SZAP(SZ:000061) Qi Huo Ri Bao·2025-08-20 11:08Group 1 - The core viewpoint of the articles highlights the structural characteristics of the rapeseed meal market, indicating that despite a recovery in global rapeseed production, tight inventory and trade policy adjustments create a scenario of "increased production but not ample supply" [1][2] - For the 2025/2026 season, global rapeseed production is expected to reach 89.54 million tons, an increase of 4.46 million tons or 5% year-on-year, primarily driven by a historic expansion in the EU rapeseed planting area, which saw a growth of over 10% [1] - The global rapeseed ending inventory is projected to rise only to 9.23 million tons, reflecting a modest year-on-year increase of 0.9%, marking the second-lowest level in four years due to low initial stocks [1] Group 2 - The overall supply of oilseeds globally is sufficient, which puts pressure on rapeseed meal demand, leading to a "strong oil, weak meal" market dynamic [2] - The prices of soybean oil in the US and Brazil are supported by biodiesel policies, while strong demand for edible oils in India contributes to the "oil strong, meal weak" trend in the international market [2] - In contrast, the domestic market relies on stable protein demand, with crushing profits primarily supported by meal products, indicating a divergence in oil-meal ratios between domestic and international markets [2]