Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View - The market sentiment for DCE Bean No. 1 is stable, and the market may fluctuate [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE Bean No. 1 2605 closed at 4,810 yuan/ton during the day session, down 22 yuan (-0.46%), and 4,778 yuan at night, down 2 yuan (-0.04%); DCE Soybean Meal 2605 closed at 3,029 yuan/ton during the day session, down 24 yuan (-0.79%), and 3,012 yuan at night, down 18 yuan (-0.59%); CBOT Soybean 05 closed at 1,160.5 cents/bushel, down 8 cents (-0.68%); CBOT Soybean Meal 05 closed at 328 dollars/short ton, down 4.5 dollars (-1.35%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal is 3,290 - 3,380 yuan/ton, unchanged; in East China, it is 3,290 - 3,320 yuan/ton; in South China, it is 3,320 - 3,550 yuan/ton. The spot price of soybeans in the Northeast region, such as in Harbin, is 4,820 yuan/ton [1]. - **Industrial Data**: The trading volume of soybean meal was 8.6 tons/day, compared with 11.15 tons/day two days ago. The inventory was not available, compared with 61.9 tons/week two days ago [1]. 3.2 Macro and Industry News - On March 20, 2026, CBOT soybean futures closed lower due to pre - weekend long - position profit - taking. The postponement of the meeting between Chinese and US leaders to mid - May has made the future of soybean procurement uncertain. From January to February 2026, China imported 1.5 million tons of US soybeans, a year - on - year decrease of 84%, while importing 6.56 million tons of Brazilian soybeans, a year - on - year increase of 83%. The weather in the US is warm and dry, which is ideal for spring plowing. The excellent - good rate of Argentine soybean crops reached 38%, up 3 percentage points from the previous week [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and DCE Bean No. 1 is 0, indicating a neutral state for the day - session main - contract futures price fluctuations on the report day [3].

Core Viewpoint - The Bloomberg Grain Index increased by 0.18% to 30.5153 points, indicating a W-shaped reversal during the North American trading session, following a significant drop that saw it hit a daily low below 30.2 points [1] Group 1: Grain Futures - CBOT corn futures rose by 0.40% [1] - CBOT wheat futures increased by 0.75% [1] - CBOT soybean futures declined by 0.17% [1] - Soymeal futures fell by 0.16% [1] - Soy oil futures increased by 1.71% [1] Group 2: Other Commodities - ICE raw sugar futures decreased by 1.51% [1] - ICE Arabica coffee futures fell by 0.94% [1] - Coffee "C" futures dropped by 1.19% [1] - Robusta coffee futures declined by 1.67% [1] - New York cocoa futures rose by 0.39% [1] - London cocoa futures decreased by 0.32% [1]

Core Viewpoint - The Bloomberg Grain Index experienced a slight decline of 0.09%, closing at 30.3390 points, while the U.S. stock market showed volatility with an early high of 30.4669 points [1] Group 1: Market Performance - CBOT corn futures decreased by 0.28% [1] - CBOT wheat futures fell by 0.17% [1] - CBOT soybean futures increased by 0.41%, reaching $11.5450 per bushel [1] - Soymeal futures rose by 0.61% [1] - Soybean oil futures saw an increase of 1.05% [1]

Group 1 - The Bloomberg Grain Index increased by 0.42%, reaching 29.7698 points [1] - CBOT corn futures decreased by 0.23%, while CBOT wheat futures rose by 1.66% [1] - CBOT soybean futures rose by 0.09%, priced at $11.2350 per bushel, with soybean meal futures up by 0.59% and soybean oil futures down by 0.43% [1] Group 2 - ICE raw sugar futures fell by 1.84% [1] - New York cocoa futures dropped by 0.75%, settling at $3862 per ton, with a previous low of $3842 and a historical high of $8906 on May 20, 2025 [1] - London cocoa futures decreased by 0.54% [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The sentiment in the soybean and soybean meal markets has improved. Soybean meal may follow the upward trend of US soybeans, and soybeans may rebound and fluctuate. The positive remarks from the phone call between leaders have boosted market sentiment [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2605 closed at 4375 yuan/ton during the day session, down 31 yuan (-0.70%), and 4398 yuan/ton at night, up 13 yuan (+0.30%); DCE soybean meal 2605 closed at 2723 yuan/ton during the day session, down 13 yuan (-0.48%), and 2731 yuan/ton at night, up 6 yuan (+0.22%); CBOT soybean 03 closed at 1092 cents/bushel, up 25.25 cents (+2.37%); CBOT soybean meal 03 closed at 296.4 dollars/short ton, up 4.3 dollars (+1.47%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) is 3020 - 3100 yuan/ton, down 50 - 20 yuan compared to the previous day; in East China, it is 3010 - 3100 yuan/ton, down 20 yuan to flat; in South China, it is 3030 - 3160 yuan/ton, down 40 yuan to flat [1]. - **Industrial Data**: The trading volume of soybean meal was 23.68 million tons per day, and the inventory was 89.95 million tons per week [1]. 3.2 Macro and Industry News - On February 4, 2026, CBOT soybean futures closed higher, reaching a two - month high, mainly influenced by US President Donald Trump's remarks that China would buy more US soybeans. China has confirmed additional purchases, and as of the end of January, China had purchased about 12 million tons of US soybeans. However, during the Spring Festival starting from February 15, China may only be interested in Brazilian soybeans. A survey shows that half of the farmers' business conditions are worse than last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is +2, and that of soybeans is +1, indicating the price fluctuation of the main contract during the day session on the reporting day [3].

Group 1 - The Bloomberg Grain Index increased by 0.79%, reaching 29.3490 points [1] - CBOT corn futures rose by 0.12%, priced at $4.29 per bushel [1] - CBOT wheat futures fell by 0.43%, priced at $5.2675 per bushel [1] - CBOT soybean futures increased by 2.46%, priced at $10.92 per bushel [1]

Core Viewpoint - CBOT soybean futures experienced a short-term surge, with an overall daily increase of 1.60%, indicating a positive market trend for agricultural commodities [1] Group 1: Soybean and Related Futures - CBOT soybean futures rose by 1.60% during the day [1] - Soymeal futures increased by approximately 0.6% [1] - Soy oil futures saw a rise of 1.7% [1] Group 2: Other Grain Futures - CBOT corn futures increased by 0.4% [1] - Wheat futures quickly recovered losses during the trading session [1] - Bloomberg Grain Classification Index surged from around 28.90 points to a daily high of 29.4749 points, reflecting an overall daily increase of 1.10% [1]

Core Insights - The Bloomberg Grain Index increased by 0.58%, reaching 28.8058 points [1] - CBOT corn futures rose by 0.53%, priced at $4.24 per bushel [1] - CBOT wheat futures saw a significant increase of 1.58%, now at $5.1575 per bushel [1] - CBOT soybean futures experienced a slight decline of 0.05%, priced at $10.64 per bushel [1] - CBOT lean hog futures increased by 0.71%, while live cattle futures decreased by 0.13% [1] - ICE raw sugar futures rose by 1.49%, and ICE white sugar futures increased by 1.14% [1] - ICE Arabica coffee futures saw a minor increase of 0.09%, while Robusta coffee futures fell by 1.18% [1] - New York cocoa futures increased by 0.04%, reaching $4,450 per ton, after previously dropping to $4,387 [1] - ICE cotton futures declined by 0.61% [1]

Core Viewpoint - The Bloomberg Grain Index decreased by 0.61% to 28.6239 points, indicating a downward trend in grain prices following the long weekend [1] Group 1: Market Performance - The CBOT corn futures fell by 0.18% [1] - The CBOT wheat futures experienced a decline of 1.45% [1] - The CBOT soybean futures dropped by 0.45% [1] - Soymeal futures increased by 0.52%, while soybean oil futures decreased by 0.25% [1]

Group 1 - The Bloomberg Grains Index rose by 1.02% to 28.7983 points, but experienced a cumulative decline of 1.84% for the week [1] - CBOT corn futures fell by 4.66%, closing at $4.25 per bushel [1] - CBOT wheat futures increased by 0.14%, ending at $5.18 per bushel [1] - CBOT soybean futures decreased by 0.59%, settling at $10.5675 per bushel [1] - Soymeal futures dropped by 4.54%, while soybean oil futures rose by 5.68% [1]