Report Industry Investment Rating - Not provided in the given content Core Viewpoints - USDA's recent report lowered US soybean production and inventory, but the reduction was less than market expectations, and US soybean exports were also cut. Brazilian soybean sowing is progressing smoothly, and the market anticipates an increase in area, which may exert pressure on supply from March to May next year. In China, port soybean inventories are abundant, at a three - year high, leading to significant supply pressure. Weak demand is due to losses in the aquaculture industry, which dampens purchasing enthusiasm. Import reduction has led to near - zero domestic rapeseed inventories, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. Canadian rapeseed imports remain restricted, while Australian imports have recently increased, with expected imports in December and January at historical average levels. As the peak season for aquaculture demand ends, demand - side support will further weaken. Attention should be paid to the impact of tariffs on rapeseed imports in the future [7]. - For soybean oil, recent increases in oil mill operations have led to a rise in supply, with significant overall inventory pressure. Falling crude oil prices have narrowed biofuel processing margins, dragging down the oil market. A slowdown in overseas biodiesel topics has led to a decline in US soybean oil prices, pressuring soybean oil from the import cost side. Recent macro - economic weakness has also affected overall oil prices [37]. - Regarding palm oil, Malaysia's monthly production and inventory have increased month - on - month, with sufficient inventory in the main producing areas and obvious supply pressure. Demand is weak, and the seasonal production - reduction cycle has not yet begun. Indonesia's B50 plan may be postponed, weakening the demand outlook for palm oil as a biodiesel raw material. Delays in US biodiesel subsidies may slow down biodiesel demand, which is unfavorable for palm oil demand in the short term [38]. - For rapeseed oil, the uncertain China - Canada relationship has kept rapeseed imports under high tariffs, with uncertain Canadian rapeseed import volumes affecting rapeseed oil raw material supply. Low domestic rapeseed arrivals have led to a decline in oil mill operating rates, tightening rapeseed oil supply and continuously reducing rapeseed oil inventory. Tight domestic supply has stimulated a relatively strong rapeseed oil market [39]. Summary by Relevant Catalogs Soybean Meal and Rapeseed Meal - **Supply - side factors**: USDA lowered US soybean production, inventory, and exports; Brazilian soybean sowing is smooth with expected area increase; Chinese port soybean inventories are at a three - year high; import reduction has led to near - zero domestic rapeseed inventories; Canadian rapeseed imports are restricted, while Australian imports are increasing [7]. - **Demand - side factors**: Weak demand due to aquaculture losses; end of the peak season for aquaculture demand weakens demand - side support [7]. Oils Soybean Oil - **Supply**: Increased oil mill operations have led to higher supply and significant inventory pressure [37]. - **External factors**: Falling crude oil prices, a slowdown in overseas biodiesel topics, and weak macro - economic conditions have pressured soybean oil prices [37]. Palm Oil - **Supply**: Malaysia's production and inventory have increased, with sufficient supply in the main producing areas [38]. - **Demand**: Weak demand, postponed Indonesia's B50 plan, and delayed US biodiesel subsidies have affected palm oil demand [38]. Rapeseed Oil - **Supply**: Uncertain China - Canada relationship, high tariffs on rapeseed imports, low domestic rapeseed arrivals, and reduced oil mill operating rates have tightened supply [39]. - **Market situation**: Tight supply has led to a relatively strong rapeseed oil market [39].