Domestically, the benchmark DCE soybean meal M05 contract weakened in a volatile trading session. Following the single-day surge in soybean meal trading volume exceeding one million tons, basis transactions saw a modest increase again yesterday. National soybean meal transactions totaled 348,200 tonnes, of which 211,200 tonnes were far-month basis contracts. These were primarily concentrated in East China, Shandong, Sichuan-Chongqing, Guangxi, and North China, with most involving basis contracts for May to July delivery. Yesterday, the China Grain Reserves Corporation's (Sinograin) auction achieved a 100% clearance rate. The minimal premiums indicated market demand but a reluctance to chase higher prices for soybeans. Currently, domestic soybean and soybean meal inventories remain elevated. The well-received auctioned soybeans will gradually enter the market, coupled with faster-than-expected Chinese purchases of U.S. soybeans and persistent expectations of a bumper South American harv