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. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Rapeseed meal RM2509 is expected to oscillate within the range of 2470 - 2530. It is influenced by factors such as soybean meal trends, low rapeseed meal inventory, and the tariff on Canadian oil residue cakes. The short - term outlook is for range - bound trading [9]. - The rapeseed meal market is currently focused on domestic aquaculture demand and the expected outcome of the tariff war on Canadian rapeseed [12]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2509 is in a range - bound oscillation. The fundamentals show that the low inventory of rapeseed meal and the tariff on Canadian oil residue cakes support the market, but the lack of a tariff on Canadian rapeseed limits the upside. The basis is at a high - level discount, inventory has increased, the price is below the 20 - day moving average, and the main long positions have increased while funds have flowed out [9]. 3.2 Recent News - Domestic aquaculture is recovering from the off - season, with supply in the spot market tightening and demand rising. - Canadian rapeseed annual production has slightly decreased, and China has imposed tariffs on Canadian rapeseed oil and oil residue cakes. The anti - dumping investigation on Canadian rapeseed imports is ongoing, and the result is uncertain. - Global rapeseed production has slightly decreased this year due to reduced production in the EU and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues, and although the decrease in Ukrainian rapeseed production is offset by an increase in Russian production, geopolitical risks still support commodity prices [11]. 3.3 Long and Short Concerns - Bullish factors: China's tariff on Canadian rapeseed oil and oil residue cakes, and low inventory pressure on rapeseed meal at oil mills. - Bearish factors: An increase in imported rapeseed arrivals after March, and uncertainty in the anti - dumping investigation on Canadian rapeseed imports, along with the seasonal off - peak demand for rapeseed meal [12]. 3.4 Fundamental Data - **Price and Volume**: The trading volume and average price of soybean meal and rapeseed meal from May 6th to May 15th are presented, showing that the spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2509 contract oscillates downward [13]. - **Inventory**: Rapeseed meal inventory is 36,000 tons, up 148.28% week - on - week and 20% year - on - year. The rapeseed inventory at oil mills has slightly decreased, and the rapeseed meal inventory has returned to a low level [9][29]. - **Supply and Demand Balance**: Domestic rapeseed and rapeseed meal supply - demand balance tables from 2014 - 2023 are provided, showing changes in harvest area, production, consumption, and inventory over the years [24][25]. - **Import Situation**: The arrival volume of imported rapeseed in May was lower than expected, and the import cost has bottomed out and rebounded [26]. 3.5 Position Data - The main long positions in rapeseed meal have increased, while funds have flowed out [9]. 3.6 Rapeseed Meal Views and Strategies - The short - term outlook for rapeseed meal is range - bound trading, influenced by factors such as low imported rapeseed inventory, the tariff on Canadian oil residue cakes, and soybean meal trends [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Rapeseed Meal RM2509 is expected to oscillate within the range of 2460 - 2520. The price of rapeseed meal has rebounded after reaching the bottom, influenced by the soybean meal trend and technical consolidation. Low oil - mill operation rates and low rapeseed meal inventories support the market. Short - term demand for rapeseed meal is gradually increasing. Although the arrival of imported rapeseed is increasing, oil - mill inventories are not under immediate pressure. The short - term price will return to range - bound trading. China's additional tariff on Canadian oil residue cakes is a short - term positive factor, but since there is no additional tariff on rapeseed imports, the positive impact may be limited [9][10]. 3. Summary According to the Table of Contents 3.1 Daily Hints - Rapeseed meal RM2509 is expected to oscillate within the range of 2460 - 2520 [9]. 3.2 Recent News - Domestic aquaculture is emerging from the off - season, with tight supply and increasing demand in the spot market. Canada's annual rapeseed production 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, with the result yet to be determined. Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. The Russia - Ukraine conflict continues, and although the decrease in Ukraine's rapeseed production is offset by the increase in Russia's production, there is still a possibility of an escalation in global geopolitical conflicts, which provides support for commodities [12]. 3.3 Long and Short Concerns - **Positive factors**: China's additional tariff on Canadian rapeseed oil and oil residue cakes; low inventory pressure on oil - mill rapeseed meal. - **Negative factors**: An increase in the arrival of imported rapeseed after March; uncertainty in China's anti - dumping investigation on Canadian rapeseed imports, and rapeseed meal demand is in the seasonal off - season. - **Current main logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [13]. 3.4 Fundamental Data - **Spot price and basis**: The spot price is 2420, and the basis is - 89, indicating a discount to the futures price, which is a negative factor. - **Inventory**: Rapeseed meal inventory is 36,000 tons, up 148.28% week - on - week from 14,500 tons last week and 20% year - on - year from 30,000 tons in the same period last year, which is a negative factor. - **Market trend**: The price is below the 20 - day moving average and moving downward, which is a negative factor. - **Aquaculture and related prices**: Aquatic fish prices have slightly rebounded, while shrimp and shellfish prices have remained stable. The import volume of rapeseed in May was lower than expected, and the import cost has rebounded after reaching the bottom. Oil - mill rapeseed inventory has slightly decreased, and rapeseed meal inventory has returned to a low level. Oil - mill rapeseed crushing volume has slightly decreased [8][10]. 3.5 Position Data - The number of long positions of the main contract has increased, but the capital has flowed out, which is a positive factor [10]. 3.6 Other Data Summaries - **Trading volume and price data**: The trading volume and average price data of soybean meal and rapeseed meal from April 30 to May 14 show that the spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2509 contract has oscillated and declined. - **Rapeseed meal futures and spot price summary**: The rapeseed meal futures and spot prices from April 30 to May 14 show that the rapeseed meal market has had a narrow - range oscillation, with the spot price following the futures price with small fluctuations, and the basis discount remaining at a relatively high level. - **Rapeseed meal warehouse receipt statistics**: The warehouse receipt data from April 29 to May 14 shows the changes in rapeseed meal warehouse receipts. - **Domestic rapeseed and rapeseed meal supply - demand balance sheets**: The supply - demand balance sheets from 2014 to 2023 show the supply - demand situation of domestic rapeseed and rapeseed meal [14][15][17].

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].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal RM2505 is recommended to be traded within the range of 2530 - 2590 intraday [9]. - Rapeseed meal prices are affected by factors such as soybean meal trends, technical adjustments, demand, inventory, and import policies. In the short - term, it may fluctuate upward due to low imported rapeseed inventory and the tariff increase on Canadian oil residue cakes, but the supply - demand fundamentals may keep the price in a range - bound oscillation [10]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - Rapeseed meal RM2505: Intraday trading range is 2530 - 2590 [9]. 3.2 Recent News - Domestic aquaculture is in the off - season, with a supply - demand balance in the spot market [12]. - Canada's annual rapeseed production has slightly decreased, and China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes. The anti - dumping investigation on Canadian rapeseed imports is ongoing, and the result is uncertain [12]. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada [12]. - The Russia - Ukraine conflict continues, and the future geopolitical conflict may rise, which supports commodity prices [12]. 3.3 Multi - Short Concerns - **Likely to rise**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on rapeseed meal in oil mills [13]. - **Likely to fall**: The increase in imported rapeseed arrivals after March; the uncertainty of the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - season for rapeseed meal demand [13]. - **Main logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [13]. 3.4 Fundamental Data - **Inventory**: Rapeseed meal inventory is 3.05 tons, a 6.15% week - on - week decrease from last week's 3.25 tons and a 4.69% year - on - year decrease from last year's 3.2 tons [10]. - **Price**: The spot price is 2530, with a basis of 10, showing a premium over the futures. Rapeseed meal is in a weak oscillation, and the spot price fluctuates accordingly, with the basis remaining near par. The spot price difference between soybean meal and rapeseed meal has declined from a high level, and the price difference of the 2505 contract has remained oscillating [10][20][22]. - **Supply - demand balance**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, showing changes in harvest area, inventory, production, and consumption [25][26]. - **Import situation**: The arrival volume of imported rapeseed in March was lower than expected, and the import cost has rebounded after reaching the bottom [27]. 3.5 Position Data - The main position has changed from long to short, and the funds have flowed in, showing a bearish signal [10]. 3.6 Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal is affected by soybean meal trends and technical adjustments. Demand has not been released, and oil mill operations have decreased. Low inventory supports the price, but the short - term demand is in the off - season, and the arrival volume of imported rapeseed is not high. The impact of the tariff increase on Canadian oil residue cakes is limited [10]. - **Basis**: The spot price is 2530, with a basis of 10, showing a neutral situation [10]. - **Inventory**: The inventory decrease is positive for the price [10]. - **Market trend**: The price is below the 20 - day moving average and moving downward, showing a bearish signal [10]. - **Main position**: The change from long to short and the inflow of funds are bearish [10]. - **Expectation**: In the short - term, it may fluctuate upward but will remain range - bound due to supply - demand fundamentals [10].