1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The international soybean market has been performing strongly recently. The US soybean market is expected to have stronger support and may rise further if there is positive news. The South American market has limited short - term pressure, and the prices in Brazil and Argentina are generally firm [4]. - The domestic soybean meal spot market still faces significant pressure due to high soybean arrivals and high oil mill operating rates. The supply is expected to remain loose, and inventory pressure is likely to persist. The domestic rapeseed meal has risen significantly due to policy factors and is expected to remain strong if policies do not change much [4][5]. - The trading strategies include a bullish stance for single - sided trading, M11 - 1 calendar spread long, expanding the MRM05 spread, and buying call options [6]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **International Market**: The US soybean futures market has been strong due to the bullish monthly supply - demand report. In South America, Brazil's soybean prices have risen slightly despite a small decline after the US soybean price increase. Argentina's soybean prices are also firm, and so are the prices of soybean meal and soybean oil in both countries [4]. - **Domestic Market**: The domestic soybean meal spot market has high pressure with abundant supply and limited demand improvement. The domestic rapeseed meal has increased significantly because of policy - related restrictions on Canadian rapeseed imports [4][5]. - **Trading Strategies**: Adopt a bullish single - sided trading approach, conduct M11 - 1 calendar spread long, expand the MRM05 spread, and buy call options [6]. 3.2 Core Logic Analysis - **US Soybeans**: The US soybean market has been strong due to the monthly supply - demand report. Although the yield per acre was raised, the planting area was significantly reduced, tightening the new - crop supply. The old - crop crush was also increased by 1 million bushels to 2.43 billion bushels, with high uncertainty. The US soybean may rebound in the short - term, and the support at the lower level is strong [9][11]. - **South American Markets**: In Brazil, soybean export prices have slightly declined, but the overall price has increased due to the US soybean price increase. The monthly supply - demand report slightly raised production, exports, and crush. The selling progress of farmers has improved, and the export target of 106 million tons is likely to be achieved. In Argentina, soybean prices are firm, and the pressure on exports has decreased [14]. - **Domestic Soybean Meal**: The domestic soybean meal futures market has been strong due to cost - side factors, but the spot market has high pressure. The oil mill operating rate has increased due to sufficient soybean supply, and the demand has changed little. The inventory remains high, and the futures spread is expected to weaken [17]. - **Domestic Rapeseed Meal**: The domestic rapeseed meal futures market has risen significantly due to the policy decision to impose a deposit on Canadian rapeseed imports after an anti - dumping investigation. The market may remain strong if imports from Canada are completely stopped [20]. 3.3 Fundamental Data Changes - **International Market**: The data shows the US soybean weekly sales, export inspections, monthly crush, and weekly crush profits. It also presents Brazil's monthly soybean exports and crush, Argentina's soybean exports and monthly crush, and foreign soybean basis prices [24][27][29]. - **Macro - factors**: Exchange rates such as USD/CNH, USD/BRL, and USD/ARS are involved, as well as international shipping freight rates. The freight rates from the US Gulf, Brazil, and Argentina to China have all decreased slightly [37][42]. - **Supply**: The data shows the import and weekly crush of soybeans and rapeseeds in China [48]. - **Demand**: The data shows the提货量 of soybean meal and rapeseed meal in China [51]. - **Inventory**: The data shows the inventory of soybeans, rapeseeds, soybean meal, and rapeseed + rapeseed meal in China [55].

Group 1: Report General Information - The report is a daily report on粕类 (bean meal and rapeseed meal) dated July 22, 2025, issued by the Commodity Research Institute of Galaxy Futures [2] Group 2: Market Performance Futures and Spot Market - Today, the US soybean futures showed a volatile trend with limited changes. The domestic bean meal futures continued to rise rapidly, while the rapeseed meal's rise slowed down. The domestic bean meal spot market remained relatively loose, and the rapeseed meal demand weakened [2][5] - For bean meal futures, the closing prices of contracts 01, 05, and 09 were 3104, 2760, and 3086 respectively, with changes of 17, 8, and 17. For rapeseed meal futures, the closing prices of contracts 01, 05, and 09 were 2437, 2377, and 2736 respectively, with changes of 22, 11, and 9 [2] - The spot basis, monthly spreads, and cross - variety futures spreads of bean meal and rapeseed meal all showed certain changes. For example, the 59 spread of bean meal was - 326 today, down 9 from yesterday, and the 91 spread of rapeseed meal was 299 today, down 13 from yesterday [2] Price Spreads - The spread between bean meal and rapeseed meal was 635 today, down 6 from yesterday; the spread between rapeseed meal and sunflower meal was - 29 today, up 3 from yesterday; the spread between bean meal and sunflower meal was 536 today, down 3 from yesterday [2] Group 3: Fundamental Analysis International Market - The new US soybean crop is generally bearish. As of the week ending July 20, the good - to - excellent rate of US soybeans was 68%, down from 70% the previous week. The US soybean old - crop export inspection volume for the week ending July 17 was 365,000 tons. The US soybean crushing data in June was good, with the NOPA - reported soybean crushing volume at 185.709 million bushels, a year - on - year increase of 5.76%, and the crushing profit rebounded [3] - Brazilian farmers' selling progress has accelerated but is still slow overall. Brazilian soybean crushing has improved recently, with the May soybean crushing volume continuing to rise month - on - month. The demand for bean meal and soybean oil is good, and the crushing profit has improved due to the rapid increase in soybean oil prices. However, crushing has limited impact on relieving supply pressure, and the demand improvement space is also limited. Brazil may still have room for export growth [3] - Argentina's domestic soybean crushing volume may improve slightly in the future as exports may decrease due to tariffs, but the current domestic crushing profit is average, so the improvement space is limited [3] Domestic Market - The domestic bean meal spot market remains loose. As of July 18, the actual soybean crushing volume of oil mills was 2.3055 million tons, the operation rate was 64.81%, the soybean inventory was 6.4224 million tons, down 152,500 tons (2.32%) from last week but up 310,400 tons (5.08%) year - on - year. The bean meal inventory was 998,400 tons, up 111,100 tons (12.66%) from last week but down 262,200 tons (20.8%) year - on - year [5] - The domestic rapeseed meal demand has been gradually weakening. The operation rate of oil mills has decreased, but the overall supply is sufficient, and the granular rapeseed meal inventory remains high. As of the week ending July 18, the rapeseed crushing volume of major coastal oil mills was 59,000 tons, the operation rate this week was 15.72%, the rapeseed inventory was 162,000 tons, up 16,000 tons from last week, and the rapeseed meal inventory was 12,000 tons, down 3,100 tons from last week [5] Group 4: Macro - analysis - The Sino - US negotiations in London have been completed, but the market lacks clear macro - guidance. The market is still worried about the uncertainty of future supply. Although the overall international trade situation has many uncertainties, the macro - disturbances are decreasing as the market stabilizes. China's long - term demand for US soybeans is still high, so the price is unlikely to drop significantly in the short term [6] Group 5: Logical Analysis - The domestic bean meal futures market continues to be strong, but the upward driving force is limited as the bullish factors from the US soybeans and cost side have decreased. The international market also lacks substantial bullish factors, and the US soybean's upward space is limited. The bean meal may face a certain downward pressure [7] - The fundamentals of rapeseed meal have changed little recently. The market focus is on the import of Australian rapeseed, which has great uncertainty in terms of import volume and price. The overall supply of rapeseed and rapeseed meal is relatively sufficient, and the demand is average, so the rapeseed meal market also faces pressure [7] - The monthly spreads of bean meal and rapeseed meal may face downward pressure, and the spread between bean meal and rapeseed meal will be volatile [7] Group 6: Trading Strategies - For unilateral trading, it is recommended to wait and see [8] - For arbitrage, it is recommended to reduce and exit the RM91 reverse arbitrage position [8] - For options trading, it is recommended to wait and see [8] Group 7: Soybean Pressing Profit - The report provides the soybean pressing profit data from different origins (Argentina and Brazil) and different shipping dates, including CNF, CBOT, contract, exchange rate, bean meal price, soybean oil price, and pressing profit. For example, the disk pressing profit of Argentine soybeans for October shipment is - 13.19 [9]

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]

大宗商品研究所 农产品研发报告 粕类日报 2025 年 5 月 15 日 【粕类日报】供应端压力有限 粕类偏强运行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn 1 / 4 大宗商品研究所 农产品研发报告 行情回顾：今日美豆盘面呈现较大幅度回落，近期美豆盘面变化主要受美豆油影响，市 场传闻美国生柴政策可能因为与预算削减方向不一致出现调整，而此前美豆油受到政策变化 利好带动走势较强。国内期货盘面呈现震荡运行态势，虽然成本端重心整体有所下移，但国 内盘面走势相对维持稳定。今日菜粕盘面走势强于菜粕，一方面因为当前豆菜粕价差仍然处 于震荡阶段，前期豆粕明显走强后近期菜粕走势较强，另一方面从两者价差来看差异并不算 太大。豆粕月间价差窄幅震荡为主，市场扰动因素比较有限，菜粕月间价差走势相对较强， 前期回落后近期单边支撑比较明显。 | 粕类价格日报 | | | | | | 2025/5/15 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 ...