Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The rapeseed meal RM2601 fluctuates in the range of 2480 - 2540. It is affected by the soybean meal trend and technical consolidation, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for spot demand has passed, low inventory supports the market. Given the uncertainties in China - Canada trade, the market will fluctuate in the short term [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed. There are both positive and negative factors in the current situation, and the future trend depends on the final result of the anti - dumping ruling and trade relations between China and Canada [12]. Summary by Directory 1. Daily Prompt - Rapeseed meal RM2601 fluctuates in the range of 2480 - 2540. 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. It is affected by soybean meal and maintains a range - bound trend in the short term [9]. 2. Recent News - Domestic aquaculture enters the off - season after the long holiday. Supply is expected to be tight in the short term, and demand is decreasing, which suppresses the market. Canadian rapeseed is in the harvesting stage, but export is expected to decrease due to China - Canada trade issues [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and an import deposit of 75.8% is imposed. The final result is still uncertain [11]. - Global rapeseed production is increasing this year, with the production in Canada higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. There is a possibility of an escalation in global geopolitical conflicts, which still supports bulk commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping recognition of Canadian rapeseed imports and the addition of import deposits; low inventory pressure on rapeseed meal in oil mills [12]. - Bearish factors: Domestic rapeseed meal demand is gradually entering the off - season; there is still a small probability of reconciliation in the final result of China's anti - dumping investigation on Canadian rapeseed imports [12]. - Main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - **Base difference**: The spot price is 2630, the base difference is 103, and the spot price is at a premium to the futures price, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 1.75 tons, a week - on - week decrease of 2.78% compared with last week's 1.8 tons, and a year - on - year decrease of 20.45% compared with 2.2 tons in the same period last year, which is bullish [9]. - **Market trend**: The price is above the 20 - day moving average and moving upward, which is bullish [9]. - **Transaction data**: From October 31 to November 10, the trading volume of soybean meal and rapeseed meal and the average trading price showed certain fluctuations, and the spot price difference between soybean meal and rapeseed meal also fluctuated slightly [13]. - **Price summary**: Rapeseed meal futures prices first rose and then fell, and the spot price followed the fluctuations. The spot premium fluctuated slightly [15][17]. - **Import situation**: There is no shipping schedule forecast for imported rapeseed in November, and the import cost is affected by tariffs [22]. - **Inventory of oil mills**: The inventory of rapeseed in oil mills remains low, and the rapeseed meal inventory is also at a low level. The rapeseed crushing volume in oil mills remains low [24][26]. - **Aquaculture situation**: Aquatic fish prices have slightly declined, while shrimp and shellfish prices have remained stable [34]. 5. Position Data - The main long positions have decreased, and funds have flowed out, which is bullish [9]. - From October 30 to November 10, rapeseed meal warehouse receipts showed a downward trend [16].

Group 1: Report Industry Investment Rating - The investment rating of rapeseed meal is neutral [8] Group 2: Core Viewpoints of the Report - Rapeseed meal fluctuated and declined, affected by soybean meal and technical consolidation. The market returned to a volatile state, waiting for the final result of the anti - dumping ruling on Canadian rapeseed. Although the peak season for rapeseed meal demand has passed, low inventory supports the market. With uncertainties in China - Canada trade negotiations, the market will maintain a range - bound pattern in the short term, influenced by soybean meal [8]. - Rapeseed meal futures rose and then fell, with the spot price following the fluctuations, and the spot premium fluctuated slightly [33]. - Rapeseed meal will fluctuate and rise in the short term and maintain a range - bound pattern in the medium term, mainly affected by policy changes and short - term soybean meal trends. Future trends depend on policy and soybean meal [42]. Group 3: Summary by Directory 1. Weekly Prompt - The report provides a comprehensive analysis of rapeseed meal, including its fundamentals, market news, and technical indicators, and gives trading strategies and future focus points [8][44] 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues reduce short - term exports and domestic supply [10]. - China's preliminary anti - dumping ruling on Canadian rapeseed is established, and a 75.8% import deposit is imposed. The final result is still uncertain [10]. - Global rapeseed production has increased this year, with Canadian production higher than expected [10]. - The Russia - Ukraine conflict continues, and the future geopolitical conflict may rise, supporting commodity prices [10] 3. Bullish and Bearish Factors - Bullish factors include the preliminary anti - dumping determination and the low inventory pressure of oil mills [11]. - Bearish factors are the concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result [11]. - The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11] 4. Fundamental Data - The rapeseed meal inventory is 17,500 tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45% [8]. - The spot price is 2,640, with a basis of 101, indicating a premium over futures [8]. - The price is above the 20 - day moving average and moving upward [8]. - The main long positions have increased, and funds have flowed in [8]. - The import of rapeseed has no shipping schedule in November, and the import cost is affected by tariffs [19]. - The oil mill's rapeseed crushing volume remains low, and the rapeseed and rapeseed meal inventories are at low levels [21][23]. - Aquatic fish prices have slightly declined, while shrimp and shellfish prices have remained stable [31] 5. Position Data - The main long positions in rapeseed meal have increased, and funds have flowed in [8] 6. Trading Strategies - Futures: Short - term range - bound and slightly bullish. The RM2601 contract will fluctuate around 2,500 in the short term. Short - term trading or waiting is recommended [12]. - Options: Sell out - of - the - money put options [13] 7. Technical Analysis - Rapeseed meal fluctuated and rose due to the Canadian Prime Minister's statement. The China - Canada trade relationship is still uncertain, and it will return to a range - bound pattern in the short term [42]. - The KDJ indicator is oscillating at a high level, and the short - term market is in a technical consolidation stage. The indicator at a medium - high level limits the rebound height [42]. - The MACD is oscillating and rising at a low level, but the red energy is narrowing. Future trends depend on rapeseed import policies and soybean meal [42] 8. Next Week's Focus Points - The most important points are the harvesting weather in US soybean - producing areas, Canadian rapeseed exports and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [44]. - The second - most important points are domestic soybean meal and aquaculture demand, and the rapeseed meal inventory of domestic oil mills and downstream procurement [44]. - Other important points are macro - factors and the Israel - Palestine conflict [44]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - Rapeseed meal RM2601 is expected to oscillate in the range of 2460 - 2520. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for rapeseed meal spot demand has passed, low inventory supports the market. The market will be affected by soybean meal in the short term and maintain range - bound oscillations. The overall view is neutral [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2601 is in the 2460 - 2520 range. Its fundamentals are neutral, the basis is bullish, inventory is bullish, the price is above the 20 - day moving average and the direction is upward (bullish), the main position shows more orders decreasing but capital inflow (bullish). It is expected to return to an oscillating pattern due to uncertainties in the final anti - dumping ruling on Canadian rapeseed and rumors of improved Sino - Canadian trade relations [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues have reduced short - term exports and domestic supply expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been levied. The final result is still uncertain. Global rapeseed production has increased this year, mainly due to higher - than - expected production in Canada. The Russia - Ukraine conflict continues, and there is still a possibility of an increase in global geopolitical conflicts, which supports commodities [11]. 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; low inventory pressure on oil mills' rapeseed meal. Bearish factors: Domestic rapeseed meal demand is gradually entering the off - season; there is still a small probability of reconciliation in the final result of China's anti - dumping on Canadian rapeseed. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - From October 27 to November 4, the average transaction price of soybean meal ranged from 2997 to 3079 yuan, and the trading volume ranged from 5.35 to 15.08 million tons. The average transaction price of rapeseed meal ranged from 2480 to 2610 yuan, and the trading volume was mostly 0. The difference between the average transaction prices of soybean and rapeseed meal fluctuated slightly, ranging from 460 to 528 yuan [13]. - From October 27 to November 4, the price of rapeseed meal futures' main 2601 contract ranged from 2335 to 2497 yuan, the far - month 2605 contract ranged from 2323 to 2380 yuan, and the rapeseed meal spot price in Fujian ranged from 2480 to 2610 yuan. Rapeseed meal futures bottomed out and rebounded, while the spot price was relatively stable, with a small fluctuation in the spot premium [15][17]. - From October 24 to November 4, rapeseed meal warehouse receipts decreased from 4260 to 2955 [16]. - In October, the import volume of rapeseed remained stable, and the import cost was affected by tariffs. The inventory of oil mills' rapeseed continued to decline, and the rapeseed meal inventory was at a low level. The oil mills' rapeseed crushing volume remained low [22][24][26]. - Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [34]. 3.5 Position Data - The report does not provide specific and detailed position data other than the fact that the main long orders decreased and capital inflowed [9].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The rapeseed meal market lacks clear guidance and follows the soybean meal to oscillate and rebound. It is currently in an interval oscillation pattern, affected by factors such as the final anti - dumping ruling on Canadian rapeseed and the improvement rumors of China - Canada trade relations [8]. - The short - term trading strategy for rapeseed meal futures is to oscillate with a slight upward trend. For the RM2601 contract, it oscillates around 2400 in the short term, and short - term trading or waiting and seeing is recommended. The option strategy is to sell out - of - the - money put options [12][13]. 3. Summary by Directory 3.1 Weekly Prompt - The rapeseed meal oscillates and rebounds, driven by soybean meal and in a technical oscillation adjustment. The market returns to oscillation, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season has passed, but the low inventory supports the market. Due to uncertainties in China - Canada trade negotiations, the market will maintain an interval oscillation in the short term, affected by soybean meal [8]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canadian rapeseed has entered the harvesting stage, but China - Canada trade issues have reduced the short - term export and domestic supply expectations. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final ruling is still uncertain, depending on the further development of China - Canada trade relations. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues. The reduction in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may still rise, supporting commodity prices [10]. 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' rapeseed meal. - **Bearish factors**: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports, with a small probability of reconciliation. - **Main logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - **Supply - demand balance sheets**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023 are provided, showing changes in harvest area, inventory, output, consumption, etc. - **Import and production situation**: There is no ship schedule forecast for imported rapeseed in November, and the import cost is affected by tariffs. The oil mill's rapeseed crushing volume remains low, and the rapeseed and rapeseed meal inventories continue to decline. - **Aquaculture situation**: Aquatic fish prices have slightly declined, while shrimp and shellfish prices remain stable. The rapeseed meal futures have rebounded after reaching the bottom, the spot price is relatively stable, and the spot premium fluctuates slightly. The price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract has rebounded from a low level [16][18][19]. 3.5 Technical Analysis - The rapeseed meal rebounds with the soybean meal and returns to an interval oscillation pattern due to the preliminary anti - dumping ruling on Canadian rapeseed imports. The future China - Canada trade relationship is uncertain, affecting the market. - The KDJ indicator rebounds from a low level. It is in a short - term technical rebound stage, but the high - level indicator limits the rebound height. - The MACD rebounds from a low level, and the green energy turns red. The subsequent upward trend depends on the soybean meal and rapeseed import policies. Overall, the rapeseed meal oscillates and rebounds in the short term and maintains an interval oscillation in the medium term, mainly driven by policy changes and short - term soybean meal trends [42]. 3.6 Next Week's Focus - **Most important**: The harvesting weather in the US soybean - producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and startup of imported soybeans and rapeseed in China. - **Second important**: Domestic soybean meal and aquaculture demand, and the rapeseed meal inventory of domestic oil mills and downstream procurement. - **Less important**: Macroeconomic factors and the Israel - Palestine conflict [44].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - 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. Although the peak season for rapeseed meal spot demand has passed, low inventory supports the market. In the short term, it is affected by soybean meal and maintains a range - bound pattern. The final anti - dumping ruling on Canadian rapeseed and the improvement of China - Canada trade relations rumors also influence the market [9]. Summary by Directory 1. Daily Tips - Rapeseed meal RM2601 is in the 2400 - 2460 range. Its fundamentals are neutral, with the market affected by soybean meal and waiting for the Canadian rapeseed anti - dumping result. The basis is positive as the spot price is higher than the futures price. Inventory is decreasing both week - on - week and year - on - year, which is positive. The price is above the 20 - day moving average but moving down, considered neutral. The main long positions are decreasing with capital outflow, and the short - term outlook is a return to the oscillating pattern [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, with supply expected to be tight in the short term and demand decreasing, which suppresses the market. Canadian rapeseed is in the harvesting stage, but trade issues may reduce short - term exports to China. China's preliminary anti - dumping investigation on Canadian rapeseed imports is established with a 75.8% import deposit. Global rapeseed production is increasing this year, and the geopolitical conflict in Russia and Ukraine may support commodities [11]. 3. Long and Short Concerns - Bullish factors include the preliminary anti - dumping determination and the addition of import deposits on Canadian rapeseed, and low inventory pressure on oil mills. Bearish factors are the approaching off - season for domestic rapeseed meal demand and the uncertainty of the final anti - dumping result with a small probability of reconciliation [12]. 4. Fundamental Data - From October 23rd to October 31st, the average trading price of soybean meal ranged from 2991 to 3048, and the trading volume ranged from 5.35 to 15.08 million tons. The average trading price of rapeseed meal ranged from 2470 to 2530, and the trading volume was mostly 0, with only 0.3 million tons on October 29th. The price difference between soybean and rapeseed meal fluctuated slightly. Rapeseed meal futures prices and spot prices had different trends, with futures prices showing a bottom - up trend and spot prices relatively stable. Rapeseed meal warehouse receipts decreased from 4702 on October 22nd to 2955 on October 31st [13][15][17]. 5. Position Data - Not specifically elaborated in the content 6. Rapeseed Meal Views and Strategies - The view is that rapeseed meal will oscillate in the 2400 - 2460 range. The strategy is to pay attention to the development of the final anti - dumping ruling on Canadian rapeseed and China - Canada trade relations [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to fluctuate within the range of 2300 - 2360. It is affected by the pending final result of the anti - dumping ruling on Canadian rapeseed imports and rumors of tariff reduction between China and Canada, and has returned to a volatile pattern [9]. - The current market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. Group 3: Summary by Directory 1. Daily Hints - Rapeseed meal RM2601 is in a range - bound state. The spot demand is in the short - term 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 variables in China - Canada trade consultations, so the short - term market lacks guidance [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, the supply in the spot market is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canadian rapeseed is in the harvesting stage, but the China - Canada trade issue reduces the short - term export and domestic supply expectation [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and an import deposit of 75.8% has been imposed. The final result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues, and 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 [11]. 3. Bullish and Bearish Concerns - 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 reconciliation in the final result of the anti - dumping on Canadian rapeseed imports [12]. 4. Fundamental Data - From October 13th to 21st, the average transaction price of soybean meal fluctuated between 2965 - 3004 yuan/ton, and the trading volume was between 6.51 - 21.79 million tons. The average transaction price of rapeseed meal was between 2460 - 2500 yuan/ton, and the trading volume was 0 [13]. - From October 13th to 21st, the price of rapeseed meal futures fluctuated, and the spot price was relatively stable. The spot premium fluctuated slightly [15][17]. - The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract between soybean meal and rapeseed meal oscillated at a low level [19]. - The import volume of rapeseed remained stable in October, and the import cost was affected by tariffs [22]. - The inventory of rapeseed in oil mills continued to decline, and the weekly inventory of rapeseed meal remained flat. The amount of rapeseed crushed in oil mills remained at a low level [24][26]. - The price of aquatic fish increased slightly, and the price of shrimp and shellfish remained stable [34]. 5. Position Data - The number of short positions of the main force decreased, and funds flowed in [9]. 6. Rapeseed Meal Views and Strategies - Fundamental analysis: The market is neutral as it is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports [9]. - Basis analysis: The spot price is 2460, the basis is 139, and the spot premium is positive for the futures [9]. - Inventory analysis: The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%, which is positive for the market [9]. - Market analysis: The price is below the 20 - day moving average and the direction is downward, which is negative for the market [9]. - Main position analysis: The short positions of the main force decreased, and funds flowed in, which is negative for the market [9]. - Expectation: Rapeseed meal is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and rumors of tariff reduction between China and Canada, and has returned to a volatile pattern [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal market lacks clear guidance and follows the soybean meal market in a volatile pattern. It is currently in a neutral state, with short - term fluctuations influenced by factors such as the final anti - dumping ruling on Canadian rapeseed imports, changes in China - Canada trade relations, and the shift in the demand season [8]. - The short - term trading strategy for rapeseed meal futures is to assume a volatile and slightly bullish trend. For the RM2601 contract, it is expected to fluctuate around 2400, and short - term trading or a wait - and - see approach is recommended. The option strategy is to sell out - of - the - money put options [12][13]. 3. Summary by Directory 3.1 Weekly Hints - Not provided in the given content 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, leading to a decrease in demand and putting downward pressure on the market. Canadian rapeseed is in the harvest stage, but China - Canada trade issues have reduced short - term exports and domestic supply expectations [10]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final ruling is still uncertain, depending on the development of China - Canada trade relations [10]. - Global rapeseed production has increased this year, with Canadian production higher than expected. The ongoing Russia - Ukraine conflict has offset the impact of reduced Ukrainian rapeseed production by increased Russian production, and geopolitical conflicts may still support commodity prices [10]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and low inventory pressure on oil mills' rapeseed meal [11]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports, with a small probability of reconciliation [11]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - Rapeseed arrival: The arrival volume of imported rapeseed remained stable in October, and the import cost was affected by tariffs [19]. - Oil mill processing and inventory: The amount of rapeseed processed by oil mills remained low, rapeseed inventory continued to decline, and rapeseed meal inventory remained flat week - on - week [21][23]. - Rapeseed meal trading: Rapeseed meal futures fluctuated downward, while the spot price was relatively stable, with a slight increase in the spot premium [33]. - Aquaculture: Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [31]. 3.5 Position Data - The main short positions in rapeseed meal increased, and funds flowed in, indicating a bearish sentiment [8]. 3.6 Technical Analysis - Rapeseed meal has returned to a volatile pattern after the short - term positive factors were exhausted. Affected by the preliminary anti - dumping ruling on Canadian rapeseed imports, it is in a slightly bearish volatile pattern. The KDJ indicator is oscillating at a low level, and the MACD is declining, but the green energy has not expanded. The short - term trend is expected to be range - bound, and the future trend depends on rapeseed import policies and the performance of soybean meal [42]. 3.7 Next Week's Focus Points - Most important: The harvesting weather in US soybean - producing areas, Canadian rapeseed exports and domestic processing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, and the inventory of rapeseed meal in domestic oil mills and downstream procurement [45]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45].

Report Overview - Report Date: October 17, 2025 - Report Subject: Rapeseed Meal Morning Report - Analyst: Wang Mingwei from Dayue Futures Investment Consulting Department [1] 1. Investment Rating - The report does not provide an overall industry investment rating 2. Core View - Rapeseed meal RM2601 is expected to oscillate between 2340 and 2400. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal is in the peak season, and low inventory supports the price, but after the National Day, demand enters the off - season and Sino - Canadian trade negotiations are still uncertain, so the price will maintain an oscillating pattern in the short term [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 oscillates between 2340 - 2400. The market is affected by the uncertainty of the anti - dumping ruling on Canadian rapeseed and the rumor of Sino - Canadian tariff reduction, and returns to an oscillating pattern [9]. 3.2 Recent News - Domestic aquaculture enters the off - season after the long holiday, and the supply in the spot market is expected to be tight in the short term, while demand decreases, suppressing the price. Canadian rapeseed is in the harvest stage, but Sino - Canadian trade issues reduce short - term exports and domestic supply. The preliminary anti - dumping investigation on Canadian rapeseed imports in China is established, and a 75.8% import deposit is levied. The global rapeseed production increases this year, and the impact of the Russia - Ukraine conflict on rapeseed production is relatively offset [11]. 3.3 Bullish and Bearish Factors - Bullish factors: The preliminary anti - dumping determination of Canadian rapeseed imports in China and the low inventory pressure of oil mills on rapeseed meal [12]. - Bearish factors: The demand for domestic rapeseed meal is gradually entering the off - season, and the final result of the anti - dumping of Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. 3.4 Fundamental Data - **Price and Basis**: The spot price is 2500, the basis is 136, and the spot price is at a premium to the futures price, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%, which is bullish [9]. - **Market Trend**: The price is below the 20 - day moving average and the direction is downward, which is bearish [9]. - **Trading Data**: The recent trading data shows that the trading volume of rapeseed meal is 0, and the price of rapeseed meal futures oscillates downward, while the spot price is relatively stable, with the spot premium slightly expanding. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract oscillates at a low level [13][15][17]. 3.5 Position Data - The main short positions are decreasing, and funds are flowing in, which is bearish [9].

Group 1: Report Summary - Report industry investment rating: Not provided - Report's core view: Rapeseed meal RM2601 is expected to fluctuate in the range of 2340 - 2400. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market, but after the National Day, demand enters the off - season and Sino - Canadian trade negotiations are still uncertain, so the market lacks short - term guidance and remains volatile [9]. Group 2: According to the Table of Contents 1. Daily Hints - Rapeseed meal RM2601 is in a 2340 - 2400 range oscillation. Its fundamentals are neutral; the basis is at a premium to the futures, which is bullish; the inventory shows a decrease both week - on - week and year - on - year, which is bullish; the price is below the 20 - day moving average and the direction is downward, which is bearish; the main short positions are decreasing and funds are flowing out, which is bearish. Due to uncertainties in the final anti - dumping ruling on Canadian rapeseed and rumors of tariff cuts, it has returned to a volatile pattern [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The supply in the spot market is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed has entered the harvesting stage, but Sino - Canadian trade issues have reduced short - term export and domestic supply expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been levied. The final result is still uncertain. Global rapeseed production has increased this year, with Canadian production higher than expected. The Russia - Ukraine conflict continues, and the future of global geopolitical conflicts may rise, which still supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; low inventory pressure on oil mills' rapeseed meal. Bearish factors: The domestic demand for rapeseed meal is gradually entering the off - season; there is still a small probability of reconciliation in the final result of China's anti - dumping on Canadian rapeseed. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From September 29 to October 15, the average price difference between soybean meal and rapeseed meal fluctuated slightly, with the 2601 contract's price difference oscillating at a low level. Rapeseed meal futures prices fluctuated and declined, while spot prices were relatively stable, and the spot premium slightly expanded. The import volume of rapeseed remained stable in October, and the import cost was affected by tariffs. Oil mills' rapeseed inventory continued to decline, and rapeseed meal inventory remained flat week - on - week. The amount of rapeseed crushed by oil mills remained at a low level. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [13][17][22]. 5. Position Data - Not provided in the content 6. Rapeseed Meal Views and Strategies - Rapeseed meal RM2601 is expected to fluctuate in the range of 2340 - 2400. The market is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and rumors of tariff cuts, and it is recommended to pay attention to subsequent developments [9].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - Rapeseed meal RM2601 is expected to oscillate in the range of 2360 - 2420. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, the spot 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 will be affected by news and remain volatile [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal futures oscillate downward, while the spot price is relatively stable, and the spot premium slightly expands. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract oscillates at a low level. The import volume of rapeseed remains stable in October, and the import cost is affected by tariffs. The inventory of rapeseed in oil mills continues to decline, and the weekly inventory of rapeseed meal remains flat. The amount of rapeseed crushed in oil mills remains at a low level. The price of aquatic fish rises slightly, and the price of shrimp and shellfish remains stable [18][20][23] [25][27][35]. 3.2 Recent News - Domestic aquaculture enters 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, which suppresses the market. Canadian rapeseed enters the harvesting stage, but due to China - Canada trade issues, short - term exports decrease, and the domestic supply is expected to decline. China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The final ruling is still uncertain. Global rapeseed production increases this year, especially in Canada. The Russia - Ukraine conflict continues, and the decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which will support commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; the inventory pressure of rapeseed meal in oil mills is not large [12]. - **Bearish Factors**: The demand for domestic rapeseed meal is gradually entering the off - season; the final result of China's anti - dumping on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price and Spread**: From September 26 to October 14, the trading average price of soybean meal fluctuated between 2981 - 3004 yuan/ton, and the trading volume ranged from 3.81 - 22.38 million tons. The trading average price of rapeseed meal was between 2470 - 2560 yuan/ton, and the trading volume was 0. The price difference between soybean meal and rapeseed meal gradually increased from 462 yuan/ton to 519 yuan/ton. The price of rapeseed meal futures fluctuated downward, and the spot price also decreased slightly [13][15]. - **Inventory**: The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% compared to last week's 1.8 million tons, and a year - on - year decrease of 20.45% compared to 2.2 million tons in the same period last year [9]. - **Warehouse Receipts**: From September 25 to October 14, the number of rapeseed meal warehouse receipts decreased from 9245 to 9089, with a decrease of 156 [17]. 3.5 Position Data - The main short positions in rapeseed meal increase, and the funds flow in [9].