2025-12-19 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 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：菜粕震荡回落，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2510，基差170，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力 ...

期货交易咨询业务资格：证监许可【2011】1285号 华联期货豆菜粕年报 南美大豆大概率增产 豆菜粕或宽幅震荡为主 20251215 邓丹 交易咨询号：Z0011401 从业资格号：F0300922 0769-22111252 审核：姜世东 从业资格号：F03126164 交易咨询号：Z0020059 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 年度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 基本面观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 ◆ 供给端，预计2026年南美大豆大概率增产，但仍要关注拉尼娜对巴西南部和阿根廷的影响。美豆25/26年度的 库销比仍处于历史低位，支撑美豆价格，且美豆单产和出口仍有调整的可能，预计美豆价 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-12-15 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RM2605：2320至2380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，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2510，基差163，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-12-12 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：菜粕窄幅震荡，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2500，基差166，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The rapeseed meal market is in a situation of both supply and demand weakness. Domestically, the supply is tightening due to restrictions on Canadian rapeseed and rapeseed meal imports, but the demand is also weakening as the first shipment of Australian rapeseed may be crushed this month and the demand for aquaculture decreases with the temperature drop. Additionally, the domestic soybean auction news is negative for the domestic meal market, and the substitution advantage of soybean meal weakens the demand expectation for rapeseed meal. The rapeseed meal futures price has been fluctuating weakly recently, and attention should be paid to China's soybean purchases from the US and whether the China - Canada trade policy can make a breakthrough [2] - The rapeseed oil market continues to digest the negative news of the higher - than - expected Canadian rapeseed production and the arrival of Australian rapeseed. Although the domestic rapeseed oil inventory is decreasing due to supply restrictions, the sufficient supply of soybean oil with a good substitution advantage keeps the rapeseed oil demand at a rigid level. As a result, the futures price of rapeseed oil continues to decline [2] 3. Summary by Relevant Catalogs Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9443 yuan/ton, up 50 yuan; that of rapeseed meal is 2329 yuan/ton, up 12 yuan; that of ICE rapeseed is 633.3 Canadian dollars/ton, up 19.4 Canadian dollars; and that of rapeseed is 5508 yuan/ton, unchanged [2] - Month - to - month spreads: The 1 - 5 month spread of rapeseed oil is 290 yuan/ton, up 64 yuan; the 1 - 5 month spread of rapeseed meal is 69 yuan/ton, up 28 yuan [2] - Main contract positions: The main contract position of rapeseed oil is 90128 lots, down 18419 lots; that of rapeseed meal is 579248 lots, up 26385 lots [2] - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is - 19107 lots, down 4591 lots; that of rapeseed meal is - 89134 lots, up 4358 lots [2] - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 3490 sheets, down 231 sheets; that of rapeseed meal is 0 sheets, unchanged [2] Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 9700 yuan/ton, down 70 yuan; that of rapeseed meal in Nantong is 2380 yuan/ton, up 10 yuan; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; the average price of rapeseed oil is 9818.75 yuan/ton, down 70 yuan; the import cost price of imported rapeseed is 7708.91 yuan/ton, up 60.44 yuan; the spot price of grade - four soybean oil in Nanjing is 8540 yuan/ton, unchanged; the spot price of 24 - degree palm oil in Guangdong is 8640 yuan/ton, unchanged; the spot price of soybean meal in Zhangjiagang is 3040 yuan/ton, unchanged [2] - Price differences: The oil - meal ratio is 3.96, down 0.04; the basis of the main rapeseed oil contract is 257 yuan/ton, down 120 yuan; the basis of the main rapeseed meal contract is 51 yuan/ton, down 2 yuan; the spot price difference between rapeseed oil and soybean oil is 1160 yuan/ton, down 70 yuan; the spot price difference between rapeseed oil and palm oil is 1060 yuan/ton, down 70 yuan; the spot price difference between soybean meal and rapeseed meal is 660 yuan/ton, down 10 yuan [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 of rapeseed production is 13446 thousand tons, unchanged. Canada's rapeseed production increased by 13.3% to 21.8 million tons [2] - Imports: The total rapeseed import volume in the current month is 0 tons, down 115300 tons; the import volume of rapeseed oil and mustard oil in the current month is 140000 tons, down 20000 tons; the import volume of rapeseed meal in the current month is 220600 tons, up 62900 tons [2] - Inventory and operation rate: The total rapeseed inventory in oil mills is 0 tons, down 100 tons; the weekly operation rate of imported rapeseed is 0%, unchanged; the imported rapeseed crushing profit is 449 yuan/ton, down 204 yuan [2] Industry Situation - Inventory: The coastal rapeseed oil inventory is 0.8 million tons, down 0.22 million tons; the coastal rapeseed meal inventory is 0.02 million tons, up 0.01 million tons; the rapeseed oil inventory in East China is 33.9 million tons, down 1.6 million tons; the rapeseed meal inventory in East China is 19.36 million tons, down 1.9 million tons; the rapeseed oil inventory in Guangxi is 0.7 million tons, down 0.22 million tons; the rapeseed meal inventory in South China is 23.4 million tons, down 0.9 million tons [2] -提货量: The weekly rapeseed oil pickup volume is 0 tons, unchanged; the weekly rapeseed meal pickup volume is 0.45 million tons, down 0.67 million tons [2] Downstream Situation - Production: The monthly production of feed is 29.57 million tons, down 1.717 million tons; the monthly production of edible vegetable oil is 4276 thousand tons, down 67.4 thousand tons [2] - Consumption: The monthly retail sales of social consumer goods in the catering industry is 519.9 billion yuan, up 69.04 billion yuan [2] Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 16.94%, down 0.08%; the implied volatility of at - the - money put options for rapeseed meal is 16.93%, down 0.09%; the implied volatility of at - the - money call options for rapeseed oil is 13.59%, down 0.79%; the implied volatility of at - the - money put options for rapeseed oil is 13.59%, down 0.79% [2] - Historical volatility: The 20 - day historical volatility of rapeseed meal is 10.4%, down 0.49%; the 60 - day historical volatility of rapeseed meal is 11.71%, up 0.18%; the 20 - day historical volatility of rapeseed oil is 9.72%, down 1.98%; the 60 - day historical volatility of rapeseed oil is 13.96%, up 0.17% [2] Industry News - On December 9 (Tuesday), the ICE rapeseed futures rebounded, ending an eight - day losing streak. The January rapeseed futures contract closed 6.20 Canadian dollars higher at 619.90 Canadian dollars per ton, and the March contract rose 5.70 Canadian dollars to 631.80 Canadian dollars per ton [2] - US soybeans have entered the export season with sufficient supply in the short term, and the US still faces competition from cheaper Brazilian soybeans in the global export market. The market is also concerned about China's soybean purchases from the US, and the price of US soybeans has fallen from recent highs [2] - The MPOB report shows that the Malaysian palm oil inventory at the end of November increased by 13.04% to 2.84 million tons compared with the previous month, higher than the market forecast of 2.66 million tons. The export of Malaysian palm oil in the first 10 days is still declining, and the export is still weak, which drags down the price of Malaysian palm oil [2]

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-12-10 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 近期要闻： 1.国内水产养殖进入长假后淡季，现货市场供应短期进入偏紧预期，需 求端逐渐减少压制盘面预期，加拿大油菜籽进入收割阶段，但中加贸易问题 影响短期出口减少国内供应预期。 2.中国对加拿大油菜籽进口反倾销调查初步裁定成立，并开始征收进口 保证金75.8%，一旦最终裁定成立，保证金将作为加征关税不予退还，但是 未来裁定结果尚有变数，等待中加贸易关系进一步发展情况明朗再行决定。 3.全球油菜籽今年产量保持增产，主要加拿大油菜籽产量高于预期。 4.俄乌冲突尚在进行，乌克兰油菜籽减产和俄罗斯油菜籽产量增 ...

交易咨询业务资格：证监许可【2012】1091号 供需淡季，菜粕震荡回落 （菜粕周报12.1-12.5） 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 每周提示 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 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求旺季过去，但库存维持低位支撑盘面， 加上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2500，基差123，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力多单减少，资金流入， ...

新纪元期货研究 20251205 三大油脂周度报告 投资有风险，入市需谨慎 国内三大油脂现货价格走势 | 品种 | | | 期货主力合约收盘价格 | | | 现货价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2025.11.28 | 2025.12.5 周变动 | | 周涨跌幅% | 现货指标 2025.11.28 | | 2025.12.5 | 周变动 | 周涨跌幅% | | 棕榈油 | P2605 | 8678 | 8762 | 84 | 0.97 | 中国：现货价：棕榈油： 生意社 | 8518 | 8700 | 182 | 2.13 | | 菜油 | OI2601 | 9757 | 9618 | -139 | -1.42 | 中国：现货价：菜油： 生意社 | 10135 | 10045 | -90 | -0.89 | | 豆油 | Y2605 | 8040 | 8080 | 40 | 0.50 | 中国：现货价：豆油： 生意社 | 8442 | 8394 | -48 ...

1. Report Industry Investment Rating - No relevant content 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply is tightening due to restrictions on Canadian rapeseed and rapeseed meal imports and the shutdown of oil mills, but the demand is weakening due to the decline in aquaculture demand and the sufficient supply of soybeans and good substitution advantage of soybean meal. The market is in a state of high - level wide - range shock in the short term, and short - term participation or waiting and seeing is recommended. Attention should be paid to China's soybean purchases from the US and Sino - Canadian trade policies [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the supply of Australian rapeseed and soybeans may increase, and the demand is mainly for rigid needs. Recently, the futures price of rapeseed oil has slightly declined in shock, and short - term participation is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures prices: The closing price of rapeseed oil futures (active contract) was 9,618 yuan/ton, down 93 yuan; the closing price of rapeseed meal futures (active contract) was 2,422 yuan/ton, up 14 yuan; the closing price of ICE rapeseed futures (active) was 629.1 Canadian dollars/ton, down 14.6 Canadian dollars; the closing price of rapeseed futures (active contract) was 5,509 yuan/ton, up 89 yuan [2]. - Spreads: The 1 - 5 spread of rapeseed oil was 181 yuan/ton, down 48 yuan; the 1 - 5 spread of rapeseed meal was 27 yuan/ton, up 28 yuan [2]. - Positions: The positions of the main contract of rapeseed oil decreased by 16,785 hands to 140,400 hands; the positions of the main contract of rapeseed meal decreased by 39,429 hands to 205,310 hands. The net long positions of the top 20 futures holders of rapeseed oil decreased by 6,619 hands to - 5,838 hands; the net long positions of the top 20 futures holders of rapeseed meal decreased by 10,262 hands to - 45,128 hands [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts decreased by 20 to 3,792, and the number of rapeseed meal warehouse receipts remained at 0 [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu was 10,050 yuan/ton, down 30 yuan; the spot price of rapeseed meal in Nantong was 2,390 yuan/ton, down 10 yuan; the average price of rapeseed oil was 10,168.75 yuan/ton, down 30 yuan; the import cost of rapeseed was 7,750.12 yuan/ton, down 164.41 yuan; the spot price of rapeseed in Yancheng, Jiangsu was 5,700 yuan/ton, unchanged [2]. - Basis: The basis of the main rapeseed oil contract was 339 yuan/ton, up 4 yuan; the basis of the main rapeseed meal contract was - 32 yuan/ton, down 24 yuan [2]. - Substitute prices: The spot price of grade - 4 soybean oil in Nanjing was 8,560 yuan/ton, down 50 yuan; the spot price of 24 - degree palm oil in Guangdong was 8,640 yuan/ton, down 80 yuan; the spot price of soybean meal in Zhangjiagang was 3,060 yuan/ton, unchanged [2]. - Price differences: The spot price difference between rapeseed oil and soybean oil was 1,440 yuan/ton, down 30 yuan; the spot price difference between rapeseed oil and palm oil was 1,330 yuan/ton, down 130 yuan; the spot price difference between soybean meal and rapeseed meal was 670 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Production: The global rapeseed production forecast was 90.96 million tons, an increase of 1.38 million tons; the annual forecast of rapeseed production was 13,446 thousand tons, unchanged [2]. - Imports: The total monthly import volume of rapeseed was 0 tons, a decrease of 115,300 tons; the monthly import volume of rapeseed oil and mustard oil was 140,000 tons, a decrease of 20,000 tons; the monthly import volume of rapeseed meal was 220,600 tons, an increase of 62,900 tons [2]. - Inventory and operation rate: The total inventory of rapeseed in oil mills was 10,000 tons, unchanged; the weekly operation rate of imported rapeseed was 0%, unchanged; the import rapeseed crushing profit was 729 yuan/ton, an increase of 59 yuan [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory was 10,200 tons, a decrease of 2,300 tons; the coastal rapeseed meal inventory was 100 tons, unchanged; the rapeseed oil inventory in East China was 355,000 tons, a decrease of 9,500 tons; the rapeseed meal inventory in East China was 212,600 tons, a decrease of 14,000 tons; the rapeseed oil inventory in Guangxi was 9,200 tons, a decrease of 2,300 tons; the rapeseed meal inventory in South China was 243,000 tons, an increase of 13,000 tons [2]. -提货量: The weekly rapeseed oil提货量 was 0 tons, a decrease of 8,600 tons; the weekly rapeseed meal提货量 was 11,200 tons, an increase of 9,200 tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed was 2.957 million tons, a decrease of 171,700 tons; the monthly production of edible vegetable oil was 427,600 tons, a decrease of 67,400 tons [2]. - Consumption: The monthly retail sales of social consumer goods in the catering industry was 51.99 billion yuan, an increase of 6.904 billion yuan [2]. 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal was 19.13%, down 0.62%; the implied volatility of at - the - money put options for rapeseed meal was 19.13%, down 0.62%; the implied volatility of at - the - money call options for rapeseed oil was 13.36%, down 1.48%; the implied volatility of at - the - money put options for rapeseed oil was 13.36%, down 1.48% [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal was 11.13%, down 1.69%; the 60 - day historical volatility of rapeseed meal was 20.85%, up 0.01%; the 20 - day historical volatility of rapeseed oil was 11.87%, down 0.02%; the 60 - day historical volatility of rapeseed oil was 13.57%, unchanged [2]. 3.7 Industry News - On December 3, ICE rapeseed futures declined due to the decline of CBOT soybean oil futures, and traders were waiting for the annual final production report of Statistics Canada [2]. - US soybeans are in the export season with sufficient supply, and face competition from cheaper Brazilian soybeans. However, domestic soybean crushing consumption in the US is good, and the market is concerned about China's soybean purchases from the US [2]. - The US government is considering delaying the plan to cut biofuel import incentives by 1 - 2 years, and the export of Malaysian palm oil decreased significantly in November with inventory accumulation pressure. However, floods in Southeast Asia have enhanced the expectation of seasonal palm oil production reduction, and Indonesia has introduced new regulations [2]. 3.8 Rapeseed Meal Viewpoint Summary - The rapeseed meal market is in a situation of weak supply and demand. Supply is tightening due to import restrictions and oil mill shutdowns, while demand is weakening due to the decline in aquaculture demand and the substitution of soybean meal. The market is in shock in the short term, and short - term participation or waiting and seeing is recommended. Attention should be paid to China's soybean purchases from the US and 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 supply of Australian rapeseed and soybeans may increase, and the demand is mainly for rigid needs. Recently, the futures price of rapeseed oil has slightly declined in shock, and short - term participation is recommended [2]. 3.10 Key Points of Attention - The rapeseed operation rate and rapeseed oil and meal inventory in various regions reported by Myagric on Monday, and the trend of Sino - Canadian trade relations [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The rapeseed meal RM2601 is expected to oscillate within the range of 2400 - 2460. 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. The short - term trend is affected by soybean meal and will maintain a range - bound pattern [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed. There are still variables in the final anti - dumping ruling on Canadian rapeseed, and there are rumors of improved Sino - Canadian trade relations recently [9][12]. 3. Summary by Directory 3.1 Daily Hints - Rapeseed meal RM2601 is in a 2400 - 2460 range - bound state. The fundamentals are neutral, the basis is bullish, the inventory situation is bullish, the price on the disk is bearish, the main position is bullish, and the future trend is expected to be in a shock pattern [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, and the supply in the spot market is expected to be tight in the short term. The demand is decreasing, and the export of Canadian rapeseed is expected to decrease due to Sino - Canadian trade issues [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada. The impact of the Russia - Ukraine conflict on global rapeseed production is relatively offset, but geopolitical conflicts may still support commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills on rapeseed meal [12]. - Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of a settlement in the final anti - dumping result of Canadian rapeseed imports [12]. 3.4 Fundamental Data - From November 21 to December 1, the average price difference between soybean meal and rapeseed meal fluctuated slightly. The trading volume of soybean meal varied, while the trading volume of rapeseed meal was 0 [13]. - From November 21 to December 1, the rapeseed meal futures and spot prices fluctuated. The spot price was higher than the futures price, and the premium fluctuated slightly [15]. - From November 20 to December 1, the rapeseed meal warehouse receipts were mostly 0, with a significant decrease on November 21 [17]. - The import of rapeseed in November has no shipping schedule forecast, and the import cost is affected by tariffs. The inventory of oil mills' rapeseed and rapeseed meal is at a low level, and the rapeseed crushing volume of oil mills remains at zero [23][25][27]. - The price of aquatic fish has dropped slightly, while the price of shrimp and shellfish has remained stable [35]. 3.5 Position Data The main long positions of rapeseed meal have increased, but the funds have flowed out [9].