Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal market is affected by factors such as the anti - dumping investigation of Canadian rapeseed imports and the supply - demand situation in the domestic market. In the short term, it is in a volatile and relatively strong pattern. The RM2601 contract is expected to oscillate in the range of 2580 - 2640 [8]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal shows a volatile upward trend. The short - term demand for rapeseed meal remains in the peak season, and the low inventory supports the market. However, after the National Day, the demand will gradually enter the off - season, and there are still uncertainties in China - Canada trade consultations. The market is affected by the preliminary anti - dumping ruling and shows a relatively strong volatile pattern [8]. 3.2 Recent News - The domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expected tight supply in the spot market, and the demand side maintains a good expectation. - China's preliminary ruling on the anti - dumping investigation of Canadian rapeseed imports is established, and an import deposit of 75.8% has been imposed. The final ruling result is still uncertain. - The global rapeseed production has decreased slightly this year, mainly due to the decrease in EU rapeseed production and the lower - than - expected production in Canada. - The Russia - Ukraine conflict is still ongoing. The decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which supports commodities [10]. 3.3 Multiple and Short Concerns - **Likely to Rise**: The preliminary anti - dumping determination of Canadian rapeseed imports and the relatively low inventory pressure of rapeseed meal in oil mills. - **Likely to Fall**: The concentrated listing of domestic rapeseed in June and the possibility of a small - probability settlement in the final result of the anti - dumping investigation of Canadian rapeseed imports. - **Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - **Spot and Futures Prices**: The spot price of rapeseed meal is 2650, with a basis of 60, indicating a premium over futures. The price is above the 20 - day moving average and the direction is upward. The rapeseed meal RM2601 is expected to oscillate in the range of 2580 - 2640. - **Inventory**: Rapeseed meal inventory is 32,000 tons, up 18.52% week - on - week from 27,000 tons last week and up 14.29% year - on - year from 28,000 tons in the same period last year. - **Supply and Demand Balance Sheets**: The supply and demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, showing the changes in harvest area, output, inventory, and other indicators over the years [8][23][24]. 3.5 Position Data - The short positions of the main players have decreased, and the funds have flowed out [8].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Rapeseed meal RM2601 is expected to fluctuate in the range of 2540 - 2600. The short - term trend of rapeseed meal is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed, resulting in a short - term shock - strengthening pattern. [8] 3. Summary According to the Table of Contents 3.1 Daily Hints - Rapeseed meal prices rose and then fell. The short - term shock - strengthening pattern is due to factors such as the uncertainty of the final anti - dumping ruling on Canadian rapeseed, high demand in the short - term, and low inventory. The price range for RM2601 is expected to be between 2540 and 2600. [8] 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market while maintaining good demand expectations. China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and import deposit collection has begun. Global rapeseed production has decreased slightly this year, and the geopolitical conflict still has the potential to rise, which supports commodity prices. [10] 3.3 Bullish and Bearish Factors - Bullish factors: The anti - dumping preliminary ruling on Canadian rapeseed imports is established, the spot is at a premium to the futures, the price is above the 20 - day moving average and moving upward, and the oil mill's rapeseed meal inventory is not under pressure in the short term. Bearish factors: Rapeseed meal inventory has increased both week - on - week and year - on - year, and the main short positions have increased with capital outflows. The final anti - dumping ruling on Canadian rapeseed is still uncertain. [8] 3.4 Fundamental Data - **Supply and Demand**: Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the supply - demand situation. The anti - dumping investigation on Canadian rapeseed has affected the market. [10] - **Inventory**: Rapeseed meal inventory is 3.2 tons, a 18.52% week - on - week increase and a 14.29% year - on - year increase. [8] - **Price**: The spot price is 2640, with a basis of 34, indicating a premium to the futures. The price is above the 20 - day moving average and moving upward. [8] 3.5 Position Data - The main short positions have increased, and capital has flowed out. [8]