Report Summary 1. Core Viewpoints - The planting weather of US soybeans in the outer market remains favorable, showing weakness; the downside space of the near - month contracts of the domestic soybean system is limited, and the market is gradually shifting to price the supply - demand gap logic of the far - month contracts. The rapeseed system has strengthened in the short term due to the alleviation of its own warehouse receipt pressure [4]. - There are both bullish and bearish factors in the market. Bullish factors include the expectation of Sino - US talks supporting the US soybean market, strong bullish sentiment for far - month contracts under weather speculation, and the cost - end support of Brazilian export premiums for far - month contracts. Bearish factors include the rebound of basis due to some oil mill shutdowns, the expected large soybean arrivals in August, September, and October, and the future supply uncertainty of rapeseed [6][7][9] 2. Price Forecast and Hedging Strategies Price Forecast - The monthly price range of soybean meal is predicted to be 2800 - 3300, with a current volatility of 10.2% and a historical percentile of 7.8% (3 - year). The monthly price range of rapeseed meal is 2450 - 2750, with a current volatility of 12.7% and a historical percentile of 7.2% (3 - year) [3]. Hedging Strategies - For traders with high protein inventory worried about price drops, they can short soybean meal futures (M2509) with a 25% hedging ratio at the price range of 3300 - 3400 to lock in profits and cover production costs [3]. - Feed mills with low regular inventory can buy soybean meal futures (M2509) with a 50% hedging ratio at the price range of 2850 - 3000 to lock in procurement costs in advance [3]. - Oil mills worried about excessive imported soybeans and low soybean meal selling prices can short soybean meal futures (M2509) with a 50% hedging ratio at the price range of 3100 - 3200 to lock in profits and cover production costs [3]. 3. Market Data Futures Prices - Closing prices and daily changes of various soybean meal and rapeseed meal futures contracts are provided, such as the closing price of soybean meal 01 is 3065 with no change, and the closing price of rapeseed meal 09 is 2724 with a 1.72% increase [7]. Spreads - Spreads between different contracts of soybean meal and rapeseed meal are given, like the spread of M01 - 05 is 314 with a 5 - point increase [9]. Import Costs and Profits - Import costs and profits of US Gulf soybeans, Brazilian soybeans, and Canadian rapeseeds are presented, for example, the import cost of US Gulf soybeans (23%) is 4667.1163 yuan/ton with a daily decrease of 0.2014 yuan/ton [9].