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].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core View - The rapeseed meal RM2601 is expected to fluctuate within the range of 2380 - 2440. The market is in a neutral state, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term spot demand for rapeseed meal remains in the peak season, and low inventory supports the market. However, after the National Day, demand will gradually enter the off - season, and there are still uncertainties in China - Canada trade consultations, so the market will be affected by news and maintain a volatile pattern in the short term [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 is expected to oscillate between 2380 and 2440. The market is neutral, with short - term demand in the peak season, low inventory, but uncertainties in future demand and trade [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 decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues reduce short - term export expectations. The preliminary anti - dumping investigation on Canadian rapeseed imports in China has been established, with a 75.8% import deposit. 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 Factors - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports in China and the low inventory pressure of oil mills on rapeseed meal. 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 investigation on Canadian rapeseed imports. The main logic of 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 September 25 to October 13, the average trading price of soybean meal fluctuated between 2981 - 3004 yuan/ton, and the trading volume fluctuated between 3.81 - 22.38 million tons. The average trading price of rapeseed meal was between 2500 - 2560 yuan/ton, and the trading volume was 0. The price difference between soybean meal and rapeseed meal gradually increased from 449 yuan/ton to 504 yuan/ton [13]. - **Price Data**: From September 25 to October 13, the price of the rapeseed meal 2601 contract fluctuated between 2391 - 2444 yuan/ton, and the price of the 2605 contract fluctuated between 2315 - 2343 yuan/ton. The rapeseed meal spot price (Fujian) fluctuated between 2500 - 2560 yuan/ton [15]. - **Warehouse Receipt Data**: From September 23 to October 13, the number of rapeseed meal warehouse receipts decreased from 9245 to 9089 [17]. - **Production and Inventory Data**: The import volume of rapeseed in October remained stable, but the import cost was affected by tariffs. 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. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [23][25][27][35]. 3.5 Position Data - Not provided in the report.

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal market lacks clear guidance and fluctuates following the soybean meal. It is currently in a short - term oscillatory pattern due to factors such as the pending final result of the anti - dumping ruling on Canadian rapeseed imports, the changing demand season, and uncertainties in China - Canada trade negotiations [8]. - The short - term trading strategy for rapeseed meal futures is to oscillate moderately strongly. For the single - side operation of RM2601, it is expected to oscillate around 2400, 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 Relevant Catalogs 3.1 Weekly Prompt - Not provided in the content 3.2 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 China - Canada trade issues have led to a short - term reduction in exports and a tight supply in the domestic market [10]. - 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 ruling is still uncertain, depending on the development of China - Canada trade relations [10]. - Global rapeseed production has increased this year, with Canada's output higher than expected. The ongoing Russia - Ukraine conflict has offset the impact of Ukraine's rapeseed production reduction and Russia's increase. Global geopolitical conflicts may still rise, supporting commodity prices [10]. 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills [11]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final result of the anti - dumping investigation 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 in October remains stable, and the import cost is affected by tariffs [19]. - Oil mill crushing and inventory: The amount of rapeseed crushed in oil mills remains low, the rapeseed inventory in oil mills continues to decline, and the weekly rapeseed meal inventory remains flat [21][23]. - Rapeseed meal trading: Rapeseed meal futures fluctuate downward, 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 [33][37]. - Aquaculture: Aquatic fish prices have slightly rebounded, and shrimp and shellfish prices remain stable. China's aquatic product and fish production, shellfish and shrimp - crab production, and OECD's forecast of China's fish production and imports are also involved [31]. 3.5 Position Data - The short positions of the main players have increased, and funds have flowed in, which is bearish [8]. 3.6 Technical Analysis - Rapeseed meal has returned to an oscillatory pattern after the positive factors are exhausted. Affected by the preliminary anti - dumping ruling on Canadian rapeseed imports, it is in a short - term weak oscillatory pattern. The KDJ indicator oscillates at a low level, and the MACD oscillates downward. The short - term trend is expected to be range - bound, and the future trend depends on rapeseed import policies and the movement of soybean meal [42]. 3.7 Next Week's Concerns - Most important: The harvesting weather in US soybean producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, the rapeseed meal inventory of domestic oil mills, and downstream procurement [45]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 will fluctuate in the range of 2360 - 2420. The market will return to a volatile state, awaiting 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 the low inventory supports the market, but after the National Day, the demand will gradually enter the off - season, and the Sino - Canadian trade negotiation is still uncertain. The market will be affected by news in the short term and maintain a volatile state [9]. - The rapeseed meal futures declined with a shock, while the spot price remained relatively stable, and the spot premium slightly expanded. 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 fluctuated at a low level [18][20]. - The import volume of rapeseed in October remained stable, and the import cost was affected by tariffs. The inventory of rapeseed in oil mills continued to decline, and the weekly inventory of rapeseed meal remained flat. The crushing volume of rapeseed in oil mills remained at a low level [23][25][27]. - The price of aquatic fish slightly rebounded, while the price of shrimps and shellfish remained stable [35]. Group 3: Summary According to the Table of Contents 1. Daily Hints - The rapeseed meal RM2601 will fluctuate in the range of 2360 - 2420. The market is affected by factors such as the anti - dumping ruling on Canadian rapeseed imports and Sino - Canadian trade negotiations, and is expected to maintain a volatile state in the short term [9]. 2. Recent News - The 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 has entered the harvesting stage, but the Sino - Canadian trade issue affects the short - term export and reduces the domestic supply expectation [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports was established, and an import deposit of 75.8% was imposed. If the final ruling is established, the deposit will be levied as additional tariffs and will not be refunded, but the final result is still uncertain [11]. - The global rapeseed production has increased this year, especially the production in Canada is higher than expected [11]. - The Russia - Ukraine conflict is still ongoing. The decrease in rapeseed production in Ukraine and the increase in Russia's production offset each other. The global geopolitical conflict may still rise in the future, which supports bulk commodities [11]. 3. Bullish and Bearish Concerns - 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 domestic demand for rapeseed meal is gradually entering the off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - Current main logic: The market focuses on the domestic aquaculture demand and the expectation of the Sino - Canadian rapeseed tariff war [12]. 4. Fundamental Data - Price difference data: From September 24 to October 10, the average price difference between soybean meal and rapeseed meal fluctuated. For example, on September 24, the average price difference was 468, and on October 10, it was 465 [13]. - Futures and spot price data: From September 24 to October 10, the rapeseed meal futures prices (including the main 2601 and far - month 2605 contracts) and the spot price (in Fujian) fluctuated. For example, on September 24, the main 2601 contract was 2395, and the spot price was 2500 [15]. - Warehouse receipt data: From September 22 to October 10, the rapeseed meal warehouse receipts changed. For example, on September 22, there were 9248 warehouse receipts, and on September 30, there were 9199 (- 46 compared with the previous day) [17]. 5. Position Data - The main short positions increased, and the funds flowed in, showing a bearish signal [9].

1. Report Industry Investment Rating - The investment rating for the rapeseed meal industry is neutral [8] 2. Core Viewpoints of the Report - Rapeseed meal has been fluctuating and declining, influenced by soybean meal and technical consolidation. 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. However, after the National Day, demand will enter the off - season, and there are still uncertainties in China - Canada trade consultations. The market will be affected by news in the short term and maintain a volatile pattern [8] - Rapeseed meal is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed. With recent rumors of tariff cuts between China and Canada, it has returned to a volatile pattern in the short term [8] 3. Summary by Directory 3.1 Weekly Hints - The report provides an overall view of rapeseed meal, including its current market situation, influencing factors, and future trends [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, with good demand 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 [10] - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [10] - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may 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 [11] - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [11] - The main market focus is on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [11] 3.4 Fundamental Data - Rapeseed arrival: The arrival volume of imported rapeseed remained stable in September, and the import cost was affected by tariffs [18] - Oil mill processing and inventory: The amount of rapeseed processed by oil mills decreased significantly, rapeseed inventory continued to decline, and rapeseed meal inventory remained flat week - on - week [20][22] - Rapeseed meal trading: Rapeseed meal futures rebounded after hitting the bottom, the spot price was relatively stable, and the spot premium fluctuated slightly [32] - Aquaculture: Aquatic fish prices rebounded slightly, and shrimp and shellfish prices remained stable [30] 3.5 Position Data - The short positions of the main players decreased, and funds flowed out [8] 3.6 Rapeseed Meal Trading Strategies - Futures: In the short term, it is expected to be volatile and slightly bullish. The RM2601 contract will fluctuate around 2500 in the short term. It is recommended to trade in the range or wait and see [12] - Options: Sell out - of - the - money put options [12] 3.7 Technical Analysis - Rapeseed meal has returned to a volatile pattern after the short - term positive factors are exhausted. Affected by the preliminary anti - dumping ruling on Canadian rapeseed imports, it is in a slightly bullish volatile pattern in the short term, but the future of China - Canada trade relations is uncertain [41] - The KDJ indicator is fluctuating at a low level, indicating a technical consolidation stage. It may maintain a range - bound pattern in the short term [41] - The MACD is declining, showing a slightly bearish short - term trend, but the green energy has not expanded. The future trend depends on rapeseed import policies and the influence of soybean meal [41] 3.8 Next Week's Focus - Most important: The planting 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 [44] - Second most important: Domestic soybean meal and aquaculture demand, domestic oil mill rapeseed meal inventory, and downstream procurement [45] - Less important: Macroeconomic factors and the Israel - Palestine conflict [45]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The rapeseed meal RM2601 is expected to oscillate in the range of 2480 - 2540. The market is influenced 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 short - term oscillating pattern [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal futures rebounded after hitting the bottom, while the spot price remained relatively stable, with a slight fluctuation in the spot premium. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract oscillated at a low level. The import volume of rapeseed remained stable in September, and the import cost was affected by tariffs. The inventory of rapeseed in oil mills continued to decline, and the rapeseed meal inventory decreased slightly. The rapeseed processing volume in oil mills fluctuated slightly. The price of aquatic fish rebounded slightly, while the price of shrimp and shellfish remained stable [18][20][23][25][27][35]. 3.2 Recent News - The domestic aquaculture industry has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market, with good demand expectations. China's preliminary anti - dumping ruling on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final ruling is yet to be determined. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, and the decrease in Ukraine's rapeseed production is offset by the increase in Russia's production. Global geopolitical conflicts may still rise, which supports commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; the low inventory pressure of rapeseed meal in oil mills [12]. - **Bearish Factors**: The concentrated listing of domestic rapeseed; the uncertainty of the final anti - dumping result on Canadian rapeseed imports, with a small probability of reconciliation [12]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Supply and Demand**: Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market [11]. - **Inventory**: Rapeseed meal inventory is 17,500 tons, a week - on - week decrease of 2.78% compared with last week's 18,000 tons, and a year - on - year decrease of 20.45% compared with 22,000 tons in the same period last year [9]. - **Price**: From September 11th to 19th, the rapeseed meal futures price fluctuated between 2460 - 2567, and the spot price in Fujian fluctuated between 2540 - 2620. The average price difference between soybean meal and rapeseed meal fluctuated between 414 - 459 [13][15]. - **Aquatic Product Prices**: The price of aquatic fish rebounded slightly, while the price of shrimp and shellfish remained stable [35]. 3.5 Position Data - The main short positions increased, and the funds flowed out [9].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - Rapeseed meal RM2601 is expected to oscillate between 2480 and 2540. It is currently in a short - term shock - strong pattern influenced by the uncertain final anti - dumping ruling on Canadian rapeseed. The short - term trend is affected by news, and the market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports [9]. Group 3: Summary by Directory 1. Daily Prompt - Rapeseed meal RM2601 is in a 2480 - 2540 range. The fundamentals are neutral due to rumors of improved China - Canada trade relations and technical consolidation. The basis is bullish as the spot price is 2580 with a basis of 62, indicating a premium over the futures. The inventory is bullish as it decreased by 28% week - on - week to 1.8 tons and 25% year - on - year. The price is bearish as it is below the 20 - day moving average and the direction is down. The main position is bearish as the main short positions decreased and funds flowed out [9]. 2. Recent News - Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market, with good demand expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed, but the final result is still uncertain. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, and the future geopolitical conflict may rise, providing support for commodities [11]. 3. Long and Short Concerns - Bullish factors include the preliminary anti - dumping determination and the imposition of import deposits on Canadian rapeseed, and the low inventory pressure of oil mills. Bearish factors are the concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [12]. 4. Fundamental Data - From September 8th to 16th, the average transaction price of rapeseed meal fluctuated between 2580 - 2620, and the trading volume was relatively small. The spot price of rapeseed meal in Fujian was relatively stable during this period, while the futures price fluctuated and declined, resulting in a slight expansion of the spot premium. The import volume of rapeseed remained stable in September, and the import cost was affected by tariffs. The inventory of oil mills' rapeseed was at a low level, and the rapeseed meal inventory decreased slightly. The oil mills' rapeseed crushing volume fluctuated slightly. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [13][15][22]. 5. Position Data - Not explicitly summarized in the given content 6. Rapeseed Meal Views and Strategies - Rapeseed meal is expected to be in a short - term shock - strong pattern, and attention should be paid to the development of the final anti - dumping ruling on Canadian rapeseed [9].