Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Anticipate the gradual recovery of domestic soybean meal inventory, alleviation of spot tightness, pressure on basis, and expect the futures market to fluctuate weakly, but limited decline due to import cost support. Suggest waiting for low - level long - position opportunities [5] 3. Summary According to Related Content 3.1 Price and Basis Data - On April 25th, 43% soybean meal spot basis in Dalian was 6901, down 72; in Tianjin was 1019, down 222; in Rizhao was 628, down 112; in Zhangjiagang was 618, down 82; in Dongguan was 819, down 62; in Meijiang was 869, down 12; in Fangcheng was 819, up 128. Rapeseed meal spot basis in Guangdong was - 224, up 41 [3] 3.2 Spread Data - Spot spread of soybean meal - rapeseed meal (Guangdong) was 1390, down 90; futures spread (main contract) was 347, up 13 [4] 3.3 International and Inventory Data - The US dollar to RMB exchange rate was 7.2342, and the futures crushing profit was 155 yuan/ton, up 5. Domestic soybean inventories reached a high level, soybean meal inventories were at a very low level and expected to gradually recover, and the number of days of soybean meal inventory in feed enterprises decreased to a low level [4][5] 3.4 Supply and Demand Situation - Supply side: Spot supply is tight, customs clearance time in some areas is extended; a large amount of Brazilian soybeans are expected to arrive in May and June; new - crop US soybean planting area is expected to shrink; recent rainfall in US soybean - growing areas may improve soil moisture but delay sowing. Demand side: Pig supply is expected to increase steadily before September; meat poultry production is expected to remain high in the first half of the year, and egg - laying poultry inventory is expected to remain high; the cost - effectiveness of soybean meal has decreased significantly; wheat substitutes for corn in some areas, reducing protein consumption, and downstream transactions and pick - up are poor [4][5]