It is estimated that the global soybean output in 2018/2019 will be 353 million tons. Although Brazil and Paraguay have significantly reduced their soybean output, the global total output is still 11 million tons higher than the previous year. The global soybean squeezing volume is expected to be the same as that of last year, at approximately 300 million tons, China’s squeezing volume may decrease by approximately 7 million tons, which may be basically offset by the squeezing growth of other countries (Argentina, United States, India, Mexico, Pakistan, etc.). At the end of August 2019, global soybean stocks will far exceed those of the previous year, with US soybean stocks at a surplus level of 26 million tons. This is bad for the soybean market, and CBOT soybean futures are expected to further weaken.