1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - Brazilian shipping speed has recovered, but the overall port queuing problem remains severe. The soybean harvest progress in Brazil has reached 59%, and the sales progress is nearly 50%. Overnight, the Brazilian premium rose significantly. The resumption of shipping has partially alleviated concerns about domestic arrivals, but the market still has concerns about the supply - demand gap. Today, the spot basis of soybean meal remains relatively strong. In the later stage, if the war continues, inflation expectations and cost - increase expectations will support soybean meal prices. Currently, soybean meal prices are still in the historical low - range and are still highly sensitive to positive news. The medium - to - long - term upward drive still needs to focus on the weather during the planting period. It is recommended to wait for a pullback to layout long positions in distant contracts [6]. 3. Summary by Relevant Catalogs 3.1 Data Daily - The table shows the basis data of soybean meal and rapeseed meal on March 18, including the basis of 43% soybean meal spot in different regions (Dalian, Rizhao, Tianjin, etc.) and the basis of rapeseed meal in Guangdong. It also includes data such as M5 - M9, M5 - RM5, and RM5 - 9 [4]. 3.2 Spread Data - The spread between soybean meal and rapeseed meal is presented, including the spot spread in Guangdong and the spread of the main contract. It also shows the 2025 soybean CNF premium trend chart, the import soybean gross profit on the disk, and the US dollar - RMB exchange rate [5]. 3.3 Inventory Data - It shows the inventory data of soybeans in Chinese ports, the inventory of soybeans in major oil mills across the country, the inventory of soybean meal in major oil mills, and the inventory days of soybean meal in feed enterprises from 2020 - 2026 [5][6]. 3.4开机和压榨情况 (Operation and Pressing Situation) - The data of the operating rate and soybean pressing volume of major oil mills across the country from 2020 - 2026 are presented, as well as the downstream trading volume and receiving volume [6].

Core Viewpoint - The Zhengzhou Commodity Exchange has announced adjustments to margin requirements and price fluctuation limits for certain futures contracts during the 2026 Spring Festival period, effective from February 9 and February 12, 2026 [1] Group 1: Margin Requirements and Price Limits - From February 9, 2026, the margin requirement for futures contracts of methanol, paraxylene, PTA, short fiber, and bottle flakes will be set at 10%, with a price fluctuation limit of 9% [1] - From February 12, 2026, the margin requirement for futures contracts of glass, soda ash, apples, and red dates will be set at 12%, with a price fluctuation limit of 10% [1] - The margin requirement for futures contracts of rapeseed oil, rapeseed meal, peanuts, cotton, caustic soda, silicon manganese, urea, and propylene will be 10%, with a price fluctuation limit of 9% [1] - The margin requirement for futures contracts of white sugar and cotton yarn will be set at 8%, with a price fluctuation limit of 7% [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The U.S. soybean market currently has no weather premium, and the Sino - U.S. trade policy has not eased, putting pressure on U.S. soybeans, but the downside space is expected to be limited. Brazil's premium is relatively strong, offsetting the impact of the U.S. market decline on import costs. There is an expectation of inventory reduction in the domestic far - month market, and the downside space of the 01 contract is expected to be limited. It is recommended to go long on dips [8] Group 3: Summary by Related Catalogs Supply - This week, the good - to - excellent rate of U.S. soybeans rose to 70%. In the next two weeks, there will be less rainfall in the production areas, but the temperature will be low, and the expected impact is limited. Under the pressure of the concentrated arrival of Brazilian soybeans in China, the domestic soybean crushing volume in August is expected to exceed 10 million tons, and the outlook for soybean meal remains positive. The progress of domestic soybean purchases from October to January is slow, and under the current Sino - U.S. trade policy, there is an expectation of inventory reduction in the far - month market [7] Demand - The expected high inventory of pig and poultry farming in the short - term supports feed demand. However, the policy aims to control the inventory and weight of pigs, which is expected to affect the far - month supply of pigs. Soybean meal has a high cost - performance ratio, and the pick - up volume is at a high level. In some areas, wheat is replacing corn, reducing the demand for protein. This week, the trading volume of soybean meal increased [8] Inventory - The domestic soybean inventory has reached a high level, and soybean meal is in the inventory accumulation cycle. The number of days of soybean meal inventory in feed enterprises has decreased [8] Price - related Data - On August 1st, the basis of the soybean meal main contract in different regions showed various values and changes. For example, in Dalian, it was 30 with a rise of 10; in Tianjin, it was - 50 with a fall of 10. The basis of 43% soybean meal spot to the main contract also varied by region, such as - 110 in Zhangjiagang. The basis of rapeseed meal spot in the East was - 75 with a rise of 24. There were also data on spreads like M9 - 1, M9 - RM9, etc., and the spot and盘面 spreads between soybean meal and rapeseed meal in Guangdong [6][7]

Group 1: Hot News - The "Market Access Negative List (2025 Edition)" was released, with the number of list items reduced from 117 in the 2022 edition to 106, further relaxing market access restrictions and optimizing market access management. New business forms and fields such as unmanned aerial vehicle operations and the production, wholesale, and retail of new tobacco products like e - cigarettes were included in the negative list [3] - The Ministry of Commerce and the Ministry of Foreign Affairs clarified the rumor of "China - US trade negotiations," emphasizing that no economic and trade negotiations are taking place between the two sides [3] - The Zhengzhou Commodity Exchange announced that starting from the settlement on April 29, the trading margin standards and daily price limit ranges for various futures contracts will be adjusted [3] - The Dalian Commodity Exchange announced that starting from the settlement on April 29, the daily price limit ranges and trading margin levels for some futures contracts will be adjusted. It also solicited public opinions on the monthly average price futures contracts of linear low - density polyethylene, polyvinyl chloride, and polypropylene and related rules [4] Group 2: Sector Performance - Key sectors to focus on include urea, polysilicon, crude oil, soybean meal, and Shanghai copper [5] - Night - session performance: Non - metallic building materials rose 2.75%, precious metals 29.72%, oilseeds and oils 12.74%, soft commodities 2.87%, non - ferrous metals 18.58%, coal, coke, steel, and minerals 13.64%, energy 2.43%, chemicals 12.47%, grains 1.92%, and agricultural and sideline products 2.88% [5] Group 3: Sector Positions - The document shows the changes in positions of commodity futures sectors in the past five days [6] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.03%, the SSE 50 rose 0.25%, the CSI 300 fell 0.07%, the CSI 500 fell 0.52%, the S&P 500 rose 2.03%, the Hang Seng Index fell 0.74%, the German DAX rose 0.47%, the Nikkei 225 rose 0.49%, and the UK FTSE 100 rose 0.05% [8] - Fixed - income: The 10 - year Treasury bond futures fell 0.09%, the 5 - year Treasury bond futures fell 0.11%, and the 2 - year Treasury bond futures fell 0.05% [8] - Commodities: The CRB Commodity Index rose 0.75%, WTI crude oil rose 0.80%, London spot gold rose 1.83%, LME copper rose 0.77%, and the Wind Commodity Index rose 0.81% [8] - Others: The US Dollar Index fell 0.62%, and the CBOE Volatility Index remained unchanged [8]