Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - **Rapeseed Meal**: The rapeseed meal market is in a situation of weak supply and demand. The supply - side pressure is small due to the limited import of Canadian rapeseed and rapeseed meal and the shutdown of coastal oil mills. However, the demand for rapeseed meal is weakening as aquaculture demand decreases with the drop in temperature, and soybean supply is relatively abundant with good substitution advantages. The market has large fluctuations recently, and short - term observation is recommended. Later, attention should be paid to whether there are breakthroughs in China - Canada trade policies [2]. - **Rapeseed Oil**: The international oil market is weak, but the domestic rapeseed oil will continue to be in a destocking mode, which supports its price. However, the demand for rapeseed oil is mainly for rigid needs because of the abundant supply and good substitution advantage of soybean oil. After a continuous rise, the rapeseed oil futures price has slightly declined recently, with large short - term fluctuations, and short - term participation is recommended [2][3]. 3) Summary by Relevant Catalogs **Futures Market** - **Prices**: The closing price of rapeseed oil futures (active contract) is 9779 yuan/ton, down 34; the closing price of rapeseed meal futures (active contract) is 2412 yuan/ton, down 7; the closing price of ICE rapeseed futures (active) is 650.2 Canadian dollars/ton, down 5.7; the closing price of rapeseed futures (active contract) is 5551 yuan/ton, unchanged [2]. - **Spreads**: The rapeseed oil month - to - month spread (1 - 5) is 380 yuan/ton, up 17; the rapeseed meal month - to - month spread (1 - 5) is 35 yuan/ton, up 3 [2]. - **Positions**: The position of the main rapeseed oil contract is 233465 lots, down 9832; the position of the main rapeseed meal contract is 377665 lots, down 9671. The net long positions of the top 20 futures holders for rapeseed oil are - 3446 lots, down 2701; for rapeseed meal are - 22471 lots, down 5559 [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 4131, down 30; the number of rapeseed meal warehouse receipts is 2000, unchanged [2]. **Spot Market** - **Prices**: The spot price of rapeseed oil in Jiangsu is 10070 yuan/ton, down 100; the spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; the spot price of rapeseed meal in Nantong is 2400 yuan/ton, unchanged; the average price of rapeseed oil is 10163.75 yuan/ton, down 100; the import cost of rapeseed is 7986.7 yuan/ton, down 89.01 [2]. - **Basis**: The basis of the main rapeseed oil contract is 291 yuan/ton, down 66; the basis of the main rapeseed meal contract is - 12 yuan/ton, up 7 [2]. **Substitute Spot Prices** - The spot price of Grade 4 soybean oil in Nanjing is 8560 yuan/ton, down 100; the spot price of 24 - degree palm oil in Guangdong is 8670 yuan/ton, down 70; the spot price of soybean meal in Zhangjiagang is 3000 yuan/ton, down 50 [2]. - The spot price difference between rapeseed oil and soybean oil is 1510 yuan/ton, unchanged; between rapeseed oil and palm oil is 1400 yuan/ton, down 30; between soybean meal and rapeseed meal is 600 yuan/ton, down 50 [2]. **Upstream Situation** - **Production**: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - **Imports and Profits**: The total rapeseed import volume in the current month is 11.53 tons, down 13.13 tons; the import rapeseed crushing profit is 659 yuan/ton, up 29 [2]. - **Inventory and开机率**: The total inventory of rapeseed in oil mills is 0.25 tons, down 0.25 tons; the weekly开机率 of imported rapeseed is 0%, unchanged [2]. **Industry Situation** - **Imports**: The import volume of rapeseed oil and mustard oil in the current month is 16 tons, up 2 tons; the import volume of rapeseed meal in the current month is 15.77 tons, down 5.57 tons [2]. - **Inventory**: The coastal rapeseed oil inventory is 2.08 tons, down 0.52 tons; the coastal rapeseed meal inventory is 0.2 tons, down 0.3 tons; the rapeseed oil inventory in East China is 40.05 tons, down 2.37 tons; the rapeseed meal inventory in East China is 22.96 tons, down 2.49 tons; the rapeseed oil inventory in Guangxi is 1.48 tons, down 0.32 tons; the rapeseed meal inventory in South China is 22.3 tons, up 1.5 tons [2]. - **Pick - up Volume**: The weekly pick - up volume of rapeseed oil is 1.01 tons, down 0.3 tons; the weekly pick - up volume of rapeseed meal is 0.3 tons, up 0.1 tons [2]. **Downstream Situation** - The monthly output of feed is 3128.7 tons, up 201.5 tons; the monthly output of edible vegetable oil is 495 tons, up 44.4 tons; the monthly retail sales of social consumer goods in the catering industry is 5199 billion yuan, up 690.4 billion yuan [2]. **Options Market** - **Rapeseed Meal Options**: The implied volatility of at - the - money call options for rapeseed meal is 20.4%, down 0.33; the implied volatility of at - the - money put options is 21.96%, down 0.05; the 20 - day historical volatility is 21.43%, down 0.03; the 60 - day historical volatility is 20.4%, down 0.32 [2]. - **Rapeseed Oil Options**: The implied volatility of at - the - money call options for rapeseed oil is 13.7%, up 0.24; the implied volatility of at - the - money put options is 13.69%, up 0.23; the 20 - day historical volatility is 15.04%, up 0.13; the 60 - day historical volatility is 13.75%, up 0.05 [2]. **Industry News** - ICE rapeseed futures closed lower on Wednesday, dragged down by the decline of other vegetable oil and crude oil futures. The January rapeseed futures contract fell 6 Canadian dollars and settled at 650.40 Canadian dollars per ton [2]. - USDA unexpectedly lowered the US soybean export forecast for 2025/26. Although the domestic soybean crushing consumption in the US is good and Chinese buyers started to purchase US soybeans this week, the soybean market was sold off after the report was released [2]. - The China - Canada trade negotiation has not made a breakthrough on the rapeseed tariff issue. The export of Canadian rapeseed has declined significantly this year, but the Canadian biofuel production incentive plan takes rapeseed oil as the core raw material, and Canada and Pakistan have reached an agreement to promote the export of Canadian rapeseed to Pakistan [2]. - The US government is considering postponing the plan to cut biofuel import incentives by 1 - 2 years, and the palm oil production in Malaysia increased while exports declined in November, with inventory pressure still existing, dragging down the international oil market [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Supply - side pressure is small due to limited imports and widespread oil - mill shutdowns, but demand is weakening as aquaculture demand declines and soybean supply is relatively abundant. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the abundant supply and good substitution advantage of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9975 yuan/ton, up 135 yuan; that of rapeseed meal is 2492 yuan/ton, down 2 yuan; ICE rapeseed is 646.6 Canadian dollars/ton, up 4.1 Canadian dollars; and rapeseed is 5116 yuan/ton, down 4 yuan [2]. - Month - to - month spreads: The 1 - 5 month - to - month spread of rapeseed oil is 491 yuan/ton, up 41 yuan; that of rapeseed meal is 63 yuan/ton, up 1 yuan [2]. - Main contract positions: The main contract position of rapeseed oil is 237907 lots, up 15923 lots; that of rapeseed meal is 479461 lots, up 10597 lots [2]. - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is 5630 lots, up 3174 lots; that of rapeseed meal is 33514 lots, down 2339 lots [2]. - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 5323 sheets, down 50 sheets; that of rapeseed meal is 2745 sheets, unchanged [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 10260 yuan/ton, up 150 yuan; that of rapeseed meal in Nantong is 2500 yuan/ton, unchanged; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; that of fourth - grade soybean oil in Nanjing is 8550 yuan/ton, unchanged; that of 24 - degree palm oil in Guangdong is 8570 yuan/ton, down 50 yuan; and that of soybean meal in Zhangjiagang is 3050 yuan/ton, unchanged [2]. - Average prices: The average price of rapeseed oil is 10353.75 yuan/ton, up 126.25 yuan; the import cost price of imported rapeseed is 7971.47 yuan/ton, up 15.44 yuan [2]. - Basis: The basis of the main rapeseed oil contract is 285 yuan/ton, up 15 yuan; that of the main rapeseed meal contract is 8 yuan/ton, up 2 yuan [2]. - Price spreads: The spot price spread between rapeseed oil and soybean oil is 1710 yuan/ton, up 150 yuan; that between rapeseed oil and palm oil is 1690 yuan/ton, up 200 yuan; and that between soybean meal and rapeseed meal is 550 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - Imports: The total rapeseed import volume for the month is 11.53 tons, down 13.13 tons; the import volume of rapeseed oil and mustard oil for the month is 16 tons, up 2 tons; and the import volume of rapeseed meal for the month is 15.77 tons, down 5.57 tons [2]. - Inventory and开机 rate: The total inventory of rapeseed in oil mills is 0.5 tons, down 0.5 tons; the weekly开机 rate of imported rapeseed is 0%, down 1.6 percentage points [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 2.6 tons, down 1.2 tons; the coastal rapeseed meal inventory is 0.5 tons, down 0.21 tons; the rapeseed oil inventory in East China is 42.42 tons, down 5.38 tons; the rapeseed meal inventory in East China is 25.45 tons, down 0.6 tons; the rapeseed oil inventory in Guangxi is 1.8 tons, down 0.6 tons; and the rapeseed meal inventory in South China is 20.8 tons, up 0.1 tons [2]. -提货量: The weekly提货量 of rapeseed oil is 1.31 tons, down 0.53 tons; that of rapeseed meal is 0.2 tons, down 0.19 tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed is 3128.7 tons, up 201.5 tons; the monthly production of edible vegetable oil is 495 tons, up 44.4 tons [2]. - Consumption: The monthly total retail sales of social consumer goods for catering is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 20.6%, down 0.34 percentage points; that of at - the - money put options for rapeseed meal is 20.6%, down 0.34 percentage points; the implied volatility of at - the - money call options for rapeseed oil is 12.47%, down 1.49 percentage points; and that of at - the - money put options for rapeseed oil is 12.47%, down 1.5 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 24.18%, up 0.08 percentage points; the 60 - day historical volatility of rapeseed meal is 24.97%, down 1.51 percentage points; the 20 - day historical volatility of rapeseed oil is 14.38%, up 0.23 percentage points; and the 60 - day historical volatility of rapeseed oil is 15.25%, down 0.62 percentage points [2]. 3.7 Industry News - On November 12, 2025, ICE rapeseed futures closed slightly higher, with the January contract up 1.90 Canadian dollars to 647.40 Canadian dollars per ton [2]. - Analysts expect the USDA to lower the U.S. soybean yield forecast from 53.5 bushels per acre in September to 53.1 bushels per acre, which supports the U.S. soybean market and benefits the domestic meal market through cost transmission. However, the recent rise of U.S. soybeans has slowed down [2]. - Sino - Canadian trade negotiations have not made a breakthrough on rapeseed tariffs, restricting the import of Canadian rapeseed and rapeseed meal in the near term [2]. 3.8 Rapeseed Meal Viewpoint Summary - The rapeseed meal market is in a situation of weak supply and demand. Supply is restricted by trade policies and oil - mill shutdowns, while demand is weakened by the decline of aquaculture demand and the substitution of soybean meal. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. 3.9 Rapeseed Oil Viewpoint Summary - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the substitution of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. The supply - side pressure is small due to restricted imports and widespread oil - mill shutdowns, but the demand is weak because of the decline in aquaculture demand and the substitution advantage of soybean meal. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the sufficient supply and good substitution advantage of soybean oil keep the demand for rapeseed oil mainly at the rigid level. The rapeseed oil futures price has rebounded from a low level recently, with increased short - term fluctuations, and short - term participation is recommended [2]. 3. Summaries According to Related Catalogs 3.1 Futures Market - The closing prices of active contracts for rapeseed oil, rapeseed meal, and ICE rapeseed futures are 9840 yuan/ton, 2494 yuan/ton, and 642.5 Canadian dollars/ton respectively, with changes of 65 yuan/ton, - 6 yuan/ton, and 3.8 Canadian dollars/ton compared to the previous period [2]. - The month - to - month spreads of rapeseed oil (1 - 5) and rapeseed meal (1 - 5) are 450 yuan/ton and 62 yuan/ton respectively, with changes of 24 yuan/ton and - 17 yuan/ton [2]. - The positions of the main contracts for rapeseed oil and rapeseed meal are 221,984 lots and 468,864 lots respectively, with increases of 4090 lots and 3026 lots [2]. - The net long positions of the top 20 futures holders for rapeseed oil and rapeseed meal are 2456 lots and 35,853 lots respectively, with changes of - 268 lots and an increase of 3275 lots [2]. - The number of warehouse receipts for rapeseed oil and rapeseed meal are 5373 lots and 2745 lots respectively, with changes of - 325 lots and 0 lots [2]. 3.2 Spot Market - The spot prices of rapeseed oil in Jiangsu and rapeseed meal in Nantong are 10,030 yuan/ton and 2500 yuan/ton respectively, with changes of 200 yuan/ton and - 30 yuan/ton [2]. - The average price of rapeseed oil is 10,147.5 yuan/ton, with an increase of 200 yuan/ton. The import cost of rapeseed is 7956.03 yuan/ton, with an increase of 2.05 yuan/ton [2]. - The spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, with no change [2]. - The oil - meal ratio is 3.88, with an increase of 0.08 [2]. - The basis of the main rapeseed oil contract and rapeseed meal contract are 255 yuan/ton and 6 yuan/ton respectively, with changes of 12 yuan/ton and - 24 yuan/ton [2]. 3.3 Substitute Spot Prices - The spot prices of grade - four soybean oil in Nanjing, 24 - degree palm oil in Guangdong, and soybean meal in Zhangjiagang are 8550 yuan/ton, 8620 yuan/ton, and 3050 yuan/ton respectively, with changes of 10 yuan/ton, 10 yuan/ton, and - 10 yuan/ton [2]. - The spot price differences between rapeseed oil and soybean oil, rapeseed oil and palm oil, and soybean meal and rapeseed meal are 1490 yuan/ton, 1420 yuan/ton, and 550 yuan/ton respectively, with changes of 100 yuan/ton, 150 yuan/ton, and 20 yuan/ton [2]. 3.4 Upstream Situation - The global predicted annual production of rapeseed is 90.96 million tons, with an increase of 1.38 million tons. The annual predicted production of rapeseed in a certain area is 13,446 thousand tons, with an increase of 1068 thousand tons [2]. - The total monthly import volume of rapeseed is 11.53 million tons, with a decrease of 13.13 million tons. The import rapeseed crushing profit is 734 yuan/ton, with an increase of 18 yuan/ton [2]. - The total inventory of rapeseed in oil mills is 0.5 million tons, with a decrease of 0.5 million tons. The weekly operating rate of imported rapeseed is 0%, with a decrease of 1.6% [2]. - The monthly import volumes of rapeseed oil and mustard oil, and rapeseed meal are 16 million tons and 15.77 million tons respectively, with changes of 2 million tons and - 5.57 million tons [2]. 3.5 Industry Situation - The coastal area inventories of rapeseed oil and rapeseed meal are 2.6 million tons and 0.5 million tons respectively, with changes of - 1.2 million tons and - 0.21 million tons [2]. - The inventories of rapeseed oil in the Guangxi region and rapeseed meal in the East China and South China regions have different changes. The weekly提货量 of rapeseed oil and rapeseed meal are 1.31 million tons and 0.2 million tons respectively, with decreases of 0.53 million tons and 0.19 million tons [2]. 3.6 Downstream Situation - The monthly production values of feed and edible vegetable oil are 3128.7 million tons and 495 million tons respectively, with increases of 201.5 million tons and 44.4 million tons [2]. - The monthly value of catering revenue in social consumer goods retail is 4508.6 billion yuan [2]. 3.7 Option Market - The implied volatilities of at - the - money call and put options for rapeseed meal are 20.94%, with changes of - 0.28% and - 0.29% respectively. The 20 - day and 60 - day historical volatilities are 24.18% and 24.97% respectively, with changes of 0.08% and - 1.51% [2]. - The implied volatilities of at - the - money call and put options for rapeseed oil are 13.96% and 13.97% respectively, with increases of 0.91% and 0.92%. The 20 - day and 60 - day historical volatilities are 14.38% and 15.25% respectively, with changes of 0.23% and - 0.62% [2]. 3.8 Industry News - The ICE rapeseed futures were closed on Tuesday. The optimistic sentiment in Sino - US trade boosted the US soybean futures price, but the recent rise has slowed down [2]. - The Sino - Canadian trade negotiation has not made a breakthrough on the rapeseed tariff issue. The export volume of Canadian rapeseed from August 1 to November 2, 2025, decreased by 54.1% compared to the same period last year, but Canada and Pakistan reached an agreement to promote rapeseed exports [2]. - The export data of Malaysian palm oil in the first ten days of November is still poor, but the market's pessimistic sentiment has eased slightly due to the significantly higher - than - expected exports in October [2].

1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - **Overall**: Different futures varieties have distinct market outlooks. Some lack upward drivers, some are in a state of supply - demand imbalance, and some are affected by international trade policies and weather conditions [1]. - **Specific to each variety**: - **Bean meal**: Lacks continuous upward drivers. The Brazilian rainfall forecast is good, and the US - China trade negotiation results regarding soybean import tariffs are still unresolved. Spot oil mills have a reduced sales pressure and a price - holding mentality. Caution is needed when chasing long positions [1][3]. - **Rapeseed meal**: Follow the trend of bean meal. High port inventory and the off - season of downstream consumption put pressure on the market, but the unresolved Sino - Canadian trade issue supports the far - month contracts. Recent statements from Canada have cooled the market's expectation of tariff improvement. The rebound space of the main and near - month contracts may be limited [1][5]. - **Palm oil**: Enters a phase of weakening supply - demand. Malaysian palm oil is expected to accumulate inventory in October and November. Import profit inversion may lead to insufficient imports in December and January, and the price is in low - level consolidation [1][7]. - **Soybean oil**: Short - term supply is sufficient, with domestic inventory higher than the five - year average. The US - China tariff issue has not fully resolved the cost problem of US soybean imports. There is a lack of strong upward drivers, and the recent increase is regarded as a short - term rebound [1]. - **Rapeseed oil**: The oil mill's operating rate is low, and there is a mentality of hoarding and price - holding in the market. It has entered the consumption peak season, but the spot market has high prices with few transactions. The cooling expectation of Sino - Canadian trade relations has led to a stop - falling rebound, but the short - term weakness has not been completely reversed [1]. - **Cotton**: The supply is pressured by the increase in cotton output from the US and other Northern Hemisphere countries. Although Brazil is accelerating exports, India's MSP provides some support for international cotton prices. The domestic new cotton harvest is almost completed, with commercial inventory exceeding the same - period level. Downstream demand is weak, but the sales progress is fast, and short - term low - buying opportunities can be considered [1][11]. - **Red dates**: The market has a large - scale harvest, and the new - season output is becoming more certain. High - inventory old dates and limited downstream acceptance of new products may lead to a weakening and volatile market. Short - selling operations should be carried out carefully according to the purchase price and progress [1][14]. - **Live pigs**: The supply pressure in Q4 remains high. The market should be vigilant about the short - term rebound risk of the 01 contract. It is recommended to short - sell on rebounds for near - month contracts. Attention can be paid to the 03 contract in the off - season and the reverse - spread arbitrage opportunities in the far - month contracts [1][17]. 3. Summaries According to Relevant Catalogs Bean Meal - **Market data**: The futures price of the main contract closed at 3015 yuan/ton, down 0.36% from the previous day. The national average spot price was 3097.71 yuan/ton, down 0.63%. The national average soybean crushing profit was - 114.2989 yuan/ton, down 8.69 yuan/ton [2]. - **Inventory situation**: As of October 31, 2025, the national port soybean inventory was 962.9 million tons, a decrease of 10.20 million tons from the previous week; the soybean inventory of 125 oil mills was 710.79 million tons, a decrease of 40.50 million tons (5.39%); the bean meal inventory was 115.3 million tons, an increase of 9.84 million tons (9.33%) [3]. Rapeseed Meal - **Market data**: The futures price of the main contract closed at 2497 yuan/ton, up 0.24% from the previous day. The national average spot price was 2626.84 yuan/ton, down 0.36%. The national average rapeseed spot crushing profit was - 353.023 yuan/ton, an increase of 3.39 yuan/ton [4]. - **Inventory situation**: As of October 31, the coastal area's main oil - mill rapeseed inventory was 0 million tons, a decrease of 0.6 million tons from the previous week; the rapeseed meal inventory was 0.71 million tons, unchanged from the previous week; the unexecuted contract was 0.71 million tons, a decrease of 0.3 million tons from the previous week [5]. Palm Oil - **Market data**: The futures price of the main contract closed at 8660 yuan/ton, down 0.82% from the previous day. The national average price was 8640 yuan/ton, down 0.58%. The import cost was 8857 yuan/ton, down 52 yuan/ton [6]. - **Inventory situation**: As of October 31, 2025, the national key - area palm oil commercial inventory was 59.28 million tons, a decrease of 1.43 million tons (2.36%) from the previous week [7]. Cotton - **Market data**: The futures price of the main contract (CF2601) closed at 13580 yuan/ton, down 0.18% from the previous day. The CCIndex (3218B) spot price was 14859 yuan/ton, up 0.26%. The national cotton commercial inventory was 284.78 million tons, an increase of 52 million tons [8]. - **International situation**: In the US, 73 million tons of new cotton have been inspected, with a progress of about 25%. In India, the daily new - cotton listing volume is about 14,000 tons. In Pakistan, the new - cotton listing volume as of the end of October was 688,000 tons, a 3% year - on - year increase. In Brazil, the 2025 cotton processing progress is 63.67%, slower than last year [9]. - **Domestic situation**: The new - cotton picking progress is 95.3%, the inspection volume exceeds 2.4 million tons, the delivery progress is 90.4%, and the sales progress is 18.3%. The national commercial inventory has increased, and the downstream demand is weak, but the export is expected to stabilize [10]. Red Dates - **Market data**: The futures price of the main contract (CJ2601) closed at 9590 yuan/ton, down 1.18% from the previous day. The inventory of 36 sample enterprises was 9541 tons, an increase of 193 tons from the previous week [12]. - **Production area situation**: In Xinjiang, the red dates have started to be harvested on a large scale. The acquisition prices in different regions are relatively stable. The market's expectation of a new - season production reduction has been adjusted [14]. Live Pigs - **Market data**: The futures price of the main contract (1h2601) closed at 11865 yuan/ton, down 0.63% from the previous day. The national average spot price of live pigs was 12010 yuan/ton, unchanged from the previous day. The national sample enterprises' monthly live - pig inventory was 3844.62 million tons, an increase of 5.61 million tons (0.15%); the monthly live - pig slaughter volume was 11.9653 million heads, an increase of 1.2677 million heads (11.85%) [15]. - **Supply and demand situation**: In the short term, the planned slaughter volume in November has decreased, but the overall slaughter pressure may still be high. In the medium term, the live - pig slaughter volume in Q1 2026 is expected to increase linearly. In the long term, the capacity reduction of breeding sows is not obvious. The downstream demand is gradually stabilizing [16][17].

Core Insights - The first Canadian Agriculture and Food Pavilion was showcased at the China International Import Expo (CIIE), highlighting the growing trade relationship between Canada and China [1] - The pavilion featured nearly 100 products across seven categories, including grains, meat, dairy, and beverages, indicating a diverse offering from Canadian companies [1] - The exhibition area for the Canadian food exhibit has doubled since its first participation in 2023, with the number of participating companies increasing from 8 to 16, reflecting confidence in the Chinese market [1] Trade Relations - Canada remains China's second-largest trading partner, with bilateral trade expected to reach approximately 117.4 billion Canadian dollars in 2024 [1] - The CIIE has proven effective in matching supply and demand, contributing to a near-zero customer attrition rate, which is beneficial for Canadian businesses [1] Future Outlook - The Canadian Agriculture and Food Pavilion is expected to expand further, with an anticipated exhibition area exceeding 300 square meters by 2026 [2] - The Canadian Exhibition and Trade Association aims to leverage the CIIE platform to assist more Canadian companies in expanding exports to China and fostering bilateral cooperation [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Meal**: Lacks continuous bullish drivers. Brazilian rainfall is expected to be good in the next 15 days. The result of the China - US meeting shows that the issue of US soybean import tariffs has not been effectively resolved. It continued to trade in a narrow range at a high level yesterday. Due to the lack of bullish drivers, be cautious when chasing long positions. Pay attention to the planting weather of Brazilian soybeans [1]. - **Rapeseed Meal**: Be cautious when chasing long positions. High port inventories and the off - season of downstream consumption put pressure on the market. However, the unresolved China - Canada trade issue still supports far - month contracts, while near - month contracts are weak. Although rapeseed meal rose yesterday, the rebound space of the main and near - month contracts may be limited [1]. - **Palm Oil**: Short - term decline. It has entered a stage of weakening supply - demand. It is expected to continue to build inventories in October and November in Malaysia. But import may be insufficient in December and January due to negative import margins, and prices rebounded at the end of the inventory - building hype in October [1]. - **Soybean Oil**: Short - term consolidation. There is a lack of bullish support in the US soybean oil market. Domestic soybean oil inventories are higher than the five - year average, with sufficient short - term supply. Although it rose yesterday, there is no strong bullish driver for now [1]. - **Rapeseed Oil**: Short - term stop - falling consolidation. Low oil mill operating rates, the mentality of hoarding and price - holding in the market, and the consumption peak season have led to a stop - falling rebound. However, the short - term weakness has not been completely reversed [1]. - **Cotton**: Upward pressure. The increase in supply from the US and other Northern Hemisphere countries puts pressure on prices. Although Brazil is accelerating exports, the Indian MSP policy provides some support. Domestically, the new cotton harvest is almost complete, and the commercial inventory has recovered, increasing spot pressure. Downstream demand is weak, and there is resistance to upward movement [1]. - **Red Dates**: Cautiously bearish. With large - scale harvest, the new - season output is becoming more certain. High old - season inventories and limited acceptance of new products by downstream may lead to weakening prices. Be cautious when short - selling and pay attention to the purchase price and progress [1]. - **Live Pigs**: Be vigilant against rebounds. The supply pressure in Q4 remains high as the supply was postponed to December by second - fattening in October. The demand is gradually stabilizing. It is recommended to short on rebounds for near - month contracts and be vigilant against the rebound risk of the 01 contract. Consider the 03 contract and potential reverse - spread opportunities [1]. 3. Summary by Variety Soybean Meal - **Price Data**: The main contract's closing price was 3068 yuan/ton, down 5 yuan or 0.16% from the previous day. The national average spot price was 3117.43 yuan/ton, up 25.14 yuan or 0.81% [2]. - **Inventory Data**: As of October 31, 2025, national port soybean inventories were 962.9 million tons, down 10.20 million tons from last week and up 288.44 million tons from last year. 125 oil mills' soybean inventories were 710.79 million tons, down 40.50 million tons or 5.39% from last week and up 160.05 million tons or 29.06% from last year. The soybean meal inventory was 115.3 million tons, up 9.84 million tons or 9.33% from last week and up 16.89 million tons or 17.16% from last year [3]. Rapeseed Meal - **Price Data**: The main contract's closing price was 2549 yuan/ton, up 12 yuan or 0.47% from the previous day. The national average spot price remained unchanged at 2636.32 yuan/ton [4]. - **Inventory Data**: As of October 31, coastal oil mills' rapeseed inventories were 0 million tons, down 0.6 million tons from last week. Rapeseed meal inventories were 0.71 million tons, unchanged from last week, and unexecuted contracts were 0.71 million tons, down 0.3 million tons from last week [4]. Palm Oil - **Inventory Data**: As of October 31, 2025, the commercial inventory of palm oil in key regions was 59.28 million tons, down 1.43 million tons or 2.36% from last week and up 8.74 million tons or 17.29% from last year [8]. - **Production and Export Data**: From October 1 - 31, 2025, Malaysian palm oil production increased by 5.55% month - on - month, and exports increased by 5.19% - 26.54% depending on different sources [8]. Cotton - **Price Data**: The main contract's closing price was 13605 yuan/ton, down 10 yuan or 0.07% from the previous day. The CCIndex (3218B) spot price was 14820 yuan/ton, down 5 yuan or 0.03% [9]. - **Inventory Data**: The national cotton commercial inventory was 232.61 million tons, up 48 million tons from the previous value. The Xinjiang cotton commercial inventory was 183.9 million tons, up 48 million tons [9]. - **Production Data**: In the US, 73 million tons of new cotton have been inspected, with a progress of about 25%. Domestically, the new cotton picking progress is 87.1%, the ginning volume exceeds 208 million tons, and the selling progress is 14.2% [10][11]. Red Dates - **Price Data**: The main contract's closing price was 9705 yuan/ton, down 35 yuan or 0.36% from the previous day. The spot prices in different regions remained mostly stable [13]. - **Inventory Data**: The physical inventory of 36 sample enterprises was 9541 tons, up 193 tons from the previous value [13]. Live Pigs - **Price Data**: The main contract's closing price was 11940 yuan/ton, down 5 yuan or 0.04% from the previous day. The national average spot price of live pigs was 12030 yuan/ton, up 60 yuan or 0.50% [16]. - **Inventory and Output Data**: The national sample enterprise's live pig inventory was 3844.62 million tons, up 5.61 million tons or 0.15% from the previous month. The monthly output was 1196.53 million tons, up 126.77 million tons or 11.85% [16].

1. Report Industry Investment Ratings - **Short - term Oscillation**: Soybean Meal, Rapeseed Meal [1] - **Short - term Decline**: Palm Oil, Rapeseed Oil [1] - **Short - term Adjustment**: Soybean Oil [1] - **Short - term Callback**: Cotton [1] - **Cautiously Bearish**: Red Dates [1] - **Alert to Rebound**: Live Pigs [1] 2. Core Views of the Report - **Soybean Meal**: Short - term oscillation. Pay attention to Sino - US trade and Brazilian weather. Current tariffs support domestic soybean meal cost and are negative for US soybeans [1][4]. - **Rapeseed Meal**: Short - term oscillation. Trade policies and high inventory lead to mixed factors. Follow soybean meal trends and focus on Sino - Canadian trade [1][6]. - **Palm Oil**: Short - term decline. Enter a supply - demand weakening phase, with expected inventory accumulation in October and November. Hold existing short positions cautiously [1][8]. - **Soybean Oil**: Short - term adjustment. Lack of bullish support from US soybeans and biodiesel policies. High domestic inventory. Follow palm oil trends and be cautious about short - selling [1]. - **Rapeseed Oil**: Short - term decline. Low oil mill operating rates, but lack of bullish drivers in the oil market. Pay attention to Sino - Canadian trade [1]. - **Cotton**: Short - term callback. Global supply pressure, but Indian MSP provides some support. Domestic new cotton harvest is almost complete, with increasing inventory and weak demand [1][11]. - **Red Dates**: Cautiously bearish. Loose fundamentals expected. Reduce short positions as the price approaches the cost. Monitor post - harvest pricing [1][14]. - **Live Pigs**: Alert to rebound. Supply pressure in Q4, but some second - fattening opportunities. Focus on market supply - demand changes and consider short - selling on rebounds and arbitrage opportunities [1][17]. 3. Summaries by Related Catalogs 3.1 Soybean Meal - **Price and Inventory**: As of October 24, 2025, national port soybean inventory decreased by 15.3 tons week - on - week. 125 oil mills' soybean inventory decreased by 17.41 tons, while bean meal inventory increased by 7.84 tons. Feed enterprises' bean meal inventory days increased slightly [3]. - **Market Situation**: Spot prices increased, but procurement sentiment was weak. Supply remained loose, and the basis had limited upside [3]. 3.2 Rapeseed Meal - **Price and Inventory**: As of October 24, coastal oil mills' rapeseed inventory was flat, rapeseed meal inventory decreased, and unexecuted contracts increased. International rapeseed production is expected to rise [6]. - **Market Situation**: Domestic rapeseed meal is in a destocking phase, but demand is seasonally weak. It follows soybean meal trends due to lack of new drivers [6]. 3.3 Palm Oil - **Price and Inventory**: As of October 24, 2025, national commercial inventory increased by 3.14 tons week - on - week. Malaysian production and export data vary, but inventory is expected to accumulate [7][8]. - **Market Situation**: Enter a supply - demand weakening phase, with Indonesian production increase and market doubts about B50 policy negatively affecting prices [1][8]. 3.4 Cotton - **Price and Inventory**: US new cotton is being harvested, and Indian MSP implementation is delayed. Domestic new cotton harvest is almost complete, and commercial inventory is approaching the same - period level [9][10]. - **Market Situation**: Global supply pressure, but Indian MSP provides support. Domestic demand is weak, and the market has limited upward momentum [11]. 3.5 Red Dates - **Price and Inventory**: Expected large - scale harvest. Inventory increased as some merchants bought old - season dates. New jujube purchase prices are concentrated in a certain range [13]. - **Market Situation**: Loose fundamentals expected. The market is volatile, and short - term short positions should be reduced [14]. 3.6 Live Pigs - **Price and Inventory**: As of relevant data, inventory increased slightly, and the average slaughter weight was stable. Supply is expected to increase in Q4 [15][16]. - **Market Situation**: Supply pressure is postponed to December. Demand is stabilizing. Be cautious about short - term rebounds and consider trading strategies and arbitrage opportunities [17].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - This week, rapeseed oil futures continued to decline, with the 01 contract closing at 9,422 yuan/ton, down 339 yuan/ton from the previous week. The price was affected by factors such as the harvest of Canadian rapeseed, the expected increase in palm oil supply, and the anticipation of Sino - Canadian trade talks [6]. - Rapeseed meal futures fluctuated and closed higher this week, with the 01 contract closing at 2,388 yuan/ton, up 63 yuan/ton from the previous week. The market is in a situation of weak supply and demand, and the price was boosted by the optimistic sentiment of Sino - US trade [9]. 3. Summary by Directory 3.1 Week - to - Week Summary Rapeseed Oil - **Market Review**: The 01 contract of rapeseed oil futures closed at 9,422 yuan/ton, down 339 yuan/ton from the previous week [6]. - **Market Outlook**: Canadian rapeseed harvest is completed with a bumper crop, putting pressure on prices. The expected increase in Indonesian palm oil production and the uncertainty of the B50 biodiesel plan also impact the market. In China, the anti - dumping policy on Canadian rapeseed will lead to a structural tightening of imports in the fourth quarter, and rapeseed oil will continue to destock, supporting prices. However, the abundant supply of soybean oil and its substitution advantage limit the demand for rapeseed oil. The market is also affected by the anticipation of Sino - Canadian trade talks [6]. Rapeseed Meal - **Strategy Recommendation**: Short - term watch [8]. - **Market Review**: The 01 contract of rapeseed meal futures closed at 2,388 yuan/ton, up 63 yuan/ton from the previous week [9]. - **Market Outlook**: The progress of US soybean harvest exerts pressure on prices, but the Sino - US summit has boosted market sentiment. In China, the import of Canadian rapeseed and rapeseed meal will be restricted in the fourth quarter, and the supply pressure is small. However, the demand for rapeseed meal is weakening due to the decline in aquaculture demand and the substitution of soybean meal. The market is in a situation of weak supply and demand [9]. 3.2 Futures and Spot Markets Futures Market Price Trends - Rapeseed oil futures continued to decline this week, with a total open interest of 220,738 lots, down 30,322 lots from last week. Rapeseed meal futures fluctuated and rebounded, with a total open interest of 343,443 lots, down 28,052 lots from last week [15]. Top Twenty Net Positions Changes - The top twenty net positions of rapeseed oil futures were +2,459 this week, compared with +7,916 last week, showing a decrease in net long positions. The top twenty net positions of rapeseed meal futures were - 88,865 this week, compared with - 108,635 last week, showing a decrease in net short positions [21]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 7,540 lots, and those of rapeseed meal were 2,955 lots [25][28]. Spot Prices and Basis Trends - The spot price of rapeseed oil in Jiangsu was 9,780 yuan/ton, significantly lower than last week. The basis between the active contract of rapeseed oil futures and the spot price in Jiangsu was +358 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu was 2,420 yuan/ton, slightly higher than last week. The basis between the spot price in Jiangsu and the active contract of rapeseed meal futures was +32 yuan/ton [34][40]. Futures Inter - monthly Spread Changes - The 1 - 5 spread of rapeseed oil was +281 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal was +46 yuan/ton, also at a medium level in the same period in recent years [48]. Futures - to - Spot Ratio Changes - The ratio of the 01 contract of rapeseed oil to rapeseed meal was 3.946, and the average spot price ratio was 4.04 [51]. Rapeseed - Soybean Oil and Rapeseed - Palm Oil Spread Changes - The 01 contract spread of rapeseed - soybean oil was 1,294 yuan/ton, and the spread narrowed this week. The 01 contract spread of rapeseed - palm oil was 658 yuan/ton, with little change this week [61]. Soybean - Rapeseed Meal Spread Changes - The 01 contract spread of soybean meal - rapeseed meal was 633 yuan/ton. As of Thursday, the spot spread of soybean - rapeseed meal was 490 yuan/ton [66]. 3.3 Industry Chain Situation Rapeseed - **Supply - Side**: As of October 24, 2025, the total inventory of rapeseed in oil mills was 20,000 tons. The estimated arrivals of rapeseed in October, November, and December 2025 were 65,000 tons, 195,000 tons, and 580,000 tons respectively. As of October 30, the spot crushing profit of imported rapeseed was +1,051 yuan/ton. As of the 43rd week of 2025, the rapeseed crushing volume of major coastal oil mills was 4,000 tons, down 8,000 tons from last week, with an operating rate of 0.98%. In September 2025, the total import volume of rapeseed was 115,300 tons, a year - on - year decrease of 691,600 tons (85.71%) and a month - on - month decrease of 131,400 tons [72][76][80][84]. Rapeseed Oil - **Supply - Side**: As of the end of the 43rd week of 2025, the inventory of domestic imported and crushed rapeseed oil was 601,000 tons, a month - on - month decrease of 9,000 tons (1.44%). In September 2025, the total import volume of rapeseed oil was 156,600 tons, a year - on - year increase of 10,200 tons (6.99%) and a month - on - month increase of 19,000 tons [88]. - **Demand - Side**: As of September 30, 2025, the monthly output of edible vegetable oil was 4.95 million tons, and the monthly retail sales of catering were 450.86 billion yuan. As of the end of the 43rd week of 2025, the contract volume of domestic imported and crushed rapeseed oil was 35,000 tons, a month - on - month decrease of 4,000 tons (8.30%) [92][96]. Rapeseed Meal - **Supply - Side**: As of the end of the 43rd week of 2025, the inventory of domestic imported and crushed rapeseed meal was 8,000 tons, unchanged from last week. In September 2025, the total import volume of rapeseed meal was 157,700 tons, a year - on - year decrease of 64,700 tons (29.08%) and a month - on - month decrease of 55,700 tons [100][104]. - **Demand - Side**: As of September 30, 2025, the monthly output of feed was 3.1287 million tons [108]. 3.4 Options Market Analysis - As of October 31, rapeseed meal fluctuated slightly higher this week. The implied volatility of the corresponding options was 22.13%, up 2.8% from 19.33% last week, at a slightly higher level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [112].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - **Short - term bearish consolidation**: This view applies to soybean meal, rapeseed meal. For soybean meal, rumors of the second shipment of Argentine soybean meal re - entering the Chinese market and Trump's remarks have dampened market sentiment. However, due to Sino - US trade tariffs, the spot market is conservative. Brazilian rainfall outlook supports price stabilization, but limited upside due to Sino - US negotiation uncertainties. Rapeseed meal has mixed factors due to trade policies and high inventory, and it follows the soybean meal trend [1]. - **Short - term decline**: Palm oil, soybean oil, and rapeseed oil are expected to decline in the short term. Palm oil has a high probability of inventory accumulation in October and weak post - festival demand. Soybean oil is pressured by US soybean harvest and has sufficient short - term supply. Rapeseed oil is affected by increased imports and the possible easing of Sino - Canadian relations [1]. - **Upside resistance**: Cotton faces upside resistance. International supply is pressured by new cotton harvests in the Northern Hemisphere, while Indian MSP provides some support. In China, new cotton is almost harvested, inventory is restored, but downstream demand is weak [1]. - **Rebound and short - selling**: This is applicable to jujube and live pigs. Jujube's fundamentals are expected to be loose, and short - term suggestions involve reducing short positions as the price approaches the cost. Live pigs have increasing supply pressure in Q4, and short - selling on rebounds is recommended [1]. Summary by Variety Soybean Meal - **Market situation**: As of October 24, 2025, national port soybean inventory decreased, while oil - mill soybean and soybean meal inventories changed. Spot market supply is sufficient, but oil - mill profit is in the red, leading to strong price - holding intentions and weak downstream replenishment [3]. - **Price data**: Futures price (main contract) is 2932 yuan/ton, down 0.03%. Spot prices vary, and various spreads and basis values have changed [2]. - **Outlook**: Short - term bearish consolidation, with price supported by Brazilian rainfall but limited upside due to Sino - US negotiation uncertainties [1][4]. Rapeseed Meal - **Market situation**: As of October 24, coastal oil - mill菜籽 inventory was flat, rapeseed meal inventory decreased, and unexecuted contracts increased. International supply may rise, and domestic demand is in the off - season [6]. - **Price data**: Futures price (main contract) is 2335 yuan/ton, up 0.43%. Spot prices and various spreads and basis values have changed [5]. - **Outlook**: Short - term bearish consolidation, following the soybean meal trend due to lack of new drivers [1][6]. Palm Oil - **Market situation**: As of October 24, 2025, national commercial inventory increased. October production may rise, and export performance is average, with a high probability of inventory accumulation [8]. - **Price data**: Futures price (main contract) is 9100 yuan/ton, down 0.24%. Various price indices, trading volumes, and spreads have changed [7]. - **Outlook**: Short - term decline, with a weak and volatile market due to post - festival weak demand [1][8]. Cotton - **Market situation**: In the US, new cotton harvest is over 70%. In Brazil, new cotton processing and inspection are over 70%, and exports have accelerated. In China, new cotton is almost harvested, inventory has increased, and downstream demand is weak [10][11][12]. - **Price data**: Futures prices of different contracts and spot prices have changed. Basis, spreads, and other indicators have also seen fluctuations [9]. - **Outlook**: Upside resistance, with ICE market in a weak and volatile range, and domestic market facing resistance due to weak demand [1][12]. Jujube - **Market situation**: Some jujube areas have started harvesting, and inventory has increased seasonally. New jujube purchase prices are concentrated in a certain range, and the consumer market is in a wait - and - see state [15]. - **Price data**: Futures prices of different contracts and spot prices have changed. Basis, spreads, and other indicators have also fluctuated [13]. - **Outlook**: Rebound and short - selling, with loose fundamentals and suggestions to reduce short positions as the price approaches the cost [1][16]. Live Pigs - **Market situation**: In the short term, October planned slaughter may increase, and second - fattening has increased in some areas. Mid - term, Q4 - Q1 2026 slaughter may rise. Long - term, sow inventory decline is not significant. Demand may increase with the cooling weather [19][20]. - **Price data**: Futures prices of different contracts and spot prices have changed. Various indicators such as basis, spreads, inventory, and profit have also fluctuated [17]. - **Outlook**: Rebound and short - selling, with increasing supply pressure in Q4 and a suggestion to short - sell on rebounds [1][20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply of Canadian rapeseed imports in the fourth quarter is restricted, but the demand for rapeseed meal decreases as the temperature drops and soybean supply is relatively abundant. The overall trend of rapeseed meal is weak, and attention should be paid to China - Canada and China - US trade policies [2]. - The rapeseed oil market is also affected by multiple factors. The initial ruling on anti - dumping policies for Canadian rapeseed is in place, and the supply of imported rapeseed is expected to tighten structurally in the fourth quarter, supporting rapeseed oil prices. However, the abundant supply of soybean oil weakens the demand for rapeseed oil, and it is necessary to continue to follow the trend of China - Canada trade policies [2]. 3. Summary by Related Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9748 yuan/ton, down 13 yuan; that of rapeseed meal is 2335 yuan/ton, up 10 yuan; the closing price of the active contract of ICE rapeseed is 632.4 Canadian dollars/ton, down 1.1 Canadian dollars; and that of rapeseed is 5344 yuan/ton, up 19 yuan [2]. - Spreads and positions: The 1 - 5 spread of rapeseed oil is 383 yuan/ton, down 1 yuan; that of rapeseed meal is 12 yuan/ton, down 13 yuan. The net long positions of the top 20 futures holders for rapeseed oil are 7501 lots, down 415 lots; for rapeseed meal are - 108969 lots, down 334 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 7540 sheets, unchanged; that of rapeseed meal is 4050 sheets, down 210 sheets [2]. 3.2现货市场 - Spot prices: The spot price of rapeseed oil in Jiangsu is 10000 yuan/ton, down 50 yuan; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton; that of rapeseed meal in Nantong is 2410 yuan/ton, down 10 yuan. The average price of rapeseed oil is 10117.5 yuan/ton, down 50 yuan, and the import cost of imported rapeseed is 7529.12 yuan/ton, down 10.16 yuan [2]. - Basis: The basis of the rapeseed oil main contract is 239 yuan/ton, down 54 yuan; that of the rapeseed meal main contract is 75 yuan/ton, down 20 yuan [2]. - Substitute prices: The spot price of fourth - grade soybean oil in Nanjing is 8470 yuan/ton, up 30 yuan; that of 24 - degree palm oil in Guangdong is 9030 yuan/ton, up 30 yuan; that of soybean meal in Zhangjiagang is 2960 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons. The total rapeseed import volume is 11.53 million tons, down 13.13 million tons; the import volume of rapeseed oil and mustard oil is 16 million tons, up 2 million tons; the import volume of rapeseed meal is 15.77 million tons, down 5.57 million tons [2]. - Inventory and operating rates: The total inventory of rapeseed in oil mills is 3 million tons, down 2 million tons. The weekly operating rate of imported rapeseed is 2.93%, down 0.27 percentage points [2]. 3.4产业情况 - Inventory: The coastal rapeseed oil inventory is 5.2 million tons, down 0.8 million tons; the coastal rapeseed meal inventory is 0.78 million tons, down 0.37 million tons. The rapeseed oil inventory in East China is 49.9 million tons, down 1 million tons; the rapeseed meal inventory in East China is 27.2 million tons, down 0.7 million tons. The rapeseed oil inventory in Guangxi is 2.9 million tons, up 0.1 million tons; the rapeseed meal inventory in South China is 22.1 million tons, down 0.4 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 1.63 million tons, up 1.41 million tons; the weekly rapeseed meal提货量 is 0.97 million tons, down 0.12 million tons [2]. 3.5下游情况 - Production: The monthly production of feed is 3128.7 million tons, up 201.5 million tons; the monthly production of edible vegetable oil is 495 million tons, up 44.4 million tons [2]. - Consumption: The monthly social retail sales of catering revenue is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6期权市场 - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.43%, down 0.48 percentage points; that of at - the - money put options is 19.43%, down 0.49 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 13.12%, up 0.41 percentage points; that of at - the - money put options is 13.1%, up 0.42 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 23.23%, down 1.47 percentage points; the 60 - day historical volatility is 25.01%, up 0.02 percentage points. The 20 - day historical volatility of rapeseed oil is 15.58%, down 0.4 percentage points; the 60 - day historical volatility is 14.72%, down 0.03 percentage points [2]. 3.7行业消息 - ICE rapeseed futures closed lower on October 24 due to the decline in other vegetable oil prices but still recorded a weekly gain. The most actively traded January rapeseed futures contract fell 1.30 Canadian dollars to settle at 632.50 Canadian dollars per ton [2]. - The harvest in the US Midwest is progressing actively due to favorable weather conditions, and the expected high yield of US soybeans restricts its market price. China has not ordered US soybeans for the current year, and the export pressure of US soybeans remains. However, the China - US economic and trade consultations in Malaysia from the 25th to the 26th supported the US soybean market price [2]. 3.8重点关注 - The rapeseed operating rate and the rapeseed oil and meal inventory in each region announced by myagricultural.com on Monday, as well as the trends of China - Canada and China - US trade relations [2].