供应压力体现，价格承压运行

Group 1: Report Overview - Report Title: "Pulse Daily Report - September 2, 2025: Supply Pressure Reflects, Prices Under Pressure" [2] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoints - The domestic soybean meal market continues to oscillate slightly, with limited cost - end changes. The rapeseed meal market has increased downward pressure, and after the previous rebound, there are few positive factors. The spot market has shown a rebound recently after reflecting the previous supply - side pressure [4]. - The U.S. soybean old - crop balance sheet is positive, but the new - crop supply is tightened. The South American soybean market is generally in a state of loose supply, and the international soybean meal supply pressure is obvious. The overall soybean - related market still faces pressure [5]. - Due to the lack of clear macro - guidance, the market is still worried about supply uncertainties. The soybean meal market is expected to oscillate at a low level, and the rapeseed meal market will mainly move in a range [8]. Group 4: Market Quotes Summary - CBOT continued to decline today. The domestic soybean meal futures oscillated slightly, and the rapeseed meal futures had increased downward pressure. The soybean meal and rapeseed meal monthly spreads showed a rebound trend, and the spot market showed a rebound recently [4]. - For soybean meal futures: the 01 contract closed at 3050, down 4; the 05 contract closed at 2810, down 4; the 09 contract closed at 3006, up 2. For rapeseed meal futures: the 01 contract closed at 2500, down 13; the 05 contract closed at 2394, down 12; the 09 contract closed at 2553, up 13 [4]. Group 5: Fundamental Analysis - U.S. soybean: The old - crop balance sheet is positive, with exports basically completed and an increase in crushing. The new - crop supply is tightened due to a significant reduction in planting area, and the new - crop cumulative exports are slow [5]. - South American soybean: The overall supply is loose, with an expected increase of 1539000 tons in soybean production and 821000 tons in crushing volume in major exporting countries. The Brazilian farmers' selling progress is slow, but they are optimistic about future exports [5]. - Domestic market: As of August 29, the actual soybean crushing volume of oil mills was 2.4254 million tons, with an operating rate of 68.18%. The soybean inventory was 6.9685 million tons, up 2.1% from last week. The soybean meal inventory was 1.0788 million tons, up 2.42% from last week. The rapeseed meal demand is weakening, and the supply pressure still exists [7]. Group 6: Macro - analysis - The Sino - U.S. negotiation in London has ended, and there is no clear macro - guidance. The market is worried about supply uncertainties, but as the market stabilizes, macro - disturbances are decreasing. China's long - term soybean demand from the U.S. is still high, so the price is unlikely to drop significantly in the short term [8]. Group 7: Logic Analysis - Soybean meal: The domestic soybean meal futures' slight decline reflects the South American supply pressure. The market lacks clear direction, and the soybean meal is expected to oscillate at a low level [8]. - Rapeseed meal: After fully reflecting the positive factors, the rapeseed meal market fluctuates around weak demand and supply changes. The price is unlikely to drop sharply, and the market will mainly move in a range [8]. Group 8: Trading Strategies - Unilateral: It is recommended to buy on dips for the 05 contract [9]. - Arbitrage: Buy on dips for the MRM05 spread [9]. - Options: Buy call options [9].