大越期货菜粕早报-20251114

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The rapeseed meal RM2601 is expected to fluctuate within the range of 2460 - 2520. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season has passed, but low inventory supports the market. Affected by soybean meal, it will maintain a range - bound pattern in the short term [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. Summary by Directory 1. Daily Prompt - Rapeseed meal RM2601 is in a 2460 - 2520 range - bound pattern. The market is waiting for the final anti - dumping ruling on Canadian rapeseed imports. Spot demand is off - peak, but low inventory supports the market. It is affected by soybean meal in the short term [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply tightening and decreasing demand suppressing the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues reduce short - term exports and domestic supply expectations [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The final result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada [11]. - The Russia - Ukraine conflict continues, with Ukraine's rapeseed production decreasing and Russia's increasing, offsetting each other. Global geopolitical conflicts may rise, supporting commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping recognition and imposition of import deposits on Canadian rapeseed; low inventory pressure on oil mills' rapeseed meal [12]. - Bearish factors: Domestic rapeseed meal demand is entering the off - season; the final result of the anti - dumping on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. 4. Fundamental Data - From November 5th to 13th, the average transaction price of soybean meal fluctuated between 3078 - 3092 yuan/ton, and the daily trading volume varied from 4.69 - 31.41 million tons. Rapeseed meal had no trading volume during this period, and the average price of soybean - rapeseed meal spread increased from 452 yuan/ton to 491 yuan/ton [13]. - From November 5th to 13th, the price of rapeseed meal futures main contract 2601 decreased from 2537 yuan/ton to 2492 yuan/ton, and the far - month contract 2605 fluctuated around 2400 - 2430 yuan/ton. The rapeseed meal spot price (Fujian) decreased from 2640 yuan/ton to 2600 yuan/ton [15]. - From November 4th to 13th, the rapeseed meal warehouse receipts decreased from 2955 to 2745 on November 7th and remained unchanged thereafter [17]. - Rapeseed meal futures rose and then fell, with the spot price following the fluctuations, and the spot premium fluctuated slightly. The spot price difference between soybean and rapeseed meal and the price difference of the 2601 contract fluctuated slightly [18][20]. - There is no ship arrival forecast for imported rapeseed in November, and the import cost is affected by tariffs [23]. - Oil mills' rapeseed inventory and rapeseed meal inventory are at low levels, and the rapeseed crushing volume of oil mills remains low [25][27]. - Aquatic fish prices have slightly declined, while shrimp and shellfish prices have remained stable [35]. 5. Position Data - The main long positions of rapeseed meal have decreased, but funds have flowed in [9].