1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The international soybean market remains relatively loose in supply and demand, but the focus of market influence may lie in macro factors and subsequent soybean demand, with relatively high uncertainty [4][5] - The domestic spot supply is gradually tightening, and the market is reacting to potential supply shortages, with prices showing some support [6] - The prices of soybean meal and rapeseed meal are expected to fluctuate widely, and the spread between soybean meal and rapeseed meal will also fluctuate [7][8] 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Futures and Spot Prices**: The soybean meal futures prices showed a downward trend, with the 01 contract closing at 3049, up 9; the 05 contract at 3042, up 6; and the 09 contract at 3009, up 5. The rapeseed meal futures prices also had some changes, with the 01 contract at 2380, up 12; the 05 contract at 2443, unchanged; and the 09 contract at 2438, up 11. The spot basis of soybean meal and rapeseed meal in different regions also changed to varying degrees [3] - **Monthly Spread**: The monthly spread of soybean meal showed a significant downward trend, while the monthly spread of rapeseed meal followed suit, mainly due to relatively high supply pressure [3] - **Cross - Variety Futures Spread**: The spread between soybean meal and rapeseed meal futures contracts (05 and 09) and the oil - meal ratio (01) also had certain changes [3] - **Spot Spread**: The spot spread between soybean meal and rapeseed meal, as well as between soybean meal and sunflower meal, increased [3] 3.2 Fundamental Analysis - **International Market**: The US soybean carry - over inventory is estimated to be around 350 million bushels, slightly higher than market expectations. The supply in South America has been affected, with some institutions lowering the Brazilian soybean yield, but the impact on the final yield is expected to be limited. The Brazilian old - crop has good export and crushing performance, while the new - crop export is expected to increase significantly. The demand for the old - crop in Argentina is good, but the new - crop yield has decreased [4] - **Domestic Market**: The domestic spot supply is gradually tightening, with the oil mill operating rate likely to decline after a short - term increase. The market transactions have increased, but the supply has decreased, and the inventory has shown a downward trend. The demand for rapeseed meal is generally average, with the oil mill operating rate increasing slightly, but the supply pressure still exists [6] 3.3 Logical Analysis - **US Soybeans**: The US soybean market continues to face downward pressure, and the driving force for further price increases is limited. The key factors are subsequent exports and demand [7] - **South American Soybeans**: The South American soybean quotes are relatively strong, but the overall changes are limited, and it takes time for inland pressure to be transmitted to the export market [7] - **Domestic Soybean Meal**: The domestic soybean meal fundamentals change little, but the spot supply is tightening due to uncertain soybean arrivals. The basis continues to rise, and the price is supported to some extent, but the sustainability is limited [7] - **Domestic Rapeseed Meal**: The domestic rapeseed meal follows the trend of soybean meal, with limited pressure. The supply of rapeseed has increased, but the inventory is still at a relatively low level. The price has support, and the spread between soybean meal and rapeseed meal will fluctuate widely [7] 3.4 Trading Strategies - **Single - sided Trading**: The fundamentals of soybean meal and rapeseed meal face certain pressure, but due to increased market disturbances, they are expected to fluctuate widely [8] - **Arbitrage**: Narrow the MRM09 spread [8] - **Options**: Seagull put option (for reference only) [8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall price of US soybeans is expected to fluctuate at a high level, with limited room for further increase and decline. Domestic soybean meal is mainly bearish, while rapeseed meal is expected to be strong, and the spread between soybean meal and rapeseed meal will narrow [6]. - The trading strategy suggests a bearish approach for single - side trading, narrowing the MRM09 spread for arbitrage, and using seagull put options [7]. Group 3: Summary of Each Section 1. Market Review - The US soybean market is running strongly due to optimistic export prospects, strong domestic demand, and reduced South American production. The domestic soybean meal market is in high - level shock, and the rapeseed meal market is rising. The inter - month spreads of soybean meal follow the single - side trend, while those of rapeseed meal fluctuate slightly [3]. 2. Fundamental Analysis - **International Market**: The US soybean carry - over inventory remains at about 350 million bushels, with general export inspection data and a relatively loose supply - demand situation. In South America, some institutions have lowered Brazil's soybean yield, but the overall yield is still high. Brazil's old - crop exports and crushing are good, while Argentina's old - crop demand is strong, but the new - crop yield has decreased [4]. - **Domestic Market**: The domestic soybean meal supply is gradually recovering, but the market demand is average. As of February 27, the soybean inventory increased by 8.83% week - on - week and 3.61% year - on - year, and the soybean meal inventory increased by 14.85% week - on - week and 43.64% year - on - year. The domestic rapeseed meal demand is average, the supply is still at a low level, and the inventory is relatively high [5]. 3. Logical Analysis - US soybeans are expected to fluctuate at a high level. The domestic soybean meal is bearish, and the rapeseed meal is expected to be strong. The spread between soybean meal and rapeseed meal will narrow, and the inter - month spreads are expected to decline [6]. 4. Trading Strategy - **Single - side**: Bearish approach [7]. - **Arbitrage**: Narrow the MRM09 spread [7]. - **Options**: Seagull put options [7]. 5. Soybean Pressing Profit - The report provides the pressing profit data of Brazilian soybeans from April to August, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and pressing profit [8].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall price of US soybeans is expected to fluctuate at a high level due to the full reaction of macro - level bullish factors and the existence of South American weather disturbances. The domestic soybean meal is mainly considered from a bearish perspective, while the rapeseed meal is expected to be relatively strong, and the spread between soybean meal and rapeseed meal is expected to narrow [6]. 3. Summary According to the Directory 3.1 Market Review - The US soybean market showed a downward trend after a rally. The domestic soybean meal market followed the US soybean market and declined, while the rapeseed meal market rose after a decline. The spread between soybean meal and rapeseed meal narrowed, and the inter - monthly spread of soybean meal declined [3]. 3.2 Fundamental Analysis - **International Market**: The US soybean carry - over stocks remain at around 350 million bushels, with a relatively loose supply - demand situation. Brazil's new soybean crop is growing well, and its production is expected to increase, which may put pressure on prices. Argentina's old soybean crop has increased in production, and its export and crushing have also increased [4]. - **Domestic Market**: The domestic soybean meal supply is gradually recovering, with the oil mill operating rate increasing, but the market demand is average. The rapeseed meal demand is also general, and the supply pressure still exists, with the price expected to fluctuate [5]. 3.3 Logic Analysis - The US soybean price is expected to fluctuate at a high level. The domestic soybean meal is bearish, while the rapeseed meal is expected to be strong, and the spread between soybean meal and rapeseed meal is expected to narrow. The inter - monthly spread of the futures market is expected to decline [6]. 3.4 Trading Strategies - **Single - side Trading**: Adopt a bearish approach. - **Arbitrage**: Narrow the MRM09 spread. - **Options**: Use seagull put options [7]. 3.5 Soybean Pressing Profit - The pressing profit from Brazilian soybeans varies by shipping date. For example, the May shipment has a盘面 pressing profit of 98.04 and a spot pressing profit of - 82.76, with a change of - 2.84 compared to the previous day [8].

Group 1: Report Information - Report Title: "粕类日报 2026 年 2 月 25 日" [1] - Researcher: Chen Jiezheng [2] - Contact: chenjiezheng_qh@chinastock.com.cn [2] Group 2: Market Quotes Futures and Spot Basis - For soybean meal, the closing prices of contracts 01, 05, and 09 are 2989, 2831, and 2936 respectively, with price increases of 39, 50, and 46. The spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao shows a downward trend [3]. - For rapeseed meal, the closing prices of contracts 01, 05, and 09 are 2293, 2312, and 2364 respectively, with price increases of 30, 22, and 22. The spot basis in Nantong, Guangdong, and Guangxi has different changes [3]. Month - to - Month Spreads - For soybean meal, the 15 - spread is 158 (down 11 from yesterday), the 59 - spread is - 105 (up 4 from yesterday), and the 91 - spread is - 53 (up 7 from yesterday) [3]. - For rapeseed meal, the 15 - spread is - 19 (up 8 from yesterday), the 59 - spread is - 52 (unchanged from yesterday), and the 91 - spread is 71 (down 8 from yesterday) [3]. Cross - Variety Futures Spreads - The 05 spread between soybean meal and rapeseed meal is 519 (up from yesterday), the 09 spread is 572 (up from yesterday), and the 01 oil - meal ratio is 2.906 (down from yesterday) [3]. Spot Price Spreads - The spread between soybean meal and rapeseed meal is 501 (down 10 from yesterday), the spread between rapeseed meal and sunflower meal is 170 (down 40 from yesterday), and the spread between soybean meal and sunflower meal is 811 (up 10 from yesterday) [3] Group 3: Market Review - The US soybean futures continued to rise, possibly driven by soybean meal. Factors such as improved exports and产区 weather are relatively positive. South American market quotes remained stable, with limited overall pressure [3]. - The domestic soybean meal futures showed a significant upward trend, mainly due to market news disturbances. The subsequent supply change is the main influencing factor. Rapeseed meal futures followed the rise of soybean meal, with relatively limited changes. The spread between soybean meal and rapeseed meal widened [3]. - The month - to - month spreads of soybean meal futures decreased, mainly driven by the unilateral rise. The supply of rapeseed and rapeseed meal is gradually improving, and the month - to - month spreads of rapeseed meal futures mainly fluctuated [3]. Group 4: Fundamental Analysis International Market - According to the monthly supply - demand report, the US soybean ending stocks remain at around 350 million bushels, higher than market expectations, mainly because exports were not increased. Although US soybean exports have improved, the overall supply - demand situation is still relatively loose [4]. - In South America, the supply - side influence has increased recently. The growth of new - crop soybeans in Brazil is good, and the harvest is progressing smoothly. The monthly supply - demand report raised Brazil's soybean production. With limited demand growth for new - crop soybeans in Brazil, exports are expected to increase significantly, but this is still subject to actual yield changes in the short term. Brazil's old - crop soybeans have good export and crushing performance, with obvious export growth. The demand - side support for the old - crop market still exists. Argentina's old - crop soybean production is relatively large, and recent crushing and exports have increased significantly, with the pressure improving compared to before, but the export growth space may be relatively limited [4]. Domestic Market - The domestic spot supply is gradually recovering. The oil mill operating rate, which had decreased before, has started to rise recently, but the overall quantity is less than before. The提货 volume has also decreased slightly, and the inventory is declining. Market transactions have decreased recently, and the overall market demand is average. The uncertainty of long - term supply has decreased, and prices have already reflected the positive factors [6]. - As of February 20, the actual soybean crushing volume of oil mills was 37,200 tons, the operating rate was 1.02%, the soybean inventory was 5.1954 million tons, an increase of 421,500 tons (8.83%) from last week and an increase of 181,200 tons (3.61%) year - on - year. The soybean meal inventory was 842,500 tons, an increase of 3,100 tons (0.37%) from last week and an increase of 343,700 tons (68.91%) year - on - year [6]. - The domestic rapeseed meal demand is generally average. The oil mill operating rate has increased compared to last week. It is expected that the crushing volume in the week ending February 20 was 0 tons. The inventory of rapeseed and rapeseed meal has increased but remains at a low level. The supply volume remains low, and although the inventory of granular rapeseed meal has decreased, it is still at a relatively high level, and there is still overall supply pressure. Although there is uncertainty in the subsequent supply of rapeseed and rapeseed meal, the demand is also average, and there is still pressure on the near - term spot, so rapeseed meal is expected to mainly fluctuate [6]. Group 5: Logic Analysis - The recent drivers of US soybeans are mainly concentrated in the macro - aspect, and the overall positive reaction is relatively sufficient. It is relatively difficult for prices to rise further [7]. - There are certain disturbances in South American weather, mainly in the southern region, and the relatively wet conditions in some parts of Brazil have affected the soybean harvest progress. However, overall, the impact on yield is expected to be relatively limited. The high South American quotes are mainly because the pressure has not been fully reflected, and prices are expected to mainly fluctuate [7]. - The domestic soybean meal futures are running strongly, mainly affected by market information disturbances, but the actual impact amplitude is limited. The market shipment volume is relatively low, which may have a certain impact on subsequent supply, but the overall quantity is still relatively sufficient, and the unilateral upward space is limited. In a situation of loose supply, it is also relatively difficult for the month - to - month spreads to rise further [7]. - The domestic rapeseed meal futures are running strongly, mainly driven by the rise of soybean meal. The sustainability may be relatively limited, and there may be certain pressure in the future. The month - to - month spreads of rapeseed meal are under certain pressure. Although the subsequent supply of soybean meal is tight, the spot price is generally in a downward state, and the spread between soybean meal and rapeseed meal is expected to mainly widen [7]. Group 6: Trading Strategies - Unilateral trading: Adopt a mainly bearish approach [8]. - Arbitrage: Expand the MRM spread [8]. - Options: Mainly adopt the strategy of selling wide straddles [8]. Group 7: Soybean Pressing Profit - The report provides the soybean pressing profit data from Brazil for different shipping months (April - August), including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and the changes in pressing profit compared to yesterday [9].

Group 1: Report Title and Date - Report title: "Meal Daily Report" [1] - Date: January 28, 2026 [1][3] Group 2: Researcher Information - Researcher: Chen Jiezheng [2] - Futures practice certificate number: F3045719 [2] - Investment consulting certificate number: Z0015458 [2] - Contact information: chenjiezheng_qh@chinastock.com.cn [2] Group 3: Market Quotes Futures and Spot Basis - For soybean meal: Futures prices in Tianjin, Dongguan, Zhangjiagang, and Rizhao showed increases; spot basis decreased by 10 in different regions [3] - For rapeseed meal: Futures prices in Nantong, Guangdong, and Guangxi showed increases; spot basis in Guangdong and Guangxi increased by 4, while in Nantong it decreased by 26 [3] Monthly Spread - For soybean meal: 15 - spread decreased by 3, 59 - spread decreased by 8, 91 - spread increased by 11 [3] - For rapeseed meal: 15 - spread decreased by 15, 59 - spread increased by 10, 91 - spread increased by 5 [3] Cross - Variety Futures Spread - Bean - rapeseed 01 spread increased slightly, bean - rapeseed 09 spread increased, and oil - meal ratio 01 also increased slightly [3] Spot Spread - The spread between soybean meal and rapeseed meal increased by 6, the spread between rapeseed meal and sunflower meal increased by 30, and the spread between soybean meal and sunflower meal increased by 6 [3] Group 4: Market Review - The US soybean market was strong due to dry weather after a short - term decline; South American market quotes rose slightly; the domestic soybean meal and rapeseed meal markets were also strong; the spread between soybean meal and rapeseed meal narrowed; the near - month spread of soybean meal decreased, while that of rapeseed meal was strong [3] Group 5: Fundamental Analysis International Market - US soybean: Carry - over stocks were raised to 350 million bushels, higher than the market estimate of 292 million bushels; quarterly grain stocks were also bearish, reaching 3.29 billion bushels, higher than the market estimate of 3.25 billion bushels; exports improved, but the supply - demand was still relatively loose [4] - South American market: Brazil's new crop was in good condition; exports were expected to increase, but it was subject to actual yield changes; Argentina's soybean exports and crushing increased [4] Domestic Market - Soybean meal: The domestic spot supply tightened; the oil mill operating rate increased but the overall quantity decreased; the inventory decreased; the market transaction increased; the demand was good; as of January 23, the actual soybean crushing volume was 2.1021 million tons, the operating rate was 57.83%, the soybean inventory was 6.5899 million tons, a decrease of 4.12% from last week and an increase of 45.8% year - on - year; the soybean meal inventory was 898,600 tons, a decrease of 5.13% from last week and an increase of 104.55% year - on - year [7] - Rapeseed meal: The demand weakened; the oil mill operation basically stopped; the rapeseed supply was low; the granular rapeseed meal inventory was still high; as of January 23, the rapeseed inventory in coastal areas was 60,000 tons, unchanged from last week, and the rapeseed meal inventory was 0 tons, unchanged from last week [7] Group 6: Logic Analysis - US soybean: High inventory pressure and high South American production, but the downward speed may slow down due to improved demand [8] - Brazil: Good weather, increased production forecast, and price pressure [8] - Argentina: Strong due to dry weather, but the driving effect may be limited [8] - Domestic market: Uncertainty in soybean supply, support in the spot market, limited upside space; in the long - term, the supply is loose and there is price pressure [8] - Rapeseed meal: High import price, expected pressure after increased supply, the spread between soybean meal and rapeseed meal is expected to widen, but the South American weather may support the price [8] - Spread: The near - month spread of soybean meal decreased, and that of rapeseed meal was strong [8] Group 7: Trading Strategies - Unilateral: Limited upside space, suggest short - term observation and short - selling at high points [9] - Arbitrage: Expand the MRM spread [9] - Options: Sell a wide - straddle strategy [9] Group 8: Soybean Pressing Profit - The pressing profit from Brazil showed different changes in different shipping months, with some decreases and some increases [10]

1. Report's Investment Rating for the Industry - No information provided in the given content 2. Core View of the Report - The domestic soybean meal inventory still faces pressure, and the market is oscillating. The overall international soybean market supply - demand situation is relatively loose, with the US market showing a relatively strong trend, while the Brazilian soybean prices are expected to face some pressure in the medium - term. The domestic market is also in a state of relatively loose supply - demand, and the prices of soybean meal and rapeseed meal are expected to be affected by multiple factors such as international supply, domestic demand, and macro - economic conditions [3][4][5][6][8] 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - The US soybean market is oscillating. The Brazilian soybean prices have a slight rebound, and the domestic soybean meal market is rising slightly, while the rapeseed meal is continuing to rebound. The spread between soybean meal and rapeseed meal is slightly widening, and the inter - month spreads of both are falling [3] 3.2 Fundamental Analysis - **International Market**: The monthly supply - demand report is generally bullish, but the US soybean market's upward space is limited. The Brazilian new - crop soybean planting progress is fast, and the old - crop has good export and crushing performance. The Argentine old - crop soybean production is large, and the pressure on export and crushing has improved [4] - **Domestic Market**: The domestic spot market has a relatively loose supply - demand situation. The soybean meal inventory is at a high level, and the rapeseed meal demand is weakening, with a certain supply pressure [6] 3.3 Macroeconomic Analysis - The macro - economic situation is generally stable. The end of the US government shutdown and Sino - US negotiations have brought positive signals. The restoration of the soybean export qualification of three US companies to China has improved the US soybean export prospects, but the subsequent import volume still has great uncertainty [7] 3.4 Logical Analysis - The US soybean market is expected to oscillate at a high level. The Brazilian market has price support. The domestic soybean meal market is under pressure, and the rapeseed meal market may be affected by supply - side uncertainty. The inter - month spreads of soybean meal and rapeseed meal are expected to have different trends [8] 3.5 Trading Strategies - **Unilateral Trading**: Make a small - scale long - position layout - **Arbitrage**: Hold a wait - and - see attitude - **Options**: Adopt the strategy of selling wide straddles [9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply pressure of meal products has improved, and the market has staged a rebound. The soybean meal market is affected by factors such as import volume and cost support, while the rapeseed meal market is relatively stable. The overall soybean market is under pressure, and the price center is expected to move downward. The domestic meal market is in a state of relatively loose supply and demand, with high inventory and weakening demand. The market is concerned about the uncertainty of future supply due to the lack of clear macro guidance [2][3][6] Summary by Relevant Catalogs Market Review - The US soybean market showed a significant decline. The domestic soybean meal market rebounded due to increased cost support, and the rapeseed meal market was relatively stable. The inter - monthly spreads of soybean meal and rapeseed meal showed a rebound trend [2] Fundamental Analysis - **International Market**: The carry - over stock of the old US soybean balance sheet was slightly increased. The new - crop production increased slightly due to the increase in planting area. The South American old - crop market was in a state of loose supply and demand, with an expected increase in production of 15.39 million tons and an increase in crushing volume of 8.21 million tons. The international soybean meal supply pressure was obvious, with an expected increase in crushing volume of 21.536 million tons in major producing areas [3] - **Domestic Market**: The domestic soybean meal supply was loose, with high oil - mill operating rates and high inventory. The rapeseed meal demand was weakening, and the supply pressure still existed. As of September 19, the actual soybean crushing volume of oil mills was 2.4275 million tons, the operating rate was 67.76%, the soybean inventory was 6.9466 million tons, the rapeseed crushing volume was 49,000 tons, and the operating rate was 13.06% [6] Macro - analysis - The Sino - US Madrid negotiation was completed, but there was no clear macro - guidance. The market was worried about the uncertainty of future supply. However, due to China's long - term demand for US soybeans, the price was unlikely to drop significantly in the short term [7] Logical Analysis - The market focus will shift back to the fundamentals. The overall soybean production has not changed much, and the support for US soybeans is expected to decline. The Brazilian soybean price is under pressure, and the domestic soybean meal supply and demand are relatively loose. The soybean meal and rapeseed meal inter - monthly spreads are expected to be strong [8] Trading Strategies - **Unilateral**: It is recommended to wait and see - **Arbitrage**: M11 - 1 long spread - **Options**: Sell the wide - straddle strategy [9] Soybean Crushing Profit - The report provides the crushing profit data of Brazilian soybeans from November 2025 to July 2026, including CNF, CBOT, contract, exchange rate, soybean meal price, soybean oil price, and the changes in crushing profit [10]

Group 1 - The article highlights the importance of futures markets in managing risks and facilitating cross-border trade, particularly in the context of changing global trade dynamics [1][4] - Xiamen Guomao Petrochemical successfully negotiated a PTA order by utilizing futures contracts to secure pricing and protect profit margins amid market uncertainties [1][2] - Xiamen Jianfa leveraged futures tools for risk management in their procurement of Australian rapeseed meal, demonstrating the effectiveness of basis trading in volatile markets [1][2] Group 2 - The article discusses how the use of options by Wucai Zhongda Chemical Group provided a "double insurance" against shipping disruptions and price fluctuations in their Ukrainian rapeseed meal imports [3] - The active trading of futures contracts on the Zhengzhou Commodity Exchange enhances risk management capabilities for companies engaged in bulk commodity trading [3][4] - The acceptance of "Chinese prices" by foreign enterprises is driven by China's significant role in global commodity consumption and trade, as well as the ability for these enterprises to hedge risks directly in the Chinese futures market [3][4]

Group 1 - The article highlights the importance of futures markets in facilitating cross-border trade and managing risks associated with price fluctuations [1][5] - Companies like Xiamen Guotai Petrochemical and Xiamen Jianfa are utilizing futures contracts to lock in prices and mitigate risks in their trading operations [1][2] - The integration of hedging strategies, such as basis trading and options, allows companies to navigate uncertainties in international markets effectively [2][3][4] Group 2 - The use of basis trading separates price determination from contract signing, enabling buyers to lower costs while sellers can lock in profits, thus avoiding the risks of betting on market trends [2][5] - The article provides examples of companies successfully employing futures tools, such as Xiamen Jianfa's use of futures contracts for rapeseed meal and Mucai Zhongda's use of options to hedge against shipping risks [3][4] - The acceptance of "Chinese prices" by foreign enterprises is driven by China's significant role in global commodity consumption and trade, as well as the ability for these enterprises to participate directly in Chinese futures markets [5]

Report Title - "Supply Bullish Factors Increase, Futures Prices Rise Significantly" [2] Report Date - August 13, 2025 [2] Investment Rating - Not provided Core Viewpoints - The domestic soybean meal futures market is bullish due to cost - side increases, but the follow - up depends on domestic imports; the rapeseed meal market has significant fluctuations, and the far - month market is more favorable. The soybean meal inter - monthly spread may continue to decline, while the rapeseed meal inter - monthly spread may strengthen, and the soybean - rapeseed meal spread may narrow in the short term [4][9] Market Review - The US soybean futures showed a significant upward trend today. The monthly supply - demand report was bullish, driving the futures up. The domestic soybean meal futures also rose, with limited market changes but obvious cost - side push. The rapeseed meal futures had larger fluctuations, and multiple contracts hit the daily limit. The main driver was the potential impact on the subsequent supply of Canadian rapeseed [4] Fundamental Analysis US Soybeans - The old - crop balance sheet is bullish, with exports almost completed and crush adjusted upward, leading to a decrease in ending stocks. For the new - crop, although the yield per acre increased, the significant reduction in planted area tightened the supply. The new - crop cumulative exports are slow. The new - crop stock - to - use ratio may not show significant bullishness at the current price level [5] South American Soybeans - The old - crop supply in South America is generally loose. The soybean production of major exporting countries is expected to increase by 15.39 million tons, and the crush volume by 8.21 million tons. The overall ending stocks or exports may increase. Brazilian farmers' selling progress is slow, but they are optimistic about future exports [5] International Soybean Meal - The international soybean meal supply pressure is obvious. The annual soybean crush volume in major producing areas is expected to increase by 21.536 million tons, while the imports of major importing countries only increase slightly [5] Domestic Market - The domestic soybean meal spot market is loose, with high oil - mill operating rates, sufficient supply, and increased提货量. As of August 8, the actual soybean crush volume was 2.1775 million tons, the operating rate was 61.21%, the soybean inventory was 7.1056 million tons (up 8.38% week - on - week), and the soybean meal inventory was 1.0035 million tons (down 3.66% week - on - week). The domestic rapeseed meal demand is weakening, with a decline in the oil - mill operating rate, but the overall supply is still sufficient. As of August 8, the rapeseed crush volume in coastal areas was 63,200 tons, the operating rate was 16.84%, the rapeseed inventory was 138,800 tons (down 22,800 tons week - on - week), and the rapeseed meal inventory was 32,000 tons (up 5,000 tons week - on - week) [7] Macro - analysis - The Sino - US negotiations in London have ended, but there is no clear information. The market is still worried about supply uncertainty. Although the macro - disturbances are decreasing, China's high demand for US soybeans in the long - term means that prices are unlikely to fall sharply in the short term [8] Logical Analysis - The domestic soybean meal futures are bullish due to cost - side increases, but the follow - up depends on domestic imports. The rapeseed meal market has significant fluctuations. After the preliminary anti - dumping ruling, the final ruling is likely to impose tariffs, which is favorable for the rapeseed meal market. The soybean meal inter - monthly spread may continue to decline due to spot pressure, while the rapeseed meal inter - monthly spread may strengthen, especially for the far - month spread. The soybean - rapeseed meal spread may narrow in the short term [9] Trading Strategies - Unilateral: Buy on dips - Arbitrage: Expand the MRM05 spread - Options: Wait and see [10]