交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-03-06 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2300至2360区间震荡 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2350，基差32，升水期货。偏多 3.库存：菜粕国内总库存39.39吨，上周39.73吨，周环比减少0.86%，去年同期48.4万吨， 同比减少18.62%。偏多 4.盘面：价格在20日均线 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-03-05 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 菜粕RM2605：2280至2340区间震荡 1.基本面：菜粕冲高回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2350，基差47，升水期货。偏多 3.库存：菜粕国内总库存39.39吨，上周39.73吨，周环比减少0.86%，去年同期48.4万吨， 同比减少18.62%。偏多 4.盘面：价格在20日均线 ...

大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-03-04 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2300至2360区间震荡 利多： 1.中国菜粕春节后需求维持良好预期。 2.油厂菜粕库存无压力。 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2380，基差70，升水期货。偏多 3.库存：菜粕国内总库存39.39吨，上周39.73吨，周环比减少0.86%，去年同 ...

2026-03-03 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2260至2320区间震荡 1.基本面：菜粕探底回升，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2370，基差75，升水期货。偏多 3.库存：菜粕国内总库存39.39吨，上周39.73吨，周环比减少0.86%，去年同期48.4万吨， 同比减少18.62%。偏多 4.盘面：价格在20日均线 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal market is expected to maintain a volatile pattern in the short - term due to the improvement of China - Canada trade relations and the off - season of domestic demand. In the medium - term, it will likely remain range - bound, with the market focusing on domestic aquaculture demand and the arrival of Canadian rapeseed imports [8][11][43][44] 3. Summary by Directory Weekly Hints - Rapeseed meal oscillated and declined. Influenced by the soybean meal trend and technical consolidation, after the short - term negative impact of China canceling restrictions on Canadian agricultural product exports was digested, the market returned to a volatile state. The spot demand for rapeseed meal is in the off - season, but the low inventory supports the market. With good post - Spring Festival demand expectations, the market is weakly volatile in the short - term and range - bound in the medium - term [8] Recent News - Domestic aquaculture has entered the seasonal off - season, with short - term tight supply in the spot market and limited short - term demand suppressing the market. The export of Canadian rapeseed to China has returned to normal, and the quantity of Chinese imports of Canadian rapeseed is gradually increasing. - The China - Canada trade relationship has improved in the short - term, with the phased cancellation of mutual tariffs, and China's imports of Canadian rapeseed have resumed. - The global rapeseed production is increasing this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production is offset by the increase in Russian production. There is a possibility of an escalation of global geopolitical conflicts, which still supports commodities [10] Bullish and Bearish Factors - Bullish factors: Good post - Spring Festival demand expectations for Chinese rapeseed meal and no pressure on oil mill rapeseed meal inventory. - Bearish factors: Domestic rapeseed meal demand has entered the short - term off - season, and the improvement of China - Canada trade relations will lead to the resumption of Chinese imports of Canadian rapeseed. - Current main logic: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [11] Fundamental Data - Rapeseed arrival: Imports of rapeseed will increase starting from March, with a slight fluctuation in import costs. - Oil mill crushing and inventory: The oil mill's rapeseed crushing volume and startup rate have increased slightly but remain at a low level. The rapeseed inventory of oil mills has rebounded from a low level, and the rapeseed meal inventory remains low. - Rapeseed meal trading: The rapeseed meal futures rose and then fell, and the spot price was relatively weak, with the spot premium continuously narrowing. - Aquaculture: The prices of aquatic fish have declined slightly, while the prices of shrimp and shellfish have remained stable [19][21][23][31] Position Data - The main short positions have increased, and funds have flowed in, indicating a bearish trend [8] Technical Analysis - Rapeseed meal has returned to a volatile state after the negative impact of the improved China - Canada trade relationship was digested. In the short - term, it was driven up by soybean meal and then fell back. Future attention should be paid to the arrival of Canadian rapeseed. - The KDJ indicator has oscillated and declined from a high level, and the short - term market has entered a technical consolidation stage. The indicator at a medium - high level limits the further rebound space. - The MACD has oscillated and rebounded from a low level, with a short - term technical rebound, but the red energy has narrowed. The subsequent trend depends on the Canadian rapeseed import policy. - The indicators suggest that rapeseed meal is weakly volatile in the short - term and bullish in the medium - term, mainly driven by policy changes and short - term soybean meal trends. The later trend awaits further policy and soybean meal guidance [43] Next Week's Focus Points - Most important: Growth and harvest weather conditions in South American soybean - producing areas, Canadian rapeseed exports and domestic crushing demand, and the arrival and startup of Chinese imported soybeans and rapeseed. - Second important: Domestic soybean meal and aquaculture demand, domestic oil mill rapeseed meal inventory, and downstream procurement. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45]

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-03-02 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2400，基差104，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线上方且方向向上。偏多 5.主力持仓：主力空单增加，资金流入，偏空 6.预期：菜 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 2026-02-27 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 ✸菜粕观点和策略 菜粕RM2605：2260至2320区间震荡 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2400，基差104，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-02-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2300至2360区间震荡 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2430，基差118，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线 ...

CONTENTS 目 录 1 每日提示 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-02-25 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2280至2340区间震荡 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2450，基差160，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Rapeseed meal RM2605 will oscillate in the range of 2290 - 2350. Affected by the improvement of China - Canada trade relations, it will be weak in the short - term and maintain range - bound in the medium - term. After the overall negative factors are digested, it will still maintain an oscillating pattern [9]. Summary by Relevant Catalogs 1. Daily Prompt - Rapeseed meal RM2605 oscillates in the range of 2290 - 2350. Its fundamental situation is neutral, with basis indicating a premium, low inventory being positive, price above the 20 - day moving average, but an increase in short positions of the main force and capital outflow being negative [9]. 2. Recent News - Domestic aquaculture has entered the off - season, and the supply in the spot market is expected to be tight in the short - term. The demand is decreasing, suppressing the market. The export of Canadian rapeseed is affected by trade issues, reducing the expected domestic supply. With the visit of the Canadian Prime Minister to China, China - Canada trade relations have improved, and the import of Canadian rapeseed is expected to resume. Global rapeseed production has increased this year. The impact of the Russia - Ukraine conflict on rapeseed production is relatively offset, but geopolitical conflicts may still support commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: Good demand for Chinese rapeseed meal is expected after the Spring Festival, and oil mills have no pressure on rapeseed meal inventory. Bearish factors: Domestic demand for rapeseed meal is currently in the off - season, and China's import of Canadian rapeseed is about to resume. The current main logic is that the market focuses on domestic aquaculture demand and the expected arrival of imported Canadian rapeseed [12]. 4. Fundamental Data - **Trading data**: From February 4th to 12th, the average transaction price of rapeseed meal was around 2430 - 2450 yuan, and the average transaction price of soybean meal was around 3117 - 3151 yuan. The average price difference between soybean and rapeseed meal was around 667 - 701 yuan [13]. - **Price data**: From February 5th to 12th, the price of rapeseed meal futures (main 2605 contract) rose from 2238 to 2302 yuan, and the spot price rose from 2430 to 2450 yuan [15]. - **Warehouse receipt data**: From February 4th to 12th, the rapeseed meal warehouse receipts were all 0 [17]. - **Supply - demand balance data**: In the domestic rapeseed supply - demand balance sheet from 2016 to 2025, the harvest area, output, and inventory consumption ratio have changed over the years. In the domestic rapeseed meal supply - demand balance sheet during the same period, the output, total supply, and inventory consumption ratio also show different trends [19][21]. 5. Position Data - Not provided in a summarized way, but it is mentioned that the short positions of the main force have increased and the capital has flowed out [9].