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1. Report Industry Investment Rating - The investment view for the industry is "oscillating weakly" [5] 2. Core View of the Report - The report focuses on the analysis of the meal market, suggesting that the soybean meal market is affected by factors such as the recovery of Brazilian shipping and the expected increase in US soybean planting area, with a neutral - bearish outlook. Rapeseed meal is mainly influenced by short - term supply shortages and medium - term supply increases, following the soybean meal trend but weaker [5] 3. Summary According to the Directory 3.1 Main Views and Strategy Overview - Supply: Brazilian soybean shipping has basically returned to normal, with an expected shipment of about 10 million tons in March, alleviating supply concerns. The visit of the Brazilian agriculture minister to China and the Brazilian trucker strike are new uncertainties. Global soybean production is expected to be abundant, and the expected increase in the area of new US soybean crops will suppress price upside. Rapeseed meal has a short - term supply shortage but a medium - term supply increase [5] - Demand: Short - term soybean meal demand has rigid support due to a large breeding inventory, but the concern about shortages in April has eased, and long - term demand is expected to decline due to capacity reduction. Rapeseed meal is in the off - season of aquaculture, but there is an expected seasonal increase in demand from April to June, and the expanding spread between soybean meal and rapeseed meal may divert some soybean meal demand [5] - Inventory: Domestic soybean oil mills' soybean and soybean meal inventories are currently high, but domestic soybean meal is expected to further reduce inventory in April. The national rapeseed meal inventory has increased weekly and is at a low level, supporting near - month prices [5] - Basis/Spread: The spread between soybean meal and rapeseed meal is widening, and the M05 - M09 spread is weakening. The M05 - M09 reverse spread is recommended [5] - Profit: The Brazilian CNF premium for soybean meal has risen, and the price has oscillated downward this week, leading to a decline in the crushing profit. The rapeseed meal crushing profit has increased this week [5] - Valuation: Soybean meal is at a relatively low historical valuation and is sensitive to positive factors. Rapeseed meal is at a relatively low price and has room for valuation repair [5] - Macro and Policy: The ongoing Middle East conflict has increased oil and global logistics costs, bringing risk premiums to agricultural products. The US biodiesel policy supports long - term US soybean demand. China has suspended the additional tariff on Canadian rapeseed meal. Attention should be paid to the impact of the Brazilian agriculture minister's visit to China and the Sino - US trade talks in April on soybean trade [5] - Investment View: The soybean meal market is expected to oscillate weakly. Short - term attention should be paid to international trade policy changes and US soybean planting area adjustments. For the spread, attention should be paid to the M05 - M09 reverse spread opportunity. Rapeseed meal mainly follows the soybean meal trend but is weaker [5] - Trading Strategy: Unilateral trading is expected to oscillate weakly, and the M05 - M09 reverse spread is recommended. Policy and weather should be monitored [5] 3.2 Meal Supply and Demand Fundamental Data - Global Soybean Inventory - to - Consumption Ratio: In March, the 25/26 global soybean inventory - to - consumption ratio was raised [30] - Canadian Rapeseed Inventory - to - Consumption Ratio: The March report shows a downward adjustment of the Canadian rapeseed inventory - to - consumption ratio [37] - US Soybean Domestic Crushing Profit: The crushing profit is at a high level [43] - US Soybean Export Sales Progress: The export sales progress is slow [51] - Brazilian Soybean Harvest Rate: The harvest rate is presented in the data [58] - Soybean and Rapeseed Import and Inventory: Data on soybean and rapeseed import volume, inventory, and related costs such as CNF premiums and import crushing profits are provided [60][62][66][68] - Oil Mill Operation and Sales: Data on the operation rate, crushing volume, sales volume, and consumption of oil mills are presented [76][78][86][90] - Feed and Livestock Farming: Data on feed production, livestock farming profits, and related market indicators are provided [97][99][107][113]