1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - With the gradual establishment of downstream inventories of domestic soybean meal, the subsequent inventory accumulation speed of domestic soybean meal may accelerate under the expectation of high - opening and high - crushing of oil mills, and it is expected that the 009 contract will show a sideways movement. In the fourth quarter, there is an expectation of rising import costs for soybean meal, and it is recommended to pay attention to the opportunity of buying at low prices for the November and January contracts. Also, pay attention to the results of the USDA planting area report at the end of June [7][8] 3. Summary by Related Catalogs 3.1 Basis Data - The basis of the soybean meal main contract (Zhangjiagang) in Dalian was - 11 with a change of 15; in Tianjin, it was - 41 with a change of 25; in Rizhao, it was - 81 with a change of 25. The basis of 43% soybean meal spot (against the main contract) in Zhangjiagang was - 121 with a change of 5; in Dongguan, it was - 111 with a change of 35; in Zhanjiang, it was - 111 with a change of - 15; in Fangcheng, it was - 111 with a change of 5. The basis of rapeseed meal spot in Guangdong was - 2 with a change of 27 [6] 3.2 Spread Data - The spot spread of soybean meal - rapeseed meal in Guangdong was 389 with a change of 2; the spread of the main contract was 280 with a change of 10 [7] 3.3 International Data - The exchange rate of the US dollar against the RMB was 7.1656, and the on - disk crushing profit was 232 yuan/ton with a change of 2 [7] 3.4 Inventory Data - As of last Friday, domestic soybean and soybean meal continued to accumulate inventory. Currently, soybean inventory is at a high level in the same period of history; soybean meal inventory is still at a low level in the same period of history, and the inventory days of soybean meal in feed enterprises continued to rise [7][8] 3.5 Supply and Demand Situation - Supply: The arrival volume of Brazilian soybeans in China in June, July, and August is expected to be over 10 million tons each month. The supply - demand balance sheet of new - crop US soybeans is tightening, the good - excellent rate of US soybeans has dropped to 66%, lower than the same period last year. The weather in the next two weeks is favorable for soybean growth. Demand: From the perspective of inventory, the supply of live pigs is expected to increase steadily before November; the inventory of poultry remains at a high level; the cost - performance of soybean meal is relatively high, and the proportion of feed addition has increased. The提货 volume is at a high level; in some areas, wheat replaces corn, reducing the use of protein [7] 3.6开机 and Pressing Situation - The开机 rate and soybean crushing volume of major domestic oil mills are shown in historical data analysis charts [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - Rapeseed meal RM2509 will oscillate between 2630 and 2690. It was affected by the low inventory of imported rapeseed and the tariff increase on Canadian oil residue cakes, then pulled back after rising. With the influence of soybean meal, the price will return to range - bound oscillation in the short - term [9]. 3. Summary by Directory 3.1 Daily Hints - Rapeseed meal RM2509 will oscillate between 2630 and 2690. The fundamentals are neutral, the basis is bearish, the inventory is bullish, the disk is bullish, the main position is bullish [9]. 3.2 Recent News - Domestic aquaculture is recovering from the off - season, and the supply in the spot market is tight while demand is rising. - The annual rapeseed output in Canada has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing. - Global rapeseed output has slightly decreased this year, mainly due to the decrease in EU rapeseed output and lower - than - expected Canadian rapeseed output. - The Russia - Ukraine conflict is still ongoing. The decrease in Ukrainian rapeseed output and the increase in Russian rapeseed output offset each other. There is still a possibility of an escalation of global geopolitical conflicts, which supports bulk commodities [11]. 3.3 Long and Short Concerns - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure of rapeseed meal in oil mills. - Bearish factors: The arrival volume of imported rapeseed has increased after March; the result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, and the demand for rapeseed meal is in the seasonal off - season. - 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 - **Trading Data**: From June 4th to June 13th, the average trading price and trading volume data of soybean meal and rapeseed meal are provided, as well as the average price difference between soybean and rapeseed meal [13]. - **Price Data**: From June 5th to June 13th, the futures prices of rapeseed meal (main contract 2509 and far - month contract 2601) and the spot price in Fujian are provided [15]. - **Warehouse Receipt Data**: From June 3rd to June 13th, the rapeseed meal warehouse receipts and their changes compared with the previous day are provided [16]. - **Supply and Demand Balance Sheets**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023 are provided, including harvest area, inventory, output, consumption, etc. [24][25]. - **Other Data**: The arrival volume of imported rapeseed in June was lower than expected, and the import cost was strongly oscillating. The rapeseed inventory of oil mills stopped falling and rebounded, the rapeseed meal inventory decreased slightly, and the rapeseed crushing volume of oil mills increased slightly [26][29][31]. 3.5 Position Data No relevant content provided. 3.6 Rapeseed Meal Views and Strategies - Rapeseed meal RM2509 will oscillate between 2630 and 2690. Analyze from aspects such as fundamentals, basis, inventory, disk, main position, and expectation [9].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Rapeseed meal RM2509 is expected to oscillate within the range of 2560 - 2620. It is influenced by factors such as the low - level operation of rapeseed meal oil mills, low inventory, short - term recovery of spot demand, increased import of Canadian rapeseed, and the tariff on Canadian oil residue cakes. The price is likely to return to range - bound trading in the short term [9]. Summary by Directory 1. Daily Prompt - Not provided in the content 2. Recent News - Domestic aquaculture is recovering from the off - season, with tight spot market supply and rising demand [11]. - Canada's annual rapeseed production has slightly decreased, which supports the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing [11]. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada [11]. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's rapeseed production offset each other. There is still a possibility of an escalation of global geopolitical conflicts, which supports commodities [11]. 3. Long and Short Concerns - **Likely to be Bullish**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure of rapeseed meal in oil mills [12]. - **Likely to be Bearish**: Increased arrival of imported rapeseed after March; uncertainty in the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - season of rapeseed meal demand [12]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 4. Fundamental Data - **Price and Spread**: From May 16th to May 27th, the average price difference between soybean meal and rapeseed meal decreased from 628 to 463. The spot price of rapeseed meal increased from 2470 to 2540, and the futures price of the main 2509 contract increased from 2513 to 2599. The spot price of rapeseed meal remained at a discount to the futures price, and the high - level spread between soybean meal and rapeseed meal spot prices narrowed. The spread of the 2509 contract oscillated [13][14][20]. - **Inventory**: Rapeseed meal inventory was 2.35 million tons, a week - on - week decrease of 18.97% and a year - on - year decrease of 21.67%. The rapeseed meal warehouse receipts decreased from 31,278 on May 15th to 28,438 on May 27th [9][15]. - **Supply and Demand Balance**: The supply and demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, showing changes in harvest area, output, consumption, inventory, etc. [23][24]. - **Import and Cost**: The arrival volume of imported rapeseed in May was lower than expected, and the import cost oscillated strongly [25]. - **Aquaculture**: Aquatic fish prices increased slightly, while shrimp and shellfish prices remained stable [37]. 5. Position Data - Not provided in the content 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal oscillated and rebounded, supported by the soybean meal trend and technical buying. The low - level operation of oil mills and low inventory supported the market. Spot demand recovered in the short term, and although the arrival of imported rapeseed increased, the short - term inventory of oil mills was under no pressure. The market returned to range - bound trading in the short term. China's additional tariffs on Canadian oil residue cakes were bullish, but the impact was limited as there were no additional tariffs on rapeseed imports [9]. - **Basis**: The spot price was 2540, and the basis was - 59, indicating a discount to the futures price [9]. - **Inventory**: Rapeseed meal inventory decreased, which was bullish [9]. - **Market**: The price was above the 20 - day moving average but moving downward, showing a neutral trend [9]. - **Main Positions**: The main long positions increased, and funds flowed in, which was bullish [9]. - **Expectation**: In the short term, rapeseed meal prices rose and then fell due to the low inventory of imported rapeseed and China's additional tariffs on Canadian oil residue cakes. Driven by soybean meal, the price returned to range - bound trading [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The rapeseed meal RM2509 is expected to oscillate between 2600 and 2660. In the short - term, it will be affected by the low inventory of imported rapeseed and the tariff increase on Canadian oil cake imports by China, and will oscillate upwards. With the influence of soybean meal, the price of rapeseed meal will maintain an oscillating and slightly stronger pattern [9][8]. 3. Summary by Directory 3.1 Daily Hints - Rapeseed meal is affected by soybean meal trends and technical oscillations. The low opening rate of rapeseed meal oil mills and low inventory support the market. Spot demand is gradually picking up, and the increase in imported rapeseed arrivals has no short - term pressure on oil mill inventories. The market is oscillating and slightly stronger. The tariff increase on Canadian oil cake imports is a short - term positive, but the positive effect may be limited [10]. 3.2 Recent News - Domestic aquaculture is recovering from the off - season, with tight supply and rising demand in the spot market. - The annual production of Canadian rapeseed has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian oil cake imports, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing. - Global rapeseed production has slightly decreased this year, mainly due to the reduction in EU rapeseed production and lower - than - expected Canadian production. - The Russia - Ukraine conflict continues, and the reduction in Ukrainian rapeseed production and the increase in Russian production offset each other. Global geopolitical conflicts may still rise, supporting commodities [12]. 3.3 Long and Short Concerns - **Long Factors**: China's tariff increase on Canadian oil cake imports; low rapeseed meal inventory (0.99 tons this week, a 52.17% week - on - week decrease and a 64.64% year - on - year decrease); an increase in the main long positions [10]. - **Short Factors**: The spot price is at a discount to the futures price (basis - 84); the price is below the 20 - day moving average and the direction is downward [10]. 3.4 Fundamental Data - **Supply and Demand Balance Sheets**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023, including data on harvest area, production, inventory, and consumption [25][26]. - **Prices and Spreads**: The spot price of rapeseed meal is 2600, and the basis is - 84, showing a discount to the futures. The spot price of rapeseed meal has increased following the futures, and the basis discount remains at a relatively high level. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2509 contract rises and then falls [10][20][22]. - **Inventory and Production**: The inventory of rapeseed meal has decreased to a low level. The inventory of imported rapeseed in April is lower than expected, and the import cost has oscillated and increased. The inventory of oil mill rapeseed has slightly decreased, and the rapeseed crushing volume has rebounded from a low level [27][29][31]. 3.5 Position Data The main long positions have increased, but the funds have flowed out [10].