供应整体宽松，盘面震荡运行

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The global market for soybeans has a relatively loose supply-demand situation, so there may still be pressure on overall prices [4][5]. - The domestic soybean meal market has shown some stability after a continuous decline, and the rapeseed meal market has a relatively strong trend, but there may be greater pressure after the supply recovers [3]. - The price of Brazilian soybeans is expected to face pressure in the medium term, and the price of rapeseed meal is expected to move downward [5][7]. - The trading strategy suggests a bearish approach for single - sided trading, waiting and seeing for arbitrage, and a short straddle strategy for options [8]. Group 3: Summary by Related Catalogs 1. Market Quotes - Futures prices of soybean meal and rapeseed meal generally declined. For example, the 01 soybean meal contract closed at 2895, down 8; the 01 rapeseed meal contract closed at 2208, down 9 [3]. - The spot basis of soybean meal and rapeseed meal in different regions mostly increased. For example, the spot basis of 01 soybean meal in Tianjin increased from 440 to 450 [3]. - The inter - monthly spreads of soybean meal and rapeseed meal showed different trends. The near - month inter - monthly spread of soybean meal decreased, while that of rapeseed meal was relatively strong [3]. - The spread between soybean meal and rapeseed meal decreased, and the oil - meal ratio increased [3]. 2. Fundamental Analysis International Market - The U.S. soybean carry - over inventory was raised to 350 million bushels, higher than the market estimate of 292 million bushels. The quarterly grain inventory data was also bearish [4]. - Brazil's new soybean crop is growing well, and exports are expected to increase significantly. The old crop has good export and crushing performance [4]. - Argentina's old soybean crop has a relatively large yield, and recent crushing and exports have increased significantly [4]. Domestic Market - The domestic soybean meal market has a relatively loose supply - demand situation. The oil mill operating rate increased, and the market supply was sufficient. As of January 16, the actual soybean crushing volume was 1.9942 million tons, and the operating rate was 54.86% [6]. - The domestic rapeseed meal market has a relatively loose supply - demand situation. The demand has gradually weakened, the oil mill operation has basically stopped, and the rapeseed supply is at a low level [6]. 3. Logical Analysis - The U.S. soybean market has large inventory pressure, but the downward speed may slow down due to improved demand. It is expected to move downward in a volatile manner [7]. - Brazil's soybean price is expected to face pressure, and South American quotes have started to decline [7]. - The domestic soybean supply has uncertainty, and the spot market shows some support. However, the upward space is limited [7]. - The rapeseed meal market is expected to move downward, and the spread between soybean meal and rapeseed meal is expected to expand [7]. 4. Trading Strategy - Single - sided trading: Adopt a bearish approach [8]. - Arbitrage: Wait and see [8]. - Options: Use a short straddle strategy [8]. 5. Soybean Pressing Profit - The pressing profit from Brazilian soybeans in different shipping months showed different changes. For example, the pressing profit in March decreased by 13.17 compared with the previous day [9].