1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - For the edible oil sector, due to the approach of the Spring Festival holiday, external macro - risks are uncontrollable, so it is advisable to conservatively observe the market and engage in intraday trading. For the two - meal sector, although the rise in US soybeans drives cost increases and domestic import policies tighten, it is not recommended to chase the upward trend significantly, and existing long positions should be gradually reduced [2][4]. 3. Summary by Relevant Catalogs 3.1 Agricultural, Forestry, and Livestock (Three Oils) 3.1.1 Market Review - On February 12th, before the Spring Festival holiday, the exchange raised margins, more investors left the market, and the weakening of the Malaysian market dragged down the market. The Dalian palm oil led the decline in the vegetable oil sector. The closing prices of various oil contracts decreased to varying degrees, and the trading volume also changed [1]. 3.1.2 Important News - On February 12th, the settlement price of the active March crude oil futures contract on NYMEX was $62.84 per barrel, down $1.79 or 2.77%. US crude inventories increased by 8.5 million barrels to 428.8 million barrels last week. The IEA stated that this year's global oil demand growth rate will be lower than expected [1]. - The US and India reached a temporary trade agreement framework, with India canceling or reducing tariffs on US industrial products, food, and agricultural products, and the US reducing the so - called reciprocal tariff rate on Indian goods from 25% to 18% [1]. - The US government is expected to finalize the 2026 biofuel blending ratio quota in early March, generally following the initial proposal and abandoning a plan to impose penalties on imports of renewable fuels and raw materials. The EPA is considering setting the 2026 biodiesel usage between 5.2 billion and 5.6 billion gallons, close to the initially proposed 5.61 billion gallons [1]. - The January supply - demand report of the Malaysian Palm Oil Board (MPOB) was generally positive. Malaysia's palm oil imports, production, and inventory decreased, while exports increased [1]. - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026, at 150,000 tons per month of South American soybean oil [1]. 3.1.3 Market Logic - Externally, the EIA's downward adjustment of global crude oil demand led to a 3% drop in international crude oil prices. However, multiple positive factors such as the US - India trade agreement, potential increases in US soybean and soybean oil exports to India, and the improvement of domestic biodiesel policies in the US supported the US soybean oil to maintain a good upward trend. The Malaysian palm oil market was generally positive, but due to the approaching Spring Festival, the market was cautious and the overall trend was flat. For domestic soybean oil, factory production was high in the recent two weeks, and the reduction in inventory was limited. The spot market was basically over before the festival, and the basis quote was mainly stable. After the festival, the basis quote would be supported during the replenishment period but would face pressure later. For palm oil, the fundamentals were positive, but the expected high inventory put pressure on the market. For rapeseed oil, there was a lack of new topics in the market, and it was expected to maintain a wide - range shock pattern before the festival [2]. 3.1.4 Trading Strategies - Unilateral trading: It is advisable to conservatively observe the market and engage in intraday trading before the Spring Festival. The report provides support and pressure levels for various contracts [2]. - Arbitrage trading: None at present [2]. 3.2 Two Meals (Soybean Meal and Rapeseed Meal) 3.2.1 Market Review - On February 12th, driven by the rise in the external market, short basis and long futures positions, the two - meal market continued to rebound. The closing prices of various contracts increased to varying degrees, and the trading volume also changed [2]. 3.2.2 Important News - The February USDA soybean supply - demand report was generally bearish, slightly increasing Brazil's production and global soybean inventory. However, the increase in US soybean exports pushed up the US soybean futures price. The report also provided data on the US, Brazil, and Argentina's soybean production, exports, and inventory [3]. - As of the end of the 6th week of 2026, domestic import soybean inventory decreased, while domestic soybean meal inventory and contract volume increased. Domestic imported rapeseed inventory decreased, and imported rapeseed meal inventory and contract volume increased [3]. - The national grain trading center's soybean auction on January 13th had a 100% transaction rate [3]. 3.2.3 Market Logic - Externally, the improved trade prospects of US soybeans pushed up the US soybean futures price. For domestic soybean meal, as the Spring Festival approached, some institutions adjusted their positions for risk - avoidance reasons. The market showed a pattern of near - strong and far - weak, and there was a short - term rebound. The spot price of the oil refinery increased slightly, and the market was light. For rapeseed meal, domestic oil refineries were actively buying rapeseed in the far - month. Considering the expected increase in imports and the end of pre - festival stocking, the domestic two - meal market was expected to have a weak and narrow - range shock pattern before the festival and was likely to face downward pressure after the festival [4]. 3.2.4 Trading Strategies - It is not recommended to chase the upward trend significantly, and existing long positions should be gradually reduced. The report provides support and pressure levels for various contracts. Arbitrage trading: None at present [4].

Group 1: Report Information - Report title: "粕类日报 2025年5月13日" [2] - Researcher: Chen Jiezheng [3] - Date: May 13, 2025 [4] Group 2: Market Review - US soybean futures showed a strong trend, driven by improved macro - situation and a favorable monthly supply - demand report. Domestic futures weakened, influenced by supply pressure. Soybean meal futures were stronger than rapeseed meal futures. The decline in soybean meal spot prices had a negative impact on rapeseed meal, along with policy changes in rapeseed meal. The monthly spreads of both soybean meal and rapeseed meal oscillated slightly, driven by the single - side market [4]. Group 3: Fundamental Analysis International Soybean Market - Near - term pressure is limited. As of the week ending May 1, soybean export sales were 376,700 tons. March's crushing data was average, but subsequent demand is good, with no obvious pressure in the US. Brazil's selling pressure has decreased, and as of the week ending May 10, the harvesting progress was 98.5%, higher than last year and the five - year average. Crushing data is good, providing support. The near - term support for the international soybean market remains, and attention should be paid to subsequent balance sheet adjustments. In the long - term, the good demand for new - crop US soybeans supports the market, but exports are highly uncertain [5]. Domestic Market - Recently, the domestic spot supply is still tight. Based on the current operating rate, downstream提货 has improved significantly. With low inventory, there is some support, but as supply continues to increase, pressure is expected. As of May 9, the actual soybean crushing volume of oil mills was 1.846 million tons, the operating rate was 51.89%, soybean inventory was 5.3491 million tons (a 12.7% increase from last week and a 27.79% increase year - on - year), and soybean meal inventory was 101,200 tons (a 23.26% increase from last week and an 81.9% decrease year - on - year). The demand for domestic rapeseed meal has been strong recently, driven by the strong near - term soybean meal spot. However, as soybean meal pressure increases, rapeseed meal is expected to weaken. As of the week ending May 9, the rapeseed crushing volume of major coastal oil mills was 159,500 tons, the operating rate was 42.51%, rapeseed inventory was 200,000 tons (a decrease of 68,000 tons from last week), and rapeseed meal inventory was 36,000 tons (an increase of 21,500 tons from last week) [6][7]. Group 4: Macro - analysis - The main impact on the market is the joint statement. Both China and the US postponed the imposition of tariffs and reduced current tariffs. However, the soybean tariff is in Announcement No. 2, so China still imposes tariffs on US soybeans. The macro - impact on soybean meal is complex, and the driving force is expected to be limited [7]. Group 5: Logical Analysis - Today, the soybean meal futures declined significantly. As the operating rate of domestic oil mills increases, the tight spot supply has eased. With the increase in soybean arrivals and the operating rate, the supply will continue to improve. The market's response to the monthly supply - demand report is weak. The pricing center of soybean meal is still in South America, where the pressure is significant, so the futures may face further pressure. The market focus on rapeseed meal is on future supply. As soybean meal prices fall, the demand for rapeseed meal may weaken, limiting the positive impact of supply. The monthly spreads of both soybean meal and rapeseed meal oscillate. The soybean meal monthly spread is mainly affected by the single - side market, while the rapeseed meal monthly spread faces downward pressure due to the improvement in future supply [8]. Group 6: Trading Strategies - Unilateral trading: Bearish trend - Arbitrage: Expand the MRM09 spread - Options: Sell a wide - straddle strategy [9] Group 7: Price and Spread Data Futures and Spot Prices - Soybean meal: Contract 01 closed at 2937 (down 11), 05 at 2746, 09 at 2886 (down 22). Spot basis in Tianjin was 180 (down 70), in Dongguan 150 (down 20), in Zhangjiagang 90 (down 10), and in Rizhao 100 (down 10). - Rapeseed meal: Contract 01 closed at 2295 (down 17), 05 at 2410 (down 24), 09 at 2487 (down 57). Spot basis in Nantong was - 67 (up 77), in Guangdong - 117 (up 7), and in Guangxi - 137 (up 7) [4]. Monthly Spreads - Soybean meal: 59 spread was - 140 (up 6), 91 spread was - 51 (down 11), 15 spread was 191 (up 5). - Rapeseed meal: 59 spread was - 77 (up 33), 91 spread was 192 (down 40), 15 spread was - 115 (up 7) [4]. Cross - variety Spreads - The difference between soybean meal and rapeseed meal futures for contract 05 was 336 (up from 328), for contract 09 was 399 (up from 364). The oil - meal ratio for contract 05 was 2.896 (up from 2.886). The spot difference between soybean meal and rapeseed meal was 748 (down 92), between soybean meal and sunflower meal was 966 (down 32), and between rapeseed meal and sunflower meal was 108 (unchanged) [4]. Group 8: Soybean Pressing Profit - For Brazilian soybeans arriving in June, the CNF was 133, CBOT was 1067, the exchange rate was 7.0718. The soybean meal price was 2886, the soybean oil price was 7792. The盘面 pressing profit was 56.99 (down 32.30 from yesterday), and the spot pressing profit was - 123.81 (down 32.30 from yesterday). - For Brazilian soybeans arriving in July, the CNF was 148, CBOT was 1067, the exchange rate was 7.2303. The盘面 pressing profit was 37.21 (down 20.99 from yesterday), and the spot pressing profit was 11.91 (down 20.99 from yesterday). - For Brazilian soybeans arriving in August, the CNF was 173, CBOT was 1051, the exchange rate was 7.2303. The盘面 pressing profit was - 35.32 (down 12.15 from yesterday), and the spot pressing profit was - 35.32 (down 12.15 from yesterday) [10]