1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - This week, the CBOT soybean market continued to rise, driven by the continuous increase in international crude oil prices and the new highs of US soybean oil. The domestic Dalian soybean meal market also rose significantly. The cost increase brought by the rise of US soybeans and the fall of the RMB offset the decline of the Brazilian premium, and the increase of Dalian soybean meal was less than that of the external market. The market showed a strong trend [6]. - The export inspection volume of US soybeans increased compared with the previous week. The export inspection volume of US soybeans to China also increased, and the proportion of the week's total export inspection volume reached 64.58% [10]. - The rainfall in most parts of Brazil was moderate to extremely heavy, while the southern part was relatively dry. The drought in northern Argentina was alleviated by rainfall, but the central and southern parts were still facing drought pressure, which had an impact on the growth of soybeans and corn [20]. - The estimated export volume of Brazilian soybeans in March 2026 is 16.09 million tons, an increase of 2.3% compared with the same period in 2025. However, multiple Brazilian consulting agencies have lowered their forecasts for Brazil's 2025/26 soybean production, mainly due to the adverse weather in Rio Grande do Sul [29]. - The crushing profit of Brazilian soybeans improved significantly this week. The inventory of imported soybeans at domestic ports is about 8.0568 million tons, and the theoretical number of days for port - imported soybean inventory to be crushed is 32 days [44]. - Next week, the USDA report will be released. The market should focus on the export, inventory of US soybeans, and the adjustment space of South American soybean production. The price of US soybeans will continue to be strong, but if the Middle - East situation eases, the CBOT soybean may return to its fundamentals. The domestic soybean meal market is running strongly, but attention should be paid to the pressure of hedging positions and the movement of funds [79]. 3. Summary According to the Directory 3.1 Protein Meal Market Analysis - **Market Trend**: This week, the CBOT soybean market continued to rise, and the domestic Dalian soybean meal market also rose significantly. The cost increase brought by the rise of US soybeans and the fall of the RMB offset the decline of the Brazilian premium, and the increase of Dalian soybean meal was less than that of the external market. On Friday, Dalian soybean meal increased in position and price, and the market was worried that the arrival of Brazilian soybeans in March might be less than expected and about the quality of Brazilian soybeans, so Dalian soybean meal and the No. 2 yellow soybean contract rose together [6]. - **US Market - US Soybean Export Situation**: As of the week of February 26, 2026, the US soybean export inspection volume was 11.3758 million tons, an increase from the previous week. The export inspection volume of US soybeans to China also increased, and the proportion of the week's total export inspection volume reached 64.58% [10]. - **South American Market - Brazil and Argentina**: In Brazil, most areas had moderate to extremely heavy rainfall, while the southern part was relatively dry. The drought in northern Argentina was alleviated by rainfall, but the central and southern parts were still facing drought pressure, which had an impact on the growth of soybeans and corn [20]. - **Domestic and International Oilseed Markets**: The estimated export volume of Brazilian soybeans in March 2026 is 16.09 million tons, an increase of 2.3% compared with the same period in 2025. Multiple Brazilian consulting agencies have lowered their forecasts for Brazil's 2025/26 soybean production, mainly due to the adverse weather in Rio Grande do Sul. The 2025/26 soybean production forecast in Argentina remains unchanged at 48 million tons, a 5% decrease from the 2024/25 season. The Australian 2025/26 rapeseed production is expected to reach 7.7 million tons, a 20% increase from the previous year [29][30][31]. - **Soybean - South American Soybean Sowing and Harvesting Progress**: The soybean sowing progress in Argentina is close to completion, and the overall progress is 99.5%. The Brazilian soybean harvesting progress is about 41.7%, lower than the same period last year but higher than the five - year average [35][37]. - **Soybean - Port Inventory and Crushing Profit**: The crushing profit of Brazilian soybeans improved significantly this week. The inventory of imported soybeans at domestic ports is about 8.0568 million tons, and the theoretical number of days for port - imported soybean inventory to be crushed is 32 days. It is expected that the theoretical inventory of port soybeans will be 5.04 million tons next weekend [44]. - **Soybean - Import Cost and Internal - External Price Difference**: The import cost of US Gulf soybeans arriving in May (with additional tariffs) is 4,582 yuan/ton, and that of Brazilian soybeans arriving in May is 3,792 yuan/ton. The Brazilian premium declined slightly this week [48]. - **Soybean Meal - Soybean Operating Rate and Soybean Meal Inventory**: As of the end of the 9th week (February 28), the soybean operating rate of domestic main soybean oil mills increased compared with the previous week, but it was still at a very low level. The domestic soybean meal inventory was 710,400 tons, a decrease of 150,500 tons from the previous week, a 17.48% month - on - month decrease [52]. - **Soybean Meal, Rapeseed Meal - Weekly Apparent Consumption**: The estimated apparent consumption of soybean meal in the 9th week was 869,900 tons, compared with 95,000 tons in the same period last week [54]. - **Soybean Meal - Basis Analysis**: The domestic soybean meal spot was relatively weak this week, and the soybean meal basis declined significantly [57]. - **Rapeseed Meal - Rapeseed Operating Rate and Crushing Volume**: As of the end of the 9th week (February 28), the operating rate of domestic main oil mills' imported rapeseed increased compared with the previous week, but it was still almost at a standstill. The inventory of imported rapeseed meal for crushing was 6,500 tons, an increase of 500 tons from the previous week, an 8.33% month - on - month increase [59]. - **Rapeseed Meal - Basis Analysis**: There is no specific content about the basis analysis of rapeseed meal in the text. - **Arbitrage Relationship between Oil and Oilseed Varieties**: This week, the oil - meal ratio of beans increased slightly, the oil - meal ratio of rapeseed main contracts continued to recover, and the price difference between soybean meal and rapeseed meal main contracts declined slightly [65]. - **Arbitrage Relationship of Protein Meal Inter - Month Spread**: This week, the 5 - 9 spread of soybean meal and rapeseed meal increased slightly [70]. 3.2 Future Market Outlook - **Seasonal Analysis**: There are seasonal index charts of US soybeans, US soybean meal, Dalian soybean meal, and live pigs, but no specific analysis content is provided [73][76]. - **Next Week's Market Outlook**: - **Technical Level**: For the main contracts, the short - term and medium - term indicators of soybean meal are bullish, and the long - term indicators are entangled. The short - term indicators of rapeseed meal are bullish, the medium - term indicators are entangled, and the long - term indicators are bearish [78]. - **Fundamentals**: In the international market, the USDA report will be released next week. The market should focus on the export, inventory of US soybeans, and the adjustment space of South American soybean production. The price of US soybeans will continue to be strong, but if the Middle - East situation eases, the CBOT soybean may return to its fundamentals. In the domestic market, the domestic soybean meal market is in a situation of weak spot and strong futures. The Dalian soybean meal market is running strongly due to the cost drive of the continuous rise of US soybeans and the uncertainty of the arrival of Brazilian soybeans in the future. As the price rises, the pressure of hedging positions will gradually appear. Attention should be paid to the position. Once the funds leave the market, long positions should be reduced. It is recommended to operate quickly and take profits in time [79].

Report Industry Investment Ratings - **Positive Outlook**: Soybean, soybean meal, palm oil, rapeseed meal, rapeseed oil [1] - **Negative Outlook**: Corn, live pigs, eggs [1] Core Viewpoints - The prices of domestic agricultural products are affected by multiple factors, including domestic and foreign policies, supply - demand relationships, and market expectations. The market trends of different agricultural products vary, and continuous attention should be paid to policy guidance, supply - demand changes, and market dynamics [2][3][4] Summary by Catalog Soybean - Domestic soybean futures showed a slight decline with reduced positions, while domestic soybean spot prices rose slightly compared to before the Spring Festival. The price difference between domestic and imported soybeans started to decline from a high point. The price of US soybeans fell from a recent high. The US tariff policy is unstable, which brings new variables to the export demand of US soybeans [2] Soybean, Soybean Meal, and Rapeseed Meal - The new 10% global tariff introduced by US President Trump on Tuesday dragged down the price of US soybeans, and the Dalian soybean meal also followed suit. During the Spring Festival, US soybeans continued to be strong. The supply - demand balance sheet for the 26/27 US soybean season shows a tightening supply - demand structure, and the US market shows a situation where oil is stronger than meal [3] Soybean Oil, Palm Oil, and Rapeseed Oil - The domestic oil futures market opened higher, following the external market. The US biodiesel policy expectation is optimistic, and the supply - demand structure of the new US soybean crop is tightened year - on - year. However, the US tariff policy is unstable, and the export demand of US soybeans has new variables. The basis of domestic soybean, palm, and rapeseed oil in the spot market is basically stable [4] Corn - The corn spot market is generally strong, with some purchase prices in Northeast China rising by 10 yuan/ton and some in Shandong rising by 20 - 40 yuan/ton. US corn continues to be weak and volatile. After the Spring Festival, attention should be paid to the grain - selling progress in Northeast China, state reserve auction information, and futures capital trends [6] Live Pigs - After the Spring Festival, the live pig spot price dropped significantly, and the national average slaughter price fell below 11 yuan/kg. The slaughter volume is low, and the supply pressure will continue to be released. The fat - standard price difference is still relatively high, and attention should be paid to the behavior of withholding and secondary fattening. The live pig futures market is still weak [7] Eggs - After the Spring Festival, the egg spot price fell slightly. The egg futures market showed a pattern of strong near - term contracts and weak far - term contracts. Considering the low replenishment base in the second half of 2025, there is still a basis for the egg price to strengthen in 2026 [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The recent rebound of the rapeseed meal contract may have ended, and the market will continue to fluctuate between 2700 yuan/ton and 2800 yuan/ton. In the long - term, the upward trend of the oil market remains, but in the medium - to - short - term, there may be a phased adjustment after continuous rises [6][129] Summary by Directory Part 1: Protein Meal Market Analysis 1. Price Trends - This week, CBOT soybeans first rose and then fell, with the price center slightly elevated. The domestic rapeseed meal market followed the trend of US soybeans, with futures prices rising and then falling. The spot price of domestic rapeseed meal was relatively strong this week, but the bullish sentiment at the end - user level was insufficient [6] 2. Export and Inspection Data - The weekly soybean export inspection volume in the US decreased by 2% but increased by 79% year - on - year. As of January 22, 2026, the total export inspection volume of US soybeans in the 2025/26 season reached 20.668363 million tons, a year - on - year decrease of 37.5%. The export to China (Mainland) increased significantly [12] 3. South American Market - Brazilian soybean production in the 2025/26 season is expected to be 181 million tons, a 5.54% increase from the previous season. As of January 22, the soybean harvest progress was 4.9%. In Argentina, high - temperature and drought weather may lead to a decline in the 2025/26 production [30][31] 4. Domestic Market - This week, domestic spot and futures soybean crushing margins continued to recover. As of the end of this week, the total inventory of imported soybeans at domestic ports was about 8.4976 million tons. The average soybean crushing rate of domestic oil mills was 58.60%, and the rapeseed meal inventory was 90.68 million tons [38][44] Part 2: Oil Market Analysis 1. Price Trends - This week, US soybean oil first rose and then fell, while Malaysian palm oil first rose and then fell. Domestic oils followed the trends of related international oils. The overall trend of oils this week was rapeseed oil > soybean oil > palm oil, and the soybean - palm oil spread declined significantly [59][101] 2. International Oil Information - From January 1 - 20, 2026, the production of Malaysian palm oil decreased by 14.43% month - on - month. From January 1 - 25, exports increased. In December 2025, Indonesian palm oil exports increased by 52.1%. The first batch of Australian rapeseed has completed customs clearance in China [63][64] 3. Domestic Oil Inventory - As of the 4th week of 2026, the total inventory of the three major edible oils in China was 2.0449 million tons, a week - on - week decrease of 2.78%. Among them, soybean oil inventory decreased, palm oil inventory increased, and rapeseed oil inventory decreased [84] Part 3: Market Outlook 1. Technical Analysis - For rapeseed meal, short - term, medium - term, and long - term indicators are bearish; for rapeseed oil, short - term and medium - term indicators are bullish, and long - term indicators are entangled; for soybean oil and palm oil, short - term, medium - term, and long - term indicators show different trends [128] 2. Fundamental Analysis - For protein meals, the drought in Argentina and rainfall in Brazil may lead to weather - related speculation, but the pressure of a large Brazilian soybean harvest and weak US soybean exports are evident. For oils, geopolitical factors and the US biodiesel policy will affect the market, and the Malaysian palm oil de - stocking cycle has begun [129]

Core Viewpoint - The rebound of U.S. soybeans and soybean meal may continue as the market returns to fundamentals, with Argentine weather being a current disruptive factor [1] Group 1: Market Dynamics - U.S. soybeans and soybean meal are showing a renewed correlation, indicating a potential for sustained rebound [1] - The market is currently awaiting clarity on production losses in Argentina, which will influence future price movements [1] Group 2: Weather Impact - The uncertainty regarding the timing of production loss assessments in Argentina could range from one week to a longer period [1] - There is a potential connection to previous weather-related themes in the U.S., as foreign climate models predict a hot summer ahead [1] Group 3: Trading Strategy - Current trading opportunities in soybean meal suggest a strategy of buying on dips, with an emphasis on timing and market rhythm [1]