加总理表态短期难以达成协议，菜粕冲高回落

Group 1: Report Industry Investment Rating - The investment rating of rapeseed meal is neutral [8] Group 2: Core Viewpoints of the Report - Rapeseed meal fluctuated and declined, affected by soybean meal and technical consolidation. The market returned to a volatile state, waiting for the final result of the anti - dumping ruling on Canadian rapeseed. Although the peak season for rapeseed meal demand has passed, low inventory supports the market. With uncertainties in China - Canada trade negotiations, the market will maintain a range - bound pattern in the short term, influenced by soybean meal [8]. - Rapeseed meal futures rose and then fell, with the spot price following the fluctuations, and the spot premium fluctuated slightly [33]. - Rapeseed meal will fluctuate and rise in the short term and maintain a range - bound pattern in the medium term, mainly affected by policy changes and short - term soybean meal trends. Future trends depend on policy and soybean meal [42]. Group 3: Summary by Directory 1. Weekly Prompt - The report provides a comprehensive analysis of rapeseed meal, including its fundamentals, market news, and technical indicators, and gives trading strategies and future focus points [8][44] 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues reduce short - term exports and domestic supply [10]. - China's preliminary anti - dumping ruling on Canadian rapeseed is established, and a 75.8% import deposit is imposed. The final result is still uncertain [10]. - Global rapeseed production has increased this year, with Canadian production higher than expected [10]. - The Russia - Ukraine conflict continues, and the future geopolitical conflict may rise, supporting commodity prices [10] 3. Bullish and Bearish Factors - Bullish factors include the preliminary anti - dumping determination and the low inventory pressure of oil mills [11]. - Bearish factors are the concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result [11]. - The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11] 4. Fundamental Data - The rapeseed meal inventory is 17,500 tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45% [8]. - The spot price is 2,640, with a basis of 101, indicating a premium over futures [8]. - The price is above the 20 - day moving average and moving upward [8]. - The main long positions have increased, and funds have flowed in [8]. - The import of rapeseed has no shipping schedule in November, and the import cost is affected by tariffs [19]. - The oil mill's rapeseed crushing volume remains low, and the rapeseed and rapeseed meal inventories are at low levels [21][23]. - Aquatic fish prices have slightly declined, while shrimp and shellfish prices have remained stable [31] 5. Position Data - The main long positions in rapeseed meal have increased, and funds have flowed in [8] 6. Trading Strategies - Futures: Short - term range - bound and slightly bullish. The RM2601 contract will fluctuate around 2,500 in the short term. Short - term trading or waiting is recommended [12]. - Options: Sell out - of - the - money put options [13] 7. Technical Analysis - Rapeseed meal fluctuated and rose due to the Canadian Prime Minister's statement. The China - Canada trade relationship is still uncertain, and it will return to a range - bound pattern in the short term [42]. - The KDJ indicator is oscillating at a high level, and the short - term market is in a technical consolidation stage. The indicator at a medium - high level limits the rebound height [42]. - The MACD is oscillating and rising at a low level, but the red energy is narrowing. Future trends depend on rapeseed import policies and soybean meal [42] 8. Next Week's Focus Points - The most important points are the harvesting weather in US soybean - producing areas, Canadian rapeseed exports and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [44]. - The second - most important points are domestic soybean meal and aquaculture demand, and the rapeseed meal inventory of domestic oil mills and downstream procurement [44]. - Other important points are macro - factors and the Israel - Palestine conflict [44]