供应端压力有限，盘面震荡反弹

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the supply - side pressure on the粕类 market is limited, and the futures market shows a volatile rebound. The international soybean market has near - term support, while the domestic粕类 market has a complex situation with some improvement in spot conditions but also uncertainties in supply and demand [4][5]. 3. Summary by Section 3.1 Market Review - The US soybean futures are strong due to macro - level positives, monthly supply - demand reports, and changes in biodiesel policies. The domestic futures are relatively weak, with the soybean meal market stronger than the rapeseed meal market. The monthly spreads of both soybean meal and rapeseed meal are volatile [4]. 3.2 Fundamental Analysis - International Market: The near - term pressure on the international soybean market is limited. US soybean exports are good, and the April soybean crush volume has a significant year - on - year increase. Brazil's selling pressure is reduced, and the harvest progress is high. The new US soybean crop has good demand but export uncertainty [5]. - Domestic Market: The domestic spot market has improved. The oil mill crush volume has increased, and the inventory has slightly risen. The开机率 is relatively high, and the supply is reasonable. The demand for rapeseed meal is strong in the near - term, but the supply is abundant, and there are uncertainties in the long - term [5][6]. 3.3 Macro - level Analysis The reduction of tariffs between China and the US has led to a market recovery, but the粕类 market reaction is limited. The domestic soybean supply is less affected by policies, but there are still uncertainties, and the soybean meal is supported by policies in the long - term [7]. 3.4 Logic Analysis - Soybean Meal: The soybean meal futures have strengthened slightly. The supply pressure in Brazil may be reduced, but there are still uncertainties. The domestic soybean meal spot has little change, and the inventory pressure may increase with more soybean arrivals and higher开机率, affecting the monthly spreads [8]. - Rapeseed Meal: The rapeseed meal market has little change. The recent decline reflects supply uncertainties. The supply is sufficient, and both supply and demand may decrease in the future, with the spread between soybean meal and rapeseed meal oscillating [8]. 3.5 Trading Strategy - Single - side Trading: The market is expected to move in a volatile manner. - Arbitrage: It is recommended to wait and see. - Options: A strategy of selling wide straddles is suggested [9].