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

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents a comprehensive overview of the agricultural and financial markets, including overnight and spot prices, important fundamental information, macro news, and fund flows. It provides insights into the supply and demand dynamics of various commodities, as well as the economic and policy environment at both international and domestic levels [1][2][3] Summary by Directory Overnight行情 - Overnight prices and price changes are provided for various commodities such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil. Currency exchange rates and their changes are also presented [1] Spot行情 - Spot prices, basis, and basis changes are reported for different regions for DCE palm oil, DCE soybean oil, and DCE soybean meal. CNF premiums and quotes are given for imported soybeans from different origins [2] Important Fundamental Information 产区天气 - Brazil's soybean - producing regions are expected to receive precipitation this week, which will accelerate soybean pod - filling in January. However, the hot and dry conditions in the central - eastern regions may pose concerns for soybean growth. Argentina's soybean - producing regions are expected to have dry weather this week, which may stress soybean growth [3] 国际供需 - A private exporter reported selling 100,000 tons of soybeans to Egypt for delivery in the 2025/2026 season. The US soybean export inspection volume for the week ending December 25, 2025, was 750,312 tons, meeting expectations. As of December 27, Brazil's soybean sowing rate was 97.9%, and the harvesting rate was 0.1% [5][6] 国内供需 - On December 29, the total trading volume of soybean oil and palm oil increased by 4200 tons (43%) compared to the previous trading day. The trading volume of soybean meal decreased. The palm oil inventory increased by 4.87% week - on - week, while the soybean oil inventory decreased by 3.07%. The imported soybean port inventory decreased by 6203 tons. Agricultural product prices showed mixed trends [8][9] Macro News 国际要闻 - The probability of the Fed cutting interest rates by 25 basis points in January 2026 is 16.1%. The US November existing - home sales contract index monthly rate was 3.3%. Various EIA inventory data for the week ending December 19, 2025, are provided [10] 国内要闻 - On December 29, the US dollar/Chinese yuan exchange rate was adjusted down (yuan appreciation) by 27 points. The Chinese central bank conducted 4823 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 4150 billion yuan [12] Fund Flows - On December 29, 2025, the futures market had a net capital outflow of 43.66 billion yuan, including 21.944 billion yuan from commodity futures and 20.358 billion yuan from stock index futures [15]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents a comprehensive overview of the agricultural and energy futures markets, including overnight and spot prices, fundamental information, macro news, fund flows, and arbitrage tracking. It also provides data on domestic and international supply and demand, as well as weather conditions in major producing regions [1][2][4][6][9][11][12][15] 3. Summary by Directory 3.1 Overnight Market - The closing prices and daily/overnight percentage changes of various futures contracts, including Malaysian palm oil, Brent crude, US crude, US soybeans, US soybean meal, and US soybean oil, are presented. Additionally, the latest prices and percentage changes of several currency indices are provided [1] 3.2 Spot Market - The report shows the spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions of China, as well as the CNF premiums and quotes for imported soybeans from different countries [2] 3.3 Key Fundamental Information 3.3.1 Producing Area Weather - In Brazil, rainfall in eastern São Paulo and Minas Gerais decreased last week but is expected to return this week; weather conditions in other regions are generally favorable for soybean growth. In Argentina, soil moisture in the major soybean - producing areas is mostly suitable for soybean growth [4] 3.3.2 International Supply and Demand - From December 1 - 25, 2025, Malaysian palm oil production decreased by 9.12% month - on - month, while export volume increased according to different institutions. In Brazil, the nutritional growth of soybeans in Rio Grande do Sul is satisfactory, and the yield is expected to increase significantly. In Argentina, the soybean planting rate as of December 23 was 77% [6][7] 3.3.3 Domestic Supply and Demand - On December 26, the total trading volume of soybean oil and palm oil decreased, while the trading volume of soybean meal increased. The actual soybean crushing volume of domestic oil mills in the 52nd week of 2025 decreased, and the estimated crushing volume in January 2026 increased year - on - year. Pig farming is in a loss, and the prices of agricultural products have changed slightly [9][10] 3.4 Macro News 3.4.1 International News - Japan's November unemployment rate remained stable at 2.6%. Japan's December Tokyo CPI and core CPI annual rates decreased, and the unadjusted CPI monthly rate was negative [11] 3.4.2 Domestic News - On December 26, the US dollar/Chinese yuan exchange rate decreased (the yuan appreciated). The central bank conducted 7 - day reverse repurchase operations, with a net injection on the day and a net withdrawal for the week. The profit of national industrial enterprises from January to November increased slightly year - on - year, but decreased in November [12] 3.5 Fund Flows - On December 26, 2025, the futures market had a net inflow of 34.966 billion yuan, with different inflow and outflow situations in various sub - markets [15] 3.6 Arbitrage Tracking - Not provided in the content

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints 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 is expected to be range - bound with an upward bias, trading between 1000 - 1200 cents per bushel [5]. - There are both bearish and bullish factors. Bearish factors include the possible weakening of the Trump administration's support for biodiesel blending policies after China's purchase of US soybeans, the return of the rainy season in Brazil with improved precipitation during the critical crop - growing season, and the continued increase in Brazil's planting area in the 2025/26 season. 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 southern Argentina, and the possibility of South American soybean production reduction due to La Niña weather [5]. 3. Summary by Related Catalogs 3.1 Market Price - **US Soybeans**: This week, the continuous contract of US soybeans closed at 1058.75 cents per bushel, up 9.5 cents per bushel. The rise was driven by the increase in domestic Chinese commodities, while the lack of large - scale drought in South America limited the upside. Next week, attention should be paid to China's procurement rhythm, South American weather, and biodiesel policy progress [9]. - **US Soybean Meal**: This week, the price of US soybean meal closed at $303.7 per short ton, up $6.1 per short ton. The increase was due to China's continuous purchase of US soybeans and the sharp rise in the Chinese soybean meal market, which led to a rebound in the global soybean meal price [14]. - **US Soybean Oil**: This week, US soybean oil fluctuated slightly higher, closing at 48.72 cents per pound, down 0.82 cents per pound. The rebound was driven by the rise in soybeans, but concerns about the biodiesel outlook and the decline in crude oil prices put upward pressure on the price [19]. - **Regional Prices**: As of December 19, the price of soybeans in the US Gulf was $11.29 per bushel, down $0.21 from the previous week; the price of soybeans in Iowa was $9.8 per bushel, down $0.26 from the previous week. On December 19, the spot price in Mato Grosso, Brazil, rose to 116.36 reais per bag, and as of December 26, the spot price at Brazilian ports slightly declined to 142.62 reais per bag [21][23][25][27]. 3.2 Supply Factors - **Drought in the US**: The drought situation in US soybean - producing areas remained stable, with a drought rate of 66%, compared to 68% last week [30]. - **South American Weather and Planting Progress**: Brazil's precipitation is expected to be scarce in the next two weeks except in the southern region. The sowing progress of soybeans in Brazil as of December 20 was 97.6%, close to completion. In Argentina, precipitation is expected to be scarce in the central and southern regions in the next two weeks, while it will be abundant in the north [32][44][49]. 3.3 Demand Factors - **Soybean Crushing Profit**: As of December 12, the US soybean crushing profit was $2.33 per bushel, compared to $2.45 last week [52]. - **Export Data**: On December 12, the weekly export volume of US soybeans was 721,200 tons, compared to 1.0711 million tons last week. On December 19, the weekly export inspection volume was 870,000 tons, compared to 810,000 tons last week. The net sales for this year were 2.396 million tons, compared to 1.552 million tons last week. The net sales for the next year were 0 tons, the same as last week. The quantity shipped to China on December 19 was 386,000 tons, compared to 202,000 tons last week [54][56][58][60][62]. 3.4 Other Factors - **ENSO Index**: The latest ENSO (NINO3.4 anomaly index) value was - 1.27, remaining in the La Niña range [65]. - **Cost Factors**: The cost of soybean production in Brazil and the US is expected to rise slightly. In the US, the cost of soybean production continues to increase, while in Brazil, the cost has decreased year - on - year [67][69][71][72]. - **CFTC Positions**: As of December 16, the net long position of soybeans was 179,000 contracts, compared to 211,600 contracts last week; the net short position of soybean oil was 67,000 contracts, compared to 103,000 contracts last week; the net long position of soybean meal was 53,000 contracts, compared to 227,000 contracts last week [73][74][76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, the market lacks a bullish foundation due to expected high South American yields, but the downside is limited as demand is expected to improve. The market is expected to oscillate with an upward bias, trading in the range of 1000 - 1200 cents per bushel [5]. - Bearish factors include potential weakening support for biodiesel blending policies from the Trump administration after China's soybean purchases, improved rainfall in Brazil as the rainy season returns and the sowing season nears completion, and an expected increase in Brazil's planting area in the 2025/26 season [5]. - Bullish factors are China's expected purchase of 12 million tons of US soybeans by February 2026 and over 25 million tons annually for the next three years, initial signs of drought in Argentina, and the possibility of South American soybean production cuts due to La Niña weather [5]. 3. Summary by Relevant Catalogs Market Price - This week, the price of US soybeans declined, closing at 1049.25 cents per bushel, a drop of 27.5 cents per bushel. Concerns about US soybean demand arose as China's 12 - million - ton purchase commitment is now expected to be fulfilled by the end of February 2026 instead of the end of 2025. Additionally, the sowing speed of South American soybeans has accelerated, and the full return of the rainy season in Brazil has alleviated concerns, with the current drought in Argentina having limited impact. Next week's key points to watch are China's procurement rhythm, weather conditions in South American main producing areas, and progress on biodiesel policies [8][10]. - The price of US soybean meal fell this week, closing at $297.6 per short ton, a decrease of $4.9 per short ton. The delay in China's purchase commitment from the end of 2025 to the end of February 2026 has put pressure on the prices of US soybeans and soybean meal [11]. - The price of US soybean oil declined slightly this week, closing at 47.9 cents per pound, a drop of 2.17 cents per pound. Market concerns about slowing export demand for US soybeans and soybean oil, the postponed announcement of biodiesel blending targets, and the decline in crude oil prices driving down palm oil and soybean oil prices contributed to this drop [13]. - As of December 12, the price of soybeans in the US Gulf was $11.5 per bushel, a weekly decrease of $0.31 [16]. - On December 19, the spot price of soybeans in Mato Grosso, Brazil, dropped to 116.36 Brazilian reals per bag, while the spot price at Brazilian ports rose to 142.94 Brazilian reals per bag [20][22]. Supply Factors - The drought situation in US soybean - producing areas remained stable, with a drought rate of 68%, up from 65% last week [25]. - In Brazil, except for the southern region, precipitation in the main soybean - producing areas is expected to be low in the next two weeks. In Mato Grosso, rainfall is expected to be normal in the coming week but low in the second week. In Paraná, precipitation will be low in the next two weeks, while in Rio Grande do Sul, precipitation will be high. In Argentina, precipitation in the main producing areas will be slightly above normal in the next two weeks (the southern drought - affected areas have limited planting), and temperatures will be basically normal [27][32][35][36][38][41]. - As of the week ending December 13, the soybean sowing progress in Brazil was 94.1%, up from 90.3% last week and compared to 96.8% in the same period last year [43]. Demand Factors - As of December 12, the US soybean crushing profit was $2.33 per bushel, down from $2.45 last week [46]. - On November 28, the weekly export volume of US soybeans was 803,500 tons, up from 763,400 tons last week. On December 12, the weekly export inspection volume was 795,600 tons, down from 1.025 million tons last week. The net sales for this year were 1.106 million tons, down from 2.32 million tons last week (in the week of November 28). The net sales for next year were 0 tons, the same as last week. The quantity shipped to China in the week of December 12 was 202,000 tons, up from 119,800 tons last week [48][50][52][54][56]. Other Factors - The latest ENSO (NINO3.4 anomaly index) value is - 1.163, remaining in the La Niña range [59]. - The cost of soybean production in Brazil is expected to rise next year. The planting costs of soybeans in both Brazil and the US are expected to increase slightly. The US soybean planting cost continues to rise, while the cost of Brazilian soybeans has decreased year - on - year [61][63][65][66]. - As of December 9, the net long position in soybeans was 211,600 contracts, down from 249,200 contracts last week. The net short position in soybean oil was 10,300 contracts, up from 1,900 contracts last week. The net long position in soybean meal was 22,700 contracts, down from 51,200 contracts last week [67][69][71].