Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The price of rapeseed futures on the Intercontinental Exchange (ICE) declined on June 23 due to rainfall in western Canada and the weakening of US soybeans, which alleviated concerns about crop shortages. The 11 - month rapeseed contract closed 17.70 Canadian dollars lower at 725 Canadian dollars per ton [2]. - The good condition of US soybeans and favorable weather forecasts for the Midwest continue to constrain the US soybean market. Domestically, with the concentrated arrival of imported soybeans, the oil - mill operating rate has increased significantly, leading to a more relaxed supply and putting pressure on the meal market prices [2]. - For rapeseed meal, the peak season of aquaculture has arrived, increasing the feed demand. However, the substitution advantage of soybean meal is good, weakening the demand expectation for rapeseed meal. The expectation of improved China - Canada trade relations adds to the potential increase in supply, dragging down the market price of rapeseed meal. The short - term market focuses on the tight inventory of old - crop Canadian rapeseed, and the growth of Canadian rapeseed is in the "weather - dominated" stage [2]. - For rapeseed oil, palm oil is in the seasonal production - increasing season, which restricts its market price. However, increased exports boost the palm oil market. The US Environmental Protection Agency's suggestion to increase the blending requirements for biofuels in 2026 and 2027 has greatly increased the demand expectation for US soybean oil, driving up the soybean oil market price. The Middle - East situation has a significant impact on international oil prices, increasing the volatility of the oil market. Domestically, the high inventory pressure of oil mills continues to restrict the market price. Although the expectation of improved China - Canada trade relations adds supply pressure, the relatively firm price of Canadian rapeseed provides support for the domestic rapeseed oil market price [2]. 3. Summary by Directory Futures Market - The closing price of the active rapeseed oil futures contract was 9572 yuan/ton, down 149 yuan; the closing price of the active rapeseed meal futures contract was 2662 yuan/ton, up 5 yuan. The 9 - 1 spread of rapeseed oil was 94 yuan/ton, up 7 yuan; the 9 - 1 spread of rapeseed meal was 288 yuan/ton, up 9 yuan [2]. - The position of the main rapeseed oil contract decreased by 21,225 hands to 372,654 hands, and the net long position of the top 20 futures holders decreased by 1429 hands to 35,129 hands. The position of the main rapeseed meal contract decreased by 2498 hands to 516,622 hands, and the net long position of the top 20 futures holders increased by 6616 hands to 20,885 hands [2]. - The number of rapeseed oil warehouse receipts remained unchanged at 100, and the number of rapeseed meal warehouse receipts decreased by 963 to 24,711. The closing price of the active ICE rapeseed futures contract was 724.4 Canadian dollars/ton, down 17.1 Canadian dollars [2]. Spot Market - The spot price of rapeseed oil in Jiangsu was 9920 yuan/ton, and the average price was 9936.25 yuan/ton. The spot price of rapeseed meal in Nantong was 2550 yuan/ton, and the oil - meal ratio was 3.78, up 0.05 [2]. - The basis of the main rapeseed oil contract was 199 yuan/ton, up 5 yuan; the basis of the main rapeseed meal contract was - 112 yuan/ton, down 5 yuan. The spot price difference between rapeseed oil and soybean oil was 1540 yuan/ton, up 40 yuan; the spot price difference between rapeseed oil and palm oil was 1120 yuan/ton, up 20 yuan; the spot price difference between soybean meal and rapeseed meal was 370 yuan/ton, unchanged [2]. Upstream Situation - The global predicted annual production of rapeseed was 89.56 million tons, up 4.32 million tons, and the annual predicted production of rapeseed was 12,378 thousand tons, unchanged [2]. - The total monthly import volume of rapeseed was 33.55 million tons, down 15.37 million tons. The import cost of imported rapeseed was 5280.97 yuan/ton, down 136.56 yuan/ton, and the import rapeseed crushing profit was 125 yuan/ton, up 49 yuan/ton [2]. - The total inventory of rapeseed in oil mills was 20 million tons, down 5 million tons, and the weekly operating rate of imported rapeseed was 14.26%, down 4.83 percentage points [2]. Industry Situation - The monthly import volume of rapeseed oil and mustard oil was 34 million tons, up 10 million tons, and the monthly import volume of rapeseed meal was 28.79 million tons, up 4.13 million tons [2]. - The coastal rapeseed oil inventory was 12.2 million tons, down 0.73 million tons; the coastal rapeseed meal inventory was 1.01 million tons, down 0.54 million tons. The rapeseed oil inventory in the East China region was 63.05 million tons, up 2.05 million tons; the rapeseed meal inventory in the East China region was 36.83 million tons, down 0.41 million tons [2]. - The rapeseed oil inventory in the Guangxi region was 7.2 million tons, down 0.1 million tons; the rapeseed meal inventory in the South China region was 30.8 million tons, down 0.7 million tons. The weekly rapeseed oil提货量 was 2.81 million tons, down 0.73 million tons; the weekly rapeseed meal提货量 was 2.87 million tons, down 0.56 million tons [2]. Downstream Situation - The monthly output of feed was 2664 million tons, down 113.2 million tons, and the monthly output of edible vegetable oil was 440.4 million tons, down 87 million tons. The monthly retail sales of social consumer goods in the catering industry was 4167 billion yuan, down 68 billion yuan [2]. Option Market - For rapeseed meal, the implied volatility of at - the - money call options was 22.37%, up 0.41 percentage points; the implied volatility of at - the - money put options was 22.37%, up 0.42 percentage points. The 20 - day historical volatility was 15.87%, down 0.03 percentage points; the 60 - day historical volatility was 21.4%, unchanged [2]. - For rapeseed oil, the implied volatility of at - the - money call options was 15.77%, up 0.49 percentage points; the implied volatility of at - the - money put options was 15.77%, up 0.51 percentage points. The 20 - day historical volatility was 14%, up 0.57 percentage points; the 60 - day historical volatility was 14.63%, up 0.18 percentage points [2].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - For rapeseed meal, the short - term market focuses on the tight old - crop inventory of Canadian rapeseed, and the aquaculture season boosts demand. However, the expectation of eased China - Canada trade relations adds supply pressure. The market is expected to fluctuate narrowly, and short - term trading is recommended [2]. - For rapeseed oil, the international oil price and strong external oils support the price, and it may continue a relatively strong trend in the short term. But high domestic oil - mill inventory and the expectation of eased China - Canada trade relations add supply pressure [2]. Summary by Relevant Catalogs Futures Market - Futures prices: The closing price of the active rapeseed oil contract is 9691 yuan/ton, down 12 yuan; the closing price of the active rapeseed meal contract is 2694 yuan/ton, up 6 yuan. The closing price of the active ICE rapeseed contract is 736.5 Canadian dollars/ton, up 1.2 Canadian dollars; the closing price of the active rapeseed contract is 5290 yuan/ton, up 54 yuan [2]. - Spread and basis: The 9 - 1 spread of rapeseed oil is 115 yuan/ton, down 15 yuan; the 9 - 1 spread of rapeseed meal is 266 yuan/ton, down 10 yuan. The basis of the rapeseed oil main contract is 197 yuan/ton, up 30 yuan; the basis of the rapeseed meal main contract is - 104 yuan/ton, down 16 yuan [2]. - Positions and warehouse receipts: The main - contract positions of rapeseed oil are 390919 lots, up 2081 lots; those of rapeseed meal are 520553 lots, up 3436 lots. The net long positions of the top 20 futures holders of rapeseed oil are 38797 lots, up 3682 lots; those of rapeseed meal are 24294 lots, up 6553 lots. The warehouse receipts of rapeseed oil are 100 pieces, unchanged; those of rapeseed meal are 25854 pieces, down 10 pieces [2]. Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 9900 yuan/ton, up 150 yuan; the spot price of rapeseed meal in Nantong is 2590 yuan/ton, down 10 yuan. The average price of rapeseed oil is 9903.75 yuan/ton, up 150 yuan; the import cost of rapeseed is 5415.48 yuan/ton, down 40.83 yuan. The spot price of rapeseed in Yancheng, Jiangsu is 6000 yuan/ton, unchanged [2]. - Substitute prices: The spot price of fourth - grade soybean oil in Nanjing is 8370 yuan/ton, up 50 yuan; the spot price of 24 - degree palm oil in Guangdong is 8800 yuan/ton, unchanged; the spot price of soybean meal in Zhangjiagang is 2940 yuan/ton, down 10 yuan [2]. - Spreads between substitutes: The spot spread between rapeseed oil and soybean oil is 1580 yuan/ton, up 120 yuan; the spot spread between rapeseed oil and palm oil is 1100 yuan/ton, up 160 yuan; the spot spread between soybean meal and rapeseed meal is 350 yuan/ton, unchanged [2]. Upstream Situation - Production: The global forecasted annual rapeseed production is 89.56 million tons, up 4.32 million tons; the annual forecasted production of rapeseed is 12378 thousand tons, unchanged [2]. - Imports and processing: The total monthly rapeseed import volume is 48.92 million tons, up 24.24 million tons; the import rapeseed crushing profit is 76 yuan/ton, up 62 yuan. The total weekly rapeseed inventory of oil mills is 20 million tons, down 5 million tons; the weekly operating rate of imported rapeseed is 19.09%, down 0.1% [2]. Industry Situation - Imports: The monthly import volume of rapeseed oil and mustard oil is 34 million tons, up 10 million tons; the monthly import volume of rapeseed meal is 28.79 million tons, up 4.13 million tons [2]. - Inventories: The weekly rapeseed oil inventory in coastal areas is 12.93 million tons, down 1.37 million tons; the weekly rapeseed meal inventory in coastal areas is 1.55 million tons, down 0.35 million tons. The weekly rapeseed oil inventory in the East China region is 61 million tons, down 0.2 million tons; the weekly rapeseed meal inventory in the East China region is 37.24 million tons, down 0.94 million tons. The weekly rapeseed oil inventory in the Guangxi region is 7.3 million tons, down 0.1 million tons; the weekly rapeseed meal inventory in the South China region is 31.5 million tons, up 6.3 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 3.54 million tons, up 0.07 million tons; the weekly rapeseed meal提货量 is 3.43 million tons, up 0.14 million tons [2]. Downstream Situation - Production: The monthly production of feed is 2664 million tons, down 113.2 million tons; the monthly production of edible vegetable oil is 440.4 million tons, down 87 million tons [2]. - Consumption: The monthly retail sales of social consumer goods in the catering industry is 4167 million yuan, down 68 million yuan [2]. Industry News - On June 18, ICE rapeseed futures closed lower, following the weakness of CBOT soybean oil prices. The November rapeseed contract fell 3.40 Canadian dollars to settle at 736.40 Canadian dollars per ton, and the July rapeseed contract fell 6.00 Canadian dollars to settle at 738.50 Canadian dollars per ton [2]. - As of the week ending June 15, 2025, the good - to - excellent rate of US soybeans was 66%, lower than the market expectation of 68%, the previous week's 68%, and the same period last year's 70% [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The biodiesel policy is bullish, and the Dalian soybean meal futures follow the CBOT soybean futures and show a strong trend. The soybean market is strong, and the soybean No.1 futures follow up [1]. - The new biofuel blending requirement proposed by the US Environmental Protection Agency is higher than market expectations, which drives up the prices of soybeans and soybean oil futures [3]. Group 3: Summary According to the Directory 1. Fundamental Tracking Futures - DCE soybean No.1 2509: The closing price of the day - session was 4,241 yuan/ton, up 52 yuan (+1.24%); the closing price of the night - session was 4,249 yuan/ton, up 31 yuan (+0.73%) [1]. - DCE soybean meal 2509: The closing price of the day - session was 3,041 yuan/ton, down 5 yuan (-0.16%); the closing price of the night - session was 3,048 yuan/ton, unchanged (+0.00%) [1]. - CBOT soybean 07: The price was 1,068.5 cents/bushel, up 26.25 cents (+2.52%) [1]. - CBOT soybean meal 07: The price was 291.3 dollars/short ton, down 3.2 dollars (-1.09%) [1]. Spot - In Shandong, the spot price of soybean meal (43%) was 2,920 - 2,970 yuan/ton, flat compared with the previous day. The spot basis and forward basis had different changes, mostly remaining flat or with small adjustments [1]. - In East China, the spot price in Zhangjiagang Dafu, Nantong Cargill and other places had different basis prices for different periods, mostly remaining flat [1]. - In South China, the spot price in Qinzhou COFCO, Fangchenggang Dahai and other places also had different basis prices for different periods, with some prices remaining flat and some having slight changes [1]. Main Industry Data - The trading volume of soybean meal was 12.65 million tons/day on the previous trading day, compared with 58.08 million tons on the two previous trading days [1]. - The inventory of soybean meal was 36.87 million tons/week, and the data of the previous trading day was not available [1]. 2. Macro and Industry News - On June 13, 2025, CBOT soybean futures closed higher, with the benchmark contract up 2.5%. The reason was that the new biofuel blending requirement proposed by the US Environmental Protection Agency was higher than industry expectations. The proposed biofuel blending volume will reach 5.61 billion gallons in 2026 and 5.86 billion gallons in 2027 [3]. 3. Trend Intensity - The trend intensity of soybean meal is +1, and the trend intensity of soybean No.1 is +1, only referring to the price fluctuation of the main - contract futures on the day - session of the reporting day [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the next week (06.16 - 06.20), the prices of Dalian soybean meal and soybean futures are expected to fluctuate strongly. The U.S. biodiesel policy is unexpectedly positive, driving up the U.S. soybean futures price and supporting the soybean meal price. For domestic soybeans, the market is waiting for the release of Heilongjiang provincial reserve soybeans. In the future, attention should be paid to the weather in U.S. soybean - producing areas and trade negotiations [6]. 3. Summary by Related Catalogs 3.1 U.S. Soybean Futures Market - Last week (06.09 - 06.13), the U.S. soybean futures price first declined and then rose. The decline was due to good weather in U.S. soybean - producing areas, lack of agricultural details in China - U.S. trade negotiations, and concerns about U.S. soybean demand. The rise was because the biofuel blending requirements proposed by the U.S. Environmental Protection Agency were higher than industry expectations, which was beneficial to boosting U.S. soybean oil and soybean demand. There were no large - scale export sales orders for U.S. soybeans during the week. From the perspective of the weekly K - line, in the week of June 13, the main 07 contract of U.S. soybeans had a weekly increase of 0.99%, and the main 07 contract of U.S. soybean meal had a weekly decrease of 1.52% [1]. 3.2 Domestic Soybean Meal and Soybean Futures Market - Last week (06.09 - 06.13), the domestic soybean meal futures price "first rose, then fell, and fluctuated strongly", while the soybean futures price rose. For soybean meal, the price was strong mainly due to China - U.S. trade talks and positive market sentiment. The subsequent slight decline was because the sharp rise in crude oil drove up the price of soybean oil, affected by the "oil - strong, meal - weak seesaw" effect. For soybeans, the spot price was stable with a slight upward trend. The main contract was shifted to the 2509 contract. The previous price of this contract was relatively low, and it made up for the increase recently affected by the strong surrounding market. Although there was an expectation of the release of Heilongjiang provincial reserve soybeans, the impact on the futures market was small. From the perspective of the weekly K - line, in the week of June 13, the main m2509 contract of soybean meal had a weekly increase of 1.03%, and the main a2509 contract of soybeans had a weekly increase of 3.39% [2]. 3.3 International Soybean Market Fundamentals - **U.S. soybean sales and shipment**: In the week of June 5, for 2024/25, the U.S. soybean export shipment was about 450,000 tons, a week - on - week increase of about 47%; the cumulative export shipment was about 45.12 million tons, a year - on - year increase of about 12%. The shipment to China was 0, and the cumulative shipment to China was about 22.48 million tons (about 23.88 million tons in the same period last year). The current - year (2024/25) weekly net sales of U.S. soybeans were about 60,000 tons (about 190,000 tons in the previous week); the next - market - year (2025/26) weekly net sales were about 58,000 tons (about 3,600 tons in the previous week), with a total of about 118,000 tons (about 193,600 tons in the previous week), at the lower end of the expectation (100,000 - 700,000 tons). The current - crop - year (2024/25) weekly net sales of U.S. soybeans to China were 0 ( - 100 tons in the previous week), and the next - crop - year (2025/26) weekly net sales to China were 0 (0 in the previous week) [2]. - **U.S. soybean planting progress and quality**: As of the week of June 9, the U.S. soybean planting progress was 90%, compared with 87% in the same period last year and a five - year average of 88%. The good - to - excellent rate was 68%, compared with 67% in the previous week and 72% in the same period last year [2]. - **Brazilian soybean CNF premium, import cost, and crushing profit**: As of the week of June 13, the average CNF premium of Brazilian soybeans for July - September delivery increased slightly week - on - week, the average import cost increased slightly week - on - week, and the average crushing profit increased week - on - week [2]. - **Weather forecast in U.S. soybean - producing areas**: According to the weather forecast on June 14, in the next two weeks (June 15 - June 29), there will be more precipitation and higher temperatures in the U.S. soybean - producing areas, with a neutral impact [2]. 3.4 Domestic Soybean Meal Spot Market - **Trading volume**: The trading volume of soybean meal increased week - on - week. As of the week of June 13, the average daily trading volume of soybean meal in mainstream oil mills in China was about 350,000 tons (mainly due to the large - scale trading of basis contracts from October 2025 to January 2026), compared with about 120,000 tons in the previous week [4]. - **Pick - up volume**: The pick - up volume of soybean meal decreased slightly week - on - week. As of the week of June 13, the average daily pick - up volume of soybean meal in major oil mills was about 195,000 tons, compared with about 200,000 tons in the previous week [4]. - **Basis**: The basis of soybean meal decreased week - on - week. As of the week of June 13, the weekly average basis of soybean meal (Zhangjiagang) was about - 149 yuan/ton, compared with about - 61 yuan/ton in the previous week and about - 112 yuan/ton in the same period last year [4]. - **Inventory**: The inventory of soybean meal increased week - on - week and decreased year - on - year. As of the week of June 6, the inventory of soybean meal in mainstream oil mills in China was about 320,000 tons, a week - on - week increase of about 21% and a year - on - year decrease of about 60% [4]. - **Crushing volume**: The soybean crushing volume increased slightly week - on - week and is expected to rise next week. According to the forecast of Steel Union (125 oil mills), as of the week of June 13, the weekly soybean crushing volume in China was about 2.26 million tons (2.24 million tons in the previous week and 1.9 million tons in the same period last year), with an operating rate of about 63.5% (63% in the previous week and 54% in the same period last year). Next week (June 14 - June 20), the soybean crushing volume of oil mills is expected to be about 2.46 million tons (1.94 million tons in the same period last year), with an operating rate of 69% (55% in the same period last year) [4]. 3.5 Domestic Soybean Spot Market - **Soybean price**: The soybean price was stable with a slight upward trend. In some northeastern regions, the purchase price of clean soybeans (the mainstream purchase price of clean soybeans passing through a 4.5 - mesh sieve) was in the range of 4,220 - 4,320 yuan/ton, an increase of 20 yuan/ton compared with the previous week. In some inland regions, the purchase price of clean soybeans was in the range of 5,140 - 5,280 yuan/ton, the same as the previous week. In the sales areas, the selling price of edible soybeans from the Northeast (the mainstream retail price of medium - grade, packaged, "tower - selected" Northeast soybeans) was in the range of 4,620 - 4,840 yuan/ton, the same as the previous week [5]. - **Market situation in the Northeast production area**: There was little remaining grain in the Northeast production area, and the purchase was slow. Due to the reduction of soybean sources at the grass - roots level and the strong soybean futures price, a few grain - holding entities raised their asking prices. Traders' purchases were slow, mainly focusing on inventory reduction or purchasing according to orders [5]. - **Market expectation of reserve soybean release**: The market is currently focused on when the reserve soybeans will be put into the market. There are rumors that the Heilongjiang provincial reserve soybeans may start to be sold next week, subject to the official website announcement [5]. - **Demand in the sales area**: The demand in the sales area was weak. After mid - June, in the hot and humid weather, the terminal market's demand for soybean products decreased. Various soybean product factories limited or stopped production due to the slow sales of downstream products, which affected the procurement enthusiasm for raw soybeans [5].