期货午评：菜粕涨超4%，原油、烧碱涨超1%；集运欧线、纯碱、铁矿石跌超2%，焦炭、苹果、生猪、原木跌超1%

Group 1 - The core viewpoint indicates that China's near-term rapeseed inventory has reached a bottom, while oilseed meal is still in the process of destocking, with market attention on the arrival of Russian rapeseed oil and meal expected after November, as well as Australian rapeseed entering China around year-end [1] - There is an expectation of marginal improvement in supply due to ongoing Sino-Canadian trade interactions, with the market anticipating a return of Canadian rapeseed to the Chinese market in 2026 [1] - It is noted that the narrative of tight rapeseed supply has likely been priced in, and future attention should be on the elasticity of supply recovery, although the probability of a rapid increase in rapeseed supply in Q4 is low [1] Group 2 - The report highlights that the January contract may have relative support, while the March contract is expected to see a more relaxed supply due to the potential entry of Australian and Canadian rapeseed into domestic crushing from January to March 2026 [1] - Demand is currently in a seasonal lull, lacking strong requirements from the aquatic product sector, which may lead to a relatively weak market [1] - In the early morning trading session on November 3, 2025, domestic main contracts showed a mixed performance, with notable increases in rapeseed meal and other commodities, while several commodities including BR, shipping rates, and iron ore experienced declines exceeding 2% [2]