1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic soybean meal futures showed some support, but today's upward movement was mainly due to the uncertainty of long - term supply rather than its own factors. The US soybean futures declined due to the bearish monthly supply - demand report, but the deep - decline space was limited, and the rebound space was also restricted by Brazil's export pressure and good weather in US production areas. - The fundamental situation of rapeseed meal has changed little recently, mainly affected by the uncertainty of future supply. It is expected that it will be difficult to show a significantly strong trend, and the spread between soybean meal and rapeseed meal is expected to widen. - The inter - monthly spreads of both soybean meal and rapeseed meal futures may face some pressure, but the deep - decline space is limited [4][7]. 3. Summary by Related Catalogs 3.1 Market Review - The US soybean futures showed a strong upward trend. After the bearish monthly supply - demand report, the futures rebounded. The domestic soybean meal futures were driven by the US soybean futures and market information. The domestic rapeseed meal futures rebounded significantly due to the uncertainty of long - term supply. - The inter - monthly spreads of domestic soybean meal futures strengthened slightly, and those of rapeseed meal futures strengthened significantly. However, due to the uncertainty of market news, the possibility of further strengthening is uncertain [4]. 3.2 Fundamental Analysis 3.2.1 International Market - The adjustment of the new US soybean balance sheet was bearish. Exports were lowered, but crushing was raised, and the ending stocks increased slightly. As of the week ending July 6, the good - excellent rate of US soybeans reached 66%. As of the week ending July 3, the export inspection volume of old US soybeans was 389,400 tons. The US soybean crushing data in May was good, with a crushing volume of 192.829 million bushels, a month - on - month increase of 1.37%, and the crushing profit rebounded. - Brazilian farmers' selling progress was slow, and the overall selling progress was at a low level in the same period of history. The recent selling progress continued to slow down, and price pressure began to appear. The recent crushing volume in Brazil decreased, and the crushing profit was relatively low. It is expected that Brazil may further increase exports. - Argentina's domestic crushing volume may improve, but soybean exports may increase. The international soybean supply pressure is mainly concentrated in South America [5]. 3.2.2 Domestic Market - The domestic soybean meal spot market was relatively loose. The oil refinery operating rate increased, and inventories gradually accumulated. As of July 11, the actual soybean crushing volume of oil refineries was 2.2954 million tons, the operating rate was 64.52%, the soybean inventory was 6.5749 million tons, a week - on - week increase of 210,900 tons (3.31%) and a year - on - year increase of 661,400 tons (11.18%). The soybean meal inventory was 886,200 tons, a week - on - week increase of 63,800 tons (7.76%) and a year - on - year decrease of 333,100 tons (27.32%). - The domestic rapeseed meal demand has gradually weakened recently. Although the refinery operating rate has decreased, the overall supply is sufficient, and there is still supply pressure. As of the week ending July 14, the rapeseed crushing volume of major coastal oil refineries was 37,000 tons, and the operating rate this week was 9.86%. The rapeseed inventory of major coastal oil refineries was 146,000 tons, a week - on - week decrease of 16,000 tons; the rapeseed meal inventory was 15,100 tons, a week - on - week increase of 10,500 tons [6]. 3.3 Macroeconomic Analysis - The China - US negotiations in London have ended, but the market has not received clear information. Due to the lack of clear macro - guidance, the market is still worried about the uncertainty of future supply. Although the overall international trade situation has many uncertain factors, the macro - disturbances are decreasing as the market stabilizes. In the short term, it is not easy for China's long - term soybean demand for the US market to decline significantly [7]. 3.4 Trading Strategies - Unilateral: It is recommended that investors with existing long positions should exit and wait and see. - Arbitrage: It is recommended to exit the M91 long - spread position and wait and see. - Options: Wait and see [8]

Group 1: Report General Information - Report Name: "Commodity Research Institute Agricultural Product Research Report - Meal Daily Report" [1][2] - Date: June 12, 2025 [2] - Researcher: Chen Jiezheng [3] Group 2: Market Review - US soybean futures showed a volatile trend with limited market changes; domestic soybean meal futures rebounded after a decline, and rapeseed meal futures strengthened significantly [4] - The inter - monthly spreads of domestic soybean meal and rapeseed meal futures were strong due to concerns about future supply shortages [4] Group 3: Price and Spread Data Futures and Basis - For soybean meal, the closing prices of 01, 05, and 09 contracts in different regions had different changes, and the basis also changed; for rapeseed meal, similar price and basis changes were observed [4] Inter - monthly Spreads - For soybean meal, the 59 spread was - 319 (down 5), 91 spread was - 13 (up 4), and 15 spread was 332 (up 1); for rapeseed meal, the 59 spread was - 300 (down 25), 91 spread was 311 (up 22), and 15 spread was - 11 (up 3) [4] Cross - variety Spreads - The 01 spread between soybean meal and rapeseed meal was 699 (down 16), 09 spread was 375 (down 34), and the oil - meal ratio of 01 was 2.496 (up 0.001) [4] Spot Spreads - The spread between soybean meal and rapeseed meal was 680 (up 14), between soybean meal and sunflower meal was 649 (down 18), and between rapeseed meal and sunflower meal was 19 (down 2) [4] Group 4: Fundamental Analysis International Market - As of the week ending June 5, the good - to - excellent rate of US new - crop soybeans was 68%, and the export inspection volume of old - crop soybeans was 547,000 tons; the USDA - reported soybean crushing volume in April was 5.508 million tons, a 2.03% month - on - month decrease [5] - Brazilian farmers' selling progress was slow, and the recent soybean crushing volume decreased; Argentina's domestic soybean crushing growth might slow down [5] Domestic Market - As of June 6, the actual soybean crushing volume of domestic oil mills was 2.2446 million tons, with an operating rate of 63.1%; soybean inventory was 6.1029 million tons (up 4.7% week - on - week and 24.7% year - on - year), and soybean meal inventory was 382,500 tons (up 28.36% week - on - week and down 57% year - on - year) [6] - As of the week ending June 6, the rapeseed crushing volume of coastal oil mills was 72,000 tons, with an operating rate of 19.19%; rapeseed inventory was 202,000 tons (down 30,000 tons week - on - week), and rapeseed meal inventory was 19,000 tons (down 1,000 tons week - on - week) [6] Group 5: Macro and Logic Analysis - The Sino - US negotiation in London provided no clear macro guidance, and the market was still worried about supply uncertainties; with market stabilization, macro disturbances decreased [7] - Domestic soybean meal futures were volatile with limited fundamental positives; US soybean futures might face downward pressure; rapeseed meal futures were expected to be volatile [7] - The inter - monthly spreads of soybean meal and rapeseed meal futures were expected to be strongly supported due to supply concerns [7] Group 6: Trading Strategies - For single - side trading, short positions in small amounts are recommended; for arbitrage, a long M11 - short M1 spread is recommended; for options, selling call options is recommended [8] Group 7: Soybean Crushing Profit - The crushing profits of soybeans from different origins (Argentina and Brazil) and different shipping dates varied, with some showing increases and some showing decreases compared to the previous day [9]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - side pressure of meal products is limited, and they are running strongly. The international soybean supply pressure is improving, but the price pressure in Brazil still exists. The domestic meal products are expected to have limited further weakening space, and the spread between soybean meal and rapeseed meal may widen [2][5][9]. - In the short - term, the domestic futures market of meal products is in a volatile state. The short - term support for the US soybean market is obvious, and the supply and demand of the international soybean market are in a state of dynamic adjustment [4][5]. 3. Summary by Related Catalogs 3.1 Market Review - Today, the US soybean futures prices dropped significantly, mainly affected by the news of possible adjustments to the US biodiesel policy. The domestic futures market was in a volatile state, with the rapeseed meal market stronger than the soybean meal market. The spread between soybean meal contracts was narrowly volatile, while the spread between rapeseed meal contracts was relatively strong [4]. 3.2 Fundamental Analysis - **International Market**: The near - term support for the US soybean market is obvious. The export of US old - crop soybeans is expected to be stable, and the adjustment pressure on the balance sheet is small. The selling progress of Brazilian farmers has accelerated but is still at a low level in the same period of history. Brazilian soybean exports may increase due to weak domestic crushing profits. The domestic crushing in Argentina may slow down, and soybean exports may increase [5]. - **Domestic Market**: The domestic spot market has improved. The oil refinery operating rate has decreased, but the supply is sufficient. The inventory of soybean meal is relatively low, and the spot price is not likely to weaken rapidly. The demand for rapeseed meal is strong in the near - term, but the supply pressure still exists [7]. 3.3 Macroeconomic Analysis - The reduction of tariffs between China and the US has a limited impact on the meal products market. The domestic soybean supply is less affected by policies due to the expansion of new supply sources, but the long - term price of soybean meal is still supported by policies [8]. 3.4 Logic Analysis - The international market pressure has weakened, and the pressure transmitted to the domestic market is limited. The domestic supply is relatively loose, and the demand is good, so the domestic soybean meal is not likely to weaken further. The long - term supply of rapeseed meal is tightening, but the demand is weak, and the spread between soybean meal and rapeseed meal may widen [9]. 3.5 Trading Strategies - **Unilateral Trading**: Buy on dips. - **Arbitrage**: Long M11 and short M01. - **Options**: Sell a wide - straddle strategy [10][11].