Futures: Soybean meal 2105 rebounded from the downward trend on Wednesday, closing at 3410 (down 8), with a total lightening of more than 43,000 lots and an increase in trading volume. The top 20 capital flows: Long positions are mainly dispersed and lightened, and individual positions are reduced in a concentrated manner. The amount of positions held is greatly reduced, and the concentration is greatly reduced; the short position is concentrated to reduce positions, the amount of positions is greatly reduced, and the concentration of positions is greatly reduced. The US soybean market fluctuates at a high level, and the February supply and demand report or the phased profit will be exhausted. South American soybeans will be listed soon. Follow-up attention will be paid to its output. Soybean meal's high-level funds are still under heavy selling pressure, and the market is exploring low-level support areas. Pay attention to the support of the 3350-3400 range. Short-term shocks may stabilize and volatility. Pay attention to external market trends, key funds sentiment and changes in market expectations.

Strategic analysis: At present, the weather in South America is repeated, and rainfall may affect the harvest of South American soybeans. Domestic imports of US soybeans remain high. Supply and demand, weather and market sentiment factors alternately affect the market. On the supply side, China continues to actively purchase US soybeans, with high arrivals in Hong Kong, and droughts in parts of North America. In terms of demand, the stock of live pigs has continued to rise, and the slaughter has gradually recovered. The large-scale breeding cycle has been restored, and the demand for soybean meal has been stimulated in the medium and long term. Operational reference: the long-term bullish trend remains unchanged, pay attention to the risk of short-term downturn, the market may drop in the important support area, and you can choose the opportunity to deploy long-term and long-term orders. After a sharp increase, you can reduce your position or short-term hedge.

Market strategy: Soybean meal 2105 may fluctuate and stabilize in the short-term. Pay attention to the support situation near 3400 and changes in capital initiative. Short-term operation: hold 5% more capital positions, drop below 3400 and close the position. If the market goes down and stabilizes in the 3350-3380 area, you can consider trying more. If you have any questions, please contact (155) 2238, 4300. Band operation: holding 10% more capital positions or falling back to near 3350 and below the mid-line more orders. Key short-term positions: 3390, 3440.

Market news: According to the USDA supply and demand report, the U.S. soybean carry-over inventory was lowered to 140 million bushels. The previous market average was expected to be 139 million bushels; the U.S. soybean yield continued to decrease by 0.5 bushels to 50.2 bushels/acre. The previous market average was expected to be 50.5 bushels/acre; The U.S. soybean crush is raised by 5 million bucks to 2.2 billion bucks, and the U.S. soybean export is raised by 30 million bucks to 2.23 billion bucks. According to the Ministry of Agriculture and Rural Affairs, according to the data from fixed-point monitoring, the stock of reproductive sows in the country exceeded 41 million and the stock of live pigs exceeded 400 million at the end of November, and the pig production capacity has recovered to more than 90% of the end of 2017. U.S. soybean exports to China have continued to grow, and their proportion has returned to the level of normal years. The sales progress is nearing completion and the profit of China's imports of U.S. soybeans has slowed down. Development and Reform Commission: The National Development and Reform Commission issued a central budget to invest 4.55 billion yuan to strengthen support for the environmental management of livestock and poultry farms and other infrastructure construction, support the accelerated recovery of live pig production, and promote sustainable agricultural development.

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