Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - This week, soybean meal prices first rose and then fell. On the cost side, recent rainfall in US soybean - producing areas has been good, but some areas have faced high - temperature threats. As of July 22, about 8% of the US soybean - growing areas were affected by drought, slightly higher than the previous week and last year. As of July 17, the soybean good - to - excellent rate dropped to 68%, lower than expected, which supported US soybeans. Last week, the net export sales of US soybeans were 400,000 tons, in line with expectations but down from the previous week. With the approaching of August 1, the slow progress of tariff negotiations between the US and other countries has increased market concerns about US soybean demand. Amidst the mix of positive and negative factors, US soybeans have been oscillating downward. In the domestic market, recent soybean arrivals have been sufficient, the oil - mill operating rate has returned to normal, and the spot supply of soybean meal is abundant. Meanwhile, recent downstream restocking has weakened, but the spot price of soybean meal has remained stable due to the influence of the futures market. Additionally, oil mills' soybean and soybean - meal inventories are in an accumulation cycle, with short - term soybean inventories slightly decreasing and soybean - meal inventories continuously increasing. The strategy is that US soybeans are oscillating downward due to the mix of positive and negative factors; in the domestic market, soybean supply is sufficient in the third quarter, the oil - mill operating rate has reached a high level compared to the same period, the overall spot supply of soybean meal is abundant, and current downstream restocking has weakened, so the spot price will remain oscillating. In the short term, as Sino - US economic and trade consultations are approaching, attention should be paid to changes in Sino - US tariffs; in the long term, US soybeans have entered the weather - sensitive period. Favorable weather in the early - stage production areas has limited speculation, and the temperature in US soybean - producing areas will be high first and then low in the next two weeks, so attention should be paid to potential weather - related speculation [6]. Group 3: Summary by Relevant Catalogs 1. Market Review - As of the close on July 25, the CBOT soybean closed at 1021.75 cents per bushel, down 13.25 points from last week's close, a weekly decline of 1.28%. The M2509 soybean meal closed at 3021 yuan per ton, down 35 points from last week's close, a weekly decline of 1.15% [7] 2. Fundamental Analysis Cost Side - **Weather**: In the next two weeks, there will be sufficient rainfall and low temperatures in US soybean - producing areas [12] - **US soybean growth**: As of the week of July 20, the US soybean good - to - excellent rate was 68%, lower than the market expectation of 71%, 70% in the previous week, and 68% in the same period last year. The US soybean flowering rate was 62%, up from 47% in the previous week, compared with 63% in the same period last year and a five - year average of 63%. The US soybean pod - setting rate was 26%, up from 15% in the previous week, compared with 27% in the same period last year and a five - year average of 26%. As of the week of July 22, about 8% of the US soybean - growing areas were affected by drought, compared with 7% in the previous week and 4% in the same period last year [12][21] - **US soybean exports**: As of the week of July 17, the net export sales of US soybeans in the 2024/2025 season were 161,000 tons, compared with 272,000 tons in the previous week; the net sales of soybeans in the 2025/2026 season were 239,000 tons, compared with 530,000 tons in the previous week [12][25] - **Brazilian soybeans**: The estimated Brazilian soybean exports in July are 12.11 million tons, an increase of 2.5 million tons year - on - year. Recently, the Brazilian real has been stable, US soybeans have been oscillating, and the near - month soybean premium has stopped rising and adjusted [12][31] Supply - **Imports**: In the 29th week (July 12 - July 18), the total arrival of soybeans at domestic full - sample oil mills was 31.5 ships, about 2.0475 million tons of soybeans [12][35] Demand - **Pressing**: In the 30th week (July 19 - July 25), the actual soybean pressing volume of oil mills was 2.2389 million tons, with an operating rate of 62.94%, 380 tons higher than the estimate [12][35] - **Transactions**: In the 30th week, soybean - meal transactions increased to 692,600 tons, an increase of 4.51%; pick - up increased to 942,100 tons, an increase of 1.72% [12][39] Inventory - **Oil - mill inventory**: In the 29th week, the soybean inventory of major domestic oil mills decreased, the soybean - meal inventory increased, and the unfulfilled contracts decreased. Among them, the soybean inventory was 6.4224 million tons, a decrease of 152,500 tons from the previous week; the soybean - meal inventory was 998,400 tons, an increase of 112,200 tons from the previous week [12][44] 3. Spread Tracking - No specific spread - tracking analysis content was provided except for listing items such as soybean - meal basis in Jiangsu, oil - to - meal ratio, soybean - meal 9 - 1 spread, and soybean - meal to rapeseed - meal spread [47][51][52]