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]