1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For soybean meal, the upside space is limited, with resistance at the 3200 price level for the m2601 contract. Abroad, the US government shutdown continues, and the market focuses on the return of US soybean orders due to the implementation of China - US policy agreements. Domestically, the supply of near - month soybeans and soybean meal is expected to be relatively sufficient, but the supply pressure will weaken as imports decline. The cost of imports supports the price of soybean meal. [3] - For rapeseed meal, the upside space is limited, with resistance at the 2500 price level for the RM601 contract. Globally, the rapeseed supply - demand pattern in the 2025/26 year is loose, suppressing the price of rapeseed. In China, the anti - dumping preliminary ruling on Canadian rapeseed restricts imports, and the downstream aquaculture is in the off - season. The price difference between soybean meal and rapeseed meal is low, which is not conducive to the substitution of rapeseed meal. [3] 3. Summary According to the Directory 3.1 Foreign Supply and Demand 3.1.1 US Soybean Supply and Demand - The USDA report is expected to show a potential downward adjustment in US soybean yield in the 2025/26 year, which may reduce the ending inventory. The price of US soybeans has been oscillating at a high level, ranging from 1100 - 1160 cents per bushel. The export demand and domestic crushing demand need to be further observed. The current cost of US soybeans is higher than that of Brazilian soybeans, and the upward pressure on prices remains. [16][17] 3.1.2 South American Soybean Supply and Demand - Brazilian soybean sowing is more than half - completed, and Argentine sowing has started. The sowing progress in Brazil is behind last year due to local precipitation, but it is expected to continue to advance. The Chinese procurement supports the Brazilian soybean premium to oscillate. The market will gradually focus on the weather in South America in the next two months. [26][27] 3.1.3 Rapeseed Supply and Demand - In the 2025/26 year, the global rapeseed production is expected to increase by 5.23 million tons, with an increase of 6.11%. The consumption demand increases by 2.06%. The international rapeseed trade volume is expected to decline due to trade policies. The global rapeseed inventory and inventory - to - consumption ratio continue to increase. The export of Canadian rapeseed is affected by China - Canada trade policies. [53] 3.2 CFTC Positions - The report provides data on CBOT soybean and soybean meal non - commercial long and short positions, total positions, and non - commercial net long positions and their proportions, which can reflect the market sentiment and expectations of investors. [42][44][46] 3.3 Domestic Supply and Demand 3.3.1 Domestic Import Situation - In October 2025, China imported 3.932 million tons of soybeans, a decrease of 3.387 million tons from September. From January to October 2025, the cumulative import of soybeans was 95.682 million tons, a year - on - year increase of 6.39%. The supply of soybean meal in the near - term is loose, which restricts the upward space of prices. However, the increase in import costs supports the price of soybean meal. [64] 3.3.2 Soybean and Rapeseed Pressing - Operating Rate - As of the week of November 7, the actual soybean crushing volume of 125 domestic oil mills was 1.8057 million tons, with an operating rate of 49.67%. It is expected to increase to 2.1579 million tons and 59.36% respectively in the 46th week. The rapeseed pressing in coastal areas has basically stagnated. [86] 3.3.3 Import Cost and Pressing Profit - The import cost of soybeans has increased, mainly due to the significant increase in CBOT soybean prices. The import cost of rapeseed from Canada and the pressing profit are also provided in the report. [93][100] 3.3.4 Inventory - As of the week of November 7, the soybean inventory of 125 domestic oil mills increased by 511,600 tons to 7.6195 million tons, a year - on - year increase of 35.97%. The soybean meal inventory decreased, and the unexecuted contracts increased. The rapeseed inventory was 0 tons, and the rapeseed meal inventory continued to decline. [101] 3.3.5 Downstream Demand - As of November 13, the total trading volume of soybean meal in China was 606,340 tons, a week - on - week increase. The trading volume in the spot and forward - basis markets has improved. The total提货 volume of soybean meal decreased slightly. The downstream aquaculture is in the off - season, and the livestock and poultry breeding profit situation is also provided in the report. [119] 3.3.6 Basis and Spread - The report provides data on the basis of soybean meal and rapeseed meal, including the basis of different contracts and regions, as well as the spread between different contracts. [13][115]

【粕类周报20251114】报告数据预期偏利多，内外盘走势震荡偏 H 日期: 2025-11-14 ZHESHANG FUTURES 【粕类周报20251114】报告数据预期偏利多，内外盘走势震荡偏强 | 核心观点 2025-11-14 | 核心观点 | 2025-11-14 | | --- | --- | --- | | ▼ 观点： 豆粕 上方空间有限，在3200价位存在压力 ● 合约: m2601 | ♥ 观点： 菜籽粕 上方空间有限，在2500价位存在压力 * 合约: RM601 | | | # 逻辑： 国外方面，美政府停摆持续，基本面缺乏报告等数据指引，市场关注仍将集中在中美政策协议 | ® 逻辑: 国外方面,2025/26年度全球荣籽供需格局宽松,压制菜籽价格重心,关注后续国际贸易政策变动 | | | 落地帶来的美豆订单回归。短期关注美豆1100美分/蒲附近压力。若后续美豆销售大幅改善预计将支撑价格 | 指引。国内方面，加莱籽反倾销初裁使其进口面临较高保证金要求，叠加加菜粕关税限制，菜粕后续供应预期 | | | 讲一步靠近新作相植成本区间 | 持续收紧。但下游水产寿殖逐步进入浴季，且豆菜箱加货价差低 ...

1. Report Industry Investment Rating - The investment view of the report is "oscillation", and the trading strategy suggests "oscillation" for single - sided trading and "wait - and - see" for arbitrage [5]. 2. Core View of the Report - The market shows short - term oscillation, and attention should be paid to Sino - US policies. Before the Sino - US meeting, due to the hedging demand for policy uncertainty, short - covering led to a rebound, but the overall oscillatory trend remains unchanged. Traders should focus on the progress of Sino - US trade negotiations and weather changes in South America [5]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: The supply factor is rated as neutral. USDA estimates the ending inventory of US soybeans in the 25/26 marketing year at 300 million bushels, and the expected yield of 53.5 bushels per acre may be lowered. Exports depend on Sino - US policies. As of the week of October 18, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 21.7%. Although there has been dry weather in Brazilian soybean - producing areas recently, its impact is expected to be limited. In November, domestic soybean meal is expected to start destocking, but the supply in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply in the first quarter of next year needs to be supplemented, and the source is uncertain. Under the current Sino - Canadian trade policy, the supply of imported rapeseed meal and rapeseed in China is expected to shrink. The opening of Australian rapeseed imports is expected to supplement the domestic rapeseed meal supply in the fourth quarter [5]. - **Demand**: The demand for soybean meal is slightly bullish, while that for rapeseed meal is slightly bearish. Livestock and poultry are expected to maintain high inventory in the short term, which supports feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of live pigs, which may affect future supply. The cost - effectiveness of soybean meal has decreased. The downstream trading volume of soybean meal is normal, and the pick - up is good, while the downstream trading volume and pick - up of rapeseed meal are cautious [5]. - **Inventory**: The inventory factor for soybean meal is slightly bearish, and for rapeseed meal is slightly bullish. Domestic soybean and soybean meal inventories are at historically high levels, and the inventory days of feed enterprises' soybean meal have dropped to a low level. Domestic rapeseed inventory has declined to a low level, and rapeseed meal inventory is being destocked, but the inventory level is still at a high level compared to the same period in previous years [5]. - **Basis/Spread**: The basis is rated as neutral [5]. - **Profit**: The profit factor is slightly bullish. The crushing profit of Brazilian soybean purchases is poor, while that of Canadian rapeseed is good [5]. - **Valuation**: The valuation is rated as neutral. From the perspective of crushing profit, the futures price of soybean meal is at a relatively low valuation; from the perspective of basis, the recent futures price of soybean meal is at a neutral valuation [5]. - **Macro and Policy**: The macro and policy factor is slightly bullish. From October 24th to 27th, China and the US will hold economic and trade talks in Malaysia, and a meeting between the Chinese and US presidents is expected at the APEC Summit on October 30th [5]. 3.2 Fundamental Supply - Demand Data of Meal Products - **Inventory - to - Consumption Ratio**: In September, the inventory - to - consumption ratio of US soybeans in the 25/26 marketing year increased, while the global soybean inventory - to - consumption ratio decreased. The inventory - to - consumption ratio of rapeseed increased [32][38]. - **Soybean Production and Sales**: The US soybean sowing rate and excellent - good rate data are presented. The domestic crushing profit of US soybeans has declined. Data on NOPA soybean crushing volume, USDA monthly US soybean crushing volume, and US soybean export sales are also provided, but this week's US soybean export sales data has not been released [47][52][65]. - **Import and Cost**: The CNF premium of soybeans and the gross profit of imported soybean futures are shown. The CFR price of Canadian rapeseed and the crushing profit of imported Canadian rapeseed are also presented, along with the US dollar - to - real exchange rate [72][75]. - **Domestic Inventory and Consumption**: Domestic soybean and soybean meal inventories are at high levels, while the inventory of feed enterprises is at a low level. The inventory of imported rapeseed and rapeseed meal in China is also analyzed. The opening rate and crushing volume of major domestic oil mills are provided. The trading volume and pick - up of soybean meal are normal and at a high level, respectively, while those of rapeseed meal are cautious. Feed monthly output data is also presented [81][102][114]. - **Livestock and Poultry Breeding**: The breeding profits of live pigs, broilers, and laying hens are analyzed. The price of live pigs has slightly rebounded, and the weight reduction is not obvious. Data on the inventory and slaughter volume of livestock and poultry are also provided [116][120][123]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The international soybean market supply is relatively loose, but the price has already factored in a lot of negative news, so further significant decline is limited, and it is expected to move in a range [3]. - The domestic soybean meal supply and demand are relatively loose, with high soybean arrivals and oil - mill operating rates. The soybean meal inventory will remain high, and the subsequent demand improvement is limited [4]. - The domestic rapeseed meal inventory is high, the demand is average, and the price is under pressure. The subsequent arrivals of rapeseed and granular rapeseed meal will be low, and the market change is limited [4]. - The recommended trading strategies are: for single - side trading, stay on the sidelines; for arbitrage, conduct M11 - 1 calendar spread; for options, stay on the sidelines [4]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **International soybean market**: The US soybean market has limited fundamental changes. The harvest has started, the yield is expected to be high, but the demand support is limited. The Brazilian soybean price has declined due to increased uncertainties, and the supply is relatively loose. The Argentine market pressure has decreased [3][8][11]. - **Domestic soybean meal market**: The domestic soybean meal price has declined. The supply pressure is significant due to high soybean arrivals and oil - mill operating rates, and the inventory is high. Although the demand is good, the subsequent improvement is limited [4][14]. - **Domestic rapeseed meal market**: The domestic rapeseed meal price fluctuates widely. The demand is average, and the supply is tight. The inventory is high, and the market change is limited [17]. - **Trading strategies**: Single - side: stay on the sidelines; Arbitrage: M11 - 1 calendar spread; Options: stay on the sidelines [4] 3.2 Core Logic Analysis - **Macro lacks guidance, US soybean demand support is limited**: The US soybean price has declined after the previous rally. The harvest has started, the yield is expected to be high, but the demand support is limited, and the subsequent rebound space is restricted [6][8]. - **Increasing uncertainties, Brazilian soybean price declines**: The Brazilian soybean price has dropped. The production forecast has been raised, the supply is loose, and the price is expected to move in a range [9][11]. - **High supply pressure, spot prices are under continuous pressure**: The domestic soybean meal price has declined. The supply pressure is high due to high arrivals and operating rates, and the inventory is high. The subsequent demand improvement is limited [12][14]. - **Average demand, rapeseed meal fluctuates more**: The domestic rapeseed meal price fluctuates widely. The demand is average, the supply is tight, and the inventory is high [15][17]. 3.3 Fundamental Data Changes - **International market**: It includes data on US soybean weekly sales, export inspections, monthly crushing, and Brazilian and Argentine soybean monthly exports and crushing [20][22]. - **Foreign premiums**: It shows the FOB premiums of the US Gulf, Brazil, and Argentina, and the CNF of rapeseed [24]. - **Macro: Exchange rates and international shipping**: It presents data on exchange rates (USD/CNH, USD/BRL, UDS/ARS) and shipping costs (Panamax freight rates for different routes) [26][34]. - **Supply**: It includes data on soybean and rapeseed imports and crushing [36]. - **Demand**: It shows the提货量 of soybean meal and rapeseed meal [38]. - **Inventory**: It includes data on soybean, rapeseed, soybean meal, and rapeseed + rapeseed meal inventories [41].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The international soybean market supply is relatively abundant, but the current price reflects the supply pressure, so the market lacks significant negative factors and the price support is relatively strong [4]. - The domestic soybean meal market supply and demand are relatively loose, with high soybean arrivals and crushing volumes. Although the cost - end support is strong, the price is expected to fluctuate [4]. - The domestic rapeseed meal market has limited changes, with low inventories and general demand. The price is expected to fluctuate due to limited supply - demand changes and macro uncertainties [5]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **International Soybean Market**: The US soybean market has limited upward momentum due to uncertain demand. South American prices are well - supported, with Brazil having good demand and Argentina potentially reducing exports [4]. - **Domestic Soybean Meal Market**: Supply and demand are relatively loose, with high arrivals and crushing volumes. Cost - end support is strong, and the price is expected to fluctuate [4]. - **Domestic Rapeseed Meal Market**: Changes are limited, with low inventories and general demand. The price is expected to fluctuate [5]. - **Trading Strategies**: For the single - side strategy, long positions can be established at low levels in the far - month contracts; for the arbitrage strategy, M11 - 1 positive spread and MRM05 spread widening are recommended; for the option strategy, buying call options is suggested [5]. 3.2 Core Logic Analysis - **US Soybeans**: The US soybean price rebounded due to previous low prices. The excellent - rate slightly decreased, but the overall yield is expected to be good. The export is general, and the crushing may increase. The price is expected to fluctuate [8][10]. - **Brazilian Soybeans**: Brazilian soybean prices continued to rise. Demand is good, with increasing exports and potential growth in crushing. The price is expected to remain strong [11][13]. - **Domestic Soybean Meal**: The domestic soybean meal price fluctuates. Supply is high, and although demand is good, inventory pressure exists. The price is under pressure but supported by cost [14][16]. - **Domestic Rapeseed Meal**: The domestic rapeseed meal price declined. Supply and demand are relatively tight, with low inventories and general demand. The price is under pressure [17][19]. 3.3 Fundamental Data Changes - **International Market**: Data on US soybean sales, exports, and crushing, as well as Brazilian and Argentine soybean exports and crushing are presented [22][25]. - **Foreign Premium**: Data on the FOB prices of the US Gulf, Brazil, and Argentina, and the CNF price of rapeseed are provided [28]. - **Macro - factors**: Exchange rates and international shipping data are shown, including the exchange rates of the US dollar against the Chinese yuan, Brazilian real, and Argentine peso, and the shipping freight rates from different regions to China [32]. - **Supply**: Data on soybean and rapeseed imports and crushing are presented [41]. - **Demand**: Data on soybean meal and rapeseed meal提货量 are provided [44]. - **Inventory**: Data on soybean, rapeseed, soybean meal, and rapeseed + rapeseed meal inventories are presented [48].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views 2.1. Soybean Meal - The downside space is limited, with support at the [2850] price level for the m2509 contract. [3] - Abroad, the good rate of US soybeans is relatively good, and the phased weather risk is limited. The upward driving force of CBOT soybeans is insufficient, and it is expected to maintain an operating range of 1000 - 1100 cents. Domestically, the expected arrival and crushing of imported soybeans remain at a high level, the supply of soybean meal continues to recover, and the downstream feed demand boost is limited. The basis of soybean meal spot is expected to be weak. From the cost side, the bottom space of CBOT soybeans is limited, and the import cost supports the price of soybean meal. [3] - In the short - term, affected by the decline in market sentiment and fundamental pressure, the futures market is expected to oscillate and correct. In the medium - to long - term, as the Sino - US relationship is undetermined, there are still concerns about soybean supply in the fourth quarter, and coupled with the seasonal recovery of downstream demand, the soybean meal futures market is expected to have an opportunity to strengthen. [3] 2.2. Rapeseed Meal - The downside space is limited, with support at the [2500] price level for the RM509 contract. [3] - Abroad, the global rapeseed inventory pressure in the 2024/25 season is limited, and the phased international rapeseed price is supported. In the 2025/26 season, the global rapeseed production is expected to recover, which may suppress the price center of rapeseed meal. Domestically, the near - month inventory is still relatively sufficient, and the far - month supply is expected to gradually tighten. The downstream aquaculture has entered the peak season, and the demand for rapeseed meal is expected to increase, but the supply of soybeans arriving in the next two months is loose, and the low spot price difference between soybean meal and rapeseed meal is not conducive to the substitute consumption of rapeseed meal. The demand boost is expected to be limited. [3] - Overall, due to limited policy and fundamental support, the price of rapeseed meal is expected to adjust weakly following soybean meal. [3] 3. Summary by Directory 3.1. Futures Data - DCE soybean meal futures: The 01 contract closed at 3059.00 this week, down 19 from last week, a decrease of 0.62%; the 05 contract closed at 2759.00, up 15 from last week, an increase of 0.55%; the 09 contract closed at 3021.00, down 35 from last week, a decrease of 1.15%. [12] - CZCE rapeseed meal futures: The 01 contract closed at 2405.00 this week, up 11 from last week, an increase of 0.46%; the 05 contract closed at 2373.00, up 21 from last week, an increase of 0.89%; the 09 contract closed at 2675.00, down 47 from last week, a decrease of 1.73%. [12] 3.2. US Soybean Supply and Demand - The excellent - good rate of US soybean production areas decreased slightly, and CBOT soybeans mainly oscillated. The US has reached trade agreements with Indonesia and Japan recently, and the market sentiment has improved. Attention should be paid to the Sino - US trade negotiations at the end of July. [16][17] - As of July 20, 2025, the excellent - good rate of US soybeans was 68%, lower than the market expectation of 71%. As of the same week, the flowering rate of US soybeans was 62%, and the pod - setting rate was 20%. [17] - As of the week of July 18, 2025, the US soybean crushing profit was 2.20 US dollars per bushel, a week - on - week decrease of 10.57% and a year - on - year decrease of 17.91%. [18] - As of July 22, about 8% of the US soybean planting areas were affected by drought. [17] - As of July 17, the net increase in US soybean export sales was 39.97 tons. [18] 3.3. South American Soybean Supply and Demand - The short - term Brazilian soybean premium continued to be strong, and the procurement for shipments after October was limited. Attention should be paid to the subsequent Sino - US trade policy changes. [29] - Brazil's soybean export sales are close to 70%. In Argentina, the soybean export tariff was restored in July, and farmers' sales enthusiasm declined. [30] - Anec estimated that Brazil's soybean exports in July were 12.11 million tons, and soybean meal exports were 2.4 million tons. [30] 3.4. CFTC Soybean and Soybean Meal Positions - As of July 15, 2025, the non - commercial net long position of CBOT soybeans was 286,869, and the non - commercial net long position of CBOT soybean meal was 179,629. [55][57] 3.5. Rapeseed Supply and Demand - Canada raised the output of old crops, and the output of new crops decreased slightly. The EU's yield per unit area is expected to be good. [59] - In the July USDA report, the global rapeseed output in the 2024/25 season was slightly increased by 165,000 tons month - on - month, a year - on - year decrease of 4.45 million tons. The ending inventory decreased by 2.31 million tons year - on - year to 9.09 million tons, and the stock - to - use ratio was 10.39%. [60] - As of July 20, Canada's rapeseed export volume increased by 151.12% week - on - week to 202,400 tons. As of the same date, Canada's rapeseed commercial inventory was 1.1823 million tons. [61] 3.6. Domestic Meal Supply and Demand - The recent arrival and crushing of domestic soybeans remain at a relatively high level, the supply pattern of soybean meal continues to be loose, and the spot basis is expected to run weakly. [71] - In June 2025, China imported 12.264 million tons of soybeans, a month - on - month decrease of 1.6544 million tons and a year - on - year increase of 1.15 million tons, an increase of 10.35%. From January to June 2025, the cumulative import of soybeans was 49.37 million tons, a year - on - year increase of 889,000 tons, an increase of 1.83%. [73] - As of July 18, the soybean crushing volume of domestic oil mills was 2.3055 million tons, and the operating rate was 64.81%. The rapeseed crushing volume of coastal oil mills was 59,000 tons, and the operating rate this week was 15.72%. [91] - As of July 18, the soybean inventory of 125 domestic oil mills was 6.4224 million tons, a week - on - week decrease of 152,500 tons, a decrease of 2.32%; the soybean meal inventory was 998,800 tons, a week - on - week increase of 112,200 tons, an increase of 12.66%. The rapeseed inventory of coastal oil mills increased by 16,000 tons week - on - week, and the rapeseed meal inventory decreased. [103] - As of the week of July 23, the national soybean meal trading volume was 728,800 tons, a week - on - week increase of 51,300 tons; the total提货 volume was 936,600 tons, a week - on - week increase of 22,500 tons. [106]

Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The soybean meal and rapeseed meal markets are under pressure, with domestic soybean meal supply improving and rapeseed meal demand expected to weaken. The overall market is expected to be volatile, and a bearish strategy is recommended for single - sided trading [3][4][5] Group 3: Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Soybean Situation**: US soybean futures oscillated this week, affected by supply - demand and soybean oil fluctuations. Old - crop soybeans face little pressure with good exports and some support in crushing. New - crop soybeans are bearish due to smooth planting. South American supply pressure persists despite some improvement in Brazil. Domestic soybean meal supply is improving, and with increasing soybean arrivals, supply pressure is expected to rise, but the current large decline in the futures price limits further downside [3] - **Rapeseed Meal Situation**: Domestic rapeseed meal demand is good, and crushing volume is relatively large. With fewer imported rapeseed arrivals, crushing may decline. As soybean meal supply increases, rapeseed meal demand will weaken, and the market is expected to remain stable [4] - **Trading Strategies**: Adopt a bearish strategy for single - sided trading, stay on the sidelines for arbitrage, and sell a wide - straddle option strategy [5] 3.2 Core Logic Analysis - **US Soybeans**: The US soybean futures oscillated. Old - crop exports are good, with cumulative growth of 12.72% as of May 1st, higher than the USDA's estimate. Crushing profit has weakened, and attention should be paid to the bio - diesel policy. New - crop planting progress is 30% as of May 4th, but export sales are slow, and the futures price may face pressure [9] - **South America**: Brazil's pressure has eased slightly, but with high production and improved Argentine supply, pressure remains. Brazil's harvest is almost complete, but exports and sales have slowed. Argentina's exports and crushing are sufficient, and prices are under pressure. Macro - level impacts from Sino - US and EU - US trade negotiations are limited [12] - **Domestic Soybean Meal**: The domestic soybean meal futures oscillated. This week, the oil mill's operating rate increased significantly, and production meets demand. Spot prices in most regions weakened, but some areas remained strong due to low inventory. Demand is good, but spot trading volume is low, mainly in basis trading. With increasing soybean arrivals, supply pressure will increase, and the market will be volatile [15] - **Domestic Rapeseed Meal**: The domestic rapeseed meal futures were slightly stronger than soybean meal. The basis spread between soybean meal and rapeseed meal narrowed. Demand is good, with a weekly average pick - up of about 50,000 tons. Supply is sufficient, but with decreasing imported rapeseed and increasing soybean meal supply, rapeseed meal demand may decline. The basis spread between soybean meal and rapeseed meal will be volatile [18] 3.3 Fundamental Data Changes - **International Market**: The report presents data on US soybean sales, export inspections, crushing volume, and profit, as well as Brazilian and Argentine soybean exports and crushing, and foreign basis [21][23][25] - **Macro - level**: It shows exchange rates such as USD/CNH, USD/BRL, and UDS/ARS, and shipping costs from the US Gulf, Brazil, and Argentina to China, with shipping costs increasing [31][36] - **Supply**: Data on soybean and rapeseed imports and crushing volume are provided, indicating the current supply situation [41] - **Demand**: Data on soybean meal and rapeseed meal pick - up volume are presented, reflecting the demand situation [43] - **Inventory**: Data on soybean, rapeseed, soybean meal, and rapeseed meal inventory are shown, showing the inventory levels [46]