贸易关系变化较多，粕类盘面继续偏强

Group 1: Report Overview - The report is titled "Meal Daily Report" dated November 3, 2025, with the theme of "Frequent changes in trade relations, meal futures continue to be strong" [1] Group 2: Market Quotes - Futures and Spot Prices: The closing prices of soybean meal and rapeseed meal futures contracts showed varying degrees of increase. The spot basis of soybean meal and rapeseed meal also changed, with the spread between soybean meal and rapeseed meal narrowing significantly. The monthly spread of soybean meal futures fluctuated greatly, while that of rapeseed meal strengthened significantly [3] - Monthly Spread: The 15 - spread of soybean meal was 197 (down 11 from yesterday), the 59 - spread was - 120 (down 3), and the 91 - spread was - 77 (up 14). The 15 - spread of rapeseed meal was 111 (up 65), the 59 - spread was - 90 (unchanged), and the 91 - spread was - 21 (down 65) [3] - Cross - Variety Spread: The spread between soybean meal and rapeseed meal 01 contract was 535 (down from 633 yesterday), and the 09 contract was 479 (down from 498). The oil - meal ratio of 01 contract was 2.680 (down from 2.690) [3] Group 3: Fundamental Analysis - International Market: The US soybean market is mainly affected by export volume increase, but the overall supply - demand situation is relatively loose. The sowing progress of Brazilian new - crop soybeans is relatively fast, and the production is expected to remain high, which will put pressure on prices in the medium term. The old - crop soybeans in Argentina have relatively large production, and the recent pressing and export have increased significantly [4] - Domestic Market: The domestic soybean meal supply - demand is relatively loose, with high inventory. As of October 31, the actual soybean crushing volume of oil mills was 2.2534 million tons, the开机率 was 61.99%, the soybean inventory was 7.1079 million tons (down 5.39% from last week, up 29.06% year - on - year), and the soybean meal inventory was 1.153 million tons (up 9.33% from last week, up 17.16% year - on - year). The demand for rapeseed meal has gradually weakened, and the supply pressure still exists [5] Group 4: Macro - analysis - The recent Sino - US negotiations have sent positive signals to the market, and the US soybean futures have risen significantly. However, the impact of macro - factors on the market is expected to be limited in the future, and the market will focus more on fundamental changes [6] Group 5: Logic Analysis - US Soybeans: If the production does not decline significantly, the further upward space of US soybeans is limited [7] - Brazilian Soybeans: The price is expected to face pressure due to relatively loose supply and smooth sowing progress of new - crop soybeans [7] - Domestic Soybean Meal: The overall supply - demand is relatively loose, but there is still price support due to crushing profit losses [7] - Domestic Rapeseed Meal: The inventory is relatively low, but the demand is average. The further upward space is limited, and the monthly spread strengthening space is also limited [7] Group 6: Trading Strategies - Single - side: It is recommended to short the 05 contract [8] - Arbitrage: Wait and see [8] - Options: Sell the wide - straddle strategy [9]