1,000 cents per bushel [43]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Next week (March 9 - 13, 2026), the prices of Dalian soybean meal and soybean futures are expected to be stable with a slight upward trend. Attention should be paid to the changes in the Middle East situation to prevent the prices from rising too high and then falling back and to guard against risks [6]. - For soybean meal, the fundamentals are mainly marginally favorable, such as the slow harvesting in Brazil, the uncertainty of the weather in South American producing areas, and the market's expectation that the March supply - demand report will be slightly positive. The current market focus is on the sharp rise in crude oil prices brought about by the Middle East situation, which drives up the price of US soybeans and provides cost - side support for soybean meal. There is also uncertainty about whether the Middle East situation will delay the arrival of imported soybeans in China. The sentiment in the soybean meal market is strong [6]. - For soybeans, the spot price is stable with a slight upward trend. The futures market should pay attention to the overall market sentiment fluctuations and guard against risks [6]. 3. Summary by Related Contents International Soybean Market Fundamentals - **US soybean sales and shipment**: In the week of February 26, 2026, the weekly net sales of US soybeans in the current year (2025/26) were about 380,000 tons (about 410,000 tons in the previous week), and the weekly net sales in the next market year (2026/27) were 0 (0 in the previous week). The total of the two was about 380,000 tons (about 410,000 tons in the previous week). The weekly net sales of US soybeans to China in the current crop year (2025/26) were about 150,000 tons (about 75,000 tons in the previous week), and the cumulative sales were about 1.082 million tons. In terms of shipment, the export shipment of US soybeans in 2025/26 was about 1.12 million tons, with a month - on - month increase of 38% and a year - on - year increase of about 53%. The cumulative export shipment of US soybeans in 2025/26 was about 26.15 million tons, with a year - on - year decrease of about 30% [1]. - **Brazilian soybean import cost**: As of the week of March 6, 2026, the average CNF premium of Brazilian soybeans for May 2026 delivery decreased slightly week - on - week, the average import cost increased week - on - week, and the average crushing profit on the futures market increased week - on - week [1]. - **Brazilian soybean harvest progress**: As of the week of February 26, 2026, the harvest progress of Brazilian soybeans in 2025/26 was 39%, compared with 50% in the same period last year. Continuous rainfall has hindered the harvest work, and the current harvest progress is the lowest since the 2020/21 season. The consulting agency AgRural predicted that the Brazilian soybean output in 2025/26 would be 178 million tons, 3 million tons lower than the prediction on January 26 due to the dry weather in Rio Grande do Sul [1]. - **Market expectation for the USDA supply - demand report**: The market expects that the USDA's March supply - demand report will slightly reduce the estimated ending inventory of US soybeans, the estimated output of Brazilian soybeans may be reduced from 180 million tons last month to 179.2 million tons, and the estimated output of Argentine soybeans may be reduced from 48.5 million tons to 48.1 million tons. The report is expected to be slightly positive, but the actual situation depends on the USDA report [1]. - **Weather forecast in South American soybean - producing areas**: According to the weather forecast on March 6, in the next two weeks (March 7 - 21, 2026), there will be more precipitation in the main soybean - producing areas of Brazil. In terms of temperature, the temperature in the main soybean - producing areas of Brazil will be slightly higher from March 7 - 10 and March 15 - 21. In the main soybean - producing areas of Argentina, the precipitation will be less, and the temperature will be low first and then high (lower from March 7 - 11 and higher from March 13 - 20). The current weather in South American producing areas has a neutral - to - slightly - positive impact, and continuous attention should be paid to weather changes [3]. Domestic Soybean Meal Spot Market - **Trading volume**: The trading volume of soybean meal increased week - on - week. As of the week of March 6, 2026, the average daily trading volume of soybean meal in China's mainstream oil mills was about 90,000 tons, compared with about 40,000 tons in the week before the Spring Festival [4]. - **Pick - up volume**: The pick - up volume of soybean meal increased week - on - week. As of the week of March 6, 2026, the average daily pick - up volume of soybean meal in major oil mills was about 158,000 tons, compared with about 110,000 tons in the previous week [4]. - **Basis**: The basis of soybean meal decreased week - on - week. As of the week of March 6, 2026, the average weekly basis of soybean meal (Zhangjiagang) was about 216 yuan/ton, compared with about 270 yuan/ton in the previous week and about 684 yuan/ton in the same period last year [4]. - **Inventory**: The inventory of soybean meal decreased week - on - week and increased year - on - year. As of the week of February 27, 2026, the inventory of soybean meal in China's mainstream oil mills was about 650,000 tons, with a week - on - week decrease of about 15% and a year - on - year increase of about 17% [4]. - **Soybean crushing volume**: The soybean crushing volume increased week - on - week and is expected to continue to increase next week. As of the week of March 6, 2026, the weekly soybean crushing volume was about 1.83 million tons (590,000 tons in the previous week and 1.52 million tons in the same period last year), and the operating rate was about 50% (16% in the previous week and 43% in the same period last year). Next week (March 7 - 13, 2026), the soybean crushing volume of oil mills is expected to be about 2.07 million tons (1.63 million tons in the same period last year), and the operating rate will be 57% (46% in the same period last year) [4]. Domestic Soybean Spot Market - **Soybean price**: The soybean price was stable with a slight upward trend. In Northeast China, the purchase price of clean soybeans in some areas was in the range of 4,520 - 4,620 yuan/ton, an increase of 60 yuan/ton compared with the previous week. In the inland areas, the purchase price of clean soybeans was in the range of 5,020 - 5,280 yuan/ton, an increase of 40 yuan/ton compared with the previous week. In the sales areas, the selling price of Northeast edible soybeans was in the range of 4,840 - 5,060 yuan/ton, an increase of 40 - 60 yuan/ton compared with the previous week [5]. - **Purchase in the Northeast production area**: After the Lantern Festival, farmers in the Northeast were still reluctant to sell and asked for higher prices. Large - scale trading entities such as COFCO's Kedong, Wudalianchi, and Keshan warehouses started to purchase domestic soybeans, which supported the surrounding spot prices. Most traders said that the speed of shipping to the market had slowed down, and they purchased cautiously according to orders [5]. - **Price adjustment in the sales area**: The loading price in the production area increased, and the selling price of dealers was adjusted accordingly. However, due to fierce market competition and normal - to - slow trading, the increase was smaller than that in the production area. The start of schools in March slightly boosted the demand for terminal soy products [5].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The overall view is that due to South American bumper harvest, there is no basis for a bull market; however, demand is expected to improve, limiting the downside. Overall, the market is expected to be slightly bullish in a range of 1000 - 1200 cents per bushel [5] 3. Summary According to Relevant Catalogs 3.1 Market Price - This week, the price of US soybeans increased significantly. The settlement price of the continuous US soybean contract was 1115.25 cents per bushel, up 51 cents per bushel. The price was supported by China's additional purchase of 8 million tons of soybeans in the current crop year and the unresolved threat to crops in the Argentine production area [7] - This week, the price of US soybean meal closed at $303.6 per short ton, up $10 per short ton. The strength of US soybean meal was mainly supported by China's additional purchase of US soybeans and Trump's expected visit to China in April [11] - This week, the price of US soybean oil fluctuated and closed higher, at 55.33 cents per pound, up 1.82 cents per pound. The rise was driven by the strength of US soybeans, the increase in crude oil prices, and the re - stabilization of the commodity index [15] - As of January 30, the price of soybeans in the US Gulf was $11.82 per bushel, up $0.13 [18] - As of January 30, the price of soybeans in Iowa was $9.943 per bushel, basically unchanged [20] - On February 6, the spot price of soybeans in Mato Grosso, Brazil, rose by 0.96 to 100.59 reais per bag [22] - As of February 5, the spot price of soybeans at Brazilian ports rose by 0.7 to 125.61 reais per bag [24] 3.2 Supply Factors - In Brazil, the western region will have less precipitation in the next two weeks, the eastern region will have more, and the central - western region will be basically normal. The overall precipitation in the main production areas in the next two weeks will be normal to above - normal [27][31] - In Argentina, the main production areas will be dry in the next week, and precipitation will gradually recover in the second phase. The southern production areas will have less precipitation, while the northern production areas will improve [42][44] 3.3 Demand Factors - As of January 30, the US soybean crushing profit was $2.61 per bushel, compared with $2.4 last week [49] - In the week of January 30, the weekly export volume of US soybeans was 1.3876 million tons, compared with 1.2695 million tons last week [51] - In the week of January 30, the weekly export inspection and quarantine volume was 1.3105 million tons, compared with 1.3244 million tons last week [53] - In the week of January 30, the net sales of the current crop year were 436,900 tons, compared with 818,900 tons last week [56] - The sales of US soybeans for the next crop year were 9,000 tons, compared with 400 tons last week [58] - In the week of January 30, the quantity shipped to China was 740,000 tons, compared with 897,400 tons last week [60] 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 0.85, and La Nina is weakening [63] - The cost of soybeans in Brazil is expected to rise next year, and the planting costs of soybeans in Brazil and the US are expected to rise slightly [65][67] - As of February 3, the net long position of soybeans was 61,600 lots, compared with 54,300 lots last week; the net long position of soybean oil was 9,950 lots, compared with a net short position of 18,100 lots last week; the net short position of soybean meal was 21,700 lots, compared with a net short position of 31,700 lots last week [71][73][75]

1. Report Industry Investment Rating - Not provided in the given report 2. Core Viewpoints of the Report - The overall view is that due to the expected high yield in South America, there is no basis for a bull market. However, with the potential improvement in demand, the downside is limited, and the market will generally fluctuate with an upward bias, ranging from 1000 - 1200 cents per bushel [5] 3. Summary by Relevant Catalogs 3.1 Market Price - **US Soybeans**: The active contract of US soybeans closed at 1064.25 cents per bushel this week, down 3.5 cents per bushel. The reasons are that the forecast of rain in the Argentine production area in February alleviates market concerns, and the weakening of the US dollar and strengthening of the real are conducive to enhancing the export competitiveness of US soybeans. Next week's focus points include China's procurement rhythm, weather conditions in South American main production areas, and the progress of the biodiesel policy [8][10] - **US Soybean Meal**: The price of US soybean meal fell this week, closing at 293.6 dollars per short ton, down 6.3 dollars per short ton. The forecast of precipitation in the Argentine soybean production area in February alleviated market concerns, and the strengthening of soybean oil brought additional pressure to the soybean meal market [11][12] - **US Soybean Oil**: The price of US soybean oil fluctuated and closed down this week, closing at 53.51 cents per pound, up 0.48 cents per pound. This week, it mainly fluctuated sideways. The decline of US soybeans brought correction pressure to the soybean market, while the strengthening of the commodity index attracted buying due to the strong financial attributes of oils, limiting the decline [14][15] - **Regional Soybean Prices**: As of January 23, the price of soybeans in the US Gulf was 11.69 dollars per bushel, up 0.17 dollars. The price of soybeans in Iowa was 9.94 dollars per bushel, up 0.11 dollars week - on - week. On January 30, the spot price in Mato Grosso, Brazil, fell 1.93 to 99.63 reais per bag. As of January 28, the spot price at Brazilian ports fell 3.61 to 125.08 reais per bag [17][19][21] 3.2 Supply Factors - **Brazil**: In the next two weeks, the southern region will have less precipitation, the eastern region will have more, and the central - western region will be basically normal. The main production areas will have generally normal to above - normal precipitation, with the precipitation in Mato Grosso being normal to above - normal in the next two weeks, while the precipitation in the states of Paraná and Rio Grande do Sul will be less [26][33][37] - **Argentina**: The main production areas will have less precipitation in the next two weeks, with a slight improvement in the central and southern production areas. In the next week, the southern and western production areas will receive precipitation [40][42][44] 3.3 Demand Factors - **US Soybean Pressing Profit**: As of January 23, the US soybean pressing profit was 2.54 dollars per bushel, up from 2.4 dollars last week [48] - **US Soybean Export**: In the week of January 23, the weekly export volume of US soybeans was 1.2695 million tons, down from 1.3377 million tons last week. The weekly export inspection and quarantine was 1.3244 million tons, down from 1.3366 million tons last week. The net sales for this year were 0.8189 million tons, down from 2.446 million tons last week. The sales for the next year were 0 tons, down from 0.9 million tons last week. The quantity shipped to China was 0.8974 million tons, up from 0.6119 million tons last week [51][53][55] 3.4 Other Factors - **ENSO Index**: The latest value of the ENSO (NINO3.4 anomaly index) is - 0.914, and La Niña is weakening [62] - **Soybean Production Cost**: The cost of Brazilian soybeans in the next year is expected to rise. The soybean planting costs in Brazil and the US are expected to rise slightly, while the US soybean planting cost continues to increase, and the Brazilian soybean cost has decreased year - on - year [64][66][68] - **CFTC Positions**: As of January 27, the net long position of soybeans was 54,300 lots, up from 45,300 lots last week; the net long position of soybean oil was 18,100 lots, compared with a net short position of 19,600 lots last week; the net short position of soybean meal was 31,700 lots, down from 38,100 lots last week [70][73][75]

Report Industry Investment Rating - No relevant information provided. Core Viewpoints - The overall view is that there is no basis for a bull market due to a bumper harvest in South America, but the downside is limited as demand is expected to improve. The market will generally fluctuate with an upward bias, in the range of 1000 - 1200 cents per bushel [5]. - The bearish factors include the possible weakening of the Trump administration's support for the biodiesel blending policy after China purchases US soybeans, Brazil's entry into the harvesting stage, and the continued increase in Brazil's planting area in the 2025/26 season [5]. - The bullish factors are the expected purchase of 12 million tons of US soybeans by China before February 2026 and over 25 million tons per year in the next three years, the initial signs of drought in southern Argentina, and the possibility of a La Nina weather leading to a reduction in South American soybean production [5]. Summary by Directory Market Price - This week, the price of US soybeans closed down in a fluctuating manner. The active contract of US soybeans closed at 1057.75 cents per bushel, down 4.75 cents per bushel. After the USDA released a bearish January supply - demand report, the price briefly fell and then rebounded. The biodiesel blending policy may be announced in March, slightly improving the demand outlook for beans. Next week's key points to watch are China's procurement rhythm, the weather in South American main producing areas, and the progress of the biodiesel policy [7]. - This week, the price of US soybean meal closed at $290 per short ton, down $13.7 per short ton. The January supply - demand report was bearish, putting pressure on beans overall. The biodiesel blending policy is expected to be announced in March, causing the price of soybean oil to strengthen. The oil - meal ratio trading led to a significant decline in the price of meal [10]. - This week, the price of US soybean oil rebounded, closing at 52.61 cents per pound, up 2.92 cents per pound. The biodiesel blending policy is expected in March, supporting the oil and fat market. The strengthening of international crude oil prices has improved the consumption outlook for oil and fat [13]. - As of January 2, the price of soybeans in the US Gulf was $11.19 per bushel, down $0.11 [15]. - As of January 2, the price of soybeans in Iowa was $9.62 per bushel, down $0.28 week - on - week [17]. - On January 16, the spot price in Mato Grosso, Brazil, fell by 0.96 to 103.56 reais per bag [19]. - As of January 16, the spot price at Brazilian ports fell by 3.19 to 131.45 reais per bag [21]. Supply Factors - In Brazil, the southern region will have little precipitation in the next two weeks, the eastern region will have more, and the central - western region will be basically normal. The overall precipitation in the main producing areas of Brazil in the next two weeks will be close to normal. Mato Grosso in Brazil will be basically normal in the next two weeks, while Parana and Rio Grande do Sul will have less precipitation [24][28][31]. - The main producing areas of Argentina will have less precipitation in the next two weeks, and there will be basically no rain in the core producing areas in the next week [38][40]. Demand Factors - As of January 9, the US soybean crushing profit was $2.12 per bushel, compared with $2.33 last week [43]. - In the week ending January 9, the weekly export volume of US soybeans was 1.6373 million tons, compared with 1.1126 million tons last week. The weekly export inspection and quarantine volume was 1.5297 million tons, compared with 0.9841 million tons last week. The net sales volume this year was 2.0619 million tons, compared with 0.8779 million tons last week. The sales volume for the next year was 10,000 tons, compared with 0 tons last week. The quantity shipped to China was 0.9011 million tons, compared with 0.397 million tons last week [45][47][49]. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.106, remaining in the La Nina range [56]. - The cost of soybeans in Brazil is expected to rise next year, and the planting costs of soybeans in Brazil and the US are expected to rise slightly. The planting cost of US soybeans continues to increase, while the cost of Brazilian soybeans has decreased year - on - year [58][60][62]. - As of January 13, the net long position of soybeans in CFTC was 53,000 lots, compared with 95,900 lots last week. The net short position of soybean oil was 49,300 lots, compared with 73,000 lots last week. The net short position of soybean meal was 17,100 lots, compared with 20,700 lots last week [64][66][68].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall view of US soybeans is that with a bumper harvest in South America, there is no basis for a bull market; however, demand is expected to improve, limiting the downside. The market is generally expected to be volatile and slightly bullish, with a price range of 1000 - 1200 cents per bushel [5]. - The bearish factors include the potential weakening of the Trump administration's support for the biodiesel addition policy after China purchases US soybeans, Brazil's entry into the harvesting stage, and the continued increase in Brazil's planting area in the 2025/26 season [5]. - The bullish factors are the expected purchase of 12 million tons of US soybeans by China before February 2026 and over 25 million tons per year for the next three years, the initial signs of drought in central - eastern Brazil and southern Argentina, and the possibility of La Nina weather causing a reduction in South American soybean production [5]. 3. Summary by Relevant Catalogs Market Price - **US Soybeans**: This week, the active contract of US soybeans closed at 1062.5 cents per bushel, up 13 cents per bushel. The rebound was due to the continued progress of Chinese procurement and the low precipitation in central and eastern Brazil. Next week, attention should be paid to China's procurement rhythm, South American main - producing area weather conditions, and biodiesel policy progress [7]. - **US Soybean Meal**: This week, the price of US soybean meal closed at $303.7 per short ton, up $12.7 per short ton. The rebound was supported by the continued progress of Chinese procurement and the drought signs in central and eastern Brazil [10]. - **US Soybean Oil**: This week, US soybean oil fluctuated and rose slightly, closing at 49.69 cents per pound, up 0.37 cents per pound. The stable oil market and lack of trading themes led it to follow the US soybean rebound [14]. - **Regional Prices**: As of January 2, the price of soybeans in the US Gulf was $11.19 per bushel, down $0.11; the price of soybeans in Iowa was $9.62 per bushel, down $0.28 per week. On January 9, the spot price in Mato Grosso, Brazil, dropped 11.8 to 104.52 reais per bag. As of January 7, the spot price at Brazilian ports dropped 7.5 to 134.64 reais per bag [16][18][20][22]. Supply Factors - In Brazil, the southern region is expected to have more precipitation in the next two weeks, while the central and eastern producing areas will have less. The main producing areas in Brazil are expected to have slightly less precipitation in the next two weeks, and Mato Grosso will have less precipitation after the middle of this month. Parana and Rio Grande do Sul in Brazil are expected to have more precipitation in the next two weeks [25][30][33]. - In Argentina, the main producing areas are expected to have slightly less precipitation in the next two weeks, and the central and southern regions will have less precipitation in the next week [40][42]. Demand Factors - As of December 12, the US soybean crushing profit was $2.33 per bushel, down from $2.45 last week [45]. - In the week of January 2, the weekly export volume of US soybeans was 1.1126 million tons, down from 1.2199 million tons last week; the weekly export inspection and quarantine volume was 0.9805 million tons, up from 0.7736 million tons last week; the net sales for this year were 0.8779 million tons, down from 1.1777 million tons last week; the sales for the next year were 0 tons, the same as last week; the quantity shipped to China was 0.397 million tons, up from 0.135 million tons last week [47][49][51][53][55]. Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.134, remaining in the La Nina range [58]. - The cost of soybean production in Brazil and the US is expected to rise slightly. The cost of soybean production in the US continues to increase, while the cost in Brazil has decreased year - on - year [60][62][64]. - As of January 6, the net long position of soybeans in CFTC was 95,900 lots, down from 117,000 lots last week; the net short position of soybean oil was 73,000 lots, down from 80,700 lots last week; the net short position of soybean meal was 20,700 lots, up from 10,200 lots last week [66][68][70].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall view is that due to the expected high - yield in South America, there is no basis for a bull market. However, demand is expected to improve, limiting the downside. The market will generally fluctuate in a bullish manner within the range of 1000 - 1200 cents per bushel [5]. 3. Summary of Each Section 3.1 Market Price - This week, the closing price of the active contract of US soybeans was 1046 cents per bushel, a decline of 25.75 cents per bushel. The reasons were that China's purchase reached 80% of the commitment with a slower pace, and there was no large - scale drought in South America. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [8]. - This week, the price of US soybean meal closed at 295.9 dollars per short - ton, an increase of 11.5 dollars per short - ton. The slowdown in China's purchase due to holidays and reaching 80% of the committed purchase volume raised concerns about subsequent demand [13]. - This week, the price of US soybean oil rebounded slightly, closing at 49.32 cents per pound, an increase of 0.12 cents per pound. The reasons were the stability of the oil market and soybean meal bearing the downward pressure of soybeans [17]. - As of December 26, the price of soybeans in the US Gulf was 11.31 dollars per bushel, basically unchanged [20]. - As of December 26, the price of soybeans in Iowa was 9.9 dollars per bushel, a weekly increase of 0.1 [22]. - On January 2, the spot price of soybeans in Mato Grosso, Brazil, dropped by 0.47 to 135.76 reais per bag [24]. - As of January 2, the spot price of soybeans at Brazilian ports dropped by 0.48 to 142.14 reais per bag [26]. 3.2 Supply Factors - The drought situation in US soybean - producing areas remained flat, with a drought rate of 70% compared to 66% last week [29]. - In Brazil, precipitation in the southern region will be relatively high in the next two weeks, while in the central - western region it will be slightly low. The precipitation in the main producing areas will be slightly low in the next two weeks. In the second week, precipitation in Mato Grosso will be lower year - on - year, in Paraná it will be normal in the second week after being low in the first week, and in Rio Grande do Sul it will be high in the second week [31][36][39]. - In Argentina, precipitation will be low in the next two weeks, and in the next week, it will be low in the central and southern regions [46][48]. - As of the week of December 27, the soybean sowing progress in Brazil was 97.9%, approaching the completion of sowing [50]. 3.3 Demand Factors - As of December 12, the US soybean crushing profit was 2.33 dollars per bushel, down from 2.45 dollars last week [53]. - On December 19, the weekly export volume of US soybeans was 919,400 tons, up from 721,200 tons last week [55]. - On December 26, the weekly export inspection volume was 750,300 tons, down from 929,300 tons last week [57]. - The net sales of US soybeans this year were 1,055,600 tons, down from 2,396,000 tons last week (the week of December 19) [59]. - The sales of US soybeans for the next year were 0 tons, the same as last week [61]. - The quantity of US soybeans shipped to China in the week of December 26 was 135,400 tons, down from 386,000 tons last week [63]. 3.4 Other Factors - The latest value of the ENSO (NINO3.4 anomaly index) is - 1.026, remaining in the La Nina range [66]. - The cost of soybeans in Brazil is expected to rise next year, and the soybean planting costs in Brazil and the US are expected to increase slightly. The US soybean planting cost continues to rise, while the Brazilian soybean cost has decreased year - on - year [68][70][72]. - As of December 23, the net long position of soybeans was 143,300 lots, down from 179,000 lots last week; the net short position of soybean oil was 86,100 lots, up from 56,700 lots last week; the net short position of soybean meal was 5,900 lots, compared with a net long position of 5,300 lots last week [74][76][78].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report provides a comprehensive overview of the overnight and spot market conditions for various commodities, including palm oil, soybeans, and crude oil, as well as important fundamental information, macro news, fund flow, and arbitrage tracking [1][2][4] 3. Summary by Relevant Catalogs Overnight Market - The closing prices and daily/overnight percentage changes are provided for various commodities such as palm oil, crude oil, soybeans, soybean meal, and soybean oil [1] - The latest prices and percentage changes are also presented for several currency pairs including the US dollar index, Chinese Yuan, Malaysian Ringgit, and others [1] Spot Market - The spot prices, basis, and basis changes for DCE palm oil, DCE soybean oil, and DCE soybean meal are reported for different regions in China [2] - The CNF premiums, premium changes, and CNF quotes for imported soybeans from different origins are also provided [2] Important Fundamental Information Production Area Weather - Brazil's soybean - growing regions may experience scattered showers, with pod - filling and grain - swelling accelerating in January. However, the hot and dry conditions in the central - eastern part are a concern for soybean growth [4] - In Argentina, the northern part of the main soybean - producing area may have local showers, while the central and southern parts are mostly dry, which may put pressure on soybean growth [4] International Supply and Demand - USDA reported that private exporters sold 13.6 tons of soybeans to China and 23.1 tons to unknown destinations for the 2025/2026 season [6] - Anec estimated Brazil's December soybean exports at 302 tons and December soybean meal exports at 187 tons, down from previous forecasts [6] - The deadline for soybean planting in Brazil's Goiás state is January 2, 2026, and farmers must complete crop registration within 15 days after planting [7] - Canada's rapeseed exports increased by 67.6% to 9.62 tons in the week ending December 21, but decreased by 42.2% year - to - date compared to the previous year [7] - Canada's grain deliveries increased by 14.2% in November 2025 compared to the same period in 2024, with wheat and rapeseed deliveries rising significantly [8] Domestic Supply and Demand - On December 30, the total trading volume of soybean oil and palm oil was 35,200 tons, a 153% increase from the previous trading day [10] - On December 30, the total trading volume of soybean meal in major Chinese oil mills was 23.73 tons, an increase of 15.14 tons from the previous day. The national oil mill operating rate was 53.46%, up 2.60% [10] - As of December 30, the soybean oil port inventory in China was 103.9 tons, a decrease of 2.7 tons from December 23 [10] - On December 30, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index decreased, while the prices of some agricultural products such as pork, eggs, and white - striped chickens increased [11] Macro News International News - The probability of the Fed cutting interest rates by 25 basis points in January 2026 is 14.9%, and the probability of keeping the interest rate unchanged is 85.1% [14] - The year - on - year growth rate of US Redbook commercial retail sales in the week ending December 27 was 7.6% [15] - The US Chicago PMI in December was 43.5, higher than the expected 39.8 [15] - The year - on - year growth rate of the US S&P/CS20 major cities' unadjusted housing price index in October was 1.3% [15] - The month - on - month growth rate of the US FHFA housing price index in October was 0.4% [15] - The Fed agreed to cut interest rates in December but had in - depth discussions on the risks faced by the US economy. There are differences among Fed officials [15] - The US API crude oil inventory in the week ending December 26 was 174.7 tons, contrary to the expected decrease [16] Domestic News - On December 30, the US dollar/Chinese Yuan exchange rate was reported at 7.0348, up 17 points (depreciation of the Chinese Yuan) [18] - On December 30, the central bank of China conducted 312.5 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 253.2 billion yuan [18] Fund Flow - On December 30, 2025, the futures market had a net capital outflow of 4.02 billion yuan. The net capital outflow from commodity futures was 15.1 billion yuan, while the net capital inflow from stock index futures was 11.725 billion yuan, and the net capital outflow from treasury bond futures was 0.502 billion yuan [22] Arbitrage Tracking - Not provided in the given content