Report Overview - Report Date: August 12, 2025 - Report Cycle: Daily - Research Variety: Beans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On August 12, 2025, the main continuous contract of DCE Bean No.1 futures fluctuated weakly. The opening price was 4,067 yuan/ton, the highest price was 4,073 yuan/ton, the lowest price was 4,015 yuan/ton, and the closing price was 4,034 yuan/ton, down 29 yuan/ton or 0.71% from the previous day. The trading volume was 141,159 lots, and the open interest was 185,359 lots, with a daily increase of 30,232 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,087 | -11 | -0.27% | 62,101 | 47,467 | -24,040 | 0.81% | | A2511 | 4,034 | -29 | -0.71% | 141,159 | 185,359 | 30,232 | 1.43% | | A2601 | 4,031 | -24 | -0.59% | 38,907 | 63,644 | 10,304 | 1.09% | | A2603 | 4,031 | -1 | -0.47% | 5,184 | 25,892 | 377 | 0.94% | [3] 2. Spot Market - Today's basis of Bean No.1 was -14 yuan/ton, and the basis continued to strengthen. The total registered warehouse receipts of Bean No.1 today were 12,865 lots, a decrease of 258 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,054 yuan/ton, a month-on-month increase of 0.17%. In recent days, the spot price of soybeans has continued to rise steadily. Today, the soybean inventory in major ports was 6.8283 million tons, a month-on-month decrease of 0.19%. Currently, the inventory accumulation of port soybeans has slowed down [8][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near - month landed duty - paid prices of imported soybeans showed an overall upward trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4,839.38 yuan/ton, that of Brazilian soybeans was reported at 4,024.47 yuan/ton, and that of Argentine soybeans was reported at 3,867.78 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a steady - to - rising trend [10].

Report Summary 1. Report Information - Research Variety: Beans - Report Type: Daily report on soybean No. 1 futures - Date: August 5, 2025 [1] 2. Futures Market 2.1 Contract Quotes - The main continuous contract of DCE soybean No. 1 futures fluctuated, closing with a doji on the daily K - line. The opening price was 4,115 yuan/ton, the highest was 4,134 yuan/ton, the lowest was 4,109 yuan/ton, and the closing price was 4,116 yuan/ton, a decrease of 10 yuan/ton (-0.24%) from the previous day. The trading volume was 65,168 lots, the open interest was 107,330 lots, and the daily change in open interest was -3,096 lots [2]. 2.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Change in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,116 | -10 | -0.24% | 65,168 | 107,330 | -3,096 | 0.61% | | A2511 | 4,102 | -3 | -0.07% | 38,020 | 127,497 | 2,997 | 0.37% | | A2601 | 4,104 | 6 | 0.15% | 13,298 | 42,264 | 2,425 | 0.56% | | A2603 | 4,095 | 6 | 0.15% | 2,072 | 24,245 | 188 | 0.49% | [3] 3. Spot Market - The basis of soybean No. 1 was -96 yuan/ton, continuing to narrow. The total registered warehouse receipts of soybean No. 1 were 13,678 lots, a decrease of 10 lots from the previous trading day [5] 4. Influencing Factors 4.1 Important Events - The average price of domestic soybeans was 4,002 yuan/ton, a decrease of 0.22% from the previous day, with the price stabilizing and declining in recent days. The inventory of soybeans in major ports was 6.7739 million tons, a decrease of 1.99% from the previous day, and the inventory accumulation rate slowed down [6][8] 4.2 Industry News - The recent arrival - at - destination duty - paid prices of imported soybeans showed a stable - to - rising trend. The recent arrival - at - destination duty - paid price of US Gulf soybeans was 4,783.13 yuan/ton, that of Brazilian soybeans was 3,962.21 yuan/ton, and that of Argentine soybeans was 3,814.33 yuan/ton. The overall crushing profit of enterprises has been showing a stable - to - rising trend recently [9]

Market Conditions Futures Market - The main continuous contract of DCE Soybean No. 1 futures fluctuated within a narrow range today, closing at 4117 yuan/ton, down 0.22% from the previous day, with a trading volume of 111,267 lots and an open interest of 110,426 lots, a decrease of 10,173 lots [2]. - The closing prices of A2509, A2511, A2601, and A2603 contracts were 4117 yuan/ton, 4101 yuan/ton, 4095 yuan/ton, and 4084 yuan/ton respectively, with decreases of 0.22%, 0.22%, 0.07%, and 0.15% respectively [3]. Spot Market - Today's basis of Soybean No. 1 was -97 yuan/ton, and the basis continued to narrow. The total number of registered warehouse receipts for Soybean No. 1 was 13,688 lots, an increase of 286 lots from the previous trading day [5]. Influencing Factors Important Events - The average price of domestic soybeans was 4011 yuan/ton, up 0.22% from the previous day, and the spot price of soybeans has fluctuated up and down in recent days. The soybean inventory at major ports was 6.9117 million tons, up 0.81% from the previous day, and the port soybean inventory continued to accumulate [7][9]. Industry News - The decline of the near - month landed duty - paid price of imported soybeans has slowed down, and the price has stabilized with a slight increase. The near - month landed duty - paid price of US Gulf soybeans was 4755.44 yuan/ton, that of Brazilian soybeans was 3909.75 yuan/ton, and that of Argentine soybeans was 3762.30 yuan/ton. Recently, the overall profit of enterprise crushing has maintained a stable and rising trend [10].

Report Overview - Report Date: July 31, 2025 - Report Cycle: Daily - Research Variety: Soybeans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On July 31, 2025, the main continuous contract of DCE soybean futures rebounded but was blocked, with prices fluctuating weakly. The opening price was 4,146 yuan/ton, the highest price was 4,160 yuan/ton, the lowest price was 4,119 yuan/ton, and the closing price was 4,131 yuan/ton, a decrease of 21 yuan/ton or 0.51% from the previous day. The trading volume was 102,711 lots, the open interest was 122,210 lots, and the daily increase in positions was -6,447 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Positions (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,131 | -21 | -0.51% | 102,711 | 122,210 | -6,447 | 0.99% | | A2511 | 4,118 | -20 | -0.48% | 39,504 | 120,352 | 678 | 0.84% | | A2601 | 4,106 | -19 | -0.46% | 15,463 | 34,013 | 227 | 0.87% | | A2603 | 4,096 | -20 | -0.49% | 4,469 | 23,402 | -202 | 0.83% | [3] 2. Spot Market - Today's soybean basis was -111 yuan/ton, and the basis has strengthened recently. Today's total registered soybean warehouse receipts were 13,557 lots, a decrease of 4 lots from the previous trading day [4]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average domestic soybean price was 4,027 yuan/ton, a month-on-month increase of 0.60%. In recent days, the domestic soybean spot price has been stable with a slight increase. Today, the soybean inventory in major ports was 6.8393 million tons, a month-on-month decrease of 0.07%. Currently, the inventory accumulation rate of port soybeans has slowed down [6][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near-month landed duty-paid prices of imported soybeans showed a weak trend. Today, the near-month landed duty-paid price of US Gulf soybeans was 4,770.72 yuan/ton, that of Brazilian soybeans was 3,896.47 yuan/ton, and that of Argentine soybeans was 3,725.15 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a narrow - range fluctuating trend [10].

Core Insights - Yangpu Port is the only inbound grain port in Hainan Province, and its designated regulatory warehouses have recently passed customs inspection, significantly enhancing its storage capacity for imported grain [1][2] - The storage capacity of the regulatory warehouses has increased from 164,400 tons to 507,400 tons, more than tripling the previous capacity, which lays a solid foundation for the growing demand for grain and oil imports in Yangpu Port [1] - The import volume of rapeseed grain at Yangpu Port is expected to rise from 942,200 tons in 2023 to 1,350,000 tons in 2024, representing a year-on-year growth of 43.28% [1] Industry Developments - The construction of a 100,000-ton grain and oil public terminal at Yangpu Port has commenced, along with the planning of a grain transportation corridor to meet the anticipated surge in grain imports [2] - The improvements in the designated regulatory warehouses and the construction of the dedicated terminal will enhance Hainan Province's grain and oil storage and processing industry, facilitating the development of a regional hub for grain and oil processing and trade [2] - Yangpu Port aims to leverage its advantages as an international container hub and a major seaport to drive the clustering of grain and oil processing, storage, and trade enterprises in Hainan Province, working towards the dual development goals of an international grain and oil hub and a health food port [2]

Report Summary 1. Report Information - Research variety: Beans - Report cycle: Daily - Date of report: July 30, 2025 - Researcher: Qi Jianhua [1] 2. Investment Rating - No investment rating provided in the report. 3. Core View - The domestic soybean spot price has been stable with a slight decline recently, and the futures price of soybean No. 1 has shown a low - level volatile and slightly stronger trend. The basis has weakened again, and the registered warehouse receipts remain unchanged. The port soybean inventory is increasing, and the import soybean arrival - at - destination duty - paid price is generally weak, while the enterprise's crushing profit decline has slowed down [2][3][8][9] 4. Summary by Section 4.1 Futures Market - **Contract行情**: On July 30, 2025, the main continuous contract of DCE soybean No. 1 futures showed a low - level volatile and slightly stronger trend. The opening price was 4,145 yuan/ton, the highest price was 4,166 yuan/ton, the lowest price was 4,133 yuan/ton, and the closing price was 4,153 yuan/ton, up 17 yuan/ton or 0.41% from the previous day. The trading volume was 118,912 lots, the open interest was 128,657 lots, and the daily increase in open interest was - 4,692 lots [2] - **Variety price**: Different contracts had different price changes. For example, the A2509 contract closed at 4,153 yuan/ton, up 17 yuan/ton or 0.41%; the A2511 contract closed at 4,146 yuan/ton, up 41 yuan/ton or 1.00% [3] 4.2 Spot Market - **Basis and registered warehouse receipts**: The basis of soybean No. 1 was - 133 yuan/ton, weakening again. The total number of registered warehouse receipts was 13,561 lots, remaining the same as the previous trading day [4] 4.3 Influencing Factors - **Important events**: The average price of domestic soybeans was 4,003 yuan/ton, down 0.35% month - on - month, showing a stable - to - decreasing trend in recent days. The inventory of soybeans in major ports was 6.8443 million tons, up 0.67% month - on - month, continuing the inventory - building trend [7][8] - **Industry information**: The arrival - at - destination duty - paid price of imported soybeans was generally weak. The near - month arrival - at - destination duty - paid price of US Gulf soybeans was 4,814.14 yuan/ton, that of Brazilian soybeans was 3,932.83 yuan/ton, and that of Argentine soybeans was 3,723.32 yuan/ton. The decline in enterprise crushing profit has slowed down and slightly recovered [9]

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]

Market Overview and Market Review Market Overall Performance - On July 22, 2025, the main continuous contract of DCE soybean No. 1 futures continued its rebound and upward trend. The opening price was 4,204 yuan/ton, the highest price was 4,238 yuan/ton, the lowest price was 4,184 yuan/ton, and the closing price was 4,232 yuan/ton, up 56 yuan/ton or 1.34% from the previous day. The trading volume was 146,103 lots, the open interest was 181,087 lots, and the daily increase in open interest was 8,089 lots [2]. Futures Market Data - The report provides detailed futures market data for different contracts of soybean No. 1, including opening price, highest price, lowest price, closing price, previous settlement price, settlement price, price change, trading volume, open interest, change in open interest, and trading value. The total trading volume of soybean No. 1 futures was 189,592 lots, the total open interest was 309,914 lots, and the total trading value was 795,149.28 million yuan [2]. Spot Market Data - According to Wind data, the average price of domestic soybeans on the day was 4,017 yuan/ton, a month-on-month decrease of 0.25%. In recent days, the spot price of soybeans has been stable with a slight decline. The soybean inventory at major ports was 6.7453 million tons, a month-on-month increase of 1.29%. As imported soybeans arrive at ports successively, the soybean inventory at ports continues to accumulate [4]. Influencing Factor Analysis Important News and Event Reviews - The import price of near - month soybeans showed a weakening trend. The near - month landed duty - paid price of US Gulf soybeans was 4,907.94 yuan/ton, that of Brazilian soybeans was 3,927.66 yuan/ton, and that of Argentine soybeans was 3,799.66 yuan/ton [9]. Associated Data Tracking - The basis of soybean No. 1 on the day was - 212 yuan/ton. The total open interest of soybean No. 1 options was 60,222 contracts, including 40,687 call option contracts and 19,535 put option contracts. The put - to - call ratio of open interest was 0.4801 [12]. Core View - The spot price of domestic soybeans is stable with a slight decline, the port inventory is increasing, and the import price of near - month soybeans is weakening. The soybean No. 1 futures market is showing a rebound and upward trend, and the market sentiment is relatively warm, continuing to be dominated by a volatile and strong trend [4][9][13]

Group 1 - The core point of the articles indicates a significant reduction in U.S. soybean planting area, which is expected to tighten supply and potentially increase domestic soybean meal prices [1][4] - The USDA reported that the U.S. soybean planting area is 83.38 million acres, lower than both the intended planting area of 83.50 million acres and market expectations of 83.65 million acres, marking a five-year low [1] - The ending stocks for U.S. soybeans for the 2025/2026 season are projected to be only 8.03 million tons, with a stocks-to-use ratio of 6.68%, indicating a low inventory situation compared to previous years [1] Group 2 - Weather conditions during the soybean planting period in May and June were favorable for planting but require sufficient rainfall in July and August for crop growth, increasing sensitivity to weather-related speculation [2] - As of July 6, the soybean good-to-excellent rating was 66%, matching the previous week but lower than the 68% from the same time last year, indicating a need for attention to rainfall in August [2] - The EPA's proposed blending rules for 2026-2027 significantly exceed market expectations, which is expected to increase demand for soybean oil and indirectly support soybean prices [3] Group 3 - Domestic soybean meal market is currently characterized by a "weak reality strong expectation" state, with a supply surplus in the third quarter suppressing prices [4] - A potential supply gap for imported soybeans in the fourth quarter could lead to increased domestic soybean meal prices [4] - The forecast for domestic soybean imports is high, with June imports reaching 10.56 million tons and expected to rise to 11 million tons in July, indicating a supply surplus in the near term [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Domestic soybean meal is accelerating inventory accumulation, which is expected to continue to put pressure on the spot basis and the near - month futures market. If Sino - US policies remain unchanged, the far - month futures are expected to be supported by import costs. There is an expectation of inventory reduction for domestic soybean meal in the fourth quarter. It is recommended to consider low - level long positions for M01 [6]. 3. Summaries by Related Catalogs Supply - The US soybean supply - demand balance sheet maintains a tight expectation. The current good - excellent rate of US soybeans is 66%, lower than the same period last year, and there are no obvious abnormalities in short - term temperature and rainfall. The customs soybean import volume in May was close to 14 million tons, a record high. The expected arrivals in June, July, and August are at a high level, and the oil mill operating rate remains high [5][6]. Demand - Judging from the inventory, the supply of live pigs is expected to increase steadily before November, and the poultry inventory remains at a high level. Soybean meal has a relatively high cost - performance ratio, the proportion of feed addition has increased, and the提货 is at a high level. However, in some areas, wheat replaces corn, reducing the demand for protein. The trading volume of soybean meal is weak [6]. Inventory - Domestic soybean inventory has increased to a high level, soybean meal is accelerating inventory accumulation, and the number of days of soybean meal inventory in feed enterprises has increased [6]. Price and Spread - The document provides data on the basis of soybean meal and rapeseed meal futures contracts in different regions on July 8, including the basis of the main soybean meal contract in Dalian, Tianjin, etc., and the basis of 43% soybean meal spot and rapeseed meal spot. It also shows the spread data such as M9 - 1, M9 - RM9, and RM9 - 1, as well as the spot and futures spreads between soybean meal and rapeseed meal in Guangdong [4][5]. Other Data - The document also includes data on the US dollar - RMB exchange rate, soybean CNF premium, soybean inventory in Chinese ports and major oil mills across the country, soybean meal inventory in major oil mills and feed enterprises, soybean crushing volume and operating rate of major oil mills [5].