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1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report For Soybean Meal - The overall supply and demand of soybean meal are loose, with pre - holiday supply and demand remaining stable and potential risk disturbances after the holiday. The CBOT soybean futures price rebound is limited, and the market will trade repeatedly between the expectations of supply tightening and South American bumper harvest. The soybean meal 05 contract is expected to trade in the range of 2700 - 2860 [6]. For Rapeseed Meal - The rapeseed meal market continues to be in a situation of weak supply and demand. The market is greatly affected by news related to imported rapeseed supply. The rapeseed meal 05 contract will return to the trading range of 2200 - 2430. Attention should be paid to the development of China - Canada trade relations [50]. 3. Summary by Related Catalogs Soybean Meal International Situation - The new US bio - diesel policy boosts soybean oil demand, increasing the expected soybean crushing volume in the US and supporting the US soybean futures price. Brazil's soybean production is raised, and it has entered the harvest season with a high probability of a bumper harvest, which restricts the rebound of futures prices. South American soybeans are about to enter the peak shipping season, and there may be selling pressure on CNF premiums. The future trading focus of the US soybean futures lies in the implementation progress of US soybean demand and the final confirmation of South American production. The planting area of new - crop US soybeans may shrink [6]. - According to the USDA's January supply - demand report, the global and US soybean ending stocks are expected to increase, with the US soybean production slightly up, exports down, and crushing up. The annual average price is expected to decrease [7][8]. - The ratio of US soybean to corn has decreased, which may reduce the planting area of new - crop US soybeans. The February US Agricultural Outlook Forum and the March planting intention report will provide more guidance [12]. Domestic Supply and Demand - Due to the price advantage, China's demand for imported soybeans mainly comes from South America. The CNF premium of Brazilian soybeans has rebounded. The US Department of Agriculture predicts that Brazil's soybean production and exports will increase in the 2025/26 season. Although China has adjusted tariff measures, commercial purchases of US soybeans are still difficult, and mainly policy - based purchases are carried out [14][17][19]. - The inventory of imported soybeans at ports is decreasing, and long - term purchases are being carried out gradually. The procurement progress of different shipment months in 2026 varies [26][29]. - The operating rate of oil mills has declined slightly, but the crushing volume is still higher than the same period last year. In January 2026, the national oil mill soybean crushing volume decreased from the previous month but increased year - on - year [30][33]. - Before the holiday, downstream replenishment continued, leading to a reduction in oil mill soybean meal inventory, which supported the spot price and basis. In January, the inventory of national oil mill soybean meal decreased slightly, and the year - on - year increase continued to expand [34][36]. Basis and Spreads - The basis of the soybean meal 05 contract is 290 yuan/ton, and the 5 - 9 contract spread is - 102 yuan/ton [41]. Rapeseed Meal International Situation - The ICE rapeseed futures price first fell and then rose last month. The new US bio - diesel policy boosted soybean oil demand, driving up the vegetable oil market. The improvement of China - Canada economic and trade relations, with China expected to reduce tariffs on Canadian rapeseed products, led to an increase in rapeseed futures prices. The settlement price of the rapeseed futures main contract increased by 6.43% month - on - month [49]. - Statistics Canada raised the forecast of new - crop rapeseed production in 2025 to a record 21.8 million tons, higher than market expectations [53]. Domestic Supply and Demand - The improvement of China - Canada economic and trade relations is expected to improve the supply structure of rapeseed products. Chinese oil mills' rapeseed and rapeseed meal inventories are at a low level. Due to the low - season of winter aquaculture, the demand for rapeseed meal feed is small, and oil mills have stopped operating. The market is still in a situation of weak supply and demand. The rapeseed meal price is expected to repair the price difference between soybean meal and rapeseed meal after a decline, which may trigger protein substitution demand [49]. - There are no new purchases of imported Canadian rapeseed, and the rapeseed inventory of oil mills is at a low level. The arrival volume of rapeseed at major oil mills in February is about 120,000 tons, and the rapeseed inventory of oil mills in the 5th week is 58,000 tons [62][63]. - Rapeseed crushing plants have basically stopped operating. In the 5th week, the operating rate of rapeseed crushing plants is about 0%, and the rapeseed meal output is 120 tons [67]. - In the off - season of demand, the downstream trading volume of rapeseed meal is small, and the提货 volume is at a low level compared with the same period last year. In the 5th week, the 提货 volume of coastal rapeseed meal is 200 tons, and the spot trading volume of the rapeseed meal market is 7000 tons [68][70]. - Oil mills' rapeseed meal inventory is zero, and the inventory of granular rapeseed meal at ports is continuously decreasing. In the 5th week, the oil mill rapeseed meal inventory is 1000 tons, the granular rapeseed meal inventory is 121,000 tons, and the consumption is 20,000 tons [72][74]. Basis and Spreads - The basis of the rapeseed meal 05 contract is 264 yuan/ton, and the 5 - 9 contract spread is - 21 yuan/ton [80]. Spread Summary - The soybean oil - meal ratio is 2.94, and the spread between the main contracts of soybean meal and rapeseed meal is 474 yuan/ton [84].