宏观影响增加，粕类震荡运行

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall price of US soybeans is expected to fluctuate at a high level due to the full reaction of macro - level bullish factors and the existence of South American weather disturbances. The domestic soybean meal is mainly considered from a bearish perspective, while the rapeseed meal is expected to be relatively strong, and the spread between soybean meal and rapeseed meal is expected to narrow [6]. 3. Summary According to the Directory 3.1 Market Review - The US soybean market showed a downward trend after a rally. The domestic soybean meal market followed the US soybean market and declined, while the rapeseed meal market rose after a decline. The spread between soybean meal and rapeseed meal narrowed, and the inter - monthly spread of soybean meal declined [3]. 3.2 Fundamental Analysis - International Market: The US soybean carry - over stocks remain at around 350 million bushels, with a relatively loose supply - demand situation. Brazil's new soybean crop is growing well, and its production is expected to increase, which may put pressure on prices. Argentina's old soybean crop has increased in production, and its export and crushing have also increased [4]. - Domestic Market: The domestic soybean meal supply is gradually recovering, with the oil mill operating rate increasing, but the market demand is average. The rapeseed meal demand is also general, and the supply pressure still exists, with the price expected to fluctuate [5]. 3.3 Logic Analysis - The US soybean price is expected to fluctuate at a high level. The domestic soybean meal is bearish, while the rapeseed meal is expected to be strong, and the spread between soybean meal and rapeseed meal is expected to narrow. The inter - monthly spread of the futures market is expected to decline [6]. 3.4 Trading Strategies - Single - side Trading: Adopt a bearish approach. - Arbitrage: Narrow the MRM09 spread. - Options: Use seagull put options [7]. 3.5 Soybean Pressing Profit - The pressing profit from Brazilian soybeans varies by shipping date. For example, the May shipment has a盘面 pressing profit of 98.04 and a spot pressing profit of - 82.76, with a change of - 2.84 compared to the previous day [8].