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菜粕周报6.9-6.13:需求预期良好,菜粕震荡回升-20250616
Da Yue Qi Huo·2025-06-16 05:08

Report Investment Rating - The report does not provide an overall investment rating for the rapeseed meal industry [8] Core Viewpoints - Rapeseed meal is affected by factors such as low imported rapeseed inventory and the additional tariff on Canadian oil cake imports, leading to a short - term rise and then a fall. Along with the influence of soybean meal, its price will return to a range - bound oscillation in the short term [8] - The short - term supply - demand fundamentals of rapeseed meal enter a pattern of strong supply and demand in June, and the RM2509 contract may return to a range - bound pattern in the short term [44] Summary by Directory 1. Weekly Prompt - Rapeseed meal's fundamentals are neutral; the basis is bearish; inventory is bullish; the price is bullish on the chart; the main position is bullish; it is expected to be range - bound in the short term [8] 2. Recent News - Domestic aquaculture is recovering from the off - season, with tight supply and rising demand in the spot market [10] - Canada's annual rapeseed production has slightly decreased, and China has imposed additional tariffs on Canadian rapeseed oil and oil cake, while the anti - dumping investigation on Canadian rapeseed imports is still ongoing [10] - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada [10] - The Russia - Ukraine conflict continues, and the increase in Russian rapeseed production offsets the decrease in Ukrainian production to some extent. Geopolitical conflicts support commodity prices [10] 3. Bullish and Bearish Factors - Bullish factors include China's additional tariffs on Canadian rapeseed oil and oil cake, and low inventory pressure on rapeseed meal in oil mills [11] - Bearish factors include the upcoming listing of domestic rapeseed in June and uncertainties in the anti - dumping investigation on Canadian rapeseed imports [11] 4. Fundamental Data - Rapeseed import arrivals in June are lower than expected, and import costs are strongly oscillating [18] - Oil mill rapeseed inventory has stopped falling and rebounded, while rapeseed meal inventory has slightly declined [21] - Oil mill rapeseed crushing volume has slightly increased [23] - Aquatic fish prices are slightly fluctuating, while shrimp and shellfish prices are stable [31] - The rapeseed meal market is oscillating and rising, with spot prices firming up, and the spot discount remaining at a relatively high level [33] - The spot price difference between soybean meal and rapeseed meal continues to narrow, and the price difference of the 2509 contract remains oscillating [37] 5. Position Data - The main long positions in rapeseed meal have increased, but the funds have flowed out [8] 6. Technical Analysis - Rapeseed meal is oscillating and rising, and is expected to maintain a range - bound pattern in the short and medium term. Future changes in China - Canada trade relations and the follow - up impact of the Sino - US tariff war will affect the market [42] - The KDJ indicator is oscillating near a high level, and the short - term market is strongly oscillating, but the upward space may be limited [42] - The MACD is oscillating and rising at a low level, but the red energy is narrowing, and the short - term market is strongly oscillating. The follow - up trend depends on rapeseed import policies and the influence of soybean meal [42] 7. Next Week's Focus - The most important factors are the planting weather in US soybean - producing areas, Canadian rapeseed exports and domestic crushing demand, and the arrivals and operation of imported soybeans and rapeseed in China [45] - The second - most important factors are domestic soybean meal and aquaculture demand, and the rapeseed meal inventory in domestic oil mills and downstream purchasing [46] - Other important factors include macro - factors and the Israel - Palestine conflict [46]